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 Capital Appreciation Portfolio
BlackRock Global Allocation Portfolio
BlackRock Government Money Market Portfolio
BlackRock Sustainable Balanced Portfolio (Formerly BlackRock Balanced Capital 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: 12/31/2022
 
Date of reporting period: 06/30/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
Not Applicable
JUNE
30,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Semi-Annual
Report
(Unaudited)
BlackRock
Series
Fund,
Inc.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
BlackRock
Government
Money
Market
Portfolio
BlackRock
Sustainable
Balanced
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,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets.
The
U.S.
economy
shrank
in
the
first
quarter
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Rapid
changes
in
consumer
spending
led
to
supply
constraints
and
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell,
as
persistently
high
inflation
drove
investors’
expectations
for
higher
interest
rates,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
particularly
steep.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
increasing
inflation
drove
investors’
expectations
for
higher
interest
rates.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
three
times
while
indicating
that
additional
large
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
Continued
high
inflation
and
the
Fed’s
statements
led
many
analysts
to
anticipate
that
interest
rates
have
significant
room
to
rise
before
peaking.
Furthermore,
the
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
However,
markets
have
been
primed
to
expect
sharp
tightening,
which
could
weigh
on
valuations
until
central
banks
begin
to
tap
the
brakes.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near-term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
a
higher
inflation
regime
leads
us
to
take
an
underweight
stance
on
credit
in
the
long-term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
in
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
June
30,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(19.96)%
(10.62)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(23.43)
(25.20)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(19.57)
(17.77)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(17.63)
(25.28)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.15
0.18
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(11.34)
(10.94)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(10.35)
(10.29)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(8.98)
(8.57)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(14.19)
(12.82)
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
.........................................................................................
122
Statements
of
Operations
................................................................................................
128
Statements
of
Changes
in
Net
Assets
........................................................................................
130
Financial
Highlights
.....................................................................................................
134
Notes
to
Financial
Statements
...............................................................................................
141
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreements
.................................................................
163
Additional
Information
....................................................................................................
167
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
169
Fund
Summary
as
of
June
30,
2022
2022
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,
2022,
the
Fund
underperformed
its
benchmark,
the
Russell
1000
®
Index.
What
factors
influenced
performance?
U.S.
equities
started
the
period
on
a
downward
trend
amid
both
inflationary
pressures
and
policy
normalization
concerns.
The
relatively
orderly
market
reaction
to
40-year
high
inflation
figures
soon
turned
disorderly
as
Russia
invaded
Ukraine
in
February
2022.
This
extended
the
drawdown
from
January
as
a
surge
in
commodity
prices
weighed
on
global
markets
and
already
stretched
supply
chains,
adding
to
inflation
fears.
Further,
China’s
COVID
policy
resulted
in
rolling
lockdowns
which
adversely
impacted
industrial
production.
Investors
believed
central
banks
were
late
in
responding
to
rising
prices,
leading
shorter
duration
rates
higher
and
resulting
in
a
brief
yield
curve
inversion.
This
historically
adverse
signal
for
economic
growth
increased
the
prevailing
cautious
tone,
with
investors
starting
to
price
in
stagflation
amid
worries
that
policy
error
would
stifle
growth.
Persistent
inflation
alongside
the
Fed
raising
its
benchmark
overnight
lending
rate
by
75
basis
points
in
June
had
economic
growth
as
the
dominant
market
concern
at
the
end
of
the
period.
Positive
contributions
to
the
Fund’s
relative
performance
were
led
by
stock
selection
driven
by
sentiment
and
fundamental
value
measures.
Within
sentiment
measures,
trend-based
insights
performed
well
amid
the
evolving
market
environment.
This
is
highlighted
by
strength
from
a
measure
looking
across
bond
markets,
which
drove
an
underweight
to
communications
services
stocks,
given
the
sharp
rise
in
rates
during
the
period.
Additionally,
stock
selection
based
on
a
measure
analyzing
text
from
conference
calls
contributed,
correctly
positioning
the
portfolio
around
communication
services
stocks.
Within
fundamental
value
measures,
several
insights
were
rewarded
as
markets
contended
with
the
new
inflationary
environment,
correctly
capturing
the
market’s
pivot
towards
value
styles.
More
traditional
insights,
such
as
evaluating
companies
across
earnings
yield
and
research
expenditures,
motivated
overweights
to
recent
laggards,
driving
gains
through
positioning
in
health
care
and
industrials.
Finally,
insights
that
preferred
lower
volatility
stocks
also
performed
well
amid
increased
market
volatility
in
the
period.
Conversely,
non-traditional
quality
insights,
which
tend
to
have
a
growth
orientation,
struggled
amid
the
sustained
preference
for
value
styles.
These
included
insights
related
to
environmental,
social
and
governance
(“ESG”)
factors,
such
as
one
that
evaluates
company
controversies
which
motivated
an
unsuccessful
overweight
to
information
technology.
Additionally,
measures
that
look
at
carbon
emissions
intensity
and
seek
to
evaluate
corporate
culture
with
respect
to
human
capital
detracted
from
performance,
given
the
market’s
prevailing
value
style
preference.
Elsewhere
within
quality
measures,
insights
that
look
at
key
performance
indicators
and
dividend
forecasts
detracted,
as
investors
contended
with
broader
macro
themes
rather
than
focusing
on
company
results.
Finally,
measures
that
look
toward
informed
investor
positioning
and
avoid
highly
shorted
stocks
detracted
amid
the
market
volatility,
positioning
the
portfolio
with
an
overweight
to
the
financials
sector,
which
lagged
given
increasing
economic
growth
concerns.
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
with
enhanced
measures
to
best
identify
emerging
trends,
such
as
sentiment
around
supply
chain
disruptions,
wage
inflation,
consumer
behavior
changes
and
business
sensitivity
to
the
conflict
in
Ukraine.
Additionally,
new
macro
thematic
insights
were
added
that
use
historical
observations
of
stagflation
and
policy
normalization
to
motivate
top-down
positioning.
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
overweights
to
information
technology
and
financials
and
slight
underweights
in
communication
services
and
consumer
discretionary.
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,
2022
(continued)
5
Fund
Summary
BlackRock
Advantage
Large
Cap
Core
Portfolio
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
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)
..........................................
(21.51‌)%
(13.03‌)%
10.58‌%
12.50‌%
Russell
1000
®
Index
(c)
............................................................
(20.94‌)
(13.04‌)
11.00‌
12.82‌
(a)
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
93%
of
the
U.S.
market.
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
784.90‌
$
2.21‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
26.7‌
%
Health
Care
.....................................
15.7‌
Financials
.......................................
11.9‌
Consumer
Discretionary
.............................
9.4‌
Industrials
.......................................
9.2‌
Communication
Services
.............................
7.4‌
Consumer
Staples
.................................
7.1‌
Energy
.........................................
4.3‌
Materials
.......................................
2.6‌
Real
Estate
......................................
2.4‌
Utilities
.........................................
2.3‌
Short-Term
Securities
...............................
2.2‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1.2‌)
(a)
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,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
6
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,
2022,
the
Fund
underperformed
its
benchmark,
the
Russell
1000
®
Growth
Index,
and
the
broad-market
S&P
500
®
Index.
The
following
discussion
of
relative
performance
pertains
to
the
Russell
1000
®
Growth
Index.
What
factors
influenced
performance?
The
largest
detractor
from
relative
performance
was
stock
selection
in
the
information
technology
(“IT”)
sector.
Notably,
stock
selection
among
semiconductors
&
semiconductor
equipment
companies
proved
costly,
as
did
an
underweight
allocation
to
the
technology,
hardware,
storage
&
peripherals
industry.
In
communication
services,
a
combination
of
stock
selection
within
and
an
overweight
allocation
to
the
interactive
media
&
services
and
entertainment
industries
weighed
on
relative
return.
Other
meaningful
detractors
during
the
period
included
a
combination
of
stock
selection
within
and
an
underweight
allocation
to
consumer
staples
and
selection
decisions
in
the
health
care
sector.
The
largest
contributor
to
relative
performance
was
an
overweight
allocation
to
the
energy
sector.
Notably,
an
overweight
to
the
oil
&
gas
exploration
&
production
sub-industry
proved
beneficial.
In
materials,
stock
selection
in
the
chemicals
industry
boosted
relative
results.
At
the
industry
level,
other
contributors
during
the
period
included
stock
selection
in
the
health
care
providers
&
services
industry
and
an
underweight
allocation
to
specialty
retail
companies.
Describe
recent
portfolio
activity.
Portfolio
trading
activity
and
market
price
changes
resulted
in
increased
exposure
to
the
health
care
and
energy
sectors
and
reduced
allocations
to
communication
services
and
industrials.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund’s
largest
allocations
were
in
the
IT,
consumer
discretionary
and
health
care
sectors.
Relative
to
the
benchmark
Russell
1000
®
Growth
Index,
the
Fund’s
largest
overweight
positions
were
in
the
health
care,
consumer
discretionary
and
materials
sectors.
Conversely,
the
Fund’s
largest
underweight
allocations
were
in
the
consumer
staples,
industrials
and
IT
sectors.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
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.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Capital
Appreciation
Portfolio
(b)
...............................................
(33.52‌)%
(29.00‌)%
11.78‌%
13.20‌%
S&P
500
®
Index
(c)
...............................................................
(19.96‌)
(10.62‌)
11.31‌
12.96‌
Russell
1000
®
Growth
Index
(d)
......................................................
(28.07‌)
(18.77‌)
14.29‌
14.80‌
(a)
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
will
seek
to
achieve
its
investment
objective
by
investing
primarily
in
a
diversified
portfolio
consisting
primarily
of
common
stock
of
U.S.
companies
that
Fund
management
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
index
that
measures
the
performance
of
the
large-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000
®
companies
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
Fund
Summary
as
of
June
30,
2022
(continued)
7
Fund
Summary
BlackRock
Capital
Appreciation
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
664.80‌
$
2.02‌
$
1,000.00‌
$
1,022.36‌
$
2.46‌
0.49‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
40.0‌
%
Consumer
Discretionary
.............................
17.9‌
Health
Care
.....................................
16.8‌
Communication
Services
.............................
10.0‌
Financials
.......................................
4.6‌
Materials
.......................................
3.4‌
Energy
.........................................
2.3‌
Industrials
.......................................
2.2‌
Real
Estate
......................................
1.3‌
Consumer
Staples
.................................
0.6‌
Short-Term
Securities
...............................
1.1‌
Liabilities
in
Excess
of
Other
Assets
.....................
(0.2‌)
(a)
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,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
8
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,
2022,
the
Fund
underperformed
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
outperformed
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?
Within
equities,
security
selection
within
industrials,
materials,
health
care
and
financials
detracted
from
performance.
Overweight
allocations
to
and
security
selection
within
both
information
technology
and
consumer
discretionary
negatively
impacted
returns.
An
underweight
to
and
security
selection
within
consumer
staples
also
detracted.
Within
fixed
income,
an
underweight
to
developed
market
government
bonds
relative
to
the
reference
benchmark,
notably
U.S.
Treasuries
and
Japanese
government
bonds,
negatively
impacted
performance.
Within
equities,
an
overweight
to
energy
positively
impacted
performance.
Tactical
short
positioning
on
U.S.
index
futures,
implemented
to
help
manage
the
overall
beta
(market
sensitivity)
of
the
portfolio,
contributed
to
returns.
Security
selection
within
communication
services
was
also
additive.
Within
fixed
income,
exposure
to
bank
loans
early
in
the
period
positively
impacted
returns.
Exposure
to
cash
and
cash
equivalents,
largely
held
in
lieu
of
fixed
income
(i.e.,
as
fixed
income
with
zero
duration
and
corresponding
sensitivity
to
changes
in
interest
rates)
and
as
a
hedge
against
equities,
added
to
performance.
More
broadly,
the
Fund’s
overall
short
duration
positioning
in
contributed
positively
in
a
rising
rate
environment.
Currency
management,
notably
underweights
to
the
euro
and
Japanese
yen
and
an
overweight
to
the
U.S.
dollar,
also
contributed
to
returns.
Describe
recent
portfolio
activity.
During
the
six-month
period,
the
Fund’s
overall
equity
exposure
decreased
from
69%
to
53%
of
net
assets.
Within
equities,
the
Fund
decreased
exposure
to
the
U.S.,
continental
Europe,
particularly
the
Netherlands
and
Germany,
as
well
as
to
Japan.
From
a
sector
perspective,
the
Fund
increased
exposure
to
energy,
and
decreased
exposure
to
information
technology,
consumer
discretionary,
industrials,
financials,
health
care
and
communication
services.
The
Fund’s
allocation
to
fixed
income
decreased
from
22%
to
19%
of
net
assets.
Within
fixed
income,
the
Fund
decreased
exposure
to
high
yield
corporate
bonds,
non-U.S.
government
debt
and
bank
loans,
and
increased
exposure
to
investment
grade
corporate
bonds.
The
Fund’s
total
portfolio
duration
was
tactically
managed
over
the
period
and
ended
the
period
at
0.8
years,
up
from
0.5
years
at
the
beginning
of
the
period.
The
Fund’s
allocation
to
commodity-related
securities
remained
unchanged
at
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
9%
to
28%
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
underweight
in
equities
and
fixed
income,
with
modest
exposure
to
commodity-related
assets
and
an
overweight
to
cash
equivalents.
Within
equities,
the
Fund
was
overweight
to
China
and
Germany,
and
underweight
to
Japan,
Australia
and
the
United
States.
From
a
sector
perspective,
the
Fund
was
overweight
to
energy,
materials
and
consumer
discretionary,
and
underweight
to
consumer
staples,
financials,
information
technology,
real
estate,
industrials
and
utilities.
Within
fixed
income,
the
Fund
was
underweight
in
developed
market
government
bonds
and
overweight
in
corporate
credit,
securitized
debt
and
floating
rate
loan
interest.
Overall
portfolio
duration
was
0.8
vs.
a
benchmark
duration
of
2.5
(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
and
the
yen.
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,
2022
(continued)
9
Fund
Summary
BlackRock
Global
Allocation
Portfolio
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Global
Allocation
Portfolio
(b)(c)
................................................
(16.56‌)%
(16.43‌)%
4.53‌%
5.73‌%
FTSE
World
Index
(d)
.............................................................
(20.11‌)
(14.58‌)
7.81‌
9.63‌
Reference
Benchmark
(e)
..........................................................
(16.33‌)
(13.37‌)
4.86‌
6.09‌
U.S.
Stocks:
S&P
500
®
Index
(f)
......................................................
(19.96‌)
(10.62‌)
11.31‌
12.96‌
Non
U.S.
Stocks:
FTSE
World
(ex-U.S.)
Index
(g)
..........................................
(18.60‌)
(17.61‌)
3.24‌
5.66‌
U.S.
Bonds:
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(h)
.................................
(6.98‌)
(8.05‌)
0.72‌
0.81‌
Non
U.S.
Bonds:
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(
i
)
........................
(18.74‌)
(21.92‌)
(2.62‌)
(1.71‌)
(a)
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
equity,
debt
and
money
market
securities.
Generally,
the
Fund's
portfolio
will
include
both
equity
and
debt
securities.
The
Fund
generally
seeks
diversification
across
markets,
industries
and
issuers
as
one
of
its
strategies
to
reduce
volatility.
The
Fund
has
no
geographic
limits
on
where
it
may
invest.
(d)
A
market
cap
weighted
index
representing
the
performance
of
the
large-
and
mid-cap
stocks
from
the
Developed
and
Advanced
Emerging
segments
of
the
FTSE
Global
Equity
Index
Series
and
covers
approximately
90-95%
of
the
investable
market
capitalization.
(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)
An
index
comprised
of
large-
and
mid-cap
stocks,
providing
coverage
of
developed
and
emerging
markets
excluding
the
United
States.
The
index
is
derived
from
the
FTSE
Global
Equity
Index
Series,
which
covers
approximately
98%
of
the
world’s
investable
market
capitalization.
(h)
An
unmanaged
index
designed
to
track
the
total
return
of
the
current
coupon
5-year
U.S.
Treasury
bond.
(
i
)
An
unmanaged
market
capitalization-weighted
index
that
tracks
certain
government
bond
indexes,
excluding
the
United
States.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Dividend
Expense
Excluding
Dividend
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Including
Dividend
Expense
(a)
Excluding
Dividend
Expense
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Including
Dividend
Expense
Excluding
Dividend
Expense
$
1,000.00‌
$
834.40‌
$
2.59‌
$
2.59‌
$
1,000.00‌
$
1,021.97‌
$
2.86‌
$
1,021.97‌
$
2.86‌
0.57‌%
0.57‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
Fund
Summary
as
of
June
30,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Global
Allocation
Portfolio
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
69.2‌
%
—‌
%
(b)
69.2‌
%
Germany
..............................
3.7‌
—‌
3.7‌
China
.................................
3.6‌
—‌
3.6‌
United
Kingdom
..........................
3.6‌
—‌
3.6‌
Netherlands
............................
2.9‌
—‌
2.9‌
Canada
...............................
2.5‌
—‌
2.5‌
France
................................
2.5‌
—‌
2.5‌
Australia
...............................
1.6‌
—‌
1.6‌
Japan
................................
1.2‌
—‌
1.2‌
South
Korea
............................
1.1‌
—‌
1.1‌
Other
(c)
................................
8.1‌
—‌
8.1‌
Total
.................................
100.0‌%
—‌%
100.0‌%
(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
0.1%
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.
Money
Market
Overview
For
the
6-Month
Period
Ended
June
30,
2022
11
Money
Market
Overview
Market
Review 
During
the
six-month
period
ended
June
30,
2022,
monetary
accommodation
was
removed
at
an
accelerated
pace
and
a
strong
disparity
between
supply
and
demand
at
the
front-end
of
the
market
continued.
The
United
States
saw
inflation
increase
at
its
fastest
pace
in
four
decades
throughout
the
period,
with
the
Consumer
Price
Index
(“CPI”)
increasing
9.1%
on
an
annualized
basis
in
June
2022.
During
its
meeting
on
March
16th,
the
Federal
Open
Market
Committee
(the
“FOMC”,
or
“the
Committee”)
raised
the
range
for
the
Federal
Funds
target
rate
-
for
the
first
time
since
December
2018
–
from
0.00%
-
0.25%
to
0.25%
-
0.50%.
Responding
to
increasing
inflation
at
home,
the
FOMC
raised
the
Federal
Funds
target
rate
at
each
meeting
during
the
second
quarter.
The
Committee
elected
to
increase
the
Federal
Funds
target
rate
by
0.50%
at
its
May
2022
meeting,
and
another
0.75%
at
its
June
2022
meeting,
bringing
the
target
rate
to
1.50%
-
1.75%
as
of
June
30,
2022.
In
a
statement
released
in
conjunction
with
the
June
15th
FOMC
meeting,
the
Committee
reiterated
that
it
is
“highly
attentive
to
inflation
risks,”
and
added
that
it
is
“strongly
committed
to
returning
inflation
to
its
2.00%
objective.”
According
to
the
updated
“dot
plot”
median
Federal
Funds
rate
forecast
accompanying
the
June
2022
meeting,
the
FOMC
penciled
in
an
additional
1.50%
of
rate
hikes
for
2022
relative
to
the
March
2022
dot
plot,
bringing
the
median
projection
to
3.40%.
The
June
“dot
plot”
also
showed
the
median
Federal
Funds
rate
topping
out
at
3.80%
in
2023,
reflecting
an
additional
1.00%
of
rate
hikes
relative
to
the
March
2022
projections.
Also,
an
easing
of
monetary
policy
is
forecasted
for
2024,
with
the
median
Federal
Funds
rate
projected
to
decline
to
3.40%.
The
Fed
median
economic
growth
forecasts
declined
relative
to
the
March
2022
projections,
while
the
median
core
inflation
projections
for
2022
and
2023
moved
higher.
Projected
median
unemployment
levels
also
moved
higher
over
the
forecast
horizon.
Net
new
U.S.
Treasury
bill
(“T-bill”)
supply
contracted
$246.1
billion
during
the
period,
further
exacerbating
the
supply
and
demand
imbalance
in
the
money
market
space
and
resulting
in
a
distorted
yield
curve
at
the
end
of
the
period.
T-bill
tenors
between
1-month
and
1-year
dramatically
rose
despite
this
dynamic
as
markets
priced
in
several
rate
hikes
during
the
first
half
of
the
year.
Yields
on
the
1-month
and
12-month
T-bills
rose
by
1.00%
and
2.40%,
respectively,
to
1.02%
and
2.78%
on
June
30,
2022.
As
the
large
unevenness
between
supply
and
demand
persisted
throughout
the
period,
daily
utilization
of
the
Fed’s
overnight
reverse
repurchase
agreement
program
(“RRP”)
continued
to
climb,
peaking
at
$2.33
trillion
in
late
June
2022.
A
defensive
posture
by
investors
arguably
contributed
to
softness
in
rates
on
repurchase
agreements
(“repo”)
during
the
period.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
regularly
printed
below
the
lower
bound
of
the
range
for
the
Federal
Funds
beginning
in
early
May
2022.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
net
outflows
of
$228
billion
during
the
six-month
period
ended
June
30,
2022.
Of
this,
assets
of
government
and
prime
MMFs
fell
by
$232
billion
and
$13
billion,
respectively,
while
assets
municipal
MMFs
grew
by
nearly
$17
billion.
Outlook 
An
outlook
for
persistently
elevated
inflation
suggests
increases
in
the
target
range
for
the
Federal
Funds
rate
by
the
FOMC
of
at
least
0.50%
are
possible
at
the
next
few
FOMC
meetings.
Forecasts
by
the
FOMC
and
futures
contracts
for
Federal
Funds
suggest
that
monetary
policy
could
become
restrictive
later
this
year.
Defensive
positioning
by
investors
and
insufficient
supply
of
T-bills
and
similar
investments
will
likely
contribute
to
generally
depressed
levels
on
repurchase
agreements
and
elevated
usage
of
the
Fed’s
RRP
facility
by
eligible
counterparties.
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,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
12
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
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yield
7-Day
Yield
BlackRock
Government
Money
Market
Portfolio
.....
0.95‌
%
0.95‌
%
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.
PORTFOLIO
COMPOSITION
–%
–%
Asset
Type
Percent
of
Net
Assets
–%
–%
Repurchase
Agreements
...............................
44.3‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
30.5‌
U.S.
Treasury
Obligations
..............................
21.4‌
Other
Assets
Less
Liabilities
............................
3.8‌
–%
–%
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,000.70‌
$
1.44‌
$
1,000.00‌
$
1,023.36‌
$
1.45‌
0.29‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class
,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
June
30,
2022
13
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,
2022,
the
Fund
outperformed
the
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
High-yield
bonds
experienced
sharply
negative
returns
in
the
period,
as
persistent
inflation,
aggressive
rate
hiking
by
the
Fed
and
rising
fears
of
recession
weighed
on
credit
sentiment.
During
the
period,
security
selection
within
the
independent
energy
sector
and
underweight
allocations
to
the
retail
and
pharmaceutical
sectors
contributed
positively
to
performance
relative
to
the
benchmark.
By
credit
rating,
an
underweight
allocation
to
BB-rated
names
was
additive.
An
out-of-benchmark
allocation
to
U.S.
Treasuries
also
contributed
to
performance.
From
a
sector
perspective,
security
selection
within
the
technology,
midstream
energy
and
wireline
sectors
detracted
from
relative
performance.
By
credit
rating,
the
Fund’s
overweight
allocation
to
the
CCC-rated
bucket
and
to
BBB-rated
credit
weighed
on
return.
Describe
recent
portfolio
activity.
While
key
positioning
themes
remained
broadly
consistent,
the
Fund
tactically
navigated
sector-
and
issuer-level
positioning
to
take
advantage
of
market
opportunities.
During
the
period,
the
Fund
increased
its
exposure
to
the
metals
&
mining,
packaging
and
wireline
sectors
while
reduced
risk
within
the
health
care,
pharmaceuticals
and
other
industry
sectors.
The
Fund
decreased
its
exposure
to
equities
and
its
tactical
allocation
to
liquid,
indexed
high
yield
products
during
the
period.
Additionally,
the
Fund
maintained
a
tactical
exposure
to
investment
grade
corporate
bonds.
Describe
portfolio
positioning
at
period
end.
From
a
credit
quality
perspective,
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,
independent
energy
and
property
&
casualty,
while
underweight
sectors
included
retail,
media
&
entertainment
and
finance
companies.
The
Fund
also
continued
to
hold
tactical
exposure
to
investment
grade
bonds
of
4.1%
along
with
out-of-benchmark
allocations
to
equities
and
liquid
high
yield
products.
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,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
High
Yield
Portfolio
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
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)
...........................
7.00‌%
5.95‌%
(13.76‌)%
(12.32‌)%
2.64‌%
4.71‌%
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(d)
..
—‌
—‌
(14.19‌)
(12.82‌)
2.09‌
4.47‌
(a)
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.
(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.
The
Fund
normally
invests
at
least
80%
of
its
assets
in
high
yield
bonds.
(d)
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index,
an
unmanaged
index
comprised
of
issues
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
862.40‌
$
2.31‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
............................................
0.2‌
%
BBB/Baa
.......................................
7.0‌
BB/Ba
.........................................
43.4‌
B
............................................
30.7‌
CCC/Caa
.......................................
15.8‌
NR
...........................................
2.9‌
(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.
Fund
Summary
as
of
June
30,
2022
15
Fund
Summary
BlackRock
Sustainable
Balanced
Portfolio
Investment
Objective
BlackRock
Sustainable
Balanced
Portfolio’s
(formerly
known
as
BlackRock
Balanced
Capital
Portfolio)
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
On
November
9,
2021,
the
Board
of
Directors
of
BlackRock
Series
Fund,
Inc.
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy
and
process.
These
changes
became
effective
on
April
8,
2022.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2022,
the
Fund
underperformed
its
blended
reference
benchmark
(60%
MSCI
All
Country
World
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index).
For
the
same
period,
the
Fund
outperformed
its
former
blended
reference
benchmark
(60%
Russell
1000
®
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index).
The
change
to
the
reference
benchmark
was
implemented
on
April
8,
2022.
What
factors
influenced
performance?
An
overweight
allocation
to
equities
weighed
on
return
as
markets
sold
off
in
the
period.
The
underlying
fixed
income
strategy,
which
consisted
of
a
fundamental
security
selection
strategy
until
April
8,
2022,
and
a
systematic
security
selection
strategy
afterwards,
detracted
from
performance.
While
the
fundamental
strategy
delivered
a
modest
positive
contribution,
this
was
outweighed
by
underperformance
by
the
systematic
strategy
over
the
final
months
of
the
period.
Positive
contributions
to
the
Fund’s
relative
performance
were
highlighted
by
an
underweight
stance
with
respect
to
duration
and
corresponding
interest
rate
sensitivity,
as
Treasury
yields
moved
higher
with
increasingly
hawkish
rhetoric
from
the
Fed.
Security
selection
within
equities
also
contributed
to
performance
for
the
period.
The
underlying
equity
strategy,
which
was
limited
to
U.S.
stocks
until
April
8,
2022,
weighed
on
returns
for
the
first
few
months
of
the
reporting
period.
However,
security
selection
within
the
global
equity
strategy
implemented
subsequently
added
to
performance
late
in
the
period,
offsetting
the
prior
underperformance.
At
period
end,
the
Fund
held
approximately
10%
in
unencumbered
cash,
given
the
Fund’s
underweight
duration
stance.
A
preference
for
cash
versus
fixed
income
contributed
to
return
given
the
significant
selloff
in
bond
markets.
Describe
recent
portfolio
activity.
The
Fund
entered
the
reporting
period
with
an
overweight
to
equities
(expressed
via
an
overweight
to
U.S.
equities)
and
an
underweight
to
U.S.
duration.
This
broad
positioning
was
maintained
over
the
period.
The
Fund
moved
to
further
underweight
U.S.
duration
in
March
2022,
on
the
view
that
the
market’s
initial
pricing
in
of
a
more
dovish
policy
path
for
the
Fed
in
response
to
the
conflict
in
Ukraine
was
misguided
given
the
prevailing
inflationary
environment.
On
April
8,
2022,
the
Fund
underwent
several
changes,
including
moving
from
a
U.S.
equity
benchmark
for
the
equity
component
of
the
blended
benchmark
(Russell
1000
®
Index)
to
a
global
equity
benchmark
(MSCI
All
Country
World
Index).
The
Fund
retained
its
underweight
toward
a
U.S.
duration
stance
but
given
the
expanded
equity
opportunity
set
the
Fund
pivoted
its
equity
overweight
from
being
expressed
through
an
overweight
to
U.S.
equities
to
being
expressed
primarily
through
an
overweight
to
Japan
equities,
on
the
view
that
looser
monetary
policy
and
prior
underperformance
versus
developed
market
peers
made
it
an
attractive
market.
The
Fund
also
initiated
smaller
positions
in
Europe,
namely
the
U.K.,
Italy
and
Spain
on
the
view
that
the
loosening
of
COVID
precautions
would
support
European
nominal
growth
while
increased
spending
on
defense
and
the
green
transition
provides
a
further
tailwind
to
European
equities.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
positioned
in
recognition
that
global
economic
uncertainty
remained
elevated
despite
an
easing
in
concerns
that
the
war
in
Ukraine
would
escalate
to
a
direct
conflict
between
Russia
and
NATO.
In
addition,
given
persistent
inflationary
pressures
and
uncertainty
around
the
scope
of
future
central
bank
policy
tightening
the
Fund
maintained
an
underweight
duration
stance.
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,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
Sustainable
Balanced
Portfolio
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Sustainable
Balanced
Portfolio
(b)
..............................................
(16.44‌)%
(10.76‌)%
7.51‌%
8.99‌%
60%
Russell
1000
®
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
(d)
.......................
(16.73‌)
(11.71‌)
7.21‌
8.43‌
Russell
1000
®
Index
(e
)
............................................................
(20.94‌)
(13.04‌)
11.00‌
12.82‌
Bloomberg
U.S.
Aggregate
Bond
Index
(f
)
..............................................
(10.35‌)
(10.29‌)
0.88‌
1.54‌
60%
MSCI
All
Country
World
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index
(g
)
.................
(16.28‌)
(13.43‌)
4.83‌
6.04‌
MSCI
All
Country
World
Index
(
h
)
.....................................................
(20.18‌)
(15.75‌)
7.00‌
8.76‌
(a)
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
a
combination
of
equity
securities,
fixed-income
securities
and
derivatives.
The
Fund's
total
returns
prior
to
April
8,
2022
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
and
investment
process
under
the
name
"BlackRock
Balanced
Capital
Portfolio".
(c)
A
customized
weighted
index
comprised
of
the
returns
of
the
Russell
1000
®
Index
(60%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(d)
Effective
April
8,
2022,
the
Fund
replaced
its
customized
weighted
benchmark
index
comprised
of
the
returns
of
the
Russell
1000
®
Index
(60%)
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
(40%)
as
a
performance
benchmark
against
which
the
Fund
measures
its
performance
with
a
customized
weighted
benchmark
index
comprised
of
the
returns
of
the
MSCI
All
Country
World
Index
(60%)
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
(40%)
to
align
with
the
new
global
equity
strategy.
(e)
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
93%
of
the
U.S.
market.
(f)
Bloomberg
U.S.
Aggregate
Bond
Index,
a
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(g)
A
customized
weighted
index
comprised
of
the
returns
of
the
MSCI
All
Country
World
Index
(60%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(h)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
$
1,000.00‌
$
835.60‌
$
2.23‌
$
2.14‌
$
1,000.00‌
$
1,022.36‌
$
2.46‌
$
1,022.46‌
$
2.36‌
0.49‌%
0.47‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
55.3‌
%
Corporate
Bonds
...................................
22.5‌
U.S.
Treasury
Obligations
.............................
10.5‌
U.S.
Government
Sponsored
Agency
Securities
..............
8.6‌
Investment
Companies
...............................
2.0‌
Preferred
Stocks
...................................
0.6‌
Asset-Backed
Securities
..............................
0.3‌
Non-Agency
Mortgage-Backed
Securities
..................
0.2‌
Floating
Rate
Loan
Interests
...........................
0.0‌ 
(b)
Other
Interests
....................................
0.0‌
(b)
(a)
Excludes
short-term
securities
and
TBA
sale
commitments.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
June
30,
2022
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,
2022,
the
Fund
underperformed
the
benchmark,
the
Bloomberg
U.S.
Government/Mortgage
Index.
What
factors
influenced
performance?
Detractors
from
the
Fund’s
performance
relative
to
the
benchmark
included
allocations
to
commercial
mortgage-backed
securities,
specifically
single-asset,
single-borrower
and
interest-only
tranches.
Interest
rate
volatility
strategies
along
with
an
allocation
to
Treasury
inflation-protected
securities
(“TIPS”)
early
in
the
period
also
weighed
on
return.
Allocations
to
nominal
core
European
interest
rates
proved
additive.
Positions
in
well-structured
agency
mortgage-backed
securities
(“MBS”)
and
collateralized
mortgage
obligations
with
seasoned
collateral
that
was
favorable
from
a
prepayment
perspective
also
contributed.
Finally,
active
management
of
duration
and
corresponding
interest
rate
sensitivity
aided
return.
Describe
recent
portfolio
activity.
The
Fund
was
tactical
in
its
duration
and
yield
curve
positioning
during
the
period.
Allocations
to
TIPS
were
reduced
and
an
overweight
to
agency
MBS
built
into
the
end
of
June
2022
based
on
valuation.
Within
agency
MBS,
positioning
was
shifted
from
generic
TBA
(“to-be-announced”)
securities
and
into
specified
pools
along
with
an
increase
in
GNMA
collateral
relative
to
conventional
on
the
expectation
of
faster
prepayments
on
generic
pools.
The
Fund
was
also
tactical
in
securitized
assets,
adding
exposures
marginally
as
spreads
widened
since
the
beginning
of
2022.
The
Fund’s
cash
position
averaged
13.6%
during
the
period
due
to
a
more
defensive
stance
on
risk
amid
decoupling
correlations
across
assets
given
a
notable
shift
in
global
monetary
policy.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
over
the
six
months.
Describe
portfolio
positioning
at
period
end.
The
Fund
had
a
defensive
posture
given
the
increased
macro
uncertainty,
including
the
volatile
geopolitical
environment,
the
elevated
inflation
and
commodity
complex
backdrop,
and
global
monetary
policy
tightening.
Within
agency
MBS,
nominal
spreads
are
sitting
at
decade
wides,
excluding
the
March
2020
pandemic
onset.
As
such,
the
Fund
is
positioned
constructively
on
agency
MBS
overall
on
the
view
that
it
is
poised
to
benefit
from
a
reprieve
in
interest
rate
volatility.
The
Fund
closed
the
period
modestly
underweight
duration.
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,
2022
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
U.S.
Government
Bond
Portfolio
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
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
U.S.
Government
Bond
Portfolio
(c)
..................
2.34‌%
1.82‌%
(9.33‌)%
(9.43‌)%
0.57‌%
1.00‌%
Bloomberg
U.S.
Government/Mortgage
Index
(d)
...............
—‌
—‌
(8.93‌)
(8.91‌)
0.62‌
1.10‌
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
(e)
..........
—‌
—‌
(8.78‌)
(9.03‌)
0.36‌
1.18‌
(a)
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.
(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)
Bloomberg
U.S.
Government/Mortgage
Index,
that
measures
debt
issued
by
the
U.S.
Government,
and
its
agencies,
as
well
as
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac.
(e)
Bloomberg
U.S.
Mortgage-Backed
Securities
Index,
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.
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/22)
Ending
Account
Value
(06/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
906.70‌
$
2.36‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
six
month
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
56.2‌
%
U.S.
Treasury
Obligations
.............................
32.4‌
Non-Agency
Mortgage-Backed
Securities
..................
9.3‌
Asset-Backed
Securities
..............................
2.1‌
Foreign
Government
Obligations
........................
0.0‌
(b)
Other
Interests
....................................
0.0‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
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.  
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
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Funds may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.9%
Boeing
Co.
(The)
(a)
..................
3,418
$
467,309
Curtiss-Wright
Corp.
.................
3,665
484,000
General
Dynamics
Corp.
..............
9,660
2,137,275
HEICO
Corp.
.....................
1,562
204,810
HEICO
Corp.,
Class
A
................
4,769
502,557
Lockheed
Martin
Corp.
...............
2,560
1,100,697
Northrop
Grumman
Corp.
.............
321
153,621
5,050,269
Air
Freight
&
Logistics
—
0.9%
Expeditors
International
of
Washington,
Inc.
.
2,575
250,959
FedEx
Corp.
......................
583
132,172
United
Parcel
Service,
Inc.,
Class
B
......
5,972
1,090,129
1,473,260
Airlines
—
0.0%
Alaska
Air
Group,
Inc.
(a)
...............
435
17,422
Auto
Components
—
0.0%
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
......
1,808
19,364
Automobiles
—
1.9%
(a)
General
Motors
Co.
.................
17,453
554,307
Tesla,
Inc.
........................
4,046
2,724,658
3,278,965
Banks
—
4.8%
Bank
of
America
Corp.
...............
81,207
2,527,974
Citigroup,
Inc.
.....................
15,255
701,577
Huntington
Bancshares,
Inc.
...........
1,536
18,478
JPMorgan
Chase
&
Co.
..............
22,749
2,561,765
Pinnacle
Financial
Partners,
Inc.
.........
5,995
433,499
PNC
Financial
Services
Group,
Inc.
(The)
..
2,008
316,802
Regions
Financial
Corp.
..............
31,569
591,919
Truist
Financial
Corp.
................
1,016
48,189
US
Bancorp
......................
6,346
292,043
Wells
Fargo
&
Co.
..................
18,724
733,419
8,225,665
Beverages
—
2.1%
Brown-Forman
Corp.,
Class
B
..........
27,134
1,903,721
Keurig
Dr
Pepper,
Inc.
...............
10,130
358,501
PepsiCo,
Inc.
.....................
8,546
1,424,276
3,686,498
Biotechnology
—
1.2%
AbbVie,
Inc.
......................
3,486
533,916
Amgen,
Inc.
......................
4,494
1,093,390
Biogen,
Inc.
(a)
.....................
1,774
361,790
Exelixis
,
Inc.
(a)
.....................
3,526
73,411
Novavax
,
Inc.
(a)
....................
390
20,058
2,082,565
Building
Products
—
0.6%
Builders
FirstSource
,
Inc.
(a)
............
2,270
121,899
Masco
Corp.
......................
9,838
497,803
Owens
Corning
....................
6,264
465,478
1,085,180
Capital
Markets
—
1.4%
Bank
of
New
York
Mellon
Corp.
(The)
.....
21,083
879,372
Blackstone,
Inc.
....................
161
14,688
Charles
Schwab
Corp.
(The)
...........
10,157
641,719
CME
Group,
Inc.
...................
1,268
259,560
Goldman
Sachs
Group,
Inc.
(The)
.......
466
138,412
Intercontinental
Exchange,
Inc.
.........
1,607
151,122
Moody's
Corp.
.....................
228
62,009
Security
Shares
Shares
Value
Capital
Markets
(continued)
State
Street
Corp.
..................
1,251
$
77,124
Stifel
Financial
Corp.
................
2,900
162,458
2,386,464
Chemicals
—
2.4%
CF
Industries
Holdings,
Inc.
............
896
76,814
Corteva
,
Inc.
......................
2,089
113,098
Ecolab,
Inc.
......................
9,550
1,468,408
FMC
Corp.
.......................
2,261
241,950
Huntsman
Corp.
...................
3,837
108,779
Linde
plc
........................
5,559
1,598,379
LyondellBasell
Industries
NV,
Class
A
(b)
....
2,415
211,216
Mosaic
Co.
(The)
...................
3,938
185,992
PPG
Industries,
Inc.
.................
1,432
163,735
4,168,371
Commercial
Services
&
Supplies
—
0.1%
Tetra
Tech,
Inc.
....................
1,685
230,087
Communications
Equipment
—
0.4%
Ciena
Corp.
(a)
.....................
2,731
124,807
Juniper
Networks,
Inc.
(b)
..............
19,988
569,658
694,465
Consumer
Finance
—
1.3%
Ally
Financial,
Inc.
..................
5,232
175,324
American
Express
Co.
...............
8,461
1,172,864
Capital
One
Financial
Corp.
............
4,820
502,196
Discover
Financial
Services
(b)
...........
2,497
236,166
Synchrony
Financial
.................
4,768
131,692
2,218,242
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International
............
869
60,065
Diversified
Financial
Services
—
1.8%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
6,224
1,699,277
Voya
Financial,
Inc.
.................
24,606
1,464,795
3,164,072
Diversified
Telecommunication
Services
—
0.1%
Iridium
Communications,
Inc.
(a)
..........
2,975
111,741
Electric
Utilities
—
0.8%
Entergy
Corp.
.....................
3,020
340,173
NextEra
Energy,
Inc.
................
9,012
698,069
NRG
Energy,
Inc.
...................
10,789
411,816
1,450,058
Electrical
Equipment
—
0.7%
AMETEK,
Inc.
.....................
2,582
283,736
Eaton
Corp.
plc
....................
7,986
1,006,156
1,289,892
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Avnet,
Inc.
.......................
606
25,985
TE
Connectivity
Ltd.
.................
642
72,643
98,628
Energy
Equipment
&
Services
—
0.7%
Halliburton
Co.
....................
22,454
704,158
Schlumberger
NV
..................
15,095
539,797
1,243,955
Entertainment
—
0.4%
Electronic
Arts,
Inc.
.................
1,335
162,403
ROBLOX
Corp.,
Class
A
(a)
.............
1,525
50,112
Spotify
Technology
SA
(a)
..............
804
75,439
Walt
Disney
Co.
(The)
(a)
..............
4,383
413,755
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Entertainment
(continued)
Warner
Bros
Discovery,
Inc.
(a)
..........
3,533
$
47,413
749,122
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.3%
Crown
Castle
International
Corp.
........
6,268
1,055,406
Equinix
,
Inc.
......................
731
480,282
Equity
Residential
..................
2,582
186,472
Essex
Property
Trust,
Inc.
.............
103
26,936
Extra
Space
Storage,
Inc.
.............
193
32,833
Lamar
Advertising
Co.,
Class
A
.........
750
65,977
Mid-America
Apartment
Communities,
Inc.
..
2,925
510,910
Prologis,
Inc.
......................
10,062
1,183,794
SBA
Communications
Corp.
...........
1,112
355,896
Simon
Property
Group,
Inc.
............
847
80,397
3,978,903
Food
&
Staples
Retailing
—
1.1%
Costco
Wholesale
Corp.
..............
4,033
1,932,936
Food
Products
—
1.0%
Bunge
Ltd.
.......................
3,529
320,045
Hershey
Co.
(The)
..................
2,464
530,154
McCormick
&
Co.,
Inc.
(Non-Voting)
......
5,504
458,208
Mondelez
International,
Inc.,
Class
A
......
1,873
116,294
Tyson
Foods,
Inc.,
Class
A
............
3,778
325,135
1,749,836
Health
Care
Equipment
&
Supplies
—
1.7%
Abbott
Laboratories
.................
6,395
694,817
Align
Technology,
Inc.
(a)
...............
1,246
294,891
Boston
Scientific
Corp.
(a)
..............
35,480
1,322,339
Enovis
Corp.
(a)
.....................
612
33,660
IDEXX
Laboratories,
Inc.
(a)
.............
347
121,703
Medtronic
plc
.....................
5,888
528,448
2,995,858
Health
Care
Providers
&
Services
—
4.2%
AmerisourceBergen
Corp.
.............
5,267
745,175
AMN
Healthcare
Services,
Inc.
(a)
.........
299
32,804
Cigna
Corp.
......................
5,387
1,419,582
CVS
Health
Corp.
..................
3,803
352,386
Elevance
Health,
Inc.
................
3,597
1,735,840
McKesson
Corp.
...................
1,757
573,151
Molina
Healthcare,
Inc.
(a)
..............
1,120
313,163
UnitedHealth
Group,
Inc.
..............
3,948
2,027,811
7,199,912
Hotels,
Restaurants
&
Leisure
—
1.3%
Choice
Hotels
International,
Inc.
.........
2,641
294,815
Domino's
Pizza,
Inc.
.................
98
38,192
Expedia
Group,
Inc.
(a)
................
272
25,794
McDonald's
Corp.
..................
659
162,694
Texas
Roadhouse,
Inc.
...............
1,045
76,494
Travel
+
Leisure
Co.
.................
35,364
1,372,830
Wendy's
Co.
(The)
..................
2,642
49,881
Yum!
Brands,
Inc.
..................
2,499
283,661
2,304,361
Household
Durables
—
0.4%
Lennar
Corp.,
Class
A
................
583
41,143
Whirlpool
Corp.
....................
4,583
709,769
750,912
Household
Products
—
2.3%
Colgate-Palmolive
Co.
...............
19,268
1,544,137
Procter
&
Gamble
Co.
(The)
...........
17,434
2,506,835
4,050,972
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Sunnova
Energy
International,
Inc.
(a)
......
1,341
$
24,715
Vistra
Corp.
......................
2,125
48,556
73,271
Insurance
—
2.6%
Allstate
Corp.
(The)
.................
2,552
323,415
Marsh
&
McLennan
Cos.,
Inc.
..........
4,036
626,589
MetLife,
Inc.
......................
34,593
2,172,094
Reinsurance
Group
of
America,
Inc.
......
2,275
266,835
Travelers
Cos.,
Inc.
(The)
.............
7,015
1,186,447
4,575,380
Interactive
Media
&
Services
—
4.9%
(a)
Alphabet,
Inc.,
Class
A
...............
1,753
3,820,243
Alphabet,
Inc.,
Class
C
...............
1,334
2,918,058
Meta
Platforms,
Inc.,
Class
A
...........
11,152
1,798,260
8,536,561
Internet
&
Direct
Marketing
Retail
—
2.4%
(a)
Amazon.com,
Inc.
..................
38,536
4,092,909
MercadoLibre
,
Inc.
..................
138
87,888
4,180,797
IT
Services
—
3.5%
Accenture
plc,
Class
A
...............
1,044
289,867
Automatic
Data
Processing,
Inc.
.........
2,033
427,011
Block,
Inc.,
Class
A
(a)
................
2,613
160,595
Cognizant
Technology
Solutions
Corp.,
Class
A
7,430
501,451
Fidelity
National
Information
Services,
Inc.
..
4,446
407,565
Global
Payments,
Inc.
...............
3,899
431,385
GoDaddy
,
Inc.,
Class
A
(a)
..............
1,394
96,967
Mastercard
,
Inc.,
Class
A
..............
1,947
614,239
PayPal
Holdings,
Inc.
(a)
...............
8,992
628,001
Visa,
Inc.,
Class
A
..................
12,701
2,500,700
6,057,781
Life
Sciences
Tools
&
Services
—
3.0%
Agilent
Technologies,
Inc.
.............
10,649
1,264,782
Bruker
Corp.
......................
5,603
351,644
Charles
River
Laboratories
International,
Inc.
(a)
103
22,039
Danaher
Corp.
....................
4,708
1,193,572
Mettler
-Toledo
International,
Inc.
(a)
.......
299
343,482
Syneos
Health,
Inc.
(a)
................
11,040
791,347
Thermo
Fisher
Scientific,
Inc.
...........
2,167
1,177,288
5,144,154
Machinery
—
2.2%
Caterpillar,
Inc.
....................
1,235
220,769
Cummins,
Inc.
.....................
2,347
454,215
Deere
&
Co.
......................
1,138
340,797
Illinois
Tool
Works,
Inc.
...............
9,139
1,665,583
Otis
Worldwide
Corp.
................
1,484
104,874
PACCAR,
Inc.
.....................
7,965
655,838
Snap-on,
Inc.
(b)
....................
330
65,020
Stanley
Black
&
Decker,
Inc.
...........
2,806
294,237
Timken
Co.
(The)
...................
671
35,596
3,836,929
Media
—
1.9%
Altice
USA,
Inc.,
Class
A
(a)
.............
23,198
214,581
Charter
Communications,
Inc.,
Class
A
(a)
...
651
305,013
Comcast
Corp.,
Class
A
..............
35,387
1,388,586
Fox
Corp.,
Class
A
..................
38,899
1,250,992
Fox
Corp.,
Class
B
..................
780
23,166
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
411
14,812
Nexstar
Media
Group,
Inc.,
Class
A
.......
303
49,353
3,246,503
2022
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,
2022
Security
Shares
Shares
Value
Metals
&
Mining
—
0.2%
Freeport-McMoRan,
Inc.
..............
8,683
$
254,065
Multiline
Retail
—
0.9%
Dollar
General
Corp.
................
1,576
386,814
Nordstrom,
Inc.
(b)
...................
840
17,749
Target
Corp.
......................
8,092
1,142,833
1,547,396
Multi-Utilities
—
1.5%
Black
Hills
Corp.
...................
4,702
342,165
CMS
Energy
Corp.
..................
17,398
1,174,365
DTE
Energy
Co.
...................
8,264
1,047,462
2,563,992
Oil,
Gas
&
Consumable
Fuels
—
3.6%
APA
Corp.
.......................
4,700
164,030
Chevron
Corp.
.....................
6,357
920,367
Devon
Energy
Corp.
.................
3,994
220,109
EOG
Resources,
Inc.
................
10,912
1,205,121
Exxon
Mobil
Corp.
..................
30,982
2,653,299
Marathon
Oil
Corp.
..................
21,455
482,308
Murphy
Oil
Corp.
...................
897
27,081
Occidental
Petroleum
Corp.
............
2,814
165,688
Ovintiv
,
Inc.
.......................
3,199
141,364
Phillips
66
........................
964
79,038
Valero
Energy
Corp.
.................
1,771
188,222
6,246,627
Pharmaceuticals
—
5.6%
Bristol-Myers
Squibb
Co.
..............
1,777
136,829
Eli
Lilly
&
Co.
.....................
4,705
1,525,502
Johnson
&
Johnson
.................
15,549
2,760,103
Merck
&
Co.,
Inc.
...................
17,812
1,623,920
Perrigo
Co.
plc
....................
9,073
368,091
Pfizer,
Inc.
.......................
32,134
1,684,786
Zoetis,
Inc.
.......................
9,318
1,601,671
9,700,902
Professional
Services
—
0.4%
ASGN,
Inc.
(a)
......................
162
14,621
Booz
Allen
Hamilton
Holding
Corp.
.......
3,881
350,687
ManpowerGroup
,
Inc.
................
985
75,264
Robert
Half
International,
Inc.
...........
2,687
201,229
641,801
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(a)
...........
2,841
209,126
Road
&
Rail
—
1.0%
CSX
Corp.
.......................
14,888
432,645
JB
Hunt
Transport
Services,
Inc.
........
213
33,541
Landstar
System,
Inc.
................
2,512
365,295
Lyft,
Inc.,
Class
A
(a)
..................
2,827
37,542
Norfolk
Southern
Corp.
...............
997
226,608
Old
Dominion
Freight
Line,
Inc.
.........
212
54,331
Ryder
System,
Inc.
..................
882
62,675
Schneider
National,
Inc.,
Class
B
........
14,923
333,977
Union
Pacific
Corp.
.................
549
117,091
XPO
Logistics,
Inc.
(a)
................
379
18,253
1,681,958
Semiconductors
&
Semiconductor
Equipment
—
6.2%
Advanced
Micro
Devices,
Inc.
(a)
.........
5,893
450,638
Analog
Devices,
Inc.
.................
2,956
431,842
Applied
Materials,
Inc.
...............
18,662
1,697,869
Broadcom,
Inc.
....................
863
419,254
Intel
Corp.
.......................
54,631
2,043,746
KLA
Corp.
........................
761
242,820
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Lam
Research
Corp.
................
1,598
$
680,988
Lattice
Semiconductor
Corp.
(a)
..........
1,354
65,669
MaxLinear
,
Inc.
(a)
...................
6,888
234,054
Micron
Technology,
Inc.
...............
1,934
106,911
Monolithic
Power
Systems,
Inc.
.........
724
278,045
NVIDIA
Corp.
.....................
13,034
1,975,824
QUALCOMM,
Inc.
..................
9,224
1,178,274
Semtech
Corp.
(a)
...................
433
23,802
Silicon
Laboratories,
Inc.
(a)
.............
5,560
779,623
Teradyne,
Inc.
.....................
535
47,909
Texas
Instruments,
Inc.
...............
127
19,513
10,676,781
Software
—
9.6%
Adobe,
Inc.
(a)
......................
2,299
841,572
Cadence
Design
Systems,
Inc.
(a)
........
3,022
453,391
Elastic
NV
(a)
......................
459
31,061
HubSpot
,
Inc.
(a)
....................
337
101,319
Intuit,
Inc.
........................
1,089
419,744
Manhattan
Associates,
Inc.
(a)
...........
448
51,341
Microsoft
Corp.
....................
41,036
10,539,276
Palo
Alto
Networks,
Inc.
(a)
.............
576
284,509
Paycom
Software,
Inc.
(a)
..............
625
175,075
RingCentral,
Inc.,
Class
A
(a)
............
9,323
487,220
Roper
Technologies,
Inc.
..............
956
377,285
Salesforce,
Inc.
(a)
...................
4,132
681,945
ServiceNow
,
Inc.
(a)
..................
3,048
1,449,385
Splunk
,
Inc.
(a)
.....................
239
21,142
VMware,
Inc.,
Class
A
................
616
70,212
Workday,
Inc.,
Class
A
(a)
..............
4,194
585,398
16,569,875
Specialty
Retail
—
2.2%
Advance
Auto
Parts,
Inc.
..............
610
105,585
AutoNation,
Inc.
(a)
...................
3,569
398,871
Best
Buy
Co.,
Inc.
..................
3,462
225,688
Dick's
Sporting
Goods,
Inc.
(b)
...........
1,050
79,139
Home
Depot,
Inc.
(The)
..............
5,404
1,482,155
Lowe's
Cos.,
Inc.
...................
5,232
913,873
Penske
Automotive
Group,
Inc.
.........
2,211
231,470
TJX
Cos.,
Inc.
(The)
.................
4,086
228,203
Tractor
Supply
Co.
..................
531
102,934
Williams-Sonoma,
Inc.
(b)
..............
163
18,085
3,786,003
Technology
Hardware,
Storage
&
Peripherals
—
6.9%
Apple,
Inc.
.......................
70,348
9,617,978
Dell
Technologies,
Inc.,
Class
C
.........
11,180
516,628
Hewlett
Packard
Enterprise
Co.
.........
60,432
801,328
HP,
Inc.
(b)
........................
23,306
763,971
NetApp,
Inc.
......................
4,409
287,643
11,987,548
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Crocs,
Inc.
(a)
......................
575
27,985
NIKE,
Inc.,
Class
B
.................
1,319
134,802
PVH
Corp.
.......................
2,235
127,171
Ralph
Lauren
Corp.
.................
2,906
260,523
550,481
Tobacco
—
0.6%
Altria
Group,
Inc.
...................
18,796
785,109
Philip
Morris
International,
Inc.
..........
2,757
272,226
1,057,335
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
0.4%
(a)
SiteOne
Landscape
Supply,
Inc.
(b)
........
4,248
$
504,960
United
Rentals,
Inc.
.................
664
161,292
666,252
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(a)
..........
2,999
86,851
Total
Common
Stocks
—
99.0%
(Cost:
$180,217,075)
.............................
171,626,409
Total
Long-Term
Investments
—
99.0%
(Cost:
$180,217,075)
.............................
171,626,409
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
...................
1,506,687
$
1,506,687
SL
Liquidity
Series,
LLC,
Money
Market
Series,
1.73%
(e)
.......................
2,308,966
2,308,504
Total
Short-Term
Securities
—
2.2%
(Cost:
$3,815,373)
..............................
3,815,191
Total
Investments
—
101.2%
(Cost:
$184,032,448
)
.............................
175,441,600
Liabilities
in
Excess
of
Other
Assets
—
(1.2)%
............
(2,156,354)
Net
Assets
—
100.0%
..............................
$
173,285,246
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(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,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
2,205,475
$
—
$
(698,788)
$
—
$
—
$
1,506,687
1,506,687
$
2,313
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
2,233,504
78,576
—
(3,394)
(182)
2,308,504
2,308,966
8,239
(b)
—
$
(3,394)
$
(182)
$
3,815,191
$
10,552
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
24
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
09/16/22
$
1,895
$
(45,016)
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
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
45,016
$
—
$
—
$
—
$
45,016
(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
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(382,264)
$
—
$
—
$
—
$
(382,264)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(81,425)
$
—
$
—
$
—
$
(81,425)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,080,063
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
25
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
171,626,409
$
—
$
—
$
171,626,409
Short-Term
Securities
Money
Market
Funds
......................................
1,506,687
—
—
1,506,687
$
173,133,096
$
—
$
—
$
173,133,096
Investments
valued
at
NAV
(a)
......................................
2,308,504
$
—
$
175,441,600
$
—
Derivative
Financial
Instruments
(b)
Liabilities
Equity
contracts
...........................................
$
(45,016)
$
—
$
—
$
(45,016)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Capital
Appreciation
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.2%
TransDigm
Group,
Inc.
(a)
..............
6,931
$
3,719,660
Automobiles
—
2.2%
Tesla,
Inc.
(a)
.......................
5,501
3,704,483
Capital
Markets
—
4.6%
Blackstone,
Inc.
....................
18,952
1,728,991
S&P
Global,
Inc.
...................
18,424
6,209,993
7,938,984
Chemicals
—
2.9%
Linde
plc
........................
9,993
2,873,287
Sherwin-Williams
Co.
(The)
............
9,385
2,101,396
4,974,683
Containers
&
Packaging
—
0.5%
Ball
Corp.
........................
12,334
848,209
Electronic
Equipment,
Instruments
&
Components
—
0.9%
Zebra
Technologies
Corp.,
Class
A
(a)
......
4,987
1,465,929
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.3%
Prologis,
Inc.
......................
18,872
2,220,291
Health
Care
Equipment
&
Supplies
—
1.6%
(a)
Edwards
Lifesciences
Corp.
...........
18,958
1,802,716
Intuitive
Surgical,
Inc.
................
5,155
1,034,660
2,837,376
Health
Care
Providers
&
Services
—
3.4%
Humana,
Inc.
.....................
3,582
1,676,627
UnitedHealth
Group,
Inc.
..............
8,151
4,186,598
5,863,225
Hotels,
Restaurants
&
Leisure
—
3.3%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,558
2,036,711
Domino's
Pizza,
Inc.
.................
3,375
1,315,271
Evolution
AB
(b)(c)
....................
26,315
2,407,324
5,759,306
Interactive
Media
&
Services
—
9.0%
(a)
Alphabet,
Inc.,
Class
A
...............
4,881
10,636,968
Match
Group,
Inc.
..................
57,847
4,031,357
Meta
Platforms,
Inc.,
Class
A
...........
5,644
910,095
15,578,420
Internet
&
Direct
Marketing
Retail
—
7.5%
Amazon.com,
Inc.
(a)
.................
121,094
12,861,394
IT
Services
—
7.5%
Mastercard
,
Inc.,
Class
A
..............
12,928
4,078,525
MongoDB,
Inc.
(a)
...................
3,477
902,282
Visa,
Inc.,
Class
A
(d)
.................
40,301
7,934,864
12,915,671
Life
Sciences
Tools
&
Services
—
6.5%
Danaher
Corp.
....................
17,377
4,405,417
Lonza
Group
AG
(Registered)
..........
4,095
2,187,293
Thermo
Fisher
Scientific,
Inc.
...........
8,437
4,583,653
11,176,363
Oil,
Gas
&
Consumable
Fuels
—
2.3%
EQT
Corp.
.......................
73,351
2,523,274
Hess
Corp.
.......................
14,359
1,521,193
4,044,467
Personal
Products
—
0.6%
Olaplex
Holdings,
Inc.
(a)
..............
79,246
1,116,576
Security
Shares
Shares
Value
Pharmaceuticals
—
5.3%
AstraZeneca
plc,
ADR
...............
52,547
$
3,471,780
Eli
Lilly
&
Co.
.....................
6,737
2,184,338
Zoetis,
Inc.
.......................
19,992
3,436,425
9,092,543
Semiconductors
&
Semiconductor
Equipment
—
7.0%
ASML
Holding
NV
(Registered),
NYRS
....
9,781
4,654,582
Marvell
Technology,
Inc.
..............
81,587
3,551,482
NVIDIA
Corp.
.....................
25,169
3,815,369
12,021,433
Software
—
22.1%
Adobe,
Inc.
(a)
......................
4,692
1,717,554
Bill.com
Holdings,
Inc.
(a)(d)
.............
8,986
987,921
Cadence
Design
Systems,
Inc.
(a)
........
11,712
1,757,151
Intuit,
Inc.
........................
20,131
7,759,293
Microsoft
Corp.
....................
79,256
20,355,318
ServiceNow
,
Inc.
(a)
..................
11,464
5,451,361
38,028,598
Technology
Hardware,
Storage
&
Peripherals
—
2.5%
Apple,
Inc.
.......................
31,790
4,346,329
Textiles,
Apparel
&
Luxury
Goods
—
4.9%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
7,817
4,790,868
NIKE,
Inc.,
Class
B
.................
35,445
3,622,479
8,413,347
Total
Common
Stocks
—
98.1%
(Cost:
$140,672,644)
.............................
168,927,287
Preferred
Securities
Preferred
Stocks
Interactive
Media
&
Services
—
1.0%
Bytedance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$1,164,993)
(e)(f)
...............
10,632
1,759,766
Total
Preferred
Stocks
—
1.0%
(Cost:
$1,164,993)
..............................
1,759,766
Total
Long-Term
Investments
—
99.1%
(Cost:
$141,837,637)
.............................
170,687,053
Short-Term
Securities
Money
Market
Funds
(g)(h)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
...................
1,786,193
1,786,193
SL
Liquidity
Series,
LLC,
Money
Market
Series,
1.73%
(
i
)
.......................
126,333
126,308
Total
Short-Term
Securities
—
1.1%
(Cost:
$1,912,501)
..............................
1,912,501
Total
Investments
—
100.2%
(Cost:
$143,750,138
)
.............................
172,599,554
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
............
(377,192)
Net
Assets
—
100.0%
..............................
$
172,222,362
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
27
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,759,766,
representing
1.02%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,164,993.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Affiliate
of
the
Fund.
(h)
Annualized
7-day
yield
as
of
period
end.
(i)
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,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
455,338
$
1,330,855
$
—
$
—
$
—
$
1,786,193
1,786,193
$
5,410
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
3,737,027
—
(3,610,047)
(672)
—
126,308
126,333
3,970
(b)
—
$
(672)
$
—
$
1,912,501
$
9,380
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Capital
Appreciation
Portfolio
28
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
3,719,660
$
—
$
—
$
3,719,660
Automobiles
..........................................
3,704,483
—
—
3,704,483
Capital
Markets
........................................
7,938,984
—
—
7,938,984
Chemicals
............................................
4,974,683
—
—
4,974,683
Containers
&
Packaging
..................................
848,209
—
—
848,209
Electronic
Equipment,
Instruments
&
Components
.................
1,465,929
—
—
1,465,929
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
2,220,291
—
—
2,220,291
Health
Care
Equipment
&
Supplies
...........................
2,837,376
—
—
2,837,376
Health
Care
Providers
&
Services
............................
5,863,225
—
—
5,863,225
Hotels,
Restaurants
&
Leisure
..............................
3,351,982
2,407,324
—
5,759,306
Interactive
Media
&
Services
...............................
15,578,420
—
—
15,578,420
Internet
&
Direct
Marketing
Retail
............................
12,861,394
—
—
12,861,394
IT
Services
...........................................
12,915,671
—
—
12,915,671
Life
Sciences
Tools
&
Services
..............................
8,989,070
2,187,293
—
11,176,363
Oil,
Gas
&
Consumable
Fuels
...............................
4,044,467
—
—
4,044,467
Personal
Products
......................................
1,116,576
—
—
1,116,576
Pharmaceuticals
.......................................
9,092,543
—
—
9,092,543
Semiconductors
&
Semiconductor
Equipment
....................
12,021,433
—
—
12,021,433
Software
.............................................
38,028,598
—
—
38,028,598
Technology
Hardware,
Storage
&
Peripherals
....................
4,346,329
—
—
4,346,329
Textiles,
Apparel
&
Luxury
Goods
............................
3,622,479
4,790,868
—
8,413,347
Preferred
Stocks
.........................................
—
—
1,759,766
1,759,766
Short-Term
Securities
Money
Market
Funds
......................................
1,786,193
—
—
1,786,193
$
161,327,995
$
9,385,485
$
1,759,766
$
172,473,246
Investments
valued
at
NAV
(a)
......................................
126,308
$
—
$
172,599,554
$
—
(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.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relati
on
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Preferred
Stocks
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2021
...................................................................................
$
1,738,865
$
1,738,865
Net
change
in
unrealized
appreciation
(a)(b)
....................................................................................
20,901
20,901
Closing
balance,
as
of
June
30,
2022
.......................................................................................
$
1,759,766
$
1,759,766
Net
change
in
unrealized
appreciation
on
investments
still
held
at
June
30,
2022
(b)
.........................................................
$
20,901
$
20,901
(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,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Capital
Appreciation
Portfolio
29
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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
investments
as
of
period
end.
Value
Valuation
Approach
Unobservable
Inputs
(a)
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Preferred
Stocks
...........................
$
1,759,766
Market
Revenue
Multiple
3.35x-4.10x
3.73x
$
1,759,766
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
0.3%
(a)
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
2.71%,
04/20/34
(b)
.....
USD
250
$
236,520
Loanpal
Solar
Loan
Ltd.,
Series
2020-
2GF,
Class
A,
2.75%,
07/20/47
..
29
26,023
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
2.10%,
04/20/34
(b)
.....
150
143,889
406,432
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(b)(c)
....
EUR
100
100,316
United
States
—
1.0%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.30%),
1.82%,
05/25/36
(b)
.....
USD
25
24,000
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL1,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
2.72%,
06/15/36
(a)(b)
100
97,250
Ajax
Mortgage
Loan
Trust,
Series
2021-
E,
Class
A1,
1.74%,
12/25/60
(a)(b)
.
186
164,270
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
105
90,101
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
96,055
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
2.01%,
04/15/60
(b)
104
98,903
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
110
98,619
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
200
172,883
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
100
89,641
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
90,110
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
100
84,910
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
108
102,433
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
6.07%,
10/15/41
(a)(b)
...............
156
170,505
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
C,
2.99%,
01/15/53
(a)
................
204
183,094
1,562,774
Total
Asset-Backed
Securities
—
1.4%
(Cost:
$2,243,352)
..............................
2,069,522
Security
Shares
Shares
Value
Common
Stocks
Argentina
—
0.0%
MercadoLibre,
Inc.
(d)
............
10
$
6,369
Australia
—
0.7%
AGL
Energy
Ltd.
..............
2,390
13,662
Australia
&
New
Zealand
Banking
Group
Ltd.
................
143
2,178
BHP
Group
Ltd.
...............
5,933
169,883
Commonwealth
Bank
of
Australia
...
33
2,062
CSL
Ltd.
....................
53
9,841
Endeavour
Group
Ltd.
..........
4,188
21,909
Glencore
plc
(d)
................
95,900
519,436
Goodman
Group
..............
1,295
15,990
IGO
Ltd.
....................
131
898
Incitec
Pivot
Ltd.
..............
378
870
National
Australia
Bank
Ltd.
.......
72
1,365
Northern
Star
Resources
Ltd.
......
706
3,312
QBE
Insurance
Group
Ltd.
.......
1,009
8,479
Quintis
HoldCo
Pty.
Ltd.
(d)(e)
.......
218,994
16,371
Rio
Tinto
plc
.................
1,828
109,290
South32
Ltd.
.................
28,659
77,657
Suncorp
Group
Ltd.
............
200
1,525
Treasury
Wine
Estates
Ltd.
.......
2,104
16,500
Westpac
Banking
Corp.
.........
197
2,657
Woodside
Energy
Group
Ltd.
......
1,181
25,957
1,019,842
Belgium
—
0.0%
Etablissements
Franz
Colruyt
NV
...
305
8,294
KBC
Group
NV
...............
118
6,639
UCB
SA
....................
11
932
15,865
Brazil
—
0.1%
Banco
do
Brasil
SA
............
609
3,880
Embraer
SA
(d)
................
2,039
4,469
Engie
Brasil
Energia
SA
.........
1,583
12,462
Hapvida
Participacoes
e
Investimentos
SA
(a)(c)(d)
..................
5,143
5,365
NU
Holdings
Ltd.,
Class
A
(d)
.......
11,330
42,374
Sendas
Distribuidora
SA
.........
4,242
11,583
Ultrapar
Participacoes
SA
........
367
865
Yara
International
ASA
..........
425
17,808
98,806
Canada
—
1.1%
Alimentation
Couche-Tard,
Inc.
.....
23
897
Bank
of
Montreal
..............
30
2,885
Barrick
Gold
Corp.
.............
670
11,847
BCE,
Inc.
...................
36
1,770
Canadian
Imperial
Bank
of
Commerce
215
10,441
Canadian
National
Railway
Co.
....
357
40,157
Canadian
Natural
Resources
Ltd.
...
41
2,203
Cenovus
Energy,
Inc.
...........
15,467
294,272
Enbridge,
Inc.
................
27,789
1,173,563
George
Weston
Ltd.
............
90
10,514
Manulife
Financial
Corp.
.........
68
1,179
Nutrien
Ltd.
..................
840
66,896
Pembina
Pipeline
Corp.
.........
237
8,377
Restaurant
Brands
International,
Inc.
230
11,538
Sun
Life
Financial,
Inc.
(f)
.........
37
1,695
Toronto-Dominion
Bank
(The)
.....
32
2,098
1,640,332
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(d)
....
5,835
59,313
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
.................
470
$
39,259
China
—
2.4%
AAC
Technologies
Holdings,
Inc.
...
1,000
2,310
Agricultural
Bank
of
China
Ltd.,
Class
H
(d)
.....................
73,000
27,598
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(d)
.....................
7,066
47,366
Alibaba
Group
Holding
Ltd.
(d)
......
13,300
189,730
Alibaba
Group
Holding
Ltd.,
ADR
(d)(f)
.
1,577
179,273
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
7,380
35,340
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,562
ANTA
Sports
Products
Ltd.
.......
800
9,845
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...............
699
30,177
Baidu,
Inc.,
Class
A
(d)
...........
750
14,207
Bank
of
China
Ltd.,
Class
H
(d)
......
13,000
5,194
BYD
Co.
Ltd.,
Class
A
...........
5,200
259,893
BYD
Co.
Ltd.,
Class
H
..........
500
20,155
China
Construction
Bank
Corp.,
Class
H
......................
62,000
41,804
China
Feihe
Ltd.
(a)(c)
............
10,000
11,514
China
Gas
Holdings
Ltd.
.........
2,000
3,096
China
Hongqiao
Group
Ltd.
.......
3,500
3,943
China
Life
Insurance
Co.
Ltd.,
Class
H
5,000
8,729
China
Literature
Ltd.
(a)(c)(d)
........
200
969
China
Mengniu
Dairy
Co.
Ltd.
(d)
....
2,000
10,026
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
2,500
16,886
China
National
Building
Material
Co.
Ltd.,
Class
H
...............
16,000
17,139
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
..................
5,800
14,245
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
76,000
34,246
China
Resources
Cement
Holdings
Ltd.
4,000
2,695
China
Resources
Gas
Group
Ltd.
...
2,000
9,323
China
Resources
Land
Ltd.
.......
2,000
9,379
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
(d)
..............
1,300
45,333
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
4,100
328,547
COSCO
Shipping
Holdings
Co.
Ltd.,
Class
H
..................
9,650
13,545
Country
Garden
Services
Holdings
Co.
Ltd.
.....................
2,000
8,976
CSPC
Pharmaceutical
Group
Ltd.
...
10,000
9,995
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
3,000
1,596
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
12,000
9,136
ENN
Energy
Holdings
Ltd.
........
500
8,264
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
4,510
61,059
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)(c)
10,640
117,270
Glodon
Co.
Ltd.,
Class
A
.........
3,900
31,762
Great
Wall
Motor
Co.
Ltd.,
Class
H
..
15,000
31,068
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
..................
4,600
23,232
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
............
18,000
40,141
Haidilao
International
Holding
Ltd.
(a)(c)(d)
12,000
28,097
Haier
Smart
Home
Co.
Ltd.,
Class
H
.
1,600
5,955
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
10,400
56,062
Security
Shares
Shares
Value
China
(continued)
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)(c)
............
1,900
$
22,035
Hundsun
Technologies,
Inc.,
Class
A
.
5,992
39,093
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
(d)
......................
6,200
41,344
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(d)
..............
73,000
43,555
JD
Health
International,
Inc.
(a)(c)(d)
...
11,750
93,012
JD.com,
Inc.,
Class
A
...........
2,104
67,797
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
(d)
.................
5,600
31,089
Jinxin
Fertility
Group
Ltd.
(a)(c)
......
33,500
30,896
JiuGui
Liquor
Co.
Ltd.,
Class
A
.....
356
9,903
Jiumaojiu
International
Holdings
Ltd.
(a)(c)
1,000
2,664
Kindstar
Globalgene
Technology,
Inc.
(a)
(c)(d)
.....................
55,500
15,333
Kingsoft
Corp.
Ltd.
.............
8,400
32,822
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
124
37,936
Lenovo
Group
Ltd.
.............
26,000
24,432
Li
Auto,
Inc.,
ADR
(d)
............
5,516
211,318
Meituan
Dianping
(a)(c)(d)
..........
2,300
57,395
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(d)
......................
96,000
38,434
Ming
Yuan
Cloud
Group
Holdings
Ltd.
7,000
11,284
NetEase,
Inc.
................
900
16,956
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
3,000
17,312
PetroChina
Co.
Ltd.,
Class
H
......
34,000
15,946
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
1,850
18,582
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..................
12,000
12,514
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
3,000
20,650
SG
Micro
Corp.,
Class
A
.........
275
7,509
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
............
900
3,934
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
(d)
...........
4,300
40,508
Shenzhou
International
Group
Holdings
Ltd.
.....................
800
9,765
SITC
International
Holdings
Co.
Ltd.
.
8,000
22,753
TBEA
Co.
Ltd.,
Class
A
..........
1,600
6,567
Tencent
Holdings
Ltd.
...........
11,800
534,129
Tingyi
Cayman
Islands
Holding
Corp.
6,000
10,311
Venustech
Group,
Inc.,
Class
A
(d)
...
7,699
22,970
Want
Want
China
Holdings
Ltd.
....
6,000
5,232
Wilmar
International
Ltd.
.........
800
2,328
Wuhan
Raycus
Fiber
Laser
Technologies
Co.
Ltd.,
Class
A
...
4,200
24,448
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
1,864
29,036
Wuxi
Biologics
Cayman,
Inc.
(a)(c)(d)
...
5,334
49,422
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
4,082
32,280
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
11,300
36,784
Yum
China
Holdings,
Inc.
........
750
36,796
Zhongsheng
Group
Holdings
Ltd.
...
1,000
7,066
Zijin
Mining
Group
Co.
Ltd.,
Class
A
.
3,000
4,181
Zijin
Mining
Group
Co.
Ltd.,
Class
H
.
10,000
12,169
ZTE
Corp.,
Class
H
............
4,200
9,823
3,646,995
Denmark
—
0.2%
AP
Moller
-
Maersk
A/S,
Class
B
....
8
18,781
DSV
Panalpina
A/S
............
608
85,495
GN
Store
Nord
A/S
.............
237
8,361
H
Lundbeck
A/S
...............
363
1,763
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Denmark
(continued)
Novo
Nordisk
A/S,
Class
B
.......
1,323
$
146,724
Pandora
A/S
.................
1,155
73,380
334,504
Finland
—
0.0%
Fortum
OYJ
.................
611
9,235
Wartsila
OYJ
Abp
..............
1,992
15,615
24,850
France
—
1.8%
Air
Liquide
SA
................
24
3,230
Airbus
SE
...................
21
2,054
Arkema
SA
..................
2,785
249,125
Atos
SE
(d)
...................
961
13,028
BNP
Paribas
SA
..............
4,741
226,771
Cie
de
Saint-Gobain
............
8,295
358,421
Credit
Agricole
SA
.............
175
1,613
Danone
SA
..................
3,794
212,472
Electricite
de
France
SA
.........
619
5,084
Engie
SA
...................
747
8,650
EssilorLuxottica
SA
............
1,671
253,345
Hermes
International
...........
100
112,543
Kering
SA
...................
47
24,357
La
Francaise
des
Jeux
SAEM
(a)(c)
...
662
22,987
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,568
960,993
Pernod
Ricard
SA
.............
94
17,378
Remy
Cointreau
SA
............
48
8,422
Safran
SA
...................
15
1,494
SEB
SA
....................
13
1,255
Societe
Generale
SA
...........
3,481
76,964
TOTAL
SE
..................
1,884
99,168
Veolia
Environnement
SA
(d)
.......
111
2,721
2,662,075
Germany
—
2.4%
adidas
AG
..................
55
9,770
Allianz
SE
(Registered)
..........
13
2,492
Auto1
Group
SE
(a)(c)(d)
...........
3,668
27,013
BASF
SE
...................
533
23,320
Commerzbank
AG
(d)
............
2,720
19,299
Daimler
AG
(Registered)
.........
12,940
751,534
Deutsche
Boerse
AG
...........
79
13,266
Deutsche
Telekom
AG
(Registered)
.
34,695
690,058
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
43
2,154
Infineon
Technologies
AG
........
3,248
79,009
SAP
SE
....................
6,719
612,440
Siemens
AG
.................
9,221
947,886
Telefonica
Deutschland
Holding
AG
.
6,762
19,500
Uniper
SE
...................
449
6,710
Vantage
Towers
AG
............
16,785
469,648
Zalando
SE
(a)(c)(d)
..............
67
1,765
3,675,864
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
37,600
410,839
ASM
Pacific
Technology
Ltd.
......
2,300
19,576
CLP
Holdings
Ltd.
.............
500
4,155
Hong
Kong
&
China
Gas
Co.
Ltd.
...
1,000
1,079
Link
REIT
...................
300
2,451
Orient
Overseas
International
Ltd.
..
500
13,322
Techtronic
Industries
Co.
Ltd.
......
1,000
10,442
United
Energy
Group
Ltd.
........
8,000
956
WH
Group
Ltd.
(a)(c)
.............
9,500
7,353
470,173
Security
Shares
Shares
Value
India
—
0.1%
HCL
Technologies
Ltd.
..........
903
$
11,181
Indian
Oil
Corp.
Ltd.
............
3,652
3,445
Indian
Oil
Corp.
Ltd.
(d)
...........
1,826
1,722
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$67,547)
(d)
(e)(g)
.....................
45
172,773
Vedanta
Ltd.
.................
2,257
6,392
195,513
Ireland
—
0.1%
ICON
plc
(d)
..................
291
63,060
Kingspan
Group
plc
............
573
34,455
97,515
Israel
—
0.4%
(d)
Nice
Ltd.,
ADR
(f)
...............
2,749
529,045
Taboola.com
Ltd.,
(Acquired
06/30/21,
cost
$66,000)
(g)
.............
4,995
12,637
541,682
Italy
—
0.3%
Coca-Cola
HBC
AG
(d)
...........
937
20,878
Enel
SpA
...................
4,218
23,133
Eni
SpA
....................
84
996
Ferrari
NV
..................
535
98,460
Intesa
Sanpaolo
SpA
...........
195,090
365,105
Recordati
Industria
Chimica
e
Farmaceutica
SpA
...........
42
1,832
510,404
Japan
—
0.9%
AGC,
Inc.
...................
100
3,514
Astellas
Pharma,
Inc.
...........
1,150
17,942
Chubu
Electric
Power
Co.,
Inc.
.....
100
1,007
CyberAgent,
Inc.
..............
400
4,007
Eisai
Co.
Ltd.
................
300
12,684
FANUC
Corp.
................
3,300
517,240
Fujitsu
Ltd.
..................
100
12,513
Hino
Motors
Ltd.
..............
1,800
9,266
Honda
Motor
Co.
Ltd.
...........
400
9,644
Hoya
Corp.
..................
3,059
261,798
Inpex
Corp.
..................
1,000
10,720
Japan
Post
Bank
Co.
Ltd.
........
2,200
17,128
Kakaku.com,
Inc.
..............
100
1,661
Kao
Corp.
...................
300
12,165
Keyence
Corp.
...............
281
96,366
Kose
Corp.
..................
1,400
127,590
Kyowa
Kirin
Co.
Ltd.
............
600
13,546
Kyushu
Electric
Power
Co.,
Inc.
....
100
643
Makita
Corp.
.................
100
2,479
Mazda
Motor
Corp.
............
1,500
12,244
Mitsubishi
Electric
Corp.
.........
1,400
15,049
Mitsui
OSK
Lines
Ltd.
...........
200
4,601
Mizuho
Financial
Group,
Inc.
......
900
10,246
MonotaRO
Co.
Ltd.
............
100
1,491
Morinaga
Milk
Industry
Co.
Ltd.
....
200
7,162
NTT
Data
Corp.
...............
100
1,387
Oji
Holdings
Corp.
.............
400
1,733
Oracle
Corp.
Japan
............
300
17,470
Otsuka
Holdings
Co.
Ltd.
........
100
3,570
Recruit
Holdings
Co.
Ltd.
........
2,077
61,169
Ryohin
Keikaku
Co.
Ltd.
.........
1,200
11,756
Santen
Pharmaceutical
Co.
Ltd.
....
200
1,578
Shin-Etsu
Chemical
Co.
Ltd.
......
100
11,241
Shionogi
&
Co.
Ltd.
............
300
15,311
SoftBank
Group
Corp.
..........
200
7,752
Sysmex
Corp.
................
200
12,068
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Japan
(continued)
Terumo
Corp.
................
600
$
18,151
Tohoku
Electric
Power
Co.,
Inc.
....
200
1,073
Toyota
Motor
Corp.
............
300
4,629
Yamato
Holdings
Co.
Ltd.
........
700
11,202
ZOZO,
Inc.
..................
400
7,237
1,370,033
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
161
3,177
Luxembourg
—
0.0%
ArcelorMittal
SA
...............
1,826
40,949
Macau
—
0.0%
Sands
China
Ltd.
(d)
.............
3,200
7,698
Mexico
—
0.0%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
2,583
17,434
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.............
340
6,702
Grupo
Bimbo
SAB
de
CV
........
2,031
6,637
30,773
Netherlands
—
1.8%
Adyen
NV
(a)(c)(d)
...............
223
321,818
Akzo
Nobel
NV
...............
3,483
227,781
ASML
Holding
NV
.............
1,472
695,429
ING
Groep
NV
................
74,656
735,481
Koninklijke
Ahold
Delhaize
NV
.....
1,504
39,148
Koninklijke
Philips
NV
...........
608
13,041
Koninklijke
Vopak
NV
...........
31
781
Randstad
NV
................
129
6,235
Salt
Pay
Co.
Ltd.,
Series
C  (Acquired
11/16/21,
cost
$73,809)
(d)(e)(g)
....
38
44,926
Shell
plc
....................
13,931
361,475
Shell
plc,
ADR
(f)
...............
6,050
316,355
Wolters
Kluwer
NV
.............
193
18,705
2,781,175
Norway
—
0.0%
Aker
BP
ASA,
SDR
............
393
12,848
Norsk
Hydro
ASA
..............
8,911
50,358
63,206
Poland
—
0.0%
Polski
Koncern
Naftowy
ORLEN
SA
.
536
8,231
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
2,902
Singapore
—
0.0%
DBS
Group
Holdings
Ltd.
........
100
2,140
South
Africa
—
0.1%
Anglo
American
plc
............
4,032
144,138
FirstRand
Ltd.
(f)
...............
260
1,001
Kumba
Iron
Ore
Ltd.
............
497
16,112
Sanlam
Ltd.
.................
200
650
161,901
South
Korea
—
0.6%
Amorepacific
Corp.
............
1,298
130,464
Coupang,
Inc.
(d)
...............
3,622
46,180
DL
E&C
Co.
Ltd.
..............
43
1,379
Fila
Holdings
Corp.
............
159
3,455
Hana
Financial
Group,
Inc.
.......
578
17,568
Kakao
Corp.
.................
1,192
64,589
Security
Shares
Shares
Value
South
Korea
(continued)
KB
Financial
Group,
Inc.
.........
246
$
9,186
Kia
Corp.
...................
187
11,161
KT&G
Corp.
.................
18
1,141
LG
Chem
Ltd.
................
267
106,074
LG
Display
Co.
Ltd.
............
596
6,687
LG
Energy
Solution
(d)
...........
1,126
324,781
LG
Household
&
Health
Care
Ltd.
...
4
2,102
Samsung
Electronics
Co.
Ltd.
.....
384
16,937
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
50
7,768
Samsung
SDI
Co.
Ltd.
..........
387
159,593
SK
Hynix,
Inc.
................
55
3,884
SK
Telecom
Co.
Ltd.
............
351
14,086
SK,
Inc.
....................
6
999
928,034
Spain
—
0.4%
Cellnex
Telecom
SA
(a)(c)
..........
13,961
543,337
Endesa
SA
..................
511
9,667
Iberdrola
SA
.................
1,133
11,796
564,800
Sweden
—
0.5%
Atlas
Copco
AB,
Class
A
(d)
........
6,813
63,770
Boliden
AB
..................
34
1,087
Castellum
AB
................
110
1,418
Epiroc
AB,
Class
A
.............
3,879
60,144
H
&
M
Hennes
&
Mauritz
AB,
Class
B
419
5,029
Hexagon
AB,
Class
B
...........
6,001
62,705
Husqvarna
AB,
Class
B
..........
886
6,530
Skanska
AB,
Class
B
...........
142
2,185
Tele2
AB,
Class
B
.............
114
1,300
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
2,506
18,717
Telia
Co.
AB
.................
2,553
9,799
Volvo
AB,
Class
B
.............
30,878
480,443
713,127
Switzerland
—
0.5%
ABB
Ltd.
(Registered)
...........
690
18,505
Alcon,
Inc.
..................
1,025
71,875
Cie
Financiere
Richemont
SA
(Registered)
...............
1,123
120,793
Logitech
International
SA
(Registered)
17
886
Lonza
Group
AG
(Registered)
.....
229
122,318
Nestle
SA
(Registered)
..........
939
109,744
Novartis
AG
(Registered)
........
413
35,014
On
Holding
AG,
Class
A
(d)(f)
.......
391
6,917
Roche
Holding
AG
.............
111
37,107
SGS
SA
(Registered)
...........
1
2,294
Sika
AG
(Registered)
...........
434
100,183
Sonova
Holding
AG
(Registered)
...
95
30,360
STMicroelectronics
NV
..........
2,233
70,619
Swatch
Group
AG
(The)
.........
17
4,038
Swisscom
AG
(Registered)
.......
3
1,659
Temenos
AG
(Registered)
........
184
15,747
UBS
Group
AG
(Registered)
......
86
1,390
VAT
Group
AG
(a)(c)
.............
16
3,827
753,276
Taiwan
—
0.5%
ASE
Technology
Holding
Co.
Ltd.
...
1,000
2,576
Eva
Airways
Corp.
(d)
............
12,000
12,804
Evergreen
Marine
Corp.
Taiwan
Ltd.
.
1,000
2,842
MediaTek,
Inc.
................
1,000
21,951
Nan
Ya
Printed
Circuit
Board
Corp.
..
1,000
8,796
Novatek
Microelectronics
Corp.
....
1,000
10,174
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Taiwan
(continued)
SinoPac
Financial
Holdings
Co.
Ltd.
.
2,000
$
1,131
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
..................
3,000
2,713
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
42,000
673,107
Unimicron
Technology
Corp.
......
5,000
26,759
United
Microelectronics
Corp.
.....
4,000
5,347
Wan
Hai
Lines
Ltd.
.............
1,000
3,998
772,198
Turkey
—
0.0%
BIM
Birlesik
Magazalar
A/S
.......
342
1,657
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(e)
.............
8,338
—
United
Kingdom
—
2.2%
Alphawave
IP
Group
plc
(d)
........
15,500
25,359
Ashtead
Group
plc
.............
32
1,346
AstraZeneca
plc
..............
4,879
643,647
Auto
Trader
Group
plc
(a)(c)
........
8,741
59,199
Barclays
plc
.................
417
780
BP
plc
.....................
20,182
94,764
BP
plc,
ADR
.................
3,014
85,447
British
American
Tobacco
plc
......
38
1,629
Burberry
Group
plc
.............
763
15,307
Compass
Group
plc
............
19,045
391,020
Diageo
plc
..................
769
33,215
Dr.
Martens
plc
...............
2,283
6,653
Experian
plc
.................
638
18,732
Exscientia
Ltd.,
(Acquired
02/24/21,
cost
$119,074),
ADR
(d)(g)
.......
17,100
186,219
Genius
Sports
Ltd.
(d)
............
6,585
14,816
GlaxoSmithKline
plc
............
509
10,970
Grand
Rounds,
Inc.,
(Acquired
03/31/15,
cost
$127,944)
(d)(e)(g)
...
67,553
92,548
Hargreaves
Lansdown
plc
........
145
1,399
Intertek
Group
plc
.............
41
2,107
Kingfisher
plc
................
4,422
13,215
Legal
&
General
Group
plc
.......
3,306
9,665
Linde
plc
...................
357
102,648
Lloyds
Banking
Group
plc
........
1,503,002
773,305
National
Grid
plc
(f)
.............
510
6,554
NatWest
Group
plc
.............
5,693
15,153
RELX
plc
...................
31
842
Smith
&
Nephew
plc
............
333
4,657
Spirax-Sarco
Engineering
plc
......
647
78,034
Unilever
plc
..................
12,852
585,792
3,275,022
United
States
—
36.3%
3M
Co.
.....................
23
2,976
Abbott
Laboratories
............
9,871
1,072,484
AbbVie,
Inc.
.................
5,113
783,107
Accenture
plc,
Class
A
..........
8
2,221
Adobe,
Inc.
(d)
.................
173
63,328
Advance
Auto
Parts,
Inc.
.........
195
33,753
Advanced
Micro
Devices,
Inc.
(d)
....
16
1,224
Agilent
Technologies,
Inc.
........
132
15,678
Air
Products
&
Chemicals,
Inc.
.....
2,730
656,510
Airbnb,
Inc.,
Class
A
(d)
...........
159
14,164
Aiven,
Inc.
(d)
.................
388
43,433
Aiven,
Inc.
(d)(e)
................
259
28,992
Akamai
Technologies,
Inc.
(d)
.......
9
822
Albemarle
Corp.
..............
1,598
333,950
Alcoa
Corp.
..................
4,128
188,154
Alexandria
Real
Estate
Equities,
Inc.
.
16
2,320
Security
Shares
Shares
Value
United
States
(continued)
Align
Technology,
Inc.
(d)
..........
141
$
33,370
Allegion
plc
..................
628
61,481
Allstate
Corp.
(The)
............
15
1,901
Alphabet,
Inc.,
Class
A
(d)
.........
2
4,359
Alphabet,
Inc.,
Class
C
(d)
.........
941
2,058,390
Altair
Engineering,
Inc.,
Class
A
(d)
...
1,697
89,092
AltC
Acquisition
Corp.,
Class
A
(d)
....
4,615
44,535
Altice
USA,
Inc.,
Class
A
(d)
........
92
851
Altria
Group,
Inc.
..............
942
39,347
Altus
Power,
Inc.,
(Acquired
12/09/21,
cost
$34,000)
(d)(g)
............
3,400
21,454
Amazon.com,
Inc.
(d)(h)
...........
14,093
1,496,818
American
Express
Co.
..........
70
9,703
American
International
Group,
Inc.
..
21
1,074
American
Tower
Corp.
..........
3,483
890,220
AMETEK,
Inc.
................
20
2,198
Amgen,
Inc.
.................
89
21,654
Amphenol
Corp.,
Class
A
........
15
966
ANSYS,
Inc.
(d)
................
374
89,494
Anthem,
Inc.
.................
49
23,646
Apple,
Inc.
(h)
.................
17,432
2,383,303
Applied
Materials,
Inc.
..........
3,534
321,523
Aptiv
plc
(d)
...................
3,150
280,570
Archer-Daniels-Midland
Co.
.......
7,022
544,907
Arista
Networks,
Inc.
(d)
..........
8
750
Astra
Space,
Inc.,
(Acquired
06/30/21,
cost
$58,390)
(d)(g)
............
5,839
7,591
Atlassian
Corp.
plc,
Class
A
(d)
......
187
35,044
Autodesk,
Inc.
(d)
...............
500
85,980
AutoZone,
Inc.
(d)
..............
10
21,491
Baker
Hughes
Co.
.............
3,417
98,649
Ball
Corp.
...................
205
14,098
Bank
of
America
Corp.
..........
26,783
833,755
Bath
&
Body
Works,
Inc.
.........
1,852
49,856
Bausch
Health
Cos.,
Inc.
(d)
........
152
1,271
Baxter
International,
Inc.
.........
42
2,698
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.
25
6,825
Best
Buy
Co.,
Inc.
.............
106
6,910
Blend
Labs,
Inc.,
Class
A
(d)(f)
.......
1,947
4,595
Boeing
Co.
(The)
(d)
.............
175
23,926
Booking
Holdings,
Inc.
(d)
.........
74
129,425
Boston
Scientific
Corp.
(d)
.........
17,713
660,163
Broadcom,
Inc.
...............
2
972
Brown-Forman
Corp.,
Class
B
.....
565
39,640
Bunge
Ltd.
..................
4,212
381,986
Cadence
Design
Systems,
Inc.
(d)
...
949
142,378
California
Resources
Corp.
.......
3,023
116,385
Capital
One
Financial
Corp.
.......
73
7,606
Capri
Holdings
Ltd.
(d)
...........
4,592
188,318
Caterpillar,
Inc.
...............
7
1,251
CDW
Corp.
..................
13
2,048
Centene
Corp.
(d)
..............
109
9,222
CF
Industries
Holdings,
Inc.
.......
8,658
742,250
Charles
Schwab
Corp.
(The)
......
13,027
823,046
Charter
Communications,
Inc.,
Class
A
(d)
.....................
983
460,565
Chesapeake
Energy
Corp.
(f)
.......
525
42,577
Chevron
Corp.
................
496
71,811
Cigna
Corp.
.................
298
78,529
Cincinnati
Financial
Corp.
........
13
1,547
Cintas
Corp.
.................
4
1,494
Cisco
Systems,
Inc.
............
34
1,450
CME
Group,
Inc.
..............
581
118,931
Comcast
Corp.,
Class
A
(h)
........
11,111
435,996
ConocoPhillips
...............
13,787
1,238,210
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
Constellation
Energy
Corp.
.......
257
$
14,716
Corteva,
Inc.
.................
951
51,487
Costco
Wholesale
Corp.
.........
1,628
780,268
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.
1,798
303,071
Crown
Castle
International
Corp.
...
159
26,772
Crown
Holdings,
Inc.
...........
153
14,102
Crown
PropTech
Acquisitions
(d)(e)
...
1,464
4,714
Crown
PropTech
Acquisitions
(d)
.....
3,804
37,431
CSX
Corp.
..................
2,462
71,546
Darling
Ingredients,
Inc.
(d)
........
404
24,159
Datadog,
Inc.,
Class
A
(d)
.........
1,672
159,241
Davidson
Kempner
Mercant
Co-
Invest
Fund
LP,
(Acquired
04/01/21,
cost
$203,100)
(d)(g)(i)
..............
203,100
212,930
DaVita,
Inc.
(d)
.................
435
34,783
Deere
&
Co.
.................
1,072
321,032
Dell
Technologies,
Inc.,
Class
C
....
219
10,120
Delta
Air
Lines,
Inc.
(d)
...........
929
26,913
Devon
Energy
Corp.
............
953
52,520
Dexcom,
Inc.
(d)
...............
3,464
258,172
Diversey
Holdings
Ltd.
(d)
.........
16,265
107,349
Dominion
Energy,
Inc.
...........
11
878
Domino's
Pizza,
Inc.
............
149
58,067
Dow,
Inc.
...................
392
20,231
DR
Horton,
Inc.
...............
6,039
399,721
Duke
Energy
Corp.
............
11
1,179
Dynatrace,
Inc.
(d)
..............
8,631
340,407
Eaton
Corp.
plc
...............
9
1,134
Edwards
Lifesciences
Corp.
(d)
.....
4,033
383,498
Electronic
Arts,
Inc.
............
42
5,109
Element
Solutions,
Inc.
..........
1,362
24,244
Eli
Lilly
&
Co.
................
517
167,627
Emerson
Electric
Co.
...........
279
22,192
Energy
Transfer
LP
............
5,812
58,004
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$189,750)
(d)(e)(g)
..........
330
306,900
EQT
Corp.
..................
18,655
641,732
Equinix,
Inc.
.................
26
17,083
Essex
Property
Trust,
Inc.
........
57
14,906
Eversource
Energy
............
170
14,360
Excelerate
Energy,
Inc.,
Class
A
(d)
...
1,249
24,880
Expedia
Group,
Inc.
(d)
...........
243
23,044
Extra
Space
Storage,
Inc.
........
194
33,003
Exxon
Mobil
Corp.
.............
4,271
365,768
F5
Networks,
Inc.
(d)
............
1,668
255,271
Fanatics
Holdings
Inc.,
(Acquired
12/15/21,
cost
$301,006)
(d)(e)(g)
...
4,437
268,172
Ferguson
plc
.................
11
1,232
Fidelity
National
Information
Services,
Inc.
.....................
15
1,375
First
Republic
Bank
............
45
6,489
FirstEnergy
Corp.
.............
47
1,804
FleetCor
Technologies,
Inc.
(d)
......
4
840
Floor
&
Decor
Holdings,
Inc.,
Class
A
(d)
696
43,820
FMC
Corp.
..................
275
29,428
Ford
Motor
Co.
...............
8,527
94,905
Fortinet,
Inc.
(d)
................
3,445
194,918
Fortive
Corp.
.................
12,291
668,385
Freeport-McMoRan,
Inc.
(h)
........
19,657
575,164
Gartner,
Inc.
(d)
................
32
7,739
Generac
Holdings,
Inc.
(d)
.........
362
76,230
General
Dynamics
Corp.
.........
131
28,984
General
Electric
Co.
............
14
891
General
Motors
Co.
(d)
...........
9,731
309,057
Genuine
Parts
Co.
.............
66
8,778
Security
Shares
Shares
Value
United
States
(continued)
Gilead
Sciences,
Inc.
...........
433
$
26,764
Global
Payments,
Inc.
..........
11
1,217
Goldman
Sachs
Group,
Inc.
(The)
..
7
2,079
Green
Plains,
Inc.
(d)
............
1,170
31,789
Halliburton
Co.
...............
1,232
38,636
Hasbro,
Inc.
.................
12
983
HCA
Healthcare,
Inc.
...........
92
15,462
Healthpeak
Properties,
Inc.
.......
417
10,804
Henry
Schein,
Inc.
(d)
............
17
1,305
Hess
Corp.
..................
41
4,344
Hewlett
Packard
Enterprise
Co.
....
853
11,311
Highland
Transcend
Partners
I
Corp.,
Class
A
(d)
.................
4,772
47,052
Hilton
Worldwide
Holdings,
Inc.
....
3,253
362,514
Home
Depot,
Inc.
(The)
.........
2,361
647,551
Honeywell
International,
Inc.
......
13
2,260
Host
Hotels
&
Resorts,
Inc.
.......
53
831
HP,
Inc.
....................
128
4,196
Humana,
Inc.
................
2,642
1,236,641
Huntington
Ingalls
Industries,
Inc.
...
28
6,099
IDEXX
Laboratories,
Inc.
(d)
........
29
10,171
iHeartMedia,
Inc.,
Class
A
(d)
.......
60
473
Illinois
Tool
Works,
Inc.
..........
8
1,458
Illumina,
Inc.
(d)
................
3
553
Informatica,
Inc.,
Class
A
(d)(f)
.......
3,741
77,701
Intel
Corp.
..................
711
26,599
Intercontinental
Exchange,
Inc.
....
387
36,393
International
Flavors
&
Fragrances,
Inc.
3,226
384,281
Intuit,
Inc.
...................
668
257,474
Intuitive
Surgical,
Inc.
(d)
..........
1,744
350,038
IQVIA
Holdings,
Inc.
(d)
...........
296
64,229
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(e)(g)
........
6,968
—
Johnson
&
Johnson
............
3,915
694,952
JPMorgan
Chase
&
Co.
.........
326
36,711
Khosla
Ventures
Acquisition
Co.
(d)
...
4,084
39,819
Kinder
Morgan,
Inc.
(f)
...........
891
14,933
Laboratory
Corp.
of
America
Holdings
79
18,514
Lam
Research
Corp.
...........
34
14,489
Latch,
Inc.,
(Acquired
06/04/21,
cost
$51,030)
(d)(g)
...............
4,082
4,653
Liberty
Media
Acquisition
Corp.
(d)
...
12,038
119,417
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(d)
.................
6,396
230,512
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(d)
.................
8,641
311,508
Lions
Gate
Entertainment
Corp.,
Class
A
(d)
.....................
3,960
36,868
Live
Nation
Entertainment,
Inc.
(d)
...
780
64,412
LKQ
Corp.
..................
102
5,007
Lockheed
Martin
Corp.
..........
38
16,338
Loews
Corp.
.................
52
3,082
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(e)(g)
...............
1,457
12,720
Lowe's
Cos.,
Inc.
..............
738
128,906
Lululemon
Athletica,
Inc.
(d)
........
33
8,996
LyondellBasell
Industries
NV,
Class
A
4,049
354,126
Marriott
International,
Inc.,
Class
A
..
14
1,904
Marsh
&
McLennan
Cos.,
Inc.
.....
6,139
953,080
Masco
Corp.
.................
1,471
74,433
Masimo
Corp.
(d)
...............
474
61,938
Mastercard,
Inc.,
Class
A
.........
3,731
1,177,056
McDonald's
Corp.
.............
1,322
326,375
Medtronic
plc
................
20
1,795
Merck
&
Co.,
Inc.
..............
6,116
557,596
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
Meta
Platforms,
Inc.,
Class
A
(d)
.....
195
$
31,444
Mettler-Toledo
International,
Inc.
(d)
..
20
22,975
MGM
Resorts
International
.......
1,026
29,703
Micron
Technology,
Inc.
..........
5,905
326,428
Microsoft
Corp.
(h)
..............
11,024
2,831,295
Mid-America
Apartment
Communities,
Inc.
.....................
5
873
Mirion
Technologies,
Class
A
(Acquired
10/20/21,
cost
$201,000)
(d)(g)
....
20,100
115,776
Mirion
Technologies,
Inc.
(d)
........
1,997
11,503
Molina
Healthcare,
Inc.
(d)
.........
35
9,786
MongoDB,
Inc.
(d)
..............
361
93,679
Moody's
Corp.
................
41
11,151
Morgan
Stanley
...............
6,244
474,919
Mosaic
Co.
(The)
..............
1,091
51,528
Mr
Cooper
Group,
Inc.
(d)
.........
798
29,319
MSCI,
Inc.
..................
21
8,655
NetApp,
Inc.
.................
224
14,614
Netflix,
Inc.
(d)
.................
29
5,071
Newmont
Corp.
...............
15
895
NextEra
Energy,
Inc.
...........
10,137
785,212
Nielsen
Holdings
plc
............
294
6,827
NIKE,
Inc.,
Class
B
............
1,339
136,846
Norfolk
Southern
Corp.
..........
103
23,411
Northern
Trust
Corp.
............
54
5,210
Northrop
Grumman
Corp.
........
1,486
711,155
NVIDIA
Corp.
................
2,142
324,706
Offerpad
Solutions,
Inc.,
Class
A
(Acquired
09/01/21,
cost
$57,260)
(d)
(g)
......................
5,726
12,483
Okta,
Inc.,
Class
A
(d)
............
480
43,392
Omnicom
Group,
Inc.
...........
16
1,018
ONEOK,
Inc.
.................
742
41,181
Opendoor
Technologies,
Inc.
(d)
.....
5,720
26,941
Oracle
Corp.
.................
444
31,022
O'Reilly
Automotive,
Inc.
(d)
........
117
73,916
Organon
&
Co.
...............
24
810
Otis
Worldwide
Corp.
...........
1,758
124,238
Palantir
Technologies,
Inc.,
Class
A
(d)
408
3,701
Palo
Alto
Networks,
Inc.
(d)
........
463
228,694
Park
Hotels
&
Resorts,
Inc.
.......
997
13,529
Paycom
Software,
Inc.
(d)
.........
51
14,286
Peloton
Interactive,
Inc.,
Class
A
(d)
..
4,707
43,210
PepsiCo,
Inc.
................
693
115,495
Pfizer,
Inc.
..................
193
10,119
Phillips
66
...................
69
5,657
Pioneer
Natural
Resources
Co.
....
1,175
262,119
Planet
Labs
Pbc,
(Acquired
12/07/21,
cost
$54,000)
(d)(g)
............
4,320
18,706
Playstudios,
Inc.,
(Acquired
06/17/21,
cost
$81,210)
(d)(g)
............
6,121
26,198
PNC
Financial
Services
Group,
Inc.
(The)
....................
177
27,925
Pool
Corp.
..................
3
1,054
PPG
Industries,
Inc.
............
9
1,029
Progressive
Corp.
(The)
.........
7
814
Prologis,
Inc.
.................
151
17,765
Proof
Acquisition
Corp.
(d)(e)
........
807
896
Public
Service
Enterprise
Group,
Inc.
264
16,706
Public
Storage
................
6
1,876
PVH
Corp.
..................
83
4,723
QUALCOMM,
Inc.
.............
9
1,150
Quest
Diagnostics,
Inc.
..........
38
5,053
Raymond
James
Financial,
Inc.
....
4,662
416,829
Raytheon
Technologies
Corp.
.....
17
1,634
Security
Shares
Shares
Value
United
States
(continued)
Regeneron
Pharmaceuticals,
Inc.
(d)
..
2
$
1,182
ResMed,
Inc.
................
712
149,257
Rocket
Lab
USA,
Inc.
(d)
..........
3,465
13,132
Rockwell
Automation,
Inc.
........
9
1,794
Roper
Technologies,
Inc.
.........
7
2,763
Rotor
Acquisition
Corp.
(d)(e)
........
687
1,649
S&P
Global,
Inc.
..............
395
133,139
salesforce.com,
Inc.
(d)
...........
5,759
950,465
Samsonite
International
SA
(a)(c)(d)
....
2,400
4,773
Sarcos
Technology
&
Robotics
Corp.
(d)
1,371
3,647
Sarcos
Technology
&
Robotics
Corp.,
(Acquired
09/24/21,
cost
$275,750)
(d)
(g)
......................
27,575
73,349
SBA
Communications
Corp.
......
118
37,766
Schlumberger
NV
.............
1,141
40,802
Schneider
Electric
SE
...........
173
20,614
Seagate
Technology
Holdings
plc
...
248
17,717
Seagen,
Inc.
(d)
................
1,771
313,361
Sema4
Holdings
Corp.
(d)
.........
1,241
1,564
Sempra
Energy
...............
6,513
978,708
ServiceNow,
Inc.
(d)
.............
844
401,339
Signet
Jewelers
Ltd.
(f)
...........
973
52,017
Simon
Property
Group,
Inc.
.......
18
1,709
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(d)(e)(g)
.....
529
5,057
Snowflake,
Inc.,
Class
A
(d)(f)
.......
190
26,421
Sonder
Holdings,
Inc.,
(Acquired
01/14/22,
cost
$14,233)
(d)(g)
.....
6,340
6,594
Sonos,
Inc.
(d)
.................
1,875
33,825
Southwest
Airlines
Co.
(d)
.........
154
5,562
Splunk,
Inc.
(d)
................
373
32,996
Stanley
Black
&
Decker,
Inc.
......
15
1,573
Starbucks
Corp.
...............
5,069
387,221
Starwood
Property
Trust,
Inc.
......
2,404
50,220
State
Street
Corp.
.............
16
986
Stellantis
NV
.................
1,035
12,849
Stryker
Corp.
................
1,327
263,980
Sun
Country
Airlines
Holdings,
Inc.,
(Acquired
06/25/21,
cost
$168,603)
(d)
(g)
......................
7,468
136,963
SVF
Investment
Corp.,
(Acquired
06/07/22,
cost
$32,000)
(d)(e)(g)
....
3,200
32,675
Synchrony
Financial
............
540
14,915
Tapestry,
Inc.
.................
266
8,118
Target
Corp.
.................
507
71,604
TE
Connectivity
Ltd.
............
4,261
482,132
Tesla,
Inc.
(d)
..................
423
284,857
Texas
Instruments,
Inc.
..........
10
1,536
Textron,
Inc.
.................
35
2,137
Thermo
Fisher
Scientific,
Inc.
(h)
.....
1,140
619,339
TJX
Cos.,
Inc.
(The)
............
6,465
361,070
Toast,
Inc.,
Class
A
(d)
...........
3,535
45,743
Toll
Brothers,
Inc.
..............
369
16,457
TPB
Acquisition
Corp.
I,
Class
A
(d)
...
2,154
20,808
Tractor
Supply
Co.
.............
1,014
196,564
Trane
Technologies
plc
..........
111
14,416
TransDigm
Group,
Inc.
(d)
.........
114
61,180
Travelers
Cos.,
Inc.
(The)
........
96
16,236
Twilio,
Inc.,
Class
A
(d)
...........
112
9,387
Ulta
Beauty,
Inc.
(d)
.............
124
47,800
Union
Pacific
Corp.
............
15
3,199
United
Airlines
Holdings,
Inc.
(d)
.....
49
1,736
United
Parcel
Service,
Inc.,
Class
B
.
4,281
781,454
United
Rentals,
Inc.
(d)
...........
311
75,545
United
States
Steel
Corp.
........
2,576
46,136
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
UnitedHealth
Group,
Inc.
.........
2,625
$
1,348,279
Univar
Solutions,
Inc.
(d)
..........
539
13,405
Universal
Health
Services,
Inc.,
Class
B
11
1,108
US
Bancorp
.................
1,409
64,842
Valero
Energy
Corp.
............
7,128
757,564
Veeva
Systems,
Inc.,
Class
A
(d)
....
25
4,951
VeriSign,
Inc.
(d)
...............
782
130,852
Verisk
Analytics,
Inc.
............
652
112,855
Verizon
Communications,
Inc.
.....
871
44,203
Vertex
Pharmaceuticals,
Inc.
(d)
.....
3
845
Vertiv
Holdings
Co.,
Class
A
(Acquired
03/01/21,
cost
$61,258)
(g)
......
28,539
234,591
Visa,
Inc.,
Class
A
.............
106
20,870
VMware,
Inc.,
Class
A
...........
39
4,445
Vulcan
Materials
Co.
...........
3,686
523,781
Walmart,
Inc.
.................
2,560
311,245
Walt
Disney
Co.
(The)
(d)
.........
4,694
443,114
Waste
Connections,
Inc.
.........
291
36,072
Waters
Corp.
(d)
...............
36
11,915
Wells
Fargo
&
Co.
.............
6,049
236,939
Welltower,
Inc.
................
67
5,517
West
Pharmaceutical
Services,
Inc.
.
53
16,026
Western
Digital
Corp.
(d)
..........
931
41,737
Weyerhaeuser
Co.
.............
2,255
74,686
Williams
Cos.,
Inc.
(The)
.........
38
1,186
Willis
Towers
Watson
plc
.........
72
14,212
WillScot
Mobile
Mini
Holdings
Corp.
(d)
2,007
65,067
Workday,
Inc.,
Class
A
(d)
.........
258
36,012
WR
Berkley
Corp.
.............
30
2,048
Xcel
Energy,
Inc.
..............
31
2,194
XPO
Logistics,
Inc.
(d)
...........
3,687
177,566
Zebra
Technologies
Corp.,
Class
A
(d)
.
34
9,994
Zoetis,
Inc.
..................
596
102,446
Zscaler,
Inc.
(d)
................
916
136,951
55,518,040
Total
Common
Stocks
—
53.7%
(Cost:
$85,136,416)
..............................
82,037,700
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Australia
—
0.6%
National
Australia
Bank
Ltd.,
3.38%
,
01/14/26
.................
USD
1
980
Quintis
Australia
Pty.
Ltd.
(a)(e)(j)
7.50%,
(7.50%
Cash
or
8.00%
PIK),
10/01/26
...............
463
462,748
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
414
414,143
877,871
Belgium
—
0.0%
Anheuser-Busch
Cos.
LLC,
3.65%
,
02/01/26
.................
54
53,122
Canada
—
0.1%
Rogers
Communications,
Inc.,
2.95%
,
03/15/25
(a)
................
57
55,064
Royal
Bank
of
Canada
0.65%,
07/29/24
............
1
940
0.75%,
10/07/24
............
3
2,801
1.20%,
04/27/26
............
1
898
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
Thomson
Reuters
Corp.,
3.35%
,
05/15/26
.................
USD
1
$
970
Toronto-Dominion
Bank
(The)
2.35%,
03/08/24
............
52
50,923
2.80%,
03/10/27
............
1
935
2.00%,
09/10/31
............
10
8,121
120,652
China
—
0.1%
China
Milk
Products
Group
Ltd.,
0.00%
,
01/05/12
(d)(e)(k)(l)(m)
............
300
1
NXP
BV,
3.25%
,
11/30/51
........
10
6,924
RKPF
Overseas
2019
A
Ltd.,
5.90%
,
03/05/25
(c)
................
200
100,000
Times
China
Holdings
Ltd.,
6.75%
,
07/08/25
(c)
................
200
28,000
134,925
Germany
—
0.3%
Adler
Pelzer
Holding
GmbH,
4.13%
,
04/01/24
(a)
................
EUR
139
111,070
APCOA
Parking
Holdings
GmbH,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
01/15/27
(a)(b)
..........
102
96,736
Deutsche
Bank
AG,
(SOFR
+
1.32%),
2.55%
,
01/07/28
(b)
...........
USD
13
11,253
Douglas
GmbH,
6.00%
,
04/08/26
(a)
..
EUR
127
102,479
Kirk
Beauty
SUN
GmbH,
8.25%
,
(8.25%
Cash
or
9.00%
PIK),
10/01/26
(a)(b)(j)
..............
109
63,712
385,250
India
—
0.1%
REI
Agro
Ltd.
(d)(k)(l)
5.50%,
11/13/14
(a)
...........
USD
220
1,825
5.50%,
11/13/14
(c)(e)
..........
152
—
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(c)
................
200
174,787
176,612
Italy
—
0.3%
Castor
SpA,
(EURIBOR
3
Month
+
5.25%),
5.25%
,
02/15/29
(a)(b)
....
EUR
100
96,718
Forno
d'Asolo
SpA,
(EURIBOR
3
Month
+
5.50%),
5.50%
,
04/30/27
(a)(b)
...
178
171,612
KME
SE,
6.75%
,
02/01/23
(c)
.......
37
37,237
Marcolin
SpA,
6.13%
,
11/15/26
(a)
...
100
90,540
Shiba
Bidco
SpA,
4.50%
,
10/31/28
(a)
.
100
85,932
482,039
Luxembourg
—
0.2%
(a)
Garfunkelux
Holdco
3
SA,
7.75%
,
11/01/25
..................
GBP
100
108,948
Herens
Midco
SARL,
5.25%
,
05/15/29
EUR
100
68,377
Picard
Bondco
SA,
5.38%
,
07/01/27
.
100
93,734
Sani/Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
............
100
90,386
361,445
Netherlands
—
0.0%
Cooperatieve
Rabobank
UA,
4.38%
,
08/04/25
.................
USD
3
2,975
ING
Groep
NV
4.63%,
01/06/26
(a)
...........
3
2,993
(SOFR
+
1.64%),
3.87%,
03/28/26
(b)
8
7,839
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
1.40%,
07/01/26
(a)(b)
..
USD
1
$
909
14,716
South
Korea
—
0.3%
(b)(c)
Hanwha
Life
Insurance
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.85%),
3.38%
,
02/04/32
............
200
183,350
Kookmin
Bank,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.64%),
4.35%
(n)
......
200
192,288
375,638
Switzerland
—
0.0%
Novartis
Capital
Corp.,
3.00%
,
11/20/25
1
988
Roche
Holdings,
Inc.,
2.61%
,
12/13/51
(a)
................
10
7,260
UBS
Group
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
2.10%
,
02/11/32
(a)(b)
10
7,940
16,188
Thailand
—
0.2%
(c)
GC
Treasury
Center
Co.
Ltd.,
2.98%
,
03/18/31
.................
200
166,787
Kasikornbank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(b)(n)
.....
200
183,288
350,075
Turkey
—
0.0%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/21
(a)(d)(e)(k)(l)
............
800
62,000
United
Kingdom
—
0.6%
AstraZeneca
plc
1.38%,
08/06/30
............
10
8,208
2.13%,
08/06/50
............
10
6,677
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
100
94,889
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
128
97,585
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
GBP
100
85,820
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
100
96,454
GlaxoSmithKline
Capital
plc,
3.00%
,
06/01/24
.................
USD
51
50,601
HSBC
Holdings
plc,
(SOFR
+
0.71%),
0.98%
,
05/24/25
(b)
...........
14
13,054
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
GBP
100
118,315
Kane
Bidco
Ltd.
(a)
5.00%,
02/15/27
............
EUR
100
92,593
6.50%,
02/15/27
............
GBP
100
106,295
Lloyds
Bank
plc,
3.50%
,
05/14/25
...
USD
3
2,967
Lloyds
Banking
Group
plc,
4.65%
,
03/24/26
.................
6
5,878
Market
Bidco
Finco
plc,
5.50%
,
11/04/27
(a)
................
GBP
159
147,099
NatWest
Group
plc,
5.13%
,
05/28/24
USD
3
3,013
Sky
Ltd.,
3.75%
,
09/16/24
(a)
.......
2
1,994
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Vodafone
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
4.13%
,
06/04/81
(b)
USD
17
$
12,714
944,156
United
States
—
3.3%
AbbVie,
Inc.
3.80%,
03/15/25
............
1
992
3.60%,
05/14/25
............
78
76,732
3.20%,
05/14/26
............
1
963
4.25%,
11/21/49
............
43
38,172
Aetna,
Inc.,
3.50%
,
11/15/24
......
5
4,940
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
9
7,560
Albertsons
Cos.,
Inc.,
3.50%
,
03/15/29
(a)
................
84
67,982
Alexandria
Real
Estate
Equities,
Inc.,
1.88%
,
02/01/33
............
10
7,519
Allegiant
Travel
Co.,
8.50%
,
02/05/24
(a)
154
152,075
Allstate
Corp.
(The),
1.45%
,
12/15/30
10
7,944
Alphabet,
Inc.
1.10%,
08/15/30
............
10
8,207
2.25%,
08/15/60
............
5
3,249
Amazon.com,
Inc.,
2.70%
,
06/03/60
.
10
6,773
American
Express
Co.
2.25%,
03/04/25
............
1
961
4.05%,
05/03/29
............
30
29,413
American
Tower
Corp.
3.38%,
05/15/24
............
61
60,108
1.88%,
10/15/30
............
10
7,780
3.10%,
06/15/50
............
10
6,913
Amgen,
Inc.
1.90%,
02/21/25
............
1
954
3.13%,
05/01/25
............
7
6,862
2.00%,
01/15/32
............
10
8,139
2.77%,
09/01/53
............
10
6,747
Amphenol
Corp.
4.35%,
06/01/29
............
1
982
2.20%,
09/15/31
............
10
8,163
Apple,
Inc.,
2.40%
,
08/20/50
......
10
7,018
Aptiv
plc,
3.10%
,
12/01/51
........
10
6,449
AT&T,
Inc.,
1.70%
,
03/25/26
......
44
40,202
Bank
of
America
Corp.
(LIBOR
USD
3
Month
+
0.97%),
3.46%,
03/15/25
(b)
.........
2
1,971
(SOFR
+
1.11%),
3.84%,
04/25/25
(b)
78
77,604
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(b)
.........
5
4,763
(SOFR
+
0.65%),
1.53%,
12/06/25
(b)
3
2,791
3.38%,
04/02/26
............
47
45,557
3.50%,
04/19/26
............
1
974
Series
N,
(SOFR
+
0.91%),
1.66%,
03/11/27
(b)
..............
1
896
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(b)
.........
3
2,877
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(b)
.........
1
953
(SOFR
+
1.37%),
1.92%,
10/24/31
(b)
10
7,988
(SOFR
+
1.56%),
2.97%,
07/21/52
(b)
10
7,100
Bank
of
New
York
Mellon
Corp.
(The)
3.85%,
04/26/29
............
86
83,428
1.65%,
01/28/31
............
10
8,094
Becton
Dickinson
and
Co.,
1.96%
,
02/11/31
..................
10
8,072
Berry
Global,
Inc.,
4.88%
,
07/15/26
(a)
3
2,863
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Blackstone
Holdings
Finance
Co.
LLC,
2.00%
,
01/30/32
(a)
...........
USD
10
$
7,946
Boston
Properties
LP
2.75%,
10/01/26
............
33
30,759
2.55%,
04/01/32
............
10
7,958
Bristol-Myers
Squibb
Co.
3.25%,
02/27/27
............
2
1,961
1.45%,
11/13/30
............
10
8,215
2.55%,
11/13/50
............
10
7,075
Broadcom,
Inc.
3.15%,
11/15/25
............
40
38,521
2.45%,
02/15/31
(a)
...........
10
8,034
4.93%,
05/15/37
(a)
...........
18
16,138
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
10
7,300
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
17
15,470
Charles
Schwab
Corp.
(The)
4.20%,
03/24/25
............
1
1,014
3.45%,
02/13/26
............
2
1,978
1.65%,
03/11/31
............
10
8,012
Charter
Communications
Operating
LLC
4.91%,
07/23/25
............
38
38,088
4.20%,
03/15/28
............
7
6,540
2.80%,
04/01/31
............
10
8,009
3.85%,
04/01/61
............
10
6,576
Cheniere
Energy,
Inc.,
4.63%
,
10/15/28
25
22,514
Cigna
Corp.,
1.25%
,
03/15/26
.....
2
1,804
Cisco
Systems,
Inc.,
2.50%
,
09/20/26
1
961
Citigroup,
Inc.
(b)
(LIBOR
USD
3
Month
+
0.90%),
3.35%,
04/24/25
..........
8
7,835
(SOFR
+
0.67%),
0.98%,
05/01/25
6
5,621
(SOFR
+
1.37%),
4.14%,
05/24/25
15
14,939
(SOFR
+
1.53%),
3.29%,
03/17/26
62
59,941
Clorox
Co.
(The),
1.80%
,
05/15/30
..
10
8,178
Coca-Cola
Co.
(The)
1.38%,
03/15/31
............
10
8,140
2.50%,
03/15/51
............
10
7,242
Comcast
Corp.
3.95%,
10/15/25
............
4
4,016
3.55%,
05/01/28
............
1
969
1.50%,
02/15/31
............
10
8,037
2.45%,
08/15/52
............
10
6,637
Conagra
Brands,
Inc.,
4.30%
,
05/01/24
2
2,008
Costco
Wholesale
Corp.,
1.75%
,
04/20/32
.................
10
8,226
Crown
Castle
International
Corp.
3.70%,
06/15/26
............
40
38,588
2.50%,
07/15/31
............
10
8,183
CSX
Corp.,
2.50%
,
05/15/51
......
10
6,728
CVS
Health
Corp.
2.88%,
06/01/26
............
13
12,372
1.75%,
08/21/30
............
10
8,009
5.05%,
03/25/48
............
46
44,033
Danaher
Corp.,
2.80%
,
12/10/51
...
10
7,204
Deere
&
Co.,
2.75%
,
04/15/25
.....
7
6,847
Dell
International
LLC
6.02%,
06/15/26
............
27
28,025
3.45%,
12/15/51
(a)
...........
10
6,766
DISH
DBS
Corp.,
5.25%
,
12/01/26
(a)
.
30
23,515
Duke
Realty
LP,
2.25%
,
01/15/32
...
10
8,328
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Earthstone
Energy
Holdings
LLC,
8.00%
,
04/15/27
(a)
...........
USD
68
$
64,345
eBay,
Inc.,
1.90%
,
03/11/25
.......
1
939
Elevance
Health,
Inc.,
2.38%
,
01/15/25
1
963
Eli
Lilly
&
Co.,
2.25%
,
05/15/50
....
10
7,068
Equinix,
Inc.
1.45%,
05/15/26
............
35
31,068
2.50%,
05/15/31
............
17
13,776
3.00%,
07/15/50
............
5
3,423
Expedia
Group,
Inc.,
2.95%
,
03/15/31
10
7,954
Fidelity
National
Information
Services,
Inc.,
1.15%
,
03/01/26
.........
1
884
Fiserv,
Inc.,
3.20%
,
07/01/26
......
10
9,469
FLYR,
Inc.,
10.00%
,
01/20/27
(e)
....
49
49,338
Flyreel,
Inc.,
8.00%
,
07/20/23
(e)(k)
...
93
96,022
Freed
Corp.,
10.00%
,
12/01/23
(e)
...
128
123,520
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
39
33,644
8.25%,
04/15/25
............
35
29,459
FreeWire
Technologies,
Inc.,
0.00%
,
03/31/25
(b)(e)
...............
61
62,440
Fresh
Market,
Inc.
(The),
9.75%
,
05/01/23
(a)
................
26
26,000
Frontier
Communications
Corp.
(a)
5.88%,
10/15/27
............
25
22,478
6.75%,
05/01/29
............
28
23,030
Frontier
Communications
Holdings
LLC,
8.75%
,
05/15/30
(a)
...........
35
35,385
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
42,975
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
3
2,398
GATX
Corp.,
3.50%
,
03/15/28
.....
1
935
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
10,397
General
Motors
Financial
Co.,
Inc.
2.90%,
02/26/25
............
48
45,808
2.70%,
08/20/27
............
69
60,713
2.35%,
01/08/31
............
10
7,753
Georgia-Pacific
LLC,
3.60%
,
03/01/25
(a)
1
994
Gilead
Sciences,
Inc.
1.65%,
10/01/30
............
10
8,194
4.75%,
03/01/46
............
41
39,306
2.80%,
10/01/50
............
10
6,978
Global
Payments,
Inc.,
2.65%
,
02/15/25
5
4,772
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.61%),
0.86%,
02/12/26
(b)
2
1,819
(SOFR
+
0.79%),
1.09%,
12/09/26
(b)
52
46,314
2.38%,
07/21/32
............
10
8,087
(SOFR
+
1.47%),
2.91%,
07/21/42
(b)
10
7,302
GSK
Consumer
Healthcare
Capital
US
LLC,
3.02%
,
03/24/24
(a)
.......
12
11,821
HCA,
Inc.
5.25%,
04/15/25
............
45
45,070
2.38%,
07/15/31
............
10
7,797
3.50%,
07/15/51
............
10
6,830
Home
Depot,
Inc.
(The)
1.38%,
03/15/31
............
10
8,056
2.38%,
03/15/51
............
10
6,763
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(e)
................
146
137,795
HP,
Inc.,
3.00%
,
06/17/27
........
2
1,849
Humana,
Inc.,
1.35%
,
02/03/27
....
1
874
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Intel
Corp.
3.40%,
03/25/25
............
USD
12
$
11,981
3.10%,
02/15/60
............
2
1,428
Intercontinental
Exchange,
Inc.
1.85%,
09/15/32
............
10
7,810
3.00%,
09/15/60
............
10
6,738
International
Business
Machines
Corp.,
2.95%
,
05/15/50
............
10
7,240
Johnson
&
Johnson,
2.25%
,
09/01/50
10
6,982
JPMorgan
Chase
&
Co.
(b)
(3
Month
CME
Term
SOFR
+
0.58%),
0.97%,
06/23/25
....
2
1,870
(SOFR
+
0.61%),
1.56%,
12/10/25
7
6,539
(SOFR
+
1.85%),
2.08%,
04/22/26
64
59,845
(SOFR
+
1.32%),
4.08%,
04/26/26
49
48,389
(SOFR
+
1.56%),
4.32%,
04/26/28
51
50,160
(3
Month
CME
Term
SOFR
+
1.11%),
1.76%,
11/19/31
.....
10
7,907
(SOFR
+
1.51%),
2.53%,
11/19/41
20
14,309
Kilroy
Realty
LP,
2.50%
,
11/15/32
...
10
7,805
Kimco
Realty
Corp.,
2.25%
,
12/01/31
10
8,039
Kinetik
Holdings
LP,
5.88%
,
06/15/30
(a)
16
15,242
Kraft
Heinz
Foods
Co.
3.00%,
06/01/26
............
33
31,089
4.38%,
06/01/46
............
45
37,503
Lam
Research
Corp.,
3.75%
,
03/15/26
5
4,988
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(k)
...............
27
19,035
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
7
5,460
LogMeIn,
Inc.,
5.50%
,
09/01/27
(a)
...
25
17,407
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
............
1
1,003
3.35%,
04/01/27
............
25
24,058
1.70%,
10/15/30
............
10
8,019
3.00%,
10/15/50
............
10
6,968
4.25%,
04/01/52
............
53
45,895
Lumen
Technologies,
Inc.,
5.13%
,
12/15/26
(a)
................
52
43,775
LyondellBasell
Industries
NV,
5.75%
,
04/15/24
.................
5
5,114
Magallanes,
Inc.
(a)
3.43%,
03/15/24
............
17
16,666
3.64%,
03/15/25
............
20
19,370
McDonald's
Corp.,
3.30%
,
07/01/25
.
2
1,987
Merck
&
Co.,
Inc.
2.75%,
02/10/25
............
12
11,856
2.45%,
06/24/50
............
10
7,023
Metropolitan
Life
Global
Funding
I,
1.88%
,
01/11/27
(a)
...........
1
906
Microsoft
Corp.,
2.68%
,
06/01/60
...
10
7,170
Mondelez
International
Holdings
Netherlands
BV,
1.25%
,
09/24/26
(a)
1
889
Mondelez
International,
Inc.,
1.50%
,
02/04/31
.................
10
7,840
Moody's
Corp.
2.55%,
08/18/60
............
2
1,246
3.10%,
11/29/61
............
8
5,486
Morgan
Stanley
(SOFR
+
1.16%),
3.62%,
04/17/25
(b)
64
63,180
(SOFR
+
0.53%),
0.79%,
05/30/25
(b)
15
13,964
3.13%,
07/27/26
............
56
53,421
3.63%,
01/20/27
............
4
3,874
(SOFR
+
0.86%),
1.51%,
07/20/27
(b)
1
877
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(SOFR
+
1.03%),
1.79%,
02/13/32
(b)
USD
10
$
7,866
(SOFR
+
1.43%),
2.80%,
01/25/52
(b)
10
6,943
Mozart
Debt
Merger
Sub,
Inc.,
3.88%
,
04/01/29
(a)
................
8
6,814
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
7
6,072
5.50%,
08/15/28
............
35
28,075
5.13%,
12/15/30
............
31
23,173
Nestle
Holdings,
Inc.,
2.50%
,
09/14/41
(a)
................
10
7,616
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
17
13,898
Northern
Trust
Corp.,
4.00%
,
05/10/27
33
33,199
Oncor
Electric
Delivery
Co.
LLC,
5.75%
,
03/15/29
............
1
1,080
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
79,658
Oracle
Corp.
3.40%,
07/08/24
............
8
7,886
2.50%,
04/01/25
............
50
47,506
3.60%,
04/01/50
............
10
6,947
3.95%,
03/25/51
............
37
27,176
Outfront
Media
Capital
LLC,
5.00%
,
08/15/27
(a)
................
3
2,621
Pacific
Gas
&
Electric
Co.,
4.50%
,
07/01/40
.................
23
17,438
Peninsula
Pacific
Entertainment
LLC,
8.50%
,
11/15/27
(a)
...........
20
20,992
PepsiCo,
Inc.,
2.38%
,
10/06/26
....
2
1,916
Pitney
Bowes,
Inc.
(a)
6.88%,
03/15/27
............
48
38,122
7.25%,
03/15/29
............
45
34,045
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
14,025
PNC
Bank
NA,
4.20%
,
11/01/25
....
2
1,998
Principal
Life
Global
Funding
II
(a)
0.75%,
04/12/24
............
1
946
1.25%,
08/16/26
............
1
885
QUALCOMM,
Inc.,
1.65%
,
05/20/32
.
10
8,076
Regions
Financial
Corp.,
2.25%
,
05/18/25
.................
2
1,908
Republic
Services,
Inc.,
1.45%
,
02/15/31
.................
10
7,850
RMIT
Cash
Management
LLC,
Series
2021-3,
0.00%
,
10/17/33
(e)
.....
200
191,039
Roper
Technologies,
Inc.,
1.75%
,
02/15/31
.................
10
7,792
Royalty
Pharma
plc,
2.15%
,
09/02/31
10
7,803
Ryder
System,
Inc.,
2.50%
,
09/01/24
2
1,930
S&P
Global,
Inc.,
1.25%
,
08/15/30
..
10
7,915
Sabre
GLBL,
Inc.,
9.25%
,
04/15/25
(a)
.
20
19,271
Salesforce,
Inc.,
2.90%
,
07/15/51
...
10
7,562
Service
Properties
Trust
4.50%,
06/15/23
............
14
13,015
4.50%,
03/15/25
............
16
12,639
7.50%,
09/15/25
............
29
26,571
Sherwin-Williams
Co.
(The),
2.20%
,
03/15/32
.................
10
8,047
Simon
Property
Group
LP,
3.38%
,
10/01/24
.................
1
986
Stem,
Inc.,
0.50%
,
12/01/28
(a)(k)
....
6
3,688
Talen
Energy
Supply
LLC
(a)(d)(l)
7.25%,
05/15/27
............
23
22,647
6.63%,
01/15/28
............
59
57,128
7.63%,
06/01/28
............
23
22,544
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
USD
77
$
72,705
Tenet
Healthcare
Corp.,
6.13%
,
06/15/30
(a)
................
36
33,213
Thermo
Fisher
Scientific,
Inc.,
1.22%
,
10/18/24
.................
1
947
T-Mobile
USA,
Inc.
3.50%,
04/15/25
............
55
53,792
2.25%,
11/15/31
............
10
8,116
Toyota
Motor
Credit
Corp.
1.80%,
02/13/25
............
4
3,813
3.05%,
03/22/27
............
2
1,923
1.90%,
09/12/31
............
10
8,201
TransDigm,
Inc.,
6.25%
,
03/15/26
(a)
..
259
249,611
Truist
Bank
3.30%,
05/15/26
............
5
4,819
3.80%,
10/30/26
............
6
5,863
TWDC
Enterprises
18
Corp.,
3.15%
,
09/17/25
.................
1
984
UnitedHealth
Group,
Inc.
3.10%,
03/15/26
............
3
2,936
2.90%,
05/15/50
............
10
7,489
US
Bancorp
3.10%,
04/27/26
............
2
1,928
3.90%,
04/26/28
............
33
32,621
Verizon
Communications,
Inc.
2.63%,
08/15/26
............
33
31,178
1.68%,
10/30/30
............
10
8,059
2.99%,
10/30/56
............
10
6,943
Visa,
Inc.
1.10%,
02/15/31
............
10
8,000
2.00%,
08/15/50
............
10
6,632
Vistra
Operations
Co.
LLC,
5.63%
,
02/15/27
(a)
................
79
74,281
VMware,
Inc.,
2.20%
,
08/15/31
....
10
7,874
Walmart,
Inc.,
2.65%
,
09/22/51
....
10
7,518
Walt
Disney
Co.
(The),
2.75%
,
09/01/49
10
7,138
Waste
Management,
Inc.,
1.50%
,
03/15/31
.................
10
7,956
Wells
Fargo
&
Co.,
(LIBOR
USD
3
Month
+
0.75%),
2.16%
,
02/11/26
(b)
22
20,677
Welltower,
Inc.,
4.50%
,
01/15/24
...
37
37,210
Western
Digital
Corp.,
4.75%
,
02/15/26
10
9,541
Workday,
Inc.,
3.50%
,
04/01/27
....
20
19,126
WRKCo,
Inc.,
4.90%
,
03/15/29
.....
1
1,003
Xerox
Holdings
Corp.
(a)
5.00%,
08/15/25
............
52
48,369
5.50%,
08/15/28
............
30
25,082
4,987,004
Total
Corporate
Bonds
—
6.1%
(Cost:
$12,150,744)
..............................
9,341,693
Floating
Rate
Loan
Interests
Belgium
—
0.1%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
4.85%),
5.10%
,
 10/02/28
(b)
...........
EUR
149
142,872
Security
Par
(000)
Par
(000)
Value
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
 12/22/25
(b)
.....
EUR
187
$
184,332
France
—
0.1%
Babilou
Family,
Facility
Term
Loan,
(EURIBOR
1
Month
+
4.00%),
4.00%
,
 11/17/27
(b)
...........
214
206,881
Jersey,
Channel
Islands
—
0.1%
(b)(e)
Vita
Global
FinCo
Ltd.,
Facility
Term
Loan,
(LIBOR
GBP
6
Month
+
7.00%),
8.19%
,
 07/06/27
......
GBP
40
47,583
Vita
Global
FinCo
Ltd.,
Term
Loan,
(EURIBOR
3
Month
+
7.00%),
0.00%
-
15.00%
,
 01/01/28
......
EUR
67
68,273
115,856
Luxembourg
—
0.1%
(b)
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 05/05/28
............
USD
64
60,567
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Delayed
Draw
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
-
15.00%
,
 01/01/28
(e)
15
14,669
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(LIBOR
USD
3
Month
+
9.25%),
0.00%
-
15.00%
,
 01/01/28
(e)
..........
97
95,205
170,441
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan,
(EURIBOR
6
Month
+
0.00%),
0.00%
-
15.00%
,
 01/01/28
(e)
.....
EUR
154
149,626
Median
BV,
Facility
Term
Loan
B1,
(EURIBOR
6
Month
+
5.00%),
5.23%
,
 10/14/27
............
100
96,673
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.00%
,
 01/31/29
............
311
288,762
535,061
United
States
—
1.7%
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.92%
-
6.50%
,
 05/17/28
(b)
.....
USD
42
32,259
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
6.26%
,
 02/02/26
(b)
.....
74
66,321
Altar
BidCo,
Inc.,
1st
Lien
Term
Loan,
02/01/29
(b)(o)
...............
69
63,273
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(SOFR
3
Month
+
5.00%),
7.05%
,
 12/30/27
(b)
.....
82
76,083
Avaya,
Inc.,
Term
Loan,
12/15/27
(b)(e)(o)
10
9,050
Avaya,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
5.57%
,
 12/15/27
(b)
...........
32
23,985
Avaya,
Inc.,
Term
Loan
B2,
12/15/27
(b)(o)
20
15,100
Change
Healthcare
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
4.17%
,
 03/01/24
(b)
.....
15
14,223
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.47%
,
 04/05/28
(b)
.....
USD
18
$
15,850
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
6.67%
,
 08/02/27
(b)
...........
46
42,020
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
6.92%
,
 12/21/28
(b)
...........
28
24,369
DS
Parent,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.75%),
8.00%
,
 12/10/28
(b)
...........
43
41,041
ECL
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
7.50%),
9.75%
,
 05/01/28
(b)
...........
50
48,232
Emerald
Technologies
US
Acquisitionco,
Inc.,
Term
Loan
B,
(SOFR
1
Month
+
6.25%),
7.88%
,
 12/29/27
(b)
...........
33
31,472
Enterprise
Development
Authority
(The),
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.25%),
5.92%
,
 02/28/28
(b)
94
89,668
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
6.06%
,
 05/01/28
(b)
....
59
55,379
Galaxy
Brands,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
-
15.00%
,
 01/01/38
(b)(e)
.........
200
195,210
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
6.35%
,
 08/31/27
(b)
...........
99
74,897
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
8.83%
,
 07/20/26
(b)(e)
....
119
116,775
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
3.37%
,
 06/22/26
(b)
.....
151
144,741
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
8.38%
,
 10/25/28
(b)(e)
....
21
19,223
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
4.44%
,
 10/27/28
(b)
...........
63
59,504
J&J
Ventures
Gaming
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
,
 04/26/28
(b)
...........
35
33,538
Jack
Ohio
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
6.42%
,
 10/04/28
(b)(e)
..........
16
14,965
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(SOFR
1
Month
+
6.00%),
7.65%
,
 12/22/26
(b)
...........
15
14,608
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
5.42%
,
 12/17/27
(b)
.....
116
94,461
Luxembourg
Life
Fund
-
Long
Term
Growth
Fund,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
-
15.00%
,
 01/01/38
(b)(e)
.........
128
127,360
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
7.50%),
9.07%
,
 09/03/26
(b)
.....
27
24,430
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
06/02/28
(b)(o)
....
4
3,507
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(SOFR
3
Month
+
6.00%),
8.15%
,
 01/24/30
(b)(e)
..........
USD
4
$
3,600
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
04/01/26
(e)(o)(p)
......
312
295,313
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.63%
,
 06/02/28
(b)
...........
60
57,215
OVG
Business
Services
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
7.25%
,
 11/20/28
(b)
.....
54
50,498
ProFrac
Holdings
II
LLC,
Term
Loan,
(SOFR
6
Month
+
8.50%),
10.01%
,
 03/04/25
(b)(e)
.........
44
43,524
Project
Ruby
Ultimate
Parent
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.92%
,
 03/10/28
(b)
89
83,126
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.93%
,
 04/27/28
(b)
.....
95
81,624
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.97%
,
 04/27/29
(b)
.....
50
42,800
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 03/16/27
(b)
.....
58
51,306
Signal
Parent,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.17%
,
 04/03/28
(b)
...........
35
26,649
Sonder
Corp.,
Term
Loan,
7.93%
,
 01
/19/27
(b)(e)
..........
150
135,696
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 06/08/28
(b)
10
9,176
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
5.60%
,
 10/06/28
(b)
.....
18
14,701
Talen
Energy
Supply
LLC,
Term
Loan,
(SOFR
3
Month
+
4.75%),
5.95%
-
6.68%
,
 11/13/23
(b)
...........
82
80,950
Vaco
Holdings
LLC,
Term
Loan,
(SOFR
3
Month
+
5.00%),
7.20%
,
 01/21/29
(b)
...........
33
31,494
2,579,216
Total
Floating
Rate
Loan
Interests
—
2.6%
(Cost:
$4,323,652)
..............................
3,934,659
Foreign
Government
Obligations
Argentina
—
0.1%
Argentine
Republic
1.00%,
07/09/29
............
30
6,894
0.50%,
07/09/30
(q)
...........
295
64,565
1.13%,
07/09/35
(q)
...........
331
69,114
2.00%,
01/09/38
(q)
...........
119
34,449
175,022
Austria
—
0.1%
Republic
of
Austria,
2.10%
,
09/20/17
(a)(c)
EUR
116
102,658
Canada
—
0.5%
Canadian
Government
Bond,
0.25%
,
03/01/26
.................
CAD
1,062
744,580
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.1%
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
3.38%
,
02/05/30
(c)
................
USD
200
$
169,975
Spain
—
0.1%
Kingdom
of
Spain,
3.45%
,
07/30/66
(a)(c)
EUR
218
237,020
Total
Foreign
Government
Obligations
—
0.9%
(Cost:
$2,063,192)
..............................
1,429,255
Shares
Shares
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
(f)
1,533
196,592
Industrial
Select
Sector
SPDR
Fund
.
928
81,051
Invesco
Municipal
Opportunity
Trust
.
1,407
14,534
Invesco
Municipal
Trust
.........
1,398
14,204
Invesco
QQQ
Trust
1,
Series
1
.....
1,100
308,308
Invesco
Quality
Municipal
Income
Trust
1,385
14,141
Invesco
Trust
for
Investment
Grade
Municipals
................
1,376
14,489
Invesco
Value
Municipal
Income
Trust
1,379
17,748
iShares
China
Large-Cap
ETF
(f)(r)
...
2,692
91,286
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(f)(r)
........
147
16,174
iShares
Latin
America
40
ETF
(r)
....
2,948
66,448
iShares
MSCI
Brazil
ETF
(f)(r)
.......
3,320
90,935
iShares
MSCI
Emerging
Markets
ETF
(r)
429
17,203
iShares
Nasdaq
Biotechnology
ETF
(f)(r)
153
17,997
KraneShares
Bosera
MSCI
China
A
ETF
(f)
....................
1,141
44,282
KraneShares
CSI
China
Internet
ETF
8,431
276,200
Nuveen
Municipal
Value
Fund,
Inc.
..
2,293
20,476
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
.................
1,847
167,542
SPDR
Gold
Shares
(i)
............
2,028
341,637
United
States
Oil
Fund
LP
........
1,587
127,515
VanEck
Vectors
Semiconductor
ETF
(f)
221
45,024
Total
Investment
Companies
—
1.3%
(Cost:
$2,124,956)
..............................
1,983,786
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.7%
United
States
—
0.7%
(a)(b)
Connecticut
Avenue
Securities
Trust
Series
2021-R01,
Class
1B1,
(SOFR30A
+
3.10%),
4.03%,
10/25/41
...............
USD
30
25,731
Series
2022-R01,
Class
1B1,
(SOFR30A
+
3.15%),
4.08%,
12/25/41
...............
14
11,567
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Series
2021-DNA6,
Class
B1,
(SOFR30A
+
3.40%),
4.33%,
10/25/41
...............
51
43,626
Series
2022-DNA1,
Class
B1,
(SOFR30A
+
3.40%),
4.33%,
01/25/42
...............
17
14,325
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Variable
Rate
Notes
Series
2020-DNA6,
Class
B1,
(SOFR30A
+
3.00%),
3.93%,
12/25/50
...............
USD
17
$
14,504
Series
2021-DNA3,
Class
B1,
(SOFR30A
+
3.50%),
4.43%,
10/25/33
...............
49
42,485
Series
2021-HQA1,
Class
B1,
(SOFR30A
+
3.00%),
3.93%,
08/25/33
...............
32
25,259
Series
2021-HQA1,
Class
B2,
(SOFR30A
+
5.00%),
5.93%,
08/25/33
...............
20
15,347
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes
Series
2021-DNA2,
Class
B1,
(SOFR30A
+
3.40%),
4.33%,
08/25/33
...............
18
15,613
Series
2021-DNA2,
Class
B2,
(SOFR30A
+
6.00%),
6.93%,
08/25/33
...............
17
14,303
Federal
Home
Loan
Mortgage
Corp.,
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
B1,
(SOFR30A
+
3.65%),
4.58%,
11/25/41
..................
51
43,351
JPMorgan
Mortgage
Trust
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
..........
544
464,936
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
216
195,251
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
78
56,937
983,235
Commercial
Mortgage-Backed
Securities
—
2.0%
Bermuda
—
0.1%
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(TSFR1M
+
2.25%),
3.76%,
01/19/37
(a)(b)
...............
100
99,284
Cayman
Islands
—
0.0%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(TSFR1M
+
3.37%),
4.65%,
12/15/34
(a)(b)(e)
..............
100
93,000
United
States
—
1.9%
BANK
Series
2017-BNK8,
Class
B,
4.06%,
11/15/50
(b)
..............
13
11,880
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
..........
17
16,854
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
2.42%,
04/15/36
...............
27
25,564
Series
2021-SSCP,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
2.67%,
04/15/36
...............
37
34,539
Series
2021-SSCP,
Class
D,
(LIBOR
USD
1
Month
+
1.60%),
2.92%,
04/15/36
...............
33
30,592
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SSCP,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
3.42%,
04/15/36
...............
USD
37
$
34,149
Series
2021-SSCP,
Class
F,
(LIBOR
USD
1
Month
+
2.90%),
4.22%,
04/15/36
...............
24
22,120
Series
2021-SSCP,
Class
G,
(LIBOR
USD
1
Month
+
3.80%),
5.12%,
04/15/36
...............
39
35,996
Series
2021-SSCP,
Class
H,
(LIBOR
USD
1
Month
+
4.90%),
6.23%,
04/15/36
...............
18
16,642
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
39,897
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
J,
(LIBOR
USD
1
Month
+
2.65%),
3.97%,
10/15/36
...............
85
79,901
Series
2021-21M,
Class
E,
(LIBOR
USD
1
Month
+
2.17%),
3.49%,
10/15/36
...............
109
101,310
Series
2021-CIP,
Class
E,
(LIBOR
USD
1
Month
+
2.82%),
4.14%,
12/15/38
...............
100
92,971
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
4.13%,
05/15/38
...............
100
90,013
Series
2021-XL2,
Class
F,
(LIBOR
USD
1
Month
+
2.24%),
3.57%,
10/15/38
...............
114
106,734
BX
Trust
(a)(b)
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
...............
64
55,676
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
89
71,498
Series
2021-ARIA,
Class
E,
(LIBOR
USD
1
Month
+
2.24%),
3.57%,
10/15/36
...............
100
93,221
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
3.57%,
01/15/34
...............
20
18,712
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
4.32%,
01/15/34
...............
40
37,165
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
4.12%,
06/15/38
..........
106
97,446
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
9,289
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
..................
16
16,082
Commercial
Mortgage
Trust
Series
2014-CR17,
Class
C,
4.94%,
05/10/47
(b)
..............
15
14,756
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
...............
32
31,492
CORE
Mortgage
Trust,
Series
2019-
CORE,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
3.67%,
12/15/31
(a)(b)
13
11,776
CSAIL
Commercial
Mortgage
Trust
Series
2016-C5,
Class
C,
4.80%,
11/15/48
(b)
..............
10
9,519
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
94
82,522
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
F,
(LIBOR
USD
1
Month
+
2.00%),
3.19%,
05/15/35
(a)(b)
USD
91
$
86,150
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
3.58%,
07/15/38
...............
203
195,624
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
4.17%,
07/15/38
...............
101
96,890
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
E,
(LIBOR
USD
1
Month
+
2.94%),
4.26%,
11/15/36
(a)(b)
...............
100
93,819
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
31,011
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
34,217
JPMorgan
Chase
Commercial
Mortgage
Securities
Corp.
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.45%),
3.77%,
04/15/38
...............
60
55,480
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.95%),
4.27%,
04/15/38
...............
60
55,113
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
3.67%,
03/15/38
(a)(b)
....
115
107,072
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(LIBOR
USD
1
Month
+
4.00%),
5.33%,
11/15/38
...............
122
113,745
Series
2021-MDLN,
Class
G,
(LIBOR
USD
1
Month
+
5.25%),
6.58%,
11/15/38
..........
131
117,941
MHC
Commercial
Mortgage
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
3.42%,
04/15/38
...............
156
146,810
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
3.92%,
04/15/38
...............
106
98,459
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C24,
Class
C,
4.48%,
05/15/48
(b)
..............
10
9,431
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
26,366
Morgan
Stanley
Capital
I
Trust
Series
2018-MP,
Class
A,
4.42%,
07/11/40
(a)(b)
.............
17
16,356
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
25,475
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
3.95%,
11/15/38
...............
100
92,217
Series
2021-MFP2,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
3.94%,
11/15/36
...............
100
93,355
STWD
Trust,
Series
2021-FLWR,
Class
E,
(LIBOR
USD
1
Month
+
1.92%),
3.25%,
07/15/36
(a)(b)
..........
25
23,250
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
USD
10
$
9,044
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
D,
5.19%,
08/10/49
(a)(b)
..........
14
13,901
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
29,381
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
9,268
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
25
22,533
2,891,224
3,083,508
Total
Non-Agency
Mortgage-Backed
Securities
—
2.7%
(Cost:
$4,500,239)
..............................
4,066,743
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Other
Interests
Capital
Markets
-
0.1%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(e)(s)
..............
166
219,105
Total
Other
Interests
-
0.1%
(Cost:
$167,154)
..................................
219,105
Preferred
Securities
Capital
Trusts
—
0.1%
United
States
—
0.1%
(b)
Prudential
Financial,
Inc.
(LIBOR
USD
3
Month
+
3.92%),
5.63%, 06/15/43
..........
44
42,897
(LIBOR
USD
3
Month
+
4.18%),
5.88%, 09/15/42
..........
64
62,832
USB
Capital
IX
,
(LIBOR
USD
3
Month
+
1.02%),
3.50%
(n)
............
31
21,725
127,454
Total
Capital
Trusts
—
0.1%  
(Cost:
$137,539)
................................
127,454
Shares
Shares
Preferred
Stocks
—
2.8%
Brazil
—
0.1%
Neon
Payments
Ltd.
(e)
...........
319
132,675
Petroleo
Brasileiro
SA
(Preference)
..
4,534
24,189
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
(Preference)
......
2,004
3,308
160,172
China
—
0.3%
Bytedance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$272,511)
(e)(g)
.....
2,487
411,638
Security
Shares
Shares
Value
Germany
—
0.2%
Caresyntax,
Inc.
(e)
.............
296
$
20,773
Fuchs
Petrolub
SE
(Preference)
....
46
1,287
Henkel
AG
&
Co.
KGaA
(Preference)
103
6,374
Porsche
Automobil
Holding
SE
(Preference)
...............
683
45,427
Volkswagen
AG
(Preference)
......
421
56,683
Volocopter
Gmbh,
(Acquired
03/03/21,
cost
$159,412)
(e)(g)
...........
30
162,668
293,212
India
—
0.1%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,122)
(e)
(g)
......................
32
122,861
Jersey,
Channel
Islands
—
0.1%
(e)(g)
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
.......
10,057
183,741
Loadsmart,
Inc.,
Series
D
(Acquired
01/27/22,
cost
$19,100)
.......
955
17,448
201,189
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C
(d)(e)
...
228
16,080
United
States
—
2.0%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$183,387)
(e)
(g)
......................
4,842
79,159
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(k)
.............
277
317,608
Aptiv
plc,
Series
A,
5.50%
(k)
.......
1,083
114,137
Becton
Dickinson
and
Co.,
Series
B,
6.00%
(f)
..................
4,094
202,489
Boston
Scientific
Corp.,
Series
A,
5.50%
(f)
..................
713
72,327
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$127,466)
(e)
(g)
......................
236
84,729
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(e)(g)
............
2,891
54,004
Databricks,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(e)(g)
.....
2,059
377,703
Databricks,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(e)(g)
....
580
106,395
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
(e)(g)
.....
14,760
72,324
Dream
Finders
Homes,
Inc.,
9.00%
(e)
285
268,256
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(e)(g)
.....
10,664
41,696
Farmer’s
Business
Network,
Inc.,
Series
F,
(Acquired
07/31/20,
cost
$69,518)
(e)(g)
...............
2,103
96,444
Farmer's
Business
Network,
Inc.,
Series
G,
(Acquired
09/15/21,
cost
$19,766)
(e)(g)
...............
318
15,248
JumpCloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(e)(g)
.....
51,330
258,703
JumpCloud,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$20,218)
(e)(g)
.....
3,376
17,015
Lessen,
Inc.,
Series
B
(e)
.........
6,246
57,026
Lookout,
Inc.,
Series
F
(Acquired
09/19/14-10/22/14,
cost
$243,061)
(e)
(g)
......................
21,278
185,757
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$54,841)
(e)(g)
.....
2,388
34,602
Mythic
AL,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(e)(g)
.....
7,024
36,244
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$73,361)
(e)
(g)
......................
8,220
$
47,429
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$40,179)
(e)(g)
.....
1,532
39,158
Relativity
Space,
Inc.,
Series
E,
(Acquired
05/27/21,
cost
$68,894)
(e)
(g)
......................
3,017
52,104
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(e)
(g)
......................
1,720
130,686
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$52,640)
(e)
(g)
......................
554
42,093
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(e)(g)
.....
1,894
18,107
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$72,377)
(e)(g)
...............
12,134
61,641
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$65,877)
(e)(g)
.....
12,367
58,619
Wells
Fargo
&
Co.,
Series
L,
7.50%
(k)(n)
46
55,913
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(e)
(g)
......................
4,463
162,498
3,160,114
Total
Preferred
Stocks
—
2.8%  
(Cost:
$3,910,509)
..............................
4,365,266
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(LIBOR
USD
3
Month
+
6.37%),
7.61%, 10/30/40
(b)
5,096
136,573
Total
Trust
Preferreds
—
0.1%  
(Cost:
$140,435)
................................
136,573
Total
Preferred
Securities
—
3.0%
(Cost:
$4,188,483)
..............................
4,629,293
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.87%, 09/25/30
(b)
...........
USD
15
15,255
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
........
100
7,386
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
Series
K105,
Class
X1,
1.64%
,
 01/25/30
........
279
25,563
Series
K109,
Class
X1,
1.70%
,
 04/25/30
........
118
11,457
Series
K116,
Class
X1,
1.53%
,
 07/25/30
........
100
8,908
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
K120,
Class
X1,
1.13%
,
 10/25/30
........
USD
395
$
26,269
Series
KW09,
Class
X1,
0.94%
,
 05/25/29
........
464
19,958
99,541
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.1%  
(Cost:
$124,257)
................................
114,796
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
1.75%, 08/15/41
............
362
274,980
2.38%, 02/15/42
............
225
190,793
2.25%, 02/15/52
(t)
...........
1,141
938,678
U.S.
Treasury
Notes
0.13%, 11/30/22
(h)(i)
..........
4,608
4,566,097
1.88%, 02/15/32
............
494
447,080
Total
U.S.
Treasury
Obligations
—
4.2%
(Cost:
$6,613,631)
..............................
6,417,628
Shares
Shares
Warrants
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(Issued/
exercisable
05/13/21,
1
share
for
1
warrant,
Expires
05/13/27,
Strike
Price
EUR
11.50)
(d)
..........
1,945
408
Israel
—
0.0%
Innovid
Corp.
(Issued/exercisable
01/28/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
(d)
..................
375
83
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
20
United
Kingdom
—
0.0%
Genius
Sports
Ltd.
(Issued/exercisable
12/07/20,
1
share
for
1
warrant,
Expires
12/31/28,
Strike
Price
USD
11.50)
(d)
..................
1,164
512
United
States
—
0.0%
(d)
Altus
Power,
Inc.
(Issued/exercisable
01/22/21,
1
share
for
1
warrant,
Expires
01/22/26,
Strike
Price
USD
11.00)
...................
511
664
Cano
Health,
Inc.
(Issued/exercisable
07/06/20,
1
share
for
1
warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
1,986
1,350
Crown
PropTech
Acquisitions
(Issued/
exercisable
02/05/21,
1
share
for
1
warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(e)
..........
2,120
254
Embark
Technology,
Inc.
(Issued/
exercisable
12/28/20,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
963
123
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
United
States
(continued)
EVgo,
Inc.
(Issued/exercisable
11/10/20,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
1,130
$
1,412
Freewire
Warrants
TA
(Issued/
exercisable
03/31/22,
1
share
for
1
warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
............
6,819
—
Freewire
Warrants
TB
(Issued/
exercisable
03/31/22,
1
share
for
1
warrant,
Expires
04/26/29,
Strike
Price
USD
3.35)
............
6,819
—
Gores
Holdings
VIII,
Inc.
(Issued/
exercisable
01/28/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
178
116
Highland
Transcend
Partners
I
Corp.
(Issued/exercisable
03/23/22,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
1,590
207
Hippo
Holdings,
Inc.
(Issued/
exercisable
01/04/21,
1
share
for
1
warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
938
178
Latch,
Inc.
(Issued/exercisable
06/04/21,
1
share
for
1
warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
840
101
Lightning
eMotors,
Inc.
(Issued/
exercisable
12/10/20,
1
share
for
1
warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
2,348
1,542
Offerpad
Solutions,
Inc.
(Issued/
exercisable
10/13/20,
1
share
for
1
warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
1,681
431
Proof
Acquisition
Corp.
I
(Issued/
exercisable
09/27/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(e)
..........
2,017
141
Rotor
Acquisition
Corp.
(Issued/
exercisable
01/15/21,
1
share
for
1
warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
............
724
290
Sarcos
Technology
&
Robotics
Corp.
(Issued/exercisable
12/21/20,
1
share
for
1
warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
1,924
1,049
Sonder
Holdings,
Inc.
(Issued/
exercisable
01/19/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(e)
..........
2,205
44
TPB
Acquisition
Corp.
I
(Issued/
exercisable
02/19/21,
1
share
for
1
warrant,
Expires
02/19/23,
Strike
Price
USD
11.50)
............
718
144
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
171
Security
Shares
Shares
Value
United
States
(continued)
Volta,
Inc.
(Issued/exercisable
10/22/20,
1
share
for
1
warrant,
Expires
08/26/26,
Strike
Price
USD
11.50)
1,160
$
360
8,577
Total
Warrants
—
0.0%
(Cost:
$37,802)
................................
9,600
Total
Long-Term
Investments
—
76.1%
(Cost:
$123,673,878)
.............................
116,253,780
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Foreign
Government
Obligations
(u)
Brazil
-
0.4%
Federative
Republic
of
Brazil
Treasury
Bills,
9.21%
,
07/01/24
.........
BRL
4
661,021
Japan
-
5.3%
Japan
Treasury
Bill
(0.14)%,
07/25/22
...........
JPY
106,450
784,641
(0.10)%,
08/22/22
...........
503,850
3,714,321
(0.09)%,
09/05/22
...........
372,450
2,745,792
(0.10)%,
09/26/22
...........
115,700
853,026
8,097,780
Total
Foreign
Government
Obligations
—
5.7%
(Cost:
$9,028,396)
..............................
8,758,801
Shares
Shares
Money
Market
Funds
(r)(v)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
......
25,712,006
25,712,006
SL
Liquidity
Series,
LLC,
Money
Market
Series,
1.73%
(w)
.............
1,804,566
1,804,205
Total
Money
Market
Funds
—
18.0%
(Cost:
$27,516,366)
..............................
27,516,211
Par
(000)
Pa
r
(
000)
Time
Deposits
Australia
—
0.0%
Australia
&
New
Zealand
Banking
Group
Ltd.,
0.25%, 07/01/22
....
AUD
47
32,442
Canada
—
0.0%
Royal
Bank
of
Canada,
0.51%, 07/04/22
............
CAD
51
39,621
Europe
—
0.1%
Citibank
NA,
(0.78)%, 07/01/22
....
EUR
165
173,046
Hong
Kong
—
0.0%
Hong
Kong
&
Shanghai
Bank
Corp.
Ltd.,
0.37%, 07/04/22
.........
HKD
17
2,146
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.36)%, 07/01/22
...........
JPY
1,326
9,776
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Norway
—
0.0%
Brown
Brothers
Harriman
&
Co.,
0.07%, 07/01/22
............
NOK
4
$
361
Switzerland
—
0.0%
BNP
Paribas
SA,
(1.20)%, 07/01/22
.
CHF
—
(x)
501
United
Kingdom
—
0.0%
Citibank
NA,
0.52%, 07/01/22
.....
GBP
7
9,053
United
States
—
0.1%
Royal
Bank
of
Canada,
1.56%, 07/01/22
............
USD
60
60,145
Total
Time
Deposits
—
0.2%
(Cost:
$327,091)
................................
327,091
Total
Short-Term
Securities
—
23.9%
(Cost:
$36,871,853)
..............................
36,602,103
Security
Par
(000)
Par
(000)
Value
Total
Options
Purchased
—
0.4%
(Cost:
$960,967
)
................................
$
607,351
Total
Investments
Before
Options
Written
and
Investments
Sold
Short
—
100.4%
(Cost:
$161,506,698)
.............................
153,463,234
Total
Options
Written
—
(0.6)%
(Premiums
Received
—
$(908,895))
..................
(960,607)
Investments
Sold
Short
Shares
Shares
Common
Stocks
United
States
—
(0.0)%
JM
Smucker
Co.
(The)
..........
(412)
(52,740)
Total
Common
Stocks
—
(0.0)%
(Proceeds:
$(46,124))
............................
(52,740)
Total
Investments
Sold
Short
—
(0.0)%
(Proceeds:
$(46,124)
)
............................
(52,740)
Total
Investments
Net
of
Options
Written
and
Investments
Sold
Short
—
99.8%
(Cost:
$160,551,679)
.............................
152,449,887
Other
Assets
Less
Liabilities
—
0.2%
...................
366,835
Net
Assets
—
100.0%
..............................
$
152,816,722
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$4,976,629,
representing
3.26%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$4,745,371.
(h)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(i)
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.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Convertible
security.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Zero-coupon
bond.
(n)
Perpetual
security
with
no
stated
maturity
date.
(o)
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.
(p)
Fixed
rate.
(q)
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.
(r)
Affiliate
of
the
Fund.
(s)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(t)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(u)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(v)
Annualized
7-day
yield
as
of
period
end.
(w)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(x)
Rounds
to
less
than
1,000.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
49
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
8,690,749
$
17,021,257
$
—
$
—
$
—
$
25,712,006
25,712,006
$
37,605
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
3,724,155
—
(1,917,625)
(2,170)
(155)
1,804,205
1,804,566
7,357
(b)
—
iShares
China
Large-Cap
ETF
..
131,798
—
(28,450)
(11,923)
(139)
91,286
2,692
393
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
.....
98,408
287,296
(373,915)
(11,567)
(222)
—
—
345
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
38,828
1,076,103
(1,115,585)
17,706
(878)
16,174
147
224
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(c)
1,764,918
—
(1,529,200)
(264,375)
28,657
—
—
16,268
—
iShares
Latin
America
40
ETF
..
69,160
—
—
—
(2,712)
66,448
2,948
3,237
—
iShares
MSCI
Brazil
ETF
.....
93,192
—
—
—
(2,257)
90,935
3,320
4,976
—
iShares
MSCI
Emerging
Markets
ETF
..................
20,957
—
—
—
(3,754)
17,203
429
155
—
iShares
Nasdaq
Biotechnology
ETF
..................
23,351
—
—
—
(5,354)
17,997
153
23
—
iShares
Russell
2000
ETF
(c)
....
—
552,757
(584,981)
32,224
—
—
—
—
—
iShares
S&P
500
Value
ETF
(c)
..
275,825
—
(261,595)
42,130
(56,360)
—
—
—
—
$
(197,975)
$
(43,174)
$
27,816,254
$
70,583
$
—
—
—
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
50
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
5
09/08/22
$
651
$
9,498
Euro-BTP
...............................................................
8
09/08/22
1,032
849
Australia
10
Year
Bond
......................................................
26
09/15/22
2,134
2,114
MSCI
Emerging
Markets
Index
.................................................
5
09/16/22
251
(214)
Russell
2000
E-Mini
Index
....................................................
13
09/16/22
1,110
(5,076)
U.S.
Treasury
10
Year
Note
...................................................
76
09/21/22
8,993
(70,677)
U.S.
Treasury
Long
Bond
....................................................
4
09/21/22
552
(4,333)
U.S.
Treasury
Ultra
Bond
....................................................
21
09/21/22
3,216
(43,377)
U.S.
Treasury
5
Year
Note
....................................................
145
09/30/22
16,256
(67,231)
(178,447)
Short
Contracts
Euro-Bund
..............................................................
2
09/08/22
312
(12,828)
Euro-Buxl
...............................................................
2
09/08/22
343
19,755
Euro-Schatz
.............................................................
10
09/08/22
1,144
(11,722)
Japan
10
Year
Bond
........................................................
1
09/12/22
1,095
3,540
EURO
STOXX
50
Index
.....................................................
15
09/16/22
542
6,192
FTSE
100
Index
..........................................................
1
09/16/22
87
538
NASDAQ
100
E-Mini
Index
...................................................
14
09/16/22
3,228
(56,862)
S&P
500
E-Mini
Index
......................................................
18
09/16/22
3,411
(29,465)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
122
09/21/22
15,494
122,318
Long
Gilt
...............................................................
2
09/28/22
277
8,421
U.S.
Treasury
2
Year
Note
....................................................
32
09/30/22
6,714
23,412
73,299
$
(105,148)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
MXN
7,786,205
USD
383,973
Bank
of
America
NA
07/21/22
$
2,073
USD
471,442
CNY
3,020,066
Barclays
Bank
plc
07/21/22
20,268
USD
662,398
CNY
4,248,916
Morgan
Stanley
&
Co.
International
plc
07/21/22
27,643
USD
723,479
HKD
5,667,755
HSBC
Bank
plc
07/21/22
782
USD
426,090
NOK
3,749,841
JPMorgan
Chase
Bank
NA
07/21/22
45,278
USD
817,955
JPY
106,450,000
Deutsche
Bank
AG
07/25/22
32,439
CHF
480,600
USD
484,857
Bank
of
America
NA
08/18/22
20,108
CHF
1,820,404
USD
1,857,477
JPMorgan
Chase
Bank
NA
08/18/22
55,215
USD
358,507
GBP
284,761
HSBC
Bank
plc
08/18/22
11,577
USD
721,126
HKD
5,649,975
Citibank
NA
08/18/22
42
USD
3,876,184
JPY
503,850,000
Morgan
Stanley
&
Co.
International
plc
08/22/22
150,582
USD
373,375
BRL
1,848,802
HSBC
Bank
plc
09/02/22
26,375
USD
2,796,171
JPY
372,450,000
BNP
Paribas
SA
09/06/22
38,927
AUD
715,058
USD
492,578
Deutsche
Bank
AG
09/15/22
1,299
CAD
405,459
USD
313,542
Deutsche
Bank
AG
09/15/22
1,498
CNY
31,357
USD
4,628
HSBC
Bank
plc
09/15/22
55
CNY
1,754,172
USD
258,888
UBS
AG
09/15/22
3,063
EUR
5,385,519
USD
5,644,896
HSBC
Bank
plc
09/15/22
28,832
GBP
276,202
EUR
316,930
Citibank
NA
09/15/22
2,809
MXN
6,941,050
USD
334,598
HSBC
Bank
plc
09/15/22
5,861
MXN
191,323
USD
9,224
UBS
AG
09/15/22
160
NZD
143,283
USD
89,073
Deutsche
Bank
AG
09/15/22
339
USD
703,981
INR
55,480,740
Citibank
NA
09/15/22
6,181
USD
964,647
JPY
129,636,424
Bank
of
America
NA
09/15/22
4,242
USD
632,246
SEK
6,428,970
Bank
of
America
NA
09/15/22
1,828
EUR
139,904
USD
147,226
BNP
Paribas
SA
09/21/22
229
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
51
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
225,061
EUR
213,259
Barclays
Bank
plc
09/21/22
$
292
USD
152,391
EUR
143,250
BNP
Paribas
SA
09/21/22
1,409
USD
862,783
JPY
115,700,000
Morgan
Stanley
&
Co.
International
plc
09/26/22
4,853
494,259
AUD
494,878
USD
356,222
Bank
of
America
NA
07/21/22
(14,598)
CAD
1,145,668
USD
908,021
HSBC
Bank
plc
07/21/22
(17,967)
IDR
2,658,755,032
USD
183,122
Citibank
NA
07/21/22
(5,368)
JPY
142,243,360
EUR
1,030,738
UBS
AG
07/21/22
(31,937)
AUD
378,914
USD
270,230
Bank
of
America
NA
08/18/22
(8,587)
AUD
1,070,569
USD
753,629
Barclays
Bank
plc
08/18/22
(14,394)
AUD
1,120,146
USD
781,907
Deutsche
Bank
AG
08/18/22
(8,437)
EUR
744,229
USD
788,418
Deutsche
Bank
AG
08/18/22
(6,040)
GBP
132,317
USD
166,058
Bank
of
America
NA
08/18/22
(4,853)
GBP
590,784
USD
731,981
Deutsche
Bank
AG
08/18/22
(12,216)
JPY
122,540,966
USD
945,983
JPMorgan
Chase
Bank
NA
08/18/22
(40,164)
JPY
155,038,686
USD
1,200,970
UBS
AG
08/18/22
(54,929)
NOK
4,162,356
CHF
429,105
Bank
of
America
NA
08/18/22
(27,870)
NOK
2,547,279
CHF
260,652
JPMorgan
Chase
Bank
NA
08/18/22
(15,005)
KRW
818,932,823
USD
638,435
JPMorgan
Chase
Bank
NA
08/24/22
(2,436)
BRL
2,811,315
USD
557,878
Goldman
Sachs
International
09/15/22
(32,019)
DKK
863,779
USD
124,791
Morgan
Stanley
&
Co.
International
plc
09/15/22
(2,423)
JPY
32,207,190
USD
241,910
HSBC
Bank
plc
09/15/22
(3,305)
JPY
417,531
USD
3,137
JPMorgan
Chase
Bank
NA
09/15/22
(43)
JPY
936,000,943
USD
6,977,583
Morgan
Stanley
&
Co.
International
plc
09/15/22
(43,268)
PLN
356,796
USD
82,068
Morgan
Stanley
&
Co.
International
plc
09/15/22
(3,271)
SEK
2,344,941
USD
230,554
Citibank
NA
09/15/22
(616)
USD
404,611
EUR
384,888
Deutsche
Bank
AG
09/15/22
(874)
ZAR
1,260,161
USD
77,501
HSBC
Bank
plc
09/15/22
(631)
ZAR
58,506
USD
3,599
Morgan
Stanley
&
Co.
International
plc
09/15/22
(30)
JPY
97,649,403
USD
740,607
JPMorgan
Chase
Bank
NA
09/21/22
(16,821)
(368,102)
$
126,157
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
Up
and
Out
Bank
of
America
NA
07/01/22
CNY
6.83
CNY
7.13
USD
717
$
—
Put
USD
Currency
...............
One-Touch
Bank
of
America
NA
07/01/22
CNY
7.13
CNY
7.13
USD
18
—
USD
Currency
...............
One-Touch
HSBC
Bank
plc
08/24/22
JPY
118.00
JPY
118.00
USD
18
351
351
$
351
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Alcoa
Corp.
...............................
16
07/15/22
USD
100.00
USD
73
$
56
Alphabet,
Inc.
..............................
2
07/15/22
USD
2,200.00
USD
437
13,190
Compagnie
Financiere
Richemont
SA
..............
8
07/15/22
CHF
130.00
CHF
81
176
Devon
Energy
Corp.
..........................
17
07/15/22
USD
70.00
USD
94
145
Devon
Energy
Corp.
..........................
32
07/15/22
USD
80.00
USD
176
80
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
52
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Diamondback
Energy,
Inc.
......................
13
07/15/22
USD
157.65
USD
157
$
195
Intuit,
Inc.
.................................
2
07/15/22
USD
390.00
USD
77
2,230
Invesco
QQQ
Trust
1
.........................
6
07/15/22
USD
315.00
USD
168
153
Invesco
QQQ
Trust
1
.........................
8
07/15/22
USD
320.00
USD
224
120
Invesco
QQQ
Trust
1
.........................
23
07/15/22
USD
325.00
USD
645
219
Marathon
Oil
Corp.
..........................
30
07/15/22
USD
30.00
USD
67
165
Marathon
Oil
Corp.
..........................
33
07/15/22
USD
33.00
USD
74
99
Marathon
Oil
Corp.
..........................
34
07/15/22
USD
27.00
USD
76
510
Occidental
Petroleum
Corp.
.....................
3
07/15/22
USD
75.00
USD
18
35
Occidental
Petroleum
Corp.
.....................
13
07/15/22
USD
70.00
USD
77
410
Raymond
James,
Inc.
.........................
8
07/15/22
USD
100.00
USD
72
580
Western
Digital
Corp.
.........................
5
07/15/22
USD
80.00
USD
22
13
Western
Digital
Corp.
.........................
9
07/15/22
USD
75.00
USD
40
41
Xerox
Holdings
Corp.
.........................
3
07/15/22
USD
30.00
USD
4
98
U.S.
Treasury
10
Year
Note
.....................
22
07/22/22
USD
118.00
USD
2,200
27,156
CF
Industries
Holdings,
Inc.
.....................
4
08/19/22
USD
115.00
USD
34
290
CSX
Corp.
................................
31
08/19/22
USD
40.00
USD
90
233
Eli
Lilly
&
Co.
..............................
5
08/19/22
USD
320.00
USD
162
9,425
Generac
Holdings,
Inc.
........................
3
08/19/22
USD
300.00
USD
63
458
Halliburton
Co.
.............................
21
08/19/22
USD
39.00
USD
66
1,113
Mercedes-Benz
Group
AG
.....................
15
08/19/22
EUR
70.00
EUR
83
141
Northrop
Grumman
Corp.
......................
3
08/19/22
USD
500.00
USD
144
3,735
SPDR
S&P
500
ETF
Trust
......................
10
08/19/22
USD
450.00
USD
377
145
SPDR
S&P
Biotech
ETF
.......................
18
08/19/22
USD
80.00
USD
134
5,436
Domino's
Pizza,
Inc.
..........................
2
09/16/22
USD
400.00
USD
78
4,150
General
Motors
Co.
..........................
18
09/16/22
USD
38.00
USD
57
1,467
General
Motors
Co.
..........................
33
09/16/22
USD
45.00
USD
105
495
Mosaic
Co.
(The)
............................
6
09/16/22
USD
70.00
USD
28
372
Pandora
A/S
...............................
4
09/16/22
DKK
696.25
DKK
180
86
Eli
Lilly
&
Co.
..............................
2
10/21/22
USD
330.00
USD
65
4,420
Invesco
DB
Agriculture
Fund
(a)
...................
38
10/21/22
USD
23.00
USD
77
1,425
Dynatrace,
Inc.
.............................
9
11/18/22
USD
45.00
USD
35
3,105
Generac
Holdings,
Inc.
........................
4
11/18/22
USD
280.00
USD
84
4,180
Commerzbank
AG
...........................
35
12/16/22
EUR
9.00
EUR
23
624
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
1
12/16/22
EUR
640.00
EUR
58
2,672
SAP
SE
..................................
5
12/16/22
USD
100.00
USD
45
2,175
Abbott
Laboratories
..........................
8
01/20/23
USD
125.00
USD
87
2,468
Adobe,
Inc.
................................
1
01/20/23
USD
480.00
USD
37
1,058
Align
Technology,
Inc.
.........................
2
01/20/23
USD
290.00
USD
47
4,310
Alphabet,
Inc.
..............................
1
01/20/23
USD
2,500.00
USD
219
12,100
Dynatrace,
Inc.
.............................
9
01/20/23
USD
45.00
USD
35
3,915
Eli
Lilly
&
Co.
..............................
3
01/20/23
USD
340.00
USD
97
7,568
Eli
Lilly
&
Co.
..............................
3
01/20/23
USD
320.00
USD
97
10,463
Glencore
plc
...............................
9
01/20/23
GBP
5.80
GBP
40
1,631
Humana,
Inc.
..............................
1
01/20/23
USD
500.00
USD
47
2,990
Intuit,
Inc.
.................................
1
01/20/23
USD
450.00
USD
39
2,390
NIKE,
Inc.
.................................
7
01/20/23
USD
135.00
USD
72
1,411
Otis
Worldwide
Corp.
.........................
9
01/20/23
USD
85.00
USD
64
1,328
Salesforce,
Inc.
.............................
5
01/20/23
USD
210.00
USD
83
3,363
Salesforce,
Inc.
.............................
5
01/20/23
USD
200.00
USD
83
4,513
ServiceNow,
Inc.
............................
2
01/20/23
USD
550.00
USD
95
8,090
SPDR
S&P
500
ETF
Trust
......................
20
01/20/23
USD
430.00
USD
755
13,690
XPO
Logistics,
Inc.
..........................
6
01/20/23
USD
57.50
USD
29
2,370
175,476
Put
iShares
Russell
2000
ETF
......................
10
07/01/22
USD
166.00
USD
169
380
Alibaba
Group
Holding
Ltd.
.....................
15
07/15/22
USD
85.00
USD
171
323
Clorox
Co.
(The)
............................
13
07/15/22
USD
120.00
USD
183
358
Coca-Cola
Co.
(The)
.........................
37
07/15/22
USD
60.00
USD
233
1,351
Coca-Cola
Co.
(The)
.........................
46
07/15/22
USD
57.50
USD
289
759
CommScope
Holding
Co.,
Inc.
...................
4
07/15/22
USD
6.00
USD
2
120
Consumer
Staples
Select
Sector
SPDR
Fund
.........
160
07/15/22
USD
68.00
USD
1,155
5,600
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
53
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Ford
Motor
Co.
.............................
13
07/15/22
USD
10.00
USD
14
$
143
Invesco
Senior
Loan
ETF
......................
6
07/15/22
USD
20.00
USD
12
105
iShares
China
Large-Cap
ETF
...................
117
07/15/22
USD
32.00
USD
397
3,920
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
3
07/15/22
USD
73.00
USD
22
273
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
7
07/15/22
USD
72.00
USD
52
420
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
53
07/15/22
USD
109.00
USD
583
4,055
iShares
Russell
2000
ETF
......................
5
07/15/22
USD
150.00
USD
85
195
iShares
Russell
2000
ETF
......................
11
07/15/22
USD
165.00
USD
186
2,998
iShares
Russell
2000
ETF
......................
31
07/15/22
USD
175.00
USD
525
23,901
Kraft
Heinz
Co.
(The)
.........................
109
07/15/22
USD
35.00
USD
416
1,526
Micron
Technology,
Inc.
.......................
10
07/15/22
USD
67.50
USD
55
12,875
Netflix,
Inc.
................................
3
07/15/22
USD
150.00
USD
52
407
Pitney
Bowes,
Inc.
...........................
4
07/15/22
USD
4.00
USD
1
170
Procter
&
Gamble
Co.
(The)
....................
23
07/15/22
USD
130.00
USD
331
644
Seagate
Technology
Holdings
plc
.................
4
07/15/22
USD
60.00
USD
29
106
SPDR
EURO
STOXX
50
ETF
...................
7
07/15/22
USD
32.00
USD
24
105
SPDR
S&P
500
ETF
Trust
......................
4
07/15/22
USD
360.00
USD
151
1,180
United
States
Steel
Corp.
......................
10
07/15/22
USD
17.00
USD
18
595
VanEck
Semiconductor
ETF
....................
3
07/15/22
USD
185.00
USD
61
473
VanEck
Semiconductor
ETF
....................
3
07/15/22
USD
180.00
USD
61
314
Anglo
American
plc
..........................
3
08/19/22
GBP
32.00
GBP
91
16,475
Apple,
Inc.
................................
37
08/19/22
USD
130.00
USD
506
17,945
BHP
Group
Ltd.
.............................
4
08/19/22
GBP
22.28
GBP
103
5,750
ConocoPhillips
.............................
16
08/19/22
USD
90.00
USD
144
11,160
FedEx
Corp.
...............................
12
08/19/22
USD
210.00
USD
272
7,770
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
59
08/19/22
USD
108.00
USD
649
8,408
iShares
MSCI
EAFE
ETF
......................
9
08/19/22
USD
51.00
USD
56
585
Kroger
Co.
(The)
............................
82
08/19/22
USD
45.00
USD
388
11,685
Procter
&
Gamble
Co.
(The)
....................
15
08/19/22
USD
135.00
USD
216
3,773
Rio
Tinto
plc
...............................
1
08/19/22
GBP
52.00
GBP
51
7,800
Sabre
Corp.
...............................
3
08/19/22
USD
5.00
USD
2
113
Xerox
Holdings
Corp.
.........................
5
08/19/22
USD
13.00
USD
7
197
U.S.
Treasury
10
Year
Note
.....................
18
08/26/22
USD
115.00
USD
1,800
8,156
Consumer
Staples
Select
Sector
SPDR
Fund
.........
128
09/16/22
USD
73.00
USD
924
38,720
Dollar
Tree,
Inc.
.............................
18
09/16/22
USD
145.00
USD
281
12,915
Exxon
Mobil
Corp.
...........................
10
09/16/22
USD
100.00
USD
86
16,975
Ford
Motor
Co.
.............................
4
09/16/22
USD
10.00
USD
4
236
Invesco
Senior
Loan
ETF
......................
7
09/16/22
USD
19.00
USD
14
228
Sherwin-Williams
Co.
(The)
.....................
2
09/16/22
USD
240.00
USD
45
4,450
Sabre
Corp.
...............................
2
10/21/22
USD
5.00
USD
1
122
Ally
Financial,
Inc.
...........................
4
12/16/22
USD
20.00
USD
13
230
Ford
Motor
Co.
.............................
6
12/16/22
USD
8.00
USD
7
249
SPDR
S&P
500
ETF
Trust
......................
27
12/16/22
USD
350.00
USD
1,019
42,890
ConocoPhillips
.............................
7
01/20/23
USD
90.00
USD
63
9,135
Energy
Select
Sector
SPDR
Fund
................
18
01/20/23
USD
65.00
USD
129
10,485
EQT
Corp.
................................
18
01/20/23
USD
35.00
USD
62
12,510
Exxon
Mobil
Corp.
...........................
8
01/20/23
USD
80.00
USD
69
6,020
Pioneer
Natural
Resources
Co.
..................
3
01/20/23
USD
210.00
USD
67
8,460
Valero
Energy
Corp.
..........................
6
01/20/23
USD
105.00
USD
64
9,300
336,038
$
511,514
(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
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
Bank
of
America
NA
—
07/14/22
CNH
7.00
USD
611
$
13
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
07/21/22
CNH
6.70
USD
704
3,371
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
54
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Options
Purchased
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EssilorLuxottica
SA
.......
JPMorgan
Chase
Bank
NA
564
09/16/22
EUR
200.00
EUR
81
$
29
Pioneer
Natural
Resources
Co.
Morgan
Stanley
&
Co.
International
plc
1,867
09/16/22
USD
290.00
USD
416
5,968
9,381
Put
EUR
Currency
...........
Bank
of
America
NA
—
07/11/22
USD
1.03
EUR
1,090
1,951
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
07/11/22
USD
1.01
EUR
1,090
311
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
07/21/22
CHF
1.00
EUR
880
6,905
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
07/29/22
CHF
0.99
EUR
880
4,732
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
08/12/22
USD
1.03
EUR
2,461
16,593
USD
Currency
...........
Royal
Bank
of
Canada
—
09/08/22
JPY
130.00
USD
1,076
10,254
40,746
$
50,127
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
%
CDX.NA.HY.38-V2
Quarterly
Citibank
NA
08/17/22
USD
91.00
USD
60
$
378
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
CDX.NA.HY.38-V2
Quarterly
Goldman
Sachs
International
07/20/22
USD
93.00
USD
75
213
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
CDX.NA.HY.38-V2
Quarterly
Citibank
NA
07/20/22
USD
94.00
USD
90
370
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
CDX.NA.HY.38-V2
Quarterly
Deutsche
Bank
AG
07/20/22
USD
95.00
USD
90
539
$
1,500
(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
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.52%
Semi-Annual
Citibank
07/05/22
1.52
%
USD
778
$
—
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.55%
Semi-Annual
Deutsche
Bank
07/06/22
1.55
USD
328
—
1-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
03/16/23
0.80
USD
10,341
1,801
1,801
Put
5-Year
Interest
Rate
Swap
(a)
.
2.91%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
07/05/22
2.91
USD
1,885
2,298
10-Year
Interest
Rate
Swap
(a)
0.42%
Annual
1
day
TONAR
Annual
BNP
Paribas
08/08/22
0.42
JPY
109,504
8,005
1-Year
Interest
Rate
Swap
(a)
.
2.47%
At
Termination
1
day
SONIA
At
Termination
Goldman
Sachs
04/03/23
2.47
GBP
3,719
31,755
42,058
$
43,859
(a)
Forward
settling
swaption.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
55
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Alcoa
Corp.
................................
9
07/15/22
USD
70.00
USD
41
$
(27)
Invesco
QQQ
Trust
1
..........................
23
07/15/22
USD
340.00
USD
645
(81)
Western
Digital
Corp.
..........................
9
07/15/22
USD
85.00
USD
40
(135)
U.S.
Treasury
10
Year
Note
......................
22
07/22/22
USD
120.00
USD
2,200
(7,563)
Alphabet,
Inc.
...............................
1
08/19/22
USD
2,500.00
USD
219
(3,365)
Amazon.com,
Inc.
............................
13
08/19/22
USD
125.00
USD
138
(2,431)
American
Tower
Corp.
.........................
3
08/19/22
USD
280.00
USD
77
(1,020)
Anglo
American
plc
...........................
1
08/19/22
GBP
41.00
GBP
30
(97)
Applied
Materials,
Inc.
.........................
3
08/19/22
USD
105.00
USD
27
(582)
Archer-Daniels-Midland
Co.
......................
5
08/19/22
USD
80.00
USD
39
(1,463)
Bank
of
America
Corp.
.........................
25
08/19/22
USD
35.00
USD
78
(1,050)
BHP
Group
Ltd.
..............................
2
08/19/22
GBP
28.51
GBP
52
(335)
Boston
Scientific
Corp.
.........................
17
08/19/22
USD
42.00
USD
63
(850)
CF
Industries
Holdings,
Inc.
......................
7
08/19/22
USD
95.00
USD
60
(2,520)
Comcast
Corp.
..............................
10
08/19/22
USD
42.50
USD
39
(590)
ConocoPhillips
..............................
13
08/19/22
USD
105.00
USD
117
(2,074)
ConocoPhillips
..............................
48
08/19/22
USD
120.00
USD
431
(2,280)
Costco
Wholesale
Corp.
........................
1
08/19/22
USD
510.00
USD
48
(925)
EQT
Corp.
.................................
18
08/19/22
USD
41.00
USD
62
(2,565)
Exxon
Mobil
Corp.
............................
6
08/19/22
USD
105.00
USD
51
(324)
Fortive
Corp.
................................
12
08/19/22
USD
60.00
USD
65
(810)
Home
Depot,
Inc.
(The)
........................
2
08/19/22
USD
300.00
USD
55
(905)
Home
Depot,
Inc.
(The)
........................
4
08/19/22
USD
325.00
USD
110
(414)
Mastercard,
Inc.
.............................
3
08/19/22
USD
350.00
USD
95
(1,523)
Microsoft
Corp.
..............................
9
08/19/22
USD
280.00
USD
231
(3,825)
Morgan
Stanley
..............................
6
08/19/22
USD
80.00
USD
46
(1,392)
Nice
Ltd.
..................................
3
08/19/22
USD
230.00
USD
58
(495)
Rio
Tinto
plc
................................
1
08/19/22
GBP
65.90
GBP
51
(146)
ServiceNow,
Inc.
.............................
1
08/19/22
USD
550.00
USD
48
(1,135)
Starbucks
Corp.
.............................
5
08/19/22
USD
80.00
USD
38
(1,305)
TE
Connectivity
Ltd.
...........................
4
08/19/22
USD
125.00
USD
45
(756)
Thermo
Fisher
Scientific,
Inc.
.....................
1
08/19/22
USD
580.00
USD
54
(1,240)
United
Parcel
Service,
Inc.
......................
4
08/19/22
USD
190.00
USD
73
(2,450)
Valero
Energy
Corp.
...........................
7
08/19/22
USD
125.00
USD
74
(1,729)
Vulcan
Materials
Co.
..........................
4
08/19/22
USD
160.00
USD
57
(860)
Walt
Disney
Co.
(The)
.........................
4
08/19/22
USD
105.00
USD
38
(772)
Exxon
Mobil
Corp.
............................
10
09/16/22
USD
115.00
USD
86
(360)
General
Motors
Co.
...........................
33
09/16/22
USD
52.50
USD
105
(132)
Pioneer
Natural
Resources
Co.
...................
8
09/16/22
USD
295.00
USD
178
(3,140)
Invesco
DB
Agriculture
Fund
(a)
....................
38
10/21/22
USD
27.00
USD
77
(285)
AbbVie,
Inc.
................................
8
01/20/23
USD
165.00
USD
123
(5,300)
ConocoPhillips
..............................
7
01/20/23
USD
125.00
USD
63
(2,030)
EQT
Corp.
.................................
18
01/20/23
USD
50.00
USD
62
(4,410)
Exxon
Mobil
Corp.
............................
8
01/20/23
USD
110.00
USD
69
(1,976)
LyondellBasell
Industries
NV
.....................
11
01/20/23
USD
124.80
USD
96
(715)
Merck
&
Co.,
Inc.
.............................
13
01/20/23
USD
100.00
USD
119
(3,900)
Pioneer
Natural
Resources
Co.
...................
3
01/20/23
USD
300.00
USD
67
(1,470)
Valero
Energy
Corp.
...........................
6
01/20/23
USD
150.00
USD
64
(2,295)
(76,047)
Put
iShares
Russell
2000
ETF
.......................
10
07/01/22
USD
161.00
USD
169
(25)
Alcoa
Corp.
................................
9
07/15/22
USD
45.00
USD
41
(2,084)
Alibaba
Group
Holding
Ltd.
......................
23
07/15/22
USD
70.00
USD
261
(115)
Alphabet,
Inc.
...............................
1
07/15/22
USD
2,000.00
USD
219
(1,745)
Alphabet,
Inc.
...............................
1
07/15/22
USD
1,800.00
USD
219
(323)
Apple,
Inc.
.................................
7
07/15/22
USD
125.00
USD
96
(613)
Coca-Cola
Co.
(The)
..........................
37
07/15/22
USD
55.00
USD
233
(389)
Coca-Cola
Co.
(The)
..........................
46
07/15/22
USD
52.50
USD
289
(299)
Compagnie
Financiere
Richemont
SA
...............
8
07/15/22
CHF
100.00
CHF
81
(2,791)
Consumer
Staples
Select
Sector
SPDR
Fund
..........
160
07/15/22
USD
63.00
USD
1,155
(2,880)
Freeport-McMoRan,
Inc.
........................
21
07/15/22
USD
32.00
USD
61
(6,983)
Invesco
QQQ
Trust
1
..........................
6
07/15/22
USD
260.00
USD
168
(1,239)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
56
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Invesco
QQQ
Trust
1
..........................
8
07/15/22
USD
265.00
USD
224
$
(2,352)
iShares
China
Large-Cap
ETF
....................
117
07/15/22
USD
29.00
USD
397
(585)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
10
07/15/22
USD
67.00
USD
74
(125)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
54
07/15/22
USD
77.00
USD
397
(20,655)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
53
07/15/22
USD
105.00
USD
583
(610)
iShares
Russell
2000
ETF
.......................
3
07/15/22
USD
145.00
USD
51
(65)
iShares
Russell
2000
ETF
.......................
5
07/15/22
USD
130.00
USD
85
(33)
Kraft
Heinz
Co.
(The)
..........................
109
07/15/22
USD
32.50
USD
416
(491)
Micron
Technology,
Inc.
........................
20
07/15/22
USD
60.00
USD
111
(11,600)
Netflix,
Inc.
.................................
3
07/15/22
USD
125.00
USD
52
(63)
NIKE,
Inc.
..................................
7
07/15/22
USD
95.00
USD
72
(679)
Procter
&
Gamble
Co.
(The)
.....................
23
07/15/22
USD
115.00
USD
331
(437)
Raymond
James,
Inc.
..........................
8
07/15/22
USD
85.00
USD
72
(1,020)
Sociedad
Quimica
y
Minera
de
Chile
SA
.............
5
07/15/22
USD
60.00
USD
42
(75)
SPDR
S&P
500
ETF
Trust
.......................
4
07/15/22
USD
345.00
USD
151
(424)
VanEck
Semiconductor
ETF
.....................
3
07/15/22
USD
165.00
USD
61
(98)
VanEck
Semiconductor
ETF
.....................
3
07/15/22
USD
160.00
USD
61
(65)
Alphabet,
Inc.
...............................
1
08/19/22
USD
1,900.00
USD
219
(4,225)
Amazon.com,
Inc.
............................
10
08/19/22
USD
90.00
USD
106
(2,655)
Anglo
American
plc
...........................
3
08/19/22
GBP
28.69
GBP
91
(8,557)
Apple,
Inc.
.................................
15
08/19/22
USD
120.00
USD
205
(3,630)
Apple,
Inc.
.................................
56
08/19/22
USD
115.00
USD
766
(9,016)
BHP
Group
Ltd.
..............................
4
08/19/22
GBP
19.60
GBP
103
(2,131)
ConocoPhillips
..............................
16
08/19/22
USD
75.00
USD
144
(3,152)
CSX
Corp.
.................................
31
08/19/22
USD
30.00
USD
90
(5,658)
Eli
Lilly
&
Co.
...............................
5
08/19/22
USD
260.00
USD
162
(995)
FedEx
Corp.
................................
12
08/19/22
USD
180.00
USD
272
(2,058)
Generac
Holdings,
Inc.
.........................
3
08/19/22
USD
220.00
USD
63
(7,710)
Halliburton
Co.
..............................
21
08/19/22
USD
30.00
USD
66
(4,232)
Home
Depot,
Inc.
(The)
........................
4
08/19/22
USD
250.00
USD
110
(2,330)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
36
08/19/22
USD
72.00
USD
265
(5,436)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
59
08/19/22
USD
103.00
USD
649
(2,626)
Kroger
Co.
(The)
.............................
82
08/19/22
USD
40.00
USD
388
(3,280)
Mercedes-Benz
Group
AG
......................
15
08/19/22
EUR
60.00
EUR
83
(9,471)
Microsoft
Corp.
..............................
3
08/19/22
USD
220.00
USD
77
(939)
Microsoft
Corp.
..............................
8
08/19/22
USD
215.00
USD
205
(2,052)
Northrop
Grumman
Corp.
.......................
3
08/19/22
USD
400.00
USD
144
(923)
Procter
&
Gamble
Co.
(The)
.....................
15
08/19/22
USD
120.00
USD
216
(1,170)
Rio
Tinto
plc
................................
1
08/19/22
GBP
46.01
GBP
51
(3,257)
U.S.
Treasury
10
Year
Note
......................
36
08/26/22
USD
113.00
USD
3,600
(6,750)
Albemarle
Corp.
.............................
7
09/16/22
USD
180.00
USD
146
(6,930)
Amazon.com,
Inc.
............................
10
09/16/22
USD
85.00
USD
106
(2,505)
Consumer
Staples
Select
Sector
SPDR
Fund
..........
128
09/16/22
USD
66.00
USD
924
(24,256)
Crowdstrike
Holdings,
Inc.
.......................
2
09/16/22
USD
110.00
USD
34
(598)
Dollar
Tree,
Inc.
..............................
18
09/16/22
USD
125.00
USD
281
(4,986)
Domino's
Pizza,
Inc.
...........................
2
09/16/22
USD
300.00
USD
78
(740)
Energy
Select
Sector
SPDR
Fund
.................
9
09/16/22
USD
75.00
USD
64
(6,705)
Exxon
Mobil
Corp.
............................
10
09/16/22
USD
90.00
USD
86
(9,300)
Fortinet,
Inc.
................................
5
09/16/22
USD
42.00
USD
28
(513)
General
Motors
Co.
...........................
18
09/16/22
USD
30.00
USD
57
(3,753)
General
Motors
Co.
...........................
33
09/16/22
USD
32.00
USD
105
(9,834)
Okta,
Inc.
..................................
4
09/16/22
USD
55.00
USD
36
(700)
Palo
Alto
Networks,
Inc.
........................
1
09/16/22
USD
350.00
USD
49
(545)
Pandora
A/S
................................
4
09/16/22
DKK
550.00
DKK
179
(6,467)
Splunk,
Inc.
................................
3
09/16/22
USD
75.00
USD
27
(1,305)
Zscaler,
Inc.
................................
3
09/16/22
USD
100.00
USD
45
(1,245)
Eli
Lilly
&
Co.
...............................
2
10/21/22
USD
260.00
USD
65
(1,005)
Invesco
DB
Agriculture
Fund
(a)
....................
38
10/21/22
USD
19.00
USD
77
(1,520)
Dynatrace,
Inc.
..............................
9
11/18/22
USD
35.00
USD
35
(3,015)
Generac
Holdings,
Inc.
.........................
4
11/18/22
USD
200.00
USD
84
(10,120)
Commerzbank
AG
............................
35
12/16/22
EUR
7.20
EUR
23
(4,255)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.............
1
12/16/22
EUR
520.00
EUR
58
(3,060)
SAP
SE
...................................
5
12/16/22
USD
80.00
USD
45
(1,875)
SPDR
S&P
500
ETF
Trust
.......................
41
12/16/22
USD
310.00
USD
1,547
(31,017)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
57
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Abbott
Laboratories
...........................
8
01/20/23
USD
105.00
USD
87
$
(5,700)
Adobe,
Inc.
.................................
1
01/20/23
USD
400.00
USD
37
(6,028)
Align
Technology,
Inc.
..........................
2
01/20/23
USD
230.00
USD
47
(7,170)
Alphabet,
Inc.
...............................
1
01/20/23
USD
2,000.00
USD
219
(14,060)
Alphabet,
Inc.
...............................
1
01/20/23
USD
1,600.00
USD
219
(4,685)
Amazon.com,
Inc.
............................
20
01/20/23
USD
80.00
USD
212
(7,800)
Apple,
Inc.
.................................
13
01/20/23
USD
100.00
USD
178
(3,965)
Dynatrace,
Inc.
..............................
9
01/20/23
USD
35.00
USD
35
(3,600)
Eli
Lilly
&
Co.
...............................
3
01/20/23
USD
280.00
USD
97
(4,253)
Eli
Lilly
&
Co.
...............................
3
01/20/23
USD
260.00
USD
97
(2,888)
Glencore
plc
................................
9
01/20/23
GBP
4.50
GBP
40
(6,867)
Humana,
Inc.
...............................
1
01/20/23
USD
390.00
USD
47
(1,655)
Intuit,
Inc.
..................................
1
01/20/23
USD
370.00
USD
39
(3,940)
Microsoft
Corp.
..............................
7
01/20/23
USD
200.00
USD
180
(4,393)
NIKE,
Inc.
..................................
7
01/20/23
USD
110.00
USD
72
(10,535)
Otis
Worldwide
Corp.
..........................
9
01/20/23
USD
65.00
USD
64
(3,465)
Salesforce,
Inc.
..............................
10
01/20/23
USD
160.00
USD
165
(17,300)
ServiceNow,
Inc.
.............................
2
01/20/23
USD
450.00
USD
95
(10,700)
XPO
Logistics,
Inc.
...........................
6
01/20/23
USD
45.00
USD
29
(3,330)
(409,699)
$
(485,746)
(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
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
07/21/22
CNH
6.90
USD
704
$
(204)
EssilorLuxottica
SA
..........
JPMorgan
Chase
Bank
NA
564
09/16/22
EUR
225.00
EUR
81
(2)
Pioneer
Natural
Resources
Co.
..
Morgan
Stanley
&
Co.
International
plc
1,867
09/16/22
USD
320.00
USD
416
(4,272)
(4,478)
Put
EUR
Currency
..............
Bank
of
America
NA
—
07/11/22
USD
1.01
EUR
1,090
(311)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
07/21/22
CHF
1.00
EUR
880
(6,905)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
07/29/22
CHF
0.97
EUR
880
(1,559)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
08/12/22
USD
1.00
EUR
1,231
(2,848)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
08/12/22
USD
1.00
EUR
1,231
(3,131)
USD
Currency
..............
Royal
Bank
of
Canada
—
09/08/22
JPY
125.00
USD
1,076
(4,421)
EssilorLuxottica
SA
..........
JPMorgan
Chase
Bank
NA
564
09/16/22
EUR
160.00
EUR
81
(11,802)
Pioneer
Natural
Resources
Co.
..
Morgan
Stanley
&
Co.
International
plc
1,867
09/16/22
USD
230.00
USD
416
(47,088)
S&P
500
Index
.............
Citibank
NA
462,500
09/16/22
USD
3,700.00
USD
1,750,738
(17,938)
(96,003)
$
(100,481)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Call
Sold
Protection
on
5-Year
Credit
Default
Swap
5.00
%
CDX.NA.HY.38-V2
Quarterly
JPMorgan
Chase
Bank
NA
09/21/22
NR
USD
103.00
USD
287
$
(304)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
58
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Credit
Default
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
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.HY.38-V2
5.00
%
Quarterly
Goldman
Sachs
International
07/20/22
NR
USD
88.00
USD
75
$
(36)
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.HY.38-V2
5.00
Quarterly
Citibank
NA
07/20/22
NR
USD
89.00
USD
90
(71)
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.HY.38-V2
5.00
Quarterly
Deutsche
Bank
AG
07/20/22
NR
USD
90.00
USD
90
(94)
(201)
$
(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.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
2-Year
Interest
Rate
Swap
(a)
.
1.40%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
1.40
%
USD
3,793
$
(3,797)
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
(1,118)
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
(1,415)
(6,330)
Put
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.20%
Semi-Annual
Goldman
Sachs
International
08/12/22
3.20
USD
451
(1,861)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.23%
Semi-Annual
Citibank
NA
08/17/22
3.23
USD
864
(3,686)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.10%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
08/24/22
3.10
USD
1,767
(13,327)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.00%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
08/31/22
3.00
USD
1,824
(20,237)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.45%
Semi-Annual
Citibank
NA
09/23/22
3.45
USD
1,282
(6,060)
5-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.91%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
10/04/22
2.91
USD
1,885
(21,720)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.20%
Semi-Annual
Goldman
Sachs
International
11/23/22
3.20
USD
846
(11,451)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.35%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/08/22
3.35
USD
1,816
(20,291)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
2.60
USD
3,793
(49,025)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.70%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
2.70
USD
3,793
(44,745)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.27%
Semi-Annual
Goldman
Sachs
International
03/23/23
3.27
USD
2,825
(50,947)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.28%
Semi-Annual
Goldman
Sachs
International
03/24/23
3.28
USD
916
(16,329)
1-Year
Interest
Rate
Swap
(a)
.
1
day
SONIA
At
Termination
3.22%
At
Termination
Goldman
Sachs
International
04/03/23
3.22
GBP
7,439
(34,636)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.40%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/06/23
3.40
USD
942
(14,770)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
59
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.45%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/18/23
3.45
%
USD
926
$
(14,008)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.75%
Semi-Annual
Citibank
NA
05/05/23
3.75
USD
902
(9,722)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.57%
Semi-Annual
Goldman
Sachs
International
05/11/23
3.57
USD
1,711
(23,426)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.67%
Semi-Annual
Citibank
NA
06/23/23
3.67
USD
855
(11,304)
(367,545)
$
(373,875)
(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.36.V1
...................
1.00
%
Quarterly
06/20/26
USD
522
$
(2,418)
$
(8,420)
$
6,002
Avis
Budget
Car
Rental  LLC
............
5.00
Quarterly
12/20/26
USD
90
1,094
(11,637)
12,731
CDX.NA.HY.37.V2
...................
5.00
Quarterly
12/20/26
USD
87
1,064
(2,970)
4,034
$
(260)
$
(23,027)
$
22,767
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.EUROPE.
CROSSOVER.34.V2
.
5.00
%
Quarterly
12/20/25
NR
EUR
149
$
578
$
13,390
$
(12,812)
ITRAXX.EUROPE.
CROSSOVER.35.V1
.
5.00
Quarterly
06/20/26
NR
EUR
391
(3,483)
46,666
(50,149)
ITRAXX.EUROPE.
CROSSOVER.36.V1
.
5.00
Quarterly
12/20/26
NR
EUR
205
(3,617)
24,352
(27,969)
CDX.NA.HY.38.V2
.....
5.00
Quarterly
06/20/27
NR
USD
1,316
(36,215)
(24,301)
(11,914)
$
(42,737)
$
60,107
$
(102,844)
(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
LIBOR
Quarterly
0.88%
Semi-Annual
N/A
08/17/22
USD
203
$
144
$
(90)
$
234
28
day
MXIBTIIE
Monthly
4.42%
Monthly
N/A
02/28/23
MXN
7,323
(11,599)
—
(11,599)
28
day
MXIBTIIE
Monthly
4.50%
Monthly
N/A
03/03/23
MXN
7,321
(11,477)
—
(11,477)
28
day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(19,634)
—
(19,634)
28
day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(18,951)
—
(18,951)
1
day
SOFR
Annual
2.65%
Annual
N/A
05/02/24
USD
10,966
(40,872)
2,620
(43,492)
0.53%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/06/24
USD
1,612
82,245
—
82,245
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
60
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.00%
Annual
1
day
SOFR
Annual
02/17/23
(a)
02/17/25
USD
1,067
$
19,559
$
—
$
19,559
2.72%
Annual
1
day
SOFR
Annual
N/A
05/02/25
USD
13,742
19,439
(3,790)
23,229
28
day
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
4,339
(19,429)
—
(19,429)
28
day
MXIBTIIE
Monthly
6.43%
Monthly
N/A
08/13/26
MXN
5,991
(27,348)
—
(27,348)
28
day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
5,959
(26,813)
—
(26,813)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
4,857
(22,286)
—
(22,286)
28
day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
2,947
(13,393)
—
(13,393)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
4,376
(20,136)
—
(20,136)
1
day
SOFR
Annual
2.67%
Annual
N/A
05/02/27
USD
988
(2,102)
(726)
(1,376)
1.08%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/30
USD
90
12,554
12,090
464
0.02%
Annual
6
month
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
762
138,688
—
138,688
1
day
SOFR
Annual
2.65%
Annual
N/A
05/02/32
USD
6,318
(58,332)
5,716
(64,048)
2.58%
Annual
1
day
SOFR
Annual
N/A
05/24/32
USD
1,169
19,489
(1,160)
20,649
2.60%
Annual
1
day
SOFR
Annual
N/A
05/26/32
USD
190
2,860
—
2,860
2.61%
Annual
1
day
SOFR
Annual
N/A
05/02/42
USD
143
4,742
347
4,395
2.43%
Annual
1
day
SOFR
Annual
N/A
05/02/52
USD
4,377
180,203
(9,730)
189,933
$
187,551
$
5,277
$
182,274
(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
$
1,215
$
3,780
$
(2,565)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
06/20/27
USD
10
231
147
84
Ford
Motor
Co.
...........
5.00
Quarterly
Citibank
NA
06/20/27
USD
10
(238)
(262)
24
Ford
Motor
Co.
...........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
10
(237)
(591)
354
Ford
Motor
Co.
...........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
5
(118)
(450)
332
Ford
Motor
Co.
...........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
10
(237)
(996)
759
United
States
Steel
Corp.
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
USD
10
851
(689)
1,540
$
–
$
–
$
–
$
1,467
$
939
$
528
$
–
$
–
$
–
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
9.39%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,166
$
(31,920)
$
—
$
(31,920)
1
day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,362
(34,396)
—
(34,396)
1
day
BZDIOVER
At
Termination
9.54%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,354
(32,589)
—
(32,589)
$
(98,905)
$
—
$
(98,905)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
61
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
minus
1.20%
.........
At
Termination
SPDR®
Bloomberg
High
Yield
Bond
ETF
At
Termination
Citibank
NA
07/15/22
USD
2
$
617
$
—
$
617
1
day
SOFR
minus
2.10%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
07/15/22
USD
5
2,838
—
2,838
1
day
SOFR
minus
2.25%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
07/15/22
USD
4
(7,387)
—
(7,387)
1
day
SOFR
minus
2.25%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
07/15/22
USD
3
1,601
—
1,601
1
day
SOFR
minus
2.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Merrill
Lynch
International
&
Co.
07/15/22
USD
2
(4,058)
—
(4,058)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1
day
SOFR
minus
0.90%
At
Termination
Citibank
NA
07/19/22
USD
1
3,047
—
3,047
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
Quarterly
1
day
SOFR
minus
0.90%
At
Termination
Citibank
NA
07/19/22
USD
2
6,228
—
6,228
Universal
Health
Services,
Inc.
....
Quarterly
1
day
SOFR
minus
0.07%
Quarterly
BNP
Paribas
SA
08/10/22
—
20
—
20
Universal
Health
Services,
Inc.
....
At
Termination
1
day
SOFR
minus
0.08%
At
Termination
BNP
Paribas
SA
08/10/22
—
9
—
9
PPG
Industries,
Inc.
..
Quarterly
1
day
SOFR
minus
0.08%
Quarterly
BNP
Paribas
SA
09/02/22
USD
—
2,021
—
2,021
PPG
Industries,
Inc.
..
Quarterly
1
day
SOFR
minus
0.13%
Quarterly
BNP
Paribas
SA
09/02/22
USD
—
2,326
—
2,326
Sherwin-Williams
Co.
(The)
..........
Quarterly
1
day
SOFR
minus
0.08%
Quarterly
BNP
Paribas
SA
09/02/22
USD
—
3,204
—
3,204
Sherwin-Williams
Co.
(The)
..........
Quarterly
1
day
SOFR
minus
0.10%
Quarterly
BNP
Paribas
SA
09/02/22
USD
—
275
—
275
1
day
SOFR
minus
0.90%
.........
At
Termination
SPDR®
Bloomberg
High
Yield
Bond
ETF
At
Termination
Citibank
NA
09/16/22
USD
1
299
—
299
1
day
SOFR
minus
1.25%
.........
At
Termination
SPDR®
Bloomberg
High
Yield
Bond
ETF
At
Termination
BNP
Paribas
SA
09/16/22
USD
4
(3,703)
—
(3,703)
1
day
SOFR
minus
1.60%
.........
Quarterly
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Quarterly
Goldman
Sachs
International
09/16/22
USD
3
(555)
—
(555)
1
day
SOFR
minus
1.65%
.........
Quarterly
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Quarterly
BNP
Paribas
SA
09/16/22
USD
3
(636)
—
(636)
1
day
SOFR
minus
1.75%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Merrill
Lynch
International
&
Co.
09/16/22
USD
1
(2,049)
—
(2,049)
1
day
SOFR
minus
1.85%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Quarterly
JPMorgan
Chase
Bank
NA
09/16/22
USD
1
(294)
—
(294)
Snap,
Inc.
.........
At
Termination
1
day
SOFR
minus
0.18%
At
Termination
BNP
Paribas
SA
09/16/22
USD
2
(1,427)
—
(1,427)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
62
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
(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
$(2,862)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$621
of
net
dividends
and
financing
fees.
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Pitney
Bowes,
Inc.
...
Quarterly
1
day
SOFR
minus
0.25%
Quarterly
Citibank
NA
12/27/22
USD
—
$
46
$
—
$
46
$
2,422
$
—
$
2,422
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
$
(407,811)
$
(11,729)
(c)
$
(416,678)
0.3
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
(726,004)
54,419
(e)
(672,206)
0.5
$
42,690
$
(1,088,884)
(b)
(d)
Range:
18-507
basis
points
15-250
basis
points
Benchmarks:
USD
Overnight
Bank
Funding
Rate
USD
Overnight
Bank
Funding
Rate
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
period
end,
termination
dates
January
25,
2021-May
31,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
China
Bilibili,
Inc.,
Class
Z
........
(740)
$
(18,971)
4.5
%
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
......
(3,000)
(5,814)
1.4
China
Overseas
Land
&
Investment
Ltd.
........
(6,000)
(19,086)
4.6
China
Vanke
Co.
Ltd.,
Class
H
(10,200)
(25,681)
6.2
Kuaishou
Technology
.......
(1,000)
(11,239)
2.7
Longfor
Group
Holdings
Ltd.
..
(3,000)
(14,268)
3.4
Microport
Scientific
Corp.
....
(4,201)
(12,197)
2.9
Prosus
NV
..............
(148)
(9,583)
2.3
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
(400)
(6,559)
1.6
Shares
Value
%
of
Basket
Value
China
(continued)
Xinyi
Solar
Holdings
Ltd.
....
(4,000)
$
(6,198)
1.5
%
(129,596)
Finland
Sampo
OYJ,
Class
A
.......
(251)
(10,969)
2.6
Germany
Beiersdorf
AG
............
(195)
(20,010)
4.8
Italy
Leonardo
SpA
...........
(572)
(5,804)
1.4
Nexi
SpA
...............
(648)
(5,381)
1.3
(11,185)
Japan
Open
House
Group
Co.
Ltd.
..
(300)
(11,942)
2.9
South
Korea
Celltrion
Healthcare
Co.
Ltd.
..
(321)
(17,038)
4.1
HYBE
Co.
Ltd.
...........
(60)
(6,739)
1.6
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
63
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Shares
Value
%
of
Basket
Value
South
Korea
(continued)
NCSoft
Corp.
............
(20)
$
(5,399)
1.3
%
(29,176)
Spain
Ferrovial
SA
.............
(258)
(6,564)
1.6
Sweden
Fastighets
AB
Balder,
Class
B
.
(754)
(3,612)
0.9
Sagax
AB,
Class
B
........
(212)
(3,930)
0.9
Sweco
AB,
Class
B
........
(277)
(2,887)
0.7
(10,429)
United
Kingdom
BT
Group
plc
............
(2,485)
(5,648)
1.3
Just
Eat
Takeaway.com
NV
...
(745)
(11,707)
2.8
Rolls-Royce
Holdings
plc
....
(8,171)
(8,315)
2.0
(25,670)
United
States
Caesars
Entertainment,
Inc.
..
(148)
(5,668)
1.3
CarMax,
Inc.
............
(178)
(16,105)
3.9
Coinbase
Global,
Inc.,
Class
A
(50)
(2,351)
0.6
Lamb
Weston
Holdings,
Inc.
..
(133)
(9,504)
2.3
Leidos
Holdings,
Inc.
.......
(113)
(11,380)
2.7
Lennar
Corp.,
Class
A
......
(105)
(7,410)
1.8
Martin
Marietta
Materials,
Inc.
.
(39)
(11,670)
2.8
Norwegian
Cruise
Line
Holdings
Ltd.
................
(1,254)
(13,944)
3.3
Paramount
Global,
Class
B
...
(541)
(13,352)
3.2
PulteGroup,
Inc.
..........
(558)
(22,114)
5.3
Quanta
Services,
Inc.
......
(70)
(8,774)
2.1
Teledyne
Technologies,
Inc.
..
(34)
(12,754)
3.1
Viatris,
Inc.
..............
(1,067)
(11,172)
2.7
Westinghouse
Air
Brake
Technologies
Corp.
......
(182)
(14,939)
3.6
(161,137)
Total
Reference
Entity
—
Short
............
(416,678)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(416,678)
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
period
end,
termination
date
February
8,
2023:
Reference
Entity
—
Short
Common
Stocks
Australia
Allkem
Ltd.
..............
(1,341)
(9,591)
1.4
AMP
Ltd.
...............
(9,292)
(6,138)
0.9
IDP
Education
Ltd.
........
(859)
(14,066)
2.1
Pilbara
Minerals
Ltd.
.......
(5,329)
(8,477)
1.3
(38,272)
Brazil
Localiza
Rent
a
Car
SA
.....
(1,253)
(12,541)
1.9
Magazine
Luiza
SA
........
(32,988)
(14,876)
2.2
Raia
Drogasil
SA
.........
(1,153)
(4,241)
0.6
(31,658)
China
Alibaba
Health
Information
Technology
Ltd.
........
(6,000)
(4,169)
0.6
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(10,000)
(5,798)
0.9
Country
Garden
Holdings
Co.
Ltd.
................
(34,681)
(21,644)
3.2
Shares
Value
%
of
Basket
Value
China
(continued)
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
$
(4,047)
0.6
%
Geely
Automobile
Holdings
Ltd.
(5,000)
(11,452)
1.7
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(6,000)
(10,419)
1.6
Xiaomi
Corp.,
Class
B
......
(23,200)
(40,592)
6.0
(98,121)
France
Alstom
SA
..............
(475)
(10,846)
1.6
Germany
Rheinmetall
AG
..........
(27)
(6,231)
0.9
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
(4,000)
(28,421)
4.2
Italy
Telecom
Italia
SpA
........
(67,295)
(17,645)
2.6
Japan
Hitachi
Metals
Ltd.
........
(500)
(7,569)
1.1
Kobe
Bussan
Co.
Ltd.
......
(300)
(7,374)
1.1
Mitsui
Fudosan
Co.
Ltd.
.....
(300)
(6,446)
1.0
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(1,000)
(4,183)
0.6
(25,572)
Macau
Galaxy
Entertainment
Group
Ltd.
................
(1,000)
(5,990)
0.9
Netherlands
Aegon
NV
..............
(3,378)
(14,548)
2.2
Poland
CD
Projekt
SA
...........
(660)
(14,180)
2.1
InPost
SA
..............
(1,127)
(6,530)
1.0
(20,710)
Saudi
Arabia
Delivery
Hero
SE
.........
(362)
(13,657)
2.0
South
Africa
Capitec
Bank
Holdings
Ltd.
...
(62)
(7,599)
1.1
South
Korea
Iljin
Materials
Co.
Ltd.
......
(133)
(7,199)
1.1
POSCO
Chemical
Co.
Ltd.
...
(239)
(19,793)
2.9
(26,992)
Switzerland
Vifor
Pharma
AG
..........
(92)
(15,949)
2.4
Taiwan
Sea
Ltd.,
ADR
...........
(60)
(4,012)
0.6
United
Kingdom
Informa
plc
..............
(1,553)
(10,033)
1.5
Ocado
Group
plc
.........
(1,164)
(11,096)
1.7
(21,129)
United
States
Analog
Devices,
Inc.
.......
(91)
(13,294)
2.0
Cognizant
Technology
Solutions
Corp.,
Class
A
.........
(211)
(14,240)
2.1
Coterra
Energy,
Inc.
.......
(380)
(9,800)
1.5
DISH
Network
Corp.,
Class
A
.
(1,612)
(28,903)
4.3
Dollar
General
Corp.
.......
(76)
(18,654)
2.8
Dollar
Tree,
Inc.
..........
(172)
(26,806)
4.0
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
64
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Shares
Value
%
of
Basket
Value
United
States
(continued)
DXC
Technology
Co.
.......
(788)
$
(23,884)
3.6
%
Fiserv,
Inc.
..............
(168)
(14,947)
2.2
International
Business
Machines
Corp.
...............
(199)
(28,097)
4.2
Marvell
Technology,
Inc.
.....
(183)
(7,966)
1.2
Match
Group,
Inc.
.........
(130)
(9,060)
1.3
PACCAR,
Inc.
...........
(64)
(5,270)
0.8
PerkinElmer,
Inc.
.........
(59)
(8,391)
1.2
Shares
Value
%
of
Basket
Value
United
States
(continued)
Ross
Stores,
Inc.
.........
(366)
$
(25,704)
3.8
%
STERIS
plc
.............
(170)
(35,046)
5.2
Zoom
Video
Communications,
Inc.,
Class
A
...........
(137)
(14,792)
2.2
(284,854)
Total
Reference
Entity
—
Short
............
(672,206)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(672,206)
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
0.05
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
1.09
1
day
SONIA
.........................................
Sterling
Overnight
Index
Average
1.19
1
day
TONAR
........................................
Tokyo
Overnight
Average
Rate
(0.01)
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
8.03
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
2.29
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
0.26
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
105,181
$
(62,824)
$
505,023
$
(402,826)
$
—
OTC
Swaps
.....................................................
3,927
(2,988)
80,043
(133,308)
—
Options
Written
...................................................
N/A
N/A
246,955
(298,667)
(960,607)
(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.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
65
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
6,730
$
—
$
189,907
$
—
$
196,637
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
494,259
—
—
494,259
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
1,500
482,199
44,481
79,171
—
607,351
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
22,767
—
—
482,256
—
505,023
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
7,020
76,950
—
—
—
83,970
$
—
$
31,287
$
565,879
$
538,740
$
751,334
$
—
$
1,887,240
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
91,617
—
210,168
—
301,785
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
368,102
—
—
368,102
Options
written
(b)
Options
written
at
value
.....................
—
505
552,535
19,379
388,188
—
960,607
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
102,844
—
—
299,982
—
402,826
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
5,553
31,838
—
98,905
—
136,296
$
—
$
108,902
$
675,990
$
387,481
$
997,243
$
—
$
2,169,616
(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.
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
2,644,997
$
—
$
(1,733,072)
$
(37)
$
911,888
Forward
foreign
currency
exchange
contracts
....
—
—
—
(2,059,612)
—
—
(2,059,612)
Options
purchased
(a)
....................
—
(4,135)
(664,381)
(15,515)
(80,735)
1,284
(763,482)
Options
written
........................
—
1,661
549,290
48,926
(3,162)
3,091
599,806
Swaps
..............................
—
(5,495)
317,171
—
1,631,998
1
1,943,675
$
—
$
(7,969)
$
2,847,077
$
(2,026,201)
$
(184,971)
$
4,339
$
632,275
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
105,758
$
—
$
(25,033)
$
—
$
80,725
Forward
foreign
currency
exchange
contracts
....
—
—
—
194,782
—
—
194,782
Options
purchased
(b)
....................
—
1,047
(72,308)
10,496
(7,229)
—
(67,994)
Options
written
........................
—
874
(111,131)
(6,921)
(143,807)
—
(260,985)
Swaps
..............................
—
(68,700)
54,001
—
(511,939)
—
(526,638)
$
—
$
(66,779)
$
(23,680)
$
198,357
$
(688,008)
$
—
$
(580,110)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
66
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
39,076,283
Average
notional
value
of
contracts
—
short
.................................................................................
$
29,968,365
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
17,219,914
Average
amounts
sold
—
in
USD
........................................................................................
$
29,777,095
Options
Average
value
of
option
contracts
purchased
................................................................................
$
649,163
Average
value
of
option
contracts
written
...................................................................................
$
548,492
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
16,920,579
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
51,095,771
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
962,853
Average
notional
value
—
sell
protection
...................................................................................
$
1,777,576
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
53,103,448
Average
notional
value
—
receives
fixed
rate
................................................................................
$
44,296,243
Total
return
swaps
Average
notional
value
...............................................................................................
$
160,943
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
347,714
$
220,562
Forward
foreign
currency
exchange
contracts
.................................................................
494,259
368,102
Options
(a)(b)
........................................................................................
607,351
960,607
Swaps
—
centrally
cleared
..............................................................................
—
60,048
Swaps
—
OTC
(c)
....................................................................................
83,970
136,296
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,533,294
$
1,745,615
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(859,228)
(766,356)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
674,066
$
979,259
(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.
(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
..............................
$
30,215
$
(30,215)
$
—
$
—
$
—
Barclays
Bank
plc
................................
24,340
(16,959)
—
—
7,381
BNP
Paribas
SA
.................................
56,657
(13,153)
—
—
43,504
Citibank
NA
....................................
20,042
(20,042)
—
—
—
Deutsche
Bank
AG
...............................
36,114
(27,662)
—
—
8,452
Goldman
Sachs
International
........................
34,806
(34,806)
—
—
—
HSBC
Bank
plc
..................................
73,831
(21,902)
—
—
51,929
JPMorgan
Chase
Bank
NA
..........................
174,846
(174,846)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
209,738
(209,738)
—
—
—
Royal
Bank
of
Canada
.............................
10,254
(4,421)
—
—
5,833
UBS
AG
......................................
3,223
(3,223)
—
—
—
$
674,066
$
(556,967)
$
—
$
—
$
117,099
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
67
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(d)
Cash
Collateral
Pledged
(d)
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
56,220
$
(30,215)
$
—
$
(26,005)
$
—
Barclays
Bank
plc
................................
16,959
(16,959)
—
—
—
BNP
Paribas
SA
.................................
13,153
(13,153)
—
—
—
Citibank
NA
....................................
66,752
(20,042)
—
—
46,710
Deutsche
Bank
AG
...............................
27,662
(27,662)
—
—
—
Goldman
Sachs
International
........................
171,260
(34,806)
—
—
136,454
HSBC
Bank
plc
..................................
21,902
(21,902)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
197,171
(174,846)
—
—
22,325
Merrill
Lynch
International
&
Co.
......................
6,107
—
—
—
6,107
Morgan
Stanley
&
Co.
International
plc
..................
310,785
(209,738)
(101,047)
—
—
Royal
Bank
of
Canada
.............................
4,421
(4,421)
—
—
—
UBS
AG
......................................
86,867
(3,223)
(83,642)
—
—
$
979,259
$
(556,967)
$
(184,689)
$
(26,005)
$
211,596
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
68
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
2,069,522
$
—
$
2,069,522
Common
Stocks
Argentina
............................................
6,369
—
—
6,369
Australia
.............................................
109,290
894,181
16,371
1,019,842
Belgium
.............................................
8,294
7,571
—
15,865
Brazil
...............................................
80,998
17,808
—
98,806
Canada
.............................................
1,640,332
—
—
1,640,332
Cayman
Islands
........................................
59,313
—
—
59,313
Chile
...............................................
39,259
—
—
39,259
China
...............................................
390,591
3,256,404
—
3,646,995
Denmark
.............................................
1,763
332,741
—
334,504
Finland
..............................................
—
24,850
—
24,850
France
..............................................
—
2,662,075
—
2,662,075
Germany
............................................
—
3,675,864
—
3,675,864
Hong
Kong
...........................................
—
470,173
—
470,173
India
...............................................
—
22,740
172,773
195,513
Ireland
..............................................
63,060
34,455
—
97,515
Israel
...............................................
529,045
12,637
—
541,682
Italy
................................................
—
510,404
—
510,404
Japan
...............................................
—
1,370,033
—
1,370,033
Jordan
..............................................
—
3,177
—
3,177
Luxembourg
..........................................
—
40,949
—
40,949
Macau
..............................................
—
7,698
—
7,698
Mexico
..............................................
30,773
—
—
30,773
Netherlands
...........................................
316,355
2,419,894
44,926
2,781,175
Norway
..............................................
12,848
50,358
—
63,206
Poland
..............................................
—
8,231
—
8,231
Saudi
Arabia
..........................................
—
2,902
—
2,902
Singapore
............................................
—
2,140
—
2,140
South
Africa
...........................................
—
161,901
—
161,901
South
Korea
..........................................
46,180
881,854
—
928,034
Spain
...............................................
—
564,800
—
564,800
Sweden
.............................................
—
713,127
—
713,127
Switzerland
...........................................
6,917
746,359
—
753,276
Taiwan
..............................................
—
772,198
—
772,198
Turkey
..............................................
1,657
—
—
1,657
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
1,801,468
1,381,006
92,548
3,275,022
United
States
..........................................
54,272,066
371,269
661,775
55,305,110
Corporate
Bonds
Australia
.............................................
—
980
876,891
877,871
Belgium
.............................................
—
53,122
—
53,122
Canada
.............................................
—
120,652
—
120,652
China
...............................................
—
134,924
1
134,925
Germany
............................................
—
385,250
—
385,250
India
...............................................
—
176,612
—
176,612
Italy
................................................
—
482,039
—
482,039
Luxembourg
..........................................
—
361,445
—
361,445
Netherlands
...........................................
—
14,716
—
14,716
South
Korea
..........................................
—
375,638
—
375,638
Switzerland
...........................................
—
16,188
—
16,188
Thailand
.............................................
—
350,075
—
350,075
Turkey
..............................................
—
—
62,000
62,000
United
Kingdom
........................................
—
944,156
—
944,156
United
States
..........................................
—
4,326,850
660,154
4,987,004
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
69
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Level
1
Level
2
Level
3
Total
Floating
Rate
Loan
Interests
Belgium
.............................................
$
—
$
142,872
$
—
$
142,872
Canada
.............................................
—
184,332
—
184,332
France
..............................................
—
206,881
—
206,881
Jersey,
Channel
Islands
...................................
—
—
115,856
115,856
Luxembourg
..........................................
—
60,567
109,874
170,441
Netherlands
...........................................
—
385,435
149,626
535,061
United
States
..........................................
—
1,618,500
960,716
2,579,216
Foreign
Government
Obligations
..............................
—
1,429,255
—
1,429,255
Investment
Companies
....................................
1,983,786
—
—
1,983,786
Non-Agency
Mortgage-Backed
Securities
Bermuda
.............................................
—
99,284
—
99,284
Cayman
Islands
........................................
—
—
93,000
93,000
United
States
..........................................
—
3,874,459
—
3,874,459
Other
Interests
..........................................
—
—
219,105
219,105
Preferred
Securities
Brazil
...............................................
27,497
—
132,675
160,172
China
...............................................
—
—
411,638
411,638
Germany
............................................
—
109,771
183,441
293,212
India
...............................................
—
—
122,861
122,861
Jersey,
Channel
Islands
...................................
—
—
201,189
201,189
Sweden
.............................................
—
—
16,080
16,080
United
States
..........................................
581,439
445,062
2,397,640
3,424,141
U.S.
Government
Sponsored
Agency
Securities
....................
—
114,796
—
114,796
U.S.
Treasury
Obligations
...................................
—
6,417,628
—
6,417,628
Warrants
..............................................
6,921
2,240
439
9,600
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
8,758,801
—
8,758,801
Money
Market
Funds
......................................
25,712,006
—
—
25,712,006
Time
Deposits
..........................................
—
327,091
—
327,091
Options
Purchased
Credit
contracts
..........................................
—
1,500
—
1,500
Equity
contracts
..........................................
476,202
5,997
—
482,199
Foreign
currency
exchange
contracts
...........................
—
44,481
—
44,481
Interest
rate
contracts
......................................
35,312
43,859
—
79,171
Liabilities
Investments
Sold
Short
....................................
(52,740)
—
—
(52,740)
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(3,003)
(3,003)
$
88,187,001
$
55,504,779
$
7,698,576
$
151,390,356
Investments
valued
at
NAV
(b
)
......................................
2,017,135
$
—
$
153,407,491
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
25,860
$
—
$
25,860
Equity
contracts
...........................................
—
83,680
—
83,680
Foreign
currency
exchange
contracts
............................
—
494,259
—
494,259
Interest
rate
contracts
.......................................
189,907
482,256
—
672,163
Liabilities
Credit
contracts
...........................................
—
(105,914)
—
(105,914)
Equity
contracts
...........................................
(563,050)
(112,940)
—
(675,990)
Foreign
currency
exchange
contracts
............................
—
(387,481)
—
(387,481)
Interest
rate
contracts
.......................................
(224,481)
(772,762)
—
(997,243)
$
(597,624)
$
(293,042)
$
—
$
(890,666)
(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.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
70
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Other
Interests
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Unfunded
SPAC
PIPE
commitments
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2021
.....................
$
109,558
$
917,849
$
1,379,781
$
1,482,984
$
—
$
191,853
$
3,947,097
$
455
$
6,464
$
7,123
$
8,043,164
Transfers
into
Level
3
............
—
15,634
300
91,478
100,306
—
253,364
—
—
—
461,082
Transfers
out
of
Level
3
...........
(109,558)
(16,056)
—
(400,769)
—
—
(234,484)
—
—
—
(760,867)
Accrued
discounts/premiums
........
—
—
(17)
2,500
—
—
—
—
—
—
2,483
Net
realized
gain
(loss)
...........
—
(71)
—
382
—
—
—
—
—
—
311
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
.............
—
(169,243)
(1,396)
(193,189)
(7,306)
27,252
(400,105)
(3,458)
(6,464)
(1,997)
(755,906)
Purchases
....................
—
240,268
220,378
537,984
—
—
78,708
—
—
(4,687)
1,072,651
Sales
.......................
—
12
—
(185,298)
—
—
(179,056)
—
—
—
(364,342)
Closing
balance,
as
of
June
30,
2022
..
$
—
$
988,393
$
1,599,046
$
1,336,072
$
93,000
$
219,105
$
3,465,524
$
(3,003)
$
—
$
439
$
7,698,576
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2022
(b)
............
$
—
$
(168,556)
$
(1,096)
$
(193,189)
$
(7,306)
$
27,252
$
(369,853)
$
(3,458)
$
(12,928)
$
(2,680)
$
(731,814)
(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,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
71
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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
$433,066.
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
Assets
Common
Stocks
..............................
$
926,726
Income
Discount
Rate
16%
—
Market
Revenue
Multiple
2.90x
–
16.50x
5.94x
Volatility
50%
-
88%
70%
Time
to
Exit
0.3
–
1.9
years
1.3
years
Corporate
Bonds
(b)
.............................
1,408,006
Income
Discount
Rate
11%
–
35%
17%
Estimated
Recovery
Value
38%
—
Floating
Rate
Loan
Interests
(c)
......................
1,245,710
Income
Discount
Rate
6%
–
14%
11%
Other
Interests
...............................
219,105
Market
Discount
Rate
6%
—
Preferred
Stocks
(d)
............................
3,465,524
Market
Revenue
Multiple
0.10x
–
29.00x
12.03x
EBITDA
Multiple
4.25x
—
Discount
Rate
11.00%
—
Time
to
Exit
1.5
–
5.0
years
3.9
years
Volatility
50%
–
85%
66%
Market
Adjustment
Multiple
1.00x
—
Warrants
...................................
439
Market
Time
to
Exit
0.7
–
1
year
0.8
year
Volatility
48%
–
76%
64%
$
7,265,510
(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,
2022,
the
valuation
technique
for
investments
classified
as
Corporate
Bonds
amounting
to
$123,520
changed
to
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
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,
2022,
the
valuation
technique
for
investments
classified
as
Floating
Rate
Loan
Interests
amounting
to
$195,210
changed
to
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(d)
For
the
period
end
June
30,
2022,
the
valuation
technique
for
investments
classified
as
Preferred
Stocks
amounting
to
$268,256
changed
to
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Government
Money
Market
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
30.5%
Federal
Farm
Credit
Bank
Bonds:
0.07%
,
 08/10/22
..................
USD
420
$
419,996
2.25%
,
 06/07/23
..................
125
124,991
Federal
Farm
Credit
Bank
Discount
Notes
(a)
:
2.43%
,
 11/01/22
..................
425
424,419
2.43%
,
 11/14/22
..................
520
517,446
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.04%),
1.55%
,
 07/11/22
......
580
580,003
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.18%),
1.76%
,
 07/20/22
................
1,075
1,074,994
(SOFR
+
0.10%),
1.60%
,
 09/02/22
......
175
175,000
(SOFR
+
0.05%),
1.55%
,
 09/08/22
......
580
580,017
(SOFR
+
0.06%),
1.57%
,
 10/21/22
......
820
820,000
(SOFR
+
0.08%),
1.59%
,
 11/03/22
......
665
665,000
(SOFR
+
0.02%),
1.52%
,
 11/28/22
......
1,695
1,694,982
(SOFR
+
0.03%),
1.54%
,
 01/12/23
......
945
944,975
(SOFR
+
0.06%),
1.57%
,
 01/20/23
......
210
210,000
(SOFR
+
0.04%),
1.55%
,
 03/10/23
......
560
560,059
(SOFR
+
0.04%),
1.55%
,
 07/12/23
......
75
74,996
(SOFR
+
0.05%),
1.56%
,
 07/20/23
......
825
825,000
(SOFR
+
0.03%),
1.54%
,
 07/25/23
......
300
299,990
(SOFR
+
0.05%),
1.56%
,
 08/22/23
......
580
580,000
(SOFR
+
0.05%),
1.56%
,
 09/28/23
......
400
400,000
(SOFR
+
0.05%),
1.56%
,
 10/16/23
......
640
640,000
(SOFR
+
0.06%),
1.57%
,
 11/22/23
......
730
730,000
(SOFR
+
0.06%),
1.56%
,
 01/10/24
......
35
35,000
(SOFR
+
0.05%),
1.56%
,
 02/20/24
......
775
775,000
(SOFR
+
0.05%),
1.56%
,
 05/09/24
......
470
470,000
Federal
Home
Loan
Bank
Bonds,
2.08%, 02/13/23
.................
725
725,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
:
1.23%
,
 07/08/22
..................
2,700
2,699,559
1.33%
,
 07/15/22
..................
695
694,776
1.68%
,
 08/05/22
..................
765
763,810
1.71%
,
 08/24/22
..................
2,070
2,066,150
1.91%
,
 09/20/22
..................
2,010
2,001,249
2.19%
,
 10/03/22
..................
385
383,904
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
:
(SOFR
+
0.01%),
1.52%
,
 08/04/22
......
495
495,000
(SOFR
+
0.00%),
1.51%
,
 08/19/22
......
965
965,000
(SOFR
+
0.01%),
1.52%
,
 09/06/22
......
605
605,000
(SOFR
+
0.07%),
1.58%
,
 11/09/22
......
1,000
1,000,000
(SOFR
+
0.02%),
1.52%
,
 12/16/22
......
1,190
1,190,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.02%),
1.52%
,
 03/02/23
......
USD
1,685
$
1,685,000
(SOFR
+
0.02%),
1.53%
,
 05/02/23
......
180
180,000
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
(SOFR
+
0.07%),
1.58%, 11/10/22
(b)
................
415
415,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
30.5%
(Cost:
$29,491,316)
...............................
29,491,316
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
:
0.64%, 07/07/22
..................
780
779,971
1.02%, 07/26/22
..................
6,000
5,994,706
0.94%, 07/28/22
..................
280
279,920
1.14%, 08/02/22
..................
1,210
1,209,134
1.33%, 08/18/22
..................
315
314,677
1.52%, 09/01/22
..................
680
679,215
1.55%, 09/08/22
..................
3,449
3,444,405
1.59%, 09/15/22
..................
490
489,152
1.63%, 09/22/22
..................
395
394,208
1.65%, 09/29/22
..................
660
658,268
1.75%, 10/06/22
..................
756
753,839
2.47%, 12/29/22
..................
145
144,716
2.41%, 02/23/23
..................
470
466,457
2.63%, 05/18/23
..................
390
382,697
U.S.
Treasury
Notes:
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
1.81%, 01/31/23
(b)
....
1,000
1,000,038
0.13%, 02/28/23
..................
1,950
1,925,808
2.63%, 02/28/23
..................
905
912,791
0.13%, 04/30/23
..................
120
118,033
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
1.79%, 07/31/23
(b)
....
800
800,026
Total
U.S.
Treasury
Obligations
—
21.4%
(Cost:
$20,748,061)
...............................
20,748,061
Total
Repurchase
Agreements
—
44.3%
(Cost:
$42,845,000)
...............................
42,845,000
Total
Investments
—
96.2%
(Cost:
$93,084,377
)
(c)
.............................
93,084,377
Other
Assets
Less
Liabilities
—
3.8%
....................
3,714,503
Net
Assets
—
100.0%
...............................
$
96,798,880
(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.
BlackRock
Government
Money
Market
Portfolio
Schedules
of
Investments
73
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
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.
...
1.55
%
06/30/22
07/01/22
$
9,000
$
9,000
$
9,000,388
U.S.
Government
Sponsored
Agency
Obligation,
2.00%,
due
02/01/52
.........
$
10,929,042
$
9,270,001
$
–
$
–
Barclays
Bank
plc
...
1.70
(a)
06/09/22
08/04/22
1,345
1,345
1,348,557
U.S.
Government
Sponsored
Agency
Obligation,
0.00%,
due
09/25/53
.........
5,068,168
1,412,250
$
–
$
–
BNP
Paribas
SA
....
1.55
06/30/22
07/01/22
8,000
8,000
8,000,345
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.00%,
due
05/15/43
to
10/20/51
23,467,523
8,166,457
$
–
$
–
JP
Morgan
Securities
LLC
...........
1.54
(a)
03/07/22
07/07/22
2,500
2,500
2,513,047
U.S.
Government
Sponsored
Agency
Obligations,
0.16%
to
4.50%,
due
01/25/28
to
05/15/49
.........
100,380,078
2,625,000
1.55
06/30/22
07/01/22
5,000
5,000
5,000,215
U.S.
Treasury
Obligations,
0.00%
to
4.38%,
due
05/15/40
to
02/15/51
.........
5,915,364
5,100,001
$
–
$
–
$
7,500
$
7,725,001
$
–
$
–
Mizuho
Securities
USA
LLC
...........
1.55
06/30/22
07/01/22
8,000
8,000
8,000,344
U.S.
Treasury
Obligation,
1.13%,
due
08/31/28
.........
9,191,400
8,160,057
$
–
$
–
TD
Securities
USA
LLC
1.50
06/30/22
07/01/22
9,000
9,000
9,000,375
U.S.
Treasury
Obligation,
3.00%,
due
06/30/24
.........
9,190,400
9,180,015
$
–
$
–
$
42,845
$
43,913,781
$
–
$
–
(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
Pe
riod
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
Repurchase
Agreements
...................................
$
—
$
42,845,000
$
—
$
42,845,000
U.S.
Government
Sponsored
Agency
Securities
....................
—
29,491,316
—
29,491,316
U.S.
Treasury
Obligations
...................................
—
20,748,061
—
20,748,061
$
—
$
93,084,377
$
—
$
93,084,377
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
17
$
285
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(a)
..............
2,327
15,358
Element
Solutions,
Inc.
...............
1,117
19,883
35,241
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
513
3,139
Containers
&
Packaging
—
0.1%
Ardagh
Metal
Packaging
SA,
(Acquired
08/02/21,
cost
$25,124)
(a)(b)
..........
2,555
15,585
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
........
251
10,369
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Gaming
and
Leisure
Properties,
Inc.
......
258
11,832
IT
Services
—
0.0%
(a)
Block,
Inc.,
Class
A
.................
58
3,565
Twilio,
Inc.,
Class
A
.................
29
2,430
5,995
Life
Sciences
Tools
&
Services
—
0.2%
(a)
Avantor,
Inc.
......................
698
21,708
Syneos
Health,
Inc.
.................
350
25,088
46,796
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
8,034
8,596
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
1,837
24,267
Oil,
Gas
&
Consumable
Fuels
—
0.6%
Cheniere
Energy,
Inc.
................
131
17,427
Chesapeake
Energy
Corp.
............
605
49,065
Energy
Transfer
LP
.................
3,962
39,541
Targa
Resources
Corp.
...............
180
10,741
116,774
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.
(a)
.............
508
10,394
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
942
19,565
Total
Common
Stocks
—
1.6%
(Cost:
$338,051)
................................
308,838
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
3.2%
Bombardier,
Inc.
(c)
7.50%,
03/15/25
.................
USD
2
1,808
7.13%,
06/15/26
.................
75
61,836
7.88%,
04/15/27
.................
42
34,961
6.00%,
02/15/28
.................
35
26,229
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
10
8,900
4.13%,
04/15/29
.................
19
16,672
Maxar
Technologies,
Inc.,
7.75%,
06/15/27
(c)
6
5,943
Spirit
AeroSystems,
Inc.
(c)
5.50%,
01/15/25
.................
14
12,950
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
7.50%,
04/15/25
.................
USD
2
$
1,857
TransDigm,
Inc.
8.00%,
12/15/25
(c)
................
26
26,292
6.25%,
03/15/26
(c)
................
360
346,950
6.38%,
06/15/26
.................
5
4,675
7.50%,
03/15/27
.................
10
9,434
4.63%,
01/15/29
.................
15
12,076
4.88%,
05/01/29
.................
25
20,351
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
...
37
37,273
628,207
Airlines
—
2.6%
Air
Canada,
3.88%,
08/15/26
(c)
.........
37
31,298
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
102
105,560
5.50%,
04/20/26
.................
44
40,426
5.75%,
04/20/29
.................
69
58,702
Delta
Air
Lines,
Inc.
(c)
7.00%,
05/01/25
.................
13
13,159
4.75%,
10/20/28
.................
14
13,224
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
21
18,820
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
54
53,071
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(c)
3
3,459
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
4
3,941
Series
2020-1,
Class
A,
5.88%,
10/15/27
39
38,273
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
74
65,206
4.63%,
04/15/29
.................
73
61,924
507,063
Auto
Components
—
2.2%
Adient
US
LLC,
9.00%,
04/15/25
(c)
......
17
17,680
Allison
Transmission,
Inc.,
5.88%,
06/01/29
(c)
14
13,020
Clarios
Global
LP
(c)
6.75%,
05/15/25
.................
20
19,809
6.25%,
05/15/26
.................
105
101,062
8.50%,
05/15/27
.................
200
193,295
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
13
11,231
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(c)
....................
9
6,647
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
17
17,581
5.00%,
07/15/29
.................
11
9,109
5.63%,
04/30/33
.................
10
8,009
Icahn
Enterprises
LP
4.75%,
09/15/24
.................
13
12,133
6.25%,
05/15/26
.................
5
4,681
4.38%,
02/01/29
.................
21
16,971
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(c)
..
5
3,721
434,949
Automobiles
—
0.4%
Ford
Motor
Co.
4.35%,
12/08/26
.................
5
4,634
3.25%,
02/12/32
.................
46
34,404
4.75%,
01/15/43
.................
9
6,411
5.29%,
12/08/46
.................
10
7,669
Thor
Industries,
Inc.,
4.00%,
10/15/29
(c)
...
13
10,296
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(c)
10
9,157
72,571
Banks
—
0.1%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(d)(e)
EUR
100
15,195
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Building
Products
—
1.1%
(c)
Advanced
Drainage
Systems,
Inc.
5.00%,
09/30/27
.................
USD
18
$
16,596
6.38%,
06/15/30
.................
27
26,368
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
.....................
10
6,424
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
....
5
3,611
JELD-WEN,
Inc.
6.25%,
05/15/25
.................
13
12,480
4.63%,
12/15/25
.................
2
1,700
Masonite
International
Corp.
5.38%,
02/01/28
.................
8
7,240
3.50%,
02/15/30
.................
17
13,532
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
7
5,754
9.75%,
07/15/28
.................
7
5,985
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
..
55
46,488
Standard
Industries,
Inc.
4.38%,
07/15/30
.................
45
35,494
3.38%,
01/15/31
.................
19
14,014
Summit
Materials
LLC,
5.25%,
01/15/29
...
16
13,960
209,646
Capital
Markets
—
0.3%
(c)
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
9
7,670
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
19
15,675
MSCI,
Inc.
3.63%,
09/01/30
.................
14
11,671
3.63%,
11/01/31
.................
11
9,055
3.25%,
08/15/33
.................
14
11,160
OWL
Rock
Core
Income
Corp.,
5.50%,
03/21/25
.....................
11
10,560
65,791
Chemicals
—
3.1%
Ashland
LLC,
3.38%,
09/01/31
(c)
........
23
18,708
Axalta
Coating
Systems
LLC,
4.75%,
06/15/27
(c)
....................
150
134,790
Chemours
Co.
(The),
5.75%,
11/15/28
(c)
...
10
8,522
Diamond
BC
BV,
4.63%,
10/01/29
(c)
......
63
50,381
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
143
117,994
EverArc
Escrow
SARL,
5.00%,
10/30/29
(c)
..
43
36,194
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
32
29,680
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(c)
....................
27
26,865
HB
Fuller
Co.,
4.25%,
10/15/28
........
10
8,391
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
24
18,960
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
9
7,537
Kobe
US
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(f)
.
18
16,463
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
9
7,582
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
20
17,406
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
4
3,802
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
8
5,980
4.38%,
02/01/32
.................
3
2,281
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(c)
133
97,921
609,457
Commercial
Services
&
Supplies
—
3.3%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
.................
2
1,623
4.88%,
07/15/32
.................
2
1,592
Allied
Universal
Holdco
LLC
(c)
9.75%,
07/15/27
.................
58
49,088
4.63%,
06/01/28
.................
200
164,940
APi
Escrow
Corp.,
4.75%,
10/15/29
(c)
.....
8
6,460
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(c)
....
14
11,119
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
USD
20
$
18,548
5.75%,
07/15/29
.................
22
17,032
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
4
3,833
6.38%,
05/01/25
.................
15
14,675
5.00%,
02/01/28
.................
10
9,062
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
4
3,849
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
2
1,830
5.13%,
07/15/29
.................
13
11,797
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
................
19
15,461
5.00%,
09/01/30
.................
7
5,714
Garda
World
Security
Corp.,
4.63%,
02/15/27
(c)
14
12,040
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
8
7,550
3.75%,
08/01/25
.................
6
5,565
5.13%,
12/15/26
.................
41
39,208
4.00%,
08/01/28
.................
61
50,325
3.50%,
09/01/28
.................
3
2,573
4.75%,
06/15/29
.................
23
19,032
4.38%,
08/15/29
.................
10
8,050
IAA,
Inc.,
5.50%,
06/15/27
(c)
..........
11
10,246
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
9
7,542
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
24
18,392
Nielsen
Finance
LLC
(c)
5.63%,
10/01/28
.................
11
10,216
5.88%,
10/01/30
.................
20
18,363
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
24
22,380
6.25%,
01/15/28
.................
31
25,934
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
13
10,628
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
43
38,197
642,864
Communications
Equipment
—
0.8%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
.........
52
33,930
Ciena
Corp.,
4.00%,
01/31/30
(c)
........
8
6,905
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
....................
30
25,950
CommScope,
Inc.
(c)
6.00%,
03/01/26
.................
5
4,605
8.25%,
03/01/27
.................
3
2,371
7.13%,
07/01/28
.................
9
6,841
4.75%,
09/01/29
.................
19
15,327
Nokia
OYJ,
6.63%,
05/15/39
..........
8
7,910
ViaSat,
Inc.
(c)
5.63%,
09/15/25
.................
19
15,368
6.50%,
07/15/28
.................
18
12,399
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
...
21
17,588
149,194
Construction
&
Engineering
—
0.2%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
28
23,760
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
9
7,858
MasTec,
Inc.,
4.50%,
08/15/28
.........
15
13,495
45,113
Consumer
Finance
—
2.0%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(f)(g)
..............
60
48,817
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(c)
....................
6
4,981
Ford
Motor
Credit
Co.
LLC,
4.39%,
01/08/26
200
184,212
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
USD
20
$
15,200
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(f)
................
14
10,605
Navient
Corp.
7.25%,
09/25/23
.................
4
3,958
6.13%,
03/25/24
.................
6
5,689
5.88%,
10/25/24
.................
2
1,838
5.50%,
03/15/29
.................
41
31,607
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
10
9,478
7.13%,
03/15/26
.................
14
12,939
3.50%,
01/15/27
.................
7
5,600
6.63%,
01/15/28
.................
18
16,088
5.38%,
11/15/29
.................
2
1,621
4.00%,
09/15/30
.................
34
25,202
SLM
Corp.,
3.13%,
11/02/26
..........
14
11,304
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(c)
12
9,600
398,739
Containers
&
Packaging
—
1.9%
Ball
Corp.
2.88%,
08/15/30
.................
3
2,414
3.13%,
09/15/31
.................
42
33,879
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
49
46,042
8.75%,
04/15/30
.................
40
34,503
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,086
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(c)
....................
9
8,498
LABL,
Inc.,
5.88%,
11/01/28
(c)
.........
20
16,148
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
...............
21
20,055
Sealed
Air
Corp.,
4.00%,
12/01/27
(c)
.....
24
21,636
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
5
4,484
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(c)(i)
...................
200
187,521
379,266
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
01/15/28
.................
19
16,273
3.88%,
11/15/29
.................
4
3,198
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
9
7,327
26,798
Diversified
Consumer
Services
—
0.3%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
3
2,970
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
18
14,304
Service
Corp.
International
5.13%,
06/01/29
.................
2
1,884
4.00%,
05/15/31
.................
43
36,711
55,869
Diversified
Financial
Services
—
1.3%
(c)
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
16
14,240
Sabre
GLBL,
Inc.
9.25%,
04/15/25
.................
14
13,490
7.38%,
09/01/25
.................
21
19,477
Shift4
Payments
LLC,
4.63%,
11/01/26
....
46
40,710
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
165
160,462
248,379
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
—
6.5%
Altice
France
Holding
SA,
10.50%,
05/15/27
(c)
USD
200
$
167,828
CCO
Holdings
LLC
5.00%,
02/01/28
(c)
................
9
8,304
5.38%,
06/01/29
(c)
................
22
19,664
4.75%,
03/01/30
(c)
................
15
12,829
4.50%,
08/15/30
(c)
................
44
36,532
4.25%,
02/01/31
(c)
................
72
58,680
4.75%,
02/01/32
(c)
................
47
38,483
4.50%,
05/01/32
.................
17
13,765
4.50%,
06/01/33
(c)
................
28
22,065
4.25%,
01/15/34
(c)
................
55
42,488
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
....................
27
22,966
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
.................
41
36,863
5.00%,
05/01/28
.................
27
22,950
6.75%,
05/01/29
.................
28
23,030
6.00%,
01/15/30
.................
25
19,236
8.75%,
05/15/30
.................
22
22,242
Level
3
Financing,
Inc.
(c)
3.40%,
03/01/27
.................
6
5,168
4.63%,
09/15/27
.................
4
3,410
4.25%,
07/01/28
.................
15
12,019
3.63%,
01/15/29
.................
11
8,482
3.75%,
07/15/29
.................
41
31,701
Lumen
Technologies,
Inc.
Series
Y,
7.50%,
04/01/24
..........
6
5,918
5.13%,
12/15/26
(c)
................
34
28,622
4.00%,
02/15/27
(c)
................
31
26,218
4.50%,
01/15/29
(c)
................
23
17,121
5.38%,
06/15/29
(c)
................
47
37,213
Series
U,
7.65%,
03/15/42
..........
22
16,885
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
77
80,441
8.75%,
03/15/32
.................
103
123,959
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
14
10,811
6.00%,
09/30/34
.................
29
21,874
7.20%,
07/18/36
.................
6
4,555
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
191
158,452
6.13%,
03/01/28
.................
149
107,594
1,268,368
Electric
Utilities
—
0.9%
Edison
International,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(f)(g)
...........
15
11,934
FirstEnergy
Corp.
2.65%,
03/01/30
.................
23
18,975
Series
B,
2.25%,
09/01/30
..........
2
1,585
Series
C,
3.40%,
03/01/50
..........
65
44,064
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
.................
35
32,715
4.55%,
04/01/49
.................
15
12,069
NRG
Energy,
Inc.
(c)
3.63%,
02/15/31
.................
21
16,464
3.88%,
02/15/32
.................
18
14,297
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
27
23,490
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(c)
9
7,530
183,123
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
—
0.4%
(c)
Sensata
Technologies
BV,
5.63%,
11/01/24
.
USD
9
$
8,884
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
78
63,330
72,214
Electronic
Equipment,
Instruments
&
Components
—
0.4%
(c)
II-VI,
Inc.,
5.00%,
12/15/29
...........
32
27,920
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
57
48,517
3.75%,
02/15/31
.................
8
6,412
82,849
Energy
Equipment
&
Services
—
0.9%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
18
16,413
6.25%,
04/01/28
.................
39
34,527
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
6
5,321
7.50%,
01/15/28
.................
11
9,460
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(c)
..
28
26,600
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
7
7,613
Transocean,
Inc.,
11.50%,
01/30/27
(c)
.....
11
10,325
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
30
27,291
6.88%,
09/01/27
.................
20
17,750
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
.................
2
1,795
8.63%,
04/30/30
.................
17
14,106
171,201
Entertainment
—
1.6%
(c)
AMC
Entertainment
Holdings,
Inc.,
7.50%,
02/15/29
.....................
17
14,365
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
50
39,000
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
3
2,865
6.50%,
05/15/27
.................
76
74,740
4.75%,
10/15/27
.................
15
13,298
3.75%,
01/15/28
.................
13
11,212
Magallanes,
Inc.
5.14%,
03/15/52
.................
84
70,505
5.39%,
03/15/62
.................
44
36,806
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
40
33,000
WMG
Acquisition
Corp.,
3.88%,
07/15/30
..
14
11,642
307,433
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.7%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
14
11,609
CTR
Partnership
LP,
3.88%,
06/30/28
(c)
...
14
11,956
Diversified
Healthcare
Trust,
9.75%,
06/15/25
7
6,904
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
11
9,193
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
16
13,760
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
15
12,107
Iron
Mountain,
Inc.
(c)
5.25%,
07/15/30
.................
10
8,694
5.63%,
07/15/32
.................
5
4,228
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
41
35,978
3.50%,
03/15/31
.................
108
85,121
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
52
46,130
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
11
9,532
4.00%,
09/15/29
.................
8
6,571
SBA
Communications
Corp.,
3.88%,
02/15/27
23
20,994
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Service
Properties
Trust
4.35%,
10/01/24
.................
USD
2
$
1,625
7.50%,
09/15/25
.................
5
4,581
Uniti
Group
LP
(c)
4.75%,
04/15/28
.................
34
27,961
6.50%,
02/15/29
.................
27
19,778
6.00%,
01/15/30
.................
10
6,918
343,640
Food
&
Staples
Retailing
—
0.5%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
18
15,677
5.88%,
02/15/28
.................
27
25,235
4.88%,
02/15/30
.................
5
4,290
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
38
31,730
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
4
3,738
US
Foods,
Inc.
6.25%,
04/15/25
.................
23
22,942
4.75%,
02/15/29
.................
3
2,623
106,235
Food
Products
—
1.8%
Chobani
LLC
(c)
7.50%,
04/15/25
.................
64
58,776
4.63%,
11/15/28
.................
53
44,785
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(c)
.
19
18,936
JBS
USA
LUX
SA,
3.75%,
12/01/31
(c)
.....
26
21,330
Kraft
Heinz
Foods
Co.
6.50%,
02/09/40
.................
15
16,209
4.88%,
10/01/49
.................
25
22,081
5.50%,
06/01/50
.................
39
37,437
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
8
7,529
4.13%,
01/31/30
.................
24
20,773
4.38%,
01/31/32
.................
61
53,070
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(c)
...
14
10,938
Post
Holdings,
Inc.
(c)
5.63%,
01/15/28
.................
2
1,898
5.50%,
12/15/29
.................
8
7,152
4.63%,
04/15/30
.................
6
5,063
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
...
23
19,444
345,421
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
....................
8
6,803
Health
Care
Equipment
&
Supplies
—
0.5%
Avantor
Funding,
Inc.
(c)
4.63%,
07/15/28
.................
48
44,002
3.88%,
11/01/29
.................
34
29,738
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
11
9,904
Hologic,
Inc.,
3.25%,
02/15/29
(c)
........
6
5,128
Medline
Borrower
LP,
3.88%,
04/01/29
(c)
...
17
14,479
Teleflex,
Inc.,
4.63%,
11/15/27
.........
2
1,845
105,096
Health
Care
Providers
&
Services
—
4.2%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
5
4,671
5.00%,
04/15/29
.................
4
3,591
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
6
5,307
5.13%,
03/01/30
.................
2
1,686
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
28
20,572
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
10
8,178
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Centene
Corp.
2.45%,
07/15/28
.................
USD
40
$
33,362
3.00%,
10/15/30
.................
89
73,759
2.50%,
03/01/31
.................
128
101,601
2.63%,
08/01/31
.................
27
21,478
Community
Health
Systems,
Inc.
(c)
8.00%,
03/15/26
.................
38
34,606
5.63%,
03/15/27
.................
28
23,698
6.00%,
01/15/29
.................
35
28,995
6.88%,
04/15/29
.................
4
2,580
6.13%,
04/01/30
.................
25
15,250
Encompass
Health
Corp.
4.50%,
02/01/28
.................
8
6,849
4.75%,
02/01/30
.................
19
15,923
4.63%,
04/01/31
.................
17
13,765
HCA,
Inc.,
4.63%,
03/15/52
(c)
..........
20
16,001
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
59
51,625
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
.................
16
15,466
4.38%,
02/15/27
.................
7
5,998
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
...
13
9,555
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
7
6,440
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
15
13,399
3.88%,
11/15/30
.................
52
44,448
3.88%,
05/15/32
.................
3
2,516
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
13
11,148
Owens
&
Minor,
Inc.,
6.63%,
04/01/30
(c)
...
10
9,135
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
....................
37
31,580
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
...............
9
8,752
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
44
39,946
10.00%,
04/15/27
................
38
36,808
Tenet
Healthcare
Corp.
(c)
4.63%,
09/01/24
.................
13
12,480
4.88%,
01/01/26
.................
38
34,960
6.25%,
02/01/27
.................
7
6,443
5.13%,
11/01/27
.................
16
14,400
4.63%,
06/15/28
.................
7
6,095
6.13%,
10/01/28
.................
17
14,548
4.25%,
06/01/29
.................
3
2,527
6.13%,
06/15/30
.................
20
18,452
828,593
Hotels,
Restaurants
&
Leisure
—
6.9%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
29
25,170
4.38%,
01/15/28
.................
26
22,732
4.00%,
10/15/30
.................
31
24,877
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
14
12,670
4.75%,
06/15/31
(c)
................
27
22,816
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
13
11,257
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
101
97,337
8.13%,
07/01/27
.................
101
97,591
4.63%,
10/15/29
.................
59
45,872
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
16
15,301
Carnival
Corp.
(c)
7.63%,
03/01/26
.................
10
7,745
5.75%,
03/01/27
.................
68
49,115
9.88%,
08/01/27
.................
29
28,275
4.00%,
08/01/28
.................
106
86,920
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
6.00%,
05/01/29
.................
USD
46
$
32,320
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
15
13,656
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
53
48,230
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
19
18,430
6.50%,
10/01/28
.................
5
4,746
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
33
31,350
4.75%,
01/15/28
.................
24
21,360
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
48
40,920
6.75%,
01/15/30
.................
18
13,815
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(c)
................
12
11,760
5.75%,
05/01/28
(c)
................
6
5,705
3.75%,
05/01/29
(c)
................
7
5,937
4.88%,
01/15/30
.................
22
19,882
4.00%,
05/01/31
(c)
................
25
20,775
3.63%,
02/15/32
(c)
................
7
5,561
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
4
3,769
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
16
15,662
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
22
19,722
8.00%,
04/15/26
(j)
................
17
16,490
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
18
15,435
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
17
11,645
MGM
Resorts
International,
6.00%,
03/15/23
10
9,977
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
18
14,670
NCL
Corp.
Ltd.
(c)
5.88%,
03/15/26
.................
23
18,052
7.75%,
02/15/29
.................
8
6,120
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
11
8,002
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(c)
....................
22
23,091
Powdr
Corp.,
6.00%,
08/01/25
(c)
........
21
20,842
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
10
7,120
5.88%,
09/01/31
.................
10
6,940
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
15
13,125
Royal
Caribbean
Cruises
Ltd.
(c)
10.88%,
06/01/23
................
10
10,033
11.50%,
06/01/25
................
12
12,330
5.50%,
08/31/26
.................
8
5,940
5.38%,
07/15/27
.................
23
16,718
5.50%,
04/01/28
.................
40
27,800
Scientific
Games
International,
Inc.
(c)
8.63%,
07/01/25
.................
18
18,452
7.00%,
05/15/28
.................
13
12,200
7.25%,
11/15/29
.................
14
13,129
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
29
29,358
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
33
27,872
4.63%,
12/01/31
.................
21
16,380
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
14
13,983
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
15
11,828
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
16
13,995
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
28
23,982
Wynn
Resorts
Finance
LLC
(c)
7.75%,
04/15/25
.................
17
16,545
5.13%,
10/01/29
.................
30
23,628
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Yum!
Brands,
Inc.
4.75%,
01/15/30
(c)
................
USD
2
$
1,815
5.35%,
11/01/43
.................
2
1,658
1,350,433
Household
Durables
—
0.9%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
7
5,950
4.63%,
08/01/29
.................
8
6,000
4.63%,
04/01/30
.................
8
5,875
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
17
12,853
4.88%,
02/15/30
.................
17
12,351
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
13
11,493
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
13
11,550
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
20
19,600
KB
Home,
7.25%,
07/15/30
...........
5
4,738
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
14
11,433
4.63%,
03/01/30
.................
11
8,039
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
3,661
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(c)
11
10,725
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
26
17,485
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
7
6,452
5.13%,
08/01/30
.................
5
4,152
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
14
11,277
3.88%,
10/15/31
.................
11
8,250
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
4,315
176,199
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
18
14,769
4.13%,
04/30/31
(c)
................
16
12,844
Energizer
Holdings,
Inc.
(c)
6.50%,
12/31/27
.................
8
7,010
4.38%,
03/31/29
.................
2
1,535
Spectrum
Brands,
Inc.
(c)
5.00%,
10/01/29
.................
9
7,783
5.50%,
07/15/30
.................
3
2,700
46,641
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
(c)
Calpine
Corp.
4.50%,
02/15/28
.................
6
5,447
5.13%,
03/15/28
.................
36
31,691
5.00%,
02/01/31
.................
5
4,042
3.75%,
03/01/31
.................
2
1,627
Clearway
Energy
Operating
LLC
4.75%,
03/15/28
.................
13
11,696
3.75%,
01/15/32
.................
22
17,435
71,938
Insurance
—
3.2%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
19
14,873
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
103
89,154
6.75%,
10/15/27
.................
156
138,431
5.88%,
11/01/29
.................
119
98,748
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
22
18,016
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
22
20,595
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
HUB
International
Ltd.
7.00%,
05/01/26
.................
USD
60
$
56,424
5.63%,
12/01/29
.................
3
2,478
NFP
Corp.
4.88%,
08/15/28
.................
77
65,948
6.88%,
08/15/28
.................
142
117,156
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
10
8,700
630,523
Interactive
Media
&
Services
—
0.2%
Twitter,
Inc.
(c)
3.88%,
12/15/27
.................
32
30,168
5.00%,
03/01/30
.................
3
2,846
33,014
Internet
&
Direct
Marketing
Retail
—
0.4%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
22
16,751
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
5
4,575
3.50%,
03/01/29
.................
13
10,960
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
33
29,918
4.13%,
08/01/30
.................
4
3,340
3.63%,
10/01/31
.................
26
20,475
86,019
IT
Services
—
1.5%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
14
11,606
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
9
7,328
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
35
30,275
Block,
Inc.,
3.50%,
06/01/31
(c)
.........
102
81,280
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
.................
13
11,505
4.00%,
07/01/29
.................
30
26,158
Endurance
International
Group
Holdings,
Inc.,
6.00%,
02/15/29
(c)
...............
10
7,216
Gartner,
Inc.
(c)
4.50%,
07/01/28
.................
16
14,691
3.63%,
06/15/29
.................
21
18,194
3.75%,
10/01/30
.................
9
7,661
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
.................
20
16,471
6.00%,
02/15/28
.................
18
12,935
10.75%,
06/01/28
................
9
8,008
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
18
16,933
Twilio,
Inc.,
3.88%,
03/15/31
..........
31
25,506
295,767
Leisure
Products
—
0.2%
Mattel,
Inc.
3.75%,
04/01/29
(c)
................
9
8,087
6.20%,
10/01/40
.................
14
13,370
5.45%,
11/01/41
.................
26
22,822
44,279
Life
Sciences
Tools
&
Services
—
0.4%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
10
8,983
3.75%,
03/15/29
.................
3
2,604
4.00%,
03/15/31
.................
9
7,672
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
71
60,125
79,384
Machinery
—
1.2%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
15
14,100
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(c)
....................
9
7,515
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
15,440
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
11
8,904
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(h)
........
USD
31
$
30,070
Meritor,
Inc.,
4.50%,
12/15/28
(c)
........
6
5,777
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
8
6,979
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
9
5,169
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
10
8,509
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
20
19,250
Terex
Corp.,
5.00%,
05/15/29
(c)
........
29
24,650
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
65
59,748
Titan
International,
Inc.,
7.00%,
04/30/28
..
7
6,576
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
17
13,005
225,692
Marine
—
0.1%
Seaspan
Corp.,
5.50%,
08/01/29
(c)
......
26
20,919
Media
—
5.7%
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
14
13,041
4.25%,
02/15/29
.................
10
8,102
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
12
10,140
Cable
One,
Inc.
1.13%,
03/15/28
(k)
................
17
14,246
4.00%,
11/15/30
(c)
................
20
16,430
Charter
Communications
Operating
LLC
5.25%,
04/01/53
.................
16
13,520
5.50%,
04/01/63
.................
16
13,591
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
100
84,433
7.75%,
04/15/28
.................
81
58,933
7.50%,
06/01/29
.................
78
56,087
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
41
32,390
CSC
Holdings
LLC
5.25%,
06/01/24
.................
23
21,505
6.50%,
02/01/29
(c)
................
200
180,626
Directv
Financing
LLC,
5.88%,
08/15/27
(c)
..
35
29,857
DISH
DBS
Corp.
5.00%,
03/15/23
.................
10
9,518
5.25%,
12/01/26
(c)
................
106
83,087
5.75%,
12/01/28
(c)
................
42
31,097
5.13%,
06/01/29
.................
31
18,837
DISH
Network
Corp.,
3.38%,
08/15/26
(k)
...
13
8,781
GCI
LLC,
4.75%,
10/15/28
(c)
..........
17
14,730
Liberty
Broadband
Corp.
(c)(k)
1.25%,
09/30/50
.................
33
30,822
2.75%,
09/30/50
.................
66
62,778
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
16
14,720
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
21
18,349
4.25%,
01/15/29
.................
13
10,356
4.63%,
03/15/30
.................
2
1,576
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
38
32,767
6.50%,
09/15/28
.................
135
104,338
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(c)
..
2
1,676
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
24
21,413
5.00%,
08/01/27
.................
11
10,203
4.00%,
07/15/28
.................
12
10,380
4.13%,
07/01/30
.................
9
7,517
3.88%,
09/01/31
.................
32
25,480
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
8
6,428
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
11
10,351
Security
Par
(000)
Par
(000)
Value
Media
(continued)
6.63%,
06/01/27
.................
USD
9
$
8,569
7.38%,
06/30/30
.................
9
8,797
Videotron
Ltd.,
3.63%,
06/15/29
(c)
.......
13
10,553
1,116,024
Metals
&
Mining
—
3.7%
Allegheny
Technologies,
Inc.
4.88%,
10/01/29
.................
8
6,380
5.13%,
10/01/31
.................
16
12,257
Arconic
Corp.
(c)
6.00%,
05/15/25
.................
15
14,630
6.13%,
02/15/28
.................
40
37,351
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
102
94,650
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
4
3,571
7.63%,
03/15/30
.................
18
16,529
Commercial
Metals
Co.
4.13%,
01/15/30
.................
5
4,210
4.38%,
03/15/32
.................
6
4,914
Constellium
SE,
5.88%,
02/15/26
(c)
......
250
233,412
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
11
8,828
FMG
Resources
August
2006
Pty.
Ltd.,
6.13%,
04/15/32
(c)
....................
27
24,300
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(c)
....................
2
2,065
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
50
41,626
4.50%,
06/01/31
.................
49
37,087
Mineral
Resources
Ltd.
(c)
8.00%,
11/01/27
.................
9
8,775
8.50%,
05/01/30
.................
9
8,865
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
39
33,930
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
50
42,264
4.75%,
01/30/30
.................
42
34,910
3.88%,
08/15/31
.................
49
37,739
United
States
Steel
Corp.,
6.88%,
03/01/29
.
20
17,452
725,745
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
(c)
....................
6
5,208
Multiline
Retail
—
0.1%
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(c)
..
31
28,569
Oil,
Gas
&
Consumable
Fuels
—
12.6%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
41
39,842
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
14
13,020
5.38%,
06/15/29
.................
17
15,225
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
10
10,173
Apache
Corp.
4.25%,
01/15/30
.................
15
13,294
5.10%,
09/01/40
.................
27
22,798
5.25%,
02/01/42
.................
7
5,855
5.35%,
07/01/49
.................
11
8,692
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
54
67,780
5.88%,
06/30/29
.................
21
18,480
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
3
2,777
5.85%,
11/15/43
.................
14
9,940
5.60%,
10/15/44
.................
8
5,571
Callon
Petroleum
Co.
6.13%,
10/01/24
.................
10
10,154
9.00%,
04/01/25
(c)
................
62
65,720
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.38%,
07/01/26
.................
USD
7
$
6,458
7.50%,
06/15/30
(c)
................
38
34,965
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(c)
....................
20
18,993
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
51
45,527
4.00%,
03/01/31
.................
39
33,162
3.25%,
01/31/32
(c)
................
52
40,950
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
159
143,191
Chesapeake
Energy
Corp.
(c)
5.88%,
02/01/29
.................
1
943
6.75%,
04/15/29
.................
43
41,582
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
25
24,188
6.38%,
06/15/26
.................
20
18,463
Civitas
Resources,
Inc.,
5.00%,
10/15/26
(c)
.
7
6,283
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
8
6,720
CNX
Resources
Corp.,
6.00%,
01/15/29
(c)
..
7
6,539
Colgate
Energy
Partners
III
LLC
(c)
7.75%,
02/15/26
.................
12
11,407
5.88%,
07/01/29
.................
27
23,659
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
.................
39
34,922
5.88%,
01/15/30
.................
55
47,300
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(c)
....................
39
35,490
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
.................
12
10,680
6.00%,
02/01/29
.................
6
5,235
8.00%,
04/01/29
.................
5
4,644
CrownRock
LP,
5.63%,
10/15/25
(c)
.......
58
54,520
DCP
Midstream
Operating
LP
(c)
6.45%,
11/03/36
.................
13
12,740
6.75%,
09/15/37
.................
20
19,025
Diamondback
Energy,
Inc.,
4.25%,
03/15/52
15
12,440
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
33
27,968
4.38%,
06/15/31
.................
20
16,750
Earthstone
Energy
Holdings
LLC,
8.00%,
04/15/27
(c)
....................
20
18,925
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(f)(g)
...........
51
45,080
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
21
19,263
5.38%,
06/01/29
.................
25
21,880
EnLink
Midstream
Partners
LP
4.40%,
04/01/24
.................
17
16,594
4.85%,
07/15/26
.................
2
1,845
5.60%,
04/01/44
.................
22
15,581
5.05%,
04/01/45
.................
2
1,353
5.45%,
06/01/47
.................
2
1,415
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
7
6,711
4.13%,
12/01/26
.................
5
4,319
6.50%,
07/01/27
(c)
................
30
27,894
4.50%,
01/15/29
(c)
................
3
2,436
7.50%,
06/01/30
(c)
................
6
5,764
4.75%,
01/15/31
(c)
................
29
23,127
Genesis
Energy
LP
6.50%,
10/01/25
.................
4
3,690
7.75%,
02/01/28
.................
12
10,381
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
3
2,459
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
5
4,696
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
USD
20
$
16,749
Hilcorp
Energy
I
LP,
6.25%,
11/01/28
(c)
....
2
1,885
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
27
21,600
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
39
37,152
Matador
Resources
Co.,
5.88%,
09/15/26
..
62
59,599
MPLX
LP,
4.95%,
03/14/52
...........
28
24,196
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
11
10,885
5.88%,
12/01/27
.................
4
3,733
6.13%,
12/01/42
(i)
................
3
2,242
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
89
84,105
6.50%,
09/30/26
.................
81
73,367
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
11
9,900
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
....
25
27,206
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(c)
82
77,285
NuStar
Logistics
LP
5.75%,
10/01/25
.................
12
11,220
6.00%,
06/01/26
.................
13
12,155
6.38%,
10/01/30
.................
2
1,738
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
6
6,180
8.00%,
07/15/25
.................
2
2,105
5.88%,
09/01/25
.................
2
1,991
5.50%,
12/01/25
.................
13
12,805
8.88%,
07/15/30
.................
7
8,037
6.63%,
09/01/30
.................
47
48,410
6.13%,
01/01/31
.................
5
5,067
7.50%,
05/01/31
.................
9
9,675
6.45%,
09/15/36
.................
6
6,150
6.20%,
03/15/40
.................
60
59,100
6.60%,
03/15/46
.................
6
6,372
Parkland
Corp.,
5.88%,
07/15/27
(c)
......
23
20,873
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
2
1,986
Range
Resources
Corp.,
4.88%,
05/15/25
..
5
4,877
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
36
32,759
SM
Energy
Co.
5.63%,
06/01/25
.................
5
4,725
6.75%,
09/15/26
.................
18
16,980
6.63%,
01/15/27
.................
2
1,870
6.50%,
07/15/28
.................
11
10,117
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
26
24,117
4.75%,
02/01/32
.................
11
9,400
Sunoco
LP
6.00%,
04/15/27
.................
6
5,720
5.88%,
03/15/28
.................
2
1,824
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
.................
3
2,678
6.00%,
12/31/30
.................
2
1,660
6.00%,
09/01/31
.................
10
8,250
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
79
74,593
TerraForm
Power
Operating
LLC,
4.75%,
01/15/30
(c)
....................
9
7,708
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
67
58,607
4.13%,
08/15/31
.................
53
45,289
3.88%,
11/01/33
.................
156
128,700
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
11
9,845
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
3
2,741
5.45%,
04/01/44
.................
19
15,792
5.30%,
03/01/48
.................
17
13,704
5.50%,
08/15/48
.................
10
8,150
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.75%,
02/01/50
(i)
................
USD
52
$
41,759
2,483,111
Personal
Products
—
0.1%
Prestige
Brands,
Inc.,
3.75%,
04/01/31
(c)
...
13
10,780
Pharmaceuticals
—
0.4%
Bausch
Health
Cos.,
Inc.
(c)
9.00%,
12/15/25
.................
2
1,478
6.13%,
02/01/27
.................
5
4,250
5.00%,
02/15/29
.................
10
5,200
6.25%,
02/15/29
.................
2
1,064
7.25%,
05/30/29
.................
6
3,255
Catalent
Pharma
Solutions,
Inc.
(c)
3.13%,
02/15/29
.................
33
27,074
3.50%,
04/01/30
.................
20
16,319
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(i)
6
5,711
P&L
Development
LLC,
7.75%,
11/15/25
(c)
..
20
14,001
78,352
Professional
Services
—
0.7%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
6,760
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
42
32,340
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
73
63,054
KBR,
Inc.,
4.75%,
09/30/28
...........
20
17,627
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
14
13,055
132,836
Real
Estate
Management
&
Development
—
0.5%
(c)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
20
18,575
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
5
4,194
Howard
Hughes
Corp.
(The)
4.13%,
02/01/29
.................
35
26,995
4.38%,
02/01/31
.................
14
10,361
Realogy
Group
LLC
5.75%,
01/15/29
.................
25
18,958
5.25%,
04/15/30
.................
10
7,400
WeWork
Cos.
LLC,
5.00%,
07/10/25
.....
14
9,042
95,525
Road
&
Rail
—
1.4%
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(c)
4
3,327
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
10
8,361
5.00%,
12/01/29
.................
6
4,620
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
21
17,587
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
(c)
...............
2
1,585
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
8
7,924
0.00%,
12/15/25
(k)(l)
...............
27
21,538
8.00%,
11/01/26
(c)
................
8
7,964
7.50%,
09/15/27
(c)
................
70
67,814
6.25%,
01/15/28
(c)
................
71
65,664
4.50%,
08/15/29
(c)
................
68
55,930
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
....................
25
21,313
283,627
Semiconductors
&
Semiconductor
Equipment
—
0.5%
(c)
Entegris
Escrow
Corp.,
4.75%,
04/15/29
...
84
78,223
Entegris,
Inc.
4.38%,
04/15/28
.................
11
9,708
3.63%,
05/01/29
.................
5
4,181
Synaptics,
Inc.,
4.00%,
06/15/29
........
18
14,615
106,727
Security
Par
(000)
Par
(000)
Value
Software
—
3.6%
(c)
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
....
USD
20
$
19,305
Boxer
Parent
Co.,
Inc.
7.13%,
10/02/25
.................
11
10,533
9.13%,
03/01/26
.................
53
49,513
Camelot
Finance
SA,
4.50%,
11/01/26
....
11
10,033
Central
Parent,
Inc.,
7.25%,
06/15/29
.....
39
37,538
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
.....................
58
56,474
Clarivate
Science
Holdings
Corp.
3.88%,
07/01/28
.................
71
59,321
4.88%,
07/01/29
.................
46
37,766
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
.
77
62,583
Consensus
Cloud
Solutions,
Inc.
6.00%,
10/15/26
.................
5
4,302
6.50%,
10/15/28
.................
6
4,951
Elastic
NV,
4.13%,
07/15/29
..........
30
25,043
Fair
Isaac
Corp.,
4.00%,
06/15/28
.......
19
16,831
MicroStrategy,
Inc.,
6.13%,
06/15/28
.....
39
31,057
Minerva
Merger
Sub,
Inc.,
6.50%,
02/15/30
.
69
57,380
NCR
Corp.
5.00%,
10/01/28
.................
9
7,631
5.13%,
04/15/29
.................
10
8,458
6.13%,
09/01/29
.................
13
11,243
Open
Text
Corp.,
3.88%,
12/01/29
......
14
11,783
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
.
26
22,491
PTC,
Inc.
3.63%,
02/15/25
.................
4
3,783
4.00%,
02/15/28
.................
6
5,422
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
.
77
71,807
Veritas
US,
Inc.,
7.50%,
09/01/25
.......
37
27,767
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
71
59,473
712,488
Specialty
Retail
—
2.2%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
14
10,605
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
9
7,807
4.75%,
03/01/30
.................
2
1,645
5.00%,
02/15/32
(c)
................
12
9,810
Bath
&
Body
Works,
Inc.
6.88%,
11/01/35
.................
10
8,125
6.75%,
07/01/36
.................
5
3,999
7.60%,
07/15/37
.................
4
3,225
Carvana
Co.
(c)
5.50%,
04/15/27
.................
20
12,907
4.88%,
09/01/29
.................
18
10,235
10.25%,
05/01/30
................
11
9,020
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
3
2,507
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
20
15,595
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
11
8,968
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
...
14
9,014
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
24
18,267
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
11
9,343
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
13,501
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
.................
30
28,125
3.75%,
06/15/29
(c)
................
6
4,996
Sonic
Automotive,
Inc.,
4.63%,
11/15/29
(c)
..
5
3,874
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
17
13,821
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
64
56,000
6.13%,
07/01/29
.................
39
30,770
6.00%,
12/01/29
.................
45
35,335
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
31
25,695
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
USD
74
$
59,200
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(h)
...........
18
14,985
427,374
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
.........
4
3,069
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(c)
Crocs,
Inc.
4.25%,
03/15/29
.................
2
1,479
4.13%,
08/15/31
.................
25
17,694
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
8
6,353
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
14
11,445
William
Carter
Co.
(The),
5.63%,
03/15/27
..
19
17,792
54,763
Thrifts
&
Mortgage
Finance
—
0.5%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
39
36,782
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
.
14
9,660
Ladder
Capital
Finance
Holdings
LLLP
(c)
4.25%,
02/01/27
.................
8
6,458
4.75%,
06/15/29
.................
4
3,078
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
14,327
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
5
4,337
5.13%,
12/15/30
.................
8
5,980
5.75%,
11/15/31
.................
8
6,126
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
..
25
20,660
107,408
Trading
Companies
&
Distributors
—
0.7%
(c)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
8
6,506
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
6
5,661
9.75%,
08/01/27
.................
5
4,887
5.50%,
05/01/28
.................
15
12,381
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
12
8,790
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
2
1,617
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
20
18,258
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
48
40,160
WESCO
Distribution,
Inc.
7.13%,
06/15/25
.................
6
5,987
7.25%,
06/15/28
.................
43
42,527
146,774
Wireless
Telecommunication
Services
—
1.4%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
...
209
187,814
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(c)(f)(h)
........
19
9,896
Sprint
Corp.,
7.63%,
03/01/26
.........
20
21,072
T-Mobile
USA,
Inc.
2.63%,
02/15/29
.................
12
10,102
3.38%,
04/15/29
(c)
................
3
2,625
3.38%,
04/15/29
.................
6
5,250
2.88%,
02/15/31
.................
9
7,472
3.50%,
04/15/31
.................
10
8,634
3.50%,
04/15/31
(c)
................
18
15,542
268,407
Total
Corporate
Bonds
—
92.3%
(Cost:
$20,937,876)
..............................
18,157,672
Security
Shares
Shares
Value
Investment
Companies
Western
Midstream
Partners
LP
.........
79
$
1,920
Total
Investment
Companies
—
0.0%
(Cost:
$1,325)
.................................
1,920
Beneficial
Interest
(000)
Other
Interests
(m)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)(d)
................
USD
140
560
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
560
Preferred
Securities
Par
(000)
Pa
r
(
000)
Capital
Trusts
Banks
—
0.7%
(g)
Citigroup,
Inc.,
Series
Y,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
4.15%
(f)
................
10
8,025
JPMorgan
Chase
&
Co.
Series
Q,
5.15%
.................
20
18,925
Series
FF,
(SOFR
+
3.38%),
5.00%
(f)
....
71
62,657
Series
HH,
(SOFR
+
3.13%),
4.60%
(f)
...
26
21,958
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
(f)
.............
35
30,144
141,709
Capital
Markets
—
0.5%
(f)(g)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
59
45,415
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
70
63,023
108,438
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%
(f)
(g)
...........................
10
8,700
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
7.00%
(c)(g)
...............
17
15,428
Total
Capital
Trusts
—
1.4%
(Cost:
$319,088)
................................
274,275
Total
Long-Term
Investments
—
95.3%
(Cost:
$21,596,340)
..............................
18,743,265
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
(n)(o)
.................
468,508
$
468,508
Total
Short-Term
Securities
—
2.4%
(Cost:
$468,508)
................................
468,508
Total
Investments
—
97.7%
(Cost:
$22,064,848
)
..............................
19,211,773
Other
Assets
Less
Liabilities
—
2.3%
...................
453,101
Net
Assets
—
100.0%
..............................
$
19,664,874
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$15,585,
representing
0.08%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$25,124.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
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.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
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.
(i)
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.
(j)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(k)
Convertible
security.
(l)
Zero-coupon
bond.
(m)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(n)
Annualized
7-day
yield
as
of
period
end.
(o)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
June
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
352,402
$
116,106
$
—
$
—
$
—
$
468,508
468,508
$
1,120
$
—
—
—
(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
85
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
U.S.
Treasury
10
Year
Note
...................................................
3
09/21/22
$
355
$
3,526
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
398,000
USD
417,391
Toronto
Dominion
Bank
09/21/22
$
2,090
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.38.V2
.....
5.00
%
Quarterly
06/20/27
NR
USD
288
$
(8,010)
$
3,985
$
(11,995)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CenturyLink,
Inc.
......
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
8
$
(231)
$
(181)
$
(50)
CenturyLink,
Inc.
......
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
6
(538)
(474)
(64)
$
(769)
$
(655)
$
(114)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
3,985
$
—
$
—
$
(11,99
5
)
OTC
Swaps
...................................................................
—
(655)
—
(114)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
86
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
3,526
$
—
$
3,526
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,090
—
—
2,090
$
—
$
—
$
—
$
2,090
$
3,526
$
—
$
5,616
Liabilities
—
Derivative
Financial
Instruments
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
11,995
—
—
—
—
11,995
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
769
—
—
—
—
769
$
—
$
12,764
$
—
$
—
$
—
$
—
$
12,764
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
3,875
$
—
$
53,903
$
—
$
57,778
Forward
foreign
currency
exchange
contracts
....
—
—
—
(25,313)
—
—
(25,313)
Options
purchased
(a)
....................
—
—
6,323
—
—
—
6,323
Options
written
........................
—
—
(471)
—
—
—
(471)
Swaps
..............................
—
(12,759)
—
—
—
—
(12,759)
$
—
$
(12,759)
$
9,727
$
(25,313)
$
53,903
$
—
$
25,558
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
3,526
$
—
$
3,526
Forward
foreign
currency
exchange
contracts
....
—
—
—
2,090
—
—
2,090
Swaps
..............................
—
(14,722)
—
—
—
—
(14,722)
$
—
$
(14,722)
$
—
$
2,090
$
3,526
$
—
$
(9,106)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
short
.................................................................................
$
511,664
Forward
foreign
currency
exchange
contracts
Average
amounts
sold
—
in
USD
........................................................................................
$
426,497
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,864
Average
value
of
option
contracts
written
...................................................................................
$
626
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
159,500
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
87
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
2,437
Forward
foreign
currency
exchange
contracts
.................................................................
2,090
—
Swaps
—
centrally
cleared
..............................................................................
—
1,198
Swaps
—
OTC
(a)
....................................................................................
—
769
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
2,090
$
4,404
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(3,635)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
2,090
$
769
(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)(c)
Toronto
Dominion
Bank
............................
$
2,090
$
—
$
—
$
—
$
2,090
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)
Barclays
Bank
plc
................................
$
769
$
—
$
—
$
—
$
114
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
88
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Fair
Value
Hierarchy
as
of
Perio
d
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
Building
Products
.......................................
$
285
$
—
$
—
$
285
Chemicals
............................................
35,241
—
—
35,241
Communications
Equipment
................................
3,139
—
—
3,139
Containers
&
Packaging
..................................
—
15,585
—
15,585
Electrical
Equipment
.....................................
10,369
—
—
10,369
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
11,832
—
—
11,832
IT
Services
...........................................
5,995
—
—
5,995
Life
Sciences
Tools
&
Services
..............................
46,796
—
—
46,796
Media
...............................................
8,596
—
—
8,596
Metals
&
Mining
........................................
24,267
—
—
24,267
Oil,
Gas
&
Consumable
Fuels
...............................
116,774
—
—
116,774
Road
&
Rail
...........................................
10,394
—
—
10,394
Software
.............................................
19,565
—
—
19,565
Corporate
Bonds
Aerospace
&
Defense
....................................
—
628,207
—
628,207
Airlines
..............................................
—
507,063
—
507,063
Auto
Components
......................................
—
434,949
—
434,949
Automobiles
..........................................
—
72,571
—
72,571
Banks
...............................................
—
15,195
—
15,195
Building
Products
.......................................
—
209,646
—
209,646
Capital
Markets
........................................
—
65,791
—
65,791
Chemicals
............................................
—
609,457
—
609,457
Commercial
Services
&
Supplies
.............................
—
642,864
—
642,864
Communications
Equipment
................................
—
149,194
—
149,194
Construction
&
Engineering
................................
—
45,113
—
45,113
Consumer
Finance
......................................
—
398,739
—
398,739
Containers
&
Packaging
..................................
—
379,266
—
379,266
Distributors
...........................................
—
26,798
—
26,798
Diversified
Consumer
Services
..............................
—
55,869
—
55,869
Diversified
Financial
Services
...............................
—
248,379
—
248,379
Diversified
Telecommunication
Services
........................
—
1,268,368
—
1,268,368
Electric
Utilities
........................................
—
183,123
—
183,123
Electrical
Equipment
.....................................
—
72,214
—
72,214
Electronic
Equipment,
Instruments
&
Components
.................
—
82,849
—
82,849
Energy
Equipment
&
Services
..............................
—
171,201
—
171,201
Entertainment
.........................................
—
307,433
—
307,433
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
343,640
—
343,640
Food
&
Staples
Retailing
..................................
—
106,235
—
106,235
Food
Products
.........................................
—
345,421
—
345,421
Gas
Utilities
...........................................
—
6,803
—
6,803
Health
Care
Equipment
&
Supplies
...........................
—
105,096
—
105,096
Health
Care
Providers
&
Services
............................
—
828,593
—
828,593
Hotels,
Restaurants
&
Leisure
..............................
—
1,333,943
16,490
1,350,433
Household
Durables
.....................................
—
176,199
—
176,199
Household
Products
.....................................
—
46,641
—
46,641
Independent
Power
and
Renewable
Electricity
Producers
............
—
71,938
—
71,938
Insurance
............................................
—
630,523
—
630,523
Interactive
Media
&
Services
...............................
—
33,014
—
33,014
Internet
&
Direct
Marketing
Retail
............................
—
86,019
—
86,019
IT
Services
...........................................
—
295,767
—
295,767
Leisure
Products
.......................................
—
44,279
—
44,279
Life
Sciences
Tools
&
Services
..............................
—
79,384
—
79,384
Machinery
............................................
—
225,692
—
225,692
Marine
..............................................
—
20,919
—
20,919
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
89
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Media
...............................................
$
—
$
1,116,024
$
—
$
1,116,024
Metals
&
Mining
........................................
—
725,745
—
725,745
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
5,208
—
5,208
Multiline
Retail
.........................................
—
28,569
—
28,569
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,483,111
—
2,483,111
Personal
Products
......................................
—
10,780
—
10,780
Pharmaceuticals
.......................................
—
78,352
—
78,352
Professional
Services
....................................
—
132,836
—
132,836
Real
Estate
Management
&
Development
.......................
—
95,525
—
95,525
Road
&
Rail
...........................................
—
283,627
—
283,627
Semiconductors
&
Semiconductor
Equipment
....................
—
106,727
—
106,727
Software
.............................................
—
712,488
—
712,488
Specialty
Retail
........................................
—
427,374
—
427,374
Technology
Hardware,
Storage
&
Peripherals
....................
—
3,069
—
3,069
Textiles,
Apparel
&
Luxury
Goods
............................
—
54,763
—
54,763
Thrifts
&
Mortgage
Finance
................................
—
107,408
—
107,408
Trading
Companies
&
Distributors
............................
—
146,774
—
146,774
Wireless
Telecommunication
Services
.........................
—
268,407
—
268,407
Investment
Companies
....................................
1,920
—
—
1,920
Other
Interests
..........................................
—
560
—
560
Capital
Trusts
...........................................
—
274,275
—
274,275
Short-Term
Securities
Money
Market
Funds
......................................
468,508
—
—
468,508
$
763,681
$
18,431,602
$
16,490
$
19,211,773
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
2,090
$
—
$
2,090
Interest
rate
contracts
.......................................
3,526
—
—
3,526
Liabilities
Credit
contracts
...........................................
—
(12,110)
—
(12,110)
$
3,526
$
(10,020)
$
—
$
(6,494)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
1.88%,
05/25/37
(a)
...
USD
45
$
9,379
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.48%),
2.10%,
05/25/35
(a)
................
57
50,176
BCMSC
Trust
(a)
Series
2000-A,
Class
A3,
7.83%,
06/15/30
49
7,928
Series
2000-A,
Class
A4,
8.29%,
06/15/30
35
6,042
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(LIBOR
USD
1
Month
+
1.73%),
3.35%,
08/25/34
...
1
846
Series
2007-HE1,
Class
21A2,
(LIBOR
USD
1
Month
+
0.16%),
1.78%,
01/25/37
..
20
20,246
Series
2007-HE2,
Class
22A,
(LIBOR
USD
1
Month
+
0.14%),
1.76%,
03/25/37
..
13
11,888
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
1.76%,
03/25/37
..
25
23,295
Series
2007-HE3,
Class
1A3,
(LIBOR
USD
1
Month
+
0.25%),
1.87%,
04/25/37
..
42
54,961
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
1.78%,
10/25/36
(a)
..........
36
34,596
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
1.82%,
05/25/37
..
146
107,357
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
1.89%,
05/25/37
..
66
48,918
Conseco
Finance
Corp.
Series
1998-8,
Class
A1,
6.28%,
09/01/30
4
4,321
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
3.82%,
11/15/32
(a)
..
26
26,540
Conseco
Finance
Securitizations
Corp.,
Series
2000-5,
Class
A6,
7.96%,
05/01/31
.....
37
12,884
Countrywide
Asset-Backed
Certificates,
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
1.84%,
12/25/25
(a)
.........
—
(b)
394
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2001-MH29,
Class
B1,
8.10%,
09/25/31
(a)
.....................
19
18,468
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
7.02%,
01/25/29
(c)
...................
2
3,541
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
3
3,106
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(d)
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
1.62%,
12/15/33
11
10,475
Series
2006-RES,
Class
5B1A,
(LIBOR
USD
1
Month
+
0.19%),
1.51%,
05/15/35
..
23
22,722
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
1.50%,
05/15/35
...
5
4,551
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
1.47%,
11/15/36
...
9
8,181
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
2.22%,
01/25/36
(a)
....
41
34,288
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.20%),
1.82%,
01/25/47
...
22
12,231
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
3.38%),
5.00%,
02/25/47
...
25
23,296
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%),
1.92%,
05/25/37
(a)
................
USD
32
$
24,709
Home
Loan
Mortgage
Loan
Trust,
Series
2005-
1,
Class
A3,
(LIBOR
USD
1
Month
+
0.72%),
2.04%,
04/15/36
(a)
................
21
19,020
IXIS
Real
Estate
Capital
Trust,
Series
2007-
HE1,
Class
A4,
(LIBOR
USD
1
Month
+
0.23%),
1.85%,
05/25/37
(a)
..........
633
169,178
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
61
61,733
Series
2002-A,
Class
C,
0.00%,
06/15/33
4
3,952
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-5,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
1.92%,
06/25/36
...
21
11,546
Series
2006-7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.32%),
1.94%,
08/25/36
...
14
6,251
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.24%),
1.86%,
05/25/37
(a)
19
14,507
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
2.22%,
12/25/34
(a)
78
67,060
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class
A4,
6.93%,
09/15/31
(a)
...
9
5,859
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
1.83%,
03/25/37
(a)
.
40
31,166
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(c)
...................
33
29,145
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(c)
...................
38
33,415
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
2.52%,
10/15/37
(a)(d)
...
14
13,180
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(c)
........
28
24,509
SG
Mortgage
Securities
Trust,
Series
2006-
FRE2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.32%),
1.94%,
07/25/36
(a)
..........
16
3,773
Total
Asset-Backed
Securities
—
0.2%
(Cost:
$1,258,316)
..............................
1,079,633
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.6%
BAE
Systems
plc
...................
1,424
14,416
Curtiss-Wright
Corp.
.................
1,861
245,764
Elbit
Systems
Ltd.
..................
30
6,890
HEICO
Corp.
.....................
295
38,681
HEICO
Corp.,
Class
A
................
10,043
1,058,331
Raytheon
Technologies
Corp.
..........
60
5,767
Rheinmetall
AG
....................
625
144,228
Saab
AB,
Class
B
..................
10,203
421,918
Textron,
Inc.
......................
7,075
432,070
Thales
SA
........................
1,607
197,303
2,565,368
Air
Freight
&
Logistics
—
0.0%
Expeditors
International
of
Washington,
Inc.
.
701
68,320
FedEx
Corp.
......................
571
129,451
197,771
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Airlines
—
0.1%
(e)
Southwest
Airlines
Co.
...............
1,130
$
40,816
United
Airlines
Holdings,
Inc.
...........
7,574
268,271
309,087
Auto
Components
—
0.1%
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(d)
(f)
............................
18,800
95,108
Hankook
Tire
&
Technology
Co.
Ltd.
......
1,543
39,336
Hyundai
Mobis
Co.
Ltd.
...............
273
42,079
Koito
Manufacturing
Co.
Ltd.
...........
1,800
57,171
Mando
Corp.
......................
1,832
67,290
NGK
Spark
Plug
Co.
Ltd.
.............
700
12,698
Nokian
Renkaat
OYJ
................
6,938
76,523
390,205
Automobiles
—
1.2%
Bayerische
Motoren
Werke
AG
.........
8,846
685,747
BYD
Co.
Ltd.,
Class
H
...............
9,000
362,786
Ford
Otomotiv
Sanayi
A/S
.............
6,287
101,328
General
Motors
Co.
(e)
................
18,600
590,736
Honda
Motor
Co.
Ltd.
................
31,200
752,266
Mercedes-Benz
Group
AG
.............
8,308
482,515
Renault
SA
(e)
......................
1,195
30,169
Subaru
Corp.
.....................
3,600
63,678
Tesla,
Inc.
(e)
.......................
2,788
1,877,495
Tofas
Turk
Otomobil
Fabrikasi
A/S
.......
6,833
24,732
Volkswagen
AG
....................
331
60,535
XPeng,
Inc.,
ADR
(e)
.................
636
20,187
5,052,174
Banks
—
3.2%
Australia
&
New
Zealand
Banking
Group
Ltd.
39,090
595,369
Banco
Bilbao
Vizcaya
Argentaria
SA
......
121,175
550,447
Banco
Bradesco
SA
(e)
................
3,121
8,558
Bancolombia
SA
...................
4,068
32,866
Bank
Hapoalim
BM
.................
1,887
15,846
Bank
Leumi
Le-Israel
BM
.............
1,744
15,602
Bank
of
America
Corp.
...............
77,060
2,398,878
Bank
Polska
Kasa
Opieki
SA
...........
4,536
83,037
China
Merchants
Bank
Co.
Ltd.,
Class
H
...
56,500
381,625
Citigroup,
Inc.
.....................
20,918
962,019
Commerzbank
AG
(e)
.................
14,592
103,532
Commonwealth
Bank
of
Australia
........
13,073
816,756
Credicorp
Ltd.
.....................
1,671
200,370
Danske
Bank
A/S
...................
7,049
100,326
Erste
Group
Bank
AG
................
1,428
36,287
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
38,360
214,409
ING
Groep
NV
.....................
33,689
331,891
Israel
Discount
Bank
Ltd.,
Class
A
.......
15,249
79,850
Japan
Post
Bank
Co.
Ltd.
.............
3,300
25,692
JPMorgan
Chase
&
Co.
..............
25,738
2,898,356
KBC
Group
NV
....................
5,580
313,936
Mizrahi
Tefahot
Bank
Ltd.
.............
719
23,936
Mizuho
Financial
Group,
Inc.
...........
17,700
201,513
National
Australia
Bank
Ltd.
............
15,050
285,391
Nordea
Bank
Abp
..................
20,930
185,054
Oversea-Chinese
Banking
Corp.
Ltd.
.....
7,100
58,242
PNC
Financial
Services
Group,
Inc.
(The)
..
4,243
669,418
Societe
Generale
SA
................
756
16,715
Sumitomo
Mitsui
Trust
Holdings,
Inc.
......
300
9,272
Svenska
Handelsbanken
AB,
Class
A
.....
12,586
108,037
UniCredit
SpA
.....................
50,871
486,141
United
Overseas
Bank
Ltd.
............
4,800
90,682
Wells
Fargo
&
Co.
..................
32,889
1,288,262
Westpac
Banking
Corp.
..............
26,691
360,032
13,948,347
Security
Shares
Shares
Value
Beverages
—
1.6%
Ambev
SA
(e)
......................
119,554
$
305,655
Anheuser-Busch
InBev
SA/NV
..........
8,641
465,335
Arca
Continental
SAB
de
CV
...........
4,068
26,830
Brown-Forman
Corp.,
Class
B
(g)
.........
24,061
1,688,120
China
Resources
Beer
Holdings
Co.
Ltd.
...
6,000
44,838
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
...
500
5,977
Coca-Cola
Co.
(The)
................
14,101
887,094
Coca-Cola
Femsa
SAB
de
CV
..........
19,697
109,183
Davide
Campari-Milano
NV
............
20,641
217,756
Fomento
Economico
Mexicano
SAB
de
CV
.
9,584
64,688
Heineken
NV
.....................
7,154
651,169
Molson
Coors
Beverage
Co.,
Class
B
.....
1,497
81,602
PepsiCo,
Inc.
.....................
11,023
1,837,093
Pernod
Ricard
SA
..................
3,281
606,574
Suntory
Beverage
&
Food
Ltd.
..........
4,800
181,262
Tsingtao
Brewery
Co.
Ltd.,
Class
H
.......
2,000
20,819
7,193,995
Biotechnology
—
0.8%
Amgen,
Inc.
......................
2,806
682,700
BeiGene
Ltd.
(e)
....................
900
11,433
BeiGene
Ltd.,
ADR
(e)(g)
...............
657
106,335
Biogen,
Inc.
(e)
.....................
1,171
238,814
BioMarin
Pharmaceutical,
Inc.
(e)
.........
340
28,176
Celltrion,
Inc.
......................
1,277
176,292
CSL
Ltd.
.........................
1,405
260,873
Exelixis,
Inc.
(e)
.....................
707
14,720
Genmab
A/S
(e)
.....................
642
208,294
Gilead
Sciences,
Inc.
................
7,154
442,189
Horizon
Therapeutics
plc
(e)
............
1,273
101,534
Incyte
Corp.
(e)
.....................
2,463
187,114
Innovent
Biologics,
Inc.
(d)(e)(f)
............
24,500
109,614
Legend
Biotech
Corp.,
ADR
(e)
...........
2,341
128,755
Moderna,
Inc.
(e)
....................
629
89,853
Regeneron
Pharmaceuticals,
Inc.
(e)
.......
631
373,003
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(d)(e)(f)(g)
.......................
12,600
67,793
United
Therapeutics
Corp.
(e)
............
511
120,412
Vertex
Pharmaceuticals,
Inc.
(e)
..........
1,006
283,481
3,631,385
Building
Products
—
0.1%
Belimo
Holding
AG
(Registered)
.........
264
92,949
Lixil
Corp.
........................
3,500
65,784
Owens
Corning
....................
1,929
143,344
302,077
Capital
Markets
—
1.1%
B3
SA
-
Brasil
Bolsa
Balcao
............
3,736
7,860
Bank
of
New
York
Mellon
Corp.
(The)
.....
38,226
1,594,406
Charles
Schwab
Corp.
(The)
...........
1,728
109,175
Deutsche
Bank
AG
(Registered)
.........
43,050
378,311
Deutsche
Boerse
AG
................
625
104,954
Investec
Ltd.
......................
2,463
13,303
Julius
Baer
Group
Ltd.
...............
5,090
236,126
Macquarie
Group
Ltd.
................
7,991
909,823
SBI
Holdings,
Inc.
..................
9,900
193,442
State
Street
Corp.
..................
1,285
79,220
Stifel
Financial
Corp.
................
1,074
60,165
UBS
Group
AG
(Registered)
...........
68,684
1,110,396
4,797,181
Chemicals
—
0.9%
Covestro
AG
(d)(f)
....................
1,852
64,355
Croda
International
plc
...............
1,521
120,223
DuPont
de
Nemours,
Inc.
.............
743
41,296
Ecolab,
Inc.
......................
4,622
710,679
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Chemicals
(continued)
Givaudan
SA
(Registered)
.............
63
$
222,057
ICL
Group
Ltd.
.....................
2,161
19,741
Israel
Corp.
Ltd.
(The)
(e)
..............
33
14,628
K+S
AG
(Registered)
................
3,296
80,217
LG
Chem
Ltd.
.....................
964
382,980
Linde
plc
........................
1,665
478,737
Mosaic
Co.
(The)
...................
3,302
155,953
Novozymes
A/S,
Class
B
..............
1,797
108,149
Nutrien
Ltd.
.......................
1,459
116,192
Shin-Etsu
Chemical
Co.
Ltd.
...........
800
89,929
Sika
AG
(Registered)
................
3,332
769,150
Solvay
SA
........................
1,181
96,211
Sumitomo
Chemical
Co.
Ltd.
...........
68,100
266,523
Umicore
SA
......................
2,303
80,729
3,817,749
Communications
Equipment
—
0.1%
BYD
Electronic
International
Co.
Ltd.
......
5,000
15,825
Cisco
Systems,
Inc.
.................
5,430
231,535
Juniper
Networks,
Inc.
(g)
..............
6,190
176,415
Nokia
OYJ
.......................
22,493
104,256
Telefonaktiebolaget
LM
Ericsson,
Class
B
..
12,132
90,614
618,645
Construction
&
Engineering
—
0.2%
Ackermans
&
van
Haaren
NV
..........
1,897
283,804
AECOM
.........................
570
37,175
Bouygues
SA
.....................
5,006
154,503
COMSYS
Holdings
Corp.
.............
2,600
49,497
Daewoo
Engineering
&
Construction
Co.
Ltd.
(e)
7,009
31,656
Eiffage
SA
.......................
1,183
107,014
EXEO
Group,
Inc.
..................
500
7,828
HDC
Hyundai
Development
Co-Engineering
&
Construction
....................
575
4,960
Kandenko
Co.
Ltd.
..................
800
4,983
Obayashi
Corp.
....................
1,400
10,183
Samsung
Engineering
Co.
Ltd.
(e)
.........
1,768
29,386
Shimizu
Corp.
.....................
9,200
50,824
Vinci
SA
.........................
2,790
250,435
WSP
Global,
Inc.
...................
278
31,433
1,053,681
Construction
Materials
—
0.0%
James
Hardie
Industries
plc,
CDI
........
2,344
51,317
Consumer
Finance
—
0.6%
AEON
Financial
Service
Co.
Ltd.
........
800
7,553
Ally
Financial,
Inc.
..................
9,625
322,534
American
Express
Co.
...............
9,639
1,336,158
Capital
One
Financial
Corp.
............
6,272
653,480
Discover
Financial
Services
............
987
93,350
Lufax
Holding
Ltd.,
ADR
..............
2,005
12,030
Synchrony
Financial
.................
14,719
406,539
2,831,644
Distributors
—
0.0%
D'I
et
eren
Group
....................
319
46,876
Diversified
Consumer
Services
—
0.0%
Benesse
Holdings,
Inc.
...............
400
6,473
Service
Corp.
International
............
2,278
157,455
YDUQS
Participacoes
SA
.............
4,422
11,069
174,997
Diversified
Financial
Services
—
0.7%
Berkshire
Hathaway,
Inc.,
Class
B
(e)
......
3,661
999,526
FirstRand
Ltd.
.....................
4,449
17,122
Groupe
Bruxelles
Lambert
SA
..........
5,360
449,326
Security
Shares
Shares
Value
Diversified
Financial
Services
(continued)
Voya
Financial,
Inc.
.................
24,994
$
1,487,893
2,953,867
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.
........................
2,112
44,267
BCE,
Inc.
........................
18,557
912,136
Koninklijke
KPN
NV
.................
4,862
17,300
Nippon
Telegraph
&
Telephone
Corp.
.....
2,000
57,466
Verizon
Communications,
Inc.
..........
21,573
1,094,830
2,125,999
Electric
Utilities
—
0.9%
Acciona
SA
.......................
1,001
184,443
Contact
Energy
Ltd.
.................
9,679
43,942
CPFL
Energia
SA
...................
26,929
158,998
Edison
International
.................
22,145
1,400,450
Electricite
de
France
SA
..............
10,832
88,972
Elia
Group
SA/NV
..................
2,436
345,962
Enel
SpA
........................
107,458
589,324
Energisa
SA
......................
2,497
19,242
Hydro
One
Ltd.
(d)(f)
..................
30,946
832,070
SSE
plc
.........................
2,370
46,773
Verbund
AG
......................
1,429
140,468
3,850,644
Electrical
Equipment
—
0.1%
Eaton
Corp.
plc
....................
591
74,460
Legrand
SA
......................
3,560
264,325
Signify
NV
(d)(f)
.....................
4,288
141,462
480,247
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Anritsu
Corp.
......................
3,900
42,224
Avnet,
Inc.
.......................
373
15,994
Azbil
Corp.
.......................
800
21,092
Keysight
Technologies,
Inc.
(e)
...........
5,985
825,032
Kyocera
Corp.
.....................
500
26,728
Omron
Corp.
......................
15,900
809,258
Spectris
plc
.......................
5,310
175,918
Sunny
Optical
Technology
Group
Co.
Ltd.
..
900
14,757
TE
Connectivity
Ltd.
.................
1,093
123,673
2,054,676
Energy
Equipment
&
Services
—
0.1%
Schlumberger
NV
..................
14,428
515,945
Entertainment
—
0.1%
NetEase,
Inc.
.....................
300
5,652
NHN
Corp.
(e)
......................
198
4,263
Nintendo
Co.
Ltd.
...................
500
215,028
224,943
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.0%
American
Tower
Corp.
...............
253
64,664
Brixmor
Property
Group,
Inc.
...........
589
11,904
Crown
Castle
International
Corp.
........
7,647
1,287,602
Equinix,
Inc.
......................
1,220
801,565
Equity
Residential
..................
5,495
396,849
GPT
Group
(The)
(h)
..................
2,727
7,970
Klepierre
SA
(e)
.....................
2,607
50,451
Mid-America
Apartment
Communities,
Inc.
..
3,284
573,616
SBA
Communications
Corp.
...........
24
7,681
Segro
plc
........................
50,195
599,216
Simon
Property
Group,
Inc.
............
1,512
143,519
Stockland
(h)
.......................
81,782
204,192
Tritax
Big
Box
REIT
plc
...............
22,643
50,176
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Warehouses
De
Pauw
CVA
............
2,739
$
86,427
4,285,832
Food
&
Staples
Retailing
—
0.5%
BIM
Birlesik
Magazalar
A/S
............
7,506
36,358
Cosmos
Pharmaceutical
Corp.
..........
900
86,440
Costco
Wholesale
Corp.
..............
3,880
1,859,606
George
Weston
Ltd.
.................
190
22,196
Jeronimo
Martins
SGPS
SA
............
4,068
88,188
Lawson,
Inc.
......................
400
13,312
Migros
Ticaret
A/S
(e)
.................
10,332
29,712
Shoprite
Holdings
Ltd.
...............
3,282
39,988
Tesco
plc
........................
3,397
10,587
Tsuruha
Holdings,
Inc.
...............
2,900
157,802
Walmart,
Inc.
......................
364
44,255
2,388,444
Food
Products
—
0.8%
Ajinomoto
Co.,
Inc.
..................
3,600
87,788
Associated
British
Foods
plc
...........
18,052
348,324
BRF
SA
(e)
........................
1,755
4,554
Calbee,
Inc.
......................
5,500
110,848
Chocoladefabriken
Lindt
&
Spruengli
AG
...
17
173,095
Gruma
SAB
de
CV,
Class
B
............
596
6,581
Kuala
Lumpur
Kepong
Bhd.
............
3,200
15,929
Leroy
Seafood
Group
ASA
.............
1,382
9,895
Marfrig
Global
Foods
SA
..............
27,242
63,141
Mondelez
International,
Inc.,
Class
A
......
7,056
438,107
Nestle
SA
(Registered)
...............
10,342
1,208,698
Nichirei
Corp.
.....................
5,000
87,013
Nissin
Foods
Holdings
Co.
Ltd.
.........
2,300
158,864
Nomad
Foods
Ltd.
(e)
.................
17,450
348,825
Orkla
ASA
........................
16,327
130,791
Sao
Martinho
SA
...................
12,912
89,806
Tyson
Foods,
Inc.,
Class
A
............
299
25,732
Wilmar
International
Ltd.
..............
138,700
403,698
3,711,689
Health
Care
Equipment
&
Supplies
—
1.0%
Align
Technology,
Inc.
(e)
...............
2,121
501,977
Boston
Scientific
Corp.
(e)
..............
46,451
1,731,229
Edwards
Lifesciences
Corp.
(e)
..........
422
40,128
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
.....
2,301
28,665
Hoya
Corp.
.......................
400
34,233
IDEXX
Laboratories,
Inc.
(e)
.............
1,476
517,678
Medtronic
plc
.....................
11,511
1,033,112
Straumann
Holding
AG
(Registered)
......
305
36,742
Terumo
Corp.
.....................
11,200
338,812
4,262,576
Health
Care
Providers
&
Services
—
1.4%
Alfresa
Holdings
Corp.
...............
600
8,067
AmerisourceBergen
Corp.
.............
1,232
174,303
Cardinal
Health,
Inc.
.................
2,762
144,370
Cigna
Corp.
......................
2,364
622,961
CVS
Health
Corp.
..................
4,840
448,474
DaVita,
Inc.
(e)
......................
479
38,301
Elevance
Health,
Inc.
................
1,003
484,028
Fleury
SA
........................
22,092
68,596
Henry
Schein,
Inc.
(e)
.................
2,829
217,097
Humana,
Inc.
.....................
2,253
1,054,562
McKesson
Corp.
...................
217
70,788
Qualicorp
Consultoria
e
Corretora
de
Seguros
SA
..........................
10,931
23,226
Sonic
Healthcare
Ltd.
................
876
19,967
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
..............
4,939
$
2,536,819
5,911,559
Hotels,
Restaurants
&
Leisure
—
0.7%
Aristocrat
Leisure
Ltd.
................
39,601
941,951
Booking
Holdings,
Inc.
(e)
..............
29
50,721
Flight
Centre
Travel
Group
Ltd.
(e)
........
3,990
47,985
InterContinental
Hotels
Group
plc
........
2,610
138,716
International
Game
Technology
plc
(g)
......
2,946
54,678
Royal
Caribbean
Cruises
Ltd.
(e)
.........
810
28,277
Travel
+
Leisure
Co.
.................
27,661
1,073,800
Trip.com
Group
Ltd.
(e)
................
550
15,219
Trip.com
Group
Ltd.,
ADR
(e)
............
4,785
131,348
Yum
China
Holdings,
Inc.
.............
11,703
567,595
3,050,290
Household
Durables
—
0.3%
Arcelik
A/S
.......................
7,398
32,202
Barratt
Developments
plc
.............
64,397
360,215
Bellway
plc
.......................
1,445
37,992
Casio
Computer
Co.
Ltd.
..............
1,900
17,630
Electrolux
AB,
Class
B
...............
1,691
22,840
Garmin
Ltd.
.......................
2,187
214,873
Lennar
Corp.,
Class
A
................
926
65,348
Mohawk
Industries,
Inc.
(e)
.............
1,415
175,587
Sekisui
House
Ltd.
..................
3,400
59,688
Toll
Brothers,
Inc.
...................
678
30,239
Whirlpool
Corp.
....................
2,077
321,665
1,338,279
Household
Products
—
0.6%
Colgate-Palmolive
Co.
...............
23,704
1,899,639
Procter
&
Gamble
Co.
(The)
...........
574
82,535
Unicharm
Corp.
....................
14,500
486,580
2,468,754
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Atlantica
Sustainable
Infrastructure
plc
(g)
...
2,333
75,262
Azure
Power
Global
Ltd.
(e)
.............
445
5,073
Drax
Group
plc
....................
19,545
153,419
Innergex
Renewable
Energy,
Inc.
........
865
11,626
245,380
Industrial
Conglomerates
—
0.7%
Doosan
Co.
Ltd.
...................
515
27,871
General
Electric
Co.
.................
11,789
750,606
Honeywell
International,
Inc.
...........
5,811
1,010,010
Siemens
AG
(Registered)
.............
8,855
910,263
Smiths
Group
plc
...................
16,668
285,037
2,983,787
Insurance
—
2.2%
Aflac,
Inc.
........................
723
40,004
Ageas
SA/NV
.....................
2,656
117,110
AIA
Group
Ltd.
....................
201,200
2,198,426
Allianz
SE
........................
210
40,259
American
International
Group,
Inc.
.......
270
13,805
Aon
plc,
Class
A
...................
31
8,360
ASR
Nederland
NV
.................
136
5,483
AXA
SA
.........................
6,696
152,947
Brighthouse
Financial,
Inc.
(e)
...........
666
27,319
Direct
Line
Insurance
Group
plc
.........
25,231
77,445
Hannover
Rueck
SE
.................
243
35,443
Hartford
Financial
Services
Group,
Inc.
(The)
1,194
78,123
Lincoln
National
Corp.
...............
8,329
389,547
Manulife
Financial
Corp.
..............
55,865
968,697
Marsh
&
McLennan
Cos.,
Inc.
..........
7,516
1,166,859
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Insurance
(continued)
Meritz
Fire
&
Marine
Insurance
Co.
Ltd.
....
174
$
4,456
MetLife,
Inc.
......................
26,935
1,691,249
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
.......................
48,000
330,396
Prudential
Financial,
Inc.
..............
733
70,133
Reinsurance
Group
of
America,
Inc.
......
587
68,849
Swiss
Life
Holding
AG
(Registered)
.......
771
376,377
Talanx
AG
........................
531
20,297
Tokio
Marine
Holdings,
Inc.
............
5,100
297,391
Travelers
Cos.,
Inc.
(The)
.............
7,120
1,204,206
Unum
Group
......................
1,632
55,521
9,438,702
Interactive
Media
&
Services
—
2.4%
AfreecaTV
Co.
Ltd.
.................
215
13,353
Alphabet,
Inc.,
Class
A
(e)
..............
1,515
3,301,579
Alphabet,
Inc.,
Class
C
(e)
..............
1,178
2,576,816
Auto
Trader
Group
plc
(d)(f)
.............
42,364
286,912
Baidu,
Inc.,
Class
A
(e)
................
18,300
346,660
Joyy,
Inc.,
ADR
....................
1,094
32,667
Kakao
Corp.
......................
3,103
168,136
Kuaishou
Technology
(d)(e)(f)
.............
5,000
56,193
Meta
Platforms,
Inc.,
Class
A
(e)
..........
11,010
1,775,363
NAVER
Corp.
.....................
1,047
195,293
REA
Group
Ltd.
....................
384
29,653
Scout24
SE
(d)(f)
....................
487
25,088
Tencent
Holdings
Ltd.
................
32,000
1,448,485
Z
Holdings
Corp.
...................
19,400
56,417
10,312,615
Internet
&
Direct
Marketing
Retail
—
1.0%
Alibaba
Group
Holding
Ltd.
(e)
...........
70,800
1,009,990
Amazon.com,
Inc.
(e)
.................
26,163
2,778,772
eBay,
Inc.
........................
3,198
133,261
JD.com,
Inc.,
Class
A
................
3,250
104,725
Meituan
(d)(e)(f)
......................
8,400
209,616
4,236,364
IT
Services
—
1.8%
Capgemini
SE
.....................
301
51,911
CGI,
Inc.
(e)
.......................
5,182
412,805
Cognizant
Technology
Solutions
Corp.,
Class
A
21,137
1,426,536
DXC
Technology
Co.
(e)
...............
718
21,763
EPAM
Systems,
Inc.
(e)
................
234
68,979
Fujitsu
Ltd.
.......................
800
100,102
Gartner,
Inc.
(e)
.....................
1,057
255,614
Genpact
Ltd.
......................
11,429
484,132
Mastercard,
Inc.,
Class
A
..............
1,973
622,442
Nomura
Research
Institute
Ltd.
.........
23,600
633,343
NTT
Data
Corp.
....................
3,600
49,942
Otsuka
Corp.
.....................
4,400
130,948
Paychex,
Inc.
.....................
1,468
167,161
PayPal
Holdings,
Inc.
(e)
...............
5,900
412,056
Visa,
Inc.,
Class
A
..................
14,552
2,865,143
Western
Union
Co.
(The)
.............
4,779
78,710
7,781,587
Leisure
Products
—
0.0%
Sankyo
Co.
Ltd.
....................
700
21,176
Sega
Sammy
Holdings,
Inc.
............
6,300
101,192
122,368
Life
Sciences
Tools
&
Services
—
0.9%
Agilent
Technologies,
Inc.
.............
14,980
1,779,174
Danaher
Corp.
....................
1,705
432,252
Mettler-Toledo
International,
Inc.
(e)
.......
409
469,847
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(d)(f)
....
1,500
15,067
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Syneos
Health,
Inc.
(e)
................
10,601
$
759,880
WuXi
AppTec
Co.
Ltd.,
Class
H
(d)(f)
.......
9,800
131,104
Wuxi
Biologics
Cayman,
Inc.
(d)(e)(f)
........
24,000
222,370
3,809,694
Machinery
—
0.3%
Amada
Co.
Ltd.
....................
11,100
81,833
ANDRITZ
AG
.....................
4,425
178,621
Cummins,
Inc.
.....................
204
39,480
Daifuku
Co.
Ltd.
....................
1,600
91,568
Ebara
Corp.
......................
1,400
52,314
Epiroc
AB,
Class
A
..................
8,705
134,972
Rational
AG
......................
121
70,542
Spirax-Sarco
Engineering
plc
...........
381
45,952
Techtronic
Industries
Co.
Ltd.
...........
22,500
234,948
Timken
Co.
(The)
...................
216
11,459
Valmet
OYJ
......................
10,801
266,173
VAT
Group
AG
(d)(f)
...................
342
81,791
Wartsila
OYJ
Abp
...................
26,180
205,219
1,494,872
Marine
—
0.1%
AP
Moller
-
Maersk
A/S,
Class
A
.........
18
41,777
AP
Moller
-
Maersk
A/S,
Class
B
.........
43
100,947
Costamare,
Inc.
....................
714
8,639
Grindrod
Shipping
Holdings
Ltd.
.........
445
7,632
Kuehne
+
Nagel
International
AG
(Registered)
67
15,919
Nippon
Yusen
KK
...................
1,800
123,417
Orient
Overseas
International
Ltd.
.......
1,500
39,965
338,296
Media
—
0.9%
Charter
Communications,
Inc.,
Class
A
(e)
...
981
459,628
Comcast
Corp.,
Class
A
..............
54,663
2,144,976
Fox
Corp.,
Class
A
..................
39,113
1,257,874
Fuji
Media
Holdings,
Inc.
..............
1,400
11,858
Nippon
Television
Holdings,
Inc.
.........
1,000
8,898
3,883,234
Metals
&
Mining
—
0.9%
Anglo
American
plc
.................
32,782
1,173,279
Aperam
SA
.......................
522
14,498
Cia
Brasileira
de
Aluminio
.............
8,098
18,011
Daehan
Steel
Co.
Ltd.
...............
434
5,266
Dowa
Holdings
Co.
Ltd.
..............
300
9,932
Mitsui
Mining
&
Smelting
Co.
Ltd.
........
1,000
23,322
Outokumpu
OYJ
...................
2,947
12,300
POSCO
Holdings,
Inc.
...............
557
99,334
Reliance
Steel
&
Aluminum
Co.
(g)
........
4,623
785,263
Rio
Tinto
Ltd.
.....................
2,602
185,624
South32
Ltd.
......................
225,345
610,615
thyssenkrupp
AG
(e)
..................
5,333
30,410
Wheaton
Precious
Metals
Corp.
.........
32,368
1,166,274
4,134,128
Multiline
Retail
—
0.1%
Macy's,
Inc.
......................
2,439
44,682
Shinsegae,
Inc.
....................
196
32,995
Target
Corp.
......................
3,248
458,715
536,392
Multi-Utilities
—
0.3%
Consolidated
Edison,
Inc.
.............
944
89,774
E.ON
SE
........................
82,777
697,237
Engie
SA
........................
48,357
559,924
Public
Service
Enterprise
Group,
Inc.
.....
552
34,931
1,381,866
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
2.4%
Aker
BP
ASA,
SDR
.................
4,688
$
153,365
APA
Corp.
.......................
3,893
135,866
ARC
Resources
Ltd.
.................
634
7,994
BP
plc
..........................
2,044
9,597
Chevron
Corp.
.....................
11,111
1,608,650
Crescent
Point
Energy
Corp.
...........
18,363
130,532
Enbridge,
Inc.
.....................
40,466
1,708,928
Enerplus
Corp.
....................
413
5,458
Eni
SpA
.........................
1,998
23,698
EOG
Resources,
Inc.
................
8,246
910,688
Equinor
ASA
......................
36,854
1,284,192
Exxon
Mobil
Corp.
..................
32,087
2,747,931
Gibson
Energy,
Inc.
.................
1,047
19,391
Inpex
Corp.
.......................
20,200
216,550
Lundin
Energy
AB
..................
4,499
3,059
Marathon
Oil
Corp.
..................
4,986
112,085
Murphy
Oil
Corp.
...................
1,062
32,062
Occidental
Petroleum
Corp.
............
2,250
132,480
OMV
AG
........................
284
13,357
Ovintiv,
Inc.
.......................
478
21,144
Parex
Resources,
Inc.
...............
910
15,412
Phillips
66
........................
841
68,954
Range
Resources
Corp.
(e)
.............
910
22,522
SK
Innovation
Co.
Ltd.
(e)
..............
997
148,012
TC
Energy
Corp.
...................
4,316
223,579
Turkiye
Petrol
Rafinerileri
A/S
(e)
.........
6,163
97,149
Valero
Energy
Corp.
.................
950
100,966
Verbio
Vereinigte
BioEnergie
AG
........
109
5,491
Woodside
Energy
Group
Ltd.
...........
19,555
429,790
10,388,902
Paper
&
Forest
Products
—
0.0%
Louisiana-Pacific
Corp.
...............
224
11,740
West
Fraser
Timber
Co.
Ltd.
...........
326
25,015
36,755
Personal
Products
—
0.5%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
959
244,229
Kao
Corp.
........................
11,300
458,209
LG
H&H
Co.
Ltd.
...................
38
19,965
L'Oreal
SA
.......................
143
49,650
Unilever
plc
.......................
33,790
1,534,755
2,306,808
Pharmaceuticals
—
3.2%
Astellas
Pharma,
Inc.
................
8,500
132,615
Bristol-Myers
Squibb
Co.
..............
3,921
301,917
Chugai
Pharmaceutical
Co.
Ltd.
.........
800
20,464
Eisai
Co.
Ltd.
.....................
1,700
71,876
Eli
Lilly
&
Co.
.....................
3,653
1,184,412
H
Lundbeck
A/S
....................
2,344
11,384
Hisamitsu
Pharmaceutical
Co.,
Inc.
.......
400
10,340
Johnson
&
Johnson
.................
20,010
3,551,975
Merck
&
Co.,
Inc.
...................
26,588
2,424,028
Novartis
AG
(Registered)
.............
2,986
253,155
Novo
Nordisk
A/S,
Class
B
............
14,192
1,573,927
Perrigo
Co.
plc
....................
1,892
76,758
Pfizer,
Inc.
(g)
......................
27,046
1,418,022
Roche
Holding
AG
..................
703
239,071
Takeda
Pharmaceutical
Co.
Ltd.
.........
47,400
1,331,388
Teva
Pharmaceutical
Industries
Ltd.
(e)
.....
15,043
113,874
Teva
Pharmaceutical
Industries
Ltd.,
ADR
(e)
.
18,048
135,721
UCB
SA
.........................
68
5,762
Zoetis,
Inc.
.......................
7,379
1,268,376
14,125,065
Security
Shares
Shares
Value
Professional
Services
—
1.0%
Booz
Allen
Hamilton
Holding
Corp.
.......
8,713
$
787,307
CACI
International,
Inc.,
Class
A
(e)
.......
51
14,371
Experian
plc
......................
32,533
955,195
ManpowerGroup,
Inc.
................
307
23,458
Randstad
NV
.....................
230
11,116
Recruit
Holdings
Co.
Ltd.
.............
8,100
238,548
Teleperformance
...................
432
133,395
Thomson
Reuters
Corp.
..............
7,347
765,921
Wolters
Kluwer
NV
..................
16,889
1,636,848
4,566,159
Real
Estate
Management
&
Development
—
0.2%
Alony
Hetz
Properties
&
Investments
Ltd.
...
996
12,548
China
Resources
Land
Ltd.
............
28,000
131,300
City
Developments
Ltd.
...............
16,900
99,262
Country
Garden
Services
Holdings
Co.
Ltd.
.
23,000
103,221
Daiwa
House
Industry
Co.
Ltd.
..........
3,300
77,177
Jones
Lang
LaSalle,
Inc.
(e)
.............
416
72,742
LEG
Immobilien
SE
.................
2,575
214,296
Longfor
Group
Holdings
Ltd.
(d)
..........
2,500
11,890
Mitsubishi
Estate
Co.
Ltd.
.............
400
5,797
Mitsui
Fudosan
Co.
Ltd.
..............
10,000
214,849
Sun
Hung
Kai
Properties
Ltd.
...........
6,500
76,960
1,020,042
Road
&
Rail
—
0.4%
Canadian
National
Railway
Co.
.........
2,198
247,241
Landstar
System,
Inc.
................
1,723
250,559
Localiza
Rent
a
Car
SA
...............
708
7,086
Movida
Participacoes
SA
..............
1,958
4,882
Norfolk
Southern
Corp.
...............
1,359
308,887
Union
Pacific
Corp.
.................
3,696
788,283
1,606,938
Semiconductors
&
Semiconductor
Equipment
—
2.1%
Advanced
Micro
Devices,
Inc.
(e)
.........
1,794
137,187
Advantest
Corp.
....................
7,500
403,326
Applied
Materials,
Inc.
...............
10,326
939,460
ASML
Holding
NV
..................
1,229
580,626
Disco
Corp.
.......................
700
166,573
Intel
Corp.
.......................
57,634
2,156,088
KLA
Corp.
........................
414
132,099
Koh
Young
Technology,
Inc.
............
432
4,719
Lam
Research
Corp.
................
402
171,312
Monolithic
Power
Systems,
Inc.
.........
636
244,249
Nova
Ltd.
(e)
.......................
64
5,609
NVIDIA
Corp.
.....................
9,255
1,402,966
QUALCOMM,
Inc.
..................
12,056
1,540,033
Semtech
Corp.
(e)
...................
498
27,375
Silicon
Laboratories,
Inc.
(e)
.............
1,435
201,216
Tokyo
Electron
Ltd.
.................
3,900
1,272,934
9,385,772
Software
—
3.6%
Adobe,
Inc.
(e)
......................
6,130
2,243,948
Autodesk,
Inc.
(e)
....................
926
159,235
Cadence
Design
Systems,
Inc.
(e)
........
3,646
547,009
Check
Point
Software
Technologies
Ltd.
(e)
..
2,467
300,431
Fortinet,
Inc.
(e)
.....................
1,440
81,475
Intuit,
Inc.
........................
235
90,578
Microsoft
Corp.
....................
35,720
9,173,968
Nemetschek
SE
....................
827
50,312
Palo
Alto
Networks,
Inc.
(e)
.............
250
123,485
RingCentral,
Inc.,
Class
A
(e)
............
281
14,685
Salesforce,
Inc.
(e)
...................
2,630
434,055
SAP
SE
.........................
9,598
874,862
ServiceNow,
Inc.
(e)
..................
2,145
1,019,991
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Software
(continued)
Temenos
AG
(Registered)
.............
137
$
11,725
Trend
Micro,
Inc.
...................
900
44,029
Workday,
Inc.,
Class
A
(e)
..............
3,563
497,324
15,667,112
Specialty
Retail
—
1.0%
Advance
Auto
Parts,
Inc.
..............
177
30,637
Best
Buy
Co.,
Inc.
..................
2,431
158,477
Dick's
Sporting
Goods,
Inc.
............
1,475
111,171
Dufry
AG
(Registered)
(e)
..............
675
21,904
Foschini
Group
Ltd.
(The)
.............
2,038
15,283
Home
Depot,
Inc.
(The)
..............
8,989
2,465,413
JB
Hi-Fi
Ltd.
......................
1,018
27,075
Lowe's
Cos.,
Inc.
...................
7,805
1,363,299
Shinsegae
International,
Inc.
...........
180
4,196
Ulta
Beauty,
Inc.
(e)
..................
457
176,164
4,373,619
Technology
Hardware,
Storage
&
Peripherals
—
3.0%
Apple,
Inc.
.......................
72,306
9,885,676
Dell
Technologies,
Inc.,
Class
C
.........
26,680
1,232,883
FUJIFILM
Holdings
Corp.
.............
1,200
64,478
Hewlett
Packard
Enterprise
Co.
.........
41,081
544,734
HP,
Inc.
(g)
........................
21,111
692,018
NetApp,
Inc.
......................
3,157
205,963
Ricoh
Co.
Ltd.
.....................
1,700
13,272
Samsung
Electronics
Co.
Ltd.
..........
14,454
637,528
13,276,552
Textiles,
Apparel
&
Luxury
Goods
—
0.7%
ANTA
Sports
Products
Ltd.
............
21,400
263,357
Burberry
Group
plc
..................
2,641
52,982
Hermes
International
................
760
855,325
Kering
SA
........................
2,639
1,367,601
Li
Ning
Co.
Ltd.
....................
8,500
79,144
Mavi
Giyim
Sanayi
ve
Ticaret
A/S,
Class
B
(d)(f)
1,800
5,656
Moncler
SpA
......................
6,508
280,404
NIKE,
Inc.,
Class
B
.................
119
12,162
PVH
Corp.
.......................
584
33,230
Swatch
Group
AG
(The)
..............
1,209
287,184
3,237,045
Thrifts
&
Mortgage
Finance
—
0.0%
Radian
Group,
Inc.
..................
652
12,812
Trading
Companies
&
Distributors
—
0.6%
IMCD
NV
........................
1,827
249,814
ITOCHU
Corp.
....................
18,000
485,604
Marubeni
Corp.
....................
7,800
69,978
Mitsubishi
Corp.
....................
18,900
562,864
Mitsui
&
Co.
Ltd.
...................
33,300
731,752
SiteOne
Landscape
Supply,
Inc.
(e)
........
3,307
393,103
Sumitomo
Corp.
...................
9,600
130,497
Travis
Perkins
plc
..................
611
7,242
United
Rentals,
Inc.
(e)
................
546
132,629
2,763,483
Transportation
Infrastructure
—
0.0%
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
..........................
891
5,692
Kamigumi
Co.
Ltd.
..................
500
9,665
15,357
Water
Utilities
—
0.1%
United
Utilities
Group
plc
..............
29,314
364,909
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.2%
Freenet
AG
.......................
7,314
$
182,398
KDDI
Corp.
.......................
400
12,614
MTN
Group
Ltd.
....................
26,195
213,165
SK
Telecom
Co.
Ltd.
.................
6,355
255,033
Tele2
AB,
Class
B
..................
3,747
42,726
705,936
Total
Common
Stocks
—
50.5%
(Cost:
$243,943,370)
.............................
221,158,794
Par
(000)
Par
(000)
Corporate
Bonds
Air
Freight
&
Logistics
—
0.1%
United
Parcel
Service,
Inc.
4.45%,
04/01/30
.................
USD
390
398,804
6.20%,
01/15/38
.................
15
17,497
416,301
Airlines
—
0.0%
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
73
69,720
Series
2016-1,
Class
B,
5.25%,
01/15/24
43
40,555
Series
2017-1,
Class
B,
4.95%,
02/15/25
16
14,533
Series
2019-1,
Class
B,
3.85%,
02/15/28
61
51,267
United
Airlines
Pass-Through
Trust
Series
2014-2,
Class
B,
4.63%,
09/03/22
4
4,398
Series
2019-2,
Class
B,
3.50%,
05/01/28
34
29,484
209,957
Automobiles
—
0.1%
Daimler
Finance
North
America
LLC,
2.55%,
08/15/22
(d)
....................
210
210,049
Honda
Motor
Co.
Ltd.,
2.53%,
03/10/27
...
280
261,970
472,019
Banks
—
3.2%
Banco
Santander
SA
2.75%,
05/28/25
.................
200
189,379
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.00%),
4.18%,
03/24/28
(a)
..............
400
381,672
Bank
of
America
Corp.
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
(a)
...................
31
30,898
7.25%,
10/15/25
.................
75
81,079
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
...................
537
511,495
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
...................
68
65,857
1.32%,
06/19/26
.................
186
169,081
(SOFR
+
1.01%),
1.20%,
10/24/26
(a)
...
131
117,220
(SOFR
+
0.96%),
1.73%,
07/22/27
(a)
...
390
346,670
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(a)
...................
78
74,793
(SOFR
+
1.05%),
2.55%,
02/04/28
(a)
...
379
344,689
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
...................
89
84,839
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
(a)
...................
39
36,781
(SOFR
+
1.06%),
2.09%,
06/14/29
(a)
...
335
286,888
4.27%,
07/23/29
.................
145
139,318
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
...................
107
101,070
(LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/30
(a)
...................
58
50,649
Bank
of
Montreal,
1.25%,
09/15/26
......
450
398,635
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Bank
of
Nova
Scotia
(The)
1.05%,
03/02/26
.................
USD
490
$
438,613
1.30%,
09/15/26
.................
500
443,990
2.95%,
03/11/27
.................
500
470,348
Barclays
plc
(a)
(SOFR
+
2.71%),
2.85%,
05/07/26
.....
370
349,389
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%),
2.28%,
11/24/27
...............
230
203,898
Citigroup,
Inc.
4.40%,
06/10/25
.................
94
93,860
(SOFR
+
0.69%),
2.01%,
01/25/26
(a)
...
58
54,335
(SOFR
+
1.28%),
3.07%,
02/24/28
(a)
...
460
426,738
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
(a)
...................
266
251,119
(LIBOR
USD
3
Month
+
1.19%),
4.08%,
04/23/29
(a)
...................
16
15,208
(SOFR
+
1.42%),
2.98%,
11/05/30
(a)
....
243
212,093
HSBC
Holdings
plc
(a)
(SOFR
+
1.43%),
3.00%,
03/10/26
.....
370
352,181
(SOFR
+
1.29%),
1.59%,
05/24/27
.....
490
430,311
(SOFR
+
1.10%),
2.25%,
11/22/27
.....
570
507,851
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
....................
301
290,140
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.70%
(i)
.....................
200
150,402
(SOFR
+
1.19%),
2.80%,
05/24/32
.....
490
402,377
ING
Groep
NV,
(SOFR
+
1.83%),
4.02%,
03/28/28
(a)
....................
270
257,150
JPMorgan
Chase
&
Co.
(3
Month
CME
Term
SOFR
+
1.59%),
2.01%,
03/13/26
(a)
..............
227
212,572
2.95%,
10/01/26
.................
106
100,863
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
(a)
...................
120
117,078
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
...................
127
121,954
(SOFR
+
1.17%),
2.95%,
02/24/28
(a)
...
266
246,447
(SOFR
+
1.89%),
2.18%,
06/01/28
(a)
...
6
5,334
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
...................
13
12,661
Lloyds
Banking
Group
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
2.44%,
02/05/26
...............
730
690,762
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.80%),
3.75%,
03/18/28
...............
360
342,604
(LIBOR
USD
3
Month
+
1.21%),
3.57%,
11/07/28
....................
240
224,561
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%,
07/17/25
.................
200
183,630
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%),
1.54%,
07/20/27
(a)
..............
490
432,771
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%),
2.34%,
01/19/28
(a)
..............
380
342,515
Mizuho
Financial
Group,
Inc.
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
2.65%,
05/22/26
...............
460
436,190
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%),
1.55%,
07/09/27
...............
230
202,303
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
NatWest
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.27%),
5.52%,
09/30/28
(a)
..........
USD
280
$
281,994
Royal
Bank
of
Canada,
0.88%,
01/20/26
...
390
349,149
Santander
UK
Group
Holdings
plc,
(SOFR
+
0.79%),
1.09%,
03/15/25
(a)
..........
237
221,278
Sumitomo
Mitsui
Financial
Group,
Inc.,
3.78%,
03/09/26
.....................
116
113,711
Toronto-Dominion
Bank
(The)
Series
FXD,
1.95%,
01/12/27
........
470
425,158
3.20%,
03/10/32
.................
400
357,008
Washington
Mutual
Escrow
Bonds
(e)(j)(k)
0.00%,
11/06/09
.................
100
1,000
0.00%,
09/29/17
.................
400
—
14,182,559
Beverages
—
0.5%
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.00%,
04/13/28
.....................
343
338,599
Coca-Cola
Co.
(The),
2.25%,
01/05/32
....
290
252,600
Diageo
Capital
plc
1.38%,
09/29/25
.................
470
438,521
2.00%,
04/29/30
.................
780
665,398
Keurig
Dr
Pepper,
Inc.,
2.25%,
03/15/31
...
400
328,543
2,023,661
Biotechnology
—
0.6%
AbbVie,
Inc.,
2.95%,
11/21/26
.........
180
170,559
Amgen,
Inc.
2.20%,
02/21/27
.................
200
183,652
3.00%,
02/22/29
.................
270
249,042
4.20%,
02/22/52
.................
15
13,160
Regeneron
Pharmaceuticals,
Inc.,
1.75%,
09/15/30
.....................
2,440
1,956,253
2,572,666
Building
Products
—
0.3%
Carlisle
Cos.,
Inc.,
2.20%,
03/01/32
......
100
78,444
Carrier
Global
Corp.,
2.24%,
02/15/25
....
10
9,503
Johnson
Controls
International
plc
3.90%,
02/14/26
.................
870
863,852
2.00%,
09/16/31
.................
100
79,561
Owens
Corning,
3.40%,
08/15/26
.......
110
105,104
1,136,464
Capital
Markets
—
2.3%
Ares
Capital
Corp.
2.15%,
07/15/26
.................
400
335,245
2.88%,
06/15/27
.................
290
242,055
Blackstone
Private
Credit
Fund
(d)
3.25%,
03/15/27
.................
161
136,596
4.00%,
01/15/29
.................
129
105,708
Credit
Suisse
AG,
1.25%,
08/07/26
......
308
269,229
Deutsche
Bank
AG
1.69%,
03/19/26
.................
300
269,019
(SOFR
+
1.32%),
2.55%,
01/07/28
(a)
...
150
129,841
FactSet
Research
Systems,
Inc.
2.90%,
03/01/27
.................
790
738,650
3.45%,
03/01/32
.................
60
52,588
FS
KKR
Capital
Corp.
2.63%,
01/15/27
.................
230
193,417
3.25%,
07/15/27
.................
290
246,764
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.51%),
0.66%,
09/10/24
(a)
...
21
20,092
3.75%,
02/25/26
.................
37
36,269
3.50%,
11/16/26
.................
27
25,904
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
...
565
500,823
(SOFR
+
0.82%),
1.54%,
09/10/27
(a)
...
1,640
1,439,598
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(SOFR
+
1.11%),
2.64%,
02/24/28
(a)
....
USD
886
$
804,113
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
...................
206
195,346
(SOFR
+
1.28%),
2.62%,
04/22/32
(a)
...
66
54,796
Intercontinental
Exchange,
Inc.
3.75%,
09/21/28
.................
50
48,291
2.10%,
06/15/30
.................
113
94,488
LPL
Holdings,
Inc.,
4.00%,
03/15/29
(d)
....
465
397,835
Moody's
Corp.,
3.25%,
01/15/28
........
69
65,311
Morgan
Stanley
3.13%,
01/23/23
.................
182
181,937
(SOFR
+
1.15%),
2.72%,
07/22/25
(a)
...
57
54,912
3.13%,
07/27/26
.................
4
3,816
3.63%,
01/20/27
.................
281
272,165
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
...
96
85,215
(SOFR
+
0.86%),
1.51%,
07/20/27
(a)
...
81
71,039
(SOFR
+
1.00%),
2.48%,
01/21/28
(a)
...
280
254,532
3.59%,
07/22/28
.................
35
33,134
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
...................
407
386,180
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
...................
357
346,870
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
...
355
307,473
(SOFR
+
1.03%),
1.79%,
02/13/32
(a)
...
130
102,258
(SOFR
+
1.02%),
1.93%,
04/28/32
(a)
...
24
19,031
(SOFR
+
1.20%),
2.51%,
10/20/32
(a)
...
56
46,270
Morgan
Stanley
Domestic
Holdings,
Inc.,
3.80%,
08/24/27
................
62
59,205
Nomura
Holdings,
Inc.,
3.00%,
01/22/32
...
344
279,396
Prospect
Capital
Corp.,
3.36%,
11/15/26
...
190
161,481
S&P
Global,
Inc.
(d)
2.45%,
03/01/27
.................
280
262,081
4.75%,
08/01/28
.................
125
127,002
2.90%,
03/01/32
.................
650
579,291
3.90%,
03/01/62
.................
3
2,547
10,037,813
Chemicals
—
0.1%
Dow
Chemical
Co.
(The),
2.10%,
11/15/30
.
39
32,135
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
.
148
149,008
Methanex
Corp.,
5.25%,
12/15/29
.......
175
147,947
329,090
Commercial
Services
&
Supplies
—
0.3%
RELX
Capital,
Inc.
3.50%,
03/16/23
.................
115
114,843
4.00%,
03/18/29
.................
108
104,626
3.00%,
05/22/30
.................
793
712,700
Republic
Services,
Inc.
2.90%,
07/01/26
.................
42
40,113
3.95%,
05/15/28
.................
47
46,076
2.30%,
03/01/30
.................
20
17,160
1.75%,
02/15/32
.................
100
78,743
1,114,261
Communications
Equipment
—
0.1%
Motorola
Solutions,
Inc.
4.60%,
05/23/29
.................
162
154,993
2.75%,
05/24/31
.................
130
105,045
Nokia
OYJ,
4.38%,
06/12/27
..........
200
188,940
448,978
Consumer
Finance
—
0.2%
Ally
Financial,
Inc.,
8.00%,
11/01/31
.....
100
111,167
American
Express
Co.,
2.55%,
03/04/27
...
199
185,422
General
Motors
Financial
Co.,
Inc.
3.55%,
07/08/22
.................
163
163,001
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
3.70%,
05/09/23
.................
USD
16
$
15,994
Synchrony
Financial
4.50%,
07/23/25
.................
2
1,946
3.70%,
08/04/26
.................
22
20,369
Toyota
Motor
Credit
Corp.
3.05%,
03/22/27
.................
270
259,588
1.90%,
04/06/28
.................
290
257,761
1,015,248
Distributors
—
0.0%
Genuine
Parts
Co.,
1.75%,
02/01/25
.....
150
141,325
Diversified
Financial
Services
—
0.2%
National
Rural
Utilities
Cooperative
Finance
Corp.
1.00%,
06/15/26
.................
590
529,756
1.65%,
06/15/31
.................
270
214,627
2.75%,
04/15/32
.................
300
261,213
1,005,596
Diversified
Telecommunication
Services
—
0.7%
British
Telecommunications
plc,
5.13%,
12/04/28
.....................
250
249,260
Koninklijke
KPN
NV
8.38%,
10/01/30
.................
140
167,822
(USD
Swap
Semi
10
Year
+
5.21%),
7.00%,
03/28/73
(a)(d)
..................
200
197,500
Lumen
Technologies,
Inc.,
5.38%,
06/15/29
(d)
720
570,078
Orange
SA,
9.00%,
03/01/31
(c)
.........
510
658,340
Verizon
Communications,
Inc.
4.13%,
03/16/27
.................
96
95,768
2.10%,
03/22/28
.................
53
47,076
4.33%,
09/21/28
.................
115
114,374
4.02%,
12/03/29
.................
275
266,343
3.15%,
03/22/30
.................
53
48,187
1.50%,
09/18/30
.................
209
167,035
1.68%,
10/30/30
.................
86
69,309
1.75%,
01/20/31
.................
167
134,138
2.55%,
03/21/31
.................
27
23,085
2.36%,
03/15/32
.................
76
63,014
2.85%,
09/03/41
.................
50
37,473
3.00%,
11/20/60
.................
31
21,045
2,929,847
Electric
Utilities
—
0.5%
Avangrid,
Inc.
3.20%,
04/15/25
.................
620
602,883
3.80%,
06/01/29
.................
140
130,972
Baltimore
Gas
&
Electric
Co.,
2.25%,
06/15/31
18
15,323
Edison
International,
3.13%,
11/15/22
....
1
998
Eversource
Energy
Series
U,
1.40%,
08/15/26
..........
60
53,570
2.90%,
03/01/27
.................
270
253,457
3.38%,
03/01/32
.................
220
197,792
Exelon
Corp.
2.75%,
03/15/27
(d)
................
19
17,761
5.10%,
06/15/45
.................
10
9,827
4.10%,
03/15/52
(d)
................
7
6,034
NSTAR
Electric
Co.
3.25%,
05/15/29
.................
280
265,085
3.95%,
04/01/30
.................
300
293,518
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
.................
80
77,918
2.05%,
08/01/50
.................
31
19,294
Southern
California
Edison
Co.
Series
E,
3.70%,
08/01/25
..........
26
25,574
Series
20C,
1.20%,
02/01/26
........
60
53,681
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Series
A,
4.20%,
03/01/29
..........
USD
33
$
31,754
2.25%,
06/01/30
.................
103
86,472
Series
G,
2.50%,
06/01/31
..........
60
50,349
2,192,262
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/01/27
110
101,139
Flex
Ltd.,
3.75%,
02/01/26
...........
290
276,732
Keysight
Technologies,
Inc.
4.60%,
04/06/27
.................
620
622,694
3.00%,
10/30/29
.................
370
328,811
1,329,376
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Holdings
LLC,
4.49%,
05/01/30
80
78,851
CGG
SA,
8.75%,
04/01/27
(d)
..........
200
170,000
Weatherford
International
Ltd.,
8.63%,
04/30/30
(d)
....................
175
145,212
394,063
Entertainment
—
0.1%
Electronic
Arts,
Inc.
4.80%,
03/01/26
.................
250
255,219
1.85%,
02/15/31
.................
122
99,117
354,336
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.0%
Alexandria
Real
Estate
Equities,
Inc.,
2.95%,
03/15/34
.....................
24
19,971
American
Tower
Corp.
5.00%,
02/15/24
.................
15
15,176
2.95%,
01/15/25
.................
8
7,724
1.30%,
09/15/25
.................
190
172,012
1.60%,
04/15/26
.................
26
23,237
1.45%,
09/15/26
.................
200
174,920
2.75%,
01/15/27
.................
200
182,902
3.65%,
03/15/27
.................
360
341,867
1.50%,
01/31/28
.................
200
166,294
3.95%,
03/15/29
.................
38
35,376
3.80%,
08/15/29
.................
47
43,141
2.10%,
06/15/30
.................
153
122,530
2.70%,
04/15/31
.................
200
164,590
2.30%,
09/15/31
.................
62
49,108
4.05%,
03/15/32
.................
130
118,468
Crown
Castle
International
Corp.
3.70%,
06/15/26
.................
50
48,236
1.05%,
07/15/26
.................
1,278
1,105,783
2.90%,
03/15/27
.................
488
450,009
3.10%,
11/15/29
.................
171
150,957
3.30%,
07/01/30
.................
61
53,797
2.25%,
01/15/31
.................
28
22,712
2.50%,
07/15/31
.................
408
333,863
5.20%,
02/15/49
.................
18
17,244
Duke
Realty
LP
1.75%,
07/01/30
.................
23
18,812
1.75%,
02/01/31
.................
117
95,122
Equinix,
Inc.
1.00%,
09/15/25
.................
151
135,282
1.45%,
05/15/26
.................
160
142,025
3.20%,
11/18/29
.................
200
177,668
2.50%,
05/15/31
.................
40
32,412
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(d)
......
551
444,719
Iron
Mountain,
Inc.,
5.25%,
07/15/30
(d)
....
200
173,879
Life
Storage
LP
3.88%,
12/15/27
.................
150
142,858
2.40%,
10/15/31
.................
70
55,708
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Prologis
LP
1.63%,
03/15/31
.................
USD
520
$
418,899
3.00%,
04/15/50
.................
19
14,386
Realty
Income
Corp.
3.00%,
01/15/27
.................
5
4,733
3.25%,
01/15/31
.................
40
36,363
Simon
Property
Group
LP,
1.38%,
01/15/27
.
200
175,085
Uniti
Group
LP,
6.50%,
02/15/29
(d)
.......
490
358,925
VICI
Properties
LP
(d)
5.63%,
05/01/24
.................
62
61,225
4.50%,
09/01/26
.................
18
16,560
5.75%,
02/01/27
.................
30
28,467
Welltower,
Inc.
4.00%,
06/01/25
.................
300
297,764
2.70%,
02/15/27
.................
410
378,640
3.85%,
06/15/32
.................
890
811,038
Weyerhaeuser
Co.
4.00%,
04/15/30
.................
370
348,274
3.38%,
03/09/33
.................
800
697,501
8,886,262
Food
Products
—
0.6%
Bunge
Ltd.
Finance
Corp.
1.63%,
08/17/25
.................
380
350,060
3.75%,
09/25/27
.................
360
346,367
2.75%,
05/14/31
.................
480
396,182
Campbell
Soup
Co.,
4.15%,
03/15/28
....
170
166,941
Kellogg
Co.
3.40%,
11/15/27
.................
190
181,621
4.30%,
05/15/28
.................
850
850,199
2.10%,
06/01/30
.................
300
249,597
2,540,967
Gas
Utilities
—
0.0%
Southwest
Gas
Corp.,
4.05%,
03/15/32
...
160
145,184
Health
Care
Equipment
&
Supplies
—
0.0%
Hologic,
Inc.,
4.63%,
02/01/28
(d)
........
200
187,150
Health
Care
Providers
&
Services
—
0.5%
Cigna
Corp.,
4.38%,
10/15/28
.........
200
198,457
CVS
Health
Corp.,
3.75%,
04/01/30
......
180
168,364
Elevance
Health,
Inc.
3.65%,
12/01/27
.................
260
253,041
4.10%,
03/01/28
.................
53
52,450
4.38%,
12/01/47
.................
25
23,009
Encompass
Health
Corp.,
4.75%,
02/01/30
.
185
155,038
HCA,
Inc.
(d)
3.13%,
03/15/27
.................
160
145,364
3.63%,
03/15/32
.................
231
194,872
Humana,
Inc.
4.50%,
04/01/25
.................
16
16,116
1.35%,
02/03/27
.................
490
428,424
3.70%,
03/23/29
.................
360
340,792
4.88%,
04/01/30
.................
57
57,561
Laboratory
Corp.
of
America
Holdings,
1.55%,
06/01/26
.....................
40
35,886
Quest
Diagnostics,
Inc.,
3.45%,
06/01/26
..
100
97,385
Tenet
Healthcare
Corp.
(d)
6.25%,
02/01/27
.................
86
79,156
5.13%,
11/01/27
.................
10
9,000
4.38%,
01/15/30
.................
41
34,687
2,289,602
Hotels,
Restaurants
&
Leisure
—
0.2%
1011778
BC
ULC,
4.00%,
10/15/30
(d)
.....
490
393,225
McDonald's
Corp.,
3.30%,
07/01/25
......
250
248,350
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Starbucks
Corp.,
2.00%,
03/12/27
.......
USD
250
$
227,116
868,691
Industrial
Conglomerates
—
0.1%
3M
Co.,
3.05%,
04/15/30
............
410
382,451
Insurance
—
1.0%
Ambac
Assurance
Corp.,
5.10%
(d)(i)
......
5
4,400
AXA
SA,
8.60%,
12/15/30
............
130
152,416
Hanover
Insurance
Group,
Inc.
(The),
4.50%,
04/15/26
.....................
1,030
1,026,487
Manulife
Financial
Corp.,
4.15%,
03/04/26
..
340
335,657
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
.................
816
806,466
2.25%,
11/15/30
.................
591
498,681
2.38%,
12/15/31
.................
590
493,878
Progressive
Corp.
(The)
2.50%,
03/15/27
.................
180
170,140
3.00%,
03/15/32
.................
550
492,649
Trinity
Acquisition
plc,
4.40%,
03/15/26
....
20
19,815
Willis
North
America,
Inc.,
2.95%,
09/15/29
.
190
162,889
4,163,478
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.,
1.65%,
05/12/28
.....
170
150,634
eBay,
Inc.,
1.40%,
05/10/26
..........
87
78,256
228,890
IT
Services
—
0.6%
Automatic
Data
Processing,
Inc.,
1.70%,
05/15/28
.....................
1,510
1,358,130
Fidelity
National
Information
Services,
Inc.
1.15%,
03/01/26
.................
109
96,378
1.65%,
03/01/28
.................
58
49,477
Gartner,
Inc.,
4.50%,
07/01/28
(d)
........
185
169,868
International
Business
Machines
Corp.
2.20%,
02/09/27
.................
280
259,208
5.88%,
11/29/32
.................
22
23,988
4.00%,
06/20/42
.................
2
1,732
Mastercard,
Inc.
3.30%,
03/26/27
.................
100
98,262
2.00%,
11/18/31
.................
390
328,683
PayPal
Holdings,
Inc.
1.65%,
06/01/25
.................
48
45,280
2.65%,
10/01/26
.................
14
13,275
VeriSign,
Inc.,
2.70%,
06/15/31
........
180
144,854
2,589,135
Life
Sciences
Tools
&
Services
—
0.3%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
.................
545
520,288
2.10%,
06/04/30
.................
97
79,022
2.30%,
03/12/31
.................
660
537,675
PerkinElmer,
Inc.,
1.90%,
09/15/28
......
350
291,620
1,428,605
Machinery
—
0.3%
Cummins,
Inc.
0.75%,
09/01/25
.................
190
173,083
1.50%,
09/01/30
.................
420
340,397
Deere
&
Co.,
3.75%,
04/15/50
.........
17
15,519
IDEX
Corp.,
2.63%,
06/15/31
..........
980
811,921
Otis
Worldwide
Corp.,
2.57%,
02/15/30
...
23
19,869
1,360,789
Media
—
0.2%
Interpublic
Group
of
Cos.,
Inc.
(The)
4.20%,
04/15/24
.................
15
15,008
4.65%,
10/01/28
.................
170
167,975
Security
Par
(000)
Par
(000)
Value
Media
(continued)
2.40%,
03/01/31
.................
USD
32
$
26,066
Sirius
XM
Radio,
Inc.,
5.50%,
07/01/29
(d)
...
540
492,075
701,124
Metals
&
Mining
—
0.2%
Newmont
Corp.,
2.25%,
10/01/30
.......
160
132,809
Reliance
Steel
&
Aluminum
Co.
1.30%,
08/15/25
.................
190
173,024
2.15%,
08/15/30
.................
200
162,045
Steel
Dynamics,
Inc.
2.80%,
12/15/24
.................
35
34,159
2.40%,
06/15/25
.................
330
312,156
814,193
Multi-Utilities
—
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
3.80%,
05/15/28
.................
100
98,186
Series
20A,
3.35%,
04/01/30
........
430
400,575
2.40%,
06/15/31
.................
290
248,446
747,207
Oil,
Gas
&
Consumable
Fuels
—
0.9%
BP
Capital
Markets
America,
Inc.
3.79%,
02/06/24
.................
55
55,225
3.19%,
04/06/25
.................
23
22,706
3.54%,
04/06/27
.................
170
165,056
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
76
77,814
5.13%,
06/30/27
.................
275
276,013
Crestwood
Midstream
Partners
LP,
6.00%,
02/01/29
(d)
....................
185
161,427
Enterprise
Products
Operating
LLC
3.13%,
07/31/29
.................
93
83,694
2.80%,
01/31/30
.................
91
79,668
Exxon
Mobil
Corp.,
3.04%,
03/01/26
.....
360
353,086
Global
Partners
LP,
6.88%,
01/15/29
.....
450
380,803
Kinder
Morgan
Energy
Partners
LP
7.50%,
11/15/40
.................
16
17,975
5.00%,
08/15/42
.................
20
17,511
MPLX
LP
4.25%,
12/01/27
.................
170
164,046
2.65%,
08/15/30
.................
781
651,930
ONEOK,
Inc.
5.85%,
01/15/26
.................
330
342,062
6.35%,
01/15/31
.................
540
564,083
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(d)
..
365
326,675
3,739,774
Paper
&
Forest
Products
—
0.1%
Georgia-Pacific
LLC
1.75%,
09/30/25
(d)
................
22
20,380
0.95%,
05/15/26
(d)
................
10
8,893
7.75%,
11/15/29
.................
20
24,134
Louisiana-Pacific
Corp.,
3.63%,
03/15/29
(d)
.
500
393,945
447,352
Pharmaceuticals
—
0.7%
Astrazeneca
Finance
LLC
1.20%,
05/28/26
.................
380
343,759
1.75%,
05/28/28
.................
390
344,063
Merck
&
Co.,
Inc.
2.15%,
12/10/31
.................
420
361,277
2.45%,
06/24/50
.................
30
21,068
2.75%,
12/10/51
.................
19
14,031
Novartis
Capital
Corp.,
2.20%,
08/14/30
...
1,020
899,070
Zoetis,
Inc.
4.50%,
11/13/25
.................
290
293,733
3.00%,
09/12/27
.................
110
103,678
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
101
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
2.00%,
05/15/30
.................
USD
600
$
502,312
2,882,991
Professional
Services
—
0.4%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(d)
..
570
481,650
ASGN,
Inc.,
4.63%,
05/15/28
(d)
.........
465
402,829
Thomson
Reuters
Corp.,
3.35%,
05/15/26
..
530
514,151
Verisk
Analytics,
Inc.,
4.13%,
03/15/29
....
280
269,791
1,668,421
Real
Estate
Management
&
Development
—
0.1%
CBRE
Services,
Inc.
4.88%,
03/01/26
.................
170
171,661
2.50%,
04/01/31
.................
550
447,451
619,112
Road
&
Rail
—
0.0%
Norfolk
Southern
Corp.,
2.90%,
06/15/26
..
42
40,085
Penske
Truck
Leasing
Co.
LP
(d)
4.25%,
01/17/23
.................
40
40,128
2.70%,
03/14/23
.................
50
49,854
130,067
Semiconductors
&
Semiconductor
Equipment
—
0.5%
Applied
Materials,
Inc.
1.75%,
06/01/30
.................
200
168,284
4.35%,
04/01/47
.................
37
35,800
Broadcom
Corp.,
3.88%,
01/15/27
......
129
124,123
Lam
Research
Corp.,
3.75%,
03/15/26
....
56
55,863
NVIDIA
Corp.
3.20%,
09/16/26
.................
752
743,872
1.55%,
06/15/28
.................
190
166,439
2.00%,
06/15/31
.................
590
500,930
3.50%,
04/01/50
.................
50
42,439
NXP
BV
3.88%,
06/18/26
.................
25
24,102
4.30%,
06/18/29
.................
172
164,045
3.40%,
05/01/30
.................
70
62,444
2.50%,
05/11/31
.................
189
155,015
Texas
Instruments,
Inc.,
1.90%,
09/15/31
..
100
84,760
2,328,116
Software
—
0.9%
Adobe,
Inc.,
2.30%,
02/01/30
..........
1,010
891,918
Autodesk,
Inc.
3.50%,
06/15/27
.................
81
77,465
2.40%,
12/15/31
.................
54
44,075
Intuit,
Inc.
1.35%,
07/15/27
.................
860
750,905
1.65%,
07/15/30
.................
710
582,978
Roper
Technologies,
Inc.,
1.75%,
02/15/31
.
26
20,259
Salesforce,
Inc.,
3.05%,
07/15/61
.......
10
7,312
ServiceNow,
Inc.,
1.40%,
09/01/30
......
850
665,145
VMware,
Inc.
1.80%,
08/15/28
.................
1,154
958,350
4.70%,
05/15/30
.................
72
69,421
2.20%,
08/15/31
.................
53
41,734
4,109,562
Specialty
Retail
—
0.3%
Home
Depot,
Inc.
(The)
2.88%,
04/15/27
.................
110
106,269
1.50%,
09/15/28
.................
300
261,203
1.38%,
03/15/31
.................
31
24,975
1.88%,
09/15/31
.................
400
333,111
4.50%,
12/06/48
.................
17
16,565
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
.................
170
170,561
3.35%,
04/01/27
.................
450
433,048
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
3.65%,
04/05/29
.................
USD
93
$
87,680
1,433,412
Technology
Hardware,
Storage
&
Peripherals
—
0.5%
Dell
International
LLC
6.02%,
06/15/26
.................
340
352,905
4.90%,
10/01/26
.................
69
69,025
5.30%,
10/01/29
.................
320
315,465
8.35%,
07/15/46
.................
6
7,472
HP,
Inc.
1.45%,
06/17/26
.................
430
381,975
3.00%,
06/17/27
.................
310
286,607
4.00%,
04/15/29
.................
600
562,132
2.65%,
06/17/31
.................
25
20,082
4.20%,
04/15/32
.................
360
321,349
2,317,012
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
2.70%,
10/01/29
(d)
..........
274
238,577
Trading
Companies
&
Distributors
—
0.1%
Boise
Cascade
Co.,
4.88%,
07/01/30
(d)
....
560
489,832
Wireless
Telecommunication
Services
—
0.0%
Rogers
Communications,
Inc.,
3.80%,
03/15/32
(d)
....................
140
128,017
Total
Corporate
Bonds
—
20.6%
(Cost:
$96,759,822)
..............................
90,171,795
Floating
Rate
Loan
Interests
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ENR,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
5.25%
,
 02/21/23
(a)(k)
...............
7
770
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$7,000)
.................................
770
Shares
Shares
Investment
Companies
(g)(l)
iShares
MSCI
China
A
ETF
............
36,331
1,382,394
iShares
MSCI
India
ETF
..............
66,538
2,619,601
iShares
MSCI
Taiwan
ETF
.............
80,766
4,072,222
Total
Investment
Companies
—
1.8%
(Cost:
$9,204,465)
..............................
8,074,217
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.2%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
1.97%,
06/25/35
(a)
..
41
35,281
Series
2005-72,
Class
A3,
(LIBOR
USD
1
Month
+
0.60%),
2.22%,
01/25/36
(a)
..
13
11,868
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
....................
20
11,614
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.46%),
2.08%,
11/25/36
(a)
.
23
21,364
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
1.90%,
04/25/47
(a)
.
22
19,247
Series
2007-OA3,
Class
2A2,
(LIBOR
USD
1
Month
+
0.36%),
1.98%,
04/25/47
(a)
.
4
233
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-OA8,
Class
2A1,
(LIBOR
USD
1
Month
+
0.36%),
1.98%,
06/25/47
(a)
.
USD
15
$
11,149
Series
2007-OH2,
Class
A2A,
(LIBOR
USD
1
Month
+
0.48%),
2.10%,
08/25/47
(a)
.
7
5,956
American
Home
Mortgage
Assets
Trust,
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
1.42%,
10/25/46
(a)
..........
46
34,328
APS
Resecuritization
Trust
(a)(d)
Series
2016-1,
Class
1MZ,
3.38%,
07/31/57
136
53,949
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
4.47%,
09/27/46
...
30
29,861
Banc
of
America
Funding
Trust,
Series
2014-
R2,
Class
1C,
0.00%,
11/26/36
(a)(d)
.....
54
14,629
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
1.90%,
08/25/36
(a)
.........
15
14,663
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
.......
276
139,456
Citicorp
Mortgage
Securities
Trust,
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
....
25
20,020
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(d)
.....................
109
47,517
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
2.97%,
11/25/35
(a)
.....................
18
3,717
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A11,
7.00%,
08/25/37
(a)
........
24
14,518
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.17%),
1.79%,
08/25/47
(a)
...
84
89,152
Deutsche
Alt-A
Securities,
Inc.,
Series
2007-
RS1,
Class
A2,
(LIBOR
USD
1
Month
+
0.50%),
1.52%,
01/27/37
(a)(d)
.........
—
(b)
164
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
2.48%,
03/25/36
(a)
..........
6
5,906
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
.........
1
1,521
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-AR19,
Class
3A1,
3.06%,
09/25/37
(a)
28
19,921
JPMorgan
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A4,
(LIBOR
USD
1
Month
+
0.42%),
2.04%,
03/25/37
(a)
.........
35
34,236
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(d)
.
40
38,987
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
2.04%,
06/25/37
(a)
.....................
5
4,037
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.02%,
04/25/36
(a)
.....................
8
5,378
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
2.00%,
06/25/36
(a)
...
12
10,059
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
32
30,014
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(c)
...................
44
39,819
768,564
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(d)
Bayview
Commercial
Asset
Trust
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
2.07%,
01/25/36
...
USD
17
$
14,985
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.68%),
2.30%,
01/25/36
...
12
11,220
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
2.16%,
04/25/36
...
7
6,607
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.38%),
2.00%,
10/25/36
...
9
8,515
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.45%),
2.07%,
10/25/36
...
9
8,531
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
1.87%,
03/25/37
......................
4
4,269
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
3.31%,
09/15/34
............
100
95,031
149,158
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
One
Market
Plaza
Trust,
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
(a)(d)
.......
1,000
30
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(d)(m)
...
38
8,467
Total
Non-Agency
Mortgage-Backed
Securities
—
0.2%
(Cost:
$1,036,469)
..............................
926,219
Beneficial
Interest
(000)
Other
Interests
(n)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(e)(j)(k)
......
1,119
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
—
Preferred
Securities
Shares
Shares
Preferred
Stocks
Automobiles
—
0.1%
Volkswagen
AG
(Preference)
...........
4,177
562,390
Banks
—
0.2%
Banco
Bradesco
SA
(Preference)
........
111,776
367,144
Bancolombia
SA
(Preference)
..........
11,335
86,554
Itau
Unibanco
Holding
SA
(Preference)
....
48,964
212,381
666,079
Biotechnology
—
0.0%
Grifols
SA
(Preference)
...............
541
6,431
Chemicals
—
0.1%
Sociedad
Quimica
y
Minera
de
Chile
SA
(Preference)
....................
5,904
492,188
Health
Care
Equipment
&
Supplies
—
0.1%
Sartorius
AG
(Preference)
.............
718
251,995
Total
Preferred
Stocks
—
0.5%
(Cost:
$2,331,979)
..............................
1,979,083
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
103
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
7.9%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
..........
USD
186
$
182,359
3.00%, 09/01/27
-
12/01/46
..........
300
292,251
3.50%, 04/01/31
-
01/01/48
..........
461
457,636
4.00%, 08/01/40
-
12/01/45
..........
71
71,517
4.50%, 02/01/39
-
04/01/49
..........
538
550,880
5.00%, 10/01/41
-
11/01/48
..........
103
108,052
5.50%, 06/01/41
.................
48
51,626
6.00%, 01/01/34
.................
34
35,331
Federal
National
Mortgage
Association,
4.00%, 01/01/41
.................
5
5,065
Government
National
Mortgage
Association
2.00%, 08/20/50
-
01/20/52
..........
2,447
2,179,927
2.00%, 07/15/52
(o)
................
2,013
1,787,501
2.50%, 07/20/51
-
12/20/51
..........
2,729
2,506,363
2.50%, 07/15/52
(o)
................
4,150
3,797,250
3.00%, 02/15/45
-
01/20/51
..........
651
617,156
3.00%, 07/15/52
(o)
................
3,445
3,247,621
3.50%, 01/15/42
-
10/20/46
..........
1,132
1,118,583
3.50%, 07/15/52
(o)
................
861
836,515
4.00%, 04/20/39
-
12/20/47
..........
230
232,945
4.00%, 07/15/52
(o)
................
494
491,829
4.50%, 12/20/39
-
04/20/50
..........
313
323,852
4.50%, 07/15/52
(o)
................
47
47,690
5.00%, 12/15/38
-
07/20/42
..........
65
68,365
7.50%, 03/15/32
.................
1
1,541
Uniform
Mortgage-Backed
Securities
2.00%, 10/01/31
-
02/01/52
..........
4,039
3,543,029
2.50%, 09/01/27
-
02/01/52
..........
2,155
2,005,811
3.00%, 04/01/29
-
03/01/52
..........
2,272
2,185,761
3.50%, 08/01/30
-
01/01/51
..........
2,944
2,880,780
3.50%, 07/25/37
(o)
................
61
60,618
4.00%, 10/01/33
-
01/01/51
..........
1,460
1,471,436
4.50%, 02/01/25
-
05/01/49
..........
2,502
2,563,877
4.50%, 07/25/52
(o)
................
75
75,284
5.00%, 09/01/35
-
05/01/49
..........
190
198,337
5.50%, 02/01/35
-
04/01/41
..........
311
332,028
6.00%, 12/01/27
-
06/01/41
..........
179
195,991
6.50%, 05/01/40
.................
49
53,637
Total
U.S.
Government
Sponsored
Agency
Securities
—
7.9%
(Cost:
$35,824,845)
..............................
34,578,444
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
.................
66
75,387
4.50%, 08/15/39
.................
82
96,408
4.38%, 11/15/39
.................
82
94,729
1.13%, 05/15/40
-
08/15/40
..........
694
481,273
1.38%, 11/15/40
.................
347
249,908
2.25%, 05/15/41
-
02/15/52
..........
13,000
10,733,047
2.38%, 02/15/42
.................
4,000
3,391,875
3.13%, 02/15/43
.................
332
315,439
2.88%, 05/15/43
-
11/15/46
..........
597
544,347
3.63%, 08/15/43
.................
332
340,741
3.75%, 11/15/43
.................
332
347,290
2.50%, 02/15/45
.................
593
502,938
1.63%, 11/15/50
.................
3
2,110
1.88%, 11/15/51
.................
1,000
750,313
U.S.
Treasury
Notes
1.75%, 07/15/22
-
11/15/29
..........
1,562
1,460,011
1.50%, 09/15/22
-
02/15/30
..........
909
902,856
2.13%, 12/31/22
.................
623
621,686
0.50%, 05/31/27
.................
129
113,923
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.25%, 08/15/27
.................
USD
798
$
766,485
1.25%, 03/31/28
-
09/30/28
..........
1,047
945,074
2.88%, 08/15/28
.................
188
185,709
3.13%, 11/15/28
.................
363
363,752
2.63%, 02/15/29
.................
63
61,339
1.88%, 02/28/29
-
02/15/32
..........
12,352
11,384,432
2.38%, 05/15/29
.................
7,063
6,766,409
1.63%, 08/15/29
-
05/15/31
..........
492
444,136
1.13%, 02/15/31
.................
179
153,814
1.38%, 11/15/31
.................
3
2,602
Total
U.S.
Treasury
Obligations
—
9.6%
(Cost:
$46,076,549)
..............................
42,098,033
Total
Long-Term
Investments
—
91.3%
(Cost:
$436,442,815)
.............................
400,066,988
Shares
Shares
Short-Term
Securities
Money
Market
Funds
(l)(p)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
...................
44,837,582
44,837,582
SL
Liquidity
Series,
LLC,
Money
Market
Series,
1.73%
(q)
.......................
6,792,490
6,791,132
Total
Short-Term
Securities
—
11.8%
(Cost:
$51,629,229)
..............................
51,628,714
Total
Investments
Before
TBA
Sale
Commitments
—
103.1%
(Cost:
$488,072,044
)
.............................
451,695,702
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
Mortgage-Backed
Securities
—
(0.1)%
Government
National
Mortgage
Association,
2.50%, 07/15/52
(o)
................
(700)
(640,500)
Total
TBA
Sale
Commitments
—
(0.1)%
(Proceeds:
$(632,844))
...........................
(640,500)
Total
Investments
Net
of
TBA
Sale
Commitments
—
103.0%
(Cost:
$487,439,200
)
.............................
451,055,202
Liabilities
in
Excess
of
Other
Assets
—
(3.0)%
............
(13,117,887)
Net
Assets
—
100.0%
..............................
$
437,937,315
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
104
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rounds
to
less
than
1,000.
(c)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(d)
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)
Non-income
producing
security.
(f)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(k)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(l)
Affiliate
of
the
Fund.
(m)
Zero-coupon
bond.
(n)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(o)
Represents
or
includes
a
TBA
transaction.
(p)
Annualized
7-day
yield
as
of
period
end.
(q)
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,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
46,127,397
$
—
$
(1,289,815)
$
—
$
—
$
44,837,582
44,837,582
$
74,546
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
8,980,617
—
(2,184,392)
(4,578)
(515)
6,791,132
6,792,490
20,478
(b)
—
BlackRock
Allocation
Target
Shares-
BATS
Series
A
(c)
....
31,424,619
—
(30,479,991)
(1,059,012)
114,384
—
—
177,060
—
iShares
MSCI
China
A
ETF
....
—
1,331,211
—
—
51,183
1,382,394
36,331
2,380
—
iShares
MSCI
India
ETF
......
—
3,054,962
—
—
(435,361)
2,619,601
66,538
—
—
iShares
MSCI
Taiwan
ETF
.....
—
5,027,446
(189,820)
(19,334)
(746,070)
4,072,222
80,766
—
—
$
(1,082,924)
$
(1,016,379)
$
59,702,931
$
274,464
$
—
—
—
(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
Sustainable
Balanced
Portfolio
Schedules
of
Investments
105
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
IBEX
35
Index
............................................................
27
07/15/22
$
2,283
$
(29,226)
TOPIX
Index
.............................................................
95
09/08/22
13,099
(546,835)
FTSE
100
Index
..........................................................
51
09/16/22
4,432
(75,737)
FTSE/MIB
Index
..........................................................
19
09/16/22
2,116
(61,679)
MSCI
EAFE
Index
.........................................................
29
09/16/22
2,692
(79,119)
MSCI
Emerging
Markets
Index
.................................................
7
09/16/22
351
(484)
S&P
500
E-Mini
Index
......................................................
23
09/16/22
3,954
(55,279)
U.S.
Treasury
10
Year
Note
...................................................
47
09/21/22
5,561
(19,015)
U.S.
Treasury
5
Year
Note
....................................................
66
09/30/22
7,399
(77,628)
(945,002)
Short
Contracts
S&P
500
E-Mini
Index
......................................................
22
09/16/22
4,168
250,703
U.S.
Treasury
10
Year
Note
...................................................
11
09/21/22
1,302
(8,031)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
8
09/21/22
1,016
21,862
U.S.
Treasury
Ultra
Bond
....................................................
49
09/21/22
7,505
177,861
U.S.
Treasury
2
Year
Note
....................................................
22
09/30/22
4,616
(12,995)
U.S.
Treasury
5
Year
Note
....................................................
312
09/30/22
34,978
298,727
728,127
$
(216,875)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
121,807
EUR
113,000
Canadian
Imperial
Bank
of
Commerce
09/21/22
$
2,708
USD
123,981
GBP
99,100
Deutsche
Bank
AG
09/21/22
3,161
USD
123,752
JPY
16,110,000
Toronto
Dominion
Bank
09/21/22
4,343
$
10,212
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.HY.38.V2
...................
5.00
%
Quarterly
06/20/27
USD
8,118
$
225,727
$
43,198
$
182,529
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
plus
0.09%
Quarterly
MSCI
ACWI
ESG
Universal
Index
Quarterly
BNP
Paribas
SA
04/11/23
USD
25,091
$
(3,614,067)
$
—
$
(3,614,067)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
106
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
1.09
%
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
43,198
$
—
$
182,529
$
—
OTC
Swaps
...................................................................
—
—
—
(3,614,067)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
250,703
$
—
$
498,450
$
—
$
749,153
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
10,212
—
—
10,212
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
182,529
—
—
—
—
182,529
$
—
$
182,529
$
250,703
$
10,212
$
498,450
$
—
$
941,894
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
848,359
—
117,669
—
966,028
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
3,614,067
—
—
—
3,614,067
$
—
$
—
$
4,462,426
$
—
$
117,669
$
—
$
4,580,095
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(935,330)
$
—
$
53,566
$
—
$
(881,764)
Forward
foreign
currency
exchange
contracts
....
—
—
—
34,325
—
—
34,325
Options
purchased
(a)
....................
—
—
—
(120,940)
74,257
—
(46,683)
Options
written
........................
—
—
—
57,842
(89,863)
—
(32,021)
Swaps
..............................
—
232,029
—
—
(145,378)
(593,920)
(507,269)
$
—
$
232,029
$
(935,330)
$
(28,773)
$
(107,418)
$
(593,920)
$
(1,433,412)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(862,116)
$
—
$
354,651
$
—
$
(507,465)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(18,237)
—
—
(18,237)
Options
purchased
(b)
....................
—
—
—
7,052
1,582
—
8,634
Options
written
........................
—
—
—
19,670
(4,541)
—
15,129
Swaps
..............................
—
185,688
(3,614,067)
—
(32,079)
128,619
(3,331,839)
$
—
$
185,688
$
(4,476,183)
$
8,485
$
319,613
$
128,619
$
(3,833,778)
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
107
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
(a)
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
..................................................................................
$
55,459,599
Average
notional
value
of
contracts
—
short
.................................................................................
$
34,498,366
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
1,353,611
Average
amounts
sold
—
in
USD
........................................................................................
$
1,153,352
Options
Average
value
of
option
contracts
purchased
................................................................................
$
—
(a)
Average
value
of
option
contracts
written
...................................................................................
$
—
(a)
Average
notional
value
of
swaption
contracts
purchased
$
—
(a)
Average
notional
value
of
swaption
contracts
written
$
—
(a)
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
4,100,000
Average
notional
value
—
sell
protection
...................................................................................
$
5,612,500
Total
return
swaps
Average
notional
value
...............................................................................................
$
12,545,440
(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
....................................................................................
$
173,201
$
702,613
Forward
foreign
currency
exchange
contracts
.................................................................
10,212
—
Swaps
—
centrally
cleared
..............................................................................
33,635
—
Swaps
—
OTC
(a)
....................................................................................
—
3,614,067
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
217,048
$
4,316,680
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(206,836)
(702,613)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
10,212
$
3,614,067
(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
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(a)(b)
Canadian
Imperial
Bank
of
Commerce
..................
$
2,708
$
—
$
—
$
—
$
2,708
Deutsche
Bank
AG
...............................
3,161
—
—
—
3,161
Toronto
Dominion
Bank
............................
4,343
—
—
—
4,343
$
10,212
$
—
$
—
$
—
$
10,212
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(c)
Net
Amount
of
Derivative
Liabilities
(b)(d)
BNP
Paribas
SA
.................................
$
3,614,067
$
—
$
—
$
(1,460,000)
$
2,154,067
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
108
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
(a)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,079,633
$
—
$
1,079,633
Common
Stocks
Aerospace
&
Defense
....................................
1,795,029
770,339
—
2,565,368
Air
Freight
&
Logistics
....................................
197,771
—
—
197,771
Airlines
..............................................
309,087
—
—
309,087
Auto
Components
......................................
—
390,205
—
390,205
Automobiles
..........................................
2,488,418
2,563,756
—
5,052,174
Banks
...............................................
8,673,136
5,275,211
—
13,948,347
Beverages
...........................................
5,000,265
2,193,730
—
7,193,995
Biotechnology
.........................................
2,797,086
834,299
—
3,631,385
Building
Products
.......................................
143,344
158,733
—
302,077
Capital
Markets
........................................
1,864,129
2,933,052
—
4,797,181
Chemicals
............................................
1,502,857
2,314,892
—
3,817,749
Communications
Equipment
................................
423,775
194,870
—
618,645
Construction
&
Engineering
................................
68,608
985,073
—
1,053,681
Construction
Materials
....................................
—
51,317
—
51,317
Consumer
Finance
......................................
2,824,091
7,553
—
2,831,644
Distributors
...........................................
—
46,876
—
46,876
Diversified
Consumer
Services
..............................
168,524
6,473
—
174,997
Diversified
Financial
Services
...............................
2,487,419
466,448
—
2,953,867
Diversified
Telecommunication
Services
........................
2,051,233
74,766
—
2,125,999
Electric
Utilities
........................................
2,457,533
1,393,111
—
3,850,644
Electrical
Equipment
.....................................
74,460
405,787
—
480,247
Electronic
Equipment,
Instruments
&
Components
.................
1,140,617
914,059
—
2,054,676
Energy
Equipment
&
Services
..............................
515,945
—
—
515,945
Entertainment
.........................................
—
224,943
—
224,943
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
3,287,400
998,432
—
4,285,832
Food
&
Staples
Retailing
..................................
2,005,439
383,005
—
2,388,444
Food
Products
.........................................
1,340,999
2,370,690
—
3,711,689
Health
Care
Equipment
&
Supplies
...........................
3,824,124
438,452
—
4,262,576
Health
Care
Providers
&
Services
............................
5,883,525
28,034
—
5,911,559
Hotels,
Restaurants
&
Leisure
..............................
1,906,419
1,143,871
—
3,050,290
Household
Durables
.....................................
1,205,919
132,360
—
1,338,279
Household
Products
.....................................
1,982,174
486,580
—
2,468,754
Independent
Power
and
Renewable
Electricity
Producers
............
91,961
153,419
—
245,380
Industrial
Conglomerates
..................................
1,760,616
1,223,171
—
2,983,787
Insurance
............................................
5,782,672
3,656,030
—
9,438,702
Interactive
Media
&
Services
...............................
7,742,618
2,569,997
—
10,312,615
Internet
&
Direct
Marketing
Retail
............................
2,912,033
1,324,331
—
4,236,364
IT
Services
...........................................
6,815,341
966,246
—
7,781,587
Leisure
Products
.......................................
—
122,368
—
122,368
Life
Sciences
Tools
&
Services
..............................
3,441,153
368,541
—
3,809,694
Machinery
............................................
50,939
1,443,933
—
1,494,872
Marine
..............................................
16,271
322,025
—
338,296
Media
...............................................
3,862,478
20,756
—
3,883,234
Metals
&
Mining
........................................
1,969,548
2,164,580
—
4,134,128
Multiline
Retail
.........................................
503,397
32,995
—
536,392
Multi-Utilities
..........................................
124,705
1,257,161
—
1,381,866
Oil,
Gas
&
Consumable
Fuels
...............................
8,167,604
2,221,298
—
10,388,902
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
109
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Level
1
Level
2
Level
3
Total
Paper
&
Forest
Products
..................................
$
36,755
$
—
$
—
$
36,755
Personal
Products
......................................
244,229
2,062,579
—
2,306,808
Pharmaceuticals
.......................................
10,372,593
3,752,472
—
14,125,065
Professional
Services
....................................
1,591,057
2,975,102
—
4,566,159
Real
Estate
Management
&
Development
.......................
72,742
947,300
—
1,020,042
Road
&
Rail
...........................................
1,606,938
—
—
1,606,938
Semiconductors
&
Semiconductor
Equipment
....................
6,951,985
2,433,787
—
9,385,772
Software
.............................................
14,697,909
969,203
—
15,667,112
Specialty
Retail
........................................
4,320,444
53,175
—
4,373,619
Technology
Hardware,
Storage
&
Peripherals
....................
12,561,274
715,278
—
13,276,552
Textiles,
Apparel
&
Luxury
Goods
............................
51,048
3,185,997
—
3,237,045
Thrifts
&
Mortgage
Finance
................................
12,812
—
—
12,812
Trading
Companies
&
Distributors
............................
525,732
2,237,751
—
2,763,483
Transportation
Infrastructure
...............................
5,692
9,665
—
15,357
Water
Utilities
.........................................
—
364,909
—
364,909
Wireless
Telecommunication
Services
.........................
—
705,936
—
705,936
Corporate
Bonds
Air
Freight
&
Logistics
....................................
—
416,301
—
416,301
Airlines
..............................................
—
209,957
—
209,957
Automobiles
..........................................
—
472,019
—
472,019
Banks
...............................................
—
14,181,559
1,000
14,182,559
Beverages
...........................................
—
2,023,661
—
2,023,661
Biotechnology
.........................................
—
2,572,666
—
2,572,666
Building
Products
.......................................
—
1,136,464
—
1,136,464
Capital
Markets
........................................
—
10,037,813
—
10,037,813
Chemicals
............................................
—
329,090
—
329,090
Commercial
Services
&
Supplies
.............................
—
1,114,261
—
1,114,261
Communications
Equipment
................................
—
448,978
—
448,978
Consumer
Finance
......................................
—
1,015,248
—
1,015,248
Distributors
...........................................
—
141,325
—
141,325
Diversified
Financial
Services
...............................
—
1,005,596
—
1,005,596
Diversified
Telecommunication
Services
........................
—
2,929,847
—
2,929,847
Electric
Utilities
........................................
—
2,192,262
—
2,192,262
Electronic
Equipment,
Instruments
&
Components
.................
—
1,329,376
—
1,329,376
Energy
Equipment
&
Services
..............................
—
394,063
—
394,063
Entertainment
.........................................
—
354,336
—
354,336
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
8,886,262
—
8,886,262
Food
Products
.........................................
—
2,540,967
—
2,540,967
Gas
Utilities
...........................................
—
145,184
—
145,184
Health
Care
Equipment
&
Supplies
...........................
—
187,150
—
187,150
Health
Care
Providers
&
Services
............................
—
2,289,602
—
2,289,602
Hotels,
Restaurants
&
Leisure
..............................
—
868,691
—
868,691
Industrial
Conglomerates
..................................
—
382,451
—
382,451
Insurance
............................................
—
4,163,478
—
4,163,478
Internet
&
Direct
Marketing
Retail
............................
—
228,890
—
228,890
IT
Services
...........................................
—
2,589,135
—
2,589,135
Life
Sciences
Tools
&
Services
..............................
—
1,428,605
—
1,428,605
Machinery
............................................
—
1,360,789
—
1,360,789
Media
...............................................
—
701,124
—
701,124
Metals
&
Mining
........................................
—
814,193
—
814,193
Multi-Utilities
..........................................
—
747,207
—
747,207
Oil,
Gas
&
Consumable
Fuels
...............................
—
3,739,774
—
3,739,774
Paper
&
Forest
Products
..................................
—
447,352
—
447,352
Pharmaceuticals
.......................................
—
2,882,991
—
2,882,991
Professional
Services
....................................
—
1,668,421
—
1,668,421
Real
Estate
Management
&
Development
.......................
—
619,112
—
619,112
Road
&
Rail
...........................................
—
130,067
—
130,067
Semiconductors
&
Semiconductor
Equipment
....................
—
2,328,116
—
2,328,116
Software
.............................................
—
4,109,562
—
4,109,562
Specialty
Retail
........................................
—
1,433,412
—
1,433,412
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,317,012
—
2,317,012
Thrifts
&
Mortgage
Finance
................................
—
238,577
—
238,577
Trading
Companies
&
Distributors
............................
—
489,832
—
489,832
Wireless
Telecommunication
Services
.........................
—
128,017
—
128,017
Floating
Rate
Loan
Interests
.................................
—
—
770
770
Investment
Companies
....................................
8,074,217
—
—
8,074,217
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
110
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Non-Agency
Mortgage-Backed
Securities
........................
$
—
$
926,219
$
—
$
926,219
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
Automobiles
..........................................
—
562,390
—
562,390
Banks
...............................................
666,079
—
—
666,079
Biotechnology
.........................................
—
6,431
—
6,431
Chemicals
............................................
492,188
—
—
492,188
Health
Care
Equipment
&
Supplies
...........................
—
251,995
—
251,995
U.S.
Government
Sponsored
Agency
Securities
....................
—
34,578,444
—
34,578,444
U.S.
Treasury
Obligations
...................................
—
42,098,033
—
42,098,033
Short-Term
Securities
Money
Market
Funds
......................................
44,837,582
—
—
44,837,582
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(640,500)
—
(640,500)
$
208,781,938
$
235,480,362
$
1,770
$
444,264,070
Investments
valued
at
NAV
(a)
......................................
6,791,132
$
—
$
451,055,202
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
182,529
$
—
$
182,529
Equity
contracts
...........................................
250,703
—
—
250,703
Foreign
currency
exchange
contracts
............................
—
10,212
—
10,212
Interest
rate
contracts
.......................................
498,450
—
—
498,450
Liabilities
Equity
contracts
...........................................
(134,882)
(4,327,544)
—
(4,462,426)
Interest
rate
contracts
.......................................
(117,669)
—
—
(117,669)
$
496,602
$
(4,134,803)
$
—
$
(3,638,201)
(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
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
111
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)(b)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
2.61%,
08/15/30
............
USD
500
$
493,333
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
2.09%,
04/20/31
......................
396
388,315
Total
Asset-Backed
Securities
—
2.3%
(Cost:
$895,847)
................................
881,648
Foreign
Government
Obligations
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(c)(d)
...
RUB
982
1,518
Total
Foreign
Government
Obligations
—
0.0%
(Cost:
$10,382)
................................
1,518
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
9.4%
BFLD
Trust,
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
2.47%,
10/15/35
(a)(b)
USD
128
124,280
BPR
Trust,
Series
2021-TY,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
2.37%,
09/15/38
(a)(b)
131
125,220
BX
Commercial
Mortgage
Trust
(b)
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
2.77%,
10/15/36
(a)
..
255
246,662
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
160
137,205
Series
2021-CIP,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
2.24%,
12/15/38
(a)
..
133
128,992
BX
Trust
(b)
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
....................
275
245,702
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
2.52%,
01/15/34
(a)
..
30
28,358
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
2.60%,
06/15/36
(a)
..
50
48,180
CFK
Trust,
Series
2020-MF2,
Class
B,
2.79%,
03/15/39
(b)
.....................
140
125,053
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P6,
Class
B,
4.31%,
12/10/49
(a)
...
50
46,622
Commercial
Mortgage
Trust
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
....................
19
18,385
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(b)
...................
350
337,210
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-NET,
Class
A,
2.26%,
08/15/37
(b)
.....................
98
90,268
CSAIL
Commercial
Mortgage
Trust
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(a)
...................
42
41,138
Series
2019-C16,
Class
A3,
3.33%,
06/15/52
....................
134
124,740
CSMC
Trust,
Series
2021-BHAR,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
2.48%,
11/15/38
(a)(b)
....................
146
141,675
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
2.12%,
02/15/38
(a)(b)
.........
100
96,803
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A,
(LIBOR
USD
1
Month
+
1.03%),
2.36%,
12/15/36
(a)(b)
....................
90
87,510
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
3.32%,
11/15/37
...
170
168,292
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-DM,
Class
A,
(LIBOR
USD
1
Month
+
0.89%),
2.21%,
11/15/36
...
USD
154
$
147,923
Series
2021-STAR,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
2.27%,
12/15/36
...
126
121,027
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.56%,
07/10/39
(a)(b)
....
101
86,457
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
2.69%,
10/15/33
...
100
96,861
Series
2022-ACB,
Class
A,
(SOFR30A
+
1.40%),
2.18%,
03/15/39
.........
80
78,594
Med
Trust,
Series
2021-MDLN,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
2.27%,
11/15/38
(a)(b)
....................
136
130,023
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
B,
4.62%,
07/15/51
34
33,306
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
2.22%,
07/15/35
(b)
..
130
125,917
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
A,
(TSFR1M
+
1.40%),
2.68%,
03/15/39
(a)(b)
....................
220
216,051
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
2.07%,
09/15/34
(a)(b)
.........
121
118,673
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
2.52%,
05/15/31
(a)(b)
...
140
133,691
3,650,818
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(a)
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2021-MF3,
Class
XA,
0.85%,
10/15/54
(b)
.....................
110
5,049
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.74%,
10/15/53
..........
1,014
87,103
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA,
1.72%,
06/15/52
..
1,530
125,665
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.62%,
10/15/52
......
977
75,735
293,552
Total
Non-Agency
Mortgage-Backed
Securities
—
10.1%
(Cost:
$4,209,831)
..............................
3,944,370
Beneficial
Interest
(000)
Other
Interests
(e)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(c)(d)(f)
......
1,394
—
Total
Other
Interests
—
0.0%
(Cost:
$4)
....................................
—
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
1.1%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
400
417,855
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
(f)
....
USD
73
$
74,092
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.76%, 07/20/39
(a)
.............
53
57,809
131,901
Interest
Only
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association
Series
2020-32,
4.00%, 05/25/50
......
88
17,897
Series
2020-32,
Class
PI,
4.00%, 05/25/50
100
20,227
Government
National
Mortgage
Association
Series
2020-115,
Class
IM,
3.50%, 08/20/50
(f)
..............
126
21,503
Series
2020-146,
Class
DI,
2.50%, 10/20/50
(f)
..............
148
19,537
Series
2020-162,
Class
TI,
2.50%, 10/20/50
299
38,919
Series
2020-175,
Class
DI,
2.50%, 11/20/50
(f)
..............
80
10,629
Series
2020-185,
Class
MI,
2.50%, 12/20/50
168
23,628
152,340
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K094,
Class
X1,
1.02%, 06/25/29
.
182
9,277
Series
K105,
Class
X1,
1.64%, 01/25/30
.
551
50,502
Series
K109,
Class
X1,
1.70%, 04/25/30
.
123
11,903
Series
K113,
Class
X1,
1.49%, 06/25/30
.
200
17,369
Series
K115,
Class
X1,
1.43%, 06/25/30
.
256
21,633
Series
K116,
Class
X1,
1.53%, 07/25/30
.
100
8,908
Series
K119,
Class
X1,
1.03%, 09/25/30
.
149
9,091
Series
K120,
Class
X1,
1.13%, 10/25/30
.
735
48,835
Series
K122,
Class
X1,
0.97%, 11/25/30
.
219
12,720
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.94%, 01/25/58
..........
223
34,273
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2002-83,
0.00%, 10/16/42
(f)
.....
203
—
Series
2003-17,
0.00%, 03/16/43
(f)
.....
180
—
Series
2003-109,
0.00%, 11/16/43
.....
313
12
Series
2016-22,
0.72%, 11/16/55
......
1,111
30,332
Series
2016-151,
0.89%, 06/16/58
.....
423
18,302
Series
2017-30,
0.58%, 08/16/58
......
205
6,304
Series
2017-61,
0.77%, 05/16/59
......
173
7,537
286,998
Mortgage-Backed
Securities
—
58.9%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 03/01/30
-
04/01/31
..........
89
87,296
3.00%, 09/01/27
-
12/01/46
..........
151
146,968
3.50%, 04/01/31
-
01/01/48
..........
205
204,057
4.00%, 08/01/40
-
12/01/45
..........
28
28,614
4.50%, 02/01/39
-
07/01/47
..........
96
98,932
5.00%, 11/01/41
.................
41
43,166
5.50%, 06/01/41
.................
48
51,626
8.00%, 03/01/30
-
06/01/31
..........
7
7,267
Federal
National
Mortgage
Association
3.50%, 11/01/46
.................
84
81,817
4.00%, 01/01/41
.................
2
2,392
Government
National
Mortgage
Association
2.00%, 08/20/50
-
02/20/51
..........
723
645,562
2.00%, 07/15/52
(g)
................
228
201,995
2.50%, 10/20/51
-
12/20/51
..........
504
462,792
2.50%, 07/15/52
(g)
................
516
472,140
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00%, 02/15/45
-
12/20/51
..........
USD
564
$
533,589
3.00%, 07/15/52
(g)
................
500
471,289
3.50%, 01/15/42
-
04/20/48
..........
557
549,159
3.50%, 07/15/52
-
08/15/52
(g)
.........
1,048
1,017,049
4.00%, 10/20/40
-
06/20/50
..........
995
1,001,324
4.50%, 12/20/39
-
08/20/50
..........
373
387,986
5.00%, 07/15/39
-
07/20/44
..........
31
32,411
Uniform
Mortgage-Backed
Securities
1.50%, 07/25/37
-
07/25/52
(g)
.........
509
443,124
1.50%, 11/01/41
-
12/01/41
..........
611
523,557
2.00%, 10/01/31
-
03/01/52
..........
4,451
3,891,773
2.00%, 07/25/37
-
07/25/52
(g)
.........
1,445
1,292,268
2.50%, 04/01/30
-
03/01/52
..........
3,457
3,161,736
2.50%, 07/25/52
(g)
................
482
433,116
3.00%, 04/01/29
-
03/01/52
..........
2,011
1,918,013
3.00%, 07/25/37
-
07/25/52
(g)
.........
664
618,706
3.50%, 08/01/30
-
01/01/51
..........
1,044
1,020,111
3.50%, 07/25/52
-
08/25/52
(g)
.........
213
205,154
4.00%, 09/01/33
-
10/01/51
..........
1,011
1,014,432
4.00%, 07/25/52
-
08/25/52
(g)
.........
864
851,318
4.50%, 06/01/26
-
07/01/48
..........
320
328,385
4.50%, 08/25/52
(g)
................
135
135,195
5.00%, 02/01/35
-
12/01/43
..........
99
103,430
5.00%, 07/25/52
(g)
................
106
108,186
5.50%, 09/01/36
-
09/01/39
..........
133
142,399
6.00%, 04/01/35
-
09/01/40
..........
103
112,374
6.50%, 05/01/40
.................
21
23,029
22,853,737
Total
U.S.
Government
Sponsored
Agency
Securities
—
61.5%
(Cost:
$24,724,083)
..............................
23,842,831
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
.................
160
182,756
4.50%, 08/15/39
.................
160
188,112
4.38%, 11/15/39
.................
160
184,838
3.13%, 02/15/43
.................
610
579,571
2.88%, 05/15/43
-
11/15/46
..........
1,200
1,094,158
3.63%, 08/15/43
.................
610
626,060
3.75%, 11/15/43
.................
610
638,093
3.00%, 02/15/48
.................
590
555,891
2.25%, 08/15/49
.................
727
596,509
1.63%, 11/15/50
.................
105
73,849
U.S.
Treasury
Inflation
Linked
Notes,
0.13%, 04/15/27
(a)
................
823
810,553
U.S.
Treasury
Notes
2.13%, 12/31/22
-
05/15/25
..........
2,470
2,435,916
2.75%, 05/31/23
.................
780
778,964
2.00%, 02/15/25
.................
1,470
1,432,274
1.50%, 08/15/26
.................
1,700
1,596,539
2.25%, 08/15/27
.................
1,180
1,133,399
2.88%, 08/15/28
.................
350
345,734
3.13%, 11/15/28
.................
350
350,725
1.63%, 08/15/29
.................
125
113,809
Total
U.S.
Treasury
Obligations
—
35.4%
(Cost:
$14,583,196)
..............................
13,717,750
Total
Long-Term
Investments
—
109.3%
(Cost:
$44,423,343)
..............................
42,388,117
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
113
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
1.33%
(h)(
i
)
.................
462,115
$
462,115
Total
Money
Market
Funds
—
1.2%
(Cost:
$462,115)
................................
462,115
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
9.8%
Federal
Home
Loan
Bank
Discount
Notes,
1.60%, 08/19/22
(j)
...............
USD
3,800
3,791,190
Total
U.S.
Government
Sponsored
Agency
Securities
—
9.8%
(Cost:
$3,791,724)
..............................
3,791,190
Total
Short-Term
Securities
—
11.0%
(Cost:
$4,253,839)
..............................
4,253,305
Total
Options
Purchased
—
0.0%
(Cost:
$10,804)
................................
7,543
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
120.3%
(Cost:
$48,687,986
)
..............................
46,648,965
Total
Options
Written
—
(0.6)%
(Premium
Received
—
$(203,252))
...................
(248,821)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
(g)
Mortgage-Backed
Securities
—
(14.3)%
Government
National
Mortgage
Association
2.50%
,
 07/15/52
.................
USD
(25)
$
(22,875)
3.00%
,
 07/15/52
.................
(412)
(388,248)
3.50%
,
 07/15/52
.................
(274)
(266,208)
4.00%
,
 07/15/52
.................
(51)
(50,776)
Uniform
Mortgage-Backed
Securities
1.50%
,
 07/25/37
-
07/25/52
..........
(55)
(48,422)
2.50%
,
 07/25/37
-
08/25/52
..........
(1,088)
(979,305)
3.00%
,
 07/25/37
-
08/25/52
..........
(737)
(693,241)
3.50%
,
 07/25/37
-
08/25/52
..........
(206)
(198,918)
2.00%
,
 07/25/52
-
08/25/52
..........
(1,274)
(1,105,394)
4.00%
,
 07/25/52
-
08/25/52
..........
(1,339)
(1,318,770)
4.50%
,
 07/25/52
-
08/25/52
..........
(347)
(347,600)
5.00%
,
 07/25/52
.................
(115)
(117,372)
Total
TBA
Sale
Commitments
—
(14.3)%
(Proceeds:
$(5,493,612))
..........................
(5,537,129)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
105.4%
(Cost:
$42,991,122
)
..............................
40,863,015
Liabilities
in
Excess
of
Other
Assets
—
(5.4)%
............
(2,084,852)
Net
Assets
—
100.0%
..............................
$
38,778,163
(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)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(d)
Non-income
producing
security.
(e)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Represents
or
includes
a
TBA
transaction.
(h)
Annualized
7-day
yield
as
of
period
end.
(i)
Affiliate
of
the
Fund.
(j)
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,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/22
Shares
Held
at
06/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
9,926,837
$
—
$
(9,464,722)
$
—
$
—
$
462,115
462,115
$
4,713
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
114
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
..............................................................
4
09/08/22
$
624
$
21,848
U.S.
Treasury
10
Year
Note
...................................................
5
09/21/22
592
4,852
U.S.
Treasury
10
Year
Ultra
Note
...............................................
5
09/21/22
635
(5,360)
U.S.
Treasury
Ultra
Bond
....................................................
2
09/21/22
306
9,091
U.S.
Treasury
2
Year
Note
....................................................
4
09/30/22
839
1,307
U.S.
Treasury
5
Year
Note
....................................................
11
09/30/22
1,233
5,465
37,203
Short
Contracts
Euro-BTP
...............................................................
8
09/08/22
1,032
(38,025)
U.S.
Treasury
Long
Bond
....................................................
5
09/21/22
690
4,019
3
Month
SOFR
...........................................................
18
09/19/23
4,354
(2,963)
(36,969)
$
234
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
10,000
USD
6,874
Deutsche
Bank
AG
07/20/22
$
29
USD
10,000
ZAR
161,031
BNP
Paribas
SA
07/20/22
117
MXN
60,000
USD
2,871
Morgan
Stanley
&
Co.
International
plc
08/24/22
84
USD
4,600
MXN
93,000
JPMorgan
Chase
Bank
NA
08/24/22
19
EUR
191,000
GBP
163,143
Deutsche
Bank
AG
09/21/22
2,408
USD
18,767
CAD
24,000
JPMorgan
Chase
Bank
NA
09/21/22
119
USD
203,306
EUR
191,000
JPMorgan
Chase
Bank
NA
09/21/22
1,998
4,774
JPY
1,347,043
USD
10,000
Bank
of
New
York
Mellon
07/20/22
(63)
USD
10,445
EUR
10,000
HSBC
Bank
plc
07/20/22
(45)
USD
10,000
JPY
1,360,027
Standard
Chartered
Bank
07/20/22
(33)
MXN
93,000
USD
4,686
Citibank
NA
08/24/22
(105)
(246)
$
4,528
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
...........................
Citibank
NA
08/01/22
JPY
124.00
USD
526
$
548
USD
Currency
...........................
JP
Morgan
Chase
Bank
NA
08/05/22
JPY
127.00
USD
405
1,028
USD
Currency
...........................
Citibank
NA
08/22/22
JPY
130.00
USD
363
2,569
USD
Currency
...........................
JP
Morgan
Chase
Bank
NA
09/08/22
JPY
126.50
USD
339
1,785
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
09/12/22
JPY
126.50
USD
287
1,613
$
—
$
7,543
$
—
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
115
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
.............................
Citibank
NA
08/01/22
JPY
124.00
USD
526
$
(548)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
2-Year
Interest
Rate
Swap
(a)
.
2.46%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/15/22
2.46
%
USD
1,700
$
(1,366)
2-Year
Interest
Rate
Swap
(a)
.
1.51%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
08/16/22
1.51
USD
1,400
(51)
2-Year
Interest
Rate
Swap
(a)
.
2.42%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
08/22/22
2.42
USD
1,800
(1,584)
2-Year
Interest
Rate
Swap
(a)
.
1.22%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
09/02/22
1.22
USD
1,400
(62)
10-Year
Interest
Rate
Swap
(a)
1.71%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
10/28/22
1.71
USD
1,000
(1,455)
10-Year
Interest
Rate
Swap
(a)
2.10%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
03/17/23
2.10
USD
300
(2,873)
10-Year
Interest
Rate
Swap
(a)
2.60%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
04/12/23
2.60
USD
200
(4,743)
10-Year
Interest
Rate
Swap
(a)
3.13%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/14/23
3.13
USD
300
(15,307)
10-Year
Interest
Rate
Swap
(a)
2.91%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/06/25
2.91
USD
23
(1,266)
10-Year
Interest
Rate
Swap
(a)
2.86%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
06/09/25
2.86
USD
19
(1,003)
10-Year
Interest
Rate
Swap
(a)
2.90%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
06/12/25
2.90
USD
20
(1,083)
10-Year
Interest
Rate
Swap
(a)
3.09%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
06/16/25
3.09
USD
62
(3,929)
10-Year
Interest
Rate
Swap
(a)
3.15%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/16/25
3.15
USD
30
(1,980)
10-Year
Interest
Rate
Swap
(a)
3.16%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/16/25
3.16
USD
30
(1,995)
10-Year
Interest
Rate
Swap
(a)
2.93%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/17/25
2.93
USD
13
(727)
(39,424)
Put
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.02%
Semi-Annual
Deutsche
Bank
AG
07/19/22
3.02
USD
400
(1,368)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
3.35%
Semi-Annual
Barclays
Bank
plc
08/05/22
3.35
USD
1,500
(2,882)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
3.22%
Semi-Annual
Deutsche
Bank
AG
08/09/22
3.22
USD
1,500
(4,406)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.21%
Semi-Annual
Barclays
Bank
plc
08/16/22
2.21
USD
1,400
(23,910)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.95%
Semi-Annual
Bank
of
America
NA
09/02/22
1.95
USD
1,400
(31,010)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
1.71%
Semi-Annual
Deutsche
Bank
AG
10/28/22
1.71
USD
1,000
(98,568)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.10%
Semi-Annual
Bank
of
America
NA
03/17/23
2.10
USD
300
(21,385)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.60%
Semi-Annual
Bank
of
America
NA
04/12/23
2.60
USD
200
(8,615)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.13%
Semi-Annual
Deutsche
Bank
AG
06/14/23
3.13
USD
300
(7,456)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.91%
Semi-Annual
Goldman
Sachs
International
06/06/25
2.91
USD
23
(1,177)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.86%
Semi-Annual
Barclays
Bank
plc
06/09/25
2.86
USD
19
(1,006)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.90%
Semi-Annual
Bank
of
America
NA
06/12/25
2.90
USD
20
(1,029)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.09%
Semi-Annual
Bank
of
America
NA
06/16/25
3.09
USD
62
(2,815)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.15%
Semi-Annual
Deutsche
Bank
AG
06/16/25
3.15
USD
30
(1,290)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.16%
Semi-Annual
Deutsche
Bank
AG
06/16/25
3.16
USD
30
(1,281)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.93%
Semi-Annual
Goldman
Sachs
International
06/17/25
2.93
USD
13
(651)
(208,849)
$
(248,273)
(a)
Forward
settling
swaption.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
116
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6.15%
Annual
3
month
WIBOR
Quarterly
04/11/24
PLN
70
$
245
$
—
$
245
3.13%
Annual
1
day
SOFR
Annual
06/14/24
USD
700
(2,313)
—
(2,313)
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
10/01/29
USD
400
37,398
—
37,398
6
month
EURIBOR
Semi-Annual
1.52%
Annual
02/15/31
EUR
15
(667)
—
(667)
6
month
EURIBOR
Semi-Annual
1.52%
Annual
02/15/31
EUR
20
(892)
—
(892)
6
month
EURIBOR
Semi-Annual
1.54%
Annual
02/15/31
EUR
67
(2,899)
—
(2,899)
6
month
EURIBOR
Semi-Annual
1.55%
Annual
02/15/31
EUR
34
(1,424)
—
(1,424)
6
month
EURIBOR
Semi-Annual
1.55%
Annual
02/15/31
EUR
15
(625)
—
(625)
6
month
EURIBOR
Semi-Annual
1.56%
Annual
02/15/31
EUR
67
(2,777)
—
(2,777)
6
month
EURIBOR
Semi-Annual
1.57%
Annual
02/15/31
EUR
67
(2,727)
—
(2,727)
6
month
EURIBOR
Semi-Annual
1.59%
Annual
02/15/31
EUR
33
(1,296)
—
(1,296)
6
month
EURIBOR
Semi-Annual
1.64%
Annual
02/15/31
EUR
10
(340)
—
(340)
6
month
EURIBOR
Semi-Annual
1.65%
Annual
02/15/31
EUR
10
(338)
—
(338)
6
month
EURIBOR
Semi-Annual
1.65%
Annual
02/15/31
EUR
20
(682)
—
(682)
6
month
EURIBOR
Semi-Annual
1.69%
Annual
02/15/31
EUR
10
(312)
—
(312)
6
month
EURIBOR
Semi-Annual
1.82%
Annual
02/15/31
EUR
54
(1,059)
—
(1,059)
28
day
MXIBTIIE
Monthly
7.60%
Monthly
01/01/32
MXN
259
(1,074)
—
(1,074)
28
day
MXIBTIIE
Monthly
7.57%
Monthly
01/12/32
MXN
98
(416)
—
(416)
28
day
MXIBTIIE
Monthly
7.53%
Monthly
01/23/32
MXN
173
(756)
—
(756)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
03/04/32
USD
200
(21,187)
—
(21,187)
28
day
MXIBTIIE
Monthly
8.29%
Monthly
03/17/32
MXN
150
(289)
—
(289)
2.16%
Annual
1
day
SOFR
Annual
04/01/32
USD
200
10,044
—
10,044
0.30%
Annual
1
day
TONAR
Annual
04/07/32
JPY
10,934
1,266
—
1,266
0.30%
Annual
1
day
TONAR
Annual
04/07/32
JPY
10,886
1,299
—
1,299
0.30%
Annual
1
day
TONAR
Annual
04/07/32
JPY
10,976
1,284
—
1,284
0.31%
Annual
1
day
TONAR
Annual
04/07/32
JPY
10,762
1,222
—
1,222
0.31%
Annual
1
day
TONAR
Annual
04/07/32
JPY
9,543
1,085
—
1,085
28
day
MXIBTIIE
Monthly
8.96%
Monthly
04/21/32
MXN
111
23
—
23
0.39%
Annual
1
day
TONAR
Annual
05/02/32
JPY
6,592
365
—
365
0.40%
Annual
1
day
TONAR
Annual
05/02/32
JPY
6,592
353
—
353
0.42%
Annual
1
day
TONAR
Annual
06/14/32
JPY
14,303
590
—
590
0.42%
Annual
1
day
TONAR
Annual
06/14/32
JPY
12,684
560
—
560
0.42%
Annual
1
day
TONAR
Annual
06/14/32
JPY
26,611
1,082
—
1,082
2.99%
Annual
1
day
SOFR
Annual
06/22/32
USD
100
(1,781)
—
(1,781)
0.86%
Annual
1
day
TONAR
Annual
05/09/52
JPY
4,304
1,373
—
1,373
0.86%
Annual
1
day
TONAR
Annual
05/09/52
JPY
4,347
1,438
—
1,438
1.95%
Annual
1
day
SOFR
Annual
05/12/52
USD
390
1,710
—
1,710
1.97%
Annual
1
day
SOFR
Annual
05/12/52
USD
390
1,480
—
1,480
2.09%
Annual
1
day
SOFR
Annual
05/12/52
USD
385
(1,058)
—
(1,058)
1.94%
Annual
1
day
SOFR
Annual
05/23/52
USD
395
1,959
—
1,959
1.96%
Annual
1
day
SOFR
Annual
05/23/52
USD
395
1,554
—
1,554
0.81%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,429
1,021
—
1,021
0.82%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,429
988
—
988
0.83%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,429
936
—
936
0.87%
Annual
1
day
TONAR
Annual
05/30/52
JPY
2,429
759
—
759
1
day
SOFR
Annual
2.08%
Annual
05/30/52
USD
380
775
—
775
1.31%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
66
(316)
—
(316)
1.44%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
29
(381)
(2)
(379)
1.45%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
30
(413)
(11)
(402)
1.46%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
31
(446)
3
(449)
1.48%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
30
(470)
(4)
(466)
1.49%
Annual
6
month
EURIBOR
Semi-Annual
06/10/52
EUR
29
(473)
(3)
(470)
$
23,398
$
(17)
$
23,415
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
117
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
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
12.03%
At
Termination
BNP
Paribas
SA
01/02/25
BRL
44
$
(133)
$
—
$
(133)
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
0.05
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
1.09
1
day
TONAR
........................................
Tokyo
Overnight
Average
Rate
(0.01)
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
8.03
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
2.29
3
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
7.05
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
0.26
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
3
$
(20)
$
70,809
$
(47,394)
$
23,398
OTC
Swaps
.....................................................
—
—
—
(133)
(133)
Options
Written
...................................................
N/A
N/A
114,579
(160,148)
(248,821)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
118
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
—
$
—
$
46,582
$
—
$
46,582
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
4,774
—
—
4,774
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
—
7,543
—
—
7,543
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
70,809
—
70,809
$
—
$
—
$
—
$
12,317
$
117,391
$
—
$
129,708
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
46,348
—
46,348
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
246
—
—
246
Options
written
(c)
Options
written
at
value
.....................
—
—
—
548
248,273
—
248,821
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
47,394
—
47,394
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
133
—
133
$
—
$
—
$
—
$
794
$
342,148
$
—
$
342,942
(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
period
ended
June
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(140,081)
$
—
$
(140,081)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(8,372)
—
—
(8,372)
Options
purchased
(a)
....................
—
—
—
(8,235)
41,977
—
33,742
Options
written
........................
—
—
—
—
68,805
—
68,805
Swaps
..............................
—
370
—
—
(134,728)
(121,233)
(255,591)
$
—
$
370
$
—
$
(16,607)
$
(164,027)
$
(121,233)
$
(301,497)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
12,807
$
—
$
12,807
Forward
foreign
currency
exchange
contracts
....
—
—
—
798
—
—
798
Options
purchased
(b)
....................
—
—
—
(1,202)
1,384
—
182
Options
written
........................
—
—
—
131
(86,808)
—
(86,677)
Swaps
..............................
—
—
—
—
24,336
30,474
54,810
$
—
$
—
$
—
$
(273)
$
(48,281)
$
30,474
$
(18,080)
(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
119
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
5,125,213
Average
notional
value
of
contracts
—
short
.................................................................................
$
4,133,134
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
263,726
Average
amounts
sold
—
in
USD
........................................................................................
$
29,486
Options
Average
value
of
option
contracts
purchased
................................................................................
$
5,897
Average
value
of
option
contracts
written
...................................................................................
$
274
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
4,570,000
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
18,517,741
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
5,000
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
3,192,581
Average
notional
value
—
receives
fixed
rate
................................................................................
$
16,826,173
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
803,350
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
37,586
$
28,244
Forward
foreign
currency
exchange
contracts
.................................................................
4,774
246
Options
(a)
.........................................................................................
7,543
248,821
Swaps
—
centrally
cleared
..............................................................................
—
8,009
Swaps
—
OTC
(b)
....................................................................................
—
133
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
49,903
$
285,453
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(37,586)
(36,253)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
12,317
$
249,200
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
BNP
Paribas
SA
.................................
$
117
$
(117)
$
—
$
—
$
—
Citibank
NA
....................................
3,117
(653)
—
—
2,464
Deutsche
Bank
AG
...............................
2,437
(2,437)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
4,948
—
—
—
4,948
Morgan
Stanley
&
Co.
International
plc
..................
1,698
—
—
—
1,698
$
12,317
$
(3,207)
$
—
$
—
$
9,110
2022
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
120
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(d)
Bank
of
America
NA
..............................
$
77,544
$
—
$
—
$
—
$
77,544
Bank
of
New
York
................................
63
—
—
—
63
Barclays
Bank
plc
................................
30,218
—
—
—
30,218
BNP
Paribas
SA
.................................
133
(117)
—
—
16
Citibank
NA
....................................
653
(653)
—
—
—
Deutsche
Bank
AG
...............................
136,690
(2,437)
—
—
134,253
Goldman
Sachs
International
........................
3,821
—
—
—
3,822
HSBC
Bank
plc
..................................
45
—
—
—
45
Standard
Chartered
Bank
...........................
33
—
—
—
32
$
249,200
$
(3,207)
$
—
$
—
$
245,993
(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
121
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2022
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
881,648
$
—
$
881,648
Foreign
Government
Obligations
..............................
—
1,518
—
1,518
Non-Agency
Mortgage-Backed
Securities
........................
—
3,944,370
—
3,944,370
Other
Interests
..........................................
—
—
—
—
U.S.
Government
Sponsored
Agency
Securities
....................
—
23,717,070
125,761
23,842,831
U.S.
Treasury
Obligations
...................................
—
13,717,750
—
13,717,750
Short-Term
Securities
Money
Market
Funds
......................................
462,115
—
—
462,115
U.S.
Government
Sponsored
Agency
Securities
....................
—
3,791,190
—
3,791,190
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
7,543
—
7,543
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(5,537,129)
—
(5,537,129)
$
462,115
$
40,523,960
$
125,761
$
41,111,836
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
4,774
$
—
$
4,774
Interest
rate
contracts
.......................................
46,582
70,809
—
117,391
Liabilities
Foreign
currency
exchange
contracts
............................
—
(794)
—
(794)
Interest
rate
contracts
.......................................
(46,348)
(295,800)
—
(342,148)
$
234
$
(221,011)
$
—
$
(220,777)
(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,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
122
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................
$
171,626,409‌
$
170,687,053‌
$
125,646,980‌
$
50,239,377‌
Investments,
at
value
—
affiliated
(d)
...........................................
3,815,191‌
1,912,501‌
27,816,254‌
—‌
Cash  
...............................................................
45,799‌
13,051‌
368,107‌
4,005,214‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
....................................
—‌
—‌
60,000‌
—‌
Collateral
—
OTC
derivatives
..............................................
—‌
—‌
31,205‌
—‌
Futures
contracts
......................................................
96,000‌
—‌
839,000‌
—‌
Centrally
cleared
swaps
..................................................
—‌
—‌
604,000‌
—‌
Repurchase
agreements,
at
value
(e)
...........................................
—‌
—‌
—‌
42,845,000‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
1,710,050‌
—‌
858,596‌
—‌
Securities
lending
income
—
affiliated
........................................
480‌
323‌
875‌
—‌
Swaps  
............................................................
—‌
—‌
3,172‌
—‌
Capital
shares
sold
.....................................................
—‌
—‌
73‌
157,423‌
Dividends
—
affiliated
...................................................
834‌
1,546‌
14,264‌
—‌
Dividends
—
unaffiliated
.................................................
132,333‌
25,634‌
81,827‌
—‌
Interest
—
unaffiliated
...................................................
—‌
—‌
185,614‌
39,599‌
Variation
margin
on
futures
contracts
.........................................
—‌
—‌
347,714‌
—‌
Swap
premiums
paid
.....................................................
—‌
—‌
3,927‌
—‌
Unrealized
appreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
—‌
494,259‌
—‌
OTC
swaps
..........................................................
—‌
—‌
80,043‌
—‌
Prepaid
expenses
.......................................................
1,150‌
1,244‌
1,156‌
1,941‌
Total
assets
...........................................................
177,428,246‌
172,641,352‌
157,437,066‌
97,288,554‌
LIABILITIES
Investments
sold
short,
at
value
(f)
.............................................
—‌
—‌
52,740‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................
—‌
—‌
32,205‌
—‌
Collateral
on
securities
loaned
...............................................
2,322,455‌
127,692‌
1,807,023‌
—‌
Options
written,
at
value
(g)
..................................................
—‌
—‌
960,607‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
1,561,585‌
—‌
430,017‌
—‌
Swaps  
............................................................
—‌
—‌
5,008‌
—‌
Accounting
services
fees
.................................................
42,129‌
43,503‌
173,997‌
15,396‌
Capital
shares
redeemed
.................................................
2,840‌
45,273‌
27,740‌
318,973‌
Custodian
fees
........................................................
25,122‌
11,948‌
151,926‌
8,400‌
Deferred
foreign
capital
gain
tax
............................................
—‌
—‌
14,246‌
—‌
Investment
advisory
fees
.................................................
55,663‌
55,808‌
8,503‌
28,452‌
Directors'
and
Officer's
fees
...............................................
451‌
506‌
862‌
571‌
Printing
and
postage
fees
................................................
13,538‌
15,097‌
14,005‌
12,437‌
Professional
fees
......................................................
27,149‌
30,795‌
47,229‌
27,111‌
Registration
fees
......................................................
—‌
—‌
—‌
2,933‌
Transfer
agent
fees
....................................................
77,730‌
87,890‌
70,231‌
73,846‌
Other
accrued
expenses
.................................................
239‌
478‌
35,994‌
1,555‌
Variation
margin
on
futures
contracts
.........................................
14,099‌
—‌
220,562‌
—‌
Variation
margin
on
centrally
cleared
swaps
....................................
—‌
—‌
60,048‌
—‌
Swap
premiums
received
..................................................
—‌
—‌
2,988‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
—‌
368,102‌
—‌
OTC
swaps
..........................................................
—‌
—‌
133,308‌
—‌
Unfunded
floating
rate
loan
interests
.........................................
—‌
—‌
3,003‌
—‌
Total
liabilities
..........................................................
4,143,000‌
418,990‌
4,620,344‌
489,674‌
NET
ASSETS
..........................................................
$
173,285,246‌
$
172,222,362‌
$
152,816,722‌
$
96,798,880‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
123
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
172,914,486‌
$
133,711,109‌
$
156,605,872‌
$
96,797,258‌
Accumulated
earnings
(loss)
................................................
370,760‌
38,511,253‌
(3,789,150‌)
1,622‌
NET
ASSETS
..........................................................
$
173,285,246‌
$
172,222,362‌
$
152,816,722‌
$
96,798,880‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................
$
180,217,075‌
$
141,837,637‌
$
133,618,492‌
$
50,239,377‌
(c)
  Securities
loaned,
at
value
................................................
$
2,245,629‌
$
123,132‌
$
1,742,336‌
$
—‌
(d)
  Investments,
at
cost
—
affiliated
............................................
$
3,815,373‌
$
1,912,501‌
$
27,888,206‌
$
—‌
(e)
  Repurchase
agreements,
at
cost
...........................................
$
—‌
$
—‌
$
—‌
$
42,845,000‌
(f)
  Proceeds
received
from
investments
sold
short
,
at
value
...........................
$
—‌
$
—‌
$
46,124‌
$
—‌
(g)
  Premiums
received
....................................................
$
—‌
$
—‌
$
908,895‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
124
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
NET
ASSET
VALUE
Net
assets
.............................................................
$
173,285,246‌
$
172,222,362‌
$
152,816,722‌
$
96,798,880‌
Shares
outstanding
......................................................
8,106,144‌
4,529,401‌
10,866,220‌
96,797,264‌
Net
asset
value
.........................................................
$
21.38‌
$
38.02‌
$
14.06‌
$
1.00‌
Shares
authorized
.......................................................
100
million
100
million
100
million
2
billion
Par
value
.............................................................
$
0.10‌
$
0.10‌
$
0.10‌
$
0.10‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
125
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
18,743,265‌
$
391,992,771‌
$
46,186,850‌
Investments,
at
value
—
affiliated
(c)
...........................................................
468,508‌
59,702,931‌
462,115‌
Cash  
...............................................................................
821‌
24,568‌
8,893‌
Cash
pledged:
Collateral
—
OTC
derivatives
..............................................................
—‌
2,690,000‌
—‌
Futures
contracts
......................................................................
6,000‌
2,427,000‌
80,000‌
Centrally
cleared
swaps
..................................................................
29,000‌
534,000‌
116,000‌
Foreign
currency,
at
value
(d)
................................................................
1,518‌
1,758,446‌
158,112‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
388,388‌
5,611,666‌
—‌
Securities
lending
income
—
affiliated
........................................................
—‌
4,897‌
—‌
Swaps  
............................................................................
—‌
—‌
211‌
TBA
sale
commitments
..................................................................
—‌
632,844‌
5,493,612‌
Capital
shares
sold
.....................................................................
128‌
—‌
91‌
Dividends
—
affiliated
...................................................................
440‌
24,987‌
906‌
Dividends
—
unaffiliated
.................................................................
72‌
261,187‌
—‌
Interest
—
unaffiliated
...................................................................
333,031‌
1,201,695‌
199,544‌
From
the
Manager
.....................................................................
8,534‌
—‌
590‌
Due
from
broker
.......................................................................
—‌
520,000‌
—‌
Variation
margin
on
futures
contracts
.........................................................
—‌
173,201‌
37,586‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
33,635‌
—‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
2,090‌
10,212‌
4,774‌
Prepaid
expenses
.......................................................................
1,743‌
3,064‌
637‌
Total
assets
...........................................................................
19,983,538‌
467,607,104‌
52,749,921‌
LIABILITIES
Collateral
on
securities
loaned
...............................................................
—‌
6,803,308‌
—‌
Options
written,
at
value
(e)
..................................................................
—‌
—‌
248,821‌
TBA
sale
commitments,
at
value
(f)
............................................................
—‌
640,500‌
5,537,129‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
79,051‌
17,265,790‌
7,942,162‌
Accounting
services
fees
.................................................................
64,018‌
103,396‌
48,257‌
Capital
shares
redeemed
.................................................................
257‌
33,088‌
688‌
Custodian
fees
........................................................................
13,704‌
63,421‌
12,742‌
Income
dividend
distributions
..............................................................
93,876‌
—‌
53,054‌
Interest
expense
......................................................................
—‌
40,786‌
21,122‌
Investment
advisory
fees
.................................................................
—‌
134,725‌
96‌
Directors'
and
Officer's
fees
...............................................................
1,467‌
367‌
428‌
Printing
and
postage
fees
................................................................
12,394‌
26,859‌
10,915‌
Professional
fees
......................................................................
39,559‌
35,081‌
37,613‌
Registration
fees
......................................................................
—‌
—‌
229‌
Transfer
agent
fees
....................................................................
9,141‌
200,937‌
18,114‌
Other
accrued
expenses
.................................................................
793‌
4,851‌
3,756‌
Variation
margin
on
futures
contracts
.........................................................
2,437‌
702,613‌
28,244‌
Variation
margin
on
centrally
cleared
swaps
....................................................
1,198‌
—‌
8,009‌
Swap
premiums
received
..................................................................
655‌
—‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
—‌
246‌
OTC
swaps
..........................................................................
114‌
3,614,067‌
133‌
Total
liabilities
..........................................................................
318,664‌
29,669,789‌
13,971,758‌
NET
ASSETS
..........................................................................
$
19,664,874‌
$
437,937,315‌
$
38,778,163‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
126
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
24,242,352‌
$
461,165,747‌
$
43,686,741‌
Accumulated
loss
.......................................................................
(4,577,478‌)
(23,228,432‌)
(4,908,578‌)
NET
ASSETS
..........................................................................
$
19,664,874‌
$
437,937,315‌
$
38,778,163‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
21,596,340‌
$
427,238,350‌
$
48,225,871‌
(b)
  Securities
loaned,
at
value
................................................................
$
—‌
$
6,513,321‌
$
—‌
(c)
  Investments,
at
cost
—
affiliated
............................................................
$
468,508‌
$
60,833,694‌
$
462,115‌
(d)
  Foreign
currency,
at
cost
.................................................................
$
1,493‌
$
1,762,953‌
$
165,130‌
(e)
  Premiums
received
....................................................................
$
—‌
$
—‌
$
203,252‌
(f)
  Proceeds
from
TBA
sale
commitments
........................................................
$
—‌
$
632,844‌
$
5,493,612‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2022
127
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSET
VALUE
Net
as
sets
............................................................................
$
19,664,874‌
$
437,937,315‌
$
38,778,163‌
Shares
outstanding
.....................................................................
4,181,480‌
31,440,998‌
3,834,962‌
Net
asset
value
........................................................................
$
4.70‌
$
13.93‌
$
10.11‌
Shares
authorized
......................................................................
100
million
300
million
100
million
Par
value
............................................................................
$
0.10‌
$
0.10‌
$
0.10‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2022
2022
BlackRock
Semi-Annual
Report
to
Shareholders
128
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
2,313‌
$
5,410‌
$
63,226‌
$
—‌
Dividends
—
unaffiliated
.................................................
1,515,938‌
726,575‌
1,153,000‌
—‌
Interest
—
unaffiliated
...................................................
—‌
—‌
619,130‌
214,180‌
Securities
lending
income
—
affiliated
—
net
...................................
8,239‌
3,970‌
7,357‌
—‌
Foreign
taxes
withheld
..................................................
(85‌)
(18,644‌)
(75,261‌)
—‌
Total
investment
income
...................................................
1,526,405‌
717,311‌
1,767,452‌
214,180‌
EXPENSES
Investment
advisory
....................................................
370,700‌
394,968‌
315,870‌
183,351‌
Transfer
agent
........................................................
136,127‌
148,104‌
126,219‌
2,433‌
Professional
.........................................................
29,082‌
31,249‌
53,707‌
29,005‌
Accounting
services
....................................................
28,437‌
29,463‌
116,276‌
18,699‌
Custodian
...........................................................
14,642‌
7,285‌
171,729‌
5,059‌
Directors
and
Officer
...................................................
3,668‌
3,715‌
3,925‌
3,488‌
Miscellaneous
........................................................
9,733‌
9,947‌
21,119‌
10,720‌
Total
expenses
excluding
dividend
expense
......................................
592,389‌
624,731‌
808,845‌
252,755‌
Dividend
expense
—
unaffiliated
............................................
—‌
—‌
2,476‌
—‌
Total
expenses
.........................................................
592,389‌
624,731‌
811,321‌
252,755‌
Less:
–‌
–‌
–‌
–‌
Transfer
agent
fees
reimbursed
by
the
Manager
...............................
(96,488‌)
(103,001‌)
(123,692‌)
—‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................
(387‌)
(780‌)
(199,264‌)
(107,735‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
495,514‌
520,950‌
488,365‌
145,020‌
Net
investment
income
....................................................
1,030,891‌
196,361‌
1,279,087‌
69,160‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(49,696,940‌)
$
(90,468,541‌)
$
(32,344,924‌)
$
1,076‌
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
(3,394‌)
$
(672‌)
$
(197,975‌)
$
—‌
Investments
—
unaffiliated
(b)
............................................
3,094,413‌
2,393,859‌
3,498,259‌
1,076‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
—‌
(2,059,612‌)
—‌
Foreign
currency
transactions
...........................................
—‌
(739‌)
387,900‌
—‌
Futures
contracts
....................................................
(382,264‌)
—‌
911,888‌
—‌
Options
written
.....................................................
—‌
—‌
599,806‌
—‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
103,583‌
—‌
Swaps  
..........................................................
—‌
—‌
1,943,675‌
—‌
2,708,755‌
2,392,448‌
5,187,524‌
1,076‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
(182‌)
—‌
(43,174‌)
—‌
Investments
—
unaffiliated
(c)
............................................
(52,324,088‌)
(92,860,887‌)
(36,998,834‌)
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
—‌
194,782‌
—‌
Foreign
currency
translations
............................................
—‌
(102‌)
(3,048‌)
—‌
Futures
contracts
....................................................
(81,425‌)
—‌
80,725‌
—‌
Options
written
.....................................................
—‌
—‌
(260,985‌)
—‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
34,646‌
—‌
Swaps  
..........................................................
—‌
—‌
(526,638‌)
—‌
Unfunded
floating
rate
loan
interests
.......................................
—‌
—‌
(3,458‌)
—‌
Unfunded
SPAC
PIPE
commitments
.......................................
—‌
—‌
(6,464‌)
—‌
(52,405,695‌)
(92,860,989‌)
(37,532,448‌)
—‌
Net
realized
and
unrealized
gain
(loss)
.........................................
(49,696,940‌)
(90,468,541‌)
(32,344,924‌)
1,076‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
(48,666,049‌)
$
(90,272,180‌)
$
(31,065,837‌)
$
70,236‌
(a)
  Consolidated
Statement
of
Operations.
(b)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund
,
if
applicable
of
.................
$
—‌
$
—‌
$
(4,119‌)
$
—‌
(c)
N
et
of
increase
in
deferred
foreign
capital
gain
tax
of
..............................
$
—‌
$
—‌
$
(8,320‌)
$
—‌
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
June
30,
2022
129
Financial
Statements
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
1,120‌
$
253,986‌
$
4,713‌
Dividends
—
unaffiliated
.................................................................
9,854‌
2,671,380‌
—‌
Interest
—
unaffiliated
...................................................................
594,622‌
2,119,547‌
326,387‌
Securities
lending
income
—
affiliated
—
net
...................................................
—‌
20,478‌
—‌
Foreign
taxes
withheld
..................................................................
—‌
(118,024‌)
—‌
Total
investment
income
...................................................................
605,596‌
4,947,367‌
331,100‌
EXPENSES
Professional
.........................................................................
48,218‌
38,721‌
42,139‌
Investment
advisory
....................................................................
41,365‌
899,768‌
78,522‌
Accounting
services
....................................................................
34,792‌
68,672‌
31,390‌
Transfer
agent
........................................................................
17,220‌
340,213‌
31,852‌
Custodian
...........................................................................
7,624‌
33,313‌
4,102‌
Directors
and
Officer
...................................................................
—‌
4,078‌
364‌
Miscellaneous
........................................................................
11,507‌
22,387‌
11,349‌
Total
expenses
excluding
interest
expense
.......................................................
160,726‌
1,407,152‌
199,718‌
Interest
expense
......................................................................
—‌
50,506‌
—‌
Total
expenses
.........................................................................
160,726‌
1,457,658‌
199,718‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................
(90,155‌)
(17,267‌)
(64,815‌)
Transfer
agent
fees
reimbursed
by
the
Manager
...............................................
(14,741‌)
(240,651‌)
(29,177‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
55,830‌
1,199,740‌
105,726‌
Net
investment
income
....................................................................
549,766‌
3,747,627‌
225,374‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(3,881,591‌)
$
(92,298,384‌)
$
(4,493,969‌)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................................
$
—‌
$
(1,082,924‌)
$
—‌
Investments
—
unaffiliated
.............................................................
(251,743‌)
10,695,397‌
(1,122,971‌)
Forward
foreign
currency
exchange
contracts
.................................................
(25,313‌)
34,325‌
(8,372‌)
Foreign
currency
transactions
...........................................................
(11,314‌)
22,220‌
(2,062‌)
Futures
contracts
....................................................................
57,778‌
(881,764‌)
(140,081‌)
Options
written
.....................................................................
(471‌)
(32,021‌)
68,805‌
Short
sales
—
unaffiliated
..............................................................
—‌
1,085,146‌
—‌
Swaps  
..........................................................................
(12,759‌)
(507,269‌)
(255,591‌)
(243,822‌)
9,333,110‌
(1,460,272‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................................
—‌
(1,016,379‌)
—‌
Investments
—
unaffiliated
.............................................................
(3,624,443‌)
(96,478,576‌)
(3,004,095‌)
Borrowed
bonds
....................................................................
—‌
(259,223‌)
—‌
Forward
foreign
currency
exchange
contracts
.................................................
2,090‌
(18,237‌)
798‌
Foreign
currency
translations
............................................................
(4,028‌)
(34,907‌)
(11,340‌)
Futures
contracts
....................................................................
3,526‌
(507,465‌)
12,807‌
Options
written
.....................................................................
—‌
15,129‌
(86,677‌)
Swaps  
..........................................................................
(14,722‌)
(3,331,839‌)
54,810‌
Unfunded
floating
rate
loan
interests
.......................................................
(192‌)
3‌
—‌
(3,637,769‌)
(101,631,494‌)
(3,033,697‌)
Net
realized
and
unrealized
loss
..............................................................
(3,881,591‌)
(92,298,384‌)
(4,493,969‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(3,331,825‌)
$
(88,550,757‌)
$
(4,268,595‌)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Semi-Annual
Report
to
Shareholders
130
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
1,030,891‌
$
1,831,908‌
$
196,361‌
$
(57,008‌)
Net
realized
gain
........................................................
2,708,755‌
43,291,860‌
2,392,448‌
45,159,886‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(52,405,695‌)
8,571,732‌
(92,860,989‌)
5,534,661‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(48,666,049‌)
53,695,500‌
(90,272,180‌)
50,637,539‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
(43,635,511‌)
—‌
(44,528,696‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(10,709,832‌)
26,435,080‌
(13,586,871‌)
22,732,717‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(59,375,881‌)
36,495,069‌
(103,859,051‌)
28,841,560‌
Beginning
of
period
........................................................
232,661,127‌
196,166,058‌
276,081,413‌
247,239,853‌
End
of
period
............................................................
$
173,285,246‌
$
232,661,127‌
$
172,222,362‌
$
276,081,413‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
131
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,279,087‌
$
2,695,523‌
$
69,160‌
$
9‌
Net
realized
gain
........................................................
5,187,524‌
20,745,910‌
1,076‌
1,926‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(37,532,448‌)
(10,174,034‌)
—‌
—‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(31,065,837‌)
13,267,399‌
70,236‌
1,935‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
(23,965,189‌)
(69,160‌)
(6,685‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(8,617,135‌)
2,656,095‌
(6,987,984‌)
(5,124,383‌)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(39,682,972‌)
(8,041,695‌)
(6,986,908‌)
(5,129,133‌)
Beginning
of
period
........................................................
192,499,694‌
200,541,389‌
103,785,788‌
108,914,921‌
End
of
period
............................................................
$
152,816,722‌
$
192,499,694‌
$
96,798,880‌
$
103,785,788‌
(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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
132
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
549,766‌
$
1,327,659‌
$
3,747,627‌
$
5,788,138‌
Net
realized
gain
(loss)
....................................................
(243,822‌)
846,289‌
9,333,110‌
76,096,787‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(3,637,769‌)
(615,086‌)
(101,631,494‌)
714,655‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(3,331,825‌)
1,558,862‌
(88,550,757‌)
82,599,580‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income
and
net
realized
gain:
.................................
(565,892‌)
(1,327,555‌)
—‌
(83,358,664‌)
Return
of
capital:
........................................................
—‌
(12,493‌)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(565,892‌)
(1,340,048‌)
—‌
(83,358,664‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(1,288,872‌)
(4,286,279‌)
(25,595,408‌)
29,071,679‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(5,186,589‌)
(4,067,465‌)
(114,146,165‌)
28,312,595‌
Beginning
of
period
........................................................
24,851,463‌
28,918,928‌
552,083,480‌
523,770,885‌
End
of
period
............................................................
$
19,664,874‌
$
24,851,463‌
$
437,937,315‌
$
552,083,480‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
133
Financial
Statements
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
225,374‌
$
386,863‌
Net
realized
gain
(loss)
..................................................................................
(1,460,272‌)
69,867‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(3,033,697‌)
(1,144,429‌)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(4,268,595‌)
(687,699‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(261,950‌)
(591,044‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(4,335,421‌)
(4,852,345‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(8,865,966‌)
(6,131,088‌)
Beginning
of
period
......................................................................................
47,644,129‌
53,775,217‌
End
of
period
..........................................................................................
$
38,778,163‌
$
47,644,129‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
134
BlackRock
Advantage
Large
Cap
Core
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
27.24
‌
$
26.14
‌
$
23.90
‌
$
19.76
‌
$
24.31
‌
$
27.15
‌
Net
investment
income
(a)
.........
0.12
0.25
0.28
0.35
0.38
(b)
0.40
Net
realized
and
unrealized
gain
(loss)
(5.98)
6.98
4.43
5.38
(1.62)
5.58
Net
increase
(decrease)
from
investment
operations
................
(5.86
)
7.23
‌
4.71
‌
5.73
‌
(1.24
)
5.98
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......
—
‌
(0.25
)
(0.34
)
(0.34
)
(0.39
)
(0.41
)
From
net
realized
gain
...........
—
‌
(5.88
)
(2.13
)
(1.25
)
(2.92
)
(8.41
)
Total
distributions
...............
—
‌
(6.13
)
(2.47
)
(1.59
)
(3.31
)
(8.82
)
Net
asset
value,
end
of
period
......
$
21.38
‌
$
27.24
‌
$
26.14
‌
$
23.90
‌
$
19.76
‌
$
24.31
‌
Total
Return
(d)
(21.51)%
28.43%
19.99%
29.09%
(5.11)%
22.24%
Based
on
net
asset
value
..........
(21.51
)%
(e)
28.43
%
19.99
%
29.09
%
(5.11
)%
22.24
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................
0.59
%
(g)
0.57
%
0.59
%
0.60
%
0.63
%
0.63
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.50
%
(g)
0.47
%
0.49
%
0.50
%
0.50
%
0.50
%
Net
investment
income
...........
1.03
%
(g)
0.85
%
1.18
%
1.52
%
1.51
%
(b)
1.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
173,285
‌
$
232,661
‌
$
196,166
‌
$
188,907
‌
$
161,413
‌
$
187,538
‌
Portfolio
turnover
rate
............
62
%
116
%
124
%
131
%
151
%
154
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
135
Financial
Highlights
BlackRock
Capital
Appreciation
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
$
57.19
‌
$
56.30
‌
$
43.39
‌
$
36.63
‌
$
40.56
‌
$
33.61
‌
Net
investment
income
(loss)
(a)
....
0.04
(0.01)
(0.00)
(b)
0.06
0.15
(c)
0.12
(d)
Net
realized
and
unrealized
gain
(loss)
...................
(19.21)
11.61
17.32
11.86
0.83
11.11
Net
increase
(decrease)
from
investment
operations
...............
(19.17
)
11.60
‌
17.32
‌
11.92
‌
0.98
‌
11.23
‌
Distributions
(e)
–
–
–
–
–
–
From
net
investment
income
.....
—
‌
(0.02
)
(0.01
)
(0.05
)
(0.14
)
(0.12
)
From
net
realized
gain
..........
—
‌
(10.69
)
(4.40
)
(5.11
)
(4.77
)
(4.16
)
Total
distributions
..............
—
‌
(10.71
)
(4.41
)
(5.16
)
(4.91
)
(4.28
)
Net
asset
value,
end
of
period
.....
$
38.02
‌
$
57.19
‌
$
56.30
‌
$
43.39
‌
$
36.63
‌
$
40.56
‌
Total
Return
(f)
(33.52)%
—
—
—
—
—
Based
on
net
asset
value
.........
(33.52
)%
(g)
21.22
%
40.16
%
32.79
%
2.42
%
33.62
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
................
0.59
%
(i)
0.57
%
0.59
%
0.58
%
0.59
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.49
%
(i)
0.47
%
0.49
%
0.48
%
0.49
%
0.51
%
Net
investment
income
(loss)
......
0.18
%
(i)
(0.02
)%
(0.01
)%
0.13
%
0.33
%
(c)
0.29
%
(d)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
172,222
‌
$
276,081
‌
$
247,240
‌
$
195,938
‌
$
162,866
‌
$
170,830
‌
Portfolio
turnover
rate
...........
36
%
41
%
38
%
42
%
45
%
48
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
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.
(d)
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.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(g)
Aggregate
total
return.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
136
(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
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Global
Allocation
Portfolio
(a)
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
16.85
‌
$
17.96
‌
$
16.03
‌
$
14.20
‌
$
16.42
‌
$
14.60
‌
Net
investment
income
(b)
.........
0.11
0.25
0.18
0.27
0.27
0.25
Net
realized
and
unrealized
gain
(loss)
(2.90)
0.97
3.15
2.28
(1.44)
1.80
Net
increase
(decrease)
from
investment
operations
................
(2.79
)
1.22
‌
3.33
‌
2.55
‌
(1.17
)
2.05
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......
—
‌
(0.22
)
(0.26
)
(0.24
)
(0.24
)
(0.23
)
From
net
realized
gain
...........
—
‌
(2.11
)
(1.14
)
(0.48
)
(0.81
)
—
‌
Total
distributions
...............
—
‌
(2.33
)
(1.40
)
(0.72
)
(1.05
)
(0.23
)
Net
asset
value,
end
of
period
......
$
14.06
‌
$
16.85
‌
$
17.96
‌
$
16.03
‌
$
14.20
‌
$
16.42
‌
Total
Return
(d)
(16.56)%
6.79%
20.95%
18.05%
(7.27)%
14.05%
Based
on
net
asset
value
..........
(16.56
)%
(e)
6.79
%
20.95
%
18.05
%
(7.27
)%
14.05
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.................
0.95
%
(g)
0.87
%
0.83
%
0.79
%
0.78
%
0.79
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.57
%
(g)
0.58
%
0.58
%
0.57
%
0.58
%
0.58
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
dividend
expenses,
broker
fees
and
expenses
on
short
sales,
interest
expenses
and
stock
loan
fees
....................
0.57
%
(g)
0.57
%
0.57
%
0.57
%
0.57
%
0.57
%
Net
investment
income
...........
1.50
%
(g)
1.34
%
1.08
%
1.72
%
1.67
%
1.56
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
152,817
‌
$
192,500
‌
$
200,541
‌
$
185,582
‌
$
173,983
‌
$
211,555
‌
Portfolio
turnover
rate
(h)
...........
40
%
134
%
159
%
207
%
145
%
129
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
40%
123%
158%
207%
145%
129%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
137
Financial
Highlights
BlackRock
Government
Money
Market
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........
0.0007
0.0000
(a)
0.0026
0.0177
0.0139
0.0044
Net
realized
gain
..............
0.0000
(a)
0.0001
0.0000
0.0000
(a)
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
0.0007
‌
0.0001
‌
0.0026
‌
0.0177
‌
0.0139
‌
0.0044
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
(0.0007
)
(0.0001
)
(0.0026
)
(0.0177
)
(0.0139
)
(0.0044
)
From
net
realized
gain
...........
—
‌
(0.0000
)
(c)
(0.0000
)
(c)
(0.0000
)
(c)
—
‌
(0.0000
)
(c)
Total
distributions
...............
(0.0007
)
(0.0001
)
(0.0026
)
(0.0177
)
(0.0139
)
(0.0044
)
Net
asset
value,
end
of
period
......
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
0.07%
—
—
—
—
—
Based
on
net
asset
value
..........
0.07
%
(e)
0.01
%
0.26
%
1.78
%
1.41
%
0.45
%
Ratios
to
Average
Net
Assets
Total
expenses
.................
0.51
%
(f)
0.50
%
0.62
%
0.62
%
0.64
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.29
%
(f)
0.08
%
0.33
%
0.50
%
0.50
%
0.50
%
Net
investment
income
...........
0.14
%
(f)
0.00
%
(g)
0.28
%
1.77
%
1.41
%
0.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
96,799
‌
$
103,786
‌
$
108,915
‌
$
112,454
‌
$
131,361
‌
$
107,299
‌
(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)
Annualized.
(g)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
138
BlackRock
High
Yield
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
pe
riod
$
5.59
‌
$
5.54
‌
$
5.43
‌
$
5.00
‌
$
5.42
‌
$
5.31
‌
Net
investment
income
(a)
........
0.13
0.27
0.29
0.31
0.30
0.30
Net
realized
and
unrealized
gain
(loss)
(0.89)
0.05
0.11
0.43
(0.42)
0.12
Net
increase
(decrease)
from
investment
operations
...............
(0.76
)
0.32
‌
0.40
‌
0.74
‌
(0.12
)
0.42
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....
(0.13
)
(0.27
)
(0.29
)
(0.31
)
(0.30
)
(0.31
)
Return
of
capital
..............
—
‌
(0.00
)
(c)
—
‌
—
‌
(0.00
)
(c)
—
‌
Total
distributions
..............
(0.13
)
(0.27
)
(0.29
)
(0.31
)
(0.30
)
(0.31
)
Net
asset
value,
end
of
period
.....
$
4.70
‌
$
5.59
‌
$
5.54
‌
$
5.43
‌
$
5.00
‌
$
5.42
‌
Total
Return
(d)
(13.76)%
—
—
—
—
—
Based
on
net
asset
value
.........
(13.76
)%
(e)
5.93
%
7.80
%
15.04
%
(2.31
)%
(f)
7.95
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................
1.44
%
(h)
1.46
%
1.27
%
1.15
%
1.98
%
1.34
%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.50
%
(h)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
..........
4.92
%
(h)
4.83
%
5.48
%
5.76
%
5.66
%
5.53
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
19,665
‌
$
24,851
‌
$
28,919
‌
$
30,673
‌
$
27,068
‌
$
32,005
‌
Portfolio
turnover
rate
...........
32
%
55
%
89
%
74
%
67
%
73
%
(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
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
139
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Sustainable
Balanced
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
16.67
‌
$
16.79
‌
$
15.86
‌
$
13.97
‌
$
15.81
‌
$
16.87
‌
Net
investment
income
(a)
.........
0.12
0.19
0.25
0.33
0.32
0.31
Net
realized
and
unrealized
gain
(loss)
(2.86)
2.59
2.23
2.75
(0.73)
2.14
Net
increase
(decrease)
from
investment
operations
................
(2.74
)
2.78
‌
2.48
‌
3.08
‌
(0.41
)
2.45
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
......
—
‌
(0.19
)
(0.29
)
(0.33
)
(0.31
)
(0.34
)
From
net
realized
gain
...........
—
‌
(2.71
)
(1.26
)
(0.86
)
(1.12
)
(3.17
)
Total
distributions
...............
—
‌
(2.90
)
(1.55
)
(1.19
)
(1.43
)
(3.51
)
Net
asset
value,
end
of
period
......
$
13.93
‌
$
16.67
‌
$
16.79
‌
$
15.86
‌
$
13.97
‌
$
15.81
‌
Total
Return
(c)
(16.44)%
—
—
—
—
—
Based
on
net
asset
value
..........
(16.44
)%
(d)
16.65
%
15.75
%
22.06
%
(2.66
)%
14.59
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................
0.60
%
(f)
0.59
%
0.61
%
0.63
%
0.64
%
0.66
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.49
%
(f)
0.49
%
0.50
%
0.52
%
0.52
%
0.53
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.47
%
(f)
0.48
%
0.48
%
0.49
%
0.49
%
0.49
%
Net
investment
income
...........
1.54
%
(f)
1.08
%
1.56
%
2.08
%
1.98
%
1.75
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
437,937
‌
$
552,083
‌
$
523,771
‌
$
500,622
‌
$
453,030
‌
$
511,193
‌
Portfolio
turnover
rate
(g)
...........
159
%
343
%
345
%
320
%
280
%
332
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
129%
218%
238%
228%
211%
248%
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
140
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Aggregate
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
period
.
$
11.22
‌
$
11.51
‌
$
11.01
‌
$
10.58
‌
$
10.80
‌
$
10.86
‌
Net
investment
income
(a)
.........
0.06
0.09
0.20
0.27
0.25
0.21
Net
realized
and
unrealized
gain
(loss)
(1.10)
(0.25)
0.53
0.44
(0.17)
(0.02)
Net
increase
(decrease)
from
investment
operations
................
(1.04
)
(0.16
)
0.73
‌
0.71
‌
0.08
‌
0.19
‌
Distributions
from
net
investment
income
(b)
............
(0.07
)
(0.13
)
(0.23
)
(0.28
)
(0.30
)
(0.25
)
Net
asset
value,
end
of
period
......
$
10.11
‌
$
11.22
‌
$
11.51
‌
$
11.01
‌
$
10.58
‌
$
10.80
‌
Total
Return
(c)
(9.33)%
—
—
—
—
—
Based
on
net
asset
value
..........
(9.33
)%
(d)
(1.36
)%
6.64
%
6.78
%
0.77
%
1.72
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................
0.94
%
(f)
0.84
%
1.02
%
1.47
%
1.69
%
1.15
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.50
%
(f)
0.50
%
0.59
%
1.02
%
0.86
%
0.63
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.50
%
(f)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
...........
1.06
%
(f)
0.78
%
1.71
%
2.45
%
2.39
%
1.89
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
38,778
‌
$
47,644
‌
$
53,775
‌
$
54,333
‌
$
53,941
‌
$
54,580
‌
Portfolio
turnover
rate
(g)
...........
354
%
722
%
629
%
658
%
728
%
1,058
%
Six
Months
Ended
06/30/22
(unaudited)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
................
210%
383%
386%
425%
434%
694%
Notes
to
Financial
Statements
(unaudited)
141
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,
Capital
Appreciation,
Global
Allocation,
Government
Money
Market
and
Sustainable
Balanced,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”)
or
its
affiliates,
are
included
in
a
complex
of
open-end
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
open-end
non-index
fixed-income
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.
On
November
9,
2021,
the
Board
of
Directors
of
Series
Fund
approved
a
proposal
to
change
the
name
of
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy
and
process.
These
changes
became
effective
on
April
8,
2022.
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
$5,189,120,
which
is
3.4%
of
Global
Allocation's
consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated.
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
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
Sustainable
Balanced
Portfolio
.......................
Series
Fund
Sustainable
Balanced
Diversified
BlackRock
U.S.
Government
Bond
Portfolio
......................
Series
Fund
II
U.S.
Government
Bond
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
142
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,
2022
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written,
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
or
borrowings.
Doing
so
allows
the
investments
or
borrowings
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions: 
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,
Capital
Appreciation,
Global
Allocation
and
Sustainable
Balanced,
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
Global
Allocation's
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
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
High
Yield
and
U.S.
Government
Bond,
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
Directors'
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
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: 
Notes
to
Financial
Statements
(unaudited)
(continued)
143
Notes
to
Financial
Statements
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published
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.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.  
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
144
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2022,
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
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)
145
Notes
to
Financial
Statements
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backe
d
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets
.
Stripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
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
struct
ure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
146
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
involv
e
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the
Funds
had
the
following
unfunded
floating
rate
loan
interests: 
Forward
Commitments,
When-Issued
and
Delayed
Delivery
Securities
:
The
Funds
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made. The
Funds
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement, the
Funds
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
a
fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis, the
Funds
assume
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty, the
Funds'
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
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
fun
d
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,
2022
,
Global
Allocation
had
outstanding
commitments
of
$56,000.
These
commitments
are
not
included
in
the
net
assets
of
Global
Allocation
as
of
June
30
2022.
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Global
Allocation
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan
...........
$
156,159‌
$
150,886‌
$
147,883‌
$
(3,003‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
147
Notes
to
Financial
Statements
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
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.
Borrowed
bond
agreements
and
reverse
repurchase
transactions 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
and
reverse
repurchase
transactions,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
with
respect
to
excess
collateral
and,
as
such,
the
return
of
excess
collateral
may
be
delayed.
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
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.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
148
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Funds
benefit
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Funds.
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
(b)
Advantage
Large
Cap
Core
Barclays
Capital,
Inc.
..........................
$
233,802‌
$
(233,802‌)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
....................
17,863‌
(17,863‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
................
78,714‌
(78,714‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
755,255‌
(755,255‌)
—‌
—‌
Morgan
Stanley
..............................
1,095,763‌
(1,095,763‌)
—‌
—‌
National
Financial
Services
LLC
...................
64,232‌
(64,232‌)
—‌
—‌
$
2,245,629‌
$
(2,245,629‌)
$
—‌
$
—‌
Capital
Appreciation
J.P.
Morgan
Securities
LLC
......................
109,940‌
(109,940‌)
—‌
—‌
SG
AMERICAS
Securities
LLC
...................
13,192‌
(13,110‌)
—‌
82‌
$
123,132‌
$
(123,050‌)
$
—‌
$
82‌
Global
Allocation
Barclays
Capital,
Inc.
..........................
1,676‌
(1,676‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
....................
71,515‌
(71,515‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
18,291‌
(18,291‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
698,246‌
(698,246‌)
—‌
—‌
Jefferies
LLC
...............................
4,548‌
(4,548‌)
—‌
—‌
Morgan
Stanley
..............................
686,610‌
(686,610‌)
—‌
—‌
Toronto
Dominion
Bank
........................
261,450‌
(261,450‌)
—‌
—‌
$
1,742,336‌
$
(1,742,336‌)
$
—‌
$
—‌
Sustainable
Balanced
Barclays
Capital,
Inc.
..........................
504,200‌
(504,200‌)
—‌
—‌
BofA
Securities,
Inc.
...........................
1,891,571‌
(1,891,571‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
....................
74,488‌
(74,488‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
................
604,789‌
(604,789‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
376,695‌
(376,303‌)
—‌
392‌
J.P.
Morgan
Securities
LLC
......................
555,523‌
(555,523‌)
—‌
—‌
Morgan
Stanley
..............................
709,310‌
(709,310‌)
—‌
—‌
Nomura
Securities
International,
Inc.
...............
63,488‌
(63,488‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
....................
1,733,257‌
(1,733,257‌)
—‌
—‌
$
6,513,321‌
$
(6,512,929‌)
$
—‌
$
392‌
(a)
Collateral
received,
if
any,
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,
2022.
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)
149
Notes
to
Financial
Statements
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statements
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
a
put
option,
cash
is
segregated
in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
swaptions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
150
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,
instant
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
and
instant
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
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
each
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
Notes
to
Financial
Statements
(unaudited)
(continued)
151
Notes
to
Financial
Statements
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
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
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
152
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
Sustainable
Balanced,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BIL
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
Sustainable
Balanced
for
which
BIL
or
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Sustainable
Balanced
to
the
Manager.
With
respect
to Global
Allocation,
the
Manager
entered
into
a
sub-advisory
agreement
with
BSL,
an
affiliate
of
the
Manager.
The
Manager
pays
BSL
for
services
it
provides
for
that
portion
of
Global
Allocation
for
which
BSL
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.
Distribution
Fees:
The
Company
,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
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,
2022
,
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,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
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,
2022,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
(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,
2022,
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:
Fund
Name
Amounts
Waived
Advantage
Large
Cap
Core
..............................................................................................
$
387‌
Capital
Appreciation
...................................................................................................
780‌
Global
Allocation
.....................................................................................................
5,496‌
High
Yield
..........................................................................................................
171‌
Sustainable
Balanced
..................................................................................................
11,771‌
U.S.
Government
Bond
.................................................................................................
1,113‌
Fund
Name
Amount
Waived
Global
Allocation
.........................................................................................................
$
2,040‌
Sustainable
Balanced
......................................................................................................
5,496‌
Fund
Name
Advantage
Large
Cap
Core
...........................................................................................
0.04‌
%
Capital
Appreciation
................................................................................................
0.04‌
Global
Allocation
..................................................................................................
0.04‌
Government
Money
Market
...........................................................................................
0.02‌
High
Yield
.......................................................................................................
0.05‌
Sustainable
Balanced
...............................................................................................
0.04‌
U.S.
Government
Bond
..............................................................................................
0.05‌
Notes
to
Financial
Statements
(unaudited)
(continued)
153
Notes
to
Financial
Statements
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
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,
2022,
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
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023.
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,
2022,
the
following
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
by
the
Manager
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,
2022,
fees
waived
and/or
reimbursed
by
the
Manager
were
$102,288,
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.
Fund
Name
Advantage
Large
Cap
Core
..................................................................................................
$
93,699‌
Capital
Appreciation
.......................................................................................................
103,001‌
Global
Allocation
.........................................................................................................
89,652‌
High
Yield
..............................................................................................................
9,162‌
Sustainable
Balanced
......................................................................................................
240,651‌
U.S.
Government
Bond
.....................................................................................................
18,774‌
Fund
Name
Advantage
Large
Cap
Core
...................................................................................................
0.50‌%
Capital
Appreciation
........................................................................................................
0.57‌
Global
Allocation
..........................................................................................................
0.57‌
Government
Money
Market
...................................................................................................
0.50‌
High
Yield
...............................................................................................................
0.50‌
Sustainable
Balanced
.......................................................................................................
0.50‌
U.S.
Government
Bond
......................................................................................................
0.50‌
Fund
Name
Fees
waived
and/or
reimbursed
by
the
Manager
Global
Allocation
.........................................................................................................
$
191,728‌
Government
Money
Market
..................................................................................................
5,447‌
High
Yield
..............................................................................................................
89,984‌
U.S.
Government
Bond
.....................................................................................................
63,702‌
Fund
Name
Transfer
agent
fees
reimbursed
Advantage
Large
Cap
Core
..................................................................................................
$
2,789‌
Global
Allocation
.........................................................................................................
34,040‌
High
Yield
..............................................................................................................
5,579‌
U.S.
Government
Bond
.....................................................................................................
10,403‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
154
Pursuant
to
the
current
securities
lending
agreement,
Advantage
Large
Cap
Core,
Capital
Appreciation
and
Sustainable
Balanced
retain
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Advantage
Large
Cap
Core,
Capital
Appreciation
and
Sustainable
Balanced,
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,
2022, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
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,
2022,
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,
2022,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
Fund
Name
Amounts
Advantage
Large
Cap
Core
..................................................................................................
$
1,919‌
Capital
Appreciation
.......................................................................................................
908‌
Global
Allocation
.........................................................................................................
1,588‌
Sustainable
Balanced
......................................................................................................
4,769‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Advantage
Large
Cap
Core
...............................................................
$
7,149,625‌
$
3,838,329‌
$
382,345‌
High
Yield
...........................................................................
—‌
160,630‌
(16,732‌)
Sustainable
Balanced
...................................................................
3,271,178‌
1,615,378‌
157,192‌
Notes
to
Financial
Statements
(unaudited)
(continued)
155
Notes
to
Financial
Statements
7.
PURCHASES
AND
SALES 
For
the
six
months ended
June
30,
2022,
purchases
and
sales
of
investments,
including
paydowns,
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
For
the
six
months ended
June
30,
2022,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follows:
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
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,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
December
31,
2021, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
June
30,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
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,
$2.50
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)
Overnight
Bank
Funding
Rate
(“OBFR”)
(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
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum.
The
agreement
expires
in
April
2023
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Advantage
Large
Cap
Core
...............................................
$
—‌
$
—‌
$
125,301,504‌
$
134,908,749‌
Capital
Appreciation
....................................................
—‌
—‌
77,507,950‌
92,225,531‌
Global
Allocation
......................................................
2,480,889‌
1,768,992‌
55,844,117‌
90,
9
31
,
86
8‌
High
Yield
...........................................................
—‌
—‌
6,942,509‌
7,945,090‌
Sustainable
Balanced
...................................................
41,503,779‌
28,459,355‌
700,062,322‌
768,973,107‌
U.S.
Government
Bond
..................................................
9,495,494‌
12,788,492‌
144,156,752‌
145,185,870‌
Fund
Name
Purchases
Sales
Sustainable
Balanced
...................................................................................
$
142,148,591‌
$
142,372,119‌
U.S.
Government
Bond
..................................................................................
6
2,
652
,
9
91‌
6
2,7
34
,
528‌
Fund
Name
Non-expiring
Capital
Loss
Carryforwards
High
Yield
.............................................................................................................
$
1,319,483‌
U.S.
Government
Bond
....................................................................................................
1,298,490‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Large
Cap
Core
..........................................
$
184,137,182‌
$
13,013,251‌
$
(21,753,849‌)
$
(8,740,598‌)
Capital
Appreciation
...............................................
143,831,792‌
41,976,057‌
(13,208,295‌)
28,767,762‌
Global
Allocation
..................................................
162,288,581‌
10,064,758‌
(18,878,492‌)
(8,813,734‌)
High
Yield
......................................................
22,096,652‌
103,331‌
(2,994,704‌)
(2,891,373‌)
Sustainable
Balanced
..............................................
488,499,450‌
8,504,552‌
(48,954,157‌)
(40,449,605‌)
U.S.
Government
Bond
.............................................
48,701,871‌
345,668‌
(2,459,616‌)
(2,113,948‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
156
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2022,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
157
Notes
to
Financial
Statements
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.
Certain
Funds
invest
a
significant
portion
of their
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
Fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
LIBOR.
Although
many
LIBOR
rates
ceased to
be
published
or
no
longer
are representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
06/30/2022
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
Large
Cap
Core
Shares
sold
51,579‌
$
1,277,017‌
71,502‌
$
2,125,015‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
1,619,780‌
43,635,511‌
Shares
redeemed
(485,762‌)
(11,986,849‌)
(655,840‌)
(19,325,446‌)
(434,183‌)
$
(10,709,832‌)
1,035,442‌
$
26,435,080‌
Capital
Appreciation
Shares
sold
11,234‌
$
525,519‌
38,342‌
$
2,387,063‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
786,980‌
44,528,696‌
Shares
redeemed
(308,907‌)
(14,112,391‌)
(389,754‌)
(24,183,042‌)
(297,673‌)
$
(13,586,872‌)
435,568‌
$
22,732,717‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
158
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
06/30/2022
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Global
Allocation
Shares
sold
32,577‌
$
515,490‌
88,373‌
$
1,655,174‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
1,404,207‌
23,965,189‌
Shares
redeemed
(592,030‌)
(9,132,625‌)
(1,230,719‌)
(22,964,268‌)
(559,453‌)
$
(8,617,135‌)
261,861‌
$
2,656,095‌
Government
Money
Market
Shares
sold
33,428,789‌
$
33,428,789‌
72,065,083‌
$
72,065,083‌
Shares
issued
in
reinvestment
of
distributions
........................
69,160‌
69,160‌
6,685‌
6,685‌
Shares
redeemed
(40,485,933‌)
(40,485,933‌)
(77,196,151‌)
(77,196,151‌)
(6,987,984‌)
$
(6,987,984‌)
(5,124,383‌)
$
(5,124,383‌)
High
Yield
Shares
sold
350,847‌
$
1,792,079‌
138,883‌
$
775,080‌
Shares
issued
in
reinvestment
of
distributions
........................
107,341‌
568,644‌
244,607‌
1,364,196‌
Shares
redeemed
(723,159‌)
(3,649,595‌)
(1,156,560‌)
(6,425,555‌)
(264,971‌)
$
(1,288,872‌)
(773,070‌)
$
(4,286,279‌)
Sustainable
Balanced
Shares
sold
27,068‌
$
405,527‌
199,339‌
$
3,639,248‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
4,951,025‌
83,358,664‌
Shares
redeemed
(1,706,996‌)
(26,000,935‌)
(3,233,467‌)
(57,926,233‌)
(1,679,928‌)
$
(25,595,408‌)
1,916,897‌
$
29,071,679‌
U.S.
Government
Bond
Shares
sold
115,609‌
$
1,198,980‌
343,025‌
$
3,878,541‌
Shares
issued
in
reinvestment
of
distributions
........................
22,702‌
240,580‌
54,428‌
616,199‌
Shares
redeemed
(548,331‌)
(5,774,982‌)
(825,371‌)
(9,347,085‌)
(410,020‌)
$
(4,335,422‌)
(427,918‌)
$
(4,852,345‌)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
159
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,
Inc.
(the
“Corporation”)
met
on
April
20,
2022
(the
“April
Meeting”)
and
May
10-11,
2022
(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
Sustainable
Balanced
Portfolio
(“Sustainable
Balanced
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
Sustainable
Balanced
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
to
continue
the
sub-advisory
agreements
between
the
Manager
and
(a)
BlackRock
International
Limited
(“BIL”)
with
respect
to
Sustainable
Balanced
Portfolio
(the
“BIL
Sub-Advisory
Agreement”);
and
(b)
BlackRock
(Singapore)
Limited
(“BSL”
and
together
with
BIL,
the
“Sub-Advisors”)
with
respect
to
Sustainable
Balanced
Portfolio
and
Global
Allocation
Portfolio
(the
“BSL
Sub-Advisory
Agreements”
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
who
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
an
additional
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
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
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
and
the
Independent
Board
Members
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
160
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
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,
2021,
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,
Sustainable
Balanced
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,
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
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Sustainable
Balanced
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
also
noted
that
effective
April
8,
2022,
the
Fund
had
undergone
a
change
in
its
investment
strategy
and
in
that
connection
had
changed
its
name
from
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Capital
Appreciation
Portfolio
ranked
in
the
third,
second
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
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
161
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Global
Allocation
Portfolio
ranked
in
the
fourth,
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
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-
End
Category
during
the
applicable
period.
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
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,
2021
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
and
Capital
Appreciation
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
Global
Allocation
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
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
Sustainable
Balanced
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
ranked
in
the
third
and
fourth
quartiles,
respectively,
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
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
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
162
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.
Conclusion
At
the
May
Meeting,
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,
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
Sustainable
Balanced
Portfolio,
and
(iii)
the
BSL
Sub-Advisory
Agreements
between
the
Manager
and
BSL
with
respect
to
Sustainable
Balanced
Portfolio
and
Global
Allocation
Portfolio,
each
for
a
one-year
term
ending
June
30,
2023.
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
Advisory
Agreement
and
Sub-Advisory
Agreements
163
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
April
14,
2022
(the
“April
Meeting”)
and
May
19-20,
2022
(the
“May
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
who
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
an
additional
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
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
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
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
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
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
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
164
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
April
meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2021,
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,
2021
compared
to
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
165
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
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
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
At
the
May
Meeting,
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,
including
the
Independent
Board
Members,
approved,
by
unanimous
vote
of
those
present,
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,
2023,
and
the
Sub-Advisory
Agreements
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
each
Fund,
for
a
one-year
term
ending
June
30,
2023.
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
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
166
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
167
Additional
Information
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports
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)
2022
BlackRock
Semi-Annual
Report
to
Shareholders
168
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
High
Yield
Portfolio,
BlackRock
Sustainable
Balanced
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
(b)
For
BlackRock
Global
Allocation
Portfolio
and
BlackRock
Sustainable
Balanced
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
Capital
Appreciation
Portfolio,
BlackRock
Global
Allocation
Portfolio,
BlackRock
Government
Money
Market
Portfolio
and
BlackRock
Sustainable
Balanced
Portfolio.
(f)
For
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
Glossary
of
Terms
Used
in
this
Report
169
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
NYRS
New
York
Registered
Shares
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Want
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blackrock.com
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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.
Series8-6/22-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable                  
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 

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 12, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund, Inc.
 
 
Date: August 12, 2022
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund, Inc.
 
Date: August 12, 2022