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
 
                                   
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., 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2023
 
Date of reporting period: 06/30/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
Not Applicable
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
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
Dear
Shareholder,
Despite
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
June
30,
2023,
the
resilience
of
the
U.S.
economy
in
the
face
of
ever
tighter
financial
conditions
provided
an
encouraging
backdrop
for
investors.
Inflation
remained
elevated
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
substantially
as
the
period
continued,
while
ongoing
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
were
strong,
as
continued
job
growth
eased
investors’
concerns
about
the
economy’s
durability.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
Most
major
classes
of
equities
advanced
significantly,
including
large-
and
small-capitalization
U.S.
stocks
and
international
equities
from
developed
markets.
Emerging
market
equities
also
gained,
although
at
a
substantially
slower
pace,
pressured
by
high
interest
rates
and
falling
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-
grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
its
June
2023
meeting,
which
made
it
the
first
meeting
without
a
rate
increase
since
the
tightening
cycle
began
in
early
2022.
Supply
constraints
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
exacerbate
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
most
recently
opted
for
a
pause,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
to
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
in
the
near-term
as
growth
trends
for
emerging
markets
appear
brighter.
We
also
believe
that
stocks
with
an
A.I.
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
We
are
neutral
on
credit
overall
amid
tightening
credit
and
financial
conditions,
however
there
are
selective
opportunities
in
the
near
term.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
U.S.
mortgage-backed
securities,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
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,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
16.89%
19.59%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.09
12.31
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
11.67
18.77
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.89
1.75
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.25
3.60
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.70
(3.97)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
2.09
(0.94)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.67
3.19
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
5.38
9.07
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
17
Disclosure
of
Expenses
...................................................................................................
17
Derivative
Financial
Instruments
.............................................................................................
17
Financial
Statements:
Schedules
of
Investments
...............................................................................................
18
Statements
of
Assets
and
Liabilities
.........................................................................................
106
Statements
of
Operations
................................................................................................
112
Statements
of
Changes
in
Net
Assets
........................................................................................
114
Financial
Highlights
.....................................................................................................
117
Notes
to
Financial
Statements
...............................................................................................
123
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
139
Additional
Information
....................................................................................................
146
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
148
Fund
Summary
as
of
June
30,
2023
2023
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,
2023,
the
Fund
underperformed
its
benchmark,
the
Russell
1000
®
Index.
What
factors
influenced
performance?
Equity
markets
continued
to
be
marked
by
heightened
volatility,
but
they
saw
strong
gains
during
the
first
half
of
2023.
Equities
saw
a
strong
start
to
the
year,
supported
by
economic
growth,
falling
inflation,
and
China's
reopening.
However,
increasing
volatility
emerged
as
stubbornly
high
core
inflation
and
hawkish
rhetoric
from
policymakers
led
to
market
contractions
and
rising
bond
yields
in
February
2023.
Financial
system
vulnerabilities
were
exposed
in
March
2023
by
the
failure
of
SVB
Financial’s
Silicon
Valley
Bank,
resulting
in
a
sell-off
across
financials
that
raised
recession
expectations.
Despite
these
concerns,
growth
stocks
outperformed
value
stocks,
as
market
leadership
moved
toward
large-cap
tech
stocks,
supported
by
falling
bond
yields.
Later,
equities
officially
entered
a
bull
market,
recovering
more
than
20%
from
October
2022’s
lows,
despite
the
ongoing
monetary
tightening
cycle
having
an
impact
on
global
economic
momentum.
Concentration
in
longer-duration
growth
names
in
information
technology
(“IT”)
initially
prevailed,
later
broadening
to
include
cyclicals.
Although
central
banks
maintained
a
cautious
approach,
the
markets
exhibited
resilience
and
potential
for
further
growth.
Sentiment
and
macro-related
insights
detracted
from
relative
performance
during
the
reporting
period.
In
particular,
positioning
around
healthcare
stocks
proved
wrongfooted
in
light
of
merger
and
acquisition
activity
and
regulatory
outcomes
concerning
clinical
trials
during
the
period.
Text-based
measures
gathering
sentiment
from
conference
calls
and
analyst
reports
struggled
among
life
sciences
and
pharmaceutical
companies.
Further,
sentiment
measures
looking
at
bond
market
data
incorrectly
positioned
the
portfolio
within
industrials.
Macro-related
insights
struggled
to
capture
evolving
market
dynamics.
An
insight
capturing
investor
interest
at
the
industry
level
drove
an
unsuccessful
overweight
to
insurance
stocks
that
undermined
the
Fund's
performance.
Despite
the
Fund's
underperformance,
certain
fundamental
insights
provided
ballast.
Traditional
valuation
measures
worked
well.
In
particular,
insights
looking
at
company
cash
flows
and
revenues
motivated
a
successful
underweight
to
banks
that
contributed
to
performance
in
the
wake
of
the
banking
crisis.
Elsewhere,
although
macro-thematic
insights
broadly
struggled
during
the
period,
an
insight
looking
at
news
sentiment
at
the
industry
level
motivated
an
overweight
to
IT
stocks
that
also
worked
amid
the
artificial
intelligence
(“AI”)-fueled
market
rally.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
drivers
of
return
during
the
reporting
period.
However,
there
were
several
new
stock
selection
insights
added
to
the
Fund.
The
Fund
built
upon
its
existing
alternative
data
capabilities
with
enhanced
data
sets
to
capture
informed
investor
positioning
as
well
as
news
flow.
Additionally,
the
Fund
developed
a
new
bank
quality
insight
to
better
identify
firms
with
less
exposure
to
uninsured
deposits
and
commercial
real
estate
amid
the
emerging
industry
crisis
in
March
2023.
Finally,
in
light
of
the
emergent
AI
theme
in
the
market,
the
Fund
developed
a
new
insight
aiming
to
identify
companies
likely
to
benefit
from
this
trend.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
Russell
1000
®
Index,
the
Fund's
positioning
remained
largely
sector-neutral.
The
Fund
had
slight
overweight
positions
in
the
industrials
and
consumer
staples
sectors,
while
maintaining
slight
underweight
positions
in
financials
and
utilities
stocks.
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,
2023
(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)
..........................................
15.63‌%
18.02‌%
11.01‌%
12.33‌%
Russell
1000
®
Index
(c)
............................................................
16.68‌
19.36‌
11.92‌
12.64‌
(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
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,156.30‌
$
2.67‌
$
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
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
27.9‌
%
Health
Care
.....................................
14.1‌
Financials
.......................................
12.0‌
Consumer
Discretionary
.............................
11.8‌
Industrials
.......................................
10.5‌
Communication
Services
.............................
7.7‌
Consumer
Staples
.................................
6.5‌
Energy
.........................................
3.1‌
Real
Estate
......................................
2.3‌
Materials
.......................................
1.7‌
Utilities
.........................................
1.5‌
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,
2023
2023
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,
2023,
the
Fund
outperformed
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?
From
a
sector
perspective,
the
largest
contributor
to
relative
performance
was
positioning
within
the
consumer
staples
sector.
Avoiding
exposure
to
any
consumer
staples
stocks
benefited
the
portfolio.
Elsewhere,
security
selection
in
the
aerospace
and
defense
industry
within
industrials
contributed,
specifically
through
an
overweight
position
in
TransDigm
Group,
Inc.
Lastly,
maintaining
an
underweight
position
in
the
specialty
retail
sub-sector
within
the
consumer
discretionary
sector
proved
beneficial,
particularly
in
avoiding
exposure
to
Home
Depot
Inc.
Conversely,
the
largest
detractors
from
the
Fund's
relative
performance
were
stock
selection
in
communication
services
and
positioning
in
the
financials
sector.
Within
communication
services,
a
slight
overweight
allocation
to
the
interactive
media
and
service
industry,
most
notably
through
an
overweight
position
in
Match
Group
Inc.,
detracted
from
relative
performance.
Positioning
in
the
financial
services
industry
within
the
financial
sector
also
detracted,
specifically
due
to
an
overweight
position
in
Visa,
Inc.
Lastly,
selection
within
the
software
industry
within
information
technology
("IT")
weighed
on
relative
performance,
most
notably
because
of
the
Fund's
overweight
position
in
Intuit,
Inc.
Describe
recent
portfolio
activity.
During
the
period,
the
most
notable
increase
in
the
Fund’s
sector
weightings
was
to
IT,
particularly
within
the
semiconductors
and
semiconductor
equipment
industry.
Exposure
to
communication
services
increased
as
well.
Conversely,
the
Fund's
exposure
to
the
healthcare
sector
decreased
the
most,
due
to
a
reduced
allocation
to
the
life
sciences
tools
and
services
industry.
Exposure
to
the
financials
sector
decreased
as
well.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
benchmark,
the
Fund
ended
the
period
with
its
largest
overweight
positions
relative
to
the
benchmark
in
the
financials
sector,
followed
by
healthcare
and
consumer
discretionary.
The
Fund’s
largest
underweight
position
was
in
consumer
staples,
followed
by
communication
services
and
industrials.
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)
...............................................
33.95‌%
25.75‌%
10.96‌%
14.14‌%
S&P
500
®
Index
(c)
...............................................................
16.89‌
19.59‌
12.31‌
12.86‌
Russell
1000
®
Growth
Index
(d)
......................................................
29.02‌
27.11‌
15.14‌
15.74‌
(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,
2023
(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
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,339.50‌
$
2.96‌
$
1,000.00‌
$
1,022.27‌
$
2.56‌
0.51‌%
(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
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
42.2‌
%
Consumer
Discretionary
.............................
17.9‌
Health
Care
.....................................
13.3‌
Financials
.......................................
11.3‌
Communication
Services
.............................
8.5‌
Industrials
.......................................
4.5‌
Energy
.........................................
1.2‌
Materials
.......................................
1.1‌
Short-Term
Securities
...............................
0.1‌
Liabilities
in
Excess
of
Other
Assets
.....................
(0.1‌)
(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,
2023
2023
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,
2023,
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”),
as
well
as
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?
A
broad
underweight
to
duration
and
corresponding
interest
rate
sensitivity
via
exposure
to
cash
and
cash
equivalents
which
was
largely
held
in
lieu
of
additional
fixed
income
as
a
risk
mitigant
(i.e.,
as
zero
duration
U.S.
fixed
income
exposure)
detracted
from
performance.
Within
equities,
security
selection
within
information
technology,
communication
services,
consumer
discretionary,
materials
and
industrials
weighed
on
performance.
Tactical
short
positioning
within
U.S.
equity
index
futures
implemented
to
help
manage
the
overall
beta
(market
sensitivity)
of
the
portfolio
detracted
as
well.
An
overweight
to
the
energy
sector
also
detracted.
Within
fixed
income,
exposure
to
agency
mortgage-backed
securities
negatively
impacted
performance.
The
largest
positive
contributor
to
performance
was
exposure
to
corporate
credit,
most
notably
high
yield
corporate
bonds.
Security
selection
within
healthcare
positively
impacted
performance,
although
this
contribution
was
partially
offset
by
an
overweight
to
the
sector.
An
underweight
to
the
real
estate
and
financials
sectors
also
contributed
to
performance
over
the
period.
The
Fund’s
aggregate
exposure
to
private
securities
contributed
modestly
to
performance,
driven
by
holdings
of
private
debt.
The
Fund
used
derivatives,
which
may
include
options,
futures,
swaps
and
forward
contracts
both
to
seek
to
enhance
returns
of
the
Fund
and
to
hedge
(or
protect)
against
adverse
movements
in
currency
exchange
rates,
interest
rates
and
movements
in
the
securities
markets.
During
the
period,
the
Fund’s
use
of
derivatives,
in
aggregate,
modestly
detracted
from
performance.
Describe
recent
portfolio
activity.
During
the
six-month
period,
the
Fund’s
overall
equity
exposure
increased
from
53%
to
62%
of
net
assets.
From
a
regional
perspective,
the
Fund
increased
equity
exposure
the
most
in
the
United
States
and
Japan,
and
decreased
exposure
in
Europe.
From
a
sector
perspective,
the
Fund
increased
exposure
to
information
technology,
industrials,
financials,
consumer
discretionary,
consumer
staples
and
healthcare,
and
reduced
exposure
to
energy
and
materials.
The
Fund’s
allocation
to
fixed
income
increased
from
32%
to
34%
of
net
assets.
Within
fixed
income,
the
Fund
increased
exposure
to
both
developed
non-U.S.
and
emerging
market
sovereign
debt,
as
well
as
to
high
yield
corporate
bonds.
The
Fund
decreased
exposure
to
investment
grade
corporate
credit,
securitized
assets
and,
to
a
lesser
extent,
U.S.
interest
rates.
The
Fund’s
overall
portfolio
duration
was
tactically
managed
and
ended
the
period
at
1.8
years,
similar
to
the
level
at
the
beginning
of
the
period.
The
Fund’s
allocation
to
commodity-related
securities
increased
to
slightly
more
than
1%
of
net
assets.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
Reference
Benchmark,
the
Fund
was
overweight
equities
and
underweight
fixed
income,
with
modest
exposure
to
commodity-related
assets
and
cash
equivalents.
Within
equities,
the
Fund
was
overweight
healthcare,
industrials,
information
technology,
consumer
discretionary
and
energy,
and
underweight
real
estate,
financials,
materials,
consumer
staples,
utilities
and
communication
services.
The
Fund’s
largest
regional
overweight
was
to
the
United
States
followed
by
Europe,
and
largest
regional
underweight
was
to
Australia
followed
by
Japan.
Within
fixed
income,
the
Fund
was
underweight
developed
market
government
bonds
and
overweight
corporate
bonds,
securitized
debt
and
bank
loans.
Portfolio
duration
was
1.8
years
vs.
a
benchmark
duration
of
2.4
years
(total
portfolio
duration
assumes
equity
duration
of
0).
From
a
currency
perspective,
the
Fund
was
modestly
overweight
the
Swiss
franc
and
Japanese
yen
and
underweight
the
U.S.
dollar.
The
Fund
had
approximately
4.2%
of
net
assets
invested
in
private
securities
(including
commitments),
with
exposure
spread
across
a
diversified
group
of
private
equity
and
private
debt
securities.
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,
2023
(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.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Global
Allocation
Portfolio
(b)(c)
................................................
7.28‌%
8.35‌%
5.34‌%
5.45‌%
FTSE
World
Index
(d)
.............................................................
15.08‌
18.78‌
9.26‌
9.69‌
Reference
Benchmark
(e)
..........................................................
9.12‌
10.08‌
5.46‌
6.15‌
U.S.
Stocks:
S&P
500
®
Index
(f)
......................................................
16.89‌
19.59‌
12.31‌
12.86‌
Non
U.S.
Stocks:
FTSE
World
(ex
U.S.)
Index
(g)
..........................................
11.54‌
17.37‌
5.17‌
5.84‌
U.S.
Bonds:
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(h)
.................................
0.62‌
(2.40‌)
0.54‌
0.71‌
Non
U.S.
Bonds:
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(i)
........................
1.52‌
(2.63‌)
(3.75‌)
(1.40‌)
(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.
Fund
Summary
as
of
June
30,
2023
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Global
Allocation
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Dividend
Expense
Excluding
Dividend
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Including
Dividend
Expense
Excluding
Dividend
Expense
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
Including
Dividend
Expense
Excluding
Dividend
Expense
$
1,000.00‌
$
1,072.80‌
$
2.93‌
$
2.93‌
$
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
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
65.1‌
%
0.1‌
%
65.2‌
%
Japan
................................
3.8‌
—‌
3.8‌
United
Kingdom
..........................
3.6‌
—‌
3.6‌
Spain
.................................
3.5‌
—‌
3.5‌
France
................................
3.4‌
—‌
3.4‌
Germany
..............................
3.0‌
—‌
3.0‌
Netherlands
............................
2.9‌
—‌
2.9‌
Canada
...............................
2.6‌
—‌
2.6‌
Switzerland
.............................
2.2‌
—‌
2.2‌
China
.................................
1.5‌
—‌
1.5‌
Other
(b)
................................
8.3‌
—‌
8.3‌
Total
.................................
99.9‌%
0.1‌%
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)
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
Six-Month
Period
Ended
June
30,
2023
11
Money
Market
Overview
Market
Review 
During
the
period
ended
June
30,
2023,
over
the
course
of
four
meetings,
the
Federal
Open
Market
Committee
(the
“FOMC”,
“Committee”,
or
“the
Fed”),
increased
the
range
of
the
Federal
Funds
target
rate
from
1.50%-1.75%
in
June
2022
to
5.00%-5.25%
in
May
2023.
The
FOMC
left
the
federal
funds
target
rate
unchanged
in
June
2023,
maintaining
the
current
range
of
5.00%
to
5.25%.
The
vote
was
unanimous.
This
action
represented
the
first
meeting
since
“liftoff”
commenced
in
March
2022
that
no
action
was
taken
by
the
Committee
on
the
federal
funds
target
rate.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
again
noted
it
“remains
highly
attentive
to
inflation
risks”
whilst
acknowledging
that
“tighter
credit
conditions
for
households
and
businesses
are
likely
to
weigh
on
economic
activity,
hiring
and
inflation.”
In
line
with
this,
the
FOMC
added
that
keeping
the
target
range
unchanged
would
give
them
the
flexibility
to
adjust
rates
based
on
incoming
data
but
modified
their
guidance
for
the
monetary
policy
noting
that
“additional
policy
firming
may
be
appropriate”.
Economic
conditions
in
the
United
States
began
to
show
signs
of
moderation
in
the
first
two
quarters
of
2023
and
several
key
barometers
indicated
that
Fed’s
rate
hikes
were
starting
to
effect
the
economy:
the
unemployment
rate
was
3.6%
in
June
2023
(after
hitting
a
historic
low
of
3.4%
in
April)
and
the
consumer
price
index
(“CPI”)
started
the
year
at
6.4%
but
decreased
to
4.9%
by
the
end
of
Q2
2023.
The
Fed’s
updated
quarterly
projections
reflected
higher
growth
and
core
personal
consumption
expenditures
(“PCE”)
inflation
forecasts
for
2023
at
1%
and
3.9%
respectively,
along
with
expectations
for
unemployment
to
be
lower
in
2023
at
4.1%
from
4.5%
in
March.
The
“dot
plots”
moved
notably
higher
with
the
median
terminal
rate
rising
from
5.1%
to
5.6%
in
2023
along
with
the
projection
for
the
Fed
Funds
target
to
be
higher
at
the
end
of
the
two-year
forecast
period.
In
June
2023,
the
FOMC
added
that
keeping
the
target
range
unchanged
would
enable
it
“to
assess
additional
information
and
its
implications
for
monetary
policy.”
The
Committee
also
modified
previous
guidance
for
its
rate
path,
noting
that
“in
determining
the
extent
of
additional
policy
firming
that
may
be
appropriate”
to
reduce
inflation
to
its
2%
objective,
they
will
consider
various
factors
including
the
amount
of
tightening
so
far
and
the
lagged
effects
of
monetary
policy.
The
FOMC
again
noted
it
would
continue
reducing
its
holdings
of
Treasury
securities,
agency
debt
and
agency
mortgage-backed
securities
as
delineated
in
its
Plans
for
Reducing
the
Size
of
the
Federal
Reserve’s
Balance
Sheet
released
in
conjunction
with
the
May
4,
2022
FOMC
meeting.
For
the
first
two
quarters
of
2023,
markets
were
highly
focused
on
the
U.S.
debt-ceiling
negotiations,
stresses
in
the
banking
sector
and
the
path
of
monetary
policy.
Given
insufficient
near-term
T-bill
supply
(up
until
the
U.S.
debt-ceiling
resolution)
and
uncertainty
surrounding
the
Fed’s
hiking
path,
daily
utilization
of
the
Fed’s
reverse
repurchase
agreement
(“RRP”)
remained
high,
averaging
$2.16
trillion
per
day.
In
June
2023,
the
RRP
facility
held
a
balance
of
over
$2.03
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
continued
to
rise
as
the
Fed
increased
rates.
SOFR
closed
June
2023
at
5.09%
and
has
averaged
4.73%
for
the
first
half
of
the
year.
The
3-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
the
year
at
4.78%,
trended
upward
in
the
first
half
of
2023,
ending
June
at
5.22%.
The
3-month
LIBOR-
Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
hit
a
year-to-date
low
of
-0.05%
in
March
2023
following
news
of
stressed
liquidity
in
regional
banks
and
averaged
0.18%
for
the
first
two
quarters
of
the
year.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
net
inflows
of
approximately
$635
billion
during
Q1
and
Q2
2023.
Of
this,
assets
of
prime
and
municipal
MMFs
experienced
$146
billion
and
$1
billion
of
inflows,
respectively,
while
government
MMFs
rose
$488
billion.
Portfolio
Review 
The
prevailing
investment
themes
in
2022
included
the
path
of
monetary
policy
by
the
FOMC
and
other
central
banks,
the
U.S.
debt-ceiling,
and
stresses
in
the
banking
sector.
Yields
across
the
balance
of
the
Treasury
curve
rose
as
the
Fed
delivered
rate
hikes
in
an
attempt
to
quell
inflation.
Since
the
beginning
of
this
rate
hiking
cycle,
we
have
preferred
a
below-neutral
profile
across
our
government
funds.
We
continue
to
remain
selective
with
respect
to
adding
duration
until
we
see
more
policy
certainty
from
the
central
bank.
Approaching
quarter-end,
the
market
approached
an
inflection
point.
While
Chair
Powell
and
other
Committee
members
continue
to
push
a
“hawkish”
narrative,
we
believe
that
market
yields
toward
the
back-half
of
2023
show
that
markets
are
no
longer
expecting
the
Fed
to
cut
rates
this
year.
This
contrasts
expectations
of
cuts
in
2023
that
markets
held
earlier
this
year.
Outlook
A
short-term
outlook
for
inflation
above
the
FOMC’s
preferred
range
and
“hawkish”
rhetoric
from
officials
suggests
increases
in
the
target
range
for
the
federal
funds
rate
further
into
“restrictive
territory”
are
possible
through
at
least
the
third
quarter
of
2023.
The
market
has
been
in
a
near
constant
state
of
repricing
since
the
FOMC
first
lifted
rates
off
the
zero
lower
bound.
Pricing
volatility
should
persist
at
least
until
the
path
of
monetary
policy
becomes
more
clear.
In
2022,
T-bill
supply
declined
by
$41
billion,
with
no
material
relief
anticipated
going
into
2023,
as
the
United
States
began
nearing
the
debt
ceiling
limit.
This
insufficient
supply,
coupled
with
a
cohort
of
investors
with
elevated
levels
of
cash
who
lacked
access
to
the
Fed’s
RRP
program,
we
believe,
contributed
to
a
generally
strong
demand
for
T-bills
and
dealer
repurchase
agreements.
Upon
the
U.S.
debt
ceiling
resolution,
markets
are
expecting
$1.4
trillion
of
new
T-bill
supply
through
year-end,
with
most
issuance
skewed
towards
the
front
end
of
the
curve.
Eligible
funds
continued
to
utilize
the
Fed
RRP
throughout
the
period,
as
the
overnight
rate
increased
from
4.80%
at
the
beginning
of
the
quarter
to
5.25%
following
the
May
2023
FOMC
rate
hike.
Compared
to
investments
in
treasury
and
agency
obligations,
the
Fed
RRP
remained
a
compelling
investment
choice,
in
our
opinion.
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,
2023
2023
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
.....
4.65‌
%
4.65‌
%
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
...............................
42.9‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
39.1‌
U.S.
Treasury
Obligations
..............................
14.7‌
Other
Assets
Less
Liabilities
............................
3.3‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,021.30‌
$
2.51‌
$
1,000.00‌
$
1,022.32‌
$
2.51‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ra
tio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
June
30,
2023
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,
2023,
the
Fund
underperformed
the
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
In
sector
terms
an
underweight
allocation
to
retailers
and
security
selection
within
both
wirelines
and
leisure
detracted
from
relative
performance.
By
credit
quality,
the
Fund’s
overweight
allocation
to
C-rated
issuers
weighed
on
return.
High-yield
corporate
bonds
experienced
strong
positive
returns
in
the
period,
as
credit
sentiment
was
supported
by
continued
declines
in
inflation
and
resilient
economic
data.
In
sector
terms,
security
selection
within
technology,
cable
and
satellite
and
media
and
entertainment
contributed
positively
to
performance
relative
to
the
benchmark.
From
an
asset
allocation
perspective,
the
Fund’s
security
selection
within
its
core
allocation
to
high
yield
corporate
bonds
and
tactical
allocation
to
investment
grade
corporate
bonds
proved
beneficial.
By
credit
quality,
the
Fund’s
overweight
allocation
to
CCC-rated
issuers
and
security
selection
within
B-rated
issuers
was
additive.
Describe
recent
portfolio
activity.
From
an
asset
allocation
perspective,
the
Fund
increased
its
allocation
to
high
yield
corporate
bonds,
ending
the
period
with
an
approximately
92%
weight
to
the
asset
class.
The
Fund
reduced
its
allocation
to
investment
grade
corporate
bonds
to
approximately
8%.
By
credit
quality,
the
Fund
added
to
B-rated
issues
and
reduced
holdings
of
CCC-rated
securities.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
core
allocation
to
high
yield
corporate
bonds
was
at
approximately
92%
at
period
end.
Within
this
allocation,
the
Fund’s
largest
sector
overweights
compared
to
the
benchmark
index
were
to
technology,
diversified
manufacturing
and
independent
energy,
while
the
largest
underweights
were
to
retailers,
healthcare
and
cable
and
satellite.
The
Fund
maintained
an
underweight
to
BB-rated
issuers
at
31%
vs.
47%
for
the
benchmark,
while
maintaining
overweight
allocations
to
B-rated
issuers
(46%
vs.
40%)
and
CCC-rated
issuers
(14%
vs
11%).
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)
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
)
...........................
7.56‌%
6.67‌%
5.25‌%
9.05‌%
3.68‌%
4.54‌%
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(d)
..
—‌
—‌
5.38‌
9.07‌
3.34‌
4.43‌
(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)
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.
Fund
Summary
as
of
June
30,
2023
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
High
Yield
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,052.50‌
$
2.54‌
$
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
one-half
year
period
shown).
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
.............................................
1.4‌
%
BBB/Baa
.......................................
7.0‌
BB/Ba
.........................................
39.7‌
B
............................................
39.8‌
CCC/Caa
.......................................
10.7‌
NR
...........................................
1.4‌
(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,
options
purchased
and
options
written.
Fund
Summary
as
of
June
30,
2023
15
Fund
Summary
BlackRock
Sustainable
Balanced
Portfolio
Investment
Objective
BlackRock
Sustainable
Balanced
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,
2023,
the
Fund
outperformed
its
blended
reference
benchmark
(60%
MSCI
All
Country
World
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index).
What
factors
influenced
performance?
Tactical
asset
class
positioning
was
the
most
significant
contributor
to
the
Fund's
relative
performance
during
the
reporting
period.
An
underweight
position
to
U.S.
duration
contributed
to
performance,
as
did
overweight
positions
in
Japanese
and
U.S.
equity
and
an
underweight
position
in
the
U.S.
dollar,
as
nominal
growth
remained
elevated
and
buoyed
equity
returns.
Security
selection
within
equities
and
fixed
income
also
contributed
to
relative
returns,
driven
by
strong
performance
from
sentiment
and
quality
insights.
There
were
no
material
detractors
from
the
Fund's
performance
during
the
reporting
period.
The
Fund
held
an
average
of
approximately
5.4%
in
unencumbered
cash,
given
its
underweight
duration
stance.
The
Fund's
cash
holdings
did
not
have
a
material
impact
on
performance.
Describe
recent
portfolio
activity.
The
Fund
entered
the
period
with
an
overweight
to
equities,
expressed
through
U.S.
equities,
and
an
underweight
to
U.S.
duration.
This
broad
positioning
across
equities
and
duration
was
maintained
throughout
the
period.
In
the
first
quarter
of
2023,
the
Fund
added
to
underweight
duration
positions
in
the
United
States.
Despite
bond
pricing
moving
higher
to
reflect
the
rising
probability
of
rate
cuts
by
the
Fed
later
in
2023,
the
Fund
positioned
itself
for
further
rate
hikes,
given
the
lack
of
a
meaningful
turnaround
in
inflation
data
trends.
In
February
2023,
the
Fund
moved
from
an
S&P
500
overweight
position
to
an
overweight
in
U.S.
value
stocks,
given
the
view
that
value
companies
could
perform
better
in
a
higher-rate
environment.
The
Fund
also
added
an
overweight
position
to
the
euro
in
March
2023,
as
inflation
numbers
hadn't
yet
turned
lower
across
the
Eurozone,
necessitating
further
interest
rate
hikes
by
the
European
Central
Bank.
Pricing
dislocations
in
the
wake
of
Silicon
Valley
Bank's
failure
allowed
the
Fund
to
take
advantage
of
opportunities
in
Japanese
and
U.S.
equities
as
well.
The
Fund
added
further
underweight
positions
in
the
U.S.
dollar
versus
other
developed-market
currencies
near
period-end,
given
the
stance
of
other
central
banks
in
remaining
more
focused
on
fighting
inflation
than
the
Fed.
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
the
period
overweight
equities,
expressed
through
its
position
in
U.S.
value
equities,
and
underweight
fixed
income
as
compared
to
its
blended
benchmark.
This
position
reflected
period-end
moves
to
increase
the
underweight
in
U.S.
duration
and
the
U.S.
dollar.
A
reversal
of
globalization
trends
from
past
decades,
an
unconstrained
suspension
of
the
debt
ceiling,
an
emphasis
on
energy
security
and
the
green
transition,
the
need
for
sustained
defense
spending,
and
an
upcoming
U.S.
presidential
election
have
all
increased
fiscal
policymakers'
desire
to
provide
further
economic
stimulus.
We
believe
the
Fed's
pause
in
June
2023
revealed
an
unstated
preference
to
prioritize
fiscal
sustainability
(by
keeping
discount
rates
below
economic
growth
rates)
over
price
stability.
As
such,
there
is
increasing
evidence
that
we
have
moved
from
the
era
of
monetary
dominance
in
the
2010s
to
a
period
of
fiscal
dominance
in
the
early
2020s.
The
Fund
is
positioned
for
this
combination
of
impulses,
which
should
act
as
an
ongoing
tailwind
to
broader
equity
markets
given
the
strength
in
nominal
GDP
growth.
However,
it
should
also
be
a
headwind
to
the
U.S.
dollar
and
long-
dated
U.S.
government
bonds,
as
relatively
dovish
Fed
communication
at
a
time
of
above-target
inflation
should
push
the
dollar
lower
and
force
fixed
income
markets
to
price
in
higher
future
inflation
expectations.
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,
2023
(continued)
2023
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
)
..............................................
10.10‌%
11.00‌%
7.81‌%
8.83‌%
60%
MSCI
All
Country
World
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
.................
9.11‌
9.44‌
5.45‌
6.04‌
MSCI
All
Country
World
Index
(d)
.....................................................
13.93‌
16.53‌
8.10‌
8.75‌
Bloomberg
U.S.
Aggregate
Bond
Index
(e)
..............................................
2.09‌
(0.94‌)
0.77‌
1.52‌
(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
MSCI
All
Country
World
Index
(60%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Including
Interest
Expense
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
$
1,000.00‌
$
1,101.00‌
$
2.66‌
$
2.60‌
$
1,000.00‌
$
1,022.27‌
$
2.56‌
$
1,022.32‌
$
2.51‌
0.51‌%
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
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
59.4‌
%
Corporate
Bonds
...................................
20.0‌
U.S.
Treasury
Obligations
.............................
9.7‌
U.S.
Government
Sponsored
Agency
Securities
..............
8.3‌
Investment
Companies
...............................
2.0‌
Preferred
Securities
.................................
0.2‌
Asset-Backed
Securities
..............................
0.2‌
Non-Agency
Mortgage-Backed
Securities
..................
0.2‌
Floating
Rate
Loan
Interests
...........................
0.0‌
(b)
Other
Interests
....................................
0.0‌
(b)
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
The
Benefits
and
Risks
of
Leveraging
17
The
Benefits
and
Risks
of
Leveraging
/
Disclosure
Of
Expenses
/
Derivative
Financial
Instruments
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.  
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees
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.
Pursuant
to
Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Funds
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk. 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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.3%
Axon
Enterprise,
Inc.
(a)
...............
741
$
144,584
General
Dynamics
Corp.
..............
3,690
793,904
Lockheed
Martin
Corp.
...............
3,217
1,481,042
Textron,
Inc.
......................
380
25,699
2,445,229
Automobile
Components
—
0.1%
Lear
Corp.
.......................
1,663
238,724
Automobiles
—
2.1%
General
Motors
Co.
.................
32,622
1,257,905
Tesla,
Inc.
(a)
.......................
10,003
2,618,485
3,876,390
Banks
—
1.8%
Bank
of
America
Corp.
...............
63,561
1,823,565
Citigroup,
Inc.
.....................
18,557
854,365
JPMorgan
Chase
&
Co.
..............
1,366
198,671
KeyCorp
.........................
12,747
117,782
NU
Holdings
Ltd.,
Class
A
(a)
............
2,635
20,790
US
Bancorp
......................
7,774
256,853
Wells
Fargo
&
Co.
..................
1,354
57,789
3,329,815
Beverages
—
1.7%
PepsiCo,
Inc.
.....................
16,403
3,038,164
Biotechnology
—
3.5%
AbbVie,
Inc.
......................
3,125
421,031
Amgen,
Inc.
......................
9,792
2,174,020
Exelixis,
Inc.
(a)
.....................
14,259
272,489
Gilead
Sciences,
Inc.
................
4,740
365,312
Horizon
Therapeutics
plc
(a)
............
978
100,587
Incyte
Corp.
(a)
.....................
22,521
1,401,932
Neurocrine
Biosciences,
Inc.
(a)
..........
4,945
466,314
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
976
701,295
Seagen,
Inc.
(a)
.....................
257
49,462
Ultragenyx
Pharmaceutical,
Inc.
(a)
........
8,536
393,766
6,346,208
Broadline
Retail
—
4.3%
Amazon.com,
Inc.
(a)
.................
48,590
6,334,193
eBay,
Inc.
........................
33,697
1,505,919
Etsy,
Inc.
(a)
.......................
1,007
85,202
7,925,314
Building
Products
—
0.7%
Allegion
plc
.......................
7,777
933,395
Trane
Technologies
plc
...............
1,403
268,338
1,201,733
Capital
Markets
—
1.5%
Bank
of
New
York
Mellon
Corp.
(The)
.....
4,305
191,659
Intercontinental
Exchange,
Inc.
.........
2,671
302,037
Moody's
Corp.
.....................
313
108,836
Nasdaq,
Inc.
......................
33,683
1,679,097
S&P
Global,
Inc.
...................
1,118
448,195
2,729,824
Chemicals
—
1.5%
Ecolab,
Inc.
......................
12,425
2,319,623
FMC
Corp.
.......................
1,129
117,800
LyondellBasell
Industries
NV,
Class
A
.....
2,769
254,278
Westlake
Corp.
....................
428
51,133
2,742,834
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
......................
1,713
$
851,498
Construction
&
Engineering
—
1.1%
AECOM
.........................
20,610
1,745,461
EMCOR
Group,
Inc.
.................
1,026
189,584
1,935,045
Construction
Materials
—
0.1%
Vulcan
Materials
Co.
................
531
119,709
Consumer
Finance
—
0.8%
American
Express
Co.
...............
8,766
1,527,037
Consumer
Staples
Distribution
&
Retail
—
1.8%
Target
Corp.
......................
2,052
270,659
Walmart,
Inc.
......................
19,299
3,033,417
3,304,076
Electric
Utilities
—
0.8%
IDACORP,
Inc.
....................
638
65,459
PPL
Corp.
.......................
53,713
1,421,246
1,486,705
Electrical
Equipment
—
0.8%
AMETEK,
Inc.
.....................
3,074
497,619
Eaton
Corp.
plc
....................
4,499
904,749
1,402,368
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Flex
Ltd.
(a)
........................
18,263
504,789
Energy
Equipment
&
Services
—
0.1%
Halliburton
Co.
....................
4,884
161,123
Entertainment
—
0.3%
Activision
Blizzard,
Inc.
(a)
..............
1,017
85,733
Electronic
Arts,
Inc.
.................
566
73,410
Netflix,
Inc.
(a)
......................
253
111,444
ROBLOX
Corp.,
Class
A
(a)
.............
3,380
136,214
Spotify
Technology
SA
(a)
..............
239
38,372
Warner
Bros
Discovery,
Inc.
(a)
..........
3,571
44,780
489,953
Financial
Services
—
4.1%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
2,253
768,273
Block,
Inc.,
Class
A
(a)
................
6,465
430,375
Mastercard,
Inc.,
Class
A
..............
5,824
2,290,579
PayPal
Holdings,
Inc.
(a)
...............
16,698
1,114,258
Visa,
Inc.,
Class
A
..................
12,054
2,862,584
7,466,069
Food
Products
—
1.1%
Hershey
Co.
(The)
..................
7,819
1,952,404
JM
Smucker
Co.
(The)
...............
147
21,708
1,974,112
Ground
Transportation
—
0.2%
CSX
Corp.
.......................
543
18,516
Lyft,
Inc.,
Class
A
(a)
..................
2,198
21,079
Norfolk
Southern
Corp.
...............
1,410
319,732
Ryder
System,
Inc.
..................
215
18,230
Uber
Technologies,
Inc.
(a)
.............
1,202
51,890
429,447
Health
Care
Equipment
&
Supplies
—
2.7%
Abbott
Laboratories
.................
5,651
616,072
Becton
Dickinson
&
Co.
..............
622
164,214
Boston
Scientific
Corp.
(a)
..............
43,244
2,339,068
Edwards
Lifesciences
Corp.
(a)
..........
176
16,602
Hologic,
Inc.
(a)
.....................
580
46,963
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
IDEXX
Laboratories,
Inc.
(a)
.............
347
$
174,274
ResMed,
Inc.
.....................
593
129,570
Stryker
Corp.
.....................
4,819
1,470,229
4,956,992
Health
Care
Providers
&
Services
—
3.5%
Cigna
Group
(The)
..................
2,833
794,940
CVS
Health
Corp.
..................
31,588
2,183,678
Elevance
Health,
Inc.
................
4,052
1,800,263
UnitedHealth
Group,
Inc.
..............
3,562
1,712,040
6,490,921
Health
Care
Technology
—
0.1%
Teladoc
Health,
Inc.
(a)
................
9,098
230,361
Hotels,
Restaurants
&
Leisure
—
1.6%
Boyd
Gaming
Corp.
.................
6,263
434,464
Caesars
Entertainment,
Inc.
(a)
..........
7,074
360,562
Darden
Restaurants,
Inc.
(b)
............
986
164,741
Domino's
Pizza,
Inc.
.................
305
102,782
McDonald's
Corp.
..................
330
98,475
MGM
Resorts
International
............
5,187
227,813
Starbucks
Corp.
....................
2,101
208,125
Travel
+
Leisure
Co.
.................
23,411
944,400
Wingstop,
Inc.
.....................
157
31,425
Yum!
Brands,
Inc.
..................
1,952
270,450
2,843,237
Household
Durables
—
0.4%
Taylor
Morrison
Home
Corp.
(a)
..........
393
19,167
Toll
Brothers,
Inc.
...................
3,903
308,610
TopBuild
Corp.
(a)
...................
725
192,864
Whirlpool
Corp.
....................
1,433
213,216
733,857
Household
Products
—
2.0%
Kimberly-Clark
Corp.
................
11,683
1,612,955
Procter
&
Gamble
Co.
(The)
...........
12,941
1,963,667
3,576,622
Industrial
Conglomerates
—
0.9%
Honeywell
International,
Inc.
...........
8,280
1,718,100
Industrial
REITs
—
0.1%
Prologis,
Inc.
......................
1,213
148,750
Insurance
—
3.8%
Allstate
Corp.
(The)
.................
8,159
889,657
American
Financial
Group,
Inc.
.........
301
35,744
Everest
Re
Group
Ltd.
...............
354
121,019
Marsh
&
McLennan
Cos.,
Inc.
..........
12,038
2,264,107
MetLife,
Inc.
......................
40,238
2,274,654
Travelers
Cos.,
Inc.
(The)
.............
7,691
1,335,619
WR
Berkley
Corp.
..................
631
37,582
6,958,382
Interactive
Media
&
Services
—
6.2%
(a)
Alphabet,
Inc.,
Class
A
...............
40,836
4,888,069
Alphabet,
Inc.,
Class
C
...............
22,770
2,754,487
Meta
Platforms,
Inc.,
Class
A
...........
12,105
3,473,893
Snap,
Inc.,
Class
A
..................
17,439
206,478
11,322,927
IT
Services
—
0.0%
Okta,
Inc.,
Class
A
(a)
.................
1,061
73,580
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
1.7%
Agilent
Technologies,
Inc.
.............
12,530
$
1,506,732
Danaher
Corp.
....................
6,368
1,528,320
3,035,052
Machinery
—
3.6%
Cummins,
Inc.
.....................
3,559
872,524
Deere
&
Co.
......................
4,397
1,781,620
Illinois
Tool
Works,
Inc.
...............
4,694
1,174,251
Oshkosh
Corp.
....................
467
40,438
Snap-on,
Inc.
.....................
3,718
1,071,490
Timken
Co.
(The)
...................
4,339
397,149
Xylem,
Inc.
.......................
11,895
1,339,615
6,677,087
Media
—
1.3%
Comcast
Corp.,
Class
A
..............
22,926
952,575
Fox
Corp.,
Class
A
..................
39,021
1,326,714
Fox
Corp.,
Class
B
..................
766
24,428
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
332
10,893
2,314,610
Metals
&
Mining
—
0.1%
Steel
Dynamics,
Inc.
.................
1,563
170,258
Multi-Utilities
—
0.6%
DTE
Energy
Co.
...................
10,624
1,168,852
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Cheniere
Energy,
Inc.
................
849
129,354
Chevron
Corp.
.....................
18,038
2,838,279
ConocoPhillips
....................
11,161
1,156,391
EOG
Resources,
Inc.
................
4,274
489,116
Exxon
Mobil
Corp.
..................
929
99,635
Phillips
66
........................
3,413
325,532
Targa
Resources
Corp.
...............
1,998
152,048
Valero
Energy
Corp.
.................
3,162
370,903
5,561,258
Pharmaceuticals
—
2.6%
Bristol-Myers
Squibb
Co.
..............
37,869
2,421,722
Eli
Lilly
&
Co.
.....................
2,572
1,206,217
Johnson
&
Johnson
.................
5,679
939,988
Pfizer,
Inc.
.......................
3,331
122,181
4,690,108
Professional
Services
—
0.2%
ExlService
Holdings,
Inc.
(a)
............
271
40,937
Insperity,
Inc.
......................
2,468
293,594
334,531
Residential
REITs
—
0.6%
Equity
Residential
..................
16,470
1,086,526
Retail
REITs
—
0.8%
Kimco
Realty
Corp.
.................
1,138
22,441
Simon
Property
Group,
Inc.
............
13,046
1,506,552
1,528,993
Semiconductors
&
Semiconductor
Equipment
—
6.7%
Applied
Materials,
Inc.
...............
17,071
2,467,442
Intel
Corp.
.......................
40,124
1,341,747
Lam
Research
Corp.
................
69
44,357
Lattice
Semiconductor
Corp.
(a)
..........
3,975
381,878
MaxLinear,
Inc.
(a)
...................
8,798
277,665
Microchip
Technology,
Inc.
.............
1,467
131,429
Micron
Technology,
Inc.
...............
7,629
481,466
NVIDIA
Corp.
.....................
15,144
6,406,215
NXP
Semiconductors
NV
.............
657
134,475
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
..................
4,303
$
512,229
12,178,903
Software
—
12.0%
Adobe,
Inc.
(a)
......................
3,002
1,467,948
Autodesk,
Inc.
(a)
....................
2,141
438,070
Box,
Inc.,
Class
A
(a)
.................
2,179
64,019
Cadence
Design
Systems,
Inc.
(a)
........
101
23,687
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
313
45,970
Dropbox,
Inc.,
Class
A
(a)
..............
25,095
669,284
Fortinet,
Inc.
(a)
.....................
8,441
638,055
Intuit,
Inc.
........................
870
398,625
Manhattan
Associates,
Inc.
(a)
...........
8,022
1,603,437
Microsoft
Corp.
....................
39,087
13,310,687
Palo
Alto
Networks,
Inc.
(a)
.............
663
169,403
RingCentral,
Inc.,
Class
A
(a)
............
5,340
174,778
Salesforce,
Inc.
(a)
...................
5,859
1,237,772
ServiceNow,
Inc.
(a)
..................
528
296,720
Splunk,
Inc.
(a)
.....................
2,793
296,310
Synopsys,
Inc.
(a)
...................
579
252,103
Teradata
Corp.
(a)
...................
8,154
435,505
VMware,
Inc.,
Class
A
(a)
..............
952
136,793
Zoom
Video
Communications,
Inc.,
Class
A
(a)
4,520
306,818
21,965,984
Specialized
REITs
—
0.7%
SBA
Communications
Corp.
...........
5,937
1,375,959
Specialty
Retail
—
2.5%
AutoNation,
Inc.
(a)
...................
3,185
524,283
Best
Buy
Co.,
Inc.
..................
2,244
183,896
Chewy,
Inc.,
Class
A
(a)
...............
1,348
53,206
Dick's
Sporting
Goods,
Inc.
(b)
...........
445
58,824
Five
Below,
Inc.
(a)
...................
2,676
525,941
Home
Depot,
Inc.
(The)
..............
4,804
1,492,315
Penske
Automotive
Group,
Inc.
(b)
........
1,226
204,288
TJX
Cos.,
Inc.
(The)
.................
17,184
1,457,031
4,499,784
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
—
8.9%
Apple,
Inc.
.......................
71,067
$
13,784,866
Dell
Technologies,
Inc.,
Class
C
.........
6,113
330,775
Hewlett
Packard
Enterprise
Co.
.........
112,559
1,890,991
HP,
Inc.
.........................
6,190
190,095
16,196,727
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Crocs,
Inc.
(a)
......................
1,198
134,703
Lululemon
Athletica,
Inc.
(a)
.............
2,808
1,062,828
NIKE,
Inc.,
Class
B
.................
1,991
219,747
1,417,278
Trading
Companies
&
Distributors
—
1.2%
Herc
Holdings,
Inc.
..................
998
136,576
WW
Grainger,
Inc.
..................
2,573
2,029,042
2,165,618
Total
Long-Term
Investments
—
99.1%
(Cost:
$161,107,593)
.............................
180,947,423
Short-Term
Securities
Money
Market
Funds
—
1.1%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
1,670,591
1,670,591
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(e)
.......................
415,204
415,245
Total
Short-Term
Securities
—
1.1%
(Cost:
$2,085,836)
..............................
2,085,836
Total
Investments
—
100.2%
(Cost:
$163,193,429
)
.............................
183,033,259
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
............
(350,982)
Net
Assets
—
100.0%
..............................
$
182,682,277
(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.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
21
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,693,555
$
—
$
(22,964)
(a)
$
—
$
—
$
1,670,591
1,670,591
$
35,182
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
1,552,176
—
(1,137,018)
(a)
195
(108)
415,245
415,204
6,057
(b)
—
$
195
$
(108)
$
2,085,836
$
41,239
$
—
—
—
(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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
22
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.
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.
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
.......................................................
8
09/15/23
$
1,795
$
39,392
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)
......
$
—
$
—
$
39,392
$
—
$
—
$
—
$
39,392
(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,
2023,
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
.......................
$
—
$
—
$
140,467
$
—
$
—
$
—
$
140,467
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
73,852
$
—
$
—
$
—
$
73,852
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,828,644
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
180,947,423
$
—
$
—
$
180,947,423
Short-Term
Securities
Money
Market
Funds
......................................
1,670,591
—
—
1,670,591
$
182,618,014
$
—
$
—
$
182,618,014
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
23
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Investments
valued
at
NAV
(a)
......................................
415,245
$
—
$
183,033,259
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
39,392
$
—
$
—
$
39,392
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Capital
Appreciation
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.5%
TransDigm
Group,
Inc.
...............
5,682
$
5,080,674
Automobiles
—
2.9%
Tesla,
Inc.
(a)
.......................
22,347
5,849,774
Broadline
Retail
—
7.9%
Amazon.com,
Inc.
(a)
.................
120,386
15,693,519
Capital
Markets
—
4.3%
Blackstone,
Inc.
....................
24,046
2,235,556
MSCI,
Inc.
.......................
4,999
2,345,981
S&P
Global,
Inc.
...................
9,827
3,939,546
8,521,083
Chemicals
—
1.1%
Sherwin-Williams
Co.
(The)
............
8,492
2,254,796
Commercial
Services
&
Supplies
—
2.0%
Cintas
Corp.
......................
4,333
2,153,847
Waste
Connections,
Inc.
..............
12,316
1,760,326
3,914,173
Entertainment
—
2.4%
Netflix,
Inc.
(a)
......................
10,788
4,752,006
Financial
Services
—
7.0%
Adyen
NV,
ADR
(a)
...................
72,365
1,251,191
Mastercard
,
Inc.,
Class
A
..............
11,690
4,597,677
Visa,
Inc.,
Class
A
..................
34,391
8,167,175
14,016,043
Health
Care
Equipment
&
Supplies
—
4.3%
(a)
Boston
Scientific
Corp.
...............
40,450
2,187,940
IDEXX
Laboratories,
Inc.
..............
4,464
2,241,955
Intuitive
Surgical,
Inc.
................
12,320
4,212,701
8,642,596
Health
Care
Providers
&
Services
—
2.6%
UnitedHealth
Group,
Inc.
..............
10,999
5,286,559
Hotels,
Restaurants
&
Leisure
—
3.2%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,411
3,018,129
Evolution
AB
(b)(c)
....................
26,415
3,347,410
6,365,539
Interactive
Media
&
Services
—
5.2%
(a)
Alphabet,
Inc.,
Class
A
...............
80,132
9,591,801
Match
Group,
Inc.
..................
18,425
771,086
10,362,887
IT
Services
—
0.3%
MongoDB,
Inc.,
Class
A
(a)
.............
1,455
597,990
Life
Sciences
Tools
&
Services
—
2.6%
Danaher
Corp.
....................
13,895
3,334,800
Thermo
Fisher
Scientific,
Inc.
...........
3,554
1,854,299
5,189,099
Oil,
Gas
&
Consumable
Fuels
—
1.2%
Cheniere
Energy,
Inc.
................
13,095
1,995,154
EQT
Corp.
.......................
10,142
417,141
2,412,295
Pharmaceuticals
—
3.7%
Eli
Lilly
&
Co.
.....................
10,841
5,084,212
Zoetis,
Inc.,
Class
A
.................
13,790
2,374,776
7,458,988
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
14.0%
ASML
Holding
NV
(Registered),
ADR
.....
8,617
$
6,245,171
Broadcom,
Inc.
....................
7,302
6,333,974
KLA
Corp.
........................
8,348
4,048,947
NVIDIA
Corp.
.....................
26,924
11,389,390
28,017,482
Software
—
18.7%
Cadence
Design
Systems,
Inc.
(a)
........
17,045
3,997,393
Intuit,
Inc.
........................
16,116
7,384,190
Microsoft
Corp.
....................
53,953
18,373,155
Palo
Alto
Networks,
Inc.
(a)
.............
6,778
1,731,847
Roper
Technologies,
Inc.
..............
5,714
2,747,291
ServiceNow
,
Inc.
(a)
..................
5,588
3,140,288
37,374,164
Specialty
Retail
—
0.5%
Ross
Stores,
Inc.
...................
8,152
914,084
Technology
Hardware,
Storage
&
Peripherals
—
9.2%
Apple,
Inc.
.......................
94,542
18,338,312
Textiles,
Apparel
&
Luxury
Goods
—
3.5%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
3,731
3,518,006
NIKE,
Inc.,
Class
B
.................
32,105
3,543,429
7,061,435
Total
Common
Stocks
—
99.1%
(Cost:
$136,884,780)
.............................
198,103,498
Preferred
Securities
Preferred
Stocks
—
0.9%
IT
Services
—
0.9%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$1,124,560)
(a)(d)(e)
..............
10,263
1,804,277
Total
Preferred
Securities
—
0.9%
(Cost:
$1,124,560)
..............................
1,804,277
Total
Long-Term
Investments
—
100.0%
(Cost:
$138,009,340)
.............................
199,907,775
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(f)(g)
.................
259,406
259,406
Total
Short-Term
Securities
—
0.1%
(Cost:
$259,406)
................................
259,406
Total
Investments
—
100.1%
(Cost:
$138,268,746
)
.............................
200,167,181
Liabilities
in
Excess
of
Other
Assets
—
(0.1)%
............
(159,017)
Net
Assets
—
100.0%
..............................
$
200,008,164
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
25
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,804,277,
representing
0.90%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,124,560.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
310,134
$
—
$
(50,728)
(a)
$
—
$
—
$
259,406
259,406
$
6,570
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
4,783,052
—
(4,782,372)
(a)
(499)
(181)
—
—
6,210
(c)
—
$
(499)
$
(181)
$
259,406
$
12,780
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Capital
Appreciation
Portfolio
26
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
5,080,674
$
—
$
—
$
5,080,674
Automobiles
..........................................
5,849,774
—
—
5,849,774
Broadline
Retail
........................................
15,693,519
—
—
15,693,519
Capital
Markets
........................................
8,521,083
—
—
8,521,083
Chemicals
............................................
2,254,796
—
—
2,254,796
Commercial
Services
&
Supplies
.............................
3,914,173
—
—
3,914,173
Entertainment
.........................................
4,752,006
—
—
4,752,006
Financial
Services
......................................
14,016,043
—
—
14,016,043
Health
Care
Equipment
&
Supplies
...........................
8,642,596
—
—
8,642,596
Health
Care
Providers
&
Services
............................
5,286,559
—
—
5,286,559
Hotels,
Restaurants
&
Leisure
..............................
3,018,129
3,347,410
—
6,365,539
Interactive
Media
&
Services
...............................
10,362,887
—
—
10,362,887
IT
Services
...........................................
597,990
—
—
597,990
Life
Sciences
Tools
&
Services
..............................
5,189,099
—
—
5,189,099
Oil,
Gas
&
Consumable
Fuels
...............................
2,412,295
—
—
2,412,295
Pharmaceuticals
.......................................
7,458,988
—
—
7,458,988
Semiconductors
&
Semiconductor
Equipment
....................
28,017,482
—
—
28,017,482
Software
.............................................
37,374,164
—
—
37,374,164
Specialty
Retail
........................................
914,084
—
—
914,084
Technology
Hardware,
Storage
&
Peripherals
....................
18,338,312
—
—
18,338,312
Textiles,
Apparel
&
Luxury
Goods
............................
3,543,429
3,518,006
—
7,061,435
Preferred
Securities
.......................................
—
—
1,804,277
1,804,277
Short-Term
Securities
Money
Market
Funds
......................................
259,406
—
—
259,406
$
191,497,488
$
6,865,416
$
1,804,277
$
200,167,181
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:
Preferred
Securities
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2022
...................................................................................
$
1,691,414
$
1,691,414
Transfers
into
Level
3
.................................................................................................
—
—
Transfers
out
of
Level
3
................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
—
—
Net
realized
gain
....................................................................................................
—
—
Net
change
in
unrealized
appreciation
(a)(b)
....................................................................................
112,863
112,863
Purchases
.........................................................................................................
—
—
Sales
............................................................................................................
—
—
Closing
balance,
as
of
June
30,
2023
.......................................................................................
$
1,804,277
$
1,804,277
Net
change
in
unrealized
appreciation
on
investments
still
held
at
June
30,
2023
(b)
..........................................................
$
112,863
$
112,863
(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,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Consolidated
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
0.3%
(a)(b)
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.00%,
05/15/37
.
USD
100
$
98,656
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
04/20/34
.................
250
244,804
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.04%),
6.29%,
04/20/34
............
150
147,000
490,460
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
4.53%,
01/15/32
(b)(c)
EUR
100
105,636
United
States
—
0.8%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(3-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.70%,
05/25/36
(b)
................
USD
19
17,947
Ajax
Mortgage
Loan
Trust,
Series
2021-
E,
Class
A1,
1.74%,
12/25/60
(a)(b)
.
167
141,469
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
42
32,405
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
96,151
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
6.26%,
04/15/60
(b)
77
72,257
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
110
96,569
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
84,213
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
100
82,268
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
51
48,588
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(a)(d)
200
172,760
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
LIBOR
USD
at
4.75%
Floor
+
4.75%),
9.94%,
10/15/41
(a)(b)
....
131
136,268
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
C,
2.99%,
01/15/53
(a)
................
176
150,762
1,131,657
Total
Asset-Backed
Securities
—
1.2%
(Cost:
$1,889,666)
..............................
1,727,753
Security
Shares
Shares
Value
Common
Stocks
Australia
—
0.4%
AGL
Energy
Ltd.
..............
4,986
$
36,010
Aurizon
Holdings
Ltd.
...........
3,736
9,774
BHP
Group
Ltd.
...............
2,171
65,265
CSL
Ltd.
....................
77
14,259
Endeavour
Group
Ltd.
..........
3,585
15,088
Glencore
plc
.................
71,493
405,357
Medibank
Pvt
Ltd.
.............
6,601
15,506
Metcash
Ltd.
.................
3,770
9,464
Origin
Energy
Ltd.
.............
3,172
17,828
Qantas
Airways
Ltd.
(e)
...........
2,568
10,642
Quintis
HoldCo
Pty.
Ltd.
(d)(e)
.......
218,994
2
South32
Ltd.
.................
5,874
14,788
613,983
Belgium
—
0.0%
KBC
Group
NV
...............
665
46,418
Brazil
—
0.1%
Ambev
SA
..................
22,825
73,506
Cielo
SA
(e)
..................
9,817
9,370
Embraer
SA
(e)
................
5,587
21,645
Engie
Brasil
Energia
SA
.........
420
4,011
Lojas
Renner
SA
..............
3,120
13,071
Petroreconcavo
S/A
............
1,560
6,262
Telefonica
Brasil
SA
............
1,927
17,490
Transmissora
Alianca
de
Energia
Eletrica
SA
................
1,549
12,183
157,538
Canada
—
1.4%
Barrick
Gold
Corp.
.............
2,796
47,298
Brookfield
Corp.,
Class
A
.........
595
20,032
Cameco
Corp.
................
6,272
196,502
Canadian
National
Railway
Co.
....
598
72,415
Enbridge,
Inc.
................
26,587
988,220
George
Weston
Ltd.
............
90
10,640
Imperial
Oil
Ltd.
...............
414
21,182
Loblaw
Cos.
Ltd.
..............
118
10,803
Metro,
Inc.
..................
398
22,478
Pembina
Pipeline
Corp.
.........
972
30,560
Rogers
Communications,
Inc.,
Class
B
899
41,016
Royal
Bank
of
Canada
..........
664
63,415
Shopify,
Inc.,
Class
A
(e)
..........
351
22,685
Suncor
Energy,
Inc.
............
9,493
278,466
TC
Energy
Corp.
..............
2,054
83,013
Teck
Resources
Ltd.,
Class
B
.....
1,603
67,486
TELUS
Corp.
................
5,852
113,881
2,090,092
Cayman
Islands
—
0.0%
Teya
Services
Ltd.,
Series
C
(Acquired
11/16/21,
cost
$73,809)
(d)(e)(f)
....
38
25,204
China
—
1.1%
Agricultural
Bank
of
China
Ltd.,
Class
H
32,000
12,603
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
8,370
21,404
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
8,680
29,029
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
(e)
.....................
100
1,724
Baidu,
Inc.,
Class
A
(e)
...........
2,850
48,609
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(e)
.
19,400
32,624
BOC
Hong
Kong
Holdings
Ltd.
.....
1,500
4,595
BYD
Co.
Ltd.,
Class
H
..........
1,000
32,065
China
Construction
Bank
Corp.,
Class
H
(e)
.....................
78,000
50,499
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
China
(continued)
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
3,000
$
13,683
China
Tower
Corp.
Ltd.,
Class
H
(a)(c)
.
74,000
8,241
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
(e)
.......
2,100
3,651
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
3,000
1,342
Dongfang
Electric
Corp.
Ltd.,
Class
A
2,831
7,275
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
4,558
29,426
Glodon
Co.
Ltd.,
Class
A
.........
6,137
27,469
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
..................
9,300
46,774
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(e)
...........
18,000
35,572
Haidilao
International
Holding
Ltd.
(a)(c)
10,000
22,114
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
18,080
63,021
Hundsun
Technologies,
Inc.,
Class
A
.
4,720
28,811
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
3,800
20,640
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
82,000
43,822
JD
Health
International,
Inc.
(a)(c)(e)
...
7,600
48,274
JD.com,
Inc.,
Class
A
...........
804
13,712
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
...............
4,240
27,969
Kindstar
Globalgene
Technology,
Inc.
(a)
(c)(d)(e)
....................
55,500
12,503
Kingsoft
Corp.
Ltd.
.............
4,200
16,601
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
200
46,584
Lenovo
Group
Ltd.
.............
8,000
8,383
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
16,361
64,683
Meituan
(a)(c)(e)
.................
3,530
55,354
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(e)
......................
83,000
18,837
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
..................
2,077
42,854
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
1,200
6,641
NXP
Semiconductors
NV
........
223
45,644
PetroChina
Co.
Ltd.,
Class
H
......
24,000
16,665
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
(e)
......................
950
2,946
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
...............
3,600
23,000
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(e)
...........
2,500
6,698
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
............
3,188
18,598
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
............
400
10,196
SITC
International
Holdings
Co.
Ltd.
.
5,000
9,156
StarPower
Semiconductor
Ltd.,
Class
A
900
26,718
Tencent
Holdings
Ltd.
...........
7,900
334,969
Trina
Solar
Co.
Ltd.,
Class
A
......
4,947
29,050
Trip.com
Group
Ltd.
(e)
...........
200
6,982
Want
Want
China
Holdings
Ltd.
....
5,000
3,325
Wilmar
International
Ltd.
.........
3,400
9,579
Wuliangye
Yibin
Co.
Ltd.,
Class
A
...
1,387
31,287
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
12,977
36,634
1,558,835
Denmark
—
0.3%
AP
Moller
-
Maersk
A/S,
Class
B
....
13
22,857
Coloplast
A/S,
Class
B
..........
75
9,385
Novo
Nordisk
A/S,
Class
B
.......
1,971
318,395
Security
Shares
Shares
Value
Denmark
(continued)
Novozymes
A/S,
Class
B
.........
477
$
22,257
372,894
Finland
—
0.1%
Aiven,
Inc.
(d)(e)
................
647
57,098
Elisa
OYJ
...................
324
17,296
Kesko
OYJ,
Class
B
............
398
7,495
Kone
OYJ,
Class
B
............
576
30,093
111,982
France
—
3.1%
Accor
SA
...................
3,508
130,538
BNP
Paribas
SA
..............
14,894
939,900
Bollore
SE
..................
1,576
9,828
Carrefour
SA
.................
629
11,920
Cie
de
Saint-Gobain
............
9,099
554,005
Dassault
Systemes
SE
..........
960
42,539
EssilorLuxottica
SA
............
1,960
369,598
Hermes
International
...........
48
104,339
Kering
SA
...................
766
422,984
La
Francaise
des
Jeux
SAEM
(a)(c)
...
693
27,276
L'Oreal
SA
..................
224
104,491
LVMH
Moet
Hennessy
Louis
Vuitton
SE
926
873,137
Remy
Cointreau
SA
............
35
5,618
Sanofi
.....................
2,772
298,422
SCOR
SE
...................
330
9,701
Societe
Generale
SA
...........
1,006
26,162
Teleperformance
..............
40
6,710
TotalEnergies
SE
..............
3,913
224,624
Vinci
SA
....................
3,374
392,043
4,553,835
Germany
—
2.1%
BASF
SE
...................
214
10,397
Bayer
AG
(Registered)
..........
5,250
290,614
Bayerische
Motoren
Werke
AG
....
596
73,312
Brenntag
SE
.................
130
10,142
Caresyntax,
Inc.
(d)(e)
............
214
19,286
Caresyntax,
Inc.
,
Series
C-3
(e)
.....
73
8,926
Commerzbank
AG
.............
10,996
121,900
Continental
AG
...............
287
21,683
Fresenius
SE
&
Co.
KGaA
........
538
14,922
LANXESS
AG
................
141
4,254
Mercedes-Benz
Group
AG
........
6,698
539,131
Merck
KGaA
.................
307
50,818
SAP
SE
....................
6,424
877,566
SAP
SE,
ADR
................
500
68,405
Scout24
SE
(a)(c)
...............
131
8,301
Siemens
AG
(Registered)
........
4,923
820,668
Symrise
AG
.................
626
65,638
Telefonica
Deutschland
Holding
AG
.
5,388
15,165
United
Internet
AG
(Registered)
....
969
13,644
Zalando
SE
(a)(c)(e)
..............
1,215
35,040
3,069,812
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
35,000
355,478
ASMPT
Ltd.
.................
1,000
9,880
CK
Asset
Holdings
Ltd.
..........
3,000
16,670
Hang
Seng
Bank
Ltd.
...........
700
9,979
Hongkong
Land
Holdings
Ltd.
.....
1,700
6,647
MTR
Corp.
Ltd.
...............
2,000
9,207
Orient
Overseas
International
Ltd.
..
1,500
20,149
WH
Group
Ltd.
(a)(c)
.............
16,000
8,521
436,531
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
India
—
0.1%
Bajaj
Auto
Ltd.
................
291
$
16,674
Eicher
Motors
Ltd.
.............
186
8,132
HCL
Technologies
Ltd.
..........
1,619
23,536
Indian
Oil
Corp.
Ltd.
............
4,444
4,953
Infosys
Ltd.
..................
717
11,678
Kotak
Mahindra
Bank
Ltd.
........
572
12,901
Tata
Consultancy
Services
Ltd.
....
179
7,233
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$67,547)
(d)
(e)(f)
.....................
45
32,914
Vedanta
Ltd.
.................
1,846
6,287
124,308
Indonesia
—
0.0%
Bank
Central
Asia
Tbk.
PT
........
31,000
19,012
Ireland
—
0.0%
Kingspan
Group
plc
............
766
50,988
Israel
—
0.3%
Nice
Ltd.,
ADR
(e)
..............
1,909
394,209
Italy
—
0.4%
Coca-Cola
HBC
AG
............
895
26,698
Enel
SpA
...................
3,286
22,156
Ferrari
NV
..................
539
176,225
FinecoBank
Banca
Fineco
SpA
....
1,067
14,362
Intesa
Sanpaolo
SpA
...........
118,046
309,487
Snam
SpA
..................
3,584
18,731
UniCredit
SpA
................
977
22,719
590,378
Japan
—
3.6%
AGC,
Inc.
...................
100
3,598
Alfresa
Holdings
Corp.
..........
500
7,479
Aozora
Bank
Ltd.
..............
800
14,875
Astellas
Pharma,
Inc.
...........
2,850
42,444
BayCurrent
Consulting,
Inc.
.......
1,300
48,883
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
500
5,304
CyberAgent,
Inc.
..............
2,100
15,352
East
Japan
Railway
Co.
.........
100
5,545
FANUC
Corp.
................
18,400
645,944
Heiwa
Corp.
.................
200
3,478
Honda
Motor
Co.
Ltd.
...........
8,100
245,380
Hoya
Corp.
..................
2,659
318,193
Ibiden
Co.
Ltd.
................
100
5,690
Ito
En
Ltd.
...................
300
8,297
Japan
Airlines
Co.
Ltd.
..........
17,500
379,460
Japan
Post
Bank
Co.
Ltd.
........
3,800
29,633
Jeol
Ltd.
....................
300
10,710
Kamigumi
Co.
Ltd.
.............
300
6,802
Kawasaki
Heavy
Industries
Ltd.
....
700
17,922
Kawasaki
Kisen
Kaisha
Ltd.
.......
1,700
41,684
Kewpie
Corp.
................
300
4,905
Keyence
Corp.
...............
1,381
656,191
Kose
Corp.
..................
1,700
163,420
Lixil
Corp.
...................
1,300
16,547
Mazda
Motor
Corp.
............
3,400
32,858
Medipal
Holdings
Corp.
..........
500
8,176
MEIJI
Holdings
Co.
Ltd.
.........
300
6,699
Mitsubishi
Heavy
Industries
Ltd.
....
600
28,023
Mitsubishi
Motors
Corp.
.........
6,700
23,428
Mitsubishi
UFJ
Financial
Group,
Inc.
.
89,200
657,500
Mitsui
&
Co.
Ltd.
..............
6,500
246,011
Mitsui
OSK
Lines
Ltd.
...........
700
16,841
Nihon
M&A
Center
Holdings,
Inc.
...
1,100
8,463
Nintendo
Co.
Ltd.
..............
1,500
68,382
Security
Shares
Shares
Value
Japan
(continued)
Nippon
Yusen
KK
..............
2,500
$
55,522
Nitto
Denko
Corp.
.............
100
7,423
Nomura
Research
Institute
Ltd.
....
1,900
52,492
Oriental
Land
Co.
Ltd.
..........
100
3,899
Rakus
Co.
Ltd.
...............
600
10,229
Recruit
Holdings
Co.
Ltd.
........
77
2,457
Santen
Pharmaceutical
Co.
Ltd.
....
600
5,110
Sega
Sammy
Holdings,
Inc.
.......
1,200
25,707
SG
Holdings
Co.
Ltd.
...........
600
8,559
Shin-Etsu
Chemical
Co.
Ltd.
......
800
26,734
Shiseido
Co.
Ltd.
..............
600
27,198
Skylark
Holdings
Co.
Ltd.
(e)
.......
600
7,503
SMC
Corp.
..................
600
333,457
SoftBank
Corp.
...............
1,100
11,754
Suzuken
Co.
Ltd.
..............
200
5,440
Sysmex
Corp.
................
5,700
390,433
Takeda
Pharmaceutical
Co.
Ltd.
....
1,200
37,707
Terumo
Corp.
................
1,200
38,220
Tokyo
Electron
Ltd.
............
400
57,611
TOTO
Ltd.
..................
300
9,071
Toyota
Motor
Corp.
............
24,500
393,766
ZOZO,
Inc.
..................
1,800
37,340
5,341,749
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
253
6,088
Mexico
—
0.1%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
1,937
21,434
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.............
535
14,956
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
2,279
18,749
Southern
Copper
Corp.
..........
350
25,109
Wal-Mart
de
Mexico
SAB
de
CV
....
18,388
72,931
153,179
Netherlands
—
2.4%
ABN
AMRO
Bank
NV,
CVA
(a)(c)
.....
2,336
36,309
Adyen
NV
(a)(c)(e)
...............
167
289,188
Argenx
SE
(e)
.................
22
8,580
ASML
Holding
NV
.............
1,528
1,108,302
ING
Groep
NV
................
69,448
936,270
Koninklijke
Ahold
Delhaize
NV
.....
751
25,604
Koninklijke
Vopak
NV
...........
946
33,766
Shell
plc
....................
27,229
820,225
Shell
plc,
ADR
................
5,503
332,271
3,590,515
Norway
—
0.1%
Equinor
ASA
.................
3,086
89,861
Peru
—
0.0%
Credicorp
Ltd.
................
80
11,811
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
4,285
Saudi
Telecom
Co.
.............
1,031
12,021
16,306
Singapore
—
0.1%
DBS
Group
Holdings
Ltd.
........
400
9,341
Genting
Singapore
Ltd.
..........
19,800
13,806
Keppel
Corp.
Ltd.
..............
2,300
11,446
NetLink
NBN
Trust
(c)
............
4,600
2,911
Oversea-Chinese
Banking
Corp.
Ltd.
1,000
9,097
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Singapore
(continued)
Sembcorp
Marine
Ltd.
(e)
.........
89,862
$
8,335
Singapore
Airlines
Ltd.
..........
2,100
11,126
Singapore
Technologies
Engineering
Ltd.
.....................
4,100
11,188
Singapore
Telecommunications
Ltd.
.
8,800
16,299
93,549
South
Africa
—
0.0%
Anglo
American
Platinum
Ltd.
.....
179
8,091
Anglo
American
plc
............
626
17,824
Capitec
Bank
Holdings
Ltd.
.......
171
14,245
Kumba
Iron
Ore
Ltd.
............
636
14,954
55,114
South
Korea
—
0.4%
Amorepacific
Corp.
............
1,180
87,834
Celltrion
Healthcare
Co.
Ltd.
......
201
10,063
DB
Insurance
Co.
Ltd.
..........
41
2,329
Fila
Holdings
Corp.
............
164
4,995
Hana
Financial
Group,
Inc.
.......
220
6,568
Hanwha
Aerospace
Co.
Ltd.
......
105
10,169
HD
Hyundai
Infracore
Co.
Ltd.
.....
4,952
45,154
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
.....................
311
7,338
KB
Financial
Group,
Inc.
.........
469
17,022
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(e)
........
79
7,023
NCSoft
Corp.
................
193
43,462
Samsung
Electronics
Co.
Ltd.
.....
1,278
70,371
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
172
30,015
SK
Hynix,
Inc.
................
2,343
205,866
SK
Telecom
Co.
Ltd.
............
447
15,817
564,026
Spain
—
0.6%
Aena
SME
SA
(a)(c)
..............
53
8,578
Cellnex
Telecom
SA
(a)(c)
..........
18,560
749,894
Endesa
SA
..................
354
7,607
Industria
de
Diseno
Textil
SA
......
843
32,698
798,777
Sweden
—
0.2%
Assa
Abloy
AB,
Class
B
.........
3,654
87,831
Hexagon
AB,
Class
B
...........
6,438
79,189
Industrivarden
AB,
Class
A
.......
354
9,818
Investor
AB,
Class
B
............
935
18,705
Nibe
Industrier
AB,
Class
B
.......
2,549
24,237
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
9,666
52,518
Telia
Co.
AB
.................
21,504
47,177
319,475
Switzerland
—
2.0%
Alcon,
Inc.
..................
7,166
594,509
Barry
Callebaut
AG
(Registered)
....
5
9,660
Clariant
AG
(Registered)
.........
1,565
22,640
Flughafen
Zurich
AG
(Registered)
...
46
9,568
Geberit
AG
(Registered)
.........
21
11,006
Givaudan
SA
(Registered)
........
2
6,634
Kuehne
+
Nagel
International
AG
(Registered)
...............
151
44,730
Lonza
Group
AG
(Registered)
.....
281
167,957
Nestle
SA
(Registered)
..........
10,194
1,226,253
Novartis
AG
(Registered)
........
1,202
121,185
Roche
Holding
AG
.............
828
252,929
STMicroelectronics
NV
..........
1,679
83,738
Security
Shares
Shares
Value
Switzerland
(continued)
Swisscom
AG
(Registered)
.......
27
$
16,852
TE
Connectivity
Ltd.
............
2,950
413,472
VAT
Group
AG
(a)(c)
.............
33
13,669
2,994,802
Taiwan
—
0.5%
Chunghwa
Telecom
Co.
Ltd.
......
7,000
26,218
Far
EasTone
Telecommunications
Co.
Ltd.
.....................
4,000
10,102
MediaTek,
Inc.
................
1,000
22,136
Oneness
Biotech
Co.
Ltd.
........
1,136
7,911
Quanta
Computer,
Inc.
..........
3,000
14,651
Taiwan
Mobile
Co.
Ltd.
..........
3,000
9,215
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
32,000
591,147
681,380
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(e)
.............
8,338
—
United
Kingdom
—
2.3%
AstraZeneca
plc
..............
2,710
388,490
AstraZeneca
plc,
ADR
..........
2,441
174,702
Auto
Trader
Group
plc
(a)(c)
........
6,083
47,232
BAE
Systems
plc
..............
42,178
497,331
Barclays
plc
.................
33,077
64,619
BP
plc
.....................
5,552
32,326
British
American
Tobacco
plc
......
704
23,391
Burberry
Group
plc
.............
763
20,588
CNH
Industrial
NV
.............
2,966
42,777
Compass
Group
plc
............
14,818
414,951
Direct
Line
Insurance
Group
plc
....
4,932
8,527
Experian
plc
.................
681
26,137
Genius
Sports
Ltd.
(e)
............
5,166
31,978
Kingfisher
plc
................
4,422
13,033
Legal
&
General
Group
plc
.......
3,363
9,737
Lloyds
Banking
Group
plc
........
378,770
209,971
London
Stock
Exchange
Group
plc
..
860
91,533
National
Grid
plc
(g)
.............
510
6,762
NatWest
Group
plc
.............
10,201
31,179
Pearson
plc
.................
1,230
12,895
RELX
plc
...................
8,960
298,912
Spirax-Sarco
Engineering
plc
......
1,007
132,727
Standard
Chartered
plc
..........
866
7,534
Unilever
plc
..................
15,395
801,683
3,389,015
United
States
—
35.0%
3M
Co.
.....................
824
82,474
Abbott
Laboratories
............
6,377
695,221
AbbVie,
Inc.
.................
1,479
199,266
Activision
Blizzard,
Inc.
(e)
.........
2,315
195,154
Adobe,
Inc.
(e)
.................
227
111,001
Advance
Auto
Parts,
Inc.
.........
752
52,866
Advanced
Micro
Devices,
Inc.
(e)
....
4,001
455,754
Air
Products
&
Chemicals,
Inc.
.....
1,912
572,701
Akamai
Technologies,
Inc.
(e)
.......
57
5,123
Albemarle
Corp.
..............
2,022
451,088
Allegion
plc
..................
534
64,091
Allstate
Corp.
(The)
............
586
63,897
Alphabet,
Inc.,
Class
C
(e)
.........
18,351
2,219,920
Amazon.com,
Inc.
(e)(h)
...........
13,200
1,720,752
American
International
Group,
Inc.
..
696
40,048
American
Tower
Corp.
..........
2,569
498,232
AmerisourceBergen
Corp.
........
254
48,877
Amgen,
Inc.
.................
185
41,074
ANSYS,
Inc.
(e)
................
640
211,373
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Aon
plc,
Class
A
..............
71
$
24,509
APA
Corp.
..................
284
9,704
Apple,
Inc.
..................
15,397
2,986,556
Applied
Materials,
Inc.
..........
2,261
326,805
Aptiv
plc
(e)
...................
3,376
344,656
Archer-Daniels-Midland
Co.
.......
5,813
439,230
Assurant,
Inc.
................
180
22,630
Astra
Space,
Inc.,
Class
A
(e)
.......
5,839
2,152
AT&T,
Inc.
...................
1,469
23,432
Atlas
Energy
Solutions,
Inc.,
Class
A
.
581
10,086
Atlassian
Corp.,
Class
A
(e)
........
188
31,548
Autodesk,
Inc.
(e)
...............
243
49,720
Automatic
Data
Processing,
Inc.
....
79
17,363
AutoZone,
Inc.
(e)
..............
22
54,854
Ball
Corp.
...................
180
10,478
Bank
of
America
Corp.
..........
3,041
87,246
Berkshire
Hathaway,
Inc.,
Class
B
(e)
.
262
89,342
BioMarin
Pharmaceutical,
Inc.
(e)
....
225
19,503
Booking
Holdings,
Inc.
(e)
.........
63
170,121
Boston
Scientific
Corp.
(e)(h)
........
16,705
903,573
Brown-Forman
Corp.,
Class
B
.....
59
3,940
Bunge
Ltd.
..................
3,245
306,166
Cadence
Design
Systems,
Inc.
(e)
...
1,249
292,915
California
Resources
Corp.
.......
753
34,103
Campbell
Soup
Co.
............
115
5,257
Cardinal
Health,
Inc.
............
198
18,725
CF
Industries
Holdings,
Inc.
.......
4,596
319,054
Charles
Schwab
Corp.
(The)
......
163
9,239
Charter
Communications,
Inc.,
Class
A
(e)
.....................
726
266,711
Cheniere
Energy,
Inc.
...........
71
10,818
Chesapeake
Energy
Corp.
.......
525
43,932
Chevron
Corp.
................
286
45,002
Chipotle
Mexican
Grill,
Inc.
(e)
......
46
98,394
Chubb
Ltd.
..................
2,962
570,363
Cigna
Group
(The)
.............
217
60,890
Cintas
Corp.
.................
110
54,679
Cisco
Systems,
Inc.
............
728
37,667
Clorox
Co.
(The)
..............
157
24,969
CME
Group,
Inc.,
Class
A
........
234
43,358
Coca-Cola
Co.
(The)
...........
986
59,377
Colgate-Palmolive
Co.
..........
960
73,958
Comcast
Corp.,
Class
A
.........
7,024
291,847
ConocoPhillips
...............
2,803
290,419
Constellation
Brands,
Inc.,
Class
A
..
235
57,841
Copart,
Inc.
(e)
................
166
15,141
Costco
Wholesale
Corp.
.........
1,375
740,272
Crowdstrike
Holdings,
Inc.,
Class
A
(e)
.
1,111
163,173
Crown
Holdings,
Inc.
...........
153
13,291
Crown
PropTech
Acquisitions
(d)(e)
...
1,464
996
Crown
PropTech
Acquisitions
(e)
.....
845
8,644
CVS
Health
Corp.
.............
1,115
77,080
Davidson
Kempner
Merchant
Co-
Invest
Fund
LP
,
(Acquired
04/07/21,
cost
$36,787)
(e)(f)(i)
...............
—
(j)
175,990
Deere
&
Co.
.................
834
337,928
Dell
Technologies,
Inc.,
Class
C
....
278
15,043
Delta
Air
Lines,
Inc.
(e)
...........
9,034
429,476
Dexcom,
Inc.
(e)
...............
2,052
263,703
Domino's
Pizza,
Inc.
............
27
9,099
Dow,
Inc.
...................
268
14,274
Duke
Energy
Corp.
............
449
40,293
Dynatrace,
Inc.
(e)
..............
6,399
329,357
eBay,
Inc.
...................
564
25,205
Edison
International
............
360
25,002
Security
Shares
Shares
Value
United
States
(continued)
Edwards
Lifesciences
Corp.
(e)
.....
2,382
$
224,694
Electronic
Arts,
Inc.
............
258
33,463
Element
Solutions,
Inc.
..........
1,362
26,150
Eli
Lilly
&
Co.
................
1,180
553,396
EOG
Resources,
Inc.
...........
326
37,307
Epic
Games,
Inc.
,
(Acquired
07/02/20,
cost
$189,750)
(d)(e)(f)
..........
330
237,131
EQT
Corp.
..................
1,314
54,045
Equitrans
Midstream
Corp.
.......
209
1,998
Equity
Residential
.............
942
62,144
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
253
49,684
Eversource
Energy
............
1,106
78,438
Expedia
Group,
Inc.
(e)
...........
139
15,205
Exxon
Mobil
Corp.
.............
276
29,601
F5,
Inc.
(e)
...................
2,291
335,082
FactSet
Research
Systems,
Inc.
....
22
8,814
Fair
Isaac
Corp.
(e)
..............
44
35,605
Fanatics
Holdings
Inc.,
Class
A
,
(Acquired
08/17/22,
cost
$301,006)
(d)
(e)(f)
.....................
4,437
348,571
Fastenal
Co.
.................
425
25,071
Ferguson
plc
.................
139
21,955
Fidelity
National
Information
Services,
Inc.
.....................
1,055
57,708
First
Solar,
Inc.
(e)
..............
434
82,499
Floor
&
Decor
Holdings,
Inc.,
Class
A
(e)
1,091
113,420
Ford
Motor
Co.
...............
4,727
71,519
Fortinet,
Inc.
(e)
................
3,453
261,012
Fortive
Corp.
.................
10,623
794,282
Freeport-McMoRan,
Inc.
(h)
........
10,156
406,240
Gen
Digital,
Inc.
...............
462
8,570
General
Dynamics
Corp.
.........
426
91,654
General
Motors
Co.
............
4,117
158,752
Gilead
Sciences,
Inc.
...........
840
64,739
Global
Payments,
Inc.
..........
155
15,271
Goldman
Sachs
Group,
Inc.
(The)
..
137
44,188
Grand
Rounds,
Inc.,
(Acquired
02/11/22,
cost
$179,056)
(d)(e)(f)
....
67,553
80,388
Green
Plains,
Inc.
(e)
............
1,170
37,721
GSK
plc
....................
1,451
25,715
Halliburton
Co.
...............
722
23,819
Hartford
Financial
Services
Group,
Inc.
(The)
....................
816
58,768
Healthpeak
Properties,
Inc.
.......
2,430
48,843
Hewlett
Packard
Enterprise
Co.
....
2,701
45,377
Hilton
Worldwide
Holdings,
Inc.
....
2,214
322,248
Humana,
Inc.
................
1,489
665,777
IDEX
Corp.
..................
30
6,458
iHeartMedia,
Inc.,
Class
A
(e)
.......
60
218
Illinois
Tool
Works,
Inc.
..........
167
41,777
Incyte
Corp.
(e)
................
45
2,801
Informatica,
Inc.,
Class
A
(e)
.......
2,371
43,863
Intel
Corp.
..................
432
14,446
Intercontinental
Exchange,
Inc.
....
120
13,570
International
Flavors
&
Fragrances,
Inc.
53
4,218
Intuit,
Inc.
...................
406
186,025
Intuitive
Surgical,
Inc.
(e)
..........
1,653
565,227
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(e)(f)
........
6,968
—
JBS
SA
....................
3,931
14,375
Johnson
&
Johnson
............
3,298
545,885
Johnson
Controls
International
plc
..
552
37,613
JPMorgan
Chase
&
Co.
.........
3,251
472,825
Kellogg
Co.
..................
230
15,502
Kenvue,
Inc.
(e)
................
10,004
264,306
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Keurig
Dr
Pepper,
Inc.
..........
1,774
$
55,473
Keysight
Technologies,
Inc.
(e)
......
538
90,088
Kimberly-Clark
Corp.
...........
324
44,731
Kinder
Morgan,
Inc.
............
1,456
25,072
KLA
Corp.
...................
584
283,252
Kraft
Heinz
Co.
(The)
...........
109
3,869
Kroger
Co.
(The)
..............
515
24,205
Lam
Research
Corp.
...........
42
27,000
Latch,
Inc.
(e)
.................
4,082
5,674
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(e)
.................
5,092
167,068
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(e)
.................
3,549
116,159
Lincoln
National
Corp.
..........
1,501
38,666
Linde
plc
...................
194
73,930
Lions
Gate
Entertainment
Corp.,
Class
A
(e)
.....................
3,047
26,905
Lockheed
Martin
Corp.
..........
1,306
601,256
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(d)(e)(f)
..............
1,457
3,788
Lowe's
Cos.,
Inc.
..............
217
48,977
LPL
Financial
Holdings,
Inc.
.......
3,265
709,909
Lululemon
Athletica,
Inc.
(e)
........
59
22,331
LyondellBasell
Industries
NV,
Class
A
705
64,740
M&T
Bank
Corp.
..............
65
8,044
M/I
Homes,
Inc.
(e)
..............
432
37,666
Marathon
Oil
Corp.
.............
8,226
189,363
Marathon
Petroleum
Corp.
.......
445
51,887
MarketAxess
Holdings,
Inc.
.......
151
39,474
Marsh
&
McLennan
Cos.,
Inc.
(h)
....
6,211
1,168,165
Masco
Corp.
.................
886
50,839
Masimo
Corp.
(e)
...............
497
81,781
Mastercard,
Inc.,
Class
A
.........
2,546
1,001,342
McDonald's
Corp.
(h)
............
1,420
423,742
McKesson
Corp.
..............
203
86,744
Merck
&
Co.,
Inc.
..............
6,637
765,843
Meritage
Homes
Corp.
..........
258
36,706
Meta
Platforms,
Inc.,
Class
A
(e)
.....
215
61,701
MetLife,
Inc.
.................
1,415
79,990
Mettler-Toledo
International,
Inc.
(e)
..
37
48,531
MGM
Resorts
International
.......
1,805
79,276
Microchip
Technology,
Inc.
........
465
41,659
Micron
Technology,
Inc.
..........
4,044
255,217
Microsoft
Corp.
(h)
..............
10,870
3,701,670
Mirion
Technologies,
Inc.,
Class
A
(e)
.
1,997
16,875
Mirion
Technologies,
Inc.,
Class
A
(e)
.
20,100
169,845
Moderna,
Inc.
(e)
...............
263
31,954
Moody's
Corp.
................
129
44,856
Morgan
Stanley
...............
300
25,620
Mr
Cooper
Group,
Inc.
(e)
.........
798
40,411
NextEra
Energy,
Inc.
...........
11,091
822,952
NIKE,
Inc.,
Class
B
............
835
92,159
Northern
Trust
Corp.
............
205
15,199
Northrop
Grumman
Corp.
........
1,742
794,004
Nucor
Corp.
.................
102
16,726
NVIDIA
Corp.
................
1,499
634,107
NVR,
Inc.
(e)
..................
3
19,052
Opendoor
Technologies,
Inc.
(e)
.....
5,720
22,994
Otis
Worldwide
Corp.
...........
1,249
111,173
Palo
Alto
Networks,
Inc.
(e)
........
984
251,422
Park
Hotels
&
Resorts,
Inc.
.......
997
12,782
Paycom
Software,
Inc.
..........
202
64,890
Peloton
Interactive,
Inc.,
Class
A
(e)
..
4,129
31,752
PepsiCo,
Inc.
................
548
101,501
Pfizer,
Inc.
..................
5,976
219,200
Security
Shares
Shares
Value
United
States
(continued)
Philip
Morris
International,
Inc.
.....
314
$
30,653
Phillips
66
...................
271
25,848
Playstudios,
Inc.
(e)
.............
6,121
30,054
Procter
&
Gamble
Co.
(The)
......
377
57,206
Progressive
Corp.
(The)
.........
1,923
254,548
Proof
Acquisition
Corp.
I
(d)(e)
.......
807
904
Public
Service
Enterprise
Group,
Inc.
413
25,858
Public
Storage
................
93
27,145
Rockwell
Automation,
Inc.
........
795
261,913
Rollins,
Inc.
..................
1,673
71,655
Royal
Caribbean
Cruises
Ltd.
(e)
....
210
21,785
RXO,
Inc.
(e)
..................
413
9,363
S&P
Global,
Inc.
..............
478
191,625
Salesforce,
Inc.
(e)
..............
1,925
406,675
Sarcos
Technology
&
Robotics
Corp.
(e)
27,575
8,865
Sarcos
Technology
&
Robotics
Corp.
(e)
687
261
Sarcos
Technology
&
Robotics
Corp.
(e)
1,371
441
Schlumberger
NV
.............
1,664
81,736
Schneider
Electric
SE
...........
136
24,708
Seagate
Technology
Holdings
plc
...
758
46,897
Sealed
Air
Corp.
..............
978
39,120
Sempra
Energy
...............
5,842
850,537
ServiceNow,
Inc.
(e)
.............
25
14,049
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(d)(e)(f)
.....
529
5,856
Sonder
Holdings,
Inc.,
Class
A
(e)
....
6,340
3,363
Starbucks
Corp.
...............
3,763
372,763
Sun
Country
Airlines
Holdings,
Inc.
(e)
.
7,468
167,881
Symbotic
Corp.,
Class
A
(e)
........
609
25,243
Synchrony
Financial
............
563
19,097
Tapestry,
Inc.
.................
704
30,131
Tesla,
Inc.
(e)(h)
................
2,895
757,824
Texas
Capital
Bancshares,
Inc.
(e)
...
159
8,188
Texas
Instruments,
Inc.
..........
150
27,003
Thermo
Fisher
Scientific,
Inc.
(h)
.....
1,290
673,057
TJX
Cos.,
Inc.
(The)
............
4,016
340,517
Trane
Technologies
plc
..........
88
16,831
TransDigm
Group,
Inc.
..........
108
96,570
Transocean
Ltd.
(e)
.............
6,558
45,972
Travelers
Cos.,
Inc.
(The)
........
199
34,558
Uber
Technologies,
Inc.
(e)
........
366
15,800
United
Airlines
Holdings,
Inc.
(e)
.....
4,898
268,753
United
Parcel
Service,
Inc.,
Class
B
.
2,795
501,004
UnitedHealth
Group,
Inc.
.........
2,539
1,220,345
Valero
Energy
Corp.
............
3,226
378,410
VeriSign,
Inc.
(e)
...............
881
199,080
Verisk
Analytics,
Inc.
............
693
156,639
VF
Corp.
...................
1,330
25,390
Visa,
Inc.,
Class
A
.............
1,283
304,687
Vulcan
Materials
Co.
...........
1,470
331,397
Walgreens
Boots
Alliance,
Inc.
.....
923
26,296
Walmart,
Inc.
.................
2,430
381,947
Walt
Disney
Co.
(The)
(e)
.........
6,527
582,731
Waters
Corp.
(e)
...............
105
27,987
WEC
Energy
Group,
Inc.
.........
371
32,737
Wells
Fargo
&
Co.
.............
8,170
348,696
West
Pharmaceutical
Services,
Inc.
.
28
10,709
Western
Digital
Corp.
(e)
..........
508
19,268
Whirlpool
Corp.
...............
112
16,664
Williams
Cos.,
Inc.
(The)
.........
307
10,017
Willis
Towers
Watson
plc
.........
220
51,810
Wintrust
Financial
Corp.
.........
123
8,932
Workday,
Inc.,
Class
A
(e)
.........
116
26,203
Yum!
Brands,
Inc.
.............
354
49,047
Zoetis,
Inc.,
Class
A
............
1,232
212,163
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Zscaler,
Inc.
(e)
................
856
$
125,233
51,562,836
Total
Common
Stocks
—
57.0%
(Cost:
$76,969,459)
..............................
83,884,502
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Australia
—
0.3%
Quintis
Australia
Pty.
Ltd.
(a)(d)(k)
13.51%,
(13.51%
Cash
or
8.00%
PIK),
10/01/26
...........
USD
463
419,666
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
(b)
..........
414
—
419,666
Austria
—
0.1%
Benteler
International
AG,
9.38%
,
05/15/28
(a)
................
EUR
100
110,075
Belgium
—
0.1%
Anheuser-Busch
Cos.
LLC,
3.65%
,
02/01/26
.................
USD
29
28,089
Anheuser-Busch
InBev
Worldwide,
Inc.,
3.50%
,
06/01/30
............
49
45,564
73,653
Canada
—
0.3%
Garda
World
Security
Corp.,
7.75%
,
02/15/28
(a)
................
7
6,948
HR
Ottawa
LP,
11.00%
,
03/31/31
(a)
..
386
374,420
Nutrien
Ltd.,
4.90%
,
03/27/28
.....
15
14,712
Rogers
Communications,
Inc.
(a)
2.95%,
03/15/25
............
61
57,898
3.80%,
03/15/32
............
16
13,986
467,964
China
—
0.1%
NXP
BV
4.40%,
06/01/27
............
37
35,681
3.40%,
05/01/30
............
16
14,151
5.00%,
01/15/33
............
30
28,815
RKPF
Overseas
2019
A
Ltd.,
5.90%
,
03/05/25
(c)
................
200
125,584
204,231
France
—
0.1%
Faurecia
SE,
2.75%
,
02/15/27
(c)
....
EUR
100
98,698
Germany
—
0.4%
Adler
Pelzer
Holding
GmbH,
9.50%
,
04/01/27
(a)
................
144
145,152
APCOA
Parking
Holdings
GmbH,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.18%
,
01/15/27
(a)(b)
....
102
108,265
Bayer
AG,
0.05%
,
01/12/25
(c)
......
100
102,486
Caresyntax,
Inc.,
0.00%
,
12/31/24
(d)(l)
USD
8
8,805
Mercedes-Benz
International
Finance
BV,
1.38%
,
06/26/26
(c)
........
EUR
28
28,598
TK
Elevator
Midco
GmbH,
4.38%
,
07/15/27
(c)
................
100
97,393
Volkswagen
Bank
GmbH,
2.50%
,
07/31/26
(c)
................
100
103,280
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Volkswagen
Financial
Services
AG,
0.88%
,
01/31/28
(c)
...........
EUR
31
$
28,904
622,883
India
—
0.1%
REI
Agro
Ltd.
(e)(m)(n)
5.50%,
11/13/14
(a)
...........
USD
220
1,100
5.50%,
11/13/14
(b)(c)(d)
.........
152
—
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(c)
................
200
186,282
187,382
Israel
—
0.1%
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
7.38%
,
09/15/29
EUR
100
111,328
Italy
—
0.4%
Azzurra
Aeroporti
SpA,
2.13%
,
05/30/24
(c)
................
129
136,104
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.78%
,
02/15/29
(a)(b)
100
101,481
Forno
d'Asolo
SpA,
(3-mo.
EURIBOR
at
5.50%
Floor
+
5.50%),
9.10%
,
04/30/27
(a)(b)
...............
178
172,771
Marcolin
SpA,
6.13%
,
11/15/26
(a)
...
100
97,390
507,746
Luxembourg
—
0.1%
(a)
Herens
Midco
SARL,
5.25%
,
05/15/29
100
62,417
Sani/Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
............
100
100,281
162,698
Switzerland
—
0.1%
UBS
Group
AG,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
1.01%
,
07/30/24
(a)(b)
...............
USD
135
134,438
Thailand
—
0.1%
Kasikornbank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.94%),
5.28%
(b)
(c)(o)
.....................
200
188,092
Turkey
—
0.0%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/24
(a)(b)(d)(e)(m)(n)
...........
800
62,000
United
Arab
Emirates
—
0.0%
Shelf
Drilling
North
Sea
Holdings
Ltd.,
10.25%
,
10/31/25
(a)
..........
37
37,076
United
Kingdom
—
0.9%
Astrazeneca
Finance
LLC,
1.20%
,
05/28/26
.................
40
36,094
AstraZeneca
plc,
0.70%
,
04/08/26
..
56
50,030
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
100
104,775
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
128
105,454
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
GBP
100
83,121
BP
Capital
Markets
plc,
2.52%
,
04/07/28
(c)
................
EUR
100
102,760
Connect
Finco
SARL,
6.75%
,
10/01/26
(a)
................
USD
200
194,263
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
GBP
100
107,632
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
GlaxoSmithKline
Capital,
Inc.,
3.88%
,
05/15/28
.................
USD
30
$
28,848
HSBC
Holdings
plc,
(3-mo.
EURIBOR
+
1.45%),
3.02%
,
06/15/27
(b)(c)
....
EUR
100
103,903
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
GBP
100
120,650
Kane
Bidco
Ltd.,
5.00%
,
02/15/27
(a)
.
EUR
100
102,151
National
Grid
plc,
0.16%
,
01/20/28
(c)
.
100
91,873
Virgin
Media
Secured
Finance
plc,
5.00%
,
04/15/27
(c)
...........
GBP
100
115,008
1,346,562
United
States
—
5.4%
AbbVie,
Inc.,
2.60%
,
11/21/24
.....
USD
90
86,353
Affinity
Interactive,
6.88%
,
12/15/27
(a)
13
11,440
Alexandria
Real
Estate
Equities,
Inc.,
1.88%
,
02/01/33
............
29
21,193
Allegiant
Travel
Co.
(a)
8.50%,
02/05/24
............
154
153,615
7.25%,
08/15/27
............
18
17,934
American
Express
Co.
4.90%,
02/13/26
............
64
63,343
(1-day
SOFR
+
1.00%),
4.99%,
05/01/26
(b)
..............
36
35,553
American
Tower
Corp.
0.45%,
01/15/27
............
EUR
100
94,585
5.50%,
03/15/28
............
USD
28
27,805
5.25%,
07/15/28
............
72
71,147
2.10%,
06/15/30
............
16
12,920
2.70%,
04/15/31
............
53
43,949
Amgen,
Inc.
5.15%,
03/02/28
............
99
98,911
2.30%,
02/25/31
............
16
13,296
2.00%,
01/15/32
............
16
12,636
3.35%,
02/22/32
............
49
43,178
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(a)
................
10
10,019
Aptiv
plc,
3.25%
,
03/01/32
........
16
13,699
Ardagh
Metal
Packaging
Finance
USA
LLC,
2.00%
,
09/01/28
(c)
.......
EUR
100
90,618
AT&T,
Inc.
1.70%,
03/25/26
............
USD
24
21,876
4.35%,
03/01/29
............
19
18,252
AvalonBay
Communities,
Inc.,
5.00%
,
02/15/33
.................
22
21,909
Bank
of
America
Corp.
(b)
(1-day
SOFR
+
1.63%),
5.20%,
04/25/29
...............
115
113,743
(3-mo.
LIBOR
USD
+
0.99%),
2.50%,
02/13/31
..........
37
30,978
(1-day
SOFR
+
2.15%),
2.59%,
04/29/31
...............
26
21,828
(1-day
SOFR
+
1.53%),
1.90%,
07/23/31
...............
8
6,371
(1-day
SOFR
+
1.37%),
1.92%,
10/24/31
...............
23
18,206
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
...............
42
34,807
(1-day
SOFR
+
1.21%),
2.57%,
10/20/32
...............
19
15,476
Bank
of
New
York
Mellon
Corp.
(The),
(1-day
SOFR
+
1.03%),
4.95%
,
04/26/27
(b)
................
29
28,642
Becton
Dickinson
&
Co.,
3.70%
,
06/06/27
.................
37
35,179
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Becton
Dickinson
Euro
Finance
SARL,
3.55%
,
09/13/29
............
EUR
100
$
106,866
Broadcom
Corp.,
3.88%
,
01/15/27
..
USD
23
21,933
Broadcom,
Inc.
1.95%,
02/15/28
(a)
...........
42
36,321
4.11%,
09/15/28
............
53
50,074
4.15%,
11/15/30
............
16
14,721
2.45%,
02/15/31
(a)
...........
19
15,453
4.30%,
11/15/32
............
46
42,195
3.42%,
04/15/33
(a)
...........
64
53,520
Calumet
Specialty
Products
Partners
LP,
9.75%
,
07/15/28
(a)
.........
54
53,122
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
20
16,460
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
17
15,824
Citigroup,
Inc.
(b)
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%,
03/20/30
..........
8
7,397
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
...............
30
25,395
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
...............
33
27,532
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
...............
22
17,964
Civitas
Resources,
Inc.,
8.38%
,
07/01/28
(a)
................
88
88,994
Cloud
Software
Group
Holdings,
Inc.,
6.50%
,
03/31/29
(a)
...........
25
22,260
Crown
Castle,
Inc.
4.45%,
02/15/26
............
30
29,192
4.00%,
03/01/27
............
22
20,911
2.90%,
03/15/27
............
26
23,792
4.80%,
09/01/28
............
35
33,951
CSC
Holdings
LLC,
5.25%
,
06/01/24
.
9
8,370
CVS
Health
Corp.
3.25%,
08/15/29
............
31
27,839
3.75%,
04/01/30
............
16
14,676
1.75%,
08/21/30
............
43
34,311
2.13%,
09/15/31
............
33
26,500
Dell
International
LLC
4.00%,
07/15/24
............
22
21,632
5.25%,
02/01/28
............
29
28,940
Dollar
General
Corp.,
3.88%
,
04/15/27
30
28,625
Earthstone
Energy
Holdings
LLC
(a)
8.00%,
04/15/27
............
37
35,735
9.88%,
07/15/31
............
33
32,619
Ecolab,
Inc.,
5.25%
,
01/15/28
.....
27
27,425
Edison
International,
6.95%
,
11/15/29
16
16,830
Elevance
Health,
Inc.
4.90%,
02/08/26
............
29
28,523
3.65%,
12/01/27
............
82
77,418
Emerald
Debt
Merger
Sub
LLC,
6.63%
,
12/15/30
(a)
................
28
27,755
EQM
Midstream
Partners
LP
(a)
7.50%,
06/01/27
............
5
5,048
7.50%,
06/01/30
............
10
10,119
Equinix,
Inc.
1.00%,
09/15/25
............
32
28,889
2.90%,
11/18/26
............
23
21,089
1.55%,
03/15/28
............
34
28,421
EquipmentShare.com,
Inc.,
9.00%
,
05/15/28
(a)
................
118
114,545
Eversource
Energy,
5.45%
,
03/01/28
28
28,188
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
FLYR,
Inc.,
7.74%
,
01/20/27
(b)(d)
....
USD
50
$
46,170
Flyreel,
Inc.,
8.00%
,
07/20/23
(b)(d)(m)
..
100
100,797
Fortrea
Holdings,
Inc.,
7.50%
,
07/01/30
(a)
................
5
5,120
Freed
Corp.,
10.00%
,
12/01/23
(d)
...
121
114,544
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
39
38,638
8.25%,
04/15/25
............
11
10,725
FreeWire
Technologies,
Inc.,
0.00%
,
03/31/25
(b)(d)
...............
65
65,545
Frontier
Communications
Holdings
LLC
(a)
5.88%,
10/15/27
............
35
32,122
8.75%,
05/15/30
............
57
55,710
8.63%,
03/15/31
............
55
53,229
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
61
53,985
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
39,600
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
3
2,808
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
10,231
Gen
Digital,
Inc.
(a)
6.75%,
09/30/27
............
25
24,930
7.13%,
09/30/30
............
52
52,087
General
Mills,
Inc.
0.13%,
11/15/25
............
EUR
100
99,597
4.20%,
04/17/28
............
USD
74
71,819
General
Motors
Financial
Co.,
Inc.,
5.40%
,
04/06/26
............
35
34,599
Gilead
Sciences,
Inc.
3.65%,
03/01/26
............
29
27,898
2.95%,
03/01/27
............
38
35,685
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(b)
..............
32
28,516
0.25%,
01/26/28
(c)
...........
EUR
32
29,196
(1-day
SOFR
+
1.09%),
1.99%,
01/27/32
(b)
..............
USD
33
25,979
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(b)
..............
24
19,683
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(b)
..............
27
21,627
GoTo
Group,
Inc.,
5.50%
,
09/01/27
(a)
.
35
19,254
HCA,
Inc.
5.38%,
02/01/25
............
51
50,553
5.88%,
02/15/26
............
21
21,013
5.63%,
09/01/28
............
40
40,031
3.50%,
09/01/30
............
42
36,815
Healthpeak
OP
LLC,
5.25%
,
12/15/32
10
9,731
Home
Depot,
Inc.
(The),
3.90%
,
12/06/28
.................
66
63,892
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(d)
................
146
135,050
JPMorgan
Chase
&
Co.
(b)
(3-mo.
LIBOR
USD
+
1.16%),
3.70%,
05/06/30
..........
8
7,331
(3-mo.
CME
Term
SOFR
+
1.11%),
1.76%,
11/19/31
..........
33
26,117
Keurig
Dr
Pepper,
Inc.,
4.60%
,
05/25/28
36
35,221
Kraft
Heinz
Foods
Co.,
6.75%
,
03/15/32
(p)
................
4
4,394
Lessen,
Inc.,
9.66%
,
01/05/28
(a)(b)(d)
..
151
140,402
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(m)
...............
USD
27
$
14,580
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
92
66,626
Lowe's
Cos.,
Inc.
4.80%,
04/01/26
............
73
72,281
2.63%,
04/01/31
............
16
13,510
3.75%,
04/01/32
............
48
43,443
5.00%,
04/15/33
............
30
29,675
Mauser
Packaging
Solutions
Holding
Co.,
7.88%
,
08/15/26
(a)
........
137
136,111
Medline
Borrower
LP,
3.88%
,
04/01/29
(a)
................
8
6,953
Medtronic
Global
Holdings
SCA,
4.25%
,
03/30/28
.................
67
65,394
Morgan
Stanley
(b)
(1-day
SOFR
+
1.16%),
3.62%,
04/17/25
...............
45
44,106
(3-mo.
EURIBOR
+
0.83%),
1.34%,
10/23/26
...............
EUR
100
101,344
(1-day
SOFR
+
1.14%),
2.70%,
01/22/31
...............
USD
3
2,551
(1-day
SOFR
+
1.18%),
2.24%,
07/21/32
...............
9
7,153
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
5
4,652
5.50%,
08/15/28
............
35
30,658
5.13%,
12/15/30
............
31
25,147
Netflix,
Inc.
4.38%,
11/15/26
............
18
17,575
3.63%,
05/15/27
............
EUR
100
106,512
4.88%,
04/15/28
............
USD
29
28,680
5.88%,
11/15/28
............
17
17,558
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
17
15,725
Newmont
Corp.,
2.60%
,
07/15/32
...
24
19,609
Northern
States
Power
Co.,
4.50%
,
06/01/52
.................
35
31,509
NRG
Energy,
Inc.,
7.00%
,
03/15/33
(a)
5
5,041
Olympus
Water
US
Holding
Corp.,
9.75%
,
11/15/28
(a)
...........
200
195,060
Oncor
Electric
Delivery
Co.
LLC,
4.10%
,
11/15/48
............
21
17,958
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
77,668
Oracle
Corp.
1.65%,
03/25/26
............
87
78,957
2.30%,
03/25/28
............
40
35,299
2.95%,
04/01/30
............
26
22,695
4.65%,
05/06/30
............
7
6,763
2.88%,
03/25/31
............
58
49,515
Pacific
Gas
&
Electric
Co.
3.25%,
02/16/24
............
2
1,963
6.40%,
06/15/33
............
30
29,836
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(b)
................
34
28,363
Parker-Hannifin
Corp.,
3.65%
,
06/15/24
29
28,416
Penske
Truck
Leasing
Co.
LP,
5.75%
,
05/24/26
(a)
................
29
28,723
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%,
05/19/25
............
37
36,670
4.45%,
05/19/26
............
51
50,383
4.75%,
05/19/33
............
19
18,929
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Pitney
Bowes,
Inc.,
6.88%
,
03/15/27
(a)
USD
84
$
62,199
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
15,087
PPG
Industries,
Inc.,
3.75%
,
03/15/28
38
36,042
Prologis
LP,
2.25%
,
01/15/32
......
10
8,072
Rand
Parent
LLC,
8.50%
,
02/15/30
(a)
104
94,157
Regal
Rexnord
Corp.,
6.05%
,
02/15/26
(a)
................
10
10,013
Republic
Services,
Inc.
3.38%,
11/15/27
............
30
28,216
4.88%,
04/01/29
............
15
14,976
Sabre
GLBL,
Inc.
(a)
9.25%,
04/15/25
............
7
6,528
7.38%,
09/01/25
............
55
48,819
11.25%,
12/15/27
...........
34
28,815
Seagate
HDD
Cayman
(a)
8.25%,
12/15/29
............
27
28,200
8.50%,
07/15/31
............
29
30,412
9.63%,
12/01/32
............
45
49,655
Service
Properties
Trust
4.35%,
10/01/24
............
6
5,773
4.50%,
03/15/25
............
16
15,114
7.50%,
09/15/25
............
23
22,586
Sherwin-Williams
Co.
(The),
3.95%
,
01/15/26
.................
27
26,143
Southern
California
Edison
Co.
1.10%,
04/01/24
............
15
14,481
5.30%,
03/01/28
............
36
35,996
5.95%,
11/01/32
............
20
20,934
3.65%,
02/01/50
............
33
24,557
Spirit
AeroSystems,
Inc.
(a)
7.50%,
04/15/25
............
70
69,168
9.38%,
11/30/29
............
5
5,353
Sprint
LLC,
7.88%
,
09/15/23
......
49
49,118
Steel
Dynamics,
Inc.,
5.00%
,
12/15/26
3
2,954
Stem,
Inc.,
0.50%
,
12/01/28
(a)(m)
....
6
3,445
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
25
25,750
T-Mobile
USA,
Inc.
4.95%,
03/15/28
............
25
24,602
3.88%,
04/15/30
............
39
35,929
3.50%,
04/15/31
............
24
21,178
2.70%,
03/15/32
............
38
31,389
Topaz
Solar
Farms
LLC,
5.75%
,
09/30/39
(a)
................
36
35,688
Transocean
Titan
Financing
Ltd.,
8.38%
,
02/01/28
(a)
...........
12
12,255
Transocean,
Inc.,
8.75%
,
02/15/30
(a)
.
12
12,180
Union
Pacific
Corp.,
3.00%
,
04/15/27
30
28,196
UnitedHealth
Group,
Inc.
4.25%,
01/15/29
............
101
98,126
5.35%,
02/15/33
............
65
67,542
Uniti
Group
LP,
10.50%
,
02/15/28
(a)
..
38
37,698
Verizon
Communications,
Inc.
3.15%,
03/22/30
............
49
43,541
2.55%,
03/21/31
............
104
86,833
Vertiv
Group
Corp.,
4.13%
,
11/15/28
(a)
32
28,831
Viasat,
Inc.,
5.63%
,
04/15/27
(a)
.....
48
44,816
Vistra
Operations
Co.
LLC
(a)
5.13%,
05/13/25
............
20
19,499
5.63%,
02/15/27
............
79
75,720
VMware,
Inc.
1.40%,
08/15/26
............
32
28,257
2.20%,
08/15/31
............
16
12,573
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Waste
Management,
Inc.,
1.15%
,
03/15/28
.................
USD
39
$
33,166
Wells
Fargo
&
Co.
1.50%,
05/24/27
(c)
...........
EUR
100
97,773
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(b)
..............
USD
59
57,668
Welltower
OP
LLC,
4.00%
,
06/01/25
.
22
21,256
Western
Digital
Corp.,
1.50%
,
02/01/24
(m)(p)
...............
70
67,865
Wynn
Las
Vegas
LLC,
5.50%
,
03/01/25
(a)
................
4
3,935
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
96
90,630
7,890,779
Total
Corporate
Bonds
—
8.6%
(Cost:
$14,809,603)
..............................
12,625,271
Floating
Rate
Loan
Interests
Belgium
—
0.0%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(6-mo.
EURIBOR
+
4.85%),
8.78%
,
 10/02/28
(b)
...........
EUR
102
74,568
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(1-mo.
EURIBOR
+
5.00%),
8.42%
,
 12/22/25
(b)
.....
186
199,182
France
—
0.2%
Babilou
Family,
Facility
Term
Loan,
(3-mo.
EURIBOR
+
4.00%),
7.59%
,
 11/17/27
(b)
...........
214
229,638
Germany
—
0.1%
Iris
BidCo
GmbH,
Facility
Term
Loan
B,
(3-mo.
EURIBOR
+
5.00%),
8.24%
,
 06/29/28
(b)
...........
93
91,435
Jersey,
Channel
Islands
—
0.1%
(b)(d)
Vita
Global
Finco
Ltd.,
Additional
Facility,
(6-mo.
LIBOR
GBP
+
7.00%),
11.99%
,
 07/06/27
......
GBP
39
46,474
Vita
Global
Finco
Ltd.,
Facility
B,
(6-mo.
EURIBOR
+
0.00%),
9.44%
,
 09/23/27
............
EUR
65
66,373
112,847
Luxembourg
—
0.1%
(b)(d)
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Delayed
Draw
Term
Loan,
(3-mo.
CME
Term
SOFR
+
9.25%),
14.75%
,
 05/27/26
......
USD
14
14,301
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(3-
mo.
CME
Term
SOFR
+
9.25%),
14.75%
,
 05/27/26
...........
93
92,142
106,443
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan
Facility
B,
(6-mo.
EURIBOR
+
4.50%),
8.10%
,
 01/01/28
(d)
...........
EUR
154
$
156,439
Median
BV,
Facility
Term
Loan
B1,
(3-mo.
EURIBOR
+
4.93%),
8.52%
,
 10/14/27
............
100
100,636
Ziggo
BV,
Facility
Term
Loan
H,
(6-mo.
EURIBOR
+
3.00%),
6.10%
,
 01/31/29
............
311
317,539
574,614
Sweden
—
0.0%
Unique
BidCo
AB,
Facility
Term
Loan
B,
(1-mo.
EURIBOR
+
5.25%),
8.57%
,
 03/16/29
(b)
...........
70
72,183
United
States
—
1.3%
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.90%
,
 02/02/26
(b)
...........
USD
73
71,163
Altar
BidCo,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
10.49%
,
 02/01/30
(b)
84
73,390
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.24%
,
 12/30/27
(b)(d)
.........
13
12,170
Avaya,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
10.00%),
0.00%
,
 12/15/27
(b)
...........
4
895
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.76%
,
 04/05/28
(b)
...........
18
11,464
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.22%
,
 08/02/27
(b)
41
39,558
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.45%
,
 12/21/28
(b)
28
24,747
DS
Parent,
Inc.,
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.75%),
11.34%
,
 12/10/28
(b)
.....
41
39,479
ECL
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.50%),
12.72%
,
 05/01/28
(b)
62
62,089
Emerald
Technologies
US
AcquisitionCo.,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.66%
,
 12/29/27
(b)(d)
32
30,370
Galaxy
Universal
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
0.00%),
10.98%
,
 11/12/26
(b)(d)
....
198
191,271
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
4.75%),
9.94%
,
 08/31/27
(b)
...........
93
57,581
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
+
0.00%),
11.29%
,
 07/20/26
(b)(d)
.........
119
119,750
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.94%
,
 06/22/26
(b)
.....
151
150,648
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
10.72%
,
 10/25/28
(b)(d)
.........
USD
21
$
16,962
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 11/22/29
(b)
.....
76
75,431
J&J
Ventures
Gaming
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.54%
,
 04/26/28
(b)
35
34,476
Jack
Ohio
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.97%
,
 10/04/28
(b)
16
15,150
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.38%
,
 12/22/26
(b)
..........
15
14,498
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.98%
,
 09/03/26
(b)(d)
.........
27
20,276
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.34%
,
 01/24/30
(b)
4
3,150
Nielsen
Consumer,
Inc.,
Term
Loan
B,
03/06/28
(b)(q)
...............
EUR
225
233,489
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
10.00%
,
 04/01/26
(d)(r)
.
USD
166
157,001
ProFrac
Holdings
II
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.25%),
12.78%
,
 03/04/25
(b)
42
41,782
Quartz
AcquireCo
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.59%
,
 06/28/30
(b)(d)
32
31,960
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.01%
,
 04/27/28
(b)
..........
65
53,524
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.04%
,
 04/27/29
(b)
..........
50
30,500
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.19%
,
 03/16/27
(b)
...........
57
56,032
Signal
Parent,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.70%
,
 04/03/28
(b)
.....
35
27,878
Sonder
Holdings
Inc.,
Note,
13.99% 01/19/27
(b)(d)
..........
169
147,887
Vaco
Holdings
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.59%
,
 01/21/29
(b)
.....
33
29,600
1,874,171
Total
Floating
Rate
Loan
Interests
—
2.3%
(Cost:
$3,563,654)
..............................
3,335,081
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Foreign
Government
Obligations
Argentina
—
0.1%
Argentine
Republic
(The)
1.00%,
07/09/29
............
USD
30
$
9,576
0.50%,
07/09/30
(b)(p)
..........
295
98,006
1.50%,
07/09/35
(b)(p)
..........
331
99,031
3.88%,
01/09/38
(b)(p)
..........
119
41,693
248,306
Brazil
—
0.2%
Federative
Republic
of
Brazil
10.00%,
01/01/25
...........
BRL
1
197,021
10.00%,
01/01/27
...........
—
87,676
284,697
Canada
—
0.5%
Canadian
Government
Bond,
0.25%
,
03/01/26
.................
CAD
1,062
722,336
Colombia
—
0.1%
Republic
of
Colombia
5.75%,
11/03/27
............
COP
208,800
43,038
7.00%,
03/26/31
............
349,800
70,537
113,575
Czech
Republic
—
0.3%
Czech
Republic
5.00%,
09/30/30
............
CZK
7,320
347,314
1.20%,
03/13/31
............
4,220
153,492
500,806
Indonesia
—
0.4%
Republic
of
Indonesia
8.25%,
05/15/36
............
IDR
2,513,000
192,864
7.13%,
06/15/38
............
5,014,000
355,169
548,033
Mexico
—
0.8%
United
Mexican
States
8.50%,
05/31/29
............
MXN
30
174,711
7.75%,
05/29/31
............
125
690,462
7.50%,
05/26/33
............
55
298,659
1,163,832
South
Africa
—
0.3%
Republic
of
South
Africa
8.00%,
01/31/30
............
ZAR
1,988
93,334
8.25%,
03/31/32
............
1,313
58,687
9.00%,
01/31/40
............
5,152
210,217
8.75%,
01/31/44
............
888
34,588
396,826
Spain
—
2.8%
(a)(c)
Bonos
y
Obligaciones
del
Estado
2.55%,
10/31/32
............
EUR
1,896
1,938,143
3.15%,
04/30/33
............
1,644
1,757,767
3.90%,
07/30/39
............
176
196,112
2.90%,
10/31/46
............
173
163,136
Kingdom
of
Spain,
3.45%
,
07/30/66
.
140
138,301
4,193,459
United
Kingdom
—
0.2%
U.K.
Treasury
Bonds,
0.50%
,
10/22/61
(c)
................
GBP
689
276,951
Total
Foreign
Government
Obligations
—
5.7%
(Cost:
$8,715,342)
..............................
8,448,821
Security
Shares
Shares
Value
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
322
$
42,739
Industrial
Select
Sector
SPDR
Fund
.
928
99,593
Invesco
Municipal
Opportunity
Trust
.
1,407
13,311
Invesco
Municipal
Trust
.........
1,398
13,183
Invesco
QQQ
Trust
1,
Series
1
.....
1,800
664,956
Invesco
Quality
Municipal
Income
Trust
1,385
13,241
Invesco
Trust
for
Investment
Grade
Municipals
................
1,376
13,361
Invesco
Value
Municipal
Income
Trust
1,379
16,300
iShares
0-5
Year
TIPS
Bond
ETF
(s)
..
1,425
139,080
iShares
Biotechnology
ETF
(s)
......
153
19,425
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(s)
........
5,072
548,486
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(h)(s)
........
18,407
1,592,942
iShares
Latin
America
40
ETF
(s)
....
2,948
80,097
iShares
MSCI
Brazil
ETF
(s)
.......
3,320
107,668
iShares
MSCI
Emerging
Markets
ETF
(s)
429
16,971
iShares
Russell
Mid-Cap
Growth
ETF
(s)
377
36,429
Nuveen
Municipal
Value
Fund,
Inc.
..
2,293
19,949
SPDR
Bloomberg
High
Yield
Bond
ETF
599
55,126
SPDR
Gold
Shares
(e)(h)(i)
.........
9,468
1,687,861
SPDR
S&P
Metals
&
Mining
ETF
...
436
22,158
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
.................
8,227
210,282
VanEck
Semiconductor
ETF
......
442
67,294
Total
Investment
Companies
—
3.7%
(Cost:
$5,477,982)
..............................
5,480,452
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.5%
United
States
—
0.5%
(a)(b)
Federal
Home
Loan
Mortgage
Corp.
STACR
Trust
Variable
Rate
Notes,
Series
2022-DNA1,
Class
B1,
(SOFR
30
day
Average
+
3.40%),
8.47%,
01/25/42
............
USD
17
16,320
JP
Morgan
Mortgage
Trust
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
..........
510
409,660
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
199
170,732
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
78
51,745
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.64%,
10/25/39
.
96
96,308
744,765
Commercial
Mortgage-Backed
Securities
—
1.8%
Bermuda
—
0.1%
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.34%,
01/19/37
(a)(b)
...............
100
98,131
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
—
0.1%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.37%
Floor
+
3.37%),
8.52%,
12/15/34
(a)(b)
USD
100
$
93,106
United
States
—
1.6%
BANK,
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
............
17
15,955
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
A,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
0.75%),
6.01%,
04/15/36
....
15
14,440
Series
2021-SSCP,
Class
B,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
04/15/36
....
27
25,758
Series
2021-SSCP,
Class
C,
(1-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.61%,
04/15/36
....
37
35,259
Series
2021-SSCP,
Class
D,
(1-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
04/15/36
....
33
31,135
Series
2021-SSCP,
Class
E,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
04/15/36
....
37
34,510
Series
2021-SSCP,
Class
F,
(1-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.16%,
04/15/36
....
24
22,639
Series
2021-SSCP,
Class
G,
(1-mo.
LIBOR
USD
at
3.80%
Floor
+
3.80%),
9.06%,
04/15/36
....
39
36,771
Series
2021-SSCP,
Class
H,
(1-mo.
LIBOR
USD
at
4.90%
Floor
+
4.90%),
10.16%,
04/15/36
....
18
16,967
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
36,232
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
7.91%,
10/15/36
...
85
82,110
Series
2021-SOAR,
Class
G,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
7.99%,
06/15/38
....
103
97,876
Series
2021-VINO,
Class
F,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.00%,
05/15/38
....
100
94,226
Series
2021-XL2,
Class
F,
(1-mo.
LIBOR
USD
at
2.24%
Floor
+
2.24%),
7.44%,
10/15/38
....
113
107,103
BX
Trust
(a)(b)
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
...............
64
53,166
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
89
71,341
Series
2021-ARIA,
Class
E,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.24%),
7.44%,
10/15/36
....
100
94,230
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.51%,
01/15/34
...
18
17,403
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.26%,
01/15/34
...
36
34,500
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
8,136
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
..................
USD
16
$
15,112
Commercial
Mortgage
Trust,
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.................
30
28,336
CSAIL
Commercial
Mortgage
Trust,
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
.................
94
77,998
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
F,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.44%,
05/15/35
(a)(b)
...............
91
87,984
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.44%,
07/15/38
....
197
191,051
Series
2021-ESH,
Class
E,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.04%,
07/15/38
....
98
95,279
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
E,
(1-mo.
LIBOR
USD
at
2.94%
Floor
+
2.94%),
8.13%,
11/15/36
(a)(b)
....
100
95,296
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
29,169
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
31,569
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(1-mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
7.71%,
04/15/38
....
60
57,607
Series
2021-MHC,
Class
F,
(1-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.21%,
04/15/38
....
20
19,155
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.33%,
09/15/39
...
14
14,004
KKR
Industrial
Portfolio
Trust,
Series
2021-KDIP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.55%
Floor
+
0.66%),
5.81%,
12/15/37
(a)(b)
....
15
14,510
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
LIBOR
USD
at
4.00%
Floor
+
4.00%),
9.19%,
11/15/38
.....
121
114,237
Series
2021-MDLN,
Class
G,
(1-mo.
LIBOR
USD
at
5.25%
Floor
+
5.25%),
10.44%,
11/15/38
....
130
122,062
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
E,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
04/15/38
(a)(b)
....
156
151,294
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C24,
Class
C,
4.47%,
05/15/48
(b)
..............
10
8,481
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
25,225
Morgan
Stanley
Capital
I
Trust
Series
2018-MP,
Class
A,
4.42%,
07/11/40
(a)(b)
.............
17
13,856
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
USD
29
$
23,989
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
F,
(1-mo.
LIBOR
USD
at
2.63%
Floor
+
2.62%),
7.82%,
11/15/38
.....
100
95,359
Series
2021-MFP2,
Class
F,
(1-mo.
LIBOR
USD
at
2.62%
Floor
+
2.62%),
7.81%,
11/15/36
.....
100
95,234
STWD
Trust,
Series
2021-FLWR,
Class
E,
(1-mo.
LIBOR
USD
at
1.92%
Floor
+
1.92%),
7.12%,
07/15/36
(a)(b)
25
23,620
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
8,546
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
28,291
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
8,478
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
10
8,409
2,413,908
2,605,145
Total
Non-Agency
Mortgage-Backed
Securities
—
2.3%
(Cost:
$3,711,389)
..............................
3,349,910
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Other
Interests
Capital
Markets
-
0.1%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(d)(e)(t)
.............
166
180,572
Total
Other
Interests
—
0.1%
(Cost:
$167,154)
..................................
180,572
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.0%
United
States
—
0.0%
USB
Capital
IX
,
(3-mo.
LIBOR
USD
at
3.50%
Floor
+
1.02%),
6.28%
(b)(e)(o)
31
23,697
Total
Capital
Trusts
—
0.0%  
(Cost:
$28,719)
................................
23,697
Shares
Shares
Preferred
Stocks
—
2.5%
Brazil
—
0.2%
Bradespar
SA
(Preference)
.......
1,020
4,735
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
12,240
32,823
Neon
Payments
Ltd.
(d)(e)
.........
319
188,456
226,014
Security
Shares
Shares
Value
China
—
0.3%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$269,333)
(d)(e)(f)
....
2,458
$
432,126
Germany
—
0.3%
Dr
Ing
hc
F
Porsche
AG
(Preference)
1,633
202,865
Volkswagen
AG
(Preference)
......
154
20,709
Volocopter
Gmbh
,
(Acquired
03/03/21,
cost
$159,572)
(d)(e)(f)
..........
30
193,265
416,839
India
—
0.0%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,32
2
)
(d)
(e)(f)
.....................
32
23,405
Israel
—
0.1%
(d)(e)(f)
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
.......
14,760
107,748
Deep
Instinct
Ltd.,
Series
D-4
(Acquired
09/20/22,
cost
$84,498)
.......
11,985
87,490
195,238
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C
(Acquired
02/22/22,
cost
$26,894)
(d)(e)(f)
....
228
29,679
United
Kingdom
—
0.1%
10X
Future
Technologies
Holding
Ltd.
,
(Acquired
05/13/21,
cost
$183,387)
(d)
(e)(f)
.....................
4,842
68,012
United
States
—
1.5%
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$127,466)
(d)
(e)(f)
.....................
236
83,129
Caresyntax,
Inc.,
Series
C-2
(d)(e)
....
296
26,676
Databricks,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(d)(e)(f)
....
6,177
343,132
Databricks,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(d)(e)(f)
...
1,740
96,657
Dream
Finders
Homes,
Inc.,
9.00%
(d)(e)
(o)
......................
285
258,994
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(d)(e)(f)
....
10,664
29,859
Farmer’s
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$69,518)
(d)(e)(f)
..............
2,103
90,681
Farmer’s
Business
Network,
Inc.,
Series
G
(Acquired
09/15/21,
cost
$19,766)
(d)(e)(f)
..............
318
13,712
GM
Cruise
Holdings
LLC,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(d)
(e)(f)
.....................
2,891
49,176
JumpCloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(d)(e)(f)
....
51,330
133,458
JumpCloud,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$20,218)
(d)(e)(f)
....
3,376
8,778
Lessen,
Inc.,
Series
B
(d)(e)
........
6,246
58,275
Lessen,
Inc.,
Series
C
(d)(e)
........
2,050
19,127
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
(d)(e)(f)
....
10,057
128,227
Loadsmart,
Inc.,
Series
D
(Acquired
01/27/22,
cost
$19,100)
(d)(e)(f)
....
955
12,176
Lookout,
Inc.,
Series
F
(Acquired
09/19/14
-
10/22/14
,
cost
$243,061)
(d)(e)(f)
.............
21,278
97,240
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$54,841)
(d)(e)(f)
....
2,388
31,402
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Mythic
AI,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(d)(e)(f)
....
7,024
$
—
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$73,361)
(d)
(e)(f)
.....................
8,220
39,867
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$40,179)
(d)(e)(f)
....
1,532
40,491
Relativity
Space,
Inc.,
Series
E
(Acquired
05/27/21,
cost
$68,89
4
)
(d)
(e)(f)
.....................
3,017
50,203
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(d)
(e)(f)
.....................
1,720
143,018
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$52,640)
(d)
(e)(f)
.....................
554
46,065
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(d)(e)(f)
....
1,894
20,967
Ursa
Major
Technologies,
Inc.,
Series
C
(Acquired
09/13/21,
cost
$72,377)
(d)
(e)(f)
.....................
12,134
80,448
Ursa
Major
Technologies,
Inc.,
Series
D
(Acquired
10/14/22,
cost
$9,855)
(d)(e)
(f)
.......................
1,487
9,859
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$65,877)
(d)(e)(f)
....
12,367
73,460
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$43,198)
(d)
(e)(f)
.....................
14,803
46,333
Wells
Fargo
&
Co.,
Series
L,
7.50%
(m)(o)
46
52,992
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(d)
(e)(f)
.....................
4,463
132,953
Zero
Mass
Water,
Inc.,
Series
D
(Acquired
07/05/22,
cost
$13,149)
(d)
(e)(f)
.....................
321
12,657
2,230,012
Total
Preferred
Stocks
—
2.5%  
(Cost:
$3,425,895)
..............................
3,621,325
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(3-mo.
LIBOR
USD
+
6.37%),
11.64%, 10/30/40
(b)
5,096
145,032
Total
Trust
Preferreds
—
0.1%  
(Cost:
$140,435)
................................
145,032
Total
Preferred
Securities
—
2.6%
(Cost:
$3,595,049)
..............................
3,790,054
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2021-DNA2,
Class
B2,
(SOFR
30
day
Average
+
6.00%),
11.07%, 08/25/33
(a)(b)
.........
USD
17
16,660
Security
Par
(000)
Par
(000)
Value
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
13
$
12,841
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
Series
K105,
Class
X1,
1.64%
,
 01/25/30
........
279
21,912
Series
K109,
Class
X1,
1.70%
,
 04/25/30
........
118
9,733
Series
K116,
Class
X1,
1.53%
,
 07/25/30
........
99
7,567
Series
K120,
Class
X1,
1.13%
,
 10/25/30
........
394
22,301
Series
KL06,
Class
XFX,
1.47%
,
 12/25/29
........
100
5,994
Series
KW09,
Class
X1,
0.94%
,
 05/25/29
........
460
16,133
83,640
Mortgage-Backed
Securities
—
5.1%
Uniform
Mortgage-Backed
Securities
(u)
3.00%
,
 07/13/23
..........
726
638,563
3.50%
,
 07/13/23
..........
3,654
3,329,298
4.50%
,
 07/13/23
..........
3,632
3,492,063
7,459,924
Total
U.S.
Government
Sponsored
Agency
Securities
—
5.1%  
(Cost:
$7,608,640)
..............................
7,573,065
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
2.38%, 02/15/42
............
225
175,175
3.25%, 05/15/42
............
544
485,167
3.38%, 08/15/42
............
296
268,224
4.00%, 11/15/52
............
417
427,926
U.S.
Treasury
Inflation
Linked
Notes
0.63%, 01/15/24
............
2,256
2,217,501
0.50%, 04/15/24
............
1,256
1,225,366
0.13%, 04/15/27
............
391
361,963
0.63%, 07/15/32
(v)
...........
622
571,801
U.S.
Treasury
Notes
0.75%, 12/31/23
(i)
...........
4,608
4,505,791
4.00%, 12/15/25
(h)
...........
1,017
1,001,070
Total
U.S.
Treasury
Obligations
—
7.6%
(Cost:
$11,410,567)
..............................
11,239,984
Shares
Shares
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22,
1
Share
for
1
Warrant,
Expires
12/27/27,
Strike
Price
USD
11.50)
(e)
..................
718
564
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Israel
—
0.0%
(e)
Deep
Instinct
Ltd
.
,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
Share
for
1
Warrant,
Expires
09/20/32)
(d)(f)
.........
845
$
5,239
Innovid
Corp.
(Issued/Exercisable
01/28/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
...................
375
37
5,276
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)
(e)
..........
36
50
United
States
—
0.0%
(e)
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20,
1
Share
for
1
Warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
1,986
417
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
Share
for
1
Warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(d)
..........
2,120
191
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
1,268
101
Embark
Technology,
Inc.
(Issued/
Exercisable
12/28/20,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
963
14
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
1,130
695
FLYR,
Inc.
(Issued/Exercisable
05/10/22,
1
Share
for
1
Warrant,
Expires
05/10/32,
Strike
Price
USD
3.95)
(d)
...................
264
4,382
FreeWire
Technologies,
Inc.
(Issued/
Exercisable
03/31/22,
1
Share
for
1
Warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
(d)
...........
341
130
FreeWire
Technologies,
Inc.
(Issued/
Exercisable
04/27/22,
1
Share
for
1
Warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
(d)
...........
6,819
2,591
FreeWire
Technologies,
Inc.
(Issued/
Exercisable
05/03/22,
1
Share
for
1
Warrant,
Expires
04/26/29,
Strike
Price
USD
3.35)
(d)
...........
6,478
—
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
938
35
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
840
90
Lightning
eMotors,
Inc.
(Issued/
Exercisable
05/06/21,
1
Share
for
1
Warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
2,348
71
Security
Shares
Shares
Value
United
States
(continued)
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
1,681
$
34
Proof
Acquisition
Corp.
I
(Issued/
Exercisable
12/03/21,
1
Share
for
1
Warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(d)
..........
2,017
161
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
75
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
724
36
Sonder
Holdings,
Inc.
(Issued/
Exercisable
01/19/22,
1
Share
for
1
Warrant,
Expires
11/19/26,
Strike
Price
USD
12.50)
(d)
..........
2,205
—
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$0)
(Issued/
Exercisable
10/14/22,
1
Share
for
1
Warrant,
Expires
10/07/23,
Strike
Price
USD
0.01)
(d)(f)
..........
1,825
5,220
14,243
Total
Warrants
—
0.0%
(Cost:
$25,505)
................................
20,133
Total
Long-Term
Investments
—
96.2%
(Cost:
$137,944,010)
.............................
141,655,598
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Certificates
of
Deposit
—
0.2%
Domestic
—
0.2%
Citibank
NA,
5.00%, 09/21/23
.....
USD
220
219,676
Total
Certificates
of
Deposit
—
0.2%
(Cost:
$220,000)
................................
219,676
Commercial
Paper
—
0.3%
(w)
Societe
Generale
SA,
5.70%
,
03/06/24
263
252,683
3M
Co.,
5.55%
,
09/07/23
........
250
247,498
Total
Commercial
Paper
—
0.3%
(Cost:
$500,645)
................................
500,181
Foreign
Government
Obligations
—
2.5%
Brazil
-
0.6%
Federative
Republic
of
Brazil
Treasury
Bills,
10.11%
,
07/01/24
(w)
.......
BRL
4
827,417
Japan
-
1.9%
Japan
Treasury
Bills,
(0.18)%
,
07/10/23
(w)
................
JPY
401,000
2,779,082
Total
Foreign
Government
Obligations
—
2.5%
(Cost:
$3,819,459)
..............................
3,606,499
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Money
Market
Funds
—
4.3%
(s)(x)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
......
6,342,567
$
6,342,567
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(y)
.............
13,527
13,528
Total
Money
Market
Funds
—
4.3%
(Cost:
$6,356,095)
..............................
6,356,095
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.0%
Canada
—
0.0%
Royal
Bank
of
Canada,
3.54%, 07/04/23
............
CAD
1
626
Hong
Kong
—
0.0%
Hong
Kong
&
Shanghai
Bank,
3.47%, 07/03/23
............
HKD
1
177
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.37)%, 07/03/23
...........
JPY
1,349
9,349
United
Kingdom
—
0.0%
Skandinaviska
Enskilda
Banken
AB,
3.92%, 07/03/23
............
GBP
8
9,530
United
States
—
0.0%
Citibank
NA,
5.07%, 07/03/23
.....
USD
34
33,942
Total
Time
Deposits
—
0.0%
(Cost:
$53,624)
................................
53,624
Total
Short-Term
Securities
—
7.3%
(Cost:
$10,949,823)
..............................
10,736,075
Security
Par
(000)
Par
(000)
Value
Total
Options
Purchased
—
0.3%
(Cost:
$835,663
)
................................
$
523,425
Total
Investments
Before
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
103.8%
(Cost:
$149,729,496)
.............................
152,915,098
Total
Options
Written
—
(0.3)%
(Premiums
Received
—
$(430,866))
..................
(509,726)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities,
4.50%, 07/13/23
(u)
...........
USD
(1,563)
(1,502,216)
Total
TBA
Sale
Commitments
—
(1.0)%
(Proceeds:
$(1,513,812))
..........................
(1,502,216)
Shares
Shares
Investments
Sold
Short
Common
Stocks
France
—
(0.0)%
Pernod
Ricard
SA
.............
(240)
(53,034)
United
States
—
(0.1)%
JM
Smucker
Co.
(The)
..........
(412)
(60,840)
Total
Common
Stocks
—
(0.1)%
(Proceeds:
$(93,592))
............................
(113,874)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$(93,592)
)
............................
(113,874)
Total
Investments
Net
of
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
102.4%
(Cost:
$147,691,226)
.............................
150,789,282
Liabilities
in
Excess
of
Other
Assets
—
(2.4)%
............
(3,581,668)
Net
Assets
—
100.0%
..............................
$
147,207,614
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Non-income
producing
security.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$3,675,974,
representing
2.50%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,530,940.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(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)
Investment
does
not
issue
shares.
(k)
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.
(l)
Zero-coupon
bond.
(m)
Convertible
security.
(n)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(o)
Perpetual
security
with
no
stated
maturity
date.
(p)
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.
(q)
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.
(r)
Fixed
rate.
(s)
Affiliate
of
the
Fund.
(t)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
44
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(u)
Represents
or
includes
a
TBA
transaction.
(v)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(w)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(x)
Annualized
7-day
yield
as
of
period
end.
(y)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
2,362,835
$
3,979,732
(a)
$
—
$
—
$
—
$
6,342,567
6,342,567
$
177,370
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
4,093,307
—
(4,080,251)
(a)
689
(217)
13,528
13,527
7,626
(b)
—
iShares
0-5
Year
TIPS
Bond
ETF
138,168
—
—
—
912
139,080
1,425
1,442
—
iShares
Biotechnology
ETF
....
20,087
—
—
—
(662)
19,425
153
11
—
iShares
China
Large-Cap
ETF
(c)
.
170,847
64,519
(254,885)
(12,294)
31,813
—
—
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
.....
195,561
—
(199,756)
4,792
(597)
—
—
3,081
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
—
1,619,465
(1,070,933)
4,120
(4,166)
548,486
5,072
5,380
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
1,304,970
264,002
—
—
23,970
1,592,942
18,407
32,300
—
iShares
Latin
America
40
ETF
..
67,480
—
—
—
12,617
80,097
2,948
1,411
—
iShares
MSCI
Brazil
ETF
.....
92,861
—
—
—
14,807
107,668
3,320
2,511
—
iShares
MSCI
Emerging
Markets
ETF
..................
16,259
—
—
—
712
16,971
429
133
—
iShares
Russell
Mid-Cap
Growth
ETF
..................
—
35,948
—
—
481
36,429
377
—
—
$
(2,693)
$
79,670
$
8,897,193
$
231,265
$
—
—
—
(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.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
45
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
...............................................................
4
09/07/23
$
505
$
(4,791)
Euro-Bund
..............................................................
49
09/07/23
7,151
(36,465)
Euro-OAT
...............................................................
3
09/07/23
420
(1,419)
SGX
Nikkei
225
Index
.......................................................
1
09/07/23
231
7,874
Australia
10-Year
Bond
......................................................
26
09/15/23
2,012
(17,023)
EURO
STOXX
50
Index
.....................................................
3
09/15/23
145
2,794
EURO
STOXX
Banks
Price
Index
...............................................
15
09/15/23
89
3,467
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
09/15/23
249
(2,305)
S&P
500
E-Mini
Index
.......................................................
10
09/15/23
2,244
28,856
3-mo.
SONIA
Index
.........................................................
5
09/19/23
1,505
(2,818)
U.S.
Treasury
Long
Bond
.....................................................
2
09/20/23
254
(378)
U.S.
Treasury
Ultra
Bond
.....................................................
23
09/20/23
3,140
25,364
Long
Gilt
................................................................
4
09/27/23
484
(5,541)
U.S.
Treasury
5-Year
Note
....................................................
41
09/29/23
4,392
(11,530)
(13,915)
Short
Contracts
Euro-BTP
...............................................................
4
09/07/23
507
(2,213)
Euro-Buxl
...............................................................
1
09/07/23
152
(3,721)
Euro-Schatz
.............................................................
6
09/07/23
686
4,229
FTSE
100
Index
...........................................................
1
09/15/23
96
809
NASDAQ-100
E-Mini
Index
...................................................
16
09/15/23
4,908
(87,380)
U.S.
Treasury
10-Year
Note
...................................................
83
09/20/23
9,321
147,558
U.S.
Treasury
10-Year
Ultra
Note
...............................................
157
09/20/23
18,605
206,388
U.S.
Treasury
2-Year
Note
....................................................
5
09/29/23
1,017
4,676
270,346
$
256,431
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
3,071,769
JPY
401,000,000
Bank
of
America
NA
07/10/23
$
290,685
BRL
1,481,562
USD
298,322
Citibank
NA
09/14/23
7,075
CZK
1,920,553
USD
86,947
Barclays
Bank
plc
09/14/23
932
HUF
85,977,828
USD
243,847
JPMorgan
Chase
Bank
NA
09/14/23
3,505
INR
35,760,000
USD
431,642
Citibank
NA
09/14/23
2,988
NOK
1,029,810
USD
93,656
Deutsche
Bank
AG
09/14/23
2,532
PLN
580,000
USD
139,172
Bank
of
America
NA
09/14/23
2,967
USD
65,275
IDR
975,911,741
Morgan
Stanley
&
Co.
International
plc
09/14/23
468
USD
133,350
IDR
1,985,025,510
UBS
AG
09/14/23
1,531
USD
434,719
INR
35,760,000
Barclays
Bank
plc
09/14/23
90
USD
137,040
ZAR
2,562,167
Citibank
NA
09/14/23
1,903
USD
48,396
ZAR
896,584
Morgan
Stanley
&
Co.
International
plc
09/14/23
1,107
BRL
4,338,688
USD
868,102
Barclays
Bank
plc
09/20/23
25,314
CAD
1,363,022
USD
1,020,480
JPMorgan
Chase
Bank
NA
09/20/23
9,675
CHF
2,301,788
USD
2,555,038
HSBC
Bank
plc
09/20/23
37,997
CNY
1,518,604
USD
210,138
JPMorgan
Chase
Bank
NA
09/20/23
136
DKK
3,795,113
USD
550,865
BNP
Paribas
SA
09/20/23
8,013
EUR
4,002,650
USD
4,325,660
Citibank
NA
09/20/23
59,179
GBP
243,241
EUR
281,684
HSBC
Bank
plc
09/20/23
399
GBP
377,257
USD
472,147
JPMorgan
Chase
Bank
NA
09/20/23
7,069
HUF
55,319,065
USD
157,462
Goldman
Sachs
International
09/20/23
1,485
MXN
14,247,077
USD
807,314
JPMorgan
Chase
Bank
NA
09/20/23
12,702
MXN
4,285,307
USD
244,544
Morgan
Stanley
&
Co.
International
plc
09/20/23
2,104
MXN
660,147
USD
37,399
Royal
Bank
of
Canada
09/20/23
597
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
46
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
NZD
126,521
USD
77,302
JPMorgan
Chase
Bank
NA
09/20/23
$
318
PLN
951,467
USD
228,736
Barclays
Bank
plc
09/20/23
4,372
USD
141,223
BRL
684,508
Goldman
Sachs
International
09/20/23
270
USD
663,864
CNY
4,713,033
BNP
Paribas
SA
09/20/23
11,272
USD
3,941,606
EUR
3,593,355
Barclays
Bank
plc
09/20/23
5,142
USD
283,908
EUR
257,098
JPMorgan
Chase
Bank
NA
09/20/23
2,262
USD
69,754
EUR
63,588
Standard
Chartered
Bank
09/20/23
94
USD
1,287,630
HKD
10,049,309
UBS
AG
09/20/23
2,874
USD
53,085
JPY
7,350,964
Citibank
NA
09/20/23
1,513
USD
2,303,684
JPY
319,277,969
Morgan
Stanley
&
Co.
International
plc
09/20/23
63,749
USD
2,137
ZAR
39,560
Bank
of
America
NA
09/20/23
52
USD
73,125
ZAR
1,354,068
Morgan
Stanley
&
Co.
International
plc
09/20/23
1,751
574,122
CNY
695,000
USD
98,375
Citibank
NA
09/14/23
(2,198)
CNY
1,415,000
USD
196,424
JPMorgan
Chase
Bank
NA
09/14/23
(610)
IDR
2,944,140,000
USD
196,407
JPMorgan
Chase
Bank
NA
09/14/23
(895)
KRW
127,685,000
USD
97,891
Citibank
NA
09/14/23
(613)
SGD
131,798
USD
98,160
JPMorgan
Chase
Bank
NA
09/14/23
(439)
THB
4,815,000
USD
140,269
Citibank
NA
09/14/23
(3,492)
THB
8,514,910
USD
246,523
HSBC
Bank
plc
09/14/23
(4,645)
USD
95,319
BRL
465,920
HSBC
Bank
plc
09/14/23
(721)
USD
274,761
COP
1,175,975,128
Citibank
NA
09/14/23
(1,542)
USD
101,333
CZK
2,247,040
Deutsche
Bank
AG
09/14/23
(1,485)
USD
73,709
CZK
1,610,936
State
Street
Bank
and
Trust
Co.
09/14/23
(3)
USD
59,975
MXN
1,052,252
JPMorgan
Chase
Bank
NA
09/14/23
(657)
USD
660,896
MXN
11,687,226
JPMorgan
Chase
Bank
NA
09/14/23
(12,538)
USD
97,631
SGD
131,798
Citibank
NA
09/14/23
(89)
USD
222,660
ZAR
4,297,451
Goldman
Sachs
International
09/14/23
(4,002)
AUD
3,371,891
USD
2,290,033
Barclays
Bank
plc
09/20/23
(38,884)
CNY
2,450,041
USD
346,717
Bank
of
America
NA
09/20/23
(7,471)
CNY
2,926,062
USD
412,925
Barclays
Bank
plc
09/20/23
(7,767)
CNY
78,185
USD
11,032
State
Street
Bank
and
Trust
Co.
09/20/23
(206)
IDR
2,315,215,329
USD
154,807
Citibank
NA
09/20/23
(1,072)
JPY
133,748,274
EUR
899,534
JPMorgan
Chase
Bank
NA
09/20/23
(47,097)
JPY
1,343,521,755
USD
9,766,734
UBS
AG
09/20/23
(341,088)
KRW
730,285,529
USD
557,466
UBS
AG
09/20/23
(882)
NOK
7,303,932
CHF
612,920
Bank
of
America
NA
09/20/23
(8,137)
SGD
375,738
USD
280,584
JPMorgan
Chase
Bank
NA
09/20/23
(1,928)
USD
945,520
BRL
4,617,634
Morgan
Stanley
&
Co.
International
plc
09/20/23
(5,336)
USD
460,543
INR
38,123,042
Citibank
NA
09/20/23
(2,740)
USD
141,223
MXN
2,460,599
Citibank
NA
09/20/23
(401)
USD
211,707
MXN
3,703,496
Goldman
Sachs
International
09/20/23
(1,455)
USD
303,835
NOK
3,271,389
Deutsche
Bank
AG
09/20/23
(1,780)
USD
199,169
SEK
2,143,160
Deutsche
Bank
AG
09/20/23
(290)
ZAR
7,238,832
USD
385,908
Morgan
Stanley
&
Co.
International
plc
09/20/23
(4,343)
(504,806)
$
69,316
Interest
Rate
Caps
Purchased
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y
CMS
Index
Cap
.....
0.07
%
Goldman
Sachs
International
09/27/23
USD
9,146
$
1,394
$
16,005
$
(14,611)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
47
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust
Series
1
....................
66
07/07/23
USD
372.00
USD
2,438
$
12,276
SPDR
S&P
500
ETF
Trust
......................
4
07/07/23
USD
440.00
USD
177
1,734
SPDR
S&P
500
ETF
Trust
......................
19
07/07/23
USD
438.00
USD
842
11,353
SPDR
S&P
500
ETF
Trust
......................
94
07/07/23
USD
448.00
USD
4,167
5,311
SPDR
S&P
500
ETF
Trust
......................
94
07/14/23
USD
442.00
USD
4,167
41,689
CBOE
Volatility
Index
.........................
8
07/19/23
USD
28.00
USD
11
84
Advanced
Micro
Devices,
Inc.
...................
3
07/21/23
USD
140.00
USD
34
69
Advanced
Micro
Devices,
Inc.
...................
28
07/21/23
USD
125.00
USD
319
3,178
Alphabet,
Inc.
..............................
16
07/21/23
USD
125.00
USD
194
1,920
Alphabet,
Inc.
..............................
35
07/21/23
USD
130.00
USD
423
1,312
Constellation
Brands,
Inc.
......................
4
07/21/23
USD
235.00
USD
98
4,920
Constellation
Brands,
Inc.
......................
6
07/21/23
USD
260.00
USD
148
195
Eli
Lilly
&
Co.
..............................
2
07/21/23
USD
460.00
USD
94
3,050
Equitrans
Midstream
Corp.
.....................
3
07/21/23
USD
11.00
USD
3
37
Hilton
Worldwide
Holdings,
Inc.
..................
8
07/21/23
USD
155.00
USD
116
200
iShares
MSCI
Japan
ETF
......................
116
07/21/23
USD
65.00
USD
718
1,450
Kroger
Co.
(The)
............................
23
07/21/23
USD
50.00
USD
108
127
Lockheed
Martin
Corp.
........................
1
07/21/23
USD
460.00
USD
46
875
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
4
07/21/23
EUR
930.00
EUR
345
1,209
Mastercard,
Inc.
............................
4
07/21/23
USD
395.00
USD
157
1,980
McDonald's
Corp.
...........................
5
07/21/23
USD
310.00
USD
149
118
Merck
&
Co.,
Inc.
............................
13
07/21/23
USD
120.00
USD
150
559
Micron
Technology,
Inc.
.......................
8
07/21/23
USD
62.50
USD
50
1,740
Microsoft
Corp.
.............................
8
07/21/23
USD
340.00
USD
272
5,720
Salesforce,
Inc.
.............................
8
07/21/23
USD
220.00
USD
169
1,408
SPDR
Gold
Shares
(a)
.........................
59
07/21/23
USD
198.00
USD
1,052
89
SPDR
S&P
Regional
Banking
ETF
................
68
07/21/23
USD
45.00
USD
278
1,530
Tesla,
Inc.
.................................
5
07/21/23
USD
260.00
USD
131
8,250
Uber
Technologies,
Inc.
.......................
37
07/21/23
USD
42.50
USD
160
6,160
UnitedHealth
Group,
Inc.
.......................
3
07/21/23
USD
520.00
USD
144
248
Vinci
SA
..................................
13
07/21/23
EUR
114.00
EUR
138
14
Walt
Disney
Co.
(The)
........................
27
07/21/23
USD
95.00
USD
241
985
Waste
Management,
Inc.
......................
12
07/21/23
USD
175.00
USD
208
1,770
Activision
Blizzard,
Inc.
........................
10
08/18/23
USD
85.00
USD
84
4,475
Advanced
Micro
Devices,
Inc.
...................
16
08/18/23
USD
130.00
USD
182
4,504
Advanced
Micro
Devices,
Inc.
...................
30
08/18/23
USD
140.00
USD
342
4,365
Alphabet,
Inc.
..............................
37
08/18/23
USD
130.00
USD
448
7,289
Amazon.com,
Inc.
...........................
13
08/18/23
USD
125.00
USD
169
12,902
Amazon.com,
Inc.
...........................
19
08/18/23
USD
135.00
USD
248
9,072
Apple,
Inc.
................................
29
08/18/23
USD
190.00
USD
563
25,302
Boston
Scientific
Corp.
........................
17
08/18/23
USD
57.50
USD
92
638
Boston
Scientific
Corp.
........................
17
08/18/23
USD
55.00
USD
92
2,125
ConocoPhillips
.............................
16
08/18/23
USD
110.00
USD
166
2,720
Delta
Air
Lines,
Inc.
..........................
32
08/18/23
USD
48.00
USD
152
6,368
DR
Horton,
Inc.
.............................
5
08/18/23
USD
130.00
USD
61
938
DR
Horton,
Inc.
.............................
10
08/18/23
USD
125.00
USD
122
3,600
First
Solar,
Inc.
.............................
4
08/18/23
USD
210.00
USD
76
2,220
Freeport-McMoRan,
Inc.
.......................
29
08/18/23
USD
40.00
USD
116
6,380
Humana,
Inc.
..............................
4
08/18/23
USD
465.00
USD
179
3,440
JPMorgan
Chase
&
Co.
.......................
24
08/18/23
USD
145.00
USD
349
10,140
L3Harris
Technologies,
Inc.
.....................
3
08/18/23
USD
180.00
USD
59
5,550
Lennar
Corp.
..............................
10
08/18/23
USD
135.00
USD
125
975
McCormick
&
Co.,
Inc.
........................
28
08/18/23
USD
95.00
USD
244
700
Micron
Technology,
Inc.
.......................
21
08/18/23
USD
72.50
USD
133
1,186
Microsoft
Corp.
.............................
5
08/18/23
USD
340.00
USD
170
6,925
Microsoft
Corp.
.............................
5
08/18/23
USD
330.00
USD
170
9,775
Microsoft
Corp.
.............................
10
08/18/23
USD
355.00
USD
341
7,225
NVIDIA
Corp.
..............................
2
08/18/23
USD
420.00
USD
85
5,430
Shell
plc
..................................
24
08/18/23
USD
62.50
USD
145
2,280
Tesla,
Inc.
.................................
7
08/18/23
USD
265.00
USD
183
14,018
Toll
Brothers,
Inc.
............................
6
08/18/23
USD
85.00
USD
47
555
Toll
Brothers,
Inc.
............................
10
08/18/23
USD
80.00
USD
79
2,675
Uber
Technologies,
Inc.
.......................
26
08/18/23
USD
42.50
USD
112
7,995
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
48
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
United
Airlines
Holdings,
Inc.
....................
32
08/18/23
USD
57.50
USD
176
$
5,936
UnitedHealth
Group,
Inc.
.......................
2
08/18/23
USD
480.00
USD
96
3,260
Valero
Energy
Corp.
..........................
6
08/18/23
USD
120.00
USD
70
2,505
Advanced
Micro
Devices,
Inc.
...................
14
09/15/23
USD
130.00
USD
159
5,950
Apple,
Inc.
................................
18
09/15/23
USD
195.00
USD
349
13,005
Archer-Daniels-Midland
Co.
.....................
12
09/15/23
USD
82.50
USD
91
810
Barclays
plc
...............................
41
09/15/23
GBP
1.60
GBP
63
2,343
Delta
Air
Lines,
Inc.
..........................
41
09/15/23
USD
50.00
USD
195
7,093
Eli
Lilly
&
Co.
..............................
2
09/15/23
USD
480.00
USD
94
3,220
Ford
Motor
Co.
.............................
55
09/15/23
USD
16.00
USD
83
2,805
General
Motors
Co.
..........................
17
09/15/23
USD
40.00
USD
66
2,771
Microsoft
Corp.
.............................
10
09/15/23
USD
365.00
USD
341
6,550
NVIDIA
Corp.
..............................
16
09/15/23
USD
430.00
USD
677
55,520
Pfizer,
Inc.
................................
24
09/15/23
USD
40.00
USD
88
816
Pfizer,
Inc.
................................
29
09/15/23
USD
42.50
USD
106
377
United
Rentals,
Inc.
..........................
3
09/15/23
USD
460.00
USD
134
6,510
Valero
Energy
Corp.
..........................
16
09/15/23
USD
125.00
USD
188
5,960
Equitrans
Midstream
Corp.
.....................
3
10/20/23
USD
12.00
USD
3
38
Sabre
Corp.
...............................
5
10/20/23
USD
5.50
USD
2
55
Sabre
Corp.
...............................
11
10/20/23
USD
5.00
USD
4
159
NVIDIA
Corp.
..............................
4
12/15/23
USD
440.00
USD
169
19,790
Pfizer,
Inc.
................................
24
01/19/24
USD
47.00
USD
88
456
Pfizer,
Inc.
................................
40
01/19/24
USD
50.00
USD
147
380
Sabre
Corp.
...............................
6
01/19/24
USD
6.00
USD
2
117
439,753
Put
SPDR
S&P
500
ETF
Trust
......................
19
07/07/23
USD
438.00
USD
842
1,244
SPDR
S&P
500
ETF
Trust
......................
14
07/14/23
USD
434.00
USD
621
1,330
Ford
Motor
Co.
.............................
7
07/21/23
USD
10.00
USD
11
11
Frontier
Communications
Parent,
Inc.
..............
3
07/21/23
USD
15.00
USD
6
45
Invesco
QQQ
Trust
Series
1
....................
25
07/21/23
USD
350.00
USD
924
2,250
Invesco
Senior
Loan
ETF
......................
9
07/21/23
USD
20.00
USD
19
50
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
6
07/21/23
USD
73.50
USD
45
54
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
10
07/21/23
USD
71.00
USD
75
35
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
15
07/21/23
USD
73.00
USD
113
90
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
4
07/21/23
USD
106.00
USD
43
68
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
5
07/21/23
USD
105.00
USD
54
40
iShares
Russell
2000
ETF
......................
3
07/21/23
USD
150.00
USD
56
11
iShares
Russell
2000
ETF
......................
5
07/21/23
USD
181.00
USD
94
445
NVIDIA
Corp.
..............................
4
07/21/23
USD
250.00
USD
169
18
Pitney
Bowes,
Inc.
...........................
4
07/21/23
USD
3.00
USD
1
30
Sabre
Corp.
...............................
2
07/21/23
USD
3.00
USD
1
21
Shell
plc
..................................
16
07/21/23
USD
55.00
USD
97
120
Spirit
AeroSystems
Holdings,
Inc.
.................
2
07/21/23
USD
26.00
USD
6
50
Spirit
AeroSystems
Holdings,
Inc.
.................
2
07/21/23
USD
20.00
USD
6
15
United
Parcel
Service,
Inc.
.....................
3
07/21/23
USD
160.00
USD
54
39
Xerox
Holdings
Corp.
.........................
3
07/21/23
USD
11.00
USD
4
30
Alphabet,
Inc.
..............................
19
08/18/23
USD
120.00
USD
230
7,790
Amazon.com,
Inc.
...........................
16
08/18/23
USD
120.00
USD
209
3,744
Apple,
Inc.
................................
16
08/18/23
USD
180.00
USD
310
2,736
Frontier
Communications
Parent,
Inc.
..............
3
08/18/23
USD
15.00
USD
6
607
Frontier
Communications
Parent,
Inc.
..............
4
08/18/23
USD
12.50
USD
7
90
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
7
08/18/23
USD
100.00
USD
76
46
Microsoft
Corp.
.............................
7
08/18/23
USD
325.00
USD
238
4,428
NVIDIA
Corp.
..............................
2
08/18/23
USD
380.00
USD
85
1,510
SPDR
S&P
500
ETF
Trust
......................
20
08/18/23
USD
425.00
USD
887
4,940
Spirit
AeroSystems
Holdings,
Inc.
.................
2
08/18/23
USD
22.00
USD
6
50
Air
Transport
Services
Group,
Inc.
................
2
09/15/23
USD
12.50
USD
4
30
Air
Transport
Services
Group,
Inc.
................
4
09/15/23
USD
15.00
USD
8
130
PG&E
Corp.
...............................
5
09/15/23
USD
13.00
USD
9
32
PG&E
Corp.
...............................
6
09/15/23
USD
14.00
USD
10
51
SPDR
S&P
500
ETF
Trust
......................
2
09/15/23
USD
350.00
USD
89
119
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
49
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
SPDR
S&P
500
ETF
Trust
......................
21
09/15/23
USD
430.00
USD
931
$
10,532
42,831
$
482,584
(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
—
07/13/23
CNH
7.40
USD
721
$
317
TOPIX
Bank
Index
........
BNP
Paribas
SA
29,064
07/14/23
JPY
218.87
JPY
6,406
1,143
TOPIX
Bank
Index
........
Goldman
Sachs
International
48,422
07/14/23
JPY
226.71
JPY
10,673
798
TOPIX
Bank
Index
........
JPMorgan
Chase
Bank
NA
19,396
07/14/23
JPY
227.60
JPY
4,275
286
ING
Groep
NV
..........
Goldman
Sachs
International
327
07/21/23
EUR
12.00
EUR
4
2,067
EUR
Currency
...........
Bank
of
America
NA
—
07/27/23
USD
1.09
EUR
605
5,607
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
08/07/23
USD
1.12
EUR
587
1,246
11,464
Put
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
07/13/23
MXN
17.00
USD
1,136
2,802
$
14,266
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
Call
Bought
Protection
on
5-Year
Credit
Default
Swap
......
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
5.00
%
Quarterly
Barclays
Bank
plc
07/19/23
USD
103.00
USD
140
$
305
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
USD
94.00
USD
70
16
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
BNP
Paribas
SA
07/19/23
USD
95.00
USD
85
21
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
BNP
Paribas
SA
08/16/23
USD
98.50
USD
140
214
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
JPMorgan
Chase
Bank
NA
08/16/23
USD
99.00
USD
135
245
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
USD
99.50
USD
120
59
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
USD
110.00
USD
700
33
588
$
893
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
50
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
Goldman
Sachs
International
08/07/23
2.85
%
USD
749
$
225
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
JPMorgan
Chase
Bank
NA
08/09/23
2.85
USD
894
316
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.81%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/21/23
2.81
USD
546
1,068
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/22/23
2.80
USD
234
454
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
2.75%
Annual
Goldman
Sachs
International
10/19/23
2.75
USD
1,076
2,101
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.05%
Semi-Annual
Citibank
NA
10/24/23
3.05
USD
853
5,843
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.90%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.90
USD
853
4,256
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.82%
Semi-Annual
Goldman
Sachs
International
11/07/23
2.82
USD
354
1,587
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
Citibank
NA
11/14/23
2.85
USD
274
4,916
20,766
Put
10-Year
Interest
Rate
Swap
(a)
4.55%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
10/24/23
4.55
USD
853
1,217
10-Year
Interest
Rate
Swap
(a)
4.40%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
4.40
USD
853
1,978
10-Year
Interest
Rate
Swap
(a)
4.82%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/07/23
4.82
USD
354
327
3,522
$
24,288
(a)
Forward
settling
swaption.
Interest
Rate
Caps
Sold
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y
CMS
Index
Cap
....
(0.68)
%
Goldman
Sachs
International
09/27/23
USD
18,291
$
(14,300)
$
(13,844)
$
(456)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
CBOE
Volatility
Index
..........................
8
07/19/23
USD
40.00
USD
11
$
(32)
Advanced
Micro
Devices,
Inc.
....................
3
07/21/23
USD
155.00
USD
34
(24)
Advanced
Micro
Devices,
Inc.
....................
8
07/21/23
USD
110.00
USD
91
(5,300)
Advanced
Micro
Devices,
Inc.
....................
8
07/21/23
USD
105.00
USD
91
(8,240)
Constellation
Brands,
Inc.
.......................
4
07/21/23
USD
255.00
USD
98
(310)
Micron
Technology,
Inc.
........................
8
07/21/23
USD
72.50
USD
50
(92)
Shell
plc
...................................
16
07/21/23
USD
65.00
USD
97
(120)
SPDR
Gold
Shares
(a)
..........................
59
07/21/23
USD
215.00
USD
1,052
(59)
SPDR
S&P
Regional
Banking
ETF
.................
68
07/21/23
USD
48.00
USD
278
(408)
Walt
Disney
Co.
(The)
.........................
27
07/21/23
USD
105.00
USD
241
(122)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
51
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Activision
Blizzard,
Inc.
.........................
10
08/18/23
USD
95.00
USD
84
$
(410)
Advanced
Micro
Devices,
Inc.
....................
30
08/18/23
USD
170.00
USD
342
(870)
Alphabet,
Inc.
...............................
20
08/18/23
USD
145.00
USD
242
(720)
Amazon.com,
Inc.
............................
19
08/18/23
USD
150.00
USD
248
(2,242)
Delta
Air
Lines,
Inc.
...........................
32
08/18/23
USD
55.00
USD
152
(944)
Dexcom,
Inc.
...............................
3
08/18/23
USD
140.00
USD
39
(803)
JPMorgan
Chase
&
Co.
........................
24
08/18/23
USD
155.00
USD
349
(2,088)
Micron
Technology,
Inc.
........................
21
08/18/23
USD
80.00
USD
133
(326)
Tesla,
Inc.
..................................
7
08/18/23
USD
300.00
USD
183
(6,090)
United
Airlines
Holdings,
Inc.
.....................
32
08/18/23
USD
65.00
USD
176
(1,232)
Advanced
Micro
Devices,
Inc.
....................
14
09/15/23
USD
160.00
USD
159
(1,309)
Delta
Air
Lines,
Inc.
...........................
41
09/15/23
USD
55.00
USD
195
(2,296)
NVIDIA
Corp.
...............................
4
12/15/23
USD
530.00
USD
169
(8,860)
SPDR
S&P
500
ETF
Trust
.......................
5
12/15/23
USD
420.00
USD
222
(19,638)
(62,535)
Put
SPDR
S&P
500
ETF
Trust
.......................
14
07/14/23
USD
417.00
USD
621
(357)
Eli
Lilly
&
Co.
...............................
3
07/21/23
USD
390.00
USD
141
(54)
Invesco
QQQ
Trust
Series
1
.....................
25
07/21/23
USD
335.00
USD
924
(813)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
5
07/21/23
USD
101.00
USD
54
(13)
iShares
Russell
2000
ETF
.......................
3
07/21/23
USD
120.00
USD
56
(3)
iShares
Russell
2000
ETF
.......................
5
07/21/23
USD
166.00
USD
94
(60)
Lockheed
Martin
Corp.
.........................
1
07/21/23
USD
410.00
USD
46
(35)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.............
2
07/21/23
EUR
800.00
EUR
173
(3,819)
Shell
plc
...................................
16
07/21/23
USD
50.00
USD
97
(160)
SPDR
Gold
Shares
(a)
..........................
29
07/21/23
USD
177.00
USD
517
(3,277)
Uber
Technologies,
Inc.
........................
37
07/21/23
USD
37.50
USD
160
(296)
Uber
Technologies,
Inc.
........................
40
07/21/23
USD
32.50
USD
173
(120)
Vinci
SA
...................................
13
07/21/23
EUR
100.00
EUR
138
(426)
Waste
Management,
Inc.
.......................
12
07/21/23
USD
160.00
USD
208
(180)
Activision
Blizzard,
Inc.
.........................
6
08/18/23
USD
75.00
USD
51
(753)
Activision
Blizzard,
Inc.
.........................
16
08/18/23
USD
70.00
USD
135
(808)
Alphabet,
Inc.
...............................
19
08/18/23
USD
110.00
USD
230
(2,489)
Amazon.com,
Inc.
............................
35
08/18/23
USD
110.00
USD
456
(2,923)
Apple,
Inc.
.................................
16
08/18/23
USD
170.00
USD
310
(1,168)
ConocoPhillips
..............................
16
08/18/23
USD
90.00
USD
166
(976)
Delta
Air
Lines,
Inc.
...........................
24
08/18/23
USD
40.00
USD
114
(636)
DR
Horton,
Inc.
..............................
5
08/18/23
USD
110.00
USD
61
(638)
DR
Horton,
Inc.
..............................
10
08/18/23
USD
105.00
USD
122
(725)
First
Solar,
Inc.
..............................
4
08/18/23
USD
160.00
USD
76
(1,068)
Freeport-McMoRan,
Inc.
........................
29
08/18/23
USD
35.00
USD
116
(1,450)
Humana,
Inc.
...............................
2
08/18/23
USD
410.00
USD
89
(720)
JPMorgan
Chase
&
Co.
........................
8
08/18/23
USD
125.00
USD
116
(308)
L3Harris
Technologies,
Inc.
......................
3
08/18/23
USD
160.00
USD
59
(135)
Lennar
Corp.
...............................
10
08/18/23
USD
115.00
USD
125
(1,100)
Microsoft
Corp.
..............................
7
08/18/23
USD
300.00
USD
238
(1,491)
NVIDIA
Corp.
...............................
2
08/18/23
USD
330.00
USD
85
(297)
Shell
plc
...................................
24
08/18/23
USD
52.50
USD
145
(540)
SPDR
S&P
500
ETF
Trust
.......................
20
08/18/23
USD
405.00
USD
887
(2,210)
Toll
Brothers,
Inc.
.............................
6
08/18/23
USD
70.00
USD
47
(330)
Toll
Brothers,
Inc.
.............................
10
08/18/23
USD
65.00
USD
79
(250)
Uber
Technologies,
Inc.
........................
26
08/18/23
USD
35.00
USD
112
(871)
United
Airlines
Holdings,
Inc.
.....................
24
08/18/23
USD
50.00
USD
132
(2,460)
Valero
Energy
Corp.
...........................
6
08/18/23
USD
105.00
USD
70
(939)
Apple,
Inc.
.................................
9
09/15/23
USD
170.00
USD
175
(1,094)
Archer-Daniels-Midland
Co.
......................
12
09/15/23
USD
60.00
USD
91
(270)
Barclays
plc
................................
41
09/15/23
GBP
1.35
GBP
63
(1,172)
Eli
Lilly
&
Co.
...............................
2
09/15/23
USD
430.00
USD
94
(1,315)
Ford
Motor
Co.
..............................
55
09/15/23
USD
13.00
USD
83
(1,238)
General
Motors
Co.
...........................
17
09/15/23
USD
35.00
USD
66
(1,360)
Microsoft
Corp.
..............................
6
09/15/23
USD
300.00
USD
204
(1,905)
Pfizer,
Inc.
.................................
53
09/15/23
USD
35.00
USD
194
(3,975)
SPDR
S&P
500
ETF
Trust
.......................
21
09/15/23
USD
400.00
USD
931
(4,095)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
52
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
United
Rentals,
Inc.
...........................
3
09/15/23
USD
400.00
USD
134
$
(3,135)
Valero
Energy
Corp.
...........................
16
09/15/23
USD
105.00
USD
188
(3,960)
NVIDIA
Corp.
...............................
4
12/15/23
USD
310.00
USD
169
(3,670)
(62,087)
$
(124,622)
(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
ING
Groep
NV
.............
Goldman
Sachs
International
302
07/21/23
EUR
13.00
EUR
4
$
(288)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
08/07/23
USD
1.14
EUR
587
(135)
(423)
Put
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
07/13/23
MXN
16.80
USD
1,136
(654)
TOPIX
Bank
Index
...........
BNP
Paribas
SA
29,064
07/14/23
JPY
175.10
JPY
6,406
–
TOPIX
Bank
Index
...........
Goldman
Sachs
International
48,422
07/14/23
JPY
181.37
JPY
10,673
(2)
TOPIX
Bank
Index
...........
JPMorgan
Chase
Bank
NA
19,396
07/14/23
JPY
182.08
JPY
4,275
(1)
ING
Groep
NV
.............
Goldman
Sachs
International
392
07/21/23
EUR
10.00
EUR
5
(60)
EUR
Currency
..............
Bank
of
America
NA
—
07/27/23
USD
1.06
EUR
302
(118)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
08/07/23
USD
1.08
EUR
293
(1,276)
(2,111)
$
(2,534)
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
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
5.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
B+
USD
87.00
USD
70
$
(8)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
BBB+
USD
140.00
USD
700
(22)
$
(30)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
2.41%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
07/19/23
2.41
%
USD
1,894
$
—
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
53
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)
2.55%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
08/09/23
2.55
%
USD
894
$
(60)
2Yx2Y
Interest
Rate
Swap
(a)
.
2.45%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
10/19/23
2.45
USD
1,076
(1,118)
2-Year
Interest
Rate
Swap
(a)
.
3.09%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
10/24/23
3.09
USD
3,412
(3,038)
2-Year
Interest
Rate
Swap
(a)
.
2.95%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.95
USD
3,412
(2,783)
2-Year
Interest
Rate
Swap
(a)
.
3.26%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/07/23
3.26
USD
1,417
(1,968)
2-Year
Interest
Rate
Swap
(a)
.
2.75%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/14/23
2.75
USD
2,743
(2,174)
10-Year
Interest
Rate
Swap
(a)
2.40%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
2.40
USD
473
(1,191)
(12,332)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.85%
Semi-Annual
JPMorgan
Chase
Bank
NA
07/03/23
3.85
USD
737
(2)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.61%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
07/19/23
3.61
USD
1,894
(10,855)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.75%
Semi-Annual
Goldman
Sachs
International
08/07/23
3.75
USD
937
(4,223)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.10%
Semi-Annual
JPMorgan
Chase
Bank
NA
08/09/23
4.10
USD
3,753
(47,023)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.10%
Semi-Annual
Goldman
Sachs
International
08/16/23
4.10
USD
6,995
(87,081)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Semi-Annual
Goldman
Sachs
International
10/02/23
3.93
USD
926
(5,515)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.50%
Semi-Annual
Goldman
Sachs
International
10/13/23
3.50
USD
1,287
(24,308)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.25%
Semi-Annual
Citibank
NA
10/13/23
4.25
USD
5,575
(54,835)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.05%
Semi-Annual
Goldman
Sachs
International
10/16/23
4.05
USD
2,845
(35,780)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.25%
Semi-Annual
Citibank
NA
10/17/23
4.25
USD
2,584
(25,514)
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.30%
Annual
Goldman
Sachs
International
10/19/23
3.30
USD
538
(2,441)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.75%
Semi-Annual
Citibank
NA
11/14/23
4.75
USD
2,195
(10,126)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
3.60
USD
473
(8,712)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.79%
Semi-Annual
JPMorgan
Chase
Bank
NA
03/27/24
3.79
USD
2,691
(39,493)
(355,908)
$
(368,240)
(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)
Avis
Budget
Car
Rental
LLC
............
5.00
%
Quarterly
12/20/26
USD
90
$
(7,447)
$
(9,036)
$
1,589
Markit
CDX
North
American
High
Yield
Index
Series
37.V3
.....................
5.00
Quarterly
12/20/26
USD
7
(331)
(179)
(152)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
162
(2,414)
(208)
(2,206)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
54
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
.....................
5.00
%
Quarterly
06/20/28
USD
65
$
(1,915)
$
(621)
$
(1,294)
$
(12,107)
$
(10,044)
$
(2,063)
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
Index
Series
38.V1
..
5.00
%
Quarterly
12/20/27
BB-
EUR
332
$
18,223
$
(10,138)
$
28,361
Markit
CDX
North
American
High
Yield
Index
Series
39.V2
...........
5.00
Quarterly
12/20/27
B+
USD
152
5,074
7
5,067
$
23,297
$
(10,131)
$
33,428
(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)
5.09%
At
Termination
1-day
EFFR
At
Termination
N/A
07/26/23
USD
10,894
$
1,466
$
—
$
1,466
1-day
SOFR
At
Termination
4.40%
At
Termination
N/A
02/13/24
USD
14,221
(120,342)
—
(120,342)
3.75%
At
Termination
1-day
SOFR
At
Termination
N/A
02/13/24
USD
7,110
105,469
—
105,469
28-day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(13,517)
—
(13,517)
28-day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(13,131)
—
(13,131)
1-day
SOFR
At
Termination
4.50%
At
Termination
N/A
03/09/24
USD
6,974
(55,861)
—
(55,861)
1-day
SONIA
At
Termination
3.22%
At
Termination
N/A
04/03/24
GBP
7,439
(216,707)
—
(216,707)
2.47%
At
Termination
1-day
SONIA
At
Termination
N/A
04/03/24
GBP
3,719
142,343
—
142,343
1-day
SOFR
Annual
2.65%
Annual
N/A
05/02/24
USD
10,966
(290,799)
1,186
(291,985)
6-mo.
EURIBOR
Semi-Annual
1.75%
At
Termination
N/A
05/04/24
EUR
10,529
(245,519)
—
(245,519)
1.00%
At
Termination
6-mo.
EURIBOR
Semi-Annual
N/A
05/04/24
EUR
5,265
164,700
—
164,700
1-day
SOFR
At
Termination
4.46%
At
Termination
07/12/23
(a)
07/12/24
USD
7,486
(64,906)
—
(64,906)
1-day
SONIA
At
Termination
4.26%
At
Termination
09/06/23
(a)
09/06/24
GBP
1,943
(45,978)
—
(45,978)
28-day
MXIBTIIE
Monthly
9.78%
Monthly
N/A
02/04/25
MXN
21,943
(8,034)
—
(8,034)
28-day
MXIBTIIE
Monthly
9.79%
Monthly
N/A
02/04/25
MXN
10,972
(3,922)
—
(3,922)
28-day
MXIBTIIE
Monthly
9.80%
Monthly
N/A
02/04/25
MXN
10,972
(3,779)
—
(3,779)
1-day
SOFR
Annual
2.60%
Annual
N/A
02/17/25
USD
3,793
(175,434)
—
(175,434)
1-day
SOFR
Annual
2.70%
Annual
N/A
02/17/25
USD
3,793
(168,155)
—
(168,155)
2.00%
Annual
1-day
SOFR
Annual
N/A
02/17/25
USD
1,067
61,636
—
61,636
1-day
SOFR
Annual
4.03%
Annual
N/A
03/10/25
USD
7,053
(129,753)
—
(129,753)
2.72%
Annual
1-day
SOFR
Annual
N/A
05/02/25
USD
13,742
574,170
(2,445)
576,615
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
929
(22,925)
—
(22,925)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
991
(22,787)
—
(22,787)
28-day
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
4,339
(16,990)
—
(16,990)
28-day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
5,959
(23,403)
—
(23,403)
28-day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
4,857
(19,427)
—
(19,427)
28-day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
2,947
(11,670)
—
(11,670)
28-day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
4,376
(17,371)
—
(17,371)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
09/20/23
(a)
09/20/26
KRW
260,925
(1,151)
—
(1,151)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
09/20/23
(a)
09/20/26
KRW
260,925
(1,196)
—
(1,196)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
55
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3-mo.
CD_KSDA
Quarterly
3.39%
Quarterly
09/20/23
(a)
09/20/26
KRW
260,886
$
(1,122)
$
—
$
(1,122)
1-day
SOFR
Annual
3.47%
Annual
03/10/25
(a)
03/10/27
USD
742
586
—
586
1-day
SOFR
Annual
2.67%
Annual
N/A
05/02/27
USD
988
(54,432)
(574)
(53,858)
1-day
SOFR
Annual
2.91%
Annual
N/A
10/06/27
USD
1,885
(103,428)
—
(103,428)
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
6,479
(57,361)
—
(57,361)
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
490
(6,460)
—
(6,460)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
762
188,178
—
188,178
1-day
SOFR
Annual
2.65%
Annual
N/A
05/02/32
USD
6,318
(470,285)
5,129
(475,414)
2.58%
Annual
1-day
SOFR
Annual
N/A
05/24/32
USD
1,169
91,708
(1,042)
92,750
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
190
14,620
—
14,620
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
810
(12,715)
—
(12,715)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
388
(7,808)
—
(7,808)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
884
(45,501)
—
(45,501)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
899
(59,223)
—
(59,223)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
904
(56,501)
—
(56,501)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
1,447
(92,514)
—
(92,514)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
846
(32,372)
—
(32,372)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
576
(5,354)
—
(5,354)
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
1,045
67
—
67
28-day
MXIBTIIE
Monthly
8.17%
Monthly
N/A
06/10/33
MXN
7,419
1,907
—
1,907
3.24%
Annual
1-day
SOFR
Annual
08/09/23
(a)
08/09/33
USD
458
10,932
—
10,932
3-mo.
JIBAR
Quarterly
9.90%
Quarterly
09/20/23
(a)
09/20/33
ZAR
1,080
846
—
846
3-mo.
JIBAR
Quarterly
9.90%
Quarterly
09/20/23
(a)
09/20/33
ZAR
2,161
1,684
—
1,684
3-mo.
JIBAR
Quarterly
9.92%
Quarterly
09/20/23
(a)
09/20/33
ZAR
1,080
924
—
924
2.61%
Annual
1-day
SOFR
Annual
N/A
05/02/42
USD
143
16,827
328
16,499
2.43%
Annual
1-day
SOFR
Annual
N/A
05/02/52
USD
4,377
641,934
(9,401)
651,335
$
(677,836)
$
(6,819)
$
(671,017)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
110
$
(1,866)
$
—
$
(1,866)
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)
Pitney
Bowes,
Inc.
.........
1.00
%
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
$
242
$
326
$
(84)
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
184
286
(102)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/25
USD
10
1,479
1,730
(251)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
5
739
1,033
(294)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
(83)
126
(209)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
(83)
126
(209)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
10
(111)
157
(268)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
10
(161)
124
(285)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
USD
10
(938)
(233)
(705)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
56
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Pitney
Bowes,
Inc.
.........
1.00
%
Quarterly
Bank
of
America
NA
12/20/27
USD
10
$
3,471
$
2,392
$
1,079
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
10
3,476
2,328
1,148
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
10
916
1,049
(133)
Credit
Suisse
Group
Finance
Guernsey
Ltd.
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
40
(23)
1,372
(1,395)
Credit
Suisse
Group
Finance
Guernsey
Ltd.
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
100
(57)
3,548
(3,605)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/28
USD
5
(475)
(246)
(229)
MetLife,
Inc.
.............
1.00
Quarterly
BNP
Paribas
SA
06/20/28
USD
10
29
75
(46)
Paramount
Global
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
3
199
147
52
Paramount
Global
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
3
185
137
48
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
15
855
662
193
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
30
(71)
686
(757)
Southwest
Airlines
Co.
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
30
(119)
449
(568)
$
–
$
–
$
–
$
9,654
$
16,274
$
(6,620)
$
–
$
–
$
–
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
13.25%
At
Termination
Citibank
NA
01/02/24
BRL
1,139
$
245
$
—
$
245
1-day
BZDIOVER
At
Termination
12.44%
At
Termination
Barclays
Bank
plc
07/01/24
BRL
210
212
—
212
1-day
BZDIOVER
At
Termination
12.48%
At
Termination
Barclays
Bank
plc
07/01/24
BRL
627
597
—
597
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
3,325
22,991
—
22,991
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
3,323
23,363
—
23,363
1-day
BZDIOVER
At
Termination
13.22%
At
Termination
Citibank
NA
01/02/25
BRL
1,748
12,559
—
12,559
1-day
BZDIOVER
At
Termination
9.39%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,166
(30,441)
—
(30,441)
1-day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,362
(32,668)
—
(32,668)
1-day
BZDIOVER
At
Termination
11.27%
At
Termination
BNP
Paribas
SA
01/02/26
BRL
279
1,499
—
1,499
1-day
BZDIOVER
At
Termination
11.56%
At
Termination
Barclays
Bank
plc
01/02/26
BRL
210
1,408
—
1,408
1-day
BZDIOVER
At
Termination
11.76%
At
Termination
Citibank
NA
01/02/26
BRL
160
1,238
—
1,238
1-day
BZDIOVER
At
Termination
11.78%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/26
BRL
167
1,306
—
1,306
1-day
BZDIOVER
At
Termination
11.82%
At
Termination
Barclays
Bank
plc
01/02/26
BRL
277
2,235
—
2,235
1-day
BZDIOVER
At
Termination
11.83%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/26
BRL
293
2,387
—
2,387
1-day
BZDIOVER
At
Termination
10.53%
At
Termination
Citibank
NA
01/02/29
BRL
1,080
2,769
—
2,769
1-day
BZDIOVER
At
Termination
10.57%
At
Termination
Goldman
Sachs
International
01/02/29
BRL
1,692
5,047
—
5,047
1-day
BZDIOVER
At
Termination
10.58%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/29
BRL
1,186
3,694
—
3,694
$
18,441
$
—
$
18,441
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
57
(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:
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)
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
09/15/23
USD
64
$
217
$
—
$
217
1-day
SOFR
minus
0.40%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
09/15/23
USD
2
(54)
—
(54)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
BNP
Paribas
SA
09/15/23
USD
5
(1,569)
—
(1,569)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
JPMorgan
Chase
Bank
NA
09/15/23
USD
5
(1,696)
—
(1,696)
SPDR
S&P
Regional
Banking
ETF
.....
At
Termination
1-day
SOFR
minus
0.40%
At
Termination
BNP
Paribas
SA
09/15/23
USD
—
542
—
542
SPDR
S&P
Regional
Banking
ETF
.....
At
Termination
1-day
SOFR
minus
0.40%
At
Termination
BNP
Paribas
SA
09/15/23
USD
—
534
—
534
$
(2,026)
$
—
$
(2,026)
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)
02/26/24
$
(1,508,570)
$
(25,219)
(c)
$
(1,536,538)
1.0
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
08/10/23
(2,110,459)
(9,638)
(e)
(2,121,813)
1.4
$
(34,857)
$
(3,658,351)
(b)
(d)
Range:
15-234
basis
points
15-700
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$2,749
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$1,716
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
period
end,
termination
date
February
26,
2024:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
United
States
Dollar
General
Corp.
.......
1
$
170
(0.0)
%
(a)
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Belgium
D'ieteren
Group
..........
(66)
$
(11,681)
0.8
%
Brazil
BRF
SA
................
(321)
(601)
0.0
(b)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
58
Shares
Value
%
of
Basket
Value
Brazil
(continued)
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............
(1,000)
$
(11,850)
0.8
%
(12,451)
Canada
Intact
Financial
Corp.
.......
(166)
(25,630)
1.7
Power
Corp.
of
Canada
.....
(930)
(25,034)
1.6
Restaurant
Brands
International,
Inc.
.................
(251)
(19,461)
1.3
(70,125)
China
China
Overseas
Land
&
Investment
Ltd.
........
(4,500)
(9,844)
0.6
China
Vanke
Co.
Ltd.,
Class
H
(4,035)
(5,436)
0.3
Li
Ning
Co.
Ltd.
...........
(1,500)
(8,100)
0.5
Prosus
NV
..............
(39)
(2,856)
0.2
Xiaomi
Corp.,
Class
B
......
(10,000)
(13,749)
0.9
XPeng,
Inc.,
Class
A
.......
(1,400)
(9,300)
0.6
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
.......
(2,000)
(7,471)
0.5
ZTE
Corp.,
Class
H
........
(1,000)
(4,019)
0.3
(60,775)
Denmark
Tryg
A/S
...............
(408)
(8,836)
0.6
Finland
Metso
OYJ
..............
(871)
(10,510)
0.7
Nordea
Bank
Abp
.........
(1,105)
(12,036)
0.8
(22,546)
Germany
Infineon
Technologies
AG
....
(131)
(5,395)
0.3
Porsche
Automobil
Holding
SE
(Preference)
..........
(83)
(5,002)
0.3
Sartorius
AG
(Preference)
...
(26)
(9,008)
0.6
Vonovia
SE
.............
(2,016)
(39,372)
2.6
(58,777)
Italy
Nexi
SpA
...............
(1,123)
(8,811)
0.6
Telecom
Italia
SpA
........
(79,103)
(22,301)
1.4
(31,112)
Japan
ENEOS
Holdings,
Inc.
......
(4,200)
(14,436)
0.9
Hitachi
Ltd.
.............
(100)
(6,218)
0.4
Lasertec
Corp.
...........
(100)
(15,112)
1.0
MatsukiyoCocokara
&
Co.
...
(700)
(39,320)
2.6
Mitsubishi
Estate
Co.
Ltd.
....
(600)
(7,128)
0.5
Olympus
Corp.
...........
(800)
(12,660)
0.8
Open
House
Group
Co.
Ltd.
..
(200)
(7,220)
0.5
Recruit
Holdings
Co.
Ltd.
....
(1,500)
(47,873)
3.1
SoftBank
Group
Corp.
......
(200)
(9,432)
0.6
Sony
Group
Corp.
.........
(100)
(9,027)
0.6
SUMCO
Corp.
...........
(1,400)
(19,862)
1.3
TDK
Corp.
..............
(200)
(7,801)
0.5
(196,089)
Mexico
America
Movil
SAB
de
CV
...
(59,925)
(65,047)
4.2
Norway
Aker
ASA,
Class
A
.........
(38)
(2,154)
0.1
Aker
BP
ASA
............
(910)
(21,350)
1.4
Nordic
Semiconductor
ASA
...
(217)
(2,647)
0.2
Shares
Value
%
of
Basket
Value
Norway
(continued)
Salmar
ASA
.............
(234)
$
(9,430)
0.6
%
(35,581)
Poland
KGHM
Polska
Miedz
SA
.....
(452)
(12,516)
0.8
LPP
SA
................
(2)
(6,894)
0.5
(19,410)
South
Korea
Hanwha
Solutions
Corp.
.....
(68)
(2,193)
0.1
Kakao
Corp.
.............
(677)
(25,428)
1.7
(27,621)
Sweden
EQT
AB
................
(405)
(7,797)
0.5
Fastighets
AB
Balder,
Class
B
.
(2,488)
(9,110)
0.6
Sagax
AB,
Class
B
........
(121)
(2,393)
0.1
Sandvik
AB
.............
(318)
(6,209)
0.4
Trelleborg
AB,
Class
B
......
(361)
(8,761)
0.6
(34,270)
Switzerland
SIG
Group
AG
...........
(1,697)
(46,883)
3.1
Straumann
Holding
AG
(Registered)
...........
(98)
(15,935)
1.0
(62,818)
United
Kingdom
Rentokil
Initial
plc
.........
(1,556)
(12,166)
0.8
United
States
Airbnb,
Inc.,
Class
A
.......
(57)
(7,305)
0.5
Apollo
Global
Management,
Inc.
(226)
(17,359)
1.1
Arch
Capital
Group
Ltd.
.....
(105)
(7,859)
0.5
Blackstone,
Inc.
..........
(399)
(37,095)
2.4
Broadridge
Financial
Solutions,
Inc.
.................
(54)
(8,944)
0.6
Celanese
Corp.
..........
(114)
(13,201)
0.9
Charles
River
Laboratories
International,
Inc.
.......
(58)
(12,195)
0.8
Church
&
Dwight
Co.,
Inc.
...
(195)
(19,545)
1.3
Constellation
Energy
Corp.
...
(872)
(79,832)
5.2
CoStar
Group,
Inc.
........
(351)
(31,239)
2.0
DaVita,
Inc.
.............
(68)
(6,832)
0.4
Discover
Financial
Services
..
(73)
(8,530)
0.6
Dollar
Tree,
Inc.
..........
(112)
(16,072)
1.0
Equifax,
Inc.
.............
(125)
(29,412)
1.9
HCA
Healthcare,
Inc.
.......
(15)
(4,552)
0.3
Illumina,
Inc.
............
(125)
(23,436)
1.5
Iron
Mountain,
Inc.
........
(158)
(8,978)
0.6
Kimco
Realty
Corp.
........
(498)
(9,821)
0.6
KKR
&
Co.,
Inc.
..........
(509)
(28,504)
1.9
Lamb
Weston
Holdings,
Inc.
..
(411)
(47,244)
3.1
Marvell
Technology,
Inc.
.....
(439)
(26,243)
1.7
Newell
Brands,
Inc.
........
(2,706)
(23,542)
1.5
Norwegian
Cruise
Line
Holdings
Ltd.
................
(1,385)
(30,151)
2.0
Occidental
Petroleum
Corp.
..
(70)
(4,116)
0.3
ONEOK,
Inc.
............
(141)
(8,703)
0.6
Oracle
Corp.
............
(268)
(31,916)
2.1
Paramount
Global,
Class
B
...
(3,211)
(51,087)
3.3
Quanta
Services,
Inc.
......
(211)
(41,451)
2.7
Raymond
James
Financial,
Inc.
(74)
(7,679)
0.5
Realty
Income
Corp.
.......
(186)
(11,121)
0.7
Republic
Services,
Inc.
.....
(294)
(45,032)
2.9
Revvity,
Inc.
.............
(1)
(119)
0.0
(b)
Southwest
Airlines
Co.
......
(114)
(4,128)
0.3
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
59
Shares
Value
%
of
Basket
Value
United
States
(continued)
Take-Two
Interactive
Software,
Inc.
.................
(371)
$
(54,596)
3.5
%
Teledyne
Technologies,
Inc.
..
(106)
(43,578)
2.8
Welltower,
Inc.
...........
(74)
(5,986)
0.4
(807,403)
Total
Reference
Entity
—
Short
............
(1,536,708)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(1,536,538)
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
August
10,
2023:
Reference
Entity
—
Short
Common
Stocks
Australia
AMP
Ltd.
...............
(6,421)
(4,852)
0.2
Brambles
Ltd.
............
(1,097)
(10,548)
0.5
Computershare
Ltd.
........
(4,215)
(65,779)
3.1
Evolution
Mining
Ltd.
.......
(958)
(2,086)
0.1
Fortescue
Metals
Group
Ltd.
..
(341)
(5,060)
0.3
IDP
Education
Ltd.
........
(471)
(6,975)
0.3
IGO
Ltd.
...............
(900)
(9,186)
0.4
Lendlease
Corp.
Ltd.
.......
(445)
(2,309)
0.1
Lynas
Rare
Earths
Ltd.
.....
(1,402)
(6,443)
0.3
Macquarie
Group
Ltd.
......
(144)
(17,134)
0.8
Mineral
Resources
Ltd.
.....
(576)
(27,586)
1.3
Northern
Star
Resources
Ltd.
.
(686)
(5,589)
0.3
Pilbara
Minerals
Ltd.
.......
(1,318)
(4,332)
0.2
Santos
Ltd.
.............
(1,213)
(6,069)
0.3
Suncorp
Group
Ltd.
........
(956)
(8,590)
0.4
Woodside
Energy
Group
Ltd.
.
(245)
(5,667)
0.3
(188,205)
Belgium
D'ieteren
Group
..........
(67)
(11,858)
0.6
Brazil
Banco
BTG
Pactual
SA
.....
(1,131)
(7,455)
0.3
BRF
SA
................
(2,321)
(4,343)
0.2
Cia
Siderurgica
Nacional
SA
..
(1,803)
(4,586)
0.2
Equatorial
Energia
SA
......
(2,222)
(14,900)
0.7
Hapvida
Participacoes
e
Investimentos
S/A
.......
(61,812)
(56,672)
2.7
Localiza
Rent
a
Car
SA
.....
(2,936)
(41,996)
2.0
(129,952)
Canada
Great-West
Lifeco,
Inc.
.....
(362)
(10,512)
0.5
Intact
Financial
Corp.
.......
(295)
(45,548)
2.1
Power
Corp.
of
Canada
.....
(1,007)
(27,107)
1.3
Restaurant
Brands
International,
Inc.
.................
(196)
(15,196)
0.7
(98,363)
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(20,000)
(11,323)
0.5
Country
Garden
Holdings
Co.
Ltd.
................
(77,681)
(15,846)
0.7
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
(3,318)
0.2
Li
Ning
Co.
Ltd.
...........
(4,000)
(21,601)
1.0
Shares
Value
%
of
Basket
Value
China
(continued)
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..........
(16,000)
$
(17,815)
0.8
%
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(7,500)
(13,785)
0.7
Xiaomi
Corp.,
Class
B
......
(37,600)
(51,698)
2.4
XPeng,
Inc.,
Class
A
.......
(500)
(3,321)
0.2
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
.......
(2,600)
(9,712)
0.5
(148,419)
Finland
Metso
OYJ
..............
(1,000)
(12,067)
0.6
France
Sartorius
Stedim
Biotech
....
(45)
(11,239)
0.5
Germany
Deutsche
Bank
AG
(Registered)
(331)
(3,480)
0.2
HOCHTIEF
AG
...........
(89)
(7,700)
0.3
Sartorius
AG
(Preference)
...
(110)
(38,111)
1.8
Talanx
AG
..............
(108)
(6,200)
0.3
(55,491)
Hong
Kong
Sino
Biopharmaceutical
Ltd.
..
(15,000)
(6,554)
0.3
Italy
Telecom
Italia
SpA
........
(16,680)
(4,703)
0.2
Japan
Fujitsu
General
Ltd.
........
(200)
(4,368)
0.2
Fujitsu
Ltd.
..............
(100)
(12,948)
0.6
Lasertec
Corp.
...........
(100)
(15,112)
0.7
Mitsui
Fudosan
Co.
Ltd.
.....
(400)
(7,973)
0.4
NIDEC
Corp.
............
(100)
(5,511)
0.2
Olympus
Corp.
...........
(1,700)
(26,903)
1.3
Park24
Co.
Ltd.
..........
(600)
(8,155)
0.4
Rakuten
Group,
Inc.
.......
(13,300)
(46,344)
2.2
RENOVA,
Inc.
...........
(700)
(7,916)
0.4
SBI
Holdings,
Inc.
.........
(600)
(11,572)
0.5
SoftBank
Group
Corp.
......
(100)
(4,716)
0.2
Square
Enix
Holdings
Co.
Ltd.
.
(400)
(18,611)
0.9
SUMCO
Corp.
...........
(600)
(8,512)
0.4
Sumitomo
Corp.
..........
(300)
(6,365)
0.3
(185,006)
Luxembourg
Reinet
Investments
SCA
....
(286)
(6,336)
0.3
Macau
Sands
China
Ltd.
.........
(2,000)
(6,849)
0.3
Netherlands
Aegon
NV
..............
(642)
(3,259)
0.2
BE
Semiconductor
Industries
NV
(49)
(5,314)
0.2
Koninklijke
Philips
NV
......
(386)
(8,364)
0.4
(16,937)
Norway
Nordic
Semiconductor
ASA
...
(136)
(1,659)
0.1
Poland
Allegro.eu
SA
............
(306)
(2,411)
0.1
Bank
Polska
Kasa
Opieki
SA
.
(325)
(8,865)
0.4
InPost
SA
..............
(2,074)
(22,509)
1.1
Polski
Koncern
Naftowy
ORLEN
SA
.................
(324)
(5,135)
0.2
(38,920)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
60
Shares
Value
%
of
Basket
Value
Singapore
Sea
Ltd.,
ADR,
Class
A
.....
(679)
$
(39,409)
1.9
%
South
Korea
Delivery
Hero
SE
.........
(349)
(15,398)
0.7
Kakao
Corp.
.............
(245)
(9,202)
0.5
LG
Electronics,
Inc.
........
(67)
(6,485)
0.3
Lotte
Energy
Materials
Corp.
..
(187)
(6,894)
0.3
POSCO
Future
M
Co.
Ltd.
...
(151)
(40,739)
1.9
SK
Innovation
Co.
Ltd.
......
(65)
(7,880)
0.4
SK,
Inc.
................
(66)
(7,487)
0.4
SKC
Co.
Ltd.
............
(9)
(671)
0.0
(b)
(94,756)
Spain
CaixaBank
SA
...........
(3,167)
(13,119)
0.6
Sweden
Securitas
AB,
Class
B
......
(652)
(5,355)
0.2
Switzerland
Bachem
Holding
AG
.......
(358)
(31,259)
1.5
Cie
Financiere
Richemont
SA
.
(45)
(7,644)
0.4
Tecan
Group
AG
(Registered)
.
(58)
(22,288)
1.0
UBS
Group
AG
(Registered)
..
(3,237)
(65,609)
3.1
Zurich
Insurance
Group
AG
..
(17)
(8,087)
0.4
(134,887)
United
Kingdom
Centrica
plc
.............
(8,117)
(12,798)
0.6
Ocado
Group
plc
.........
(4,416)
(31,956)
1.5
(44,754)
United
States
Air
Transport
Services
Group,
Inc.
.................
(187)
(3,529)
0.2
Airbnb,
Inc.,
Class
A
.......
(39)
(4,998)
0.2
Align
Technology,
Inc.
......
(46)
(16,267)
0.8
Bank
of
Hawaii
Corp.
.......
(214)
(8,823)
0.4
BankUnited,
Inc.
..........
(440)
(9,482)
0.4
Banner
Corp.
............
(161)
(7,031)
0.3
Block,
Inc.,
Class
A
........
(58)
(3,861)
0.2
Boeing
Co.
(The)
.........
(23)
(4,857)
0.2
Boston
Properties,
Inc.
......
(876)
(50,449)
2.4
Brandywine
Realty
Trust
....
(41)
(191)
0.0
(b)
Broadridge
Financial
Solutions,
Inc.
.................
(178)
(29,482)
1.4
Cadence
Bank
...........
(398)
(7,817)
0.4
Capital
One
Financial
Corp.
..
(37)
(4,047)
0.2
Charles
River
Laboratories
International,
Inc.
.......
(250)
(52,563)
2.5
Charles
Schwab
Corp.
(The)
..
(307)
(17,401)
0.8
Church
&
Dwight
Co.,
Inc.
...
(414)
(41,495)
2.0
Columbia
Banking
System,
Inc.
(385)
(7,808)
0.4
Community
Bank
System,
Inc.
.
(155)
(7,266)
0.3
CoStar
Group,
Inc.
........
(107)
(9,523)
0.5
Crown
Castle,
Inc.
.........
(44)
(5,013)
0.2
Cullen/Frost
Bankers,
Inc.
...
(86)
(9,248)
0.4
CVB
Financial
Corp.
.......
(556)
(7,384)
0.3
Darden
Restaurants,
Inc.
....
(49)
(8,187)
0.4
Shares
Value
%
of
Basket
Value
United
States
(continued)
Devon
Energy
Corp.
.......
(152)
$
(7,348)
0.3
%
DISH
Network
Corp.,
Class
A
.
(1,245)
(8,205)
0.4
Dollar
General
Corp.
.......
(1)
(170)
0.0
(b)
Enphase
Energy,
Inc.
.......
(15)
(2,512)
0.1
Equifax,
Inc.
.............
(66)
(15,530)
0.7
FB
Financial
Corp.
........
(286)
(8,022)
0.4
Fiserv,
Inc.
..............
(433)
(54,623)
2.6
Frontier
Communications
Parent,
Inc.
.................
(213)
(3,970)
0.2
General
Electric
Co.
.......
(63)
(6,921)
0.3
Glacier
Bancorp,
Inc.
.......
(260)
(8,104)
0.4
Hancock
Whitney
Corp.
.....
(215)
(8,252)
0.4
Huntington
Bancshares,
Inc.
..
(1,522)
(16,407)
0.8
International
Business
Machines
Corp.
...............
(153)
(20,473)
1.0
Iron
Mountain,
Inc.
........
(548)
(31,137)
1.5
James
Hardie
Industries
plc,
CDI
................
(348)
(9,283)
0.4
KKR
&
Co.,
Inc.
..........
(278)
(15,568)
0.7
Lamb
Weston
Holdings,
Inc.
..
(163)
(18,737)
0.9
Martin
Marietta
Materials,
Inc.
.
(15)
(6,925)
0.3
Netflix,
Inc.
..............
(8)
(3,524)
0.2
Newell
Brands,
Inc.
........
(695)
(6,046)
0.3
OceanFirst
Financial
Corp.
...
(268)
(4,186)
0.2
ON
Semiconductor
Corp.
....
(64)
(6,053)
0.3
Oracle
Corp.
............
(17)
(2,025)
0.1
Pacific
Premier
Bancorp,
Inc.
.
(407)
(8,417)
0.4
PayPal
Holdings,
Inc.
......
(82)
(5,472)
0.3
Prosperity
Bancshares,
Inc.
..
(121)
(6,834)
0.3
QUALCOMM,
Inc.
.........
(39)
(4,643)
0.2
Raymond
James
Financial,
Inc.
(178)
(18,471)
0.9
Republic
Services,
Inc.
.....
(100)
(15,317)
0.7
ResMed,
Inc.
............
(63)
(13,765)
0.6
Revvity,
Inc.
.............
(185)
(21,976)
1.0
Sabre
Corp.
.............
(715)
(2,281)
0.1
ServisFirst
Bancshares,
Inc.
..
(163)
(6,670)
0.3
Simon
Property
Group,
Inc.
..
(55)
(6,351)
0.3
SouthState
Corp.
.........
(117)
(7,699)
0.4
STERIS
plc
.............
(193)
(43,421)
2.0
Synovus
Financial
Corp.
....
(77)
(2,329)
0.1
Targa
Resources
Corp.
.....
(215)
(16,361)
0.8
T-Mobile
US,
Inc.
.........
(247)
(34,308)
1.6
Truist
Financial
Corp.
.......
(524)
(15,903)
0.8
UMB
Financial
Corp.
.......
(131)
(7,978)
0.4
Valley
National
Bancorp
.....
(1,062)
(8,230)
0.4
Washington
Federal,
Inc.
....
(286)
(7,585)
0.4
Western
Alliance
Bancorp
....
(604)
(22,028)
1.0
Xerox
Holdings
Corp.
.......
(121)
(1,802)
0.1
Zions
Bancorp
NA
.........
(99)
(2,659)
0.1
(861,243)
Preferred
Securities
Brazil
Alpargatas
SA
(Preference)
..
(2,951)
(5,732)
0.3
Total
Reference
Entity
—
Short
............
(2,121,813)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(2,121,813)
(a)
Amount
is
greater
than
(0.1)%.
(b)
Rounds
to
less
than
0.1%.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
61
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
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1-day
EFFR
.........................................
Effective
Federal
Funds
Rate
5.08
1-day
ESTR
.........................................
Euro
Short-Term
Rate
3.40
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5.07
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4.93
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.50
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.75
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8.50
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.90
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)
............................................
$
6,650
$
(33,644)
$
2,067,574
$
(2,709,092)
$
—
OTC
Swaps
.....................................................
16,753
(479)
85,363
(110,425)
—
Options
Written
...................................................
N/A
N/A
168,293
(247,153)
(509,726)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Consolidated
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
43,800
$
—
$
388,215
$
—
$
432,015
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
574,122
—
—
574,122
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
893
486,878
9,972
25,682
—
523,425
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
35,017
—
—
2,032,557
—
2,067,574
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
19,273
1,293
—
81,550
—
102,116
$
—
$
55,183
$
531,971
$
584,094
$
2,528,004
$
—
$
3,699,252
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
89,685
$
—
$
85,899
$
—
$
175,584
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
504,806
—
—
504,806
Options
written
(b)
Options
written
at
value
.....................
—
30
124,973
2,183
382,540
—
509,726
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
3,652
—
—
2,703,574
1,866
2,709,092
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
9,619
38,176
—
63,109
—
110,904
$
—
$
13,301
$
252,834
$
506,989
$
3,235,122
$
1,866
$
4,010,112
(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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
62
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Consolidated
Schedule
of
Investments.
For
the
period
ended
June
30,
2023,
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
.......................
$
—
$
—
$
(631,563)
$
—
$
(265,982)
$
—
$
(897,545)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(544,870)
—
—
(544,870)
Options
purchased
(a)
.....................
—
(8,680)
(142,880)
(55,846)
(91,059)
—
(298,465)
Options
written
........................
—
1,571
451,042
21,200
317,339
—
791,152
Swaps
..............................
—
4,452
125,593
—
(113,338)
1,600
18,307
$
—
$
(2,657)
$
(197,808)
$
(579,516)
$
(153,040)
$
1,600
$
(931,421)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(284,365)
$
—
$
467,051
$
—
$
182,686
Forward
foreign
currency
exchange
contracts
....
—
—
—
576,071
—
—
576,071
Options
purchased
(b)
.....................
—
(1,575)
195,555
(29,862)
(350,782)
1,126
(185,538)
Options
written
........................
—
520
(39,116)
744
520,265
—
482,413
Swaps
..............................
—
4,002
(29,163)
—
(823,857)
(854)
(849,872)
$
—
$
2,947
$
(157,089)
$
546,953
$
(187,323)
$
272
$
205,760
(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
..................................................................................
$
23,432,616
Average
notional
value
of
contracts
—
short
.................................................................................
$
36,120,442
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
15,897,350
Average
amounts
sold
—
in
USD
........................................................................................
$
30,007,300
Options
Average
value
of
option
contracts
purchased
................................................................................
$
579,362
Average
value
of
option
contracts
written
...................................................................................
$
236,856
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
16,699,708
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
61,697,699
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
588,843
Average
notional
value
—
sell
protection
...................................................................................
$
486,801
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
39,766,932
Average
notional
value
—
receives
fixed
rate
................................................................................
$
103,380,565
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
119,664
Total
return
swaps
Average
notional
value
...............................................................................................
$
3,033,699
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
63
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
....................................................................................
$
89,214
$
164,240
Forward
foreign
currency
exchange
contracts
.................................................................
574,122
504,806
Options
(a)(b)
........................................................................................
523,425
509,726
Swaps
—
centrally
cleared
..............................................................................
—
2,443
Swaps
—
OTC
(c)
.....................................................................................
102,116
110,904
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,288,877
$
1,292,119
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(571,798)
(291,305)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
717,079
$
1,000,814
(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
..............................
$
303,099
$
(15,726)
$
—
$
—
$
287,373
Barclays
Bank
plc
................................
45,079
(45,079)
—
—
—
BNP
Paribas
SA
.................................
23,437
(1,954)
—
—
21,483
Citibank
NA
....................................
103,392
(103,392)
—
—
—
Deutsche
Bank
AG
...............................
2,532
(2,532)
—
—
—
Goldman
Sachs
International
........................
16,334
(16,334)
—
—
—
HSBC
Bank
plc
..................................
38,396
(5,366)
—
—
33,030
JPMorgan
Chase
Bank
NA
..........................
99,613
(99,613)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
80,101
(33,220)
—
—
46,881
Royal
Bank
of
Canada
.............................
597
—
—
—
597
Standard
Chartered
Bank
...........................
94
—
—
—
94
UBS
AG
......................................
4,405
(4,405)
—
—
—
$
717,079
$
(327,621)
$
—
$
—
$
389,458
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)(d)
Bank
of
America
NA
..............................
$
15,726
$
(15,726)
$
—
$
—
$
—
Barclays
Bank
plc
................................
46,837
(45,079)
—
—
1,758
BNP
Paribas
SA
.................................
1,954
(1,954)
—
—
—
Citibank
NA
....................................
133,304
(103,392)
—
—
29,912
Deutsche
Bank
AG
...............................
3,555
(2,532)
—
—
1,023
Goldman
Sachs
International
........................
182,835
(16,334)
—
—
166,501
HSBC
Bank
plc
..................................
5,366
(5,366)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
235,838
(99,613)
—
—
136,225
Morgan
Stanley
&
Co.
International
plc
..................
33,220
(33,220)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
209
—
—
—
209
UBS
AG
......................................
341,970
(4,405)
—
—
337,565
$
1,000,814
$
(327,621)
$
—
$
—
$
673,193
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
64
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.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
written
receivable/payable
on
the
Statements
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Cayman
Islands
........................................
$
—
$
490,460
$
—
$
490,460
Ireland
..............................................
—
105,636
—
105,636
United
States
..........................................
—
958,897
172,760
1,131,657
Common
Stocks
Australia
.............................................
—
613,981
2
613,983
Belgium
.............................................
—
46,418
—
46,418
Brazil
...............................................
157,538
—
—
157,538
Canada
.............................................
2,090,092
—
—
2,090,092
Cayman
Islands
........................................
—
—
25,204
25,204
China
...............................................
49,295
1,497,037
12,503
1,558,835
Denmark
.............................................
—
372,894
—
372,894
Finland
..............................................
—
54,884
57,098
111,982
France
..............................................
—
4,553,835
—
4,553,835
Germany
............................................
68,405
2,982,121
19,286
3,069,812
Hong
Kong
...........................................
—
436,531
—
436,531
India
...............................................
—
91,394
32,914
124,308
Indonesia
............................................
—
19,012
—
19,012
Ireland
..............................................
—
50,988
—
50,988
Israel
...............................................
394,209
—
—
394,209
Italy
................................................
—
590,378
—
590,378
Japan
...............................................
—
5,341,749
—
5,341,749
Jordan
..............................................
—
6,088
—
6,088
Mexico
..............................................
153,179
—
—
153,179
Netherlands
...........................................
332,271
3,258,244
—
3,590,515
Norway
..............................................
—
89,861
—
89,861
Peru
................................................
11,811
—
—
11,811
Saudi
Arabia
..........................................
—
16,306
—
16,306
Singapore
............................................
—
93,549
—
93,549
South
Africa
...........................................
29,199
25,915
—
55,114
South
Korea
..........................................
—
564,026
—
564,026
Spain
...............................................
—
798,777
—
798,777
Sweden
.............................................
—
319,475
—
319,475
Switzerland
...........................................
413,472
2,581,330
—
2,994,802
Taiwan
..............................................
—
681,380
—
681,380
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
206,680
3,182,335
—
3,389,015
United
States
..........................................
50,391,377
317,835
677,634
51,386,846
Corporate
Bonds
Australia
.............................................
—
—
419,666
419,666
Austria
..............................................
—
110,075
—
110,075
Belgium
.............................................
—
73,653
—
73,653
Canada
.............................................
—
467,964
—
467,964
China
...............................................
—
204,231
—
204,231
France
..............................................
—
98,698
—
98,698
Germany
............................................
—
614,078
8,805
622,883
India
...............................................
—
187,382
—
187,382
Israel
...............................................
—
111,328
—
111,328
Italy
................................................
—
507,746
—
507,746
Luxembourg
..........................................
—
162,698
—
162,698
Switzerland
...........................................
—
134,438
—
134,438
Thailand
.............................................
—
188,092
—
188,092
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
65
Level
1
Level
2
Level
3
Total
Turkey
..............................................
$
—
$
—
$
62,000
$
62,000
United
Arab
Emirates
....................................
—
37,076
—
37,076
United
Kingdom
........................................
—
1,346,562
—
1,346,562
United
States
..........................................
—
7,288,271
602,508
7,890,779
Floating
Rate
Loan
Interests
Belgium
.............................................
—
74,568
—
74,568
Canada
.............................................
—
199,182
—
199,182
France
..............................................
—
229,638
—
229,638
Germany
............................................
—
91,435
—
91,435
Jersey,
Channel
Islands
...................................
—
—
112,847
112,847
Luxembourg
..........................................
—
—
106,443
106,443
Netherlands
...........................................
—
418,175
156,439
574,614
Sweden
.............................................
—
72,183
—
72,183
United
States
..........................................
—
1,146,524
727,647
1,874,171
Foreign
Government
Obligations
..............................
—
8,448,821
—
8,448,821
Investment
Companies
....................................
5,480,452
—
—
5,480,452
Non-Agency
Mortgage-Backed
Securities
........................
—
3,349,910
—
3,349,910
Other
Interests
..........................................
—
—
180,572
180,572
Preferred
Securities
Brazil
...............................................
37,558
—
188,456
226,014
China
...............................................
—
—
432,126
432,126
Germany
............................................
—
223,574
193,265
416,839
India
...............................................
—
—
23,405
23,405
Israel
...............................................
—
—
195,238
195,238
Sweden
.............................................
—
—
29,679
29,679
United
Kingdom
........................................
—
—
68,012
68,012
United
States
..........................................
198,024
23,697
2,177,020
2,398,741
U.S.
Government
Sponsored
Agency
Securities
....................
—
7,573,065
—
7,573,065
U.S.
Treasury
Obligations
...................................
—
11,239,984
—
11,239,984
Warrants
..............................................
2,112
107
17,914
20,133
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
219,676
—
219,676
Commercial
Paper
.......................................
—
500,181
—
500,181
Foreign
Government
Obligations
..............................
—
3,606,499
—
3,606,499
Money
Market
Funds
......................................
6,342,567
—
—
6,342,567
Time
Deposits
..........................................
—
53,624
—
53,624
Options
Purchased
Credit
contracts
..........................................
—
893
—
893
Equity
contracts
..........................................
473,512
13,366
—
486,878
Foreign
currency
exchange
contracts
...........................
—
9,972
—
9,972
Interest
rate
contracts
......................................
—
25,682
—
25,682
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(1,502,216)
—
(1,502,216)
Investment
Sold
Short
Common
Stocks
France
..............................................
—
(53,034)
—
(53,034)
United
States
..........................................
(60,840)
—
—
(60,840)
$
66,770,913
$
77,639,134
$
6,699,443
$
151,109,490
Investments
valued
at
NAV
(a)
......................................
189,518
$
—
$
151,299,008
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
37,537
$
—
$
37,537
Equity
contracts
...........................................
28,856
16,237
—
45,093
Foreign
currency
exchange
contracts
............................
—
574,122
—
574,122
Interest
rate
contracts
.......................................
388,215
2,114,107
—
2,502,322
Liabilities
Credit
contracts
...........................................
—
(12,822)
—
(12,822)
Equity
contracts
...........................................
(214,307)
(38,527)
—
(252,834)
Foreign
currency
exchange
contracts
............................
—
(506,989)
—
(506,989)
Interest
rate
contracts
.......................................
(85,899)
(3,149,223)
—
(3,235,122)
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
66
Level
1
Level
2
Level
3
Total
Other
contracts
...........................................
$
—
$
(1,866)
$
—
$
(1,866)
$
116,865
$
(967,424)
$
—
$
(850,559)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
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
Options
Purchased
Other
Interests
Preferred
Securities
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2022
..................
$
—
$
893,762
$
1,227,700
$
1,367,048
$
12,408
$
216,702
$
3,228,781
$
18,896
$
6,965,297
Transfers
into
Level
3
................................
—
20,289
8,336
114,249
—
—
—
—
142,874
Transfers
out
of
Level
3
...............................
—
—
—
(184,279)
—
—
—
—
(184,279)
Other
(a)
..........................................
170,699
—
(170,699)
—
—
—
—
Accrued
discounts/premiums
............................
—
—
(13,019)
3,926
—
—
—
—
(9,093)
Net
realized
gain
(loss)
...............................
—
—
218
(6,470)
(15,063)
—
—
—
(21,315)
Net
change
in
unrealized
appreciation
(depreciation)
(b)(c)
..........
2,061
(115,362)
(105,099)
19,306
2,655
(36,130)
51,880
(982)
(181,671)
Purchases
........................................
—
42,595
149,631
42,631
—
—
187,633
—
422,490
Sales
...........................................
—
(16,643)
(4,089)
(253,035)
—
—
(161,093)
—
(434,860)
Closing
balance,
as
of
June
30,
2023
......................
$
172,760
$
824,641
$
1,092,979
$
1,103,376
$
—
$
180,572
$
3,307,201
$
17,914
$
6,699,443
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
(c)
.............................
$
2,061
$
(130,613)
$
(105,099)
$
16,015
$
—
$
(36,130)
$
98,011
$
(982)
$
(156,737)
(a)
Certain
Level
3
investments
were
re-classified
between
Asset-Backed
Securities
and
Corporate
Bonds.
(b)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(c)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
67
See
notes
to
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
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
$152,334.
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
Asset
Backed
Securities
........................
$
172,760
Income
Discount
Rate
9%
—
Common
Stocks
.............................
792,850
Market
Revenue
Multiple
1.70x
-
23.00x
5.77x
Volatility
51%
-
58%
55%
Time
to
Exit
1.3
-
1.6
years
1.4
years
Gross
Profit
Multiple
18.00x
—
Corporate
Bonds
.............................
1,084,174
Income
Discount
Rate
12%
-
35%
18%
Floating
Rate
Loan
Interests
......................
991,638
Income
Discount
Rate
10%
-
18%
13%
Other
Interests
..............................
180,572
Income
Discount
Rate
8%-10%
9%
Preferred
Stocks
3,307,201
Market
Revenue
Multiple
0.21x
-
29.00x
13.42x
EBIDTAR
Multiple
7.50x
—
Volatility
42%
-
80%
59%
Time
to
Exit
1.3
-
5.0
years
2.6
years
Market
Adjustment
Multiple
0.90x
—
Gross
Profit
Multiple
7.50x
-
31.50x
22.97x
Income
Discount
Rate
13%
—
Warrants
17,914
Market
Revenue
Multiple
3.75x
-
29.00x
16.26x
Volatility
44%
–
60%
59%
Time
to
Exit
0.5
-
4.3
years
4.1
years
Income
Discount
Rate
35%
—
$
6,547,109
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Government
Money
Market
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
+
0.04%),
5.10%
,
 07/12/23
..
USD
75
$
75,000
(1-day
SOFR
+
0.05%),
5.11%
,
 07/20/23
..
825
825,000
(1-day
SOFR
+
0.03%),
5.09%
,
 07/25/23
..
300
299,999
(1-day
SOFR
+
0.05%),
5.11%
,
 08/22/23
..
580
580,000
(1-day
SOFR
+
0.05%),
5.11%
,
 09/28/23
..
400
400,000
(1-day
SOFR
+
0.05%),
5.11%
,
 10/16/23
..
640
640,000
(1-day
SOFR
+
0.06%),
5.12%
,
 11/22/23
..
730
730,000
(1-day
SOFR
+
0.06%),
5.11%
,
 01/10/24
..
35
35,000
(1-day
SOFR
+
0.05%),
5.11%
,
 02/20/24
..
775
775,000
(1-day
SOFR
+
0.05%),
5.11%
,
 05/09/24
..
470
470,000
(1-day
SOFR
+
0.10%),
5.16%
,
 08/01/24
..
200
200,000
(1-day
SOFR
+
0.09%),
5.15%
,
 08/26/24
..
800
800,000
(1-day
SOFR
+
0.17%),
5.23%
,
 01/23/25
..
510
510,000
Federal
Farm
Credit
Discount
Notes
(b)
4.82%
,
 09/11/23
..................
235
232,650
4.93%
,
 10/16/23
..................
65
64,102
5.04%
,
 11/13/23
..................
65
63,866
Federal
Home
Loan
Bank
Bonds
3.38%
,
 09/01/23
..................
605
604,778
5.45%
,
 03/08/24
..................
310
309,866
5.40%
,
 03/27/24
..................
820
820,000
Federal
Home
Loan
Bank
Discount
Notes
(b)
3.85%
,
 07/14/23
..................
155
154,728
4.32%
,
 07/25/23
..................
900
897,024
4.52%
,
 08/03/23
..................
4,000
3,981,685
4.53%
,
 08/04/23
..................
270
268,798
4.65%
,
 08/16/23
..................
2,000
1,987,197
4.69%
,
 08/23/23
..................
645
640,110
4.72%
,
 08/29/23
..................
275
272,828
4.79%
,
 09/01/23
..................
470
465,961
4.83%
,
 09/15/23
..................
1,840
1,820,616
5.17%
,
 02/02/24
..................
325
315,874
5.18%
,
 02/09/24
..................
1,470
1,424,764
Federal
Home
Loan
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
+
0.02%),
5.07%
,
 07/13/23
..
2,500
2,500,000
(1-day
SOFR
+
0.00%),
5.06%
,
 08/03/23
..
2,300
2,300,000
(1-day
SOFR
+
0.00%),
5.06%
,
 08/08/23
..
2,100
2,100,000
(1-day
SOFR
+
0.07%),
5.13%
,
 08/22/23
..
375
375,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
+
0.01%),
5.07%
,
 08/25/23
..
USD
1,220
$
1,220,000
(1-day
SOFR
+
0.06%),
5.12%
,
 09/05/23
..
1,665
1,665,000
(1-day
SOFR
+
0.02%),
5.07%
,
 09/08/23
..
1,300
1,300,000
(1-day
SOFR
+
0.09%),
5.15%
,
 09/08/23
..
630
630,000
(1-day
SOFR
+
0.02%),
5.08%
,
 09/18/23
..
2,455
2,455,000
(1-day
SOFR
+
0.02%),
5.08%
,
 09/19/23
..
2,800
2,800,000
(1-day
SOFR
+
0.03%),
5.09%
,
 09/19/23
..
1,980
1,980,000
(1-day
SOFR
+
0.07%),
5.13%
,
 09/25/23
..
255
255,000
(1-day
SOFR
+
0.04%),
5.10%
,
 09/26/23
..
2,900
2,900,000
(1-day
SOFR
+
0.10%),
5.15%
,
 10/06/23
..
375
375,000
(1-day
SOFR
+
0.07%),
5.13%
,
 11/30/23
..
425
425,000
(1-day
SOFR
+
0.08%),
5.14%
,
 01/24/24
..
1,500
1,500,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
39.1%
(Cost:
$45,444,846)
...............................
45,444,846
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(b)
4.23%, 07/18/23
..................
6,500
6,484,653
4.33%, 07/20/23
..................
4,000
3,989,445
4.67%, 08/01/23
..................
680
677,407
4.61%, 08/10/23
..................
3,090
3,072,408
5.08%, 09/14/23
..................
420
415,494
5.36%, 06/13/24
..................
395
376,176
U.S.
Treasury
Notes
(a)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.17%, 04/30/24
......
1,170
1,169,471
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.45%, 01/31/25
.....
900
900,000
Total
U.S.
Treasury
Obligations
—
14.7%
(Cost:
$17,085,054)
...............................
17,085,054
Total
Repurchase
Agreements
—
42.9%
(Cost:
$49,750,000)
...............................
49,750,000
Total
Investments
—
96.7%
(Cost:
$112,279,900
)
(c)
.............................
112,279,900
Other
Assets
Less
Liabilities
—
3.3%
....................
3,844,241
Net
Assets
—
100.0%
...............................
$
116,124,141
(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)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Government
Money
Market
Portfolio
Schedules
of
Investments
69
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.
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.
...
5.06
%
06/30/23
07/03/23
$
10,000
$
10,000
$
10,004,217
U.S.
Treasury
Obligation,
1.38%,
due
10/31/28
.........
$
11,691,400
$
10,200,059
$
–
$
–
Barclays
Capital,
Inc.
.
5.22
(a)
06/30/23
08/07/23
1,000
1,000
1,005,510
U.S.
Treasury
Obligation,
1.88%,
due
02/15/32
.........
1,185,100
1,020,066
$
–
$
–
BNP
Paribas
SA
....
5.05
06/30/23
07/03/23
9,000
9,000
9,003,787
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
06/30/26
to
12/01/52
25,929,330
9,184,931
$
–
$
–
JP
Morgan
Securities
LLC
...........
5.05
06/30/23
07/03/23
8,000
8,000
8,003,367
U.S.
Treasury
Obligations,
0.00%
to
6.00%,
due
01/15/24
to
02/15/49
.........
8,478,461
8,160,001
5.09
(a)
06/30/23
07/10/23
2,500
2,500
2,503,535
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
5.00%,
due
08/25/33
to
07/25/52
.........
167,096,407
2,625,001
$
–
$
–
$
10,500
$
10,785,002
$
–
$
–
Mizuho
Securities
USA
LLC
...........
5.06
06/30/23
07/03/23
9,250
9,250
9,253,900
U.S.
Treasury
Obligation,
2.88%,
due
05/15/49
.........
11,500,600
9,435,020
$
–
$
–
TD
Securities
USA
LLC
5.05
06/30/23
07/03/23
10,000
10,000
10,004,208
U.S.
Treasury
Obligations,
0.13%
to
4.00%,
due
11/15/23
to
01/31/30
.........
10,789,200
10,200,059
$
–
$
–
$
49,750
$
50,825,137
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
49,750,000
$
—
$
49,750,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
45,444,846
—
45,444,846
U.S.
Treasury
Obligations
...................................
—
17,085,054
—
17,085,054
$
—
$
112,279,900
$
—
$
112,279,900
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
High
Yield
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Capital
Markets
—
0.0%
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$25,124)
(a)(b)
....................
2,555
$
9,607
Chemicals
—
0.1%
Element
Solutions,
Inc.
...............
629
12,077
Financial
Services
—
0.0%
Block,
Inc.,
Class
A
(a)
................
58
3,861
Ground
Transportation
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
201
8,677
Hotels,
Restaurants
&
Leisure
—
0.1%
Carnival
Corp.
(a)
....................
764
14,386
IT
Services
—
0.0%
Twilio,
Inc.,
Class
A
(a)
................
29
1,845
Metals
&
Mining
—
0.2%
Constellium
SE,
Class
A
(a)
.............
1,837
31,596
Pharmaceuticals
—
0.0%
Catalent,
Inc.
(a)
....................
240
10,406
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
702
12,987
Total
Common
Stocks
—
0.5%
(Cost:
$118,508)
................................
105,442
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
4.2%
Bombardier,
Inc.
(c)
7.13%,
06/15/26
.................
USD
78
77,474
7.88%,
04/15/27
.................
42
41,892
6.00%,
02/15/28
.................
68
64,267
7.50%,
02/01/29
.................
28
27,674
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
10
9,123
4.13%,
04/15/29
.................
19
17,148
Huntington
Ingalls
Industries,
Inc.,
4.20%,
05/01/30
.....................
11
10,192
Spirit
AeroSystems,
Inc.
(c)
7.50%,
04/15/25
.................
2
1,977
9.38%,
11/30/29
.................
49
52,458
TransDigm,
Inc.
6.25%,
03/15/26
(c)
................
323
321,421
6.38%,
06/15/26
.................
5
4,935
7.50%,
03/15/27
.................
10
10,014
6.75%,
08/15/28
(c)
................
188
188,713
Triumph
Group,
Inc.,
9.00%,
03/15/28
(c)
...
56
57,178
884,466
Automobile
Components
—
2.1%
Clarios
Global
LP
(c)
6.75%,
05/15/25
.................
28
28,017
6.25%,
05/15/26
.................
57
56,633
8.50%,
05/15/27
.................
198
198,324
6.75%,
05/15/28
.................
53
52,814
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
8
7,288
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
5
5,113
5.00%,
07/15/29
.................
9
8,116
5.63%,
04/30/33
.................
2
1,741
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Icahn
Enterprises
LP
4.75%,
09/15/24
.................
USD
13
$
12,421
6.25%,
05/15/26
.................
10
9,101
5.25%,
05/15/27
.................
40
34,496
4.38%,
02/01/29
.................
23
18,071
432,135
Automobiles
—
0.2%
Ford
Motor
Co.
4.35%,
12/08/26
.................
5
4,832
3.25%,
02/12/32
.................
46
36,188
6.10%,
08/19/32
.................
13
12,599
53,619
Banks
—
0.4%
(d)
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(e)(f)
EUR
100
25,098
Bank
of
America
Corp.,
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
................
USD
19
19,529
Citigroup,
Inc.,
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
.....................
30
30,261
74,888
Broadline
Retail
—
0.4%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
17
13,881
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
5
4,750
3.50%,
03/01/29
.................
16
13,709
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
15
13,779
4.13%,
08/01/30
.................
6
5,139
3.63%,
10/01/31
.................
26
21,370
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
10
9,308
81,936
Building
Products
—
1.1%
(c)
Advanced
Drainage
Systems,
Inc.
5.00%,
09/30/27
.................
27
25,553
6.38%,
06/15/30
.................
25
24,732
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
.....................
14
13,230
JELD-WEN,
Inc.
6.25%,
05/15/25
.................
13
13,114
4.63%,
12/15/25
.................
14
13,562
Masonite
International
Corp.
5.38%,
02/01/28
.................
8
7,626
3.50%,
02/15/30
.................
17
14,280
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
9
8,190
9.75%,
07/15/28
.................
7
6,753
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
.....................
57
53,754
Standard
Industries,
Inc.
5.00%,
02/15/27
.................
2
1,906
4.75%,
01/15/28
.................
5
4,656
4.38%,
07/15/30
.................
27
23,385
3.38%,
01/15/31
.................
23
18,516
Summit
Materials
LLC,
5.25%,
01/15/29
...
3
2,834
232,091
Capital
Markets
—
0.5%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
....................
10
10,250
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
5
4,987
3.25%,
03/15/27
.................
5
4,321
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
...............
19
16,654
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Morgan
Stanley,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
5.95%,
01/19/38
(d)
..........
USD
10
$
9,870
MSCI,
Inc.
(c)
3.63%,
09/01/30
.................
9
7,761
3.25%,
08/15/33
.................
7
5,638
Northern
Trust
Corp.,
6.13%,
11/02/32
....
14
14,514
Owl
Rock
Capital
Corp.
3.75%,
07/22/25
.................
5
4,633
3.40%,
07/15/26
.................
4
3,543
OWL
Rock
Core
Income
Corp.
5.50%,
03/21/25
.................
11
10,585
3.13%,
09/23/26
.................
3
2,585
7.75%,
09/16/27
(c)
................
21
20,894
116,235
Chemicals
—
2.0%
Ashland,
Inc.,
3.38%,
09/01/31
(c)
........
13
10,384
Avient
Corp.,
7.13%,
08/01/30
(c)
........
9
9,103
Chemours
Co.
(The)
(c)
5.75%,
11/15/28
.................
13
11,945
4.63%,
11/15/29
.................
5
4,226
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
173
150,921
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
19
18,696
HB
Fuller
Co.,
4.25%,
10/15/28
........
10
8,900
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
22
19,170
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
9
7,684
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(d)
20
13,200
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
11
9,187
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
20
18,200
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
4
3,908
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
6
4,692
4.38%,
02/01/32
.................
3
2,362
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
....................
36
28,607
WR
Grace
Holdings
LLC
(c)
4.88%,
06/15/27
.................
15
13,911
5.63%,
08/15/29
.................
81
66,363
7.38%,
03/01/31
.................
22
21,560
423,019
Commercial
Services
&
Supplies
—
3.8%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
.................
2
1,728
4.88%,
07/15/32
.................
2
1,710
Allied
Universal
Holdco
LLC
(c)
9.75%,
07/15/27
.................
137
121,102
4.63%,
06/01/28
.................
200
169,294
APi
Group
DE,
Inc.
(c)
4.13%,
07/15/29
.................
14
12,075
4.75%,
10/15/29
.................
8
7,205
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
14
13,720
5.75%,
07/15/29
.................
22
19,094
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
8
7,883
6.38%,
05/01/25
.................
17
16,984
5.00%,
02/01/28
.................
37
34,874
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
4
3,952
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
2
1,915
5.13%,
07/15/29
.................
11
10,407
6.38%,
02/01/31
.................
7
7,044
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
................
12
10,380
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
5.00%,
09/01/30
.................
USD
9
$
7,633
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
.................
25
22,875
9.50%,
11/01/27
.................
4
3,864
7.75%,
02/15/28
.................
37
36,727
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
10
9,650
3.75%,
08/01/25
.................
16
15,222
5.13%,
12/15/26
.................
23
22,190
4.00%,
08/01/28
.................
38
33,974
3.50%,
09/01/28
.................
7
6,230
4.38%,
08/15/29
.................
37
32,943
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
9
8,100
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
28
22,677
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
.
18
16,524
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
16
15,706
6.25%,
01/15/28
.................
29
27,167
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
13
11,543
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
61
56,547
788,939
Communications
Equipment
—
0.7%
(c)
CommScope
Technologies
LLC,
6.00%,
06/15/25
.....................
29
27,030
CommScope,
Inc.
6.00%,
03/01/26
.................
45
41,939
8.25%,
03/01/27
.................
7
5,600
7.13%,
07/01/28
.................
9
6,390
4.75%,
09/01/29
.................
30
23,652
Viasat,
Inc.,
5.63%,
09/15/25
..........
33
31,976
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
....
20
16,994
153,581
Construction
&
Engineering
—
0.3%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
40
35,840
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
11
9,990
MasTec,
Inc.,
4.50%,
08/15/28
.........
15
13,840
59,670
Consumer
Finance
—
1.7%
Capital
One
Financial
Corp.
(d)
(1-day
SOFR
+
2.64%),
6.31%,
06/08/29
10
9,933
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
10
9,928
Discover
Financial
Services,
6.70%,
11/29/32
5
5,151
Ford
Motor
Credit
Co.
LLC,
4.39%,
01/08/26
200
189,281
Global
Aircraft
Leasing
Co.
Ltd.
(c)(g)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(d)
...............
15
13,279
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
21
19,033
Macquarie
Airfinance
Holdings
Ltd.,
8.38%,
05/01/28
(c)
....................
6
6,084
Navient
Corp.
7.25%,
09/25/23
.................
4
4,000
5.88%,
10/25/24
.................
2
1,966
5.50%,
03/15/29
.................
11
9,378
9.38%,
07/25/30
.................
10
9,946
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
14
13,862
7.13%,
03/15/26
.................
22
21,615
3.50%,
01/15/27
.................
7
6,005
6.63%,
01/15/28
.................
18
16,979
5.38%,
11/15/29
.................
13
11,052
4.00%,
09/15/30
.................
8
6,160
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
SLM
Corp.,
3.13%,
11/02/26
..........
USD
14
$
12,110
365,762
Consumer
Staples
Distribution
&
Retail
—
0.7%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
20
18,471
4.63%,
01/15/27
.................
4
3,790
5.88%,
02/15/28
.................
27
26,237
6.50%,
02/15/28
.................
10
10,017
3.50%,
03/15/29
.................
6
5,194
4.88%,
02/15/30
.................
15
13,848
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
31
27,600
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
6
4,973
US
Foods,
Inc.
6.25%,
04/15/25
.................
6
5,997
4.75%,
02/15/29
.................
27
24,720
4.63%,
06/01/30
.................
3
2,689
143,536
Containers
&
Packaging
—
3.8%
Ardagh
Metal
Packaging
Finance
USA
LLC,
4.00%,
09/01/29
(c)
...............
200
158,399
Ball
Corp.
6.00%,
06/15/29
.................
14
13,895
3.13%,
09/15/31
.................
15
12,339
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
63
60,083
8.75%,
04/15/30
.................
36
31,778
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,135
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(c)
....................
9
8,557
LABL,
Inc.
(c)
5.88%,
11/01/28
.................
17
15,461
9.50%,
11/01/28
.................
30
30,522
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%,
08/15/26
.................
217
215,591
9.25%,
04/15/27
.................
6
5,538
Owens-Brockway
Glass
Container,
Inc.
(c)
6.63%,
05/13/27
.................
3
2,971
7.25%,
05/15/31
.................
16
16,200
Sealed
Air
Corp.
(c)
4.00%,
12/01/27
.................
13
11,866
6.13%,
02/01/28
.................
9
8,933
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(c)
7
7,259
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(c)(h)
...................
200
192,523
796,050
Distributors
—
0.2%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
4
3,415
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
24
22,320
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
5
4,148
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
5
5,039
34,922
Diversified
Consumer
Services
—
1.0%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
3
2,940
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
11
9,489
Service
Corp.
International
5.13%,
06/01/29
.................
2
1,884
4.00%,
05/15/31
.................
20
17,121
Sotheby's,
7.38%,
10/15/27
(c)
..........
200
179,878
211,312
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
—
0.9%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
USD
7
$
5,135
GLP
Capital
LP,
3.25%,
01/15/32
.......
31
25,030
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
16
14,340
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
10
8,632
RHP
Hotel
Properties
LP,
7.25%,
07/15/28
(c)
17
17,174
VICI
Properties
LP
5.63%,
05/01/24
(c)
................
4
3,975
3.50%,
02/15/25
(c)
................
9
8,600
4.25%,
12/01/26
(c)
................
7
6,548
4.50%,
01/15/28
(c)
................
7
6,432
3.88%,
02/15/29
(c)
................
3
2,633
4.63%,
12/01/29
(c)
................
28
25,420
4.13%,
08/15/30
(c)
................
25
22,011
5.13%,
05/15/32
.................
44
41,168
187,098
Diversified
Telecommunication
Services
—
5.8%
Altice
France
Holding
SA,
10.50%,
05/15/27
(c)
200
121,106
CCO
Holdings
LLC
(c)
5.38%,
06/01/29
.................
22
19,890
6.38%,
09/01/29
.................
51
48,050
4.75%,
03/01/30
.................
20
17,102
4.50%,
08/15/30
.................
5
4,163
4.25%,
02/01/31
.................
36
29,123
7.38%,
03/01/31
.................
120
116,932
4.75%,
02/01/32
.................
50
40,774
4.25%,
01/15/34
.................
34
25,696
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
.................
28
25,697
5.00%,
05/01/28
.................
49
42,278
8.75%,
05/15/30
.................
79
77,212
Iliad
Holding
SASU,
6.50%,
10/15/26
(c)
....
200
188,765
Level
3
Financing,
Inc.
(c)
3.40%,
03/01/27
.................
64
54,304
10.50%,
05/15/30
................
60
60,878
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(c)
74
55,146
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
13
11,028
6.00%,
09/30/34
.................
29
23,387
7.20%,
07/18/36
.................
6
5,157
Uniti
Group
LP,
10.50%,
02/15/28
(c)
......
30
29,762
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
235
165,970
6.13%,
03/01/28
.................
83
51,864
1,214,284
Electric
Utilities
—
0.6%
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
.................
30
27,741
4.55%,
04/01/49
.................
10
8,342
NRG
Energy,
Inc.
5.75%,
01/15/28
.................
4
3,791
7.00%,
03/15/33
(c)
................
15
15,124
Pacific
Gas
&
Electric
Co.
6.10%,
01/15/29
.................
20
19,678
6.40%,
06/15/33
.................
20
19,891
6.75%,
01/15/53
.................
10
9,869
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
20
18,267
Vistra
Operations
Co.
LLC
(c)
5.50%,
09/01/26
.................
2
1,924
5.00%,
07/31/27
.................
2
1,872
126,499
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
—
0.7%
(c)
Regal
Rexnord
Corp.
6.05%,
02/15/26
.................
USD
10
$
10,013
6.05%,
04/15/28
.................
33
32,759
6.30%,
02/15/30
.................
15
14,956
6.40%,
04/15/33
.................
10
9,991
Sensata
Technologies
BV,
5.63%,
11/01/24
.
9
8,932
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
70
63,068
139,719
Electronic
Equipment,
Instruments
&
Components
—
0.6%
CDW
LLC,
3.25%,
02/15/29
..........
18
15,423
Coherent
Corp.,
5.00%,
12/15/29
(c)
......
51
46,033
Sensata
Technologies,
Inc.
(c)
4.38%,
02/15/30
.................
72
64,386
3.75%,
02/15/31
.................
8
6,844
132,686
Energy
Equipment
&
Services
—
3.4%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
27
25,920
6.25%,
04/01/28
.................
42
39,432
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
........
16
15,568
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
12
11,202
7.50%,
01/15/28
.................
23
20,127
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
57
55,160
7.38%,
05/15/27
(c)
................
38
36,158
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
...
22
22,367
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
.
5
4,518
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
7
7,426
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
....................
12
12,255
Transocean,
Inc.
(c)
7.50%,
01/15/26
.................
18
17,100
11.50%,
01/30/27
................
14
14,508
8.75%,
02/15/30
.................
71
72,065
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
51
49,959
6.88%,
09/01/27
.................
24
22,918
Valaris
Ltd.,
8.38%,
04/30/30
(c)
.........
37
37,124
Venture
Global
LNG,
Inc.
(c)
8.13%,
06/01/28
.................
82
83,282
8.38%,
06/01/31
.................
128
129,045
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
.................
13
13,056
8.63%,
04/30/30
.................
27
27,411
716,601
Entertainment
—
0.8%
(c)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
16
11,587
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
3
2,953
5.63%,
03/15/26
.................
4
3,907
6.50%,
05/15/27
.................
90
90,479
4.75%,
10/15/27
.................
42
39,165
3.75%,
01/15/28
.................
13
11,603
159,694
Financial
Services
—
2.7%
Block,
Inc.
2.75%,
06/01/26
.................
39
35,509
3.50%,
06/01/31
.................
114
94,417
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
39
38,311
GGAM
Finance
Ltd.
(c)
7.75%,
05/15/26
.................
3
3,011
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
8.00%,
06/15/28
.................
USD
3
$
3,002
Global
Payments,
Inc.
3.20%,
08/15/29
.................
35
30,421
5.40%,
08/15/32
.................
8
7,796
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
.
50
44,829
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
15,092
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
5
4,651
5.13%,
12/15/30
.................
8
6,490
5.75%,
11/15/31
.................
10
8,214
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
..
57
50,445
Sabre
GLBL,
Inc.
(c)
9.25%,
04/15/25
.................
2
1,865
7.38%,
09/01/25
.................
27
23,966
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
...
61
57,204
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
.
140
140,433
565,656
Food
Products
—
1.4%
(c)
Chobani
LLC
7.50%,
04/15/25
.................
91
90,546
4.63%,
11/15/28
.................
82
74,620
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
..
45
43,949
Lamb
Weston
Holdings,
Inc.
4.88%,
05/15/28
.................
8
7,662
4.13%,
01/31/30
.................
24
21,449
4.38%,
01/31/32
.................
40
35,731
Post
Holdings,
Inc.
4.63%,
04/15/30
.................
4
3,506
4.50%,
09/15/31
.................
2
1,708
Simmons
Foods,
Inc.,
4.63%,
03/01/29
...
13
10,416
289,587
Gas
Utilities
—
0.2%
(c)
AmeriGas
Partners
LP,
9.38%,
06/01/28
...
17
17,266
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
................
17
17,085
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
.....................
8
6,697
41,048
Ground
Transportation
—
1.4%
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
10
9,025
5.00%,
12/01/29
.................
6
4,960
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
21
18,795
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
52
52,622
0.00%,
12/15/25
(i)(j)
...............
27
24,625
8.00%,
11/01/26
(c)
................
15
15,286
7.50%,
09/15/27
(c)
................
32
32,731
6.25%,
01/15/28
(c)
................
30
29,852
4.50%,
08/15/29
(c)
................
68
62,587
Williams
Scotsman
International,
Inc.
(c)
6.13%,
06/15/25
.................
11
10,918
4.63%,
08/15/28
.................
25
22,852
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(c)
..
6
6,131
XPO,
Inc.,
6.25%,
06/01/28
(c)
..........
9
8,849
299,233
Health
Care
Equipment
&
Supplies
—
1.1%
Avantor
Funding,
Inc.
(c)
4.63%,
07/15/28
.................
33
30,589
3.88%,
11/01/29
.................
33
28,892
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
6
5,377
Garden
Spinco
Corp.,
8.63%,
07/20/30
(c)
...
13
13,972
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Medline
Borrower
LP
(c)
3.88%,
04/01/29
.................
USD
27
$
23,465
5.25%,
10/01/29
.................
132
114,536
Teleflex,
Inc.
4.63%,
11/15/27
.................
2
1,885
4.25%,
06/01/28
(c)
................
10
9,137
227,853
Health
Care
Providers
&
Services
—
2.8%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
5
4,782
5.00%,
04/15/29
.................
6
5,532
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
6
5,197
5.13%,
03/01/30
.................
2
1,620
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
28
24,143
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
6
3,750
Centene
Corp.
2.45%,
07/15/28
.................
11
9,402
3.00%,
10/15/30
.................
23
19,166
2.50%,
03/01/31
.................
41
32,696
Community
Health
Systems,
Inc.
(c)
5.63%,
03/15/27
.................
22
19,387
6.00%,
01/15/29
.................
33
27,761
5.25%,
05/15/30
.................
34
26,783
4.75%,
02/15/31
.................
25
18,895
Encompass
Health
Corp.
4.50%,
02/01/28
.................
5
4,652
4.75%,
02/01/30
.................
31
28,225
4.63%,
04/01/31
.................
21
18,616
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
40
35,253
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
.................
26
24,149
4.38%,
02/15/27
.................
9
6,964
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
16
14,818
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
18
16,594
3.88%,
11/15/30
.................
7
6,014
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
15
13,202
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
22
21,506
10.00%,
04/15/27
................
12
12,270
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
44
42,856
6.25%,
02/01/27
.................
7
6,928
5.13%,
11/01/27
.................
18
17,184
4.63%,
06/15/28
.................
7
6,538
6.13%,
10/01/28
.................
17
16,366
6.13%,
06/15/30
.................
14
13,800
6.75%,
05/15/31
(c)
................
82
82,200
587,249
Health
Care
REITs
—
0.3%
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
27
20,411
3.50%,
03/15/31
.................
75
51,676
72,087
Hotel
&
Resort
REITs
—
0.4%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
35
32,585
4.50%,
02/15/29
(c)
................
30
26,550
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
11
10,092
4.00%,
09/15/29
.................
8
6,700
Security
Par
(000)
Par
(000)
Value
Hotel
&
Resort
REITs
(continued)
Service
Properties
Trust,
7.50%,
09/15/25
..
USD
6
$
5,892
81,819
Hotels,
Restaurants
&
Leisure
—
7.7%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
11
10,056
4.38%,
01/15/28
.................
26
24,003
4.00%,
10/15/30
.................
16
13,693
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
12
11,370
4.75%,
06/15/31
(c)
................
25
22,334
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
16
14,419
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
68
67,685
8.13%,
07/01/27
.................
66
67,549
4.63%,
10/15/29
.................
42
36,675
7.00%,
02/15/30
.................
90
90,381
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
4
4,047
Carnival
Corp.
(c)
10.50%,
02/01/26
................
41
43,100
7.63%,
03/01/26
.................
14
13,711
5.75%,
03/01/27
.................
61
56,156
9.88%,
08/01/27
.................
21
21,874
4.00%,
08/01/28
.................
59
52,305
6.00%,
05/01/29
.................
43
38,392
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
....................
138
150,935
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
9
8,730
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
36
33,509
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
6
5,955
5.38%,
04/15/27
.................
6
5,704
6.50%,
10/01/28
.................
5
4,876
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
16
15,383
4.75%,
01/15/28
.................
28
25,967
6.75%,
05/01/31
.................
50
49,438
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
12
10,530
6.75%,
01/15/30
.................
2
1,702
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(c)
................
12
11,847
5.75%,
05/01/28
(c)
................
15
14,771
3.75%,
05/01/29
(c)
................
9
7,988
4.88%,
01/15/30
.................
12
11,189
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
4
3,880
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
16
16,080
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
27
26,313
8.00%,
04/15/26
.................
19
18,760
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(c)
....................
17
17,249
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
23
21,907
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
17
13,498
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
18
15,895
NCL
Corp.
Ltd.
(c)
5.88%,
03/15/26
.................
27
25,260
8.38%,
02/01/28
.................
9
9,405
7.75%,
02/15/29
.................
3
2,849
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
11
9,900
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
10
7,575
5.88%,
09/01/31
.................
10
7,377
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
USD
15
$
14,137
Royal
Caribbean
Cruises
Ltd.
(c)
11.50%,
06/01/25
................
8
8,488
4.25%,
07/01/26
.................
6
5,508
5.50%,
08/31/26
.................
11
10,429
5.38%,
07/15/27
.................
12
11,221
11.63%,
08/15/27
................
13
14,137
5.50%,
04/01/28
.................
16
14,921
8.25%,
01/15/29
.................
13
13,650
9.25%,
01/15/29
.................
40
42,616
7.25%,
01/15/30
.................
17
17,218
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(c)
....................
5
4,400
Scientific
Games
International,
Inc.
(c)
8.63%,
07/01/25
.................
18
18,382
7.00%,
05/15/28
.................
13
12,931
7.25%,
11/15/29
.................
14
14,018
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(c)
....................
37
36,036
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
13
13,065
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
16
14,361
4.63%,
12/01/31
.................
21
17,693
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
14
14,017
Viking
Cruises
Ltd.
(c)
5.88%,
09/15/27
.................
16
14,706
9.13%,
07/15/31
.................
39
39,390
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
10
9,150
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
16
14,611
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
28
26,523
Wynn
Resorts
Finance
LLC
(c)
5.13%,
10/01/29
.................
49
43,913
7.13%,
02/15/31
.................
22
21,867
1,609,610
Household
Durables
—
0.8%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
7
6,691
4.63%,
08/01/29
.................
8
6,818
4.63%,
04/01/30
.................
8
6,828
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
17
13,613
4.88%,
02/15/30
.................
15
11,767
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
13
12,034
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
13
12,244
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
12
11,760
KB
Home,
7.25%,
07/15/30
...........
5
5,063
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
14
13,047
4.63%,
03/01/30
.................
11
9,509
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
3,843
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
26
15,601
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
9
8,840
5.13%,
08/01/30
.................
5
4,616
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
12
10,388
3.88%,
10/15/31
.................
7
5,703
Tri
Pointe
Homes,
Inc.,
5.70%,
06/15/28
...
5
4,830
163,195
Security
Par
(000)
Par
(000)
Value
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
USD
18
$
15,079
4.13%,
04/30/31
(c)
................
16
13,191
Spectrum
Brands,
Inc.
(c)
5.00%,
10/01/29
.................
9
8,033
5.50%,
07/15/30
.................
3
2,738
39,041
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Calpine
Corp.
(c)
5.13%,
03/15/28
.................
34
30,342
5.00%,
02/01/31
.................
5
4,135
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
.................
15
13,839
3.75%,
01/15/32
.................
22
17,906
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(c)
9
9,315
TransAlta
Corp.,
7.75%,
11/15/29
.......
7
7,207
82,744
Industrial
Conglomerates
—
0.9%
Emerald
Debt
Merger
Sub
LLC,
6.63%,
12/15/30
(c)
....................
189
187,346
Insurance
—
4.0%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
11
9,524
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
98
87,944
6.75%,
10/15/27
.................
158
148,520
6.75%,
04/15/28
.................
32
31,736
5.88%,
11/01/29
.................
115
100,041
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
22
19,866
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
20
19,605
HUB
International
Ltd.
7.00%,
05/01/26
.................
62
61,836
7.25%,
06/15/30
.................
94
97,064
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
03/15/30
.................
32
32,647
10.50%,
12/15/30
................
17
17,052
NFP
Corp.
4.88%,
08/15/28
.................
77
68,775
6.88%,
08/15/28
.................
142
123,259
7.50%,
10/01/30
.................
8
7,746
Ryan
Specialty
LLC,
4.38%,
02/01/30
....
12
10,622
836,237
IT
Services
—
0.7%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
14
11,386
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
9
7,832
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
.................
13
11,758
4.00%,
07/01/29
.................
19
17,019
Gartner,
Inc.,
4.50%,
07/01/28
(c)
........
11
10,276
Northwest
Fiber
LLC,
4.75%,
04/30/27
(c)
...
18
15,897
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(c)
..
2
1,876
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
15
14,984
Twilio,
Inc.
3.63%,
03/15/29
.................
12
10,209
3.88%,
03/15/31
.................
58
48,292
149,529
Leisure
Products
—
0.2%
Mattel,
Inc.
6.20%,
10/01/40
.................
14
12,517
5.45%,
11/01/41
.................
26
21,555
34,072
Life
Sciences
Tools
&
Services
—
0.1%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
10
9,156
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
4.00%,
03/15/31
.................
USD
2
$
1,737
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
...
13
13,311
24,204
Machinery
—
2.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
15
14,508
ATS
Corp.,
4.13%,
12/15/28
(c)
.........
9
8,055
Chart
Industries,
Inc.
(c)
7.50%,
01/01/30
.................
61
62,236
9.50%,
01/01/31
.................
6
6,366
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
15,520
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
4
3,250
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(c)
....................
18
17,865
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(g)
........
31
28,210
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
3
2,662
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
9
5,625
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
10
8,959
Terex
Corp.,
5.00%,
05/15/29
(c)
........
29
26,961
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
42
38,115
Titan
International,
Inc.,
7.00%,
04/30/28
..
7
6,545
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
200
184,774
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
17
14,741
444,392
Media
—
4.3%
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
12
10,496
4.25%,
02/15/29
.................
10
5,376
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
7
5,793
Cable
One,
Inc.
0.00%,
03/15/26
(i)(j)
...............
5
4,088
1.13%,
03/15/28
(i)
................
17
12,792
4.00%,
11/15/30
(c)
................
17
13,281
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
154
139,815
7.75%,
04/15/28
.................
15
11,775
7.50%,
06/01/29
.................
59
43,659
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
20
14,017
CSC
Holdings
LLC
5.25%,
06/01/24
.................
26
24,181
6.50%,
02/01/29
(c)
................
200
161,607
DirecTV
Financing
LLC,
5.88%,
08/15/27
(c)
.
44
39,848
DISH
DBS
Corp.
5.25%,
12/01/26
(c)
................
51
40,911
5.13%,
06/01/29
.................
27
12,537
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
..
48
46,844
GCI
LLC,
4.75%,
10/15/28
(c)
..........
12
10,231
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
16
14,987
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
35
31,770
4.25%,
01/15/29
.................
23
19,328
4.63%,
03/15/30
.................
4
3,332
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
24
19,134
6.50%,
09/15/28
.................
52
30,346
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
40
26,200
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
24
21,486
5.00%,
08/01/27
.................
45
41,750
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
8
6,846
TEGNA,
Inc.,
4.75%,
03/15/26
(c)
........
2
1,910
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
USD
11
$
10,766
6.63%,
06/01/27
.................
5
4,833
7.38%,
06/30/30
.................
13
12,378
Warnermedia
Holdings,
Inc.
5.14%,
03/15/52
.................
56
45,598
5.39%,
03/15/62
.................
30
24,449
912,364
Metals
&
Mining
—
2.4%
Arconic
Corp.
(c)
6.00%,
05/15/25
.................
15
15,120
6.13%,
02/15/28
.................
45
45,558
ATI,
Inc.
5.88%,
12/01/27
.................
13
12,581
4.88%,
10/01/29
.................
8
7,202
5.13%,
10/01/31
.................
21
18,709
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
129
127,428
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
6
5,880
7.63%,
03/15/30
.................
21
21,237
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
14
12,043
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
29
25,362
4.50%,
06/01/31
.................
31
24,713
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
39
36,417
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
58
52,500
4.75%,
01/30/30
.................
46
40,881
3.88%,
08/15/31
.................
79
64,986
510,617
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(c)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
3
2,833
4.25%,
02/01/27
.................
8
6,951
4.75%,
06/15/29
.................
4
3,256
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
4
3,445
16,485
Oil,
Gas
&
Consumable
Fuels
—
10.6%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
38
37,335
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
16
15,431
5.38%,
06/15/29
.................
17
15,796
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
6
6,088
Apache
Corp.
4.25%,
01/15/30
.................
4
3,563
5.10%,
09/01/40
.................
15
12,188
5.35%,
07/01/49
.................
11
8,552
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
50
62,161
8.25%,
12/31/28
.................
58
57,037
5.88%,
06/30/29
.................
34
30,333
Baytex
Energy
Corp.,
8.50%,
04/30/30
(c)
...
9
8,789
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
3
2,850
5.85%,
11/15/43
.................
14
10,360
5.60%,
10/15/44
.................
8
5,760
Callon
Petroleum
Co.
8.25%,
07/15/25
.................
6
5,955
6.38%,
07/01/26
.................
12
11,681
8.00%,
08/01/28
(c)
................
43
42,523
7.50%,
06/15/30
(c)
................
53
50,025
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
47
43,134
3.25%,
01/31/32
.................
29
23,857
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Chesapeake
Energy
Corp.
(c)
5.88%,
02/01/29
.................
USD
1
$
950
6.75%,
04/15/29
.................
36
35,720
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
25
24,531
6.38%,
06/15/26
.................
20
19,250
Civitas
Resources,
Inc.
(c)
5.00%,
10/15/26
.................
2
1,885
8.38%,
07/01/28
.................
50
50,565
8.75%,
07/01/31
.................
41
41,566
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
15
12,723
CNX
Resources
Corp.,
7.38%,
01/15/31
(c)
..
7
6,810
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
.................
23
21,044
5.88%,
01/15/30
.................
36
31,254
Crescent
Energy
Finance
LLC
(c)
7.25%,
05/01/26
.................
73
68,511
9.25%,
02/15/28
.................
16
15,524
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
.................
12
11,376
6.00%,
02/01/29
.................
19
17,741
8.00%,
04/01/29
.................
2
2,025
7.38%,
02/01/31
.................
6
5,914
CrownRock
LP
(c)
5.63%,
10/15/25
.................
56
55,171
5.00%,
05/01/29
.................
2
1,873
DCP
Midstream
Operating
LP
(c)
6.45%,
11/03/36
.................
13
13,349
6.75%,
09/15/37
.................
20
21,226
Diamondback
Energy,
Inc.,
6.25%,
03/15/33
32
33,103
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
25
21,939
4.38%,
06/15/31
.................
12
10,335
Earthstone
Energy
Holdings
LLC
(c)
8.00%,
04/15/27
.................
17
16,419
9.88%,
07/15/31
.................
21
20,757
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
28
27,095
5.38%,
06/01/29
.................
21
20,007
6.50%,
09/01/30
(c)
................
18
17,978
EnLink
Midstream
Partners
LP
4.85%,
07/15/26
.................
2
1,930
5.60%,
04/01/44
.................
22
18,419
5.45%,
06/01/47
.................
2
1,644
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
9
8,900
4.13%,
12/01/26
.................
5
4,650
6.50%,
07/01/27
(c)
................
30
29,588
4.50%,
01/15/29
(c)
................
3
2,676
7.50%,
06/01/30
(c)
................
6
6,072
4.75%,
01/15/31
(c)
................
22
19,272
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(c)
....................
7
6,875
Genesis
Energy
LP
6.50%,
10/01/25
.................
6
5,909
7.75%,
02/01/28
.................
16
15,218
8.88%,
04/15/30
.................
9
8,793
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
3
2,512
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
5
4,957
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
20
17,450
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
.................
7
6,589
5.75%,
02/01/29
.................
10
9,055
6.00%,
04/15/30
.................
1
911
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
USD
27
$
22,747
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
40
38,020
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
....................
2
1,934
Matador
Resources
Co.
5.88%,
09/15/26
.................
16
15,505
6.88%,
04/15/28
(c)
................
17
16,826
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
3
2,961
5.88%,
12/01/27
.................
4
3,886
5.87%,
12/01/42
(d)(h)
...............
3
2,493
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
78
73,167
6.50%,
09/30/26
.................
84
75,154
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
16
15,758
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
....
25
26,651
Northern
Oil
&
Gas,
Inc.
(c)
8.13%,
03/01/28
.................
77
75,460
8.75%,
06/15/31
.................
22
21,615
NuStar
Logistics
LP
5.75%,
10/01/25
.................
12
11,700
6.00%,
06/01/26
.................
13
12,663
6.38%,
10/01/30
.................
2
1,908
Occidental
Petroleum
Corp.
6.45%,
09/15/36
.................
15
15,395
6.20%,
03/15/40
.................
27
26,611
4.63%,
06/15/45
.................
2
1,547
PDC
Energy,
Inc.
6.13%,
09/15/24
.................
2
1,999
5.75%,
05/15/26
.................
2
1,992
Permian
Resources
Operating
LLC
(c)
5.38%,
01/15/26
.................
9
8,557
7.75%,
02/15/26
.................
41
41,174
6.88%,
04/01/27
.................
22
21,670
5.88%,
07/01/29
.................
30
28,260
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
24
22,139
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
....................
2
1,830
SM
Energy
Co.
5.63%,
06/01/25
.................
11
10,749
6.75%,
09/15/26
.................
18
17,545
6.50%,
07/15/28
.................
10
9,600
Southwestern
Energy
Co.,
5.38%,
02/01/29
.
24
22,600
Sunoco
LP
6.00%,
04/15/27
.................
6
5,912
5.88%,
03/15/28
.................
2
1,923
Tallgrass
Energy
Partners
LP
(c)
7.50%,
10/01/25
.................
2
1,996
6.00%,
03/01/27
.................
3
2,815
5.50%,
01/15/28
.................
2
1,828
6.00%,
12/31/30
.................
2
1,762
6.00%,
09/01/31
.................
10
8,605
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
77
79,310
TerraForm
Power
Operating
LLC,
4.75%,
01/15/30
(c)
....................
9
7,942
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
65
56,783
4.13%,
08/15/31
.................
33
28,379
3.88%,
11/01/33
.................
51
41,763
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
11
10,139
Western
Midstream
Operating
LP
6.15%,
04/01/33
.................
5
5,039
5.45%,
04/01/44
.................
10
8,448
5.30%,
03/01/48
.................
19
15,860
5.50%,
08/15/48
.................
10
8,362
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.50%,
02/01/50
(d)(h)
...............
USD
39
$
31,944
2,220,405
Passenger
Airlines
—
1.9%
Air
Canada,
3.88%,
08/15/26
(c)
.........
41
38,001
Allegiant
Travel
Co.,
7.25%,
08/15/27
(c)
....
8
7,970
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
86
94,301
5.50%,
04/20/26
.................
17
17,064
7.25%,
02/15/28
.................
4
3,976
5.75%,
04/20/29
.................
49
47,902
Delta
Air
Lines,
Inc.,
4.75%,
10/20/28
(c)
....
5
4,809
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
19
17,983
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
39
38,725
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(c)
................
14
14,478
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
3
3,269
Series
2020-1,
Class
A,
5.88%,
10/15/27
33
32,776
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
33
31,353
4.63%,
04/15/29
.................
39
35,536
VistaJet
Malta
Finance
plc
(c)
7.88%,
05/01/27
.................
9
8,086
6.38%,
02/01/30
.................
12
9,663
405,892
Personal
Care
Products
—
0.0%
(c)
Coty,
Inc.,
4.75%,
01/15/29
...........
2
1,844
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
10
8,279
10,123
Pharmaceuticals
—
0.4%
Catalent
Pharma
Solutions,
Inc.
(c)
3.13%,
02/15/29
.................
33
26,831
3.50%,
04/01/30
.................
8
6,480
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
.............
60
53,438
86,749
Professional
Services
—
0.7%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
6,976
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
63
50,794
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
75
66,130
KBR,
Inc.,
4.75%,
09/30/28
...........
20
18,150
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
14
13,021
155,071
Real
Estate
Management
&
Development
—
0.4%
(c)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
22
19,910
Howard
Hughes
Corp.
(The)
4.13%,
02/01/29
.................
25
20,681
4.38%,
02/01/31
.................
11
8,779
Realogy
Group
LLC
5.75%,
01/15/29
.................
25
18,705
5.25%,
04/15/30
.................
10
7,107
75,182
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
12
10,106
Semiconductors
&
Semiconductor
Equipment
—
0.7%
(c)
Entegris
Escrow
Corp.
4.75%,
04/15/29
.................
120
111,399
5.95%,
06/15/30
.................
21
20,131
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Synaptics,
Inc.,
4.00%,
06/15/29
........
USD
15
$
12,576
144,106
Software
—
5.7%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
...
20
19,500
Alteryx,
Inc.,
8.75%,
03/15/28
(c)
........
15
14,734
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
149
125,404
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
35
31,325
Boxer
Parent
Co.,
Inc.
(c)
7.13%,
10/02/25
.................
11
11,010
9.13%,
03/01/26
.................
55
54,725
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
39
36,740
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(c)
.
22
21,725
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
....
38
37,574
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
.................
95
84,212
4.88%,
07/01/29
.................
61
54,114
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
.................
261
232,389
9.00%,
09/30/29
.................
110
96,078
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
.................
5
4,538
6.50%,
10/15/28
.................
6
5,130
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
2
1,725
Elastic
NV,
4.13%,
07/15/29
(c)
.........
30
25,880
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
19
17,431
McAfee
Corp.,
7.38%,
02/15/30
(c)
.......
77
66,953
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
39
34,967
NCR
Corp.
(c)
5.00%,
10/01/28
.................
9
8,032
6.13%,
09/01/29
.................
13
13,011
Open
Text
Corp.,
6.90%,
12/01/27
(c)
......
58
59,046
PTC,
Inc.,
3.63%,
02/15/25
(c)
..........
4
3,863
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
59
56,482
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
27
21,908
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
71
61,066
1,199,562
Specialized
REITs
—
0.5%
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(c)
....
43
43,073
SBA
Communications
Corp.
3.88%,
02/15/27
.................
25
23,030
3.13%,
02/01/29
.................
43
36,449
102,552
Specialty
Retail
—
1.9%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
14
11,377
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
9
8,251
4.75%,
03/01/30
.................
2
1,777
5.00%,
02/15/32
(c)
................
9
7,837
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
31
27,280
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
11
9,675
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
24
20,538
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
11
9,557
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
13,771
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
30
28,515
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
5
4,724
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
51
45,531
6.13%,
07/01/29
.................
39
33,682
6.00%,
12/01/29
.................
42
36,248
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
14
11,563
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
123
111,469
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(g)
...........
USD
20
$
19,158
400,953
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Seagate
HDD
Cayman
(c)
8.25%,
12/15/29
.................
24
25,067
8.50%,
07/15/31
.................
30
31,461
56,528
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
(c)
Crocs,
Inc.,
4.13%,
08/15/31
..........
16
12,920
Hanesbrands,
Inc.
4.88%,
05/15/26
.................
7
6,535
9.00%,
02/15/31
.................
19
19,149
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
8
6,681
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
20
16,550
William
Carter
Co.
(The),
5.63%,
03/15/27
..
19
18,436
80,271
Trading
Companies
&
Distributors
—
1.5%
(c)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
10
8,850
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
38
37,436
9.75%,
08/01/27
.................
16
16,525
5.50%,
05/01/28
.................
41
37,515
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
7
5,845
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
2
1,732
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
35
33,535
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
22
19,133
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
.....................
110
109,729
WESCO
Distribution,
Inc.
7.13%,
06/15/25
.................
6
6,063
7.25%,
06/15/28
.................
45
45,903
322,266
Wireless
Telecommunication
Services
—
1.0%
(c)
Connect
Finco
SARL,
6.75%,
10/01/26
....
200
194,263
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(d)(g)
........
18
6,736
200,999
Total
Corporate
Bonds
—
96.1%
(Cost:
$21,509,974)
..............................
20,173,875
Shares
Shares
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(k)
........................
1,300
97,591
Total
Investment
Companies
—
0.5%
(Cost:
$94,432)
................................
97,591
Security
Beneficial
Interest
(000)
Value
Other
Interests
(l)
Capital
Markets
—
0.0%
(a)(e)
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(d)
..................
USD
110
$
165
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
...................
30
45
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
210
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
1.3%
Banks
—
0.4%
(a)(d)(m)
Citigroup,
Inc.
Series
P,
(3-mo.
CME
Term
SOFR
+
4.17%),
5.95%
......................
5
4,795
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
......................
10
8,045
JPMorgan
Chase
&
Co.,
Series
Q,
(3-mo.
LIBOR
USD
+
3.25%),
8.55%
........
20
20,075
PNC
Financial
Services
Group,
Inc.
(The)
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
20
18,643
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
17
15,262
66,820
Capital
Markets
—
0.3%
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95%
(a)(d)(m)
.
70
65,991
Consumer
Finance
—
0.2%
(d)(m)
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
..................
60
49,800
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
(a)
10
8,778
58,578
Electric
Utilities
—
0.2%
(d)(m)
Edison
International,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
...........
15
12,959
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(c)
................
28
26,403
39,362
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(c)(d)(m)
...................
17
14,833
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Energy
Transfer
LP,
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
(d)(m)
.........
USD
35
$
31,791
Total
Preferred
Securities
—
1.3%
(Cost:
$306,528)
................................
277,375
Total
Long-Term
Investments
—
98.4%
(Cost:
$22,029,442)
..............................
20,654,493
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(k)(n)
.................
126,042
126,042
Total
Short-Term
Securities
—
0.6%
(Cost:
$126,042)
................................
126,042
Security
Shares
Shares
Value
Total
Options
Purchased
—
0.0%
(
Cost:
$5,557
)
.................................
$
3,345
Total
Investments
Before
Options
Written
—
99.0%
(Cost:
$22,161,041
)
..............................
20,783,880
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(1,743))
.....................
(1,080)
Total
Investments
Net
of
Options
Written
—
99.0%
(Cost:
$22,159,298
)
..............................
20,782,800
Other
Assets
Less
Liabilities
—
1.0%
...................
209,754
Net
Assets
—
100.0%
..............................
$
20,992,554
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$9,607,
representing
less
than
0.05%
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)
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.
(e)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(f)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(g)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(h)
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.
(i)
Convertible
security.
(j)
Zero-coupon
bond.
(k)
Affiliate
of
the
Fund.
(l)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(m)
Perpetual
security
with
no
stated
maturity
date.
(n)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
378,880
$
—
$
(252,838)
(a)
$
—
$
—
$
126,042
126,042
$
6,919
$
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
95,719
—
—
—
1,872
97,591
1,300
2,390
—
$
—
$
1,872
$
223,633
$
9,309
$
—
—
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
81
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
Ultra
Bond
.....................................................
1
09/20/23
$
137
$
(1,291)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
404,000
USD
442,971
Bank
of
America
NA
09/20/23
$
(396)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
SPDR
S&P
500
ETF
Trust
......................
5
08/18/23
USD
425.00
USD
222
$
1,235
SPDR
S&P
500
ETF
Trust
......................
5
09/15/23
USD
425.00
USD
222
2,110
$
3,345
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
SPDR
S&P
500
ETF
Trust
.......................
5
08/18/23
USD
390.00
USD
222
$
(338)
SPDR
S&P
500
ETF
Trust
.......................
5
09/15/23
USD
390.00
USD
222
(742)
$
(1,080)
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Options
Written
...................................................
N/A
N/A
663
—
(1,080)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
82
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
Options
purchased
Investments
at
value
—
unaffiliated
(a)
............
$
—
$
—
$
3,345
$
—
$
—
$
—
$
3,345
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(b)
......
$
—
$
—
$
—
$
—
$
1,291
$
—
$
1,291
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
396
—
—
396
Options
written
Options
written
at
value
.....................
—
—
1,080
—
—
—
1,080
$
—
$
—
$
1,080
$
396
$
1,291
$
—
$
2,767
(a)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
(b)
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,
2023,
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
.......................
$
—
$
—
$
(16,270)
$
—
$
(3,722)
$
—
$
(19,992)
Forward
foreign
currency
exchange
contracts
....
—
—
—
13,320
—
—
13,320
Options
purchased
(a)
.....................
—
—
(22,988)
—
—
—
(22,988)
Options
written
........................
—
—
13,037
—
—
—
13,037
Swaps
..............................
—
4,825
—
—
—
—
4,825
$
—
$
4,825
$
(26,221)
$
13,320
$
(3,722)
$
—
$
(11,798)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(6,626)
$
—
$
(6,626)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(396)
—
—
(396)
Options
purchased
(b)
.....................
—
—
(2,455)
—
—
—
(2,455)
Options
written
........................
—
—
(914)
—
—
—
(914)
Swaps
..............................
—
(29)
—
—
—
—
(29)
$
—
$
(29)
$
(3,369)
$
(396)
$
(6,626)
$
—
$
(10,420)
(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
—
short
.................................................................................
$
650,432
Forward
foreign
currency
exchange
contracts
Average
amounts
sold
—
in
USD
........................................................................................
$
436,773
Options
Average
value
of
option
contracts
purchased
................................................................................
$
3,440
Average
value
of
option
contracts
written
...................................................................................
$
907
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
99,478
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
83
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
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.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
1,567
Forward
foreign
currency
exchange
contracts
.................................................................
—
396
Options
(a)
.........................................................................................
3,345
1,080
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
3,345
$
3,043
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(3,345)
(2,647)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
396
(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.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
pledged
by
the
Fund:
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(a)(b)
Bank
of
America
NA
..............................
$
396
$
—
$
—
$
—
$
396
(a)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(b)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
written
receivable/payable
on
the
Statements
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Capital
Markets
........................................
$
—
$
9,607
$
—
$
9,607
Chemicals
............................................
12,077
—
—
12,077
Financial
Services
......................................
3,861
—
—
3,861
Ground
Transportation
...................................
8,677
—
—
8,677
Hotels,
Restaurants
&
Leisure
..............................
14,386
—
—
14,386
IT
Services
...........................................
1,845
—
—
1,845
Metals
&
Mining
........................................
31,596
—
—
31,596
Pharmaceuticals
.......................................
10,406
—
—
10,406
Software
.............................................
12,987
—
—
12,987
Corporate
Bonds
........................................
—
20,173,875
—
20,173,875
Investment
Companies
....................................
97,591
—
—
97,591
Other
Interests
..........................................
—
210
—
210
Preferred
Securities
.......................................
—
277,375
—
277,375
Short-Term
Securities
Money
Market
Funds
......................................
126,042
—
—
126,042
Options
Purchased
Equity
contracts
..........................................
3,345
—
—
3,345
$
322,813
$
20,461,067
$
—
$
20,783,880
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(1,080)
$
—
$
—
$
(1,080)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
High
Yield
Portfolio
84
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Foreign
currency
exchange
contracts
............................
$
—
$
(396)
$
—
$
(396)
Interest
rate
contracts
.......................................
(1,291)
—
—
(1,291)
$
(2,371)
$
(396)
$
—
$
(2,767)
(a)
Derivative
financial
instruments
are
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE4,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.26%
Floor
+
0.26%),
5.41%,
05/25/37
(a)
.....................
USD
43
$
7,283
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
LIBOR
USD
at
0.48%
Floor
+
0.48%),
5.63%,
05/25/35
(a)
.....
51
44,765
BCMSC
Trust
(a)
Series
2000-A,
Class
A3,
7.83%,
06/15/30
49
6,227
Series
2000-A,
Class
A4,
8.29%,
06/15/30
35
4,746
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(1-mo.
LIBOR
USD
at
1.73%
Floor
+
1.73%),
6.88%,
08/25/34
....................
—
(b)
414
Series
2007-HE2,
Class
22A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.29%,
03/25/37
....................
11
9,888
Series
2007-HE2,
Class
23A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.29%,
03/25/37
....................
17
15,561
Series
2007-HE3,
Class
1A3,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.40%,
04/25/37
....................
33
46,018
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A3,
(1-mo.
LIBOR
USD
at
0.16%
Floor
and
12.50%
Cap
+
0.16%),
5.31%,
10/25/36
(a)
................
30
28,334
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-mo.
LIBOR
USD
at
0.20%
Floor
+
0.20%),
5.35%,
05/25/37
...............
138
89,957
Series
2007-AHL2,
Class
A3C,
(1-mo.
LIBOR
USD
at
0.27%
Floor
+
0.27%),
5.42%,
05/25/37
...............
63
40,839
Conseco
Finance
Securitizations
Corp.,
Series
2000-5,
Class
A6,
7.96%,
05/01/31
.....
36
10,687
Countrywide
Asset-Backed
Certificates,
Series
2006-SPS1,
Class
A,
(1-mo.
LIBOR
USD
at
0.22%
Floor
+
0.22%),
5.37%,
12/25/25
(a)
—
(b)
618
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2001-MH29,
Class
B1,
8.10%,
09/25/31
(a)
.....................
13
12,433
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.67%,
01/25/29
(a)(c)
..................
1
1,639
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
1
1,690
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(d)
Series
2006-RES,
Class
4Q1B,
(1-mo.
LIBOR
USD
at
0.30%
Floor
and
16.00%
Cap
+
0.30%),
5.49%,
12/15/33
.....
3
3,134
Series
2006-RES,
Class
5B1A,
(1-mo.
LIBOR
USD
at
0.19%
Floor
and
16.00%
Cap
+
0.19%),
5.38%,
05/15/35
.....
5
5,145
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(1-mo.
LIBOR
USD
at
0.18%
Floor
and
16.00%
Cap
+
0.18%),
5.37%,
05/15/35
.........
3
3,023
Series
2006-H,
Class
1A,
(1-mo.
LIBOR
USD
at
0.15%
Floor
and
16.00%
Cap
+
0.15%),
5.34%,
11/15/36
..........
6
5,832
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M2,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
5.75%,
01/25/36
(a)
41
35,275
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
LIBOR
USD
at
0.40%
Floor
+
0.40%),
5.55%,
01/25/47
....................
USD
21
$
10,886
Series
2007-HS1,
Class
M6,
(1-mo.
LIBOR
USD
at
3.38%
Floor
+
3.38%),
8.53%,
02/25/47
....................
25
23,465
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.45%,
05/25/37
(a)
..........
30
22,250
IXIS
Real
Estate
Capital
Trust,
Series
2007-
HE1,
Class
A4,
(1-mo.
LIBOR
USD
at
0.23%
Floor
+
0.23%),
5.38%,
05/25/37
(a)
.....
616
150,150
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
44
42,561
Series
2002-A,
Class
C,
0.00%,
06/15/33
4
3,431
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-5,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.45%,
06/25/36
....................
21
9,722
Series
2006-7,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.47%,
08/25/36
....................
13
5,338
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2C,
(1-mo.
LIBOR
USD
at
0.48%
Floor
+
0.48%),
5.63%,
05/25/37
(a)
................
18
13,189
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2005-HE1,
Class
A2MZ,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
5.75%,
12/25/34
(a)
................
78
68,028
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class
A4,
6.93%,
09/15/31
(a)
...
8
4,495
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.21%
Floor
+
0.21%),
5.36%,
03/25/37
(a)
...................
40
31,525
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(c)
...................
30
25,225
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(c)
...................
34
29,911
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(1-mo.
LIBOR
USD
at
1.20%
Floor
and
18.00%
Cap
+
1.20%),
6.39%,
10/15/37
(a)(d)
.........
9
8,515
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(a)(c)
.......
25
21,824
SG
Mortgage
Securities
Trust,
Series
2006-
FRE2,
Class
A2C,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.47%,
07/25/36
(a)
16
3,263
Total
Asset-Backed
Securities
—
0.2%
(Cost:
$1,096,012)
..............................
847,286
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.2%
Axon
Enterprise,
Inc.
(e)
...............
996
194,340
BAE
Systems
plc
...................
1,424
16,791
Saab
AB,
Class
B
..................
8,031
434,766
Thales
SA
........................
1,295
194,028
839,925
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Air
Freight
&
Logistics
—
0.1%
CJ
Logistics
Corp.
..................
2,869
$
166,972
Expeditors
International
of
Washington,
Inc.
.
60
7,268
Nippon
Express
Holdings,
Inc.
..........
2,300
129,739
United
Parcel
Service,
Inc.,
Class
B
......
1,372
245,931
549,910
Automobile
Components
—
0.2%
Apollo
Tyres
Ltd.
(e)
..................
2,766
13,737
BorgWarner,
Inc.
...................
7,572
370,347
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(d)
(f)
............................
16,000
66,368
Hankook
Tire
&
Technology
Co.
Ltd.
......
1,543
40,482
HL
Mando
Co.
Ltd.
..................
1,832
75,363
Hu
Lane
Associate,
Inc.
..............
18,000
96,828
Hyundai
Mobis
Co.
Ltd.
...............
273
48,334
Lear
Corp.
.......................
1,139
163,503
Valeo
...........................
1,631
35,049
Visteon
Corp.
(e)
....................
125
17,951
927,962
Automobiles
—
2.0%
Bayerische
Motoren
Werke
AG
.........
2,030
249,704
BYD
Co.
Ltd.,
Class
A
................
43,000
1,532,337
BYD
Co.
Ltd.,
Class
H
...............
10,000
320,647
Ford
Motor
Co.
....................
45,872
694,043
General
Motors
Co.
.................
32,526
1,254,203
Mercedes-Benz
Group
AG
.............
27,212
2,190,329
Renault
SA
.......................
886
37,384
Tata
Motors
Ltd.
(e)
..................
1,021
7,441
Tesla,
Inc.
(e)
.......................
9,960
2,607,229
Yamaha
Motor
Co.
Ltd.
...............
700
20,124
8,913,441
Banks
—
3.1%
ABN
AMRO
Bank
NV,
CVA
(d)(f)
..........
2,959
45,992
AU
Small
Finance
Bank
Ltd.
(d)(f)
.........
719
6,625
Banco
Bilbao
Vizcaya
Argentaria
SA
......
116,806
897,386
Banco
Bradesco
SA
.................
3,121
9,562
Banco
do
Brasil
SA
.................
10,849
112,156
Bancolombia
SA
...................
4,068
30,229
Bank
of
America
Corp.
...............
75,350
2,161,792
Bank
of
Nova
Scotia
(The)
(g)
...........
10,770
538,846
Bank
Polska
Kasa
Opieki
SA
...........
4,536
123,727
BAWAG
Group
AG
(d)(f)
................
1,726
79,572
China
Merchants
Bank
Co.
Ltd.,
Class
H
...
52,500
239,457
Citigroup,
Inc.
.....................
15,676
721,723
Commonwealth
Bank
of
Australia
........
118
7,900
DBS
Group
Holdings
Ltd.
.............
3,200
74,729
DNB
Bank
ASA
....................
36,321
679,228
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
35,879
295,173
HDFC
Bank
Ltd.
...................
13,718
284,687
ICICI
Bank
Ltd.
....................
3,196
36,591
IndusInd
Bank
Ltd.
..................
4,995
84,018
ING
Groep
NV
.....................
55,813
752,448
Israel
Discount
Bank
Ltd.,
Class
A
.......
1,961
9,797
JPMorgan
Chase
&
Co.
..............
1,500
218,160
KakaoBank
Corp.
..................
294
5,345
Mediobanca
Banca
di
Credito
Finanziario
SpA
13,291
159,126
Mitsubishi
UFJ
Financial
Group,
Inc.
......
23,800
175,432
Mizuho
Financial
Group,
Inc.
...........
14,900
227,754
National
Australia
Bank
Ltd.
............
79,588
1,399,783
Raiffeisen
Bank
International
AG
(e)
.......
17,469
277,213
Societe
Generale
SA
................
22,184
576,922
State
Bank
of
India
..................
1,666
11,669
Svenska
Handelsbanken
AB,
Class
A
.....
1,152
9,645
Swedbank
AB,
Class
A
...............
62,120
1,048,345
Security
Shares
Shares
Value
Banks
(continued)
Truist
Financial
Corp.
................
663
$
20,122
UniCredit
SpA
.....................
23,644
549,808
US
Bancorp
......................
13,836
457,141
Westpac
Banking
Corp.
..............
96,633
1,375,920
13,704,023
Beverages
—
1.4%
Ambev
SA
.......................
111,870
360,268
Anadolu
Efes
Biracilik
ve
Malt
Sanayii
A/S,
Class
A
.......................
21,512
54,742
Arca
Continental
SAB
de
CV
...........
4,068
41,752
China
Resources
Beer
Holdings
Co.
Ltd.
...
4,000
26,433
Coca-Cola
Co.
(The)
................
41,295
2,486,785
Coca-Cola
Femsa
SAB
de
CV
..........
16,656
139,090
Coca-Cola
Icecek
A/S
................
598
6,057
Kirin
Holdings
Co.
Ltd.
...............
2,000
29,205
PepsiCo,
Inc.
.....................
13,742
2,545,293
Pernod
Ricard
SA
..................
3,069
678,172
Tsingtao
Brewery
Co.
Ltd.,
Class
H
.......
2,000
18,260
6,386,057
Biotechnology
—
0.9%
AbbVie,
Inc.
......................
6,980
940,415
Amgen,
Inc.
......................
2,704
600,342
BeiGene
Ltd.
(e)
....................
900
12,340
Biogen,
Inc.
(e)
.....................
147
41,873
Celltrion,
Inc.
......................
427
49,840
CSL
Ltd.
.........................
1,252
231,844
Genmab
A/S
(e)
.....................
603
228,512
Gilead
Sciences,
Inc.
................
5,658
436,062
Incyte
Corp.
(e)
.....................
2,773
172,619
Innovent
Biologics,
Inc.
(d)(e)(f)
............
26,000
98,757
Moderna,
Inc.
(e)
....................
286
34,749
Neurocrine
Biosciences,
Inc.
(e)
..........
1,711
161,347
PharmaEngine,
Inc.
.................
4,000
12,575
Regeneron
Pharmaceuticals,
Inc.
(e)
.......
522
375,078
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(d)(e)(f)(g)
.......................
12,600
36,764
Vertex
Pharmaceuticals,
Inc.
(e)
..........
1,405
494,434
3,927,551
Broadline
Retail
—
2.1%
Alibaba
Group
Holding
Ltd.
(e)
...........
85,800
893,164
Amazon.com,
Inc.
(e)
.................
45,546
5,937,377
eBay,
Inc.
........................
44,503
1,988,839
Etsy,
Inc.
(e)
.......................
1,703
144,091
JD.com,
Inc.,
Class
A
................
8,500
144,964
MercadoLibre,
Inc.
(e)
.................
87
103,060
Poya
International
Co.
Ltd.
............
1,000
19,065
Shinsegae,
Inc.
....................
196
26,587
9,257,147
Building
Products
—
0.1%
Assa
Abloy
AB,
Class
B
..............
4,632
111,339
Belimo
Holding
AG
(Registered)
.........
253
126,453
Lennox
International,
Inc.
.............
61
19,890
Owens
Corning
....................
780
101,790
359,472
Capital
Markets
—
1.1%
Bank
of
New
York
Mellon
Corp.
(The)
.....
11,325
504,189
Deutsche
Bank
AG
(Registered)
.........
1,230
12,931
Macquarie
Group
Ltd.
................
15,173
1,805,403
Moody's
Corp.
.....................
203
70,587
S&P
Global,
Inc.
...................
5,906
2,367,656
4,760,766
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
—
0.9%
Allied
Supreme
Corp.
................
2,000
$
20,562
Ashland,
Inc.
......................
586
50,929
Asian
Paints
Ltd.
...................
1,507
61,883
Clariant
AG
(Registered)
..............
2,705
39,132
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
.
2,600
21,607
Croda
International
plc
...............
1,464
104,653
DuPont
de
Nemours,
Inc.
.............
8,119
580,021
FMC
Corp.
.......................
514
53,631
Givaudan
SA
(Registered)
.............
90
298,525
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
900
6,105
Jinan
Acetate
Chemical
Co.
Ltd.
.........
2,000
35,590
KCC
Corp.
.......................
64
9,592
LG
Chem
Ltd.
.....................
882
448,993
LyondellBasell
Industries
NV,
Class
A
.....
110
10,101
Mitsubishi
Gas
Chemical
Co.,
Inc.
.......
7,500
109,255
Navin
Fluorine
International
Ltd.
.........
105
5,772
Nitto
Denko
Corp.
..................
3,900
289,480
Novozymes
A/S,
Class
B
..............
28,236
1,317,466
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
....................
31,030
163,545
Solvay
SA
........................
991
110,814
Sumitomo
Chemical
Co.
Ltd.
...........
87,000
264,429
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
3,360
14,273
4,016,358
Commercial
Services
&
Supplies
—
0.1%
Tetra
Tech,
Inc.
....................
1,714
280,650
Communications
Equipment
—
0.4%
Accton
Technology
Corp.
.............
2,000
22,496
Arcadyan
Technology
Corp.
............
7,000
27,721
BYD
Electronic
International
Co.
Ltd.
......
5,000
15,210
Cisco
Systems,
Inc.
.................
32,140
1,662,924
Juniper
Networks,
Inc.
...............
7,540
236,228
1,964,579
Construction
&
Engineering
—
0.7%
AECOM
.........................
22,589
1,913,062
Daewoo
Engineering
&
Construction
Co.
Ltd.
(e)
10,563
32,759
Eiffage
SA
.......................
1,137
118,713
EMCOR
Group,
Inc.
.................
380
70,216
JGC
Holdings
Corp.
.................
1,700
22,104
Samsung
Engineering
Co.
Ltd.
(e)
.........
1,768
38,128
Stantec,
Inc.
......................
14,140
923,169
3,118,151
Consumer
Finance
—
0.6%
American
Express
Co.
...............
11,541
2,010,442
Bajaj
Finance
Ltd.
..................
175
15,328
Lufax
Holding
Ltd.,
ADR
..............
2,005
2,867
Synchrony
Financial
.................
17,596
596,856
2,625,493
Consumer
Staples
Distribution
&
Retail
—
1.4%
BIM
Birlesik
Magazalar
A/S
............
7,506
49,180
Cia
Brasileira
de
Distribuicao
(e)
..........
9,257
36,172
Costco
Wholesale
Corp.
..............
670
360,715
Lawson,
Inc.
......................
28,100
1,245,947
Migros
Ticaret
A/S,
Class
A
............
25,386
207,450
Shoprite
Holdings
Ltd.
...............
3,282
39,366
Target
Corp.
......................
3,884
512,299
Tesco
plc
........................
3,397
10,716
Tsuruha
Holdings,
Inc.
...............
18,200
1,355,500
Walmart,
Inc.
......................
16,045
2,521,953
6,339,298
Security
Shares
Shares
Value
Containers
&
Packaging
—
0.0%
AptarGroup,
Inc.
...................
622
$
72,065
Diversified
Consumer
Services
—
0.0%
(e)
New
Oriental
Education
&
Technology
Group,
Inc.
..........................
5,100
20,103
YDUQS
Participacoes
SA
.............
4,422
18,230
38,333
Diversified
Telecommunication
Services
—
0.2%
Deutsche
Telekom
AG
(Registered)
......
4,640
101,238
Koninklijke
KPN
NV
.................
41,550
148,332
Nippon
Telegraph
&
Telephone
Corp.
.....
440,000
520,655
770,225
Electric
Utilities
—
0.6%
Acciona
SA
.......................
938
159,263
Centrais
Eletricas
Brasileiras
SA
.........
1,288
10,703
CPFL
Energia
SA
...................
28,210
201,727
Edison
International
.................
10,551
732,767
Elia
Group
SA/NV
..................
681
86,524
Enel
SpA
........................
82,761
558,010
Energisa
SA
......................
2,497
26,283
Hydro
One
Ltd.
(d)(f)
..................
23,274
664,971
Iberdrola
SA
......................
436
5,694
NextEra
Energy,
Inc.
................
2,995
222,229
SSE
plc
.........................
3,363
78,863
Terna
-
Rete
Elettrica
Nazionale
.........
2,947
25,136
Transmissora
Alianca
de
Energia
Eletrica
SA
1,074
8,447
2,780,617
Electrical
Equipment
—
1.0%
ABB
Ltd.
(Registered)
................
54,803
2,155,996
AMETEK,
Inc.
.....................
1,952
315,990
Bizlink
Holding,
Inc.
.................
22,587
234,181
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
26,860
848,004
Eve
Energy
Co.
Ltd.,
Class
A
...........
12,600
105,203
Guangzhou
Great
Power
Energy
&
Technology
Co.
Ltd.,
Class
A
(e)
................
11,600
76,845
Legrand
SA
......................
166
16,468
Schneider
Electric
SE
................
1,393
253,076
Shenzhen
Kstar
Science
&
Technology
Co.
Ltd.,
Class
A
....................
17,800
98,224
Signify
NV
(d)(f)
.....................
6,520
182,781
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
...
2,100
33,800
Sunwoda
Electronic
Co.
Ltd.,
Class
A
.....
13,300
29,959
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
2,560
59,723
4,410,250
Electronic
Equipment,
Instruments
&
Components
—
0.5%
Chroma
ATE,
Inc.
...................
31,000
250,177
Delta
Electronics,
Inc.
................
44,000
487,623
FLEXium
Interconnect,
Inc.
............
39,000
116,233
Keysight
Technologies,
Inc.
(e)
...........
3,731
624,756
KH
Vatec
Co.
Ltd.
..................
641
10,537
Omron
Corp.
......................
6,100
374,551
Simplo
Technology
Co.
Ltd.
............
28,000
296,148
Sinbon
Electronics
Co.
Ltd.
............
2,000
23,761
Spectris
plc
.......................
4,968
226,991
Sunny
Optical
Technology
Group
Co.
Ltd.
..
900
9,024
2,419,801
Energy
Equipment
&
Services
—
0.2%
ChampionX
Corp.
..................
205
6,363
Schlumberger
NV
..................
13,545
665,330
Tenaris
SA
.......................
2,958
44,249
715,942
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
—
0.1%
Electronic
Arts,
Inc.
.................
2,718
$
352,524
NetEase,
Inc.
.....................
1,000
19,369
Nintendo
Co.
Ltd.
...................
700
31,912
Studio
Dragon
Corp.
(e)
...............
201
8,232
412,037
Financial
Services
—
1.4%
Bajaj
Finserv
Ltd.
...................
1,240
23,161
Berkshire
Hathaway,
Inc.,
Class
B
(e)
......
3,598
1,226,918
Block,
Inc.,
Class
A
(e)
................
6,659
443,290
FirstRand
Ltd.
.....................
4,449
16,211
Groupe
Bruxelles
Lambert
NV
..........
1,814
143,004
Mastercard,
Inc.,
Class
A
..............
7,626
2,999,306
Meritz
Financial
Group,
Inc.
(e)
...........
220
6,975
Visa,
Inc.,
Class
A
(g)
.................
5,123
1,216,610
6,075,475
Food
Products
—
1.1%
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
......
300
6,070
BRF
SA
(e)
........................
1,755
3,284
Chocoladefabriken
Lindt
&
Spruengli
AG
...
19
238,887
Conagra
Brands,
Inc.
................
184
6,205
General
Mills,
Inc.
..................
14,760
1,132,092
Hershey
Co.
(The)
..................
2,166
540,850
Kellogg
Co.
.......................
10,633
716,664
Marfrig
Global
Foods
SA
..............
27,242
41,305
Nestle
SA
(Registered)
...............
15,785
1,898,803
Sao
Martinho
SA
...................
12,912
92,036
4,676,196
Gas
Utilities
—
0.0%
Gujarat
Gas
Ltd.
...................
3,876
22,005
Ground
Transportation
—
0.3%
CSX
Corp.
.......................
527
17,971
Landstar
System,
Inc.
................
135
25,993
Localiza
Rent
a
Car
SA
...............
11,660
166,784
TFI
International,
Inc.
................
202
23,014
Uber
Technologies,
Inc.
(e)
.............
22,556
973,742
1,207,504
Health
Care
Equipment
&
Supplies
—
1.0%
Abbott
Laboratories
.................
13,490
1,470,680
Align
Technology,
Inc.
(e)
...............
100
35,364
Boston
Scientific
Corp.
(e)
..............
40,888
2,211,632
Edwards
Lifesciences
Corp.
(e)
..........
3,252
306,761
Medtronic
plc
.....................
5,892
519,085
Stryker
Corp.
.....................
376
114,714
4,658,236
Health
Care
Providers
&
Services
—
1.4%
Cigna
Group
(The)
..................
2,861
802,797
CVS
Health
Corp.
(g)
.................
21,341
1,475,303
Elevance
Health,
Inc.
................
3,384
1,503,477
Fleury
SA
........................
37,023
125,029
Qualicorp
Consultoria
e
Corretora
de
Seguros
SA
..........................
10,931
11,072
UnitedHealth
Group,
Inc.
..............
4,417
2,122,987
6,040,665
Health
Care
Technology
—
0.0%
(e)
Teladoc
Health,
Inc.
.................
4,112
104,116
Veeva
Systems,
Inc.,
Class
A
...........
53
10,480
114,596
Hotels,
Restaurants
&
Leisure
—
0.9%
Aristocrat
Leisure
Ltd.
................
51,253
1,326,060
Boyd
Gaming
Corp.
(g)
................
112
7,769
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Darden
Restaurants,
Inc.
(g)
............
32
$
5,347
Domino's
Pizza,
Inc.
.................
242
81,552
InterContinental
Hotels
Group
plc
........
2,442
168,807
MakeMyTrip
Ltd.
(e)
..................
2,768
74,681
McDonald's
Corp.
(g)
.................
3,196
953,718
Meituan
(d)(e)(f)
......................
16,420
257,481
MGM
Resorts
International
............
1,519
66,714
Starbucks
Corp.
....................
222
21,991
Travel
+
Leisure
Co.
.................
11,281
455,076
Trip.com
Group
Ltd.
(e)
................
5,307
185,264
Yum
China
Holdings,
Inc.
.............
2,237
126,391
Yum!
Brands,
Inc.
..................
1,450
200,897
3,931,748
Household
Durables
—
0.1%
Arcelik
A/S
(e)
......................
1,058
5,294
Barratt
Developments
plc
.............
60,335
317,104
Bellway
plc
.......................
1,445
36,537
Sekisui
House
Ltd.
..................
800
16,160
375,095
Household
Products
—
0.1%
Colgate-Palmolive
Co.
...............
6,303
485,583
Kimberly-Clark
Corp.
................
169
23,332
Procter
&
Gamble
Co.
(The)
...........
33
5,008
513,923
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Atlantica
Sustainable
Infrastructure
plc
....
939
22,010
Drax
Group
plc
....................
18,825
138,665
160,675
Industrial
Conglomerates
—
1.2%
3M
Co.
..........................
9,147
915,523
AG
Anadolu
Grubu
Holding
A/S
.........
388
1,638
Doosan
Co.
Ltd.
...................
515
35,596
General
Electric
Co.
.................
553
60,747
Honeywell
International,
Inc.
(g)
..........
12,195
2,530,463
Siemens
AG
(Registered)
.............
7,565
1,261,092
Siemens
Ltd.
......................
208
9,566
Smiths
Group
plc
...................
15,590
326,170
Toshiba
Corp.
.....................
1,600
50,207
5,191,002
Industrial
REITs
—
0.1%
Segro
plc
........................
46,975
428,403
Tritax
Big
Box
REIT
plc
...............
22,643
36,037
464,440
Insurance
—
1.9%
AIA
Group
Ltd.
....................
171,400
1,740,824
Allstate
Corp.
(The)
.................
2,172
236,835
Aon
plc,
Class
A
...................
1,893
653,464
ASR
Nederland
NV
.................
3,139
141,580
AXA
SA
.........................
6,294
185,996
Direct
Line
Insurance
Group
plc
.........
25,231
43,624
Manulife
Financial
Corp.
..............
79,685
1,506,180
Marsh
&
McLennan
Cos.,
Inc.
..........
906
170,400
Max
Financial
Services
Ltd.
(e)
...........
662
6,553
MetLife,
Inc.
......................
37,385
2,113,374
NN
Group
NV
.....................
221
8,181
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
.......................
44,500
284,218
Prudential
Financial,
Inc.
(g)
.............
1,475
130,125
Sompo
Holdings,
Inc.
................
900
40,382
Tokio
Marine
Holdings,
Inc.
............
1,600
36,886
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Travelers
Cos.,
Inc.
(The)
.............
5,965
$
1,035,882
8,334,504
Interactive
Media
&
Services
—
2.6%
AfreecaTV
Co.
Ltd.
.................
355
19,875
Alphabet,
Inc.,
Class
A
(e)
..............
29,185
3,493,444
Alphabet,
Inc.,
Class
C
(e)
..............
24,977
3,021,468
Auto
Trader
Group
plc
(d)(f)
.............
41,417
321,583
Baidu,
Inc.,
Class
A
(e)
................
21,850
372,669
Joyy,
Inc.,
ADR
....................
916
28,130
Kakao
Corp.
......................
1,278
48,002
Kuaishou
Technology
(d)(e)(f)
.............
13,700
94,162
Meta
Platforms,
Inc.,
Class
A
(e)
..........
8,206
2,354,958
NAVER
Corp.
.....................
1,005
140,685
Scout24
SE
(d)(f)
....................
1,490
94,415
Tencent
Holdings
Ltd.
................
39,200
1,662,126
11,651,517
IT
Services
—
1.2%
Accenture
plc,
Class
A
...............
4,536
1,399,719
Capgemini
SE
.....................
301
56,992
Coforge
Ltd.
......................
135
7,783
Cognizant
Technology
Solutions
Corp.,
Class
A
15,654
1,021,893
Gartner,
Inc.
(e)
.....................
3,350
1,173,538
Infosys
Ltd.
.......................
2,852
46,453
Nomura
Research
Institute
Ltd.
.........
6,600
182,341
VeriSign,
Inc.
(e)
....................
7,145
1,614,556
5,503,275
Leisure
Products
—
0.0%
Brunswick
Corp.
...................
63
5,458
Sega
Sammy
Holdings,
Inc.
............
5,400
115,683
121,141
Life
Sciences
Tools
&
Services
—
0.6%
Agilent
Technologies,
Inc.
.............
17,333
2,084,293
Danaher
Corp.
....................
1,327
318,480
Mettler-Toledo
International,
Inc.
(e)
.......
8
10,493
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(d)(e)(f)
...
1,500
4,651
Syngene
International
Ltd.
(d)(f)
...........
595
5,558
WuXi
AppTec
Co.
Ltd.,
Class
H
(d)(f)
.......
9,400
75,336
Wuxi
Biologics
Cayman,
Inc.
(d)(e)(f)
........
21,500
103,330
2,602,141
Machinery
—
1.2%
Amada
Co.
Ltd.
....................
69,200
682,718
ANDRITZ
AG
.....................
11,296
629,976
Caterpillar,
Inc.
....................
1,625
399,831
Cummins
India
Ltd.
.................
3,707
87,992
Cummins,
Inc.
.....................
455
111,548
Deere
&
Co.
......................
578
234,200
GEA
Group
AG
....................
658
27,548
Graco,
Inc.
.......................
430
37,131
Illinois
Tool
Works,
Inc.
...............
576
144,092
Otis
Worldwide
Corp.
................
15,707
1,398,080
Sandvik
AB
.......................
342
6,677
Spirax-Sarco
Engineering
plc
...........
381
50,217
Turk
Traktor
ve
Ziraat
Makineleri
A/S
......
603
9,415
Wartsila
OYJ
Abp
...................
12,019
135,526
Xylem,
Inc.
.......................
12,572
1,415,859
5,370,810
Marine
Transportation
—
0.1%
Evergreen
Marine
Corp.
Taiwan
Ltd.
......
7,000
21,102
Kuehne
+
Nagel
International
AG
(Registered)
890
263,642
Orient
Overseas
International
Ltd.
.......
1,500
20,149
Security
Shares
Shares
Value
Marine
Transportation
(continued)
Star
Bulk
Carriers
Corp.
..............
1,139
$
20,160
325,053
Media
—
0.4%
Fox
Corp.,
Class
A
..................
35,816
1,217,744
Fox
Corp.,
Class
B
..................
13,633
434,756
1,652,500
Metals
&
Mining
—
1.3%
Anglo
American
plc
.................
33,201
945,981
APERAM
SA
......................
420
13,115
APL
Apollo
Tubes
Ltd.
...............
1,130
18,010
ArcelorMittal
SA
....................
20,945
571,466
Aurubis
AG
.......................
676
58,042
Boliden
AB
.......................
16,077
465,882
Endeavour
Mining
plc
................
306
7,334
Fortescue
Metals
Group
Ltd.
...........
29,467
437,253
Franco-Nevada
Corp.
................
1,182
168,465
Freeport-McMoRan,
Inc.
..............
813
32,520
Grupo
Mexico
SAB
de
CV
.............
3,975
19,112
Newmont
Corp.
....................
8,980
383,087
Outokumpu
OYJ
...................
8,352
44,707
POSCO
Holdings,
Inc.
...............
520
153,895
Reliance
Steel
&
Aluminum
Co.
.........
198
53,775
Rio
Tinto
Ltd.
.....................
951
72,827
Rio
Tinto
plc
......................
1,920
122,015
Royal
Gold,
Inc.
....................
124
14,233
Southern
Copper
Corp.
...............
457
32,785
Steel
Dynamics,
Inc.
.................
177
19,281
thyssenkrupp
AG
...................
63,294
495,747
Tibet
Summit
Resources
Co.
Ltd.,
Class
A
(e)
.
4,900
12,351
Wheaton
Precious
Metals
Corp.
.........
33,928
1,467,247
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
..
5,000
31,663
5,640,793
Multi-Utilities
—
0.2%
Engie
SA
........................
51,040
849,965
Public
Service
Enterprise
Group,
Inc.
.....
912
57,100
Sempra
Energy
....................
1,264
184,026
1,091,091
Oil,
Gas
&
Consumable
Fuels
—
2.5%
Aker
BP
ASA
......................
2,301
53,985
ARC
Resources
Ltd.
.................
3,265
43,550
BP
plc
..........................
44,611
259,742
Chevron
Corp.
.....................
12,154
1,912,432
ConocoPhillips
....................
15,210
1,575,908
Crescent
Point
Energy
Corp.
...........
16,131
108,616
Enbridge,
Inc.
.....................
59,704
2,219,154
Enerplus
Corp.
....................
9,269
134,338
EOG
Resources,
Inc.
................
4,871
557,437
Equinor
ASA
......................
17,974
523,383
Exxon
Mobil
Corp.
..................
18,179
1,949,698
Marathon
Oil
Corp.
..................
10,222
235,310
Petroleo
Brasileiro
SA
................
30,824
213,403
Shell
plc
.........................
252
7,517
SK
Innovation
Co.
Ltd.
(e)
..............
990
120,022
TORM
plc,
Class
A
..................
3,253
78,384
Tourmaline
Oil
Corp.
(g)
...............
6,866
323,514
Turkiye
Petrol
Rafinerileri
A/S
...........
27,820
85,543
Valero
Energy
Corp.
.................
4,843
568,084
Var
Energi
ASA
(g)
...................
4,193
11,400
10,981,420
Paper
&
Forest
Products
—
0.0%
West
Fraser
Timber
Co.
Ltd.
...........
1,326
113,917
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
—
0.1%
Alaska
Air
Group,
Inc.
(e)
...............
153
$
8,137
ANA
Holdings,
Inc.
(e)
.................
4,900
116,719
Qantas
Airways
Ltd.
(e)
................
16,518
68,452
Singapore
Airlines
Ltd.
...............
39,800
210,862
404,170
Personal
Care
Products
—
0.3%
LG
H&H
Co.
Ltd.
...................
38
13,280
L'Oreal
SA
.......................
143
66,706
Natura
&
Co.
Holding
SA
(e)
............
3,188
11,165
Unilever
plc
.......................
20,929
1,089,862
1,181,013
Pharmaceuticals
—
3.4%
Astellas
Pharma,
Inc.
................
80,100
1,192,887
AstraZeneca
plc
...................
1,129
161,847
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...........................
300
4,875
Bristol-Myers
Squibb
Co.
..............
20,207
1,292,238
Eli
Lilly
&
Co.
.....................
2,968
1,391,933
GSK
plc
.........................
14,112
250,101
Johnson
&
Johnson
.................
15,210
2,517,559
Merck
&
Co.,
Inc.
...................
16,361
1,887,896
Novartis
AG
(Registered)
.............
27,277
2,750,052
Novo
Nordisk
A/S,
Class
B
............
11,433
1,846,885
Ono
Pharmaceutical
Co.
Ltd.
...........
2,900
52,326
Otsuka
Holdings
Co.
Ltd.
.............
10,500
385,157
Pfizer,
Inc.
.......................
18,743
687,493
Roche
Holding
AG
..................
1,748
539,162
Shionogi
&
Co.
Ltd.
.................
6,800
286,820
Takeda
Pharmaceutical
Co.
Ltd.
.........
1,300
40,849
15,288,080
Professional
Services
—
1.0%
ExlService
Holdings,
Inc.
(e)
............
38
5,740
Experian
plc
......................
30,421
1,167,589
Genpact
Ltd.
......................
15,022
564,377
Insperity,
Inc.
......................
524
62,335
ManpowerGroup,
Inc.
................
3,181
252,571
Paychex,
Inc.
.....................
2,352
263,118
Recruit
Holdings
Co.
Ltd.
.............
25,900
826,607
Robert
Half
International,
Inc.
...........
3,104
233,483
Wolters
Kluwer
NV
..................
7,825
993,568
4,369,388
Real
Estate
Management
&
Development
—
0.7%
China
Resources
Land
Ltd.
............
26,000
110,647
Country
Garden
Services
Holdings
Co.
Ltd.
.
23,000
29,846
Daito
Trust
Construction
Co.
Ltd.
........
700
70,914
Daiwa
House
Industry
Co.
Ltd.
..........
14,300
377,834
FirstService
Corp.
..................
877
135,064
Jones
Lang
LaSalle,
Inc.
(e)
.............
1,436
223,729
Longfor
Group
Holdings
Ltd.
(d)
..........
2,500
6,105
Mitsubishi
Estate
Co.
Ltd.
.............
24,600
292,256
Mitsui
Fudosan
Co.
Ltd.
..............
72,700
1,449,014
Nomura
Real
Estate
Holdings,
Inc.
.......
14,700
349,487
Sun
Hung
Kai
Properties
Ltd.
...........
5,000
63,173
Tokyo
Tatemono
Co.
Ltd.
..............
7,300
94,006
3,202,075
Retail
REITs
—
0.0%
Klepierre
SA
......................
2,607
64,769
Semiconductors
&
Semiconductor
Equipment
—
3.5%
Analog
Devices,
Inc.
.................
57
11,104
Applied
Materials,
Inc.
...............
17,399
2,514,851
ASML
Holding
NV
..................
1,996
1,447,756
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
ASPEED
Technology,
Inc.
.............
1,000
$
92,105
Broadcom,
Inc.
....................
421
365,188
Disco
Corp.
.......................
400
63,418
Formosa
Sumco
Technology
Corp.
.......
9,000
48,677
Global
Unichip
Corp.
................
11,000
569,341
Intel
Corp.
.......................
9,995
334,233
JA
Solar
Technology
Co.
Ltd.,
Class
A
.....
59,680
342,582
KLA
Corp.
........................
430
208,559
Koh
Young
Technology,
Inc.
............
432
5,088
Lam
Research
Corp.
................
292
187,715
MediaTek,
Inc.
.....................
3,000
66,408
Microchip
Technology,
Inc.
.............
338
30,281
NVIDIA
Corp.
.....................
14,690
6,214,164
Parade
Technologies
Ltd.
.............
1,000
34,665
Power
Integrations,
Inc.
(g)
.............
133
12,591
QUALCOMM,
Inc.
..................
4,439
528,419
Realtek
Semiconductor
Corp.
..........
14,000
174,561
RichWave
Technology
Corp.
...........
5,000
28,550
Risen
Energy
Co.
Ltd.,
Class
A
(e)
........
2,900
10,248
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
.......................
1,400
21,684
Silergy
Corp.
......................
1,000
12,457
Sino-American
Silicon
Products,
Inc.
......
21,000
109,521
StarPower
Semiconductor
Ltd.,
Class
A
....
1,000
29,687
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
99,000
1,828,860
United
Microelectronics
Corp.
..........
1,000
1,571
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.
..........................
2,500
24,470
15,318,754
Software
—
4.2%
Adobe,
Inc.
(e)
......................
5,699
2,786,754
Autodesk,
Inc.
(e)
....................
556
113,763
Birlasoft
Ltd.
......................
2,210
9,713
Box,
Inc.,
Class
A
(e)
.................
1,983
58,261
Cadence
Design
Systems,
Inc.
(e)
........
303
71,060
Dropbox,
Inc.,
Class
A
(e)
..............
11,602
309,425
Fortinet,
Inc.
(e)
.....................
2,281
172,421
KPIT
Technologies
Ltd.
...............
10
133
Manhattan
Associates,
Inc.
(e)
...........
6,582
1,315,610
Microsoft
Corp.
....................
34,075
11,603,901
Salesforce,
Inc.
(e)
...................
461
97,391
SAP
SE
.........................
14,903
2,035,860
Splunk,
Inc.
(e)
.....................
181
19,202
Teradata
Corp.
(e)
...................
1,691
90,316
Workday,
Inc.,
Class
A
(e)
..............
592
133,727
18,817,537
Specialized
REITs
—
0.1%
VICI
Properties,
Inc.
.................
15,427
484,871
Specialty
Retail
—
0.9%
Best
Buy
Co.,
Inc.
..................
17,347
1,421,587
Dogus
Otomotiv
Servis
ve
Ticaret
A/S
.....
1,052
6,894
Home
Depot,
Inc.
(The)
..............
6,541
2,031,896
Industria
de
Diseno
Textil
SA
...........
164
6,361
Lojas
Renner
SA
...................
2,016
8,446
ZOZO,
Inc.
.......................
15,000
311,170
3,786,354
Technology
Hardware,
Storage
&
Peripherals
—
4.0%
Advantech
Co.
Ltd.
.................
1,000
13,166
Apple,
Inc.
.......................
69,903
13,559,085
Dell
Technologies,
Inc.,
Class
C
(g)
........
13,353
722,531
Hewlett
Packard
Enterprise
Co.
.........
48,843
820,562
HP,
Inc.
.........................
42,138
1,294,058
Samsung
Electronics
Co.
Ltd.
..........
19,094
1,051,378
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Wiwynn
Corp.
.....................
2,000
$
91,405
17,552,185
Textiles,
Apparel
&
Luxury
Goods
—
1.1%
ANTA
Sports
Products
Ltd.
............
20,000
205,519
Burberry
Group
plc
..................
2,641
71,263
Hermes
International
................
506
1,099,902
Kering
SA
........................
1,681
928,247
Lululemon
Athletica,
Inc.
(e)
.............
4,116
1,557,906
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
432
407,338
Makalot
Industrial
Co.
Ltd.
.............
28,000
272,309
Mavi
Giyim
Sanayi
ve
Ticaret
A/S,
Class
B
(d)(f)
3,600
10,786
Moncler
SpA
......................
3,434
237,591
Tapestry,
Inc.
......................
503
21,528
4,812,389
Trading
Companies
&
Distributors
—
0.1%
Mitsubishi
Corp.
....................
1,600
77,355
Travis
Perkins
plc
..................
611
6,328
WW
Grainger,
Inc.
..................
419
330,419
414,102
Transportation
Infrastructure
—
0.0%
Flughafen
Zurich
AG
(Registered)
........
180
37,441
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
..........................
1,360
14,460
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
3,415
61,459
113,360
Water
Utilities
—
0.1%
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
(e)
.........................
40,434
178,517
Cia
de
Saneamento
do
Parana
(e)
........
2,380
10,870
United
Utilities
Group
plc
..............
27,410
335,156
524,543
Wireless
Telecommunication
Services
—
0.2%
Freenet
AG
.......................
11,340
284,778
MTN
Group
Ltd.
....................
24,516
180,128
SK
Telecom
Co.
Ltd.
.................
5,946
210,403
SoftBank
Corp.
....................
11,500
122,881
SoftBank
Group
Corp.
...............
4,200
198,070
996,260
Total
Common
Stocks
—
57.2%
(Cost:
$234,595,716)
.............................
253,739,625
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.0%
(d)
Rolls-Royce
plc,
5.75%,
10/15/27
.......
USD
75
73,332
Spirit
AeroSystems,
Inc.,
9.38%,
11/30/29
..
30
32,117
105,449
Air
Freight
&
Logistics
—
0.0%
United
Parcel
Service,
Inc.
4.45%,
04/01/30
.................
20
19,922
6.20%,
01/15/38
.................
15
16,767
36,689
Automobile
Components
—
0.0%
Allison
Transmission,
Inc.,
5.88%,
06/01/29
(d)
173
168,731
Automobiles
—
0.1%
Honda
Motor
Co.
Ltd.,
2.53%,
03/10/27
...
280
257,791
Security
Par
(000)
Par
(000)
Value
Banks
—
3.7%
Banco
Santander
SA
2.75%,
05/28/25
.................
USD
200
$
187,759
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
4.18%,
03/24/28
(a)
...................
400
374,442
Bank
of
America
Corp.
7.25%,
10/15/25
.................
38
38,854
(3-mo.
LIBOR
USD
+
0.87%),
2.46%,
10/22/25
(a)
...................
269
256,842
(3-mo.
LIBOR
USD
+
0.81%),
3.37%,
01/23/26
(a)
...................
34
32,576
(1-day
SOFR
+
1.15%),
1.32%,
06/19/26
(a)
186
170,380
(1-day
SOFR
+
1.01%),
1.20%,
10/24/26
(a)
131
117,873
(1-day
SOFR
+
0.96%),
1.73%,
07/22/27
(a)
390
348,178
(3-mo.
LIBOR
USD
+
1.58%),
3.82%,
01/20/28
(a)
...................
78
73,753
(1-day
SOFR
+
1.05%),
2.55%,
02/04/28
(a)
379
342,080
(3-mo.
LIBOR
USD
+
1.51%),
3.71%,
04/24/28
(a)
...................
89
83,416
(1-day
SOFR
+
1.58%),
4.38%,
04/27/28
(a)
240
230,396
(3-mo.
LIBOR
USD
+
1.37%),
3.59%,
07/21/28
(a)
...................
39
36,253
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
(a)
210
215,848
(1-day
SOFR
+
1.06%),
2.09%,
06/14/29
(a)
335
285,808
(3-mo.
LIBOR
USD
+
1.31%),
4.27%,
07/23/29
(a)
...................
145
137,575
(3-mo.
LIBOR
USD
+
1.21%),
3.97%,
02/07/30
(a)
...................
107
99,067
(1-day
SOFR
+
2.16%),
5.02%,
07/22/33
(a)
430
420,645
Bank
of
Montreal,
(5-Year
USD
Swap
Semi
+
1.43%),
3.80%,
12/15/32
(a)
..........
340
299,709
Bank
of
Nova
Scotia
(The)
1.05%,
03/02/26
.................
100
89,044
1.30%,
09/15/26
.................
230
202,408
Barclays
plc
(a)
(1-day
SOFR
+
2.71%),
2.85%,
05/07/26
370
346,536
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.05%),
2.28%,
11/24/27
....................
230
202,323
BPCE
SA,
2.70%,
10/01/29
(d)
..........
274
232,735
Citigroup,
Inc.
4.40%,
06/10/25
.................
94
91,304
(1-day
SOFR
+
0.69%),
2.01%,
01/25/26
(a)
538
505,394
(1-day
SOFR
+
1.28%),
3.07%,
02/24/28
(a)
460
423,311
(3-mo.
CME
Term
SOFR
+
1.65%),
3.67%,
07/24/28
(a)
...................
266
248,681
(3-mo.
CME
Term
SOFR
+
1.45%),
4.08%,
04/23/29
(a)
...................
16
15,062
HSBC
Holdings
plc
(a)
(1-day
SOFR
+
1.43%),
3.00%,
03/10/26
370
350,783
(1-day
SOFR
+
1.29%),
1.59%,
05/24/27
490
432,455
(1-day
SOFR
+
1.10%),
2.25%,
11/22/27
570
505,767
(3-mo.
LIBOR
USD
+
1.53%),
4.58%,
06/19/29
....................
301
283,265
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
4.70%
(h)
.....................
200
149,582
(1-day
SOFR
+
1.19%),
2.80%,
05/24/32
490
396,317
ING
Groep
NV,
(1-day
SOFR
+
1.83%),
4.02%,
03/28/28
(a)
....................
470
440,955
JPMorgan
Chase
&
Co.
(1-day
SOFR
+
1.85%),
2.08%,
04/22/26
(a)
25
23,413
2.95%,
10/01/26
.................
80
74,983
(1-day
SOFR
+
0.80%),
1.05%,
11/19/26
(a)
180
161,231
(3-mo.
LIBOR
USD
+
1.34%),
3.78%,
02/01/28
(a)
...................
127
120,807
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
1.17%),
2.95%,
02/24/28
(a)
USD
266
$
244,232
(1-day
SOFR
+
1.89%),
2.18%,
06/01/28
(a)
6
5,332
(1-day
SOFR
+
1.99%),
4.85%,
07/25/28
(a)
590
582,096
(3-mo.
LIBOR
USD
+
1.33%),
4.45%,
12/05/29
(a)
...................
13
12,458
(1-day
SOFR
+
2.58%),
5.72%,
09/14/33
(a)
650
659,421
Lloyds
Banking
Group
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.00%),
2.44%,
02/05/26
(a)
..........
730
687,270
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%,
07/17/25
.................
200
183,115
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.75%),
1.54%,
07/20/27
(a)
...................
490
432,457
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
2.34%,
01/19/28
(a)
...................
380
339,871
Mizuho
Financial
Group,
Inc.
(a)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.90%),
2.65%,
05/22/26
....................
460
430,296
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.75%),
1.55%,
07/09/27
....................
500
441,099
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.40%),
5.67%,
09/13/33
....................
210
211,502
NatWest
Group
plc
(a)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.90%),
1.64%,
06/14/27
....................
200
176,008
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.27%),
5.52%,
09/30/28
....................
860
843,006
Royal
Bank
of
Canada,
0.88%,
01/20/26
...
380
339,990
Santander
Holdings
USA,
Inc.
(a)
(1-day
SOFR
+
2.36%),
6.50%,
03/09/29
40
39,565
(1-day
SOFR
+
2.70%),
6.57%,
06/12/29
250
245,147
Santander
UK
Group
Holdings
plc,
(1-day
SOFR
+
0.79%),
1.09%,
03/15/25
(a)
....
237
227,053
Sumitomo
Mitsui
Financial
Group,
Inc.
3.78%,
03/09/26
.................
116
110,874
5.52%,
01/13/28
.................
200
200,765
5.71%,
01/13/30
.................
200
202,395
5.77%,
01/13/33
.................
510
524,755
Toronto-Dominion
Bank
(The),
Series
FXD,
1.95%,
01/12/27
................
370
332,595
UniCredit
SpA,
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%,
04/02/34
(a)(d)
.........
90
84,800
Washington
Mutual
Escrow
Bonds
(e)(i)(j)
0.00%,
11/06/09
.................
100
250
0.00%,
09/29/17
.................
400
—
16,604,162
Beverages
—
1.2%
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.00%,
04/13/28
.....................
343
331,681
Coca-Cola
Co.
(The)
2.25%,
01/05/32
.................
290
246,755
3.00%,
03/05/51
.................
1,460
1,112,340
Diageo
Capital
plc
1.38%,
09/29/25
.................
470
432,318
2.00%,
04/29/30
.................
780
657,314
2.13%,
04/29/32
.................
270
219,369
5.50%,
01/24/33
.................
1,030
1,089,031
Security
Par
(000)
Par
(000)
Value
Beverages
(continued)
PepsiCo,
Inc.
4.20%,
07/18/52
.................
USD
670
$
623,949
4.65%,
02/15/53
.................
490
493,537
5,206,294
Biotechnology
—
0.7%
Amgen,
Inc.,
2.20%,
02/21/27
.........
200
181,707
Biogen,
Inc.
2.25%,
05/01/30
.................
790
659,983
3.25%,
02/15/51
.................
430
300,174
Regeneron
Pharmaceuticals,
Inc.,
1.75%,
09/15/30
.....................
2,440
1,944,849
3,086,713
Broadline
Retail
—
0.0%
eBay,
Inc.,
1.40%,
05/10/26
..........
87
78,549
Macy's
Retail
Holdings
LLC,
5.88%,
04/01/29
(d)
86
78,475
157,024
Building
Products
—
0.4%
Builders
FirstSource,
Inc.,
6.38%,
06/15/32
(d)
83
82,461
Carrier
Global
Corp.,
2.24%,
02/15/25
....
10
9,457
Johnson
Controls
International
plc
3.90%,
02/14/26
.................
870
836,574
2.00%,
09/16/31
.................
100
79,942
Owens
Corning,
3.40%,
08/15/26
.......
110
103,834
Trane
Technologies
Luxembourg
Finance
SA,
3.80%,
03/21/29
................
560
527,565
1,639,833
Capital
Markets
—
1.9%
Ares
Capital
Corp.,
2.88%,
06/15/27
.....
145
125,633
Bank
of
New
York
Mellon
Corp.
(The),
(1-day
SOFR
+
1.51%),
4.71%,
02/01/34
(a)
....
40
38,418
Blackstone
Private
Credit
Fund,
4.00%,
01/15/29
.....................
129
109,346
Brookfield
Capital
Finance
LLC,
6.09%,
06/14/33
.....................
25
25,380
FactSet
Research
Systems,
Inc.
2.90%,
03/01/27
.................
790
724,745
3.45%,
03/01/32
.................
37
31,474
FS
KKR
Capital
Corp.,
2.63%,
01/15/27
...
125
106,554
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
0.51%),
0.66%,
09/10/24
(a)
21
20,764
3.75%,
02/25/26
.................
37
35,513
3.50%,
11/16/26
.................
27
25,313
(1-day
SOFR
+
0.80%),
1.43%,
03/09/27
(a)
565
504,831
(1-day
SOFR
+
0.82%),
1.54%,
09/10/27
(a)
1,640
1,441,401
(1-day
SOFR
+
1.11%),
2.64%,
02/24/28
(a)
886
803,907
(3-mo.
LIBOR
USD
+
1.51%),
3.69%,
06/05/28
(a)
...................
206
193,546
Moody's
Corp.,
3.25%,
01/15/28
........
69
64,253
Morgan
Stanley
(1-day
SOFR
+
1.15%),
2.72%,
07/22/25
(a)
57
54,964
(1-day
SOFR
+
1.67%),
4.68%,
07/17/26
(a)
325
318,919
3.13%,
07/27/26
.................
4
3,746
3.63%,
01/20/27
.................
281
266,812
(1-day
SOFR
+
0.88%),
1.59%,
05/04/27
(a)
96
85,941
(1-day
SOFR
+
0.86%),
1.51%,
07/20/27
(a)
81
71,763
(1-day
SOFR
+
1.00%),
2.48%,
01/21/28
(a)
280
252,682
(3-mo.
LIBOR
USD
+
1.34%),
3.59%,
07/22/28
(a)
...................
35
32,294
(3-mo.
LIBOR
USD
+
1.14%),
3.77%,
01/24/29
(a)
...................
407
379,965
(3-mo.
LIBOR
USD
+
1.63%),
4.43%,
01/23/30
(a)
...................
357
339,663
(1-day
SOFR
+
1.14%),
2.70%,
01/22/31
(a)
355
301,925
(1-day
SOFR
+
1.03%),
1.79%,
02/13/32
(a)
130
100,841
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-day
SOFR
+
1.02%),
1.93%,
04/28/32
(a)
USD
24
$
18,735
(1-day
SOFR
+
1.20%),
2.51%,
10/20/32
(a)
56
45,232
(1-day
SOFR
+
2.08%),
4.89%,
07/20/33
(a)
730
702,588
(1-day
SOFR
+
1.87%),
5.25%,
04/21/34
(a)
155
153,054
Morgan
Stanley
Domestic
Holdings,
Inc.,
3.80%,
08/24/27
................
62
58,779
Nasdaq,
Inc.
5.65%,
06/28/25
.................
55
55,159
5.55%,
02/15/34
.................
125
125,491
Nomura
Holdings,
Inc.,
3.00%,
01/22/32
...
344
278,730
S&P
Global,
Inc.
2.45%,
03/01/27
.................
280
258,259
4.75%,
08/01/28
.................
125
124,242
3.90%,
03/01/62
.................
3
2,479
8,283,341
Chemicals
—
0.2%
Linde,
Inc.,
1.10%,
08/10/30
..........
720
572,324
Nufarm
Australia
Ltd.,
5.00%,
01/27/30
(d)
...
183
162,066
734,390
Commercial
Services
&
Supplies
—
0.1%
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
(d)
....................
87
81,502
RELX
Capital,
Inc.
4.00%,
03/18/29
.................
108
102,971
3.00%,
05/22/30
.................
3
2,675
Republic
Services,
Inc.
2.90%,
07/01/26
.................
42
39,356
3.95%,
05/15/28
.................
47
45,054
271,558
Communications
Equipment
—
0.3%
Motorola
Solutions,
Inc.
4.60%,
05/23/29
.................
162
156,844
2.30%,
11/15/30
.................
610
492,736
2.75%,
05/24/31
.................
440
360,474
5.60%,
06/01/32
.................
240
237,812
1,247,866
Construction
&
Engineering
—
0.2%
Quanta
Services,
Inc.,
2.90%,
10/01/30
...
980
832,544
Consumer
Finance
—
0.2%
American
Express
Co.
2.55%,
03/04/27
.................
199
181,171
(1-day
SOFR
+
1.84%),
5.04%,
05/01/34
(a)
130
127,156
OneMain
Finance
Corp.,
9.00%,
01/15/29
..
25
25,211
Synchrony
Financial
4.50%,
07/23/25
.................
2
1,885
3.70%,
08/04/26
.................
22
19,740
2.88%,
10/28/31
.................
200
145,430
Toyota
Motor
Credit
Corp.
3.05%,
03/22/27
.................
270
252,862
1.90%,
04/06/28
.................
290
253,996
1,007,451
Consumer
Staples
Distribution
&
Retail
—
0.0%
(d)
Albertsons
Cos.,
Inc.,
6.50%,
02/15/28
....
67
67,111
US
Foods,
Inc.,
4.75%,
02/15/29
.......
73
66,835
133,946
Distributors
—
0.0%
Genuine
Parts
Co.,
1.75%,
02/01/25
.....
150
140,491
Diversified
REITs
—
0.1%
Essential
Properties
LP,
2.95%,
07/15/31
..
120
89,928
VICI
Properties
LP
5.63%,
05/01/24
(d)
................
62
61,618
4.50%,
09/01/26
(d)
................
18
17,005
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
(continued)
5.75%,
02/01/27
(d)
................
USD
30
$
29,362
5.13%,
05/15/32
.................
280
261,980
459,893
Diversified
Telecommunication
Services
—
0.1%
Koninklijke
KPN
NV,
8.38%,
10/01/30
....
140
161,423
Level
3
Financing,
Inc.,
10.50%,
05/15/30
(d)
.
36
36,527
Uniti
Group
LP,
10.50%,
02/15/28
(d)
......
40
39,683
Verizon
Communications,
Inc.
4.13%,
03/16/27
.................
96
93,211
2.10%,
03/22/28
.................
53
46,559
4.33%,
09/21/28
.................
115
110,860
2.85%,
09/03/41
.................
50
35,561
523,824
Electric
Utilities
—
0.4%
Avangrid,
Inc.
3.20%,
04/15/25
.................
620
589,437
3.80%,
06/01/29
.................
140
127,583
Baltimore
Gas
&
Electric
Co.,
2.25%,
06/15/31
18
14,978
Eversource
Energy
Series
U,
1.40%,
08/15/26
..........
60
53,265
2.90%,
03/01/27
.................
270
248,762
3.38%,
03/01/32
.................
220
191,752
Exelon
Corp.
2.75%,
03/15/27
.................
19
17,386
5.10%,
06/15/45
.................
10
9,262
4.10%,
03/15/52
.................
7
5,643
NSTAR
Electric
Co.
3.25%,
05/15/29
.................
280
256,348
3.95%,
04/01/30
.................
300
283,128
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
.................
80
74,941
2.05%,
08/01/50
.................
31
18,243
1,890,728
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/01/27
15
13,872
CDW
LLC,
3.57%,
12/01/31
..........
66
55,692
Keysight
Technologies,
Inc.
4.60%,
04/06/27
.................
620
610,074
3.00%,
10/30/29
.................
720
630,643
1,310,281
Energy
Equipment
&
Services
—
0.0%
(d)
CGG
SA,
8.75%,
04/01/27
...........
200
167,345
Enerflex
Ltd.,
9.00%,
10/15/27
.........
29
28,216
Venture
Global
LNG,
Inc.
8.13%,
06/01/28
.................
15
15,235
8.38%,
06/01/31
.................
15
15,122
225,918
Entertainment
—
0.1%
Electronic
Arts,
Inc.
4.80%,
03/01/26
.................
250
247,969
1.85%,
02/15/31
.................
122
98,817
346,786
Financial
Services
—
0.2%
Fidelity
National
Information
Services,
Inc.,
1.65%,
03/01/28
................
58
48,945
Fiserv,
Inc.
5.45%,
03/02/28
.................
130
130,635
5.60%,
03/02/33
.................
275
279,898
Mastercard,
Inc.
3.30%,
03/26/27
.................
100
95,521
2.00%,
11/18/31
.................
390
321,997
PayPal
Holdings,
Inc.,
2.65%,
10/01/26
...
14
13,008
Rocket
Mortgage
LLC,
4.00%,
10/15/33
(d)
..
42
32,854
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Visa,
Inc.,
3.65%,
09/15/47
...........
USD
180
$
152,325
1,075,183
Food
Products
—
0.8%
General
Mills,
Inc.
3.20%,
02/10/27
.................
350
330,376
2.25%,
10/14/31
.................
1,100
902,191
4.95%,
03/29/33
.................
510
505,444
Kellogg
Co.
3.40%,
11/15/27
.................
190
177,909
4.30%,
05/15/28
.................
850
820,425
2.10%,
06/01/30
.................
90
74,575
Lamb
Weston
Holdings,
Inc.,
4.38%,
01/31/32
(d)
93
83,075
Unilever
Capital
Corp.,
1.75%,
08/12/31
...
600
484,318
3,378,313
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP
5.75%,
05/20/27
.................
175
160,865
9.38%,
06/01/28
(d)
................
30
30,468
ONE
Gas,
Inc.,
4.25%,
09/01/32
........
45
42,527
233,860
Ground
Transportation
—
0.0%
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
160
148,933
Ryder
System,
Inc.,
5.65%,
03/01/28
.....
25
25,010
173,943
Health
Care
Equipment
&
Supplies
—
0.3%
Abbott
Laboratories,
4.90%,
11/30/46
.....
50
50,482
DH
Europe
Finance
II
Sarl,
2.60%,
11/15/29
1,360
1,196,874
1,247,356
Health
Care
Providers
&
Services
—
1.1%
Community
Health
Systems,
Inc.,
6.88%,
04/15/29
(d)
....................
52
32,475
DaVita,
Inc.,
4.63%,
06/01/30
(d)
........
98
84,131
Elevance
Health,
Inc.
3.65%,
12/01/27
.................
260
245,470
4.10%,
03/01/28
.................
53
50,873
Encompass
Health
Corp.,
4.75%,
02/01/30
.
110
100,155
HCA,
Inc.
3.13%,
03/15/27
(d)
................
160
146,934
5.20%,
06/01/28
.................
170
168,617
3.63%,
03/15/32
(d)
................
140
121,521
5.50%,
06/01/33
.................
360
359,389
4.63%,
03/15/52
(d)
................
160
131,480
5.90%,
06/01/53
.................
110
108,971
Humana,
Inc.
1.35%,
02/03/27
.................
490
426,337
3.70%,
03/23/29
.................
360
329,715
4.88%,
04/01/30
.................
57
55,846
Laboratory
Corp.
of
America
Holdings,
1.55%,
06/01/26
.....................
40
35,729
Quest
Diagnostics,
Inc.,
3.45%,
06/01/26
..
100
95,263
Tenet
Healthcare
Corp.,
6.13%,
10/01/28
..
88
84,718
UnitedHealth
Group,
Inc.
5.30%,
02/15/30
.................
350
358,577
4.20%,
05/15/32
.................
1,500
1,431,992
4.50%,
04/15/33
.................
90
87,660
5.88%,
02/15/53
.................
60
66,644
5.05%,
04/15/53
.................
250
248,487
4,770,984
Health
Care
REITs
—
0.1%
Welltower
OP
LLC,
4.00%,
06/01/25
.....
300
289,848
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
0.2%
Caesars
Entertainment,
Inc.
(d)
8.13%,
07/01/27
.................
USD
95
$
97,230
7.00%,
02/15/30
.................
81
81,343
Hilton
Domestic
Operating
Co.,
Inc.,
4.88%,
01/15/30
.....................
88
82,053
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
5.00%,
06/01/29
(d)
...............
91
80,758
Sands
China
Ltd.,
5.90%,
08/08/28
(a)(c)
....
75
71,297
Starbucks
Corp.,
2.00%,
03/12/27
.......
250
224,510
Yum!
Brands,
Inc.,
5.38%,
04/01/32
......
88
83,640
720,831
Household
Durables
—
0.2%
Lennar
Corp.,
4.75%,
11/29/27
.........
400
388,101
NVR,
Inc.,
3.00%,
05/15/30
...........
470
407,085
Toll
Brothers
Finance
Corp.,
3.80%,
11/01/29
310
277,632
1,072,818
Household
Products
—
0.0%
Colgate-Palmolive
Co.,
3.25%,
08/15/32
...
15
13,776
Industrial
Conglomerates
—
0.1%
nVent
Finance
SARL,
5.65%,
05/15/33
....
410
403,073
Industrial
REITs
—
0.0%
Prologis
LP,
5.25%,
06/15/53
..........
25
24,566
Insurance
—
0.6%
Alleghany
Corp.,
3.63%,
05/15/30
.......
30
27,848
Ambac
Assurance
Corp.,
5.10%
(d)(h)
......
5
7,034
Arthur
J
Gallagher
&
Co.,
3.50%,
05/20/51
.
330
236,016
Manulife
Financial
Corp.,
4.15%,
03/04/26
..
340
329,177
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
.................
816
792,632
2.25%,
11/15/30
.................
541
449,702
5.45%,
03/15/53
.................
70
71,243
Progressive
Corp.
(The)
2.50%,
03/15/27
.................
180
165,030
3.70%,
03/15/52
.................
300
234,638
RenaissanceRe
Holdings
Ltd.,
5.75%,
06/05/33
300
293,817
Trinity
Acquisition
plc,
4.40%,
03/15/26
....
20
19,268
Willis
North
America,
Inc.,
2.95%,
09/15/29
.
190
163,440
2,789,845
IT
Services
—
0.3%
CGI,
Inc.,
2.30%,
09/14/31
...........
520
406,688
Cogent
Communications
Group,
Inc.,
7.00%,
06/15/27
(d)
....................
250
241,875
Gartner,
Inc.,
4.50%,
07/01/28
(d)
........
185
172,829
International
Business
Machines
Corp.
2.20%,
02/09/27
.................
280
254,579
4.40%,
07/27/32
.................
130
124,636
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(d)
99
83,834
VeriSign,
Inc.,
2.70%,
06/15/31
........
180
149,821
1,434,262
Life
Sciences
Tools
&
Services
—
0.3%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
.................
545
504,539
2.10%,
06/04/30
.................
97
79,702
2.30%,
03/12/31
.................
1,040
851,085
1,435,326
Machinery
—
0.2%
Chart
Industries,
Inc.,
9.50%,
01/01/31
(d)
...
77
81,698
Cummins,
Inc.
0.75%,
09/01/25
.................
190
172,976
1.50%,
09/01/30
.................
420
339,812
Otis
Worldwide
Corp.,
2.57%,
02/15/30
...
23
19,829
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Wabash
National
Corp.,
4.50%,
10/15/28
(d)
.
USD
200
$
173,424
787,739
Media
—
0.1%
DirecTV
Financing
LLC,
5.88%,
08/15/27
(d)
.
93
84,224
Interpublic
Group
of
Cos.,
Inc.
(The)
4.20%,
04/15/24
.................
15
14,758
4.65%,
10/01/28
.................
170
163,539
2.40%,
03/01/31
.................
32
26,049
Sirius
XM
Radio,
Inc.,
5.50%,
07/01/29
(d)
...
92
82,989
371,559
Metals
&
Mining
—
0.6%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
720
613,707
FMG
Resources
August
2006
Pty.
Ltd.
(d)
5.88%,
04/15/30
.................
85
80,941
6.13%,
04/15/32
.................
84
80,052
Mineral
Resources
Ltd.,
8.50%,
05/01/30
(d)
.
250
250,983
Rio
Tinto
Alcan,
Inc.,
6.13%,
12/15/33
....
760
821,006
Rio
Tinto
Finance
USA
Ltd.,
2.75%,
11/02/51
380
258,783
Rio
Tinto
Finance
USA
plc,
5.13%,
03/09/53
150
151,251
Steel
Dynamics,
Inc.
2.80%,
12/15/24
.................
35
33,401
2.40%,
06/15/25
.................
330
308,221
2,598,345
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.,
2.95%,
03/15/34
.....................
24
18,929
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Cheniere
Corpus
Christi
Holdings
LLC,
5.13%,
06/30/27
.....................
30
29,492
Crestwood
Midstream
Partners
LP,
6.00%,
02/01/29
(d)
....................
52
48,555
Kinder
Morgan
Energy
Partners
LP
7.50%,
11/15/40
.................
16
17,765
5.00%,
08/15/42
.................
20
16,959
MPLX
LP,
5.65%,
03/01/53
...........
110
102,770
ONEOK,
Inc.
5.85%,
01/15/26
.................
330
331,221
6.35%,
01/15/31
.................
380
391,378
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(d)
..
176
162,217
1,100,357
Paper
&
Forest
Products
—
0.1%
Georgia-Pacific
LLC
1.75%,
09/30/25
(d)
................
22
20,199
0.95%,
05/15/26
(d)
................
10
8,841
7.75%,
11/15/29
.................
20
22,570
Louisiana-Pacific
Corp.,
3.63%,
03/15/29
(d)
.
200
175,070
226,680
Passenger
Airlines
—
0.0%
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
64
63,569
Series
2016-1,
Class
B,
5.25%,
01/15/24
39
38,305
Series
2017-1,
Class
B,
4.95%,
02/15/25
13
12,575
Series
2019-1,
Class
B,
3.85%,
02/15/28
54
45,591
United
Airlines
Pass-Through
Trust,
Series
2019-2,
Class
B,
3.50%,
05/01/28
.....
29
25,898
185,938
Pharmaceuticals
—
1.0%
Astrazeneca
Finance
LLC
1.20%,
05/28/26
.................
380
342,890
1.75%,
05/28/28
.................
390
337,910
2.25%,
05/28/31
.................
280
236,263
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
4.88%,
03/03/33
.................
USD
420
$
426,030
Bausch
Health
Cos.,
Inc.,
11.00%,
09/30/28
(d)
42
29,832
Bristol-Myers
Squibb
Co.,
2.95%,
03/15/32
.
200
176,736
Eli
Lilly
&
Co.
4.88%,
02/27/53
.................
80
82,169
4.95%,
02/27/63
.................
465
474,541
Jazz
Securities
DAC,
4.38%,
01/15/29
(d)
...
200
178,438
Johnson
&
Johnson,
2.25%,
09/01/50
....
370
245,155
Merck
&
Co.,
Inc.
2.15%,
12/10/31
.................
420
347,987
2.45%,
06/24/50
.................
30
19,677
2.75%,
12/10/51
.................
19
13,105
5.00%,
05/17/53
.................
85
86,108
Novartis
Capital
Corp.,
2.20%,
08/14/30
...
855
739,072
Pfizer
Investment
Enterprises
Pte.
Ltd.
5.30%,
05/19/53
.................
30
31,190
5.34%,
05/19/63
.................
20
20,239
Zoetis,
Inc.
4.50%,
11/13/25
.................
370
363,942
3.00%,
09/12/27
.................
110
102,470
2.00%,
05/15/30
.................
70
58,412
4,312,166
Professional
Services
—
0.4%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(d)
..
37
32,266
Automatic
Data
Processing,
Inc.,
1.70%,
05/15/28
.....................
1,510
1,325,394
Thomson
Reuters
Corp.,
3.35%,
05/15/26
..
530
504,296
1,861,956
Real
Estate
Management
&
Development
—
0.1%
CBRE
Services,
Inc.,
4.88%,
03/01/26
....
170
165,119
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(d)
90
80,107
245,226
Retail
REITs
—
0.0%
Realty
Income
Corp.
3.00%,
01/15/27
.................
5
4,610
3.25%,
01/15/31
.................
40
34,962
39,572
Semiconductors
&
Semiconductor
Equipment
—
0.7%
Broadcom,
Inc.
(d)
2.60%,
02/15/33
.................
120
93,779
3.75%,
02/15/51
.................
300
220,615
Lam
Research
Corp.,
3.75%,
03/15/26
....
56
54,352
NVIDIA
Corp.
1.55%,
06/15/28
.................
190
165,818
2.00%,
06/15/31
.................
870
728,639
3.50%,
04/01/50
.................
50
40,632
3.70%,
04/01/60
.................
180
148,399
NXP
BV
3.88%,
06/18/26
.................
25
24,011
4.30%,
06/18/29
.................
172
161,222
3.40%,
05/01/30
.................
70
61,911
2.50%,
05/11/31
.................
189
154,167
Texas
Instruments,
Inc.
1.90%,
09/15/31
.................
97
79,728
3.65%,
08/16/32
.................
1,020
946,942
4.90%,
03/14/33
.................
220
225,409
3,105,624
Software
—
1.0%
Adobe,
Inc.,
2.30%,
02/01/30
..........
1,010
885,982
Autodesk,
Inc.
3.50%,
06/15/27
.................
81
76,702
2.40%,
12/15/31
.................
54
44,188
Gen
Digital,
Inc.,
7.13%,
09/30/30
(d)
......
113
113,189
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Intuit,
Inc.
1.35%,
07/15/27
.................
USD
860
$
753,637
1.65%,
07/15/30
.................
1,060
859,859
Oracle
Corp.
4.50%,
05/06/28
.................
60
58,377
4.65%,
05/06/30
.................
40
38,648
4.90%,
02/06/33
.................
210
203,848
5.55%,
02/06/53
.................
115
111,360
Roper
Technologies,
Inc.,
1.75%,
02/15/31
.
26
20,625
Salesforce,
Inc.,
3.05%,
07/15/61
.......
10
6,782
ServiceNow,
Inc.,
1.40%,
09/01/30
......
850
672,996
VMware,
Inc.
1.80%,
08/15/28
.................
784
657,108
2.20%,
08/15/31
.................
150
117,870
4,621,171
Specialized
REITs
—
0.1%
American
Tower
Corp.,
1.45%,
09/15/26
...
120
105,568
Equinix,
Inc.
1.00%,
09/15/25
.................
151
136,322
1.45%,
05/15/26
.................
160
142,848
Iron
Mountain,
Inc.,
5.25%,
07/15/30
(d)
....
200
180,211
564,949
Specialty
Retail
—
0.3%
Bath
&
Body
Works,
Inc.,
6.95%,
03/01/33
.
37
33,191
Home
Depot,
Inc.
(The)
1.50%,
09/15/28
.................
300
256,762
1.38%,
03/15/31
.................
31
24,483
1.88%,
09/15/31
.................
400
325,365
4.50%,
12/06/48
.................
17
15,752
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
.................
170
165,495
3.35%,
04/01/27
.................
450
424,980
3.65%,
04/05/29
.................
93
86,174
1,332,202
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
3.95%,
08/08/52
.................
185
163,050
4.10%,
08/08/62
.................
40
35,014
Xerox
Holdings
Corp.,
5.50%,
08/15/28
(d)
..
96
81,679
279,743
Total
Corporate
Bonds
—
19.2%
(Cost:
$89,732,610)
..............................
85,387,843
Floating
Rate
Loan
Interests
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A,
(3-mo.
LIBOR
USD
+
3.75%),
0.00%
,
 02/21/24
(a)(e)(i)(j)
.............
7
910
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$7,000)
.................................
910
Shares
Shares
Investment
Companies
iShares
Russell
1000
Value
ETF
(k)
.......
55,212
8,714,110
Total
Investment
Companies
—
2.0%
(Cost:
$8,730,480)
..............................
8,714,110
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.2%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.35%
Floor
and
5.42%
Cap
+
0.35%),
5.42%,
06/25/35
(a)
........
USD
40
$
32,505
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
....................
19
9,881
Series
2006-OC10,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.46%
Floor
+
0.46%),
5.61%,
11/25/36
(a)
..............
23
19,807
Series
2007-OA3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.43%,
04/25/47
(a)
...................
20
17,731
Series
2007-OA3,
Class
2A2,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.51%,
04/25/47
(a)
...................
1
114
Series
2007-OA8,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.51%,
06/25/47
(a)
...................
12
9,369
Series
2007-OH2,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.48%
Floor
and
10.00%
Cap
+
0.48%),
5.63%,
08/25/47
(a)
........
6
4,676
American
Home
Mortgage
Assets
Trust,
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
4.92%,
10/25/46
(a)
44
30,483
APS
Resecuritization
Trust
(a)(d)
Series
2016-1,
Class
1MZ,
2.99%,
07/31/57
140
56,499
Series
2016-3,
Class
3A,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.00%,
09/27/46
....................
14
14,139
Banc
of
America
Funding
Trust,
Series
2014-
R2,
Class
1C,
0.00%,
11/26/36
(a)(d)
.....
52
14,431
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
and
11.00%
Cap
+
0.28%),
5.43%,
08/25/36
(a)
................
11
10,734
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
.......
266
119,343
Citicorp
Mortgage
Securities
Trust,
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
....
23
17,632
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(d)
.....................
109
45,877
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(1-
mo.
LIBOR
USD
at
1.35%
Floor
and
6.25%
Cap
+
1.35%),
6.25%,
11/25/35
(a)
......
18
4,214
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A11,
7.00%,
08/25/37
(a)
........
23
14,700
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.49%,
08/25/47
(a)
.....................
80
71,017
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
5.98%,
03/25/36
(a)
................
5
4,387
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
.........
1
1,086
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-AR19,
Class
3A1,
3.38%,
09/25/37
(a)
28
17,959
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
JPMorgan
Alternative
Loan
Trust,
Series
2007-
A1,
Class
1A4,
(1-mo.
LIBOR
USD
at
0.42%
Floor
and
11.50%
Cap
+
0.42%),
5.57%,
03/25/37
(a)
.....................
USD
32
$
28,753
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(d)
.
33
30,905
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.57%,
06/25/37
(a)
................
4
3,771
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.85%,
04/25/36
(a)
.....................
7
4,385
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR4,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.53%,
06/25/36
(a)
..........
11
9,374
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
32
28,734
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(a)(c)
..................
40
33,624
656,130
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(d)
Bayview
Commercial
Asset
Trust
Series
2005-4A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.45%),
5.60%,
01/25/36
....................
14
12,616
Series
2005-4A,
Class
M1,
(1-mo.
LIBOR
USD
at
0.45%
Floor
+
0.68%),
5.83%,
01/25/36
....................
10
9,461
Series
2006-1A,
Class
A2,
(1-mo.
LIBOR
USD
at
0.54%
Floor
+
0.54%),
5.69%,
04/25/36
....................
6
5,527
Series
2006-3A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.38%),
5.53%,
10/25/36
....................
8
6,925
Series
2006-3A,
Class
A2,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.45%),
5.60%,
10/25/36
....................
8
6,941
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.40%,
03/25/37
............
1
837
42,307
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
28
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(d)(l)
....
37
3,959
Total
Non-Agency
Mortgage-Backed
Securities
—
0.2%
(Cost:
$863,019)
................................
702,424
Beneficial
Interest
(000)
Other
Interests
(m)
Capital
Markets
—
0.0%
(e)(i)(j)
Lehman
Brothers
Holdings,
Capital
Trust
VII
.
130
—
Lehman
Brothers
Holdings,
Inc.
.........
490
—
Total
Other
Interests
—
0.0%
(Cost:
$6)
....................................
—
Security
Shares
Shares
Value
Preferred
Securities
Preferred
Stocks
—
0.2%
Automobiles
—
0.0%
Bayerische
Motoren
Werke
AG
(Preference)
138
$
15,726
Banks
—
0.1%
Banco
Bradesco
SA
(Preference)
........
93,441
322,385
Bancolombia
SA
(Preference)
..........
11,335
76,051
Itau
Unibanco
Holding
SA
(Preference)
....
5,890
34,935
433,371
Chemicals
—
0.1%
Braskem
SA
(Preference),
Series
A
(e)
.....
18,042
105,203
Sociedad
Quimica
y
Minera
de
Chile
SA
(Preference)
....................
5,525
402,435
507,638
Passenger
Airlines
—
0.0%
Azul
SA
(Preference)
(e)
...............
26,852
122,870
Total
Preferred
Securities
—
0.2%
(Cost:
$1,207,277)
..............................
1,079,605
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
8.0%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
..........
USD
144
134,068
3.00%, 09/01/27
-
12/01/46
..........
250
230,766
3.50%, 04/01/31
-
01/01/48
..........
394
370,713
4.00%, 08/01/40
-
12/01/45
..........
62
59,625
4.50%, 02/01/39
-
04/01/49
..........
459
451,383
5.00%, 10/01/41
-
11/01/48
..........
90
91,139
5.50%, 06/01/41
.................
41
42,329
6.00%, 01/01/34
.................
30
30,168
Federal
National
Mortgage
Association,
4.00%, 01/01/41
.................
4
4,260
Government
National
Mortgage
Association
2.00%, 07/20/23
(n)
................
663
557,373
2.00%, 08/20/50
-
04/20/52
..........
3,500
2,944,766
2.50%, 07/20/23
(n)
................
600
519,516
2.50%, 07/20/51
-
07/20/52
..........
5,178
4,484,571
3.00%, 07/20/23
(n)
................
770
688,393
3.00%, 02/15/45
-
09/20/52
..........
3,125
2,801,145
3.50%, 07/20/23
(n)
................
711
656,203
3.50%, 01/15/42
-
02/20/52
..........
1,132
1,060,305
4.00%, 07/20/23
(n)
................
694
656,670
4.00%, 04/20/39
-
12/20/47
..........
202
194,944
4.50%, 07/20/23
(n)
................
172
166,007
4.50%, 12/20/39
-
04/20/50
..........
266
261,476
5.00%, 07/20/23
(n)
................
275
270,230
5.00%, 12/15/38
-
07/20/42
..........
56
56,552
5.50%, 07/20/23
(n)
................
650
646,953
7.50%, 03/15/32
.................
1
1,208
Uniform
Mortgage-Backed
Securities
2.00%, 07/13/23
-
07/18/23
(n)
.........
1,025
890,580
2.00%, 10/01/31
-
02/01/52
..........
3,741
3,098,482
2.50%, 07/13/23
-
07/18/23
(n)
.........
700
615,385
2.50%, 09/01/27
-
02/01/52
..........
1,913
1,683,419
3.00%, 04/01/29
-
03/01/52
..........
1,965
1,789,461
3.50%, 07/18/23
(n)
................
61
57,995
3.50%, 08/01/30
-
01/01/51
..........
2,581
2,393,972
4.00%, 07/13/23
-
07/18/23
(n)
.........
250
235,272
4.00%, 10/01/33
-
01/01/51
..........
1,275
1,222,432
4.50%, 07/13/23
(n)
................
75
72,105
4.50%, 02/01/25
-
05/01/49
..........
2,142
2,107,648
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
5.00%, 07/13/23
(n)
................
USD
3,250
$
3,184,492
5.00%, 09/01/35
-
05/01/49
..........
160
160,617
5.50%, 02/01/35
-
04/01/41
..........
263
268,515
6.00%, 12/01/27
-
06/01/41
..........
151
156,561
6.50%, 05/01/40
.................
42
43,929
Total
U.S.
Government
Sponsored
Agency
Securities
—
8.0%
(Cost:
$38,046,897)
..............................
35,361,628
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
.................
66
69,006
4.50%, 08/15/39
.................
82
88,144
4.38%, 11/15/39
.................
82
86,817
1.13%, 05/15/40
-
08/15/40
..........
694
448,050
1.38%, 11/15/40
.................
347
232,165
2.25%, 05/15/41
-
02/15/52
..........
13,000
9,537,031
2.38%, 02/15/42
.................
4,000
3,114,219
3.13%, 02/15/43
.................
332
289,527
2.88%, 05/15/43
-
11/15/46
..........
597
496,108
3.63%, 08/15/43
.................
332
311,626
3.75%, 11/15/43
.................
332
317,293
2.50%, 02/15/45
.................
593
459,112
3.00%, 02/15/47
.................
1,500
1,262,930
1.63%, 11/15/50
.................
3
1,863
1.88%, 11/15/51
.................
1,000
660,078
U.S.
Treasury
Inflation
Linked
Notes
,
1.25%, 04/15/28
.................
2,630
2,544,126
U.S.
Treasury
Notes
0.50%, 05/31/27
.................
129
111,530
2.25%, 08/15/27
.................
798
737,682
1.25%, 03/31/28
-
09/30/28
..........
1,047
915,432
2.88%, 08/15/28
.................
188
177,087
3.13%, 11/15/28
.................
363
345,800
1.75%, 01/31/29
-
11/15/29
..........
1,239
1,086,477
2.63%, 02/15/29
.................
63
58,376
1.88%, 02/28/29
-
02/15/32
..........
12,352
10,850,847
2.38%, 05/15/29
.................
7,063
6,439,469
1.63%, 08/15/29
-
05/15/31
..........
492
424,028
1.50%, 02/15/30
.................
23
19,699
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.13%, 02/15/31
.................
USD
179
$
147,200
1.38%, 11/15/31
.................
3
2,474
Total
U.S.
Treasury
Obligations
—
9.3%
(Cost:
$48,365,772)
..............................
41,234,196
Total
Long-Term
Investments
—
96.3%
(Cost:
$422,644,789)
.............................
427,067,627
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
3.2%
(k)(o)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
12,493,946
12,493,946
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(p)
.......................
1,655,572
1,655,738
Total
Money
Market
Funds
—
3.2%
(Cost:
$14,149,809)
..............................
14,149,684
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
1.9%
U.S.
Treasury
Bills
(q)
5.36%, 10/03/23
.................
1,300
1,282,832
4.88%, 10/26/23
.................
2,300
2,261,795
5.02%, 11/09/23
.................
1,725
1,692,940
5.16%, 11/16/23
.................
1,400
1,372,604
5.43%, 12/28/23
.................
2,000
1,948,219
Total
U.S.
Treasury
Obligations
—
1.9%
(Cost:
$8,560,985)
..............................
8,558,390
Total
Short-Term
Securities
—
5.1%
(Cost:
$22,710,794)
..............................
22,708,074
Total
Investments
—
101.4%
(Cost:
$445,355,583
)
.............................
449,775,701
Liabilities
in
Excess
of
Other
Assets
—
(1.4)%
............
(6,033,779)
Net
Assets
—
100.0%
..............................
$
443,741,922
(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)
Perpetual
security
with
no
stated
maturity
date.
(i)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(j)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(k)
Affiliate
of
the
Fund.
(l)
Zero-coupon
bond.
(m)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(n)
Represents
or
includes
a
TBA
transaction.
(o)
Annualized
7-day
yield
as
of
period
end.
(p)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(q)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
99
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
21,365,821
$
—
$
(8,871,875)
(a)
$
—
$
—
$
12,493,946
12,493,946
$
326,836
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
8,141,813
—
(6,487,376)
(a)
2,141
(840)
1,655,738
1,655,572
21,448
(b)
—
iShares
MSCI
India
ETF
(c)
.....
2,777,296
502,981
(3,218,244)
(339,701)
277,668
—
—
—
—
iShares
Russell
1000
Value
ETF
—
8,730,480
—
—
(16,370)
8,714,110
55,212
76,748
—
$
(337,560)
$
260,458
$
22,863,794
$
425,032
$
—
—
—
(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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
100
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/TSX
60
Index
.........................................................
3
09/14/23
$
552
$
8,796
MSCI
EAFE
E-Mini
Index
.....................................................
6
09/15/23
647
3,760
MSCI
Emerging
Markets
E-Mini
Index
............................................
6
09/15/23
299
(3,284)
S&P
500
E-Mini
Index
.......................................................
7
09/15/23
1,571
48,500
U.S.
Treasury
10-Year
Note
...................................................
49
09/20/23
5,503
(93,819)
U.S.
Treasury
Long
Bond
.....................................................
52
09/20/23
6,609
(8,129)
U.S.
Treasury
2-Year
Note
....................................................
66
09/29/23
13,423
(195,953)
(240,129)
Short
Contracts
MSCI
EAFE
E-Mini
Index
.....................................................
24
09/15/23
2,587
(20,587)
MSCI
Emerging
Markets
E-Mini
Index
............................................
40
09/15/23
1,996
24,269
S&P
500
E-Mini
Index
.......................................................
39
09/15/23
8,752
(152,397)
U.S.
Treasury
10-Year
Note
...................................................
136
09/20/23
15,272
277,879
U.S.
Treasury
10-Year
Ultra
Note
...............................................
26
09/20/23
3,081
28,778
U.S.
Treasury
Ultra
Bond
.....................................................
41
09/20/23
5,598
(74,868)
U.S.
Treasury
5-Year
Note
....................................................
186
09/29/23
19,925
379,908
462,982
$
222,853
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
CAD
5,860,654
USD
4,377,248
Toronto
Dominion
Bank
09/20/23
$
52,160
EUR
7,594,727
USD
8,223,209
Barclays
Bank
plc
09/20/23
96,693
USD
1,229,212
JPY
168,903,000
Bank
of
America
NA
09/20/23
44,252
193,105
AUD
6,616,796
USD
4,425,803
Barclays
Bank
plc
09/20/23
(8,283)
USD
122,351
EUR
113,000
Barclays
Bank
plc
09/20/23
(1,439)
USD
124,574
GBP
99,100
Bank
of
America
NA
09/20/23
(1,309)
(11,031)
$
182,074
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)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
.....................
5.00
%
Quarterly
06/20/28
USD
3,900
$
(114,887)
$
(9,683)
$
(105,204)
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
................
1.00
Quarterly
06/20/28
USD
21,000
(320,592)
(187,267)
(133,325)
$
(435,479)
$
(196,950)
$
(238,529)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
101
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
0.02%
.........
Quarterly
MSCI
ACWI
ESG
Universal
Index
Quarterly
BNP
Paribas
SA
04/03/24
USD
23,728
$
1,146,001
$
—
$
1,146,001
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
5.07
%
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)
..........................................................
$
—
$
(196,950)
$
—
$
(238,529)
OTC
Swaps
...................................................................
—
—
1,146,001
—
(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)
......
$
—
$
—
$
85,325
$
—
$
686,565
$
—
$
771,890
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
193,105
—
—
193,105
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
1,146,001
—
—
—
1,146,001
$
—
$
—
$
1,231,326
$
193,105
$
686,565
$
—
$
2,110,996
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
176,268
$
—
$
372,769
$
—
$
549,037
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
11,031
—
—
11,031
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
238,529
—
—
—
—
238,529
$
—
$
238,529
$
176,268
$
11,031
$
372,769
$
—
$
798,597
(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).
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
102
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
June
30,
2023,
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
.......................
$
—
$
—
$
(46,681)
$
—
$
679,598
$
—
$
632,917
Forward
foreign
currency
exchange
contracts
....
—
—
—
198,674
—
—
198,674
Swaps
..............................
—
(407,903)
3,419,918
—
—
—
3,012,015
$
—
$
(407,903)
$
3,373,237
$
198,674
$
679,598
$
—
$
3,843,606
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
55,205
$
—
$
262,144
$
—
$
317,349
Forward
foreign
currency
exchange
contracts
....
—
—
—
210,232
—
—
210,232
Swaps
..............................
—
8,398
(884,787)
—
—
—
(876,389)
$
—
$
8,398
$
(829,582)
$
210,232
$
262,144
$
—
$
(348,808)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
19,277,092
Average
notional
value
of
contracts
—
short
.................................................................................
$
50,286,041
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
1,483,986
Average
amounts
sold
—
in
USD
........................................................................................
$
12,541,736
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
12,450,000
Total
return
swaps
Average
notional
value
...............................................................................................
$
23,305,400
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
74,136
$
199,116
Forward
foreign
currency
exchange
contracts
.................................................................
193,105
11,031
Swaps
—
centrally
cleared
..............................................................................
—
71,920
Swaps
—
OTC
(a)
.....................................................................................
1,146,001
—
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,413,242
$
282,067
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(74,136)
(271,036)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,339,106
$
11,031
(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
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
44,252
$
(1,309)
$
—
$
—
$
42,943
Barclays
Bank
plc
................................
96,693
(9,722)
—
—
86,971
BNP
Paribas
SA
.................................
1,146,001
—
—
(990,000)
156,001
Toronto
Dominion
Bank
............................
52,160
—
—
—
52,160
$
1,339,106
$
(11,031)
$
—
$
(990,000)
$
338,075
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
103
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.
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
Bank
of
America
NA
..............................
$
1,309
$
(1,309)
$
—
$
—
$
—
Barclays
Bank
plc
................................
9,722
(9,722)
—
—
—
$
11,031
$
(11,031)
$
—
$
—
$
—
(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)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(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
receivable
from
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
847,286
$
—
$
847,286
Common
Stocks
Aerospace
&
Defense
....................................
194,340
645,585
—
839,925
Air
Freight
&
Logistics
....................................
253,199
296,711
—
549,910
Automobile
Components
..................................
551,801
376,161
—
927,962
Automobiles
..........................................
4,555,475
4,357,966
—
8,913,441
Banks
...............................................
4,564,904
9,139,119
—
13,704,023
Beverages
...........................................
5,573,188
812,869
—
6,386,057
Biotechnology
.........................................
3,256,919
670,632
—
3,927,551
Broadline
Retail
........................................
8,173,367
1,083,780
—
9,257,147
Building
Products
.......................................
121,680
237,792
—
359,472
Capital
Markets
........................................
2,942,432
1,818,334
—
4,760,766
Chemicals
............................................
694,682
3,321,676
—
4,016,358
Commercial
Services
&
Supplies
.............................
280,650
—
—
280,650
Communications
Equipment
................................
1,899,152
65,427
—
1,964,579
Construction
&
Engineering
................................
2,906,447
211,704
—
3,118,151
Consumer
Finance
......................................
2,610,165
15,328
—
2,625,493
Consumer
Staples
Distribution
&
Retail
........................
3,638,589
2,700,709
—
6,339,298
Containers
&
Packaging
..................................
72,065
—
—
72,065
Diversified
Consumer
Services
..............................
18,230
20,103
—
38,333
Diversified
Telecommunication
Services
........................
—
770,225
—
770,225
Electric
Utilities
........................................
1,867,127
913,490
—
2,780,617
Electrical
Equipment
.....................................
315,990
4,094,260
—
4,410,250
Electronic
Equipment,
Instruments
&
Components
.................
624,756
1,795,045
—
2,419,801
Energy
Equipment
&
Services
..............................
671,693
44,249
—
715,942
Entertainment
.........................................
352,524
59,513
—
412,037
Financial
Services
......................................
5,886,124
189,351
—
6,075,475
Food
Products
.........................................
2,532,436
2,143,760
—
4,676,196
Gas
Utilities
...........................................
—
22,005
—
22,005
Ground
Transportation
...................................
1,207,504
—
—
1,207,504
Health
Care
Equipment
&
Supplies
...........................
4,658,236
—
—
4,658,236
Health
Care
Providers
&
Services
............................
6,040,665
—
—
6,040,665
Health
Care
Technology
..................................
114,596
—
—
114,596
Hotels,
Restaurants
&
Leisure
..............................
1,994,136
1,937,612
—
3,931,748
Household
Durables
.....................................
—
375,095
—
375,095
Household
Products
.....................................
513,923
—
—
513,923
Independent
Power
and
Renewable
Electricity
Producers
............
160,675
—
—
160,675
Industrial
Conglomerates
..................................
3,506,733
1,684,269
—
5,191,002
Industrial
REITs
........................................
—
464,440
—
464,440
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
104
Level
1
Level
2
Level
3
Total
Insurance
............................................
$
5,846,260
$
2,488,244
$
—
$
8,334,504
Interactive
Media
&
Services
...............................
8,898,000
2,753,517
—
11,651,517
IT
Services
...........................................
5,209,706
293,569
—
5,503,275
Leisure
Products
.......................................
5,458
115,683
—
121,141
Life
Sciences
Tools
&
Services
..............................
2,413,266
188,875
—
2,602,141
Machinery
............................................
3,750,156
1,620,654
—
5,370,810
Marine
Transportation
....................................
20,160
304,893
—
325,053
Media
...............................................
1,652,500
—
—
1,652,500
Metals
&
Mining
........................................
2,197,839
3,442,954
—
5,640,793
Multi-Utilities
..........................................
241,126
849,965
—
1,091,091
Oil,
Gas
&
Consumable
Fuels
...............................
9,841,444
1,139,976
—
10,981,420
Paper
&
Forest
Products
..................................
113,917
—
—
113,917
Passenger
Airlines
......................................
8,137
396,033
—
404,170
Personal
Care
Products
..................................
11,165
1,169,848
—
1,181,013
Pharmaceuticals
.......................................
7,777,119
7,510,961
—
15,288,080
Professional
Services
....................................
1,381,624
2,987,764
—
4,369,388
Real
Estate
Management
&
Development
.......................
358,793
2,843,282
—
3,202,075
Retail
REITs
..........................................
—
64,769
—
64,769
Semiconductors
&
Semiconductor
Equipment
....................
10,407,105
4,911,649
—
15,318,754
Software
.............................................
16,771,831
2,045,706
—
18,817,537
Specialized
REITs
......................................
484,871
—
—
484,871
Specialty
Retail
........................................
3,468,823
317,531
—
3,786,354
Technology
Hardware,
Storage
&
Peripherals
....................
16,396,236
1,155,949
—
17,552,185
Textiles,
Apparel
&
Luxury
Goods
............................
1,590,220
3,222,169
—
4,812,389
Trading
Companies
&
Distributors
............................
330,419
83,683
—
414,102
Transportation
Infrastructure
...............................
75,919
37,441
—
113,360
Water
Utilities
.........................................
189,387
335,156
—
524,543
Wireless
Telecommunication
Services
.........................
—
996,260
—
996,260
Corporate
Bonds
Aerospace
&
Defense
....................................
—
105,449
—
105,449
Air
Freight
&
Logistics
....................................
—
36,689
—
36,689
Automobile
Components
..................................
—
168,731
—
168,731
Automobiles
..........................................
—
257,791
—
257,791
Banks
...............................................
—
16,603,912
250
16,604,162
Beverages
...........................................
—
5,206,294
—
5,206,294
Biotechnology
.........................................
—
3,086,713
—
3,086,713
Broadline
Retail
........................................
—
157,024
—
157,024
Building
Products
.......................................
—
1,639,833
—
1,639,833
Capital
Markets
........................................
—
8,283,341
—
8,283,341
Chemicals
............................................
—
734,390
—
734,390
Commercial
Services
&
Supplies
.............................
—
271,558
—
271,558
Communications
Equipment
................................
—
1,247,866
—
1,247,866
Construction
&
Engineering
................................
—
832,544
—
832,544
Consumer
Finance
......................................
—
1,007,451
—
1,007,451
Consumer
Staples
Distribution
&
Retail
........................
—
133,946
—
133,946
Distributors
...........................................
—
140,491
—
140,491
Diversified
REITs
.......................................
—
459,893
—
459,893
Diversified
Telecommunication
Services
........................
—
523,824
—
523,824
Electric
Utilities
........................................
—
1,890,728
—
1,890,728
Electronic
Equipment,
Instruments
&
Components
.................
—
1,310,281
—
1,310,281
Energy
Equipment
&
Services
..............................
—
225,918
—
225,918
Entertainment
.........................................
—
346,786
—
346,786
Financial
Services
......................................
—
1,075,183
—
1,075,183
Food
Products
.........................................
—
3,378,313
—
3,378,313
Gas
Utilities
...........................................
—
233,860
—
233,860
Ground
Transportation
...................................
—
173,943
—
173,943
Health
Care
Equipment
&
Supplies
...........................
—
1,247,356
—
1,247,356
Health
Care
Providers
&
Services
............................
—
4,770,984
—
4,770,984
Health
Care
REITs
......................................
—
289,848
—
289,848
Hotels,
Restaurants
&
Leisure
..............................
—
720,831
—
720,831
Household
Durables
.....................................
—
1,072,818
—
1,072,818
Household
Products
.....................................
—
13,776
—
13,776
Industrial
Conglomerates
..................................
—
403,073
—
403,073
Industrial
REITs
........................................
—
24,566
—
24,566
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
105
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Insurance
............................................
$
—
$
2,789,845
$
—
$
2,789,845
IT
Services
...........................................
—
1,434,262
—
1,434,262
Life
Sciences
Tools
&
Services
..............................
—
1,435,326
—
1,435,326
Machinery
............................................
—
787,739
—
787,739
Media
...............................................
—
371,559
—
371,559
Metals
&
Mining
........................................
—
2,598,345
—
2,598,345
Office
REITs
..........................................
—
18,929
—
18,929
Oil,
Gas
&
Consumable
Fuels
...............................
—
1,100,357
—
1,100,357
Paper
&
Forest
Products
..................................
—
226,680
—
226,680
Passenger
Airlines
......................................
—
185,938
—
185,938
Pharmaceuticals
.......................................
—
4,312,166
—
4,312,166
Professional
Services
....................................
—
1,861,956
—
1,861,956
Real
Estate
Management
&
Development
.......................
—
245,226
—
245,226
Retail
REITs
..........................................
—
39,572
—
39,572
Semiconductors
&
Semiconductor
Equipment
....................
—
3,105,624
—
3,105,624
Software
.............................................
—
4,621,171
—
4,621,171
Specialized
REITs
......................................
—
564,949
—
564,949
Specialty
Retail
........................................
—
1,332,202
—
1,332,202
Technology
Hardware,
Storage
&
Peripherals
....................
—
279,743
—
279,743
Floating
Rate
Loan
Interests
.................................
—
—
910
910
Investment
Companies
....................................
8,714,110
—
—
8,714,110
Non-Agency
Mortgage-Backed
Securities
........................
—
702,424
—
702,424
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
Automobiles
..........................................
—
15,726
—
15,726
Banks
...............................................
433,371
—
—
433,371
Chemicals
............................................
507,638
—
—
507,638
Passenger
Airlines
......................................
122,870
—
—
122,870
U.S.
Government
Sponsored
Agency
Securities
....................
—
35,361,628
—
35,361,628
U.S.
Treasury
Obligations
...................................
—
41,234,196
—
41,234,196
Short-Term
Securities
Money
Market
Funds
......................................
12,493,946
—
—
12,493,946
U.S.
Treasury
Obligations
...................................
—
8,558,390
—
8,558,390
$
194,467,819
$
253,650,984
$
1,160
$
448,119,963
Investments
valued
at
NAV
(a)
......................................
1,655,738
$
—
$
449,775,701
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
85,325
$
1,146,001
$
—
$
1,231,326
Foreign
currency
exchange
contracts
............................
—
193,105
—
193,105
Interest
rate
contracts
.......................................
686,565
—
—
686,565
Liabilities
Credit
contracts
...........................................
—
(238,529)
—
(238,529)
Equity
contracts
...........................................
(176,268)
—
—
(176,268)
Foreign
currency
exchange
contracts
............................
—
(11,031)
—
(11,031)
Interest
rate
contracts
.......................................
(372,769)
—
—
(372,769)
$
222,853
$
1,089,546
$
—
$
1,312,399
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statements
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
106
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)
.........................................
$
180,947,423‌
$
199,907,775‌
$
144,017,905‌
$
62,529,900‌
Investments,
at
value
—
affiliated
(d)
............................................
2,085,836‌
259,406‌
8,897,193‌
—‌
Cash  
...............................................................
—‌
—‌
491,441‌
4,788,092‌
Cash
held
for
investments
sold
short
...........................................
—‌
—‌
126,083‌
—‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
....................................
—‌
—‌
60,000‌
—‌
Futures
contracts
......................................................
91,000‌
—‌
1,064,000‌
—‌
Centrally
cleared
swaps
..................................................
—‌
—‌
793,000‌
—‌
Foreign
currency,
at
value
(e)
.................................................
—‌
—‌
318,706‌
—‌
Repurchase
agreements,
at
value
(f)
............................................
—‌
—‌
—‌
49,750,000‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
1,780,197‌
14,310‌
4,826,450‌
—‌
Securities
lending
income
—
affiliated
........................................
417‌
173‌
570‌
—‌
TBA
sale
commitments
..................................................
—‌
—‌
1,513,812‌
—‌
Capital
shares
sold
.....................................................
136‌
4,054‌
1,311‌
—‌
Dividends
—
unaffiliated
.................................................
111,872‌
19,647‌
69,261‌
—‌
Dividends
—
affiliated
...................................................
6,234‌
585‌
22,580‌
—‌
Interest
—
unaffiliated
...................................................
—‌
—‌
353,994‌
215,536‌
Variation
margin
on
futures
contracts
.........................................
20,899‌
—‌
89,214‌
—‌
Swap
premiums
paid
.....................................................
—‌
—‌
16,753‌
—‌
Unrealized
appreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
—‌
574,122‌
—‌
OTC
swaps
..........................................................
—‌
—‌
85,363‌
—‌
Prepaid
expenses
.......................................................
1,179‌
1,174‌
106,615‌
4,129‌
Other
assets
...........................................................
—‌
—‌
—‌
29,625‌
Total
assets
...........................................................
185,045,193‌
200,207,124‌
163,428,373‌
117,317,282‌
LIABILITIES
Investments
sold
short,
at
value
(g)
.............................................
—‌
—‌
113,874‌
—‌
Collateral
on
securities
loaned
...............................................
428,090‌
—‌
14,723‌
—‌
Options
written,
at
value
(h)
..................................................
—‌
—‌
509,726‌
—‌
TBA
sale
commitments,
at
value
(i)
.............................................
—‌
—‌
1,502,216‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
1,741,728‌
—‌
12,870,068‌
677,407‌
Swaps  
............................................................
—‌
—‌
64,113‌
—‌
Accounting
services
fees
.................................................
23,051‌
23,054‌
79,970‌
9,793‌
Capital
shares
redeemed
.................................................
2,522‌
3,063‌
19,200‌
436,043‌
Custodian
fees
........................................................
16,665‌
5,389‌
208,478‌
5,161‌
Deferred
foreign
capital
gain
tax
............................................
—‌
—‌
2,414‌
—‌
Investment
advisory
fees
.................................................
55,485‌
60,599‌
8,092‌
36,214‌
Printing
and
postage
fees
................................................
4,485‌
11,682‌
12,088‌
11,837‌
Professional
fees
......................................................
28,064‌
20,903‌
33,404‌
13,753‌
Registration
fees
......................................................
—‌
—‌
—‌
2,933‌
Transfer
agent
fees
....................................................
62,651‌
73,086‌
—‌
—‌
Other
accrued
expenses
.................................................
175‌
1,184‌
—‌
—‌
Variation
margin
on
futures
contracts
.........................................
—‌
—‌
164,240‌
—‌
Variation
margin
on
centrally
cleared
swaps
....................................
—‌
—‌
2,443‌
—‌
Swap
premiums
received
..................................................
—‌
—‌
479‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
—‌
504,806‌
—‌
OTC
swaps
..........................................................
—‌
—‌
110,425‌
—‌
Total
liabilities
..........................................................
2,362,916‌
198,960‌
16,220,759‌
1,193,141‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
182,682,277‌
$
200,008,164‌
$
147,207,614‌
$
116,124,141‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
107
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
..........................................................
$
161,130,860‌
$
136,952,348‌
$
143,761,342‌
$
116,119,975‌
Accumulated
earnings
....................................................
21,551,417‌
63,055,816‌
3,446,272‌
4,166‌
NET
ASSETS
..........................................................
$
182,682,277‌
$
200,008,164‌
$
147,207,614‌
$
116,124,141‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................
$
161,107,593‌
$
138,009,340‌
$
140,810,378‌
$
62,529,900‌
(c)
  Securities
loaned,
at
value
................................................
$
423,356‌
$
—‌
$
6,682‌
$
—‌
(d)
  Investments,
at
cost
—
affiliated
............................................
$
2,085,836‌
$
259,406‌
$
8,919,118‌
$
—‌
(e)
  Foreign
currency,
at
cost
.................................................
$
—‌
$
—‌
$
319,325‌
$
—‌
(f)
  Repurchase
agreements,
at
cost
...........................................
$
—‌
$
—‌
$
—‌
$
49,750,000‌
(g)
  Proceeds
received
from
short
sales
.........................................
$
—‌
$
—‌
$
93,592‌
$
—‌
(h)
  Premiums
received
....................................................
$
—‌
$
—‌
$
430,866‌
$
—‌
(i)
  Proceeds
received
from
TBA
sale
commitments
..................................
$
—‌
$
—‌
$
1,513,812‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
108
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
...........................................................
$
182,682,277‌
$
200,008,164‌
$
147,207,614‌
$
116,124,141‌
Shares
outstanding
....................................................
7,574,691‌
4,650,080‌
9,987,209‌
116,119,981‌
Net
asset
value
.......................................................
$
24.12‌
$
43.01‌
$
14.74‌
$
1.00‌
Shares
authorized
.....................................................
100
million
100
million
100
million
2.0
billion
Par
value
...........................................................
$
0.10‌
$
0.10‌
$
0.10‌
$
0.10‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
109
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
20,560,247‌
$
426,911,907‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
223,633‌
22,863,794‌
Cash  
..............................................................................................
—‌
15,414‌
Cash
pledged:
Futures
contracts
.....................................................................................
7,000‌
1,252,000‌
Centrally
cleared
swaps
.................................................................................
—‌
550,000‌
Foreign
currency,
at
value
(d)
................................................................................
1,374‌
1,285,154‌
Receivables:
–‌
–‌
Investments
sold
.....................................................................................
33,977‌
4,911,208‌
Securities
lending
income
—
affiliated
.......................................................................
—‌
1,883‌
Swaps  
...........................................................................................
—‌
160‌
Capital
shares
sold
....................................................................................
—‌
564‌
Dividends
—
unaffiliated
................................................................................
—‌
527,045‌
Dividends
—
affiliated
..................................................................................
1,542‌
40,003‌
Interest
—
unaffiliated
..................................................................................
358,501‌
1,257,496‌
From
the
Manager
....................................................................................
6,003‌
—‌
Due
from
broker
......................................................................................
—‌
520,000‌
Variation
margin
on
futures
contracts
........................................................................
—‌
74,136‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
—‌
193,105‌
OTC
swaps
.........................................................................................
—‌
1,146,001‌
Prepaid
expenses
......................................................................................
2,464‌
28,194‌
Total
assets
..........................................................................................
21,194,741‌
461,578,064‌
LIABILITIES
Cash
received:
Collateral
—
OTC
derivatives
.............................................................................
—‌
990,000‌
Collateral
on
securities
loaned
..............................................................................
—‌
1,664,477‌
Options
written,
at
value
(e)
.................................................................................
1,080‌
—‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
27,521‌
14,273,038‌
Accounting
services
fees
................................................................................
20,114‌
30,994‌
Capital
shares
redeemed
................................................................................
373‌
172,284‌
Custodian
fees
.......................................................................................
7,381‌
64,564‌
Deferred
foreign
capital
gain
tax
...........................................................................
—‌
6,979‌
Income
dividend
distributions
.............................................................................
108,226‌
—‌
Investment
advisory
fees
................................................................................
—‌
134,711‌
Directors'
and
Officer's
fees
..............................................................................
357‌
547‌
Printing
and
postage
fees
...............................................................................
8,154‌
1,921‌
Professional
fees
.....................................................................................
16,327‌
45,078‌
Transfer
agent
fees
...................................................................................
9,115‌
169,482‌
Other
accrued
expenses
................................................................................
1,576‌
—‌
Variation
margin
on
futures
contracts
........................................................................
1,567‌
199,116‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
—‌
71,920‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
396‌
11,031‌
Total
liabilities
.........................................................................................
202,187‌
17,836,142‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
20,992,554‌
$
443,741,922‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
110
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
25,098,553‌
$
430,241,923‌
Accumulated
earnings
(loss)
...............................................................................
(4,105,999‌)
13,499,999‌
NET
ASSETS
.........................................................................................
$
20,992,554‌
$
443,741,922‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
21,940,567‌
$
422,475,294‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
—‌
$
1,609,798‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
220,474‌
$
22,880,289‌
(d)
  Foreign
currency,
at
cost
................................................................................
$
1,369‌
$
1,288,082‌
(e)
  Premiums
received
...................................................................................
$
1,743‌
$
—‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
111
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
NET
ASSET
VALUE
Net
assets
..........................................................................................
$
20,992,554‌
$
443,741,922‌
Shares
outstanding
...................................................................................
4,346,517‌
29,280,970‌
Net
asset
value
......................................................................................
$
4.83‌
$
15.15‌
Shares
authorized
....................................................................................
100
million
300
million
Par
value
..........................................................................................
$
0.0001‌
$
0.10‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
112
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
1,264,226‌
$
610,175‌
$
964,277‌
$
—‌
Dividends
—
affiliated
...................................................
35,182‌
6,570‌
223,639‌
—‌
Interest
—
unaffiliated
...................................................
—‌
—‌
1,181,252‌
2,373,762‌
Securities
lending
income
—
affiliated
—
net
...................................
6,057‌
6,210‌
7,626‌
—‌
Foreign
taxes
withheld
..................................................
(100‌)
(20,386‌)
(70,359‌)
—‌
Total
investment
income
...................................................
1,305,365‌
602,569‌
2,306,435‌
2,373,762‌
EXPENSES
Investment
advisory
....................................................
325,915‌
332,941‌
276,045‌
189,645‌
Transfer
agent
........................................................
110,055‌
113,192‌
101,338‌
70,739‌
Professional
.........................................................
29,830‌
31,678‌
52,893‌
29,100‌
Accounting
services
....................................................
27,275‌
27,129‌
69,506‌
18,853‌
Custodian
...........................................................
17,600‌
4,591‌
152,104‌
5,015‌
Printing
and
postage
...................................................
11,777‌
8,861‌
8,826‌
8,362‌
Directors
and
Officer
...................................................
3,950‌
3,944‌
3,802‌
3,673‌
Registration
.........................................................
595‌
595‌
595‌
595‌
Miscellaneous
........................................................
2,373‌
2,086‌
24,953‌
1,626‌
Total
expenses
excluding
dividend
expense
......................................
529,370‌
525,017‌
690,062‌
327,608‌
Dividend
expense
—
unaffiliated
............................................
—‌
—‌
1,020‌
—‌
Total
expenses
.........................................................
529,370‌
525,017‌
691,082‌
327,608‌
Less:
–‌
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(676‌)
(98‌)
(178,974‌)
(10,888‌)
Transfer
agent
fees
reimbursed
by
the
Manager
.................................
(101,741‌)
(75,817‌)
(98,861‌)
(68,255‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
426,953‌
449,102‌
413,247‌
248,465‌
Net
investment
income
....................................................
878,412‌
153,467‌
1,893,188‌
2,125,297‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
24,309,365‌
$
51,458,325‌
$
8,393,659‌
$
6‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(b)
............................................
$
1,707,368‌
$
1,188,147‌
$
2,943,490‌
$
6‌
Investments
—
affiliated
...............................................
195‌
(499‌)
(2,693‌)
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
—‌
(544,870‌)
—‌
Foreign
currency
transactions
...........................................
—‌
(605‌)
(8,325‌)
—‌
Futures
contracts
....................................................
140,467‌
—‌
(897,545‌)
—‌
Options
written
.....................................................
—‌
—‌
791,152‌
—‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
4,330‌
—‌
Swaps  
..........................................................
—‌
—‌
18,307‌
—‌
1,848,030‌
1,187,043‌
2,303,846‌
6‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(c)
............................................
22,387,591‌
50,271,420‌
5,619,961‌
—‌
Investments
—
affiliated
...............................................
(108‌)
(181‌)
79,670‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
—‌
576,071‌
—‌
Foreign
currency
translations
............................................
—‌
44‌
3,180‌
—‌
Futures
contracts
....................................................
73,852‌
—‌
182,686‌
—‌
Options
written
.....................................................
—‌
—‌
482,413‌
—‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
(4,296‌)
—‌
Swaps  
..........................................................
—‌
—‌
(849,872‌)
—‌
22,461,335‌
50,271,283‌
6,089,813‌
—‌
Net
realized
and
unrealized
gain
.............................................
24,309,365‌
51,458,326‌
8,393,659‌
6‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
25,187,777‌
$
51,611,793‌
$
10,286,847‌
$
2,125,303‌
(a)
  Consolidated
Statement
of
Operations.
(b)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................
$
—‌
$
—‌
$
(74‌)
$
—‌
(c)
Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
..............................
$
—‌
$
—‌
$
2,259‌
$
—‌
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
June
30,
2023
113
Financial
Statements
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
101‌
$
3,359,971‌
Dividends
—
affiliated
..................................................................................
9,309‌
403,584‌
Interest
—
unaffiliated
..................................................................................
657,719‌
3,049,307‌
Securities
lending
income
—
affiliated
—
net
..................................................................
—‌
21,448‌
Foreign
taxes
withheld
.................................................................................
—‌
(252,253‌)
Total
investment
income
..................................................................................
667,129‌
6,582,057‌
EXPENSES
Investment
advisory
...................................................................................
39,025‌
822,979‌
Professional
........................................................................................
36,530‌
61,601‌
Accounting
services
...................................................................................
23,778‌
31,735‌
Transfer
agent
.......................................................................................
15,973‌
287,815‌
Printing
and
postage
..................................................................................
9,528‌
12,052‌
Custodian
..........................................................................................
6,007‌
64,216‌
Registration
........................................................................................
595‌
595‌
Directors
and
Officer
..................................................................................
429‌
4,962‌
Miscellaneous
.......................................................................................
4,335‌
19,342‌
Total
expenses
excluding
interest
expense
......................................................................
136,200‌
1,305,297‌
Interest
expense
.....................................................................................
—‌
12,074‌
Total
expenses
........................................................................................
136,200‌
1,317,371‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(71,587‌)
(19,971‌)
Transfer
agent
fees
reimbursed
by
the
Manager
................................................................
(13,493‌)
(208,324‌)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
51,120‌
1,089,076‌
Net
investment
income
...................................................................................
616,009‌
5,492,981‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
438,266‌
$
36,524,714‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(b)
...........................................................................
$
(474,206‌)
$
2,247,124‌
Investments
—
affiliated
..............................................................................
—‌
(337,560‌)
Forward
foreign
currency
exchange
contracts
................................................................
13,320‌
198,674‌
Foreign
currency
transactions
..........................................................................
(3,766‌)
(13,433‌)
Futures
contracts
...................................................................................
(19,992‌)
632,917‌
Options
written
....................................................................................
13,037‌
—‌
Swaps  
.........................................................................................
4,825‌
3,012,015‌
(466,782‌)
5,739,737‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(c)
...........................................................................
914,945‌
30,866,556‌
Investments
—
affiliated
..............................................................................
1,872‌
260,458‌
Forward
foreign
currency
exchange
contracts
................................................................
(396‌)
210,232‌
Foreign
currency
translations
...........................................................................
(3,804‌)
6,771‌
Futures
contracts
...................................................................................
(6,626‌)
317,349‌
Options
written
....................................................................................
(914‌)
—‌
Swaps  
.........................................................................................
(29‌)
(876,389‌)
905,048‌
30,784,977‌
Net
realized
and
unrealized
gain
............................................................................
438,266‌
36,524,714‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
1,054,275‌
$
42,017,695‌
(b)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
................................................
$
—‌
$
(116‌)
(c)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.............................................................
$
—‌
$
(6,979‌)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
114
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
878,412‌
$
2,144,765‌
$
153,467‌
$
413,574‌
Net
realized
gain
(loss)
....................................................
1,848,030‌
(894,270‌)
1,187,043‌
9,238,427‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
22,461,335‌
(46,351,944‌)
50,271,283‌
(110,082,871‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
25,187,777‌
(45,101,449‌)
51,611,793‌
(100,430,870‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
(7,571,720‌)
—‌
(16,908,540‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.........................
(8,548,865‌)
(13,944,593‌)
(7,399,418‌)
(2,946,214‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
16,638,912‌
(66,617,762‌)
44,212,375‌
(120,285,624‌)
Beginning
of
period
........................................................
166,043,365‌
232,661,127‌
155,795,789‌
276,081,413‌
End
of
period
............................................................
$
182,682,277‌
$
166,043,365‌
$
200,008,164‌
$
155,795,789‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
115
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,893,188‌
$
2,650,525‌
$
2,125,297‌
$
1,186,997‌
Net
realized
gain
........................................................
2,303,846‌
602,794‌
6‌
1,505‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
6,089,813‌
(32,819,594‌)
—‌
—‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
10,286,847‌
(29,566,275‌)
2,125,303‌
1,188,502‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
From
net
investment
income
................................................
—‌
(4,558,257‌)
(2,123,188‌)
(1,186,997‌)
Return
of
capital
.........................................................
—‌
(246,211‌)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—‌
(4,804,468‌)
(2,123,188‌)
(1,186,997‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(7,741,107‌)
(13,467,077‌)
22,026,217‌
(9,691,484‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
2,545,740‌
(47,837,820‌)
22,028,332‌
(9,689,979‌)
Beginning
of
period
........................................................
144,661,874‌
192,499,694‌
94,095,809‌
103,785,788‌
End
of
period
............................................................
$
147,207,614‌
$
144,661,874‌
$
116,124,141‌
$
94,095,809‌
(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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
116
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
616,009‌
$
1,131,816‌
$
5,492,981‌
$
8,212,988‌
Net
realized
gain
(loss)
....................................................
(466,782‌)
(803,484‌)
5,739,737‌
(6,671,445‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
905,048‌
(3,061,454‌)
30,784,977‌
(86,683,599‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
1,054,275‌
(2,733,122‌)
42,017,695‌
(85,142,056‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income
and
net
realized
gain
..................................
(627,653‌)
(1,119,738‌)
—‌
(8,697,965‌)
Return
of
capital
.........................................................
—‌
(41,567‌)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(627,653‌)
(1,161,305‌)
—‌
(8,697,965‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
756,007‌
(1,147,111‌)
(20,798,519‌)
(35,720,713‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
1,182,629‌
(5,041,538‌)
21,219,176‌
(129,560,734‌)
Beginning
of
period
........................................................
19,809,925‌
24,851,463‌
422,522,746‌
552,083,480‌
End
of
period
............................................................
$
20,992,554‌
$
19,809,925‌
$
443,741,922‌
$
422,522,746‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
117
Financial
Highlights
BlackRock
Advantage
Large
Cap
Core
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
20.86
‌
$
27.24
‌
$
26.14
‌
$
23.90
‌
$
19.76
‌
$
24.31
‌
Net
investment
income
(a)
........................
0.11
‌
0.26
‌
0.25
‌
0.28
‌
0.35
‌
0.38
(b)
Net
realized
and
unrealized
gain
(loss)
...............
3.15
‌
(5.69
)
6.98
‌
4.43
‌
5.38
‌
(1.62
)
Net
increase
(decrease)
from
investment
operations
.......
3.26
‌
(5.43
)
7.23
‌
4.71
‌
5.73
‌
(1.24
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.27
)
(0.25
)
(0.34
)
(0.34
)
(0.39
)
From
net
realized
gain
..........................
—
‌
(0.68
)
(5.88
)
(2.13
)
(1.25
)
(2.92
)
Total
distributions
..............................
—
‌
(0.95
)
(6.13
)
(2.47
)
(1.59
)
(3.31
)
Net
asset
value,
end
of
period
.....................
$
24.12
‌
$
20.86
‌
$
27.24
‌
$
26.14
‌
$
23.90
‌
$
19.76
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
15.63
%
(e)
(19.89
)%
28.43
%
19.99
%
29.09
%
(5.11
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.62
%
(g)
0.60
%
0.57
%
0.59
%
0.60
%
0.63
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.50
%
(g)
0.50
%
0.47
%
0.49
%
0.50
%
0.50
%
Net
investment
income
...........................
1.03
%
(g)
1.14
%
0.85
%
1.18
%
1.52
%
1.51
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
182,682
‌
$
166,043
‌
$
232,661
‌
$
196,166
‌
$
188,907
‌
$
161,413
‌
Portfolio
turnover
rate
............................
60
%
117
%
116
%
124
%
131
%
151
%
(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)
Not
annualized.
(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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
118
BlackRock
Capital
Appreciation
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
32.11
‌
$
57.19
‌
$
56.30
‌
$
43.39
‌
$
36.63
‌
$
40.56
‌
Net
investment
income
(loss)
(a)
....................
0.03
‌
0.09
‌
(0.01
)
0.00
(b)
0.06
‌
0.15
(c)
Net
realized
and
unrealized
gain
(loss)
...............
10.87
‌
(21.45
)
11.61
‌
17.32
‌
11.86
‌
0.83
‌
Net
increase
(decrease)
from
investment
operations
.......
10.90
‌
(21.36
)
11.60
‌
17.32
‌
11.92
‌
0.98
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.09
)
(0.02
)
(0.01
)
(0.05
)
(0.14
)
From
net
realized
gain
..........................
—
‌
(3.63
)
(10.69
)
(4.40
)
(5.11
)
(4.77
)
Total
distributions
..............................
—
‌
(3.72
)
(10.71
)
(4.41
)
(5.16
)
(4.91
)
Net
asset
value,
end
of
period
.....................
$
43.01
‌
$
32.11
‌
$
57.19
‌
$
56.30
‌
$
43.39
‌
$
36.63
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
33.95
%
(f)
(37.59
)%
21.22
%
40.16
%
32.79
%
2.42
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.60
%
(h)
0.59
%
0.57
%
0.59
%
0.58
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.51
%
(h)
0.50
%
0.47
%
0.49
%
0.48
%
0.49
%
Net
investment
income
(loss)
.......................
0.18
%
(h)
0.21
%
(0.02
)%
(0.01
)%
0.13
%
0.33
%
(c)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
200,008
‌
$
155,796
‌
$
276,081
‌
$
247,240
‌
$
195,938
‌
$
162,866
‌
Portfolio
turnover
rate
............................
13
%
63
%
41
%
38
%
42
%
45
%
(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)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(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)
119
Financial
Highlights
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(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:
(i)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Global
Allocation
Portfolio
(a)
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
13.74
‌
$
16.85
‌
$
17.96
‌
$
16.03
‌
$
14.20
‌
$
16.42
‌
Net
investment
income
(b)
........................
0.19
‌
0.24
‌
0.25
‌
0.18
‌
0.27
‌
0.27
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.81
‌
(2.89
)
0.97
‌
3.15
‌
2.28
‌
(1.44
)
Net
increase
(decrease)
from
investment
operations
.......
1.00
‌
(2.65
)
1.22
‌
3.33
‌
2.55
‌
(1.17
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
—
‌
(0.22
)
(0.26
)
(0.24
)
(0.24
)
From
net
realized
gain
..........................
—
‌
(0.44
)
(2.11
)
(1.14
)
(0.48
)
(0.81
)
Return
of
capital
..............................
—
‌
(0.02
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
..............................
—
‌
(0.46
)
(2.33
)
(1.40
)
(0.72
)
(1.05
)
Net
asset
value,
end
of
period
.....................
$
14.74
‌
$
13.74
‌
$
16.85
‌
$
17.96
‌
$
16.03
‌
$
14.20
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
7.28
%
(e)
(15.73
)%
6.79
%
20.95
%
18.05
%
(7.27
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.96
%
(g)
1.02
%
0.87
%
0.83
%
0.79
%
0.78
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.57
%
(g)
0.57
%
0.58
%
0.58
%
0.57
%
0.58
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense
and
broker
fees
and
expenses
on
short
sales
.....................
0.57
%
(g)
0.57
%
0.57
%
0.57
%
0.57
%
0.57
%
Net
investment
income
...........................
2.62
%
(g)
1.65
%
1.34
%
1.08
%
1.72
%
1.67
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
147,208
‌
$
144,662
‌
$
192,500
‌
$
200,541
‌
$
185,582
‌
$
173,983
‌
Portfolio
turnover
rate
(h)
...........................
120
%
(i)
114
%
134
%
159
%
207
%
145
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...............................
84%
105%
123%
158%
207%
145%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
120
BlackRock
Government
Money
Market
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
.................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
..........................
0.0212
‌
0.0121
‌
0.0000
(a)
0.0026
‌
0.0177
‌
0.0139
‌
Net
realized
gain
(loss)
..........................
(0.0001
)
(b)
0.0003
‌
0.0001
‌
0.0000
(a)
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
................
0.0211
‌
0.0124
‌
0.0001
‌
0.0026
‌
0.0177
‌
0.0139
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
(0.0211
)
(0.0124
)
(0.0001
)
(0.0026
)
(0.0177
)
(0.0139
)
From
net
realized
gain
...........................
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
(0.0000
)
(d)
—
‌
Total
distributions
...............................
(0.0211
)
(0.0124
)
(0.0001
)
(0.0026
)
(0.0177
)
(0.0139
)
Net
asset
value,
end
of
period
......................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
2.13
%
(f)
1.26
%
0.01
%
0.26
%
1.78
%
1.41
%
Ratios
to
Average
Net
Assets
Total
expenses
.................................
0.66
%
(g)
0.51
%
0.50
%
0.62
%
0.62
%
0.64
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.50
%
(g)
0.40
%
0.08
%
0.33
%
0.50
%
0.50
%
Net
investment
income
............................
4.28
%
(g)
1.21
%
0.00
%
(h)
0.28
%
1.77
%
1.41
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
116,124
‌
$
94,096
‌
$
103,786
‌
$
108,915
‌
$
112,454
‌
$
131,361
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
121
Financial
Highlights
BlackRock
High
Yield
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...............
$
4.73
‌
$
5.59
‌
$
5.54
‌
$
5.43
‌
$
5.00
‌
$
5.42
‌
Net
investment
income
(a)
.......................
0.14
‌
0.26
‌
0.27
‌
0.29
‌
0.31
‌
0.30
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.11
‌
(0.85
)
0.05
‌
0.11
‌
0.43
‌
(0.42
)
Net
increase
(decrease)
from
investment
operations
......
0.25
‌
(0.59
)
0.32
‌
0.40
‌
0.74
‌
(0.12
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
....................
(0.15
)
(0.26
)
(0.27
)
(0.29
)
(0.31
)
(0.30
)
Return
of
capital
.............................
—
‌
(0.01
)
(0.00
)
(c)
—
‌
—
‌
(0.00
)
(c)
Total
distributions
.............................
(0.15
)
(0.27
)
(0.27
)
(0.29
)
(0.31
)
(0.30
)
Net
asset
value,
end
of
period
....................
$
4.83
‌
$
4.73
‌
$
5.59
‌
$
5.54
‌
$
5.43
‌
$
5.00
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
5.25
%
(e)
(10.64
)%
5.93
%
7.80
%
15.04
%
(2.31
)%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
...............................
1.33
%
(h)
1.26
%
1.46
%
1.27
%
1.15
%
1.98
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.50
%
(h)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
..........................
6.03
%
(h)
5.27
%
4.83
%
5.48
%
5.76
%
5.66
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
20,993
‌
$
19,810
‌
$
24,851
‌
$
28,919
‌
$
30,673
‌
$
27,068
‌
Portfolio
turnover
rate
...........................
25
%
55
%
55
%
89
%
74
%
67
%
(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)
Not
annualized.
(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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
122
(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)
Not
annualized.
(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:
BlackRock
Sustainable
Balanced
Portfolio
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
13.76
‌
$
16.67
‌
$
16.79
‌
$
15.86
‌
$
13.97
‌
$
15.81
‌
Net
investment
income
(a)
........................
0.18
‌
0.26
‌
0.19
‌
0.25
‌
0.33
‌
0.32
‌
Net
realized
and
unrealized
gain
(loss)
...............
1.21
‌
(2.89
)
2.59
‌
2.23
‌
2.75
‌
(0.73
)
Net
increase
(decrease)
from
investment
operations
.......
1.39
‌
(2.63
)
2.78
‌
2.48
‌
3.08
‌
(0.41
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.13
)
(0.19
)
(0.29
)
(0.33
)
(0.31
)
From
net
realized
gain
..........................
—
‌
(0.15
)
(2.71
)
(1.26
)
(0.86
)
(1.12
)
Total
distributions
..............................
—
‌
(0.28
)
(2.90
)
(1.55
)
(1.19
)
(1.43
)
Net
asset
value,
end
of
period
.....................
$
15.15
‌
$
13.76
‌
$
16.67
‌
$
16.79
‌
$
15.86
‌
$
13.97
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
10.10
%
(d)
(15.76
)%
16.65
%
15.75
%
22.06
%
(2.66
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.61
%
(f)
0.62
%
0.59
%
0.61
%
0.63
%
0.64
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.51
%
(f)
0.50
%
0.49
%
0.50
%
0.52
%
0.52
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.......................
0.50
%
(f)
0.48
%
0.48
%
0.48
%
0.49
%
0.49
%
Net
investment
income
...........................
2.55
%
(f)
1.78
%
1.08
%
1.56
%
2.08
%
1.98
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
443,742
‌
$
422,523
‌
$
552,083
‌
$
523,771
‌
$
500,622
‌
$
453,030
‌
Portfolio
turnover
rate
(g)
...........................
57
%
229
%
343
%
345
%
320
%
280
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...............................
46%
187%
218%
238%
228%
211%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
123
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 1
separate
portfolio.
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
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
High
Yield,
together
with
certain
other
registered
investment
companies
advised
by
the
Manager
or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
Government
Money
Market
operates as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act. The
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in the
Fund's
weekly
liquid
assets.
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
of
Global
Allocation
 include
the
accounts
of
BlackRock
Cayman
Global
Allocation
Portfolio
I,
Ltd.
(the
“Cayman
Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
Global
Allocation
 and
primarily
invests
in
commodity-related
instruments
and
other
derivatives
.
The
Cayman
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
Cayman
Subsidiary.
The
net
assets
of
the
Cayman
Subsidiary
as
of
period
end
were
$6,372,037
,
which
is
4.3%
 of
Global
Allocation's
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated. The
Cayman
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
Global
Allocation
,
except
that
the
Cayman
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
(the
"trade
dates")
.
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.
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
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
124
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,
2023
,
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. 
Collateralization:
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.  
Distributions: 
For
Government
Money
Market
and
High
Yield, 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 Cayman
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes. If
a
net
loss
is
realized
by
the
Cayman Subsidiary
in
any
taxable
year,
the
loss
will
generally
not
be
available
to
offset
the
Fund’s
ordinary
income
and/or
capital
gains
for
that
year.  
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Directors
of
Series
Fund
II,
the
directors
who
are
not
“interested
persons”
of
High
Yield,
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,
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. Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Directors
and
Officer
expense
on
the
Statements
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
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’s)
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.
The
Boards
of
Directors
of
the
Companies
(each
a
"Board"
and
together
the
"Boards")
have
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
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
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
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’s)
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
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
Notes
to
Financial
Statements
(unaudited)
(continued)
125
Notes
to
Financial
Statements
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
Valuation
Committee
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
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
Valuation
Committee
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
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
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
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include 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. 
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
126
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
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
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,
2023,
certain
investments
of
the
Funds
were
fair
valued
using
NAV as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Inflation-Indexed
Bonds:
Inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
according
to
the
rate
of
inflation.
If
the
index
measuring
inflation
rises
or
falls,
the
principal
value
of
inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
will
be
adjusted
upward
or
downward,
and
consequently
the
interest
payable
on
these
securities
(calculated
with
respect
to
a
larger
or
smaller
principal
amount)
will
be
increased
or
reduced,
respectively.
Any
upward
or
downward
adjustment
in
the
principal
amount
of
an
inflation-indexed
bond
is
included
as
interest
income
in
the
Statements
of
Operations,
even
though
investors
do
not
receive
their
principal
until
maturity.
Repayment
of
the
original
bond
principal
upon
maturity
(as
adjusted
for
inflation)
is
guaranteed
in
the
case
of
U.S.
Treasury
inflation-indexed
bonds.
For
bonds
that
do
not
provide
a
similar
guarantee,
the
adjusted
principal
value
of
the
bond
repaid
at
maturity
may
be
less
than
the
original
principal.
With
regard
to
municipal
inflation-indexed
bonds
and
certain
Notes
to
Financial
Statements
(unaudited)
(continued)
127
Notes
to
Financial
Statements
corporate
inflation-indexed
bonds,
the
inflation
adjustment
is
typically
reflected
in
the
semi-annual
coupon
payment.
As
a
result,
the
principal
value
of
municipal
inflation-
indexed
bonds
and
such
corporate
inflation-indexed
bonds
does
not
adjust
according
to
the
rate
of
inflation.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
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
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
Secured
Overnight
Financing
Rate
(“SOFR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
128
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.
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
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Commitments:
Commitments
are
agreements
to
acquire
an
investment
at
a
future
date
(subject
to
conditions)
in
connection
with
a
potential
public
or
non-public
offering. 
Such
agreements
may
obligate a
fund
to
make
future
cash
payments. As
of
June
30,
2023
,
Global
Allocation
had
outstanding
commitmen
ts
of
$220,287.
These
commitments
are
not
included
in
the
net
assets
of
Global
Allocation
as
of
June
30,
2023
.
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.
Short
Sale
Transactions:
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
Notes
to
Financial
Statements
(unaudited)
(continued)
129
Notes
to
Financial
Statements
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Securities
Lending:
 The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any, 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.
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.
As
of
period
end,
the
following
tables
are
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
Valu
e
Net
Amount
(b)
Advantage
Large
Cap
Core
Citigroup
Global
Markets,
Inc.
....................
$
58,164‌
$
(57,746‌)
$
—‌
$
418‌
Goldman
Sachs
&
Co.
LLC
......................
365,192‌
(357,458‌)
—‌
7,734‌
$
423,356‌
$
(415,204‌)
$
—‌
$
8,152‌
Global
Allocation
J.P.
Morgan
Securities
LLC
......................
$
6,682‌
$
(5,654‌)
$
—‌
$
1,028‌
Sustainable
Balanced
BofA
Securities,
Inc.
...........................
11,286‌
(10,310‌)
—‌
976‌
Goldman
Sachs
&
Co.
LLC
......................
591,994‌
(591,994‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
277,487‌
(276,482‌)
—‌
1,005‌
Jefferies
LLC
...............................
477,456‌
(477,456‌)
—‌
—‌
National
Financial
Services
LLC
...................
114,686‌
(114,686‌)
—‌
—‌
SG
Americas
Securities
LLC
.....................
29,177‌
(29,177‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
....................
107,712‌
(107,712‌)
—‌
—‌
$
1,609,798‌
$
(1,607,817‌)
$
—‌
$
1,981‌
(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
Funds'
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
June
30,
2023.
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
130
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.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
131
Notes
to
Financial
Statements
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
132
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
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
Fund(s)
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 six
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
six
combined
Funds
that
falls
within
that
breakpoint
level
by
the
aggregate
average
daily
net
assets
of
the
six
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
Cayman
Subsidiary.
The
Manager
does
not
receive
separate
compensation
from
the
Cayman
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
Cayman
Subsidiary.
With
respect
to
High
Yield,
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
High
Yield
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
High
Yield
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.
Average
Daily
Net
Assets
of
the
Six
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)
133
Notes
to
Financial
Statements
Distribution
Fees:
The
Company
,
on behalf
of each
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Transfer
Agent:
On
behalf
of
each
Fund,
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,
2023
,
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,
2024.
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,
2023,
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’s)
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
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,
2023,
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:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
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
by
the
Manager
–
class
specific
in
the
Statements
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
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:
Fund
Name
Fees
Waived
by
the
Manager
Advantage
Large
Cap
Core
..............................................................................................
$
566‌
Capital
Appreciation
...................................................................................................
98‌
Global
Allocation
.....................................................................................................
2,804‌
High
Yield
..........................................................................................................
112‌
Sustainable
Balanced
..................................................................................................
5,332‌
Fund
Name
Fees
Waived
by
the
Manager
Global
Allocation
.........................................................................................................
$
3,523‌
High
Yield
..............................................................................................................
49‌
Sustainable
Balanced
......................................................................................................
12,718‌
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
Fund
Name
Advantage
Large
Cap
Core
..................................................................................................
$
73,
416‌
Capital
Appreciation
.......................................................................................................
75
,
817‌
Global
Allocation
.........................................................................................................
69
,
933‌
Government
Money
Market
..................................................................................................
60,541‌
High
Yield
..............................................................................................................
8
,
381‌
Sustainable
Balanced
......................................................................................................
199,
089‌
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
134
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024.
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,
2023,
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
by
the
Manager.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
six
months ended
June
30,
2023,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
under
this
agreement
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.
Pursuant
to
the
current
securities
lending
agreement,
Advantage
Large
Cap
Core
and
Capital
Appreciation
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
and
Capital
Appreciation,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Pursuant
to
the
current
securities
lending
agreement,
Global
Allocation
and
Sustainable
Balanced
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
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
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.
Prior
to
January
1,
2023,
Sustainable
Balanced
retained
81%
of
securities
lending
income
(which
excluded
collateral
investment
expenses)
and
the
amount
retained
could
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
exceeded
a
specified
threshold,
the
Fund
would
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excluded
collateral
investment
expenses),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Fund
Name
Fees
Waived
and/or
reimbursed
by
the
Manager
Advantage
Large
Cap
Core
..................................................................................................
$
110‌
Global
Allocation
.........................................................................................................
172,647‌
Government
Money
Market
..................................................................................................
10,888‌
High
Yield
..............................................................................................................
71,426‌
Sustainable
Balanced
......................................................................................................
1,921‌
Fund
Name
Transfer
agent
fees
reimbursed
by
the
Manager
Advantage
Large
Cap
Core
..................................................................................................
$
28,325‌
Global
Allocation
.........................................................................................................
28,928‌
Government
Money
Market
..................................................................................................
7,714‌
High
Yield
..............................................................................................................
5,112‌
Sustainable
Balanced
......................................................................................................
9,235‌
Notes
to
Financial
Statements
(unaudited)
(continued)
135
Notes
to
Financial
Statements
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,
2023, 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 six
months
ended
June
30,
2023,
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,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months ended
June
30,
2023,
purchases
and
sales
of
investments,
including
paydowns/payups, mortgage
dollar
rolls
and
excluding
short-term
securities,
were
as
follows:
For
the six
months ended
June
30,
2023,
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,
2023,
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.
Fund
Name
Amounts
Advantage
Large
Cap
Core
..................................................................................................
$
1,312‌
Capital
Appreciation
.......................................................................................................
1,311‌
Global
Allocation
.........................................................................................................
1,653‌
Sustainable
Balanced
......................................................................................................
4,671‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Advantage
Large
Cap
Core
...............................................................
$
8,042,319‌
$
10,556,000‌
$
405,781‌
Sustainable
Balanced
...................................................................
14,756,603‌
18,852,381‌
1,535,258‌
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Advantage
Large
Cap
Core
...............................................
$
—‌
$
—‌
$
102,286,720‌
$
109,598,537‌
Capital
Appreciation
....................................................
—‌
—‌
23,191,154‌
30,405,866‌
Global
Allocation
......................................................
2,602,957‌
3,239,586‌
164,719,774‌
159,661,758‌
High
Yield
...........................................................
—‌
—‌
6,372,768‌
5,054,053‌
Sustainable
Balanced
...................................................
2,595,376‌
592,000‌
235,240,650‌
240,149,382‌
Fund
Name
Purchases
Sales
Global
Allocation
......................................................................................
$
49,413,999‌
$
49,391,508‌
Sustainable
Balanced
...................................................................................
43,884,018‌
43,857,755‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
136
As
of
December
31,
2022, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows: 
As
of
June
30,
2023, 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
each
Fund
(except
for
Government
Money
Market),
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), are
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,
(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
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
2024
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Qualified
Late-Year
Losses
Advantage
Large
Cap
Core
................................................................................
$
—‌
$
810,994‌
Global
Allocation
.......................................................................................
—‌
1,045,340‌
High
Yield
............................................................................................
2,089,063‌
—‌
Sustainable
Balanced
....................................................................................
—‌
1,503,784‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Large
Cap
Core
..........................................
$
163,516,987‌
$
25,281,172‌
$
(5,725,508‌)
$
19,555,664‌
Capital
Appreciation
...............................................
138,635,092‌
63,651,822‌
(2,119,733‌)
61,532,089‌
Global
Allocation
..................................................
151,222,787‌
14,119,668‌
(12,855,736‌)
1,263,932‌
High
Yield
......................................................
22,227,406‌
94,046‌
(1,538,595‌)
(1,444,550‌)
Sustainable
Balanced
..............................................
446,303,909‌
29,507,984‌
(24,723,793‌)
4,784,191‌
Notes
to
Financial
Statements
(unaudited)
(continued)
137
Notes
to
Financial
Statements
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
each
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Geographic/Asset
Class
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
recently been
raising the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
certain
Funds'
performance.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest. 
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
138
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
Funds
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
SOFR
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in
certain
financial
contracts
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
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
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
Large
Cap
Core
Shares
sold
41,839‌
$
933,426‌
78,770‌
$
1,841,676‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
365,617‌
7,571,720‌
Shares
redeemed
(427,864‌)
(9,482,291‌)
(1,023,998‌)
(23,357,989‌)
(386,025‌)
$
(8,548,865‌)
(579,611‌)
$
(13,944,593‌)
Capital
Appreciation
Shares
sold
49,842‌
$
1,846,381‌
47,901‌
$
1,867,854‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
494,946‌
16,908,540‌
Shares
redeemed
(252,061‌)
(9,245,799‌)
(517,622‌)
(21,722,608‌)
(202,219‌)
$
(7,399,418‌)
25,225‌
$
(2,946,214‌)
Global
Allocation
Shares
sold
48,110‌
$
685,087‌
59,670‌
$
899,232‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
350,636‌
4,804,468‌
Shares
redeemed
(588,551‌)
(8,426,194‌)
(1,308,329‌)
(19,170,777‌)
(540,441‌)
$
(7,741,107‌)
(898,023‌)
$
(13,467,077‌)
Government
Money
Market
Shares
sold
53,404,109‌
$
53,404,109‌
59,765,270‌
$
59,765,270‌
Shares
issued
in
reinvestment
of
distributions
........................
2,133,821‌
2,133,821‌
1,205,982‌
1,205,982‌
Shares
redeemed
(33,511,713‌)
(33,511,713‌)
(70,662,736‌)
(70,662,736‌)
22,026,217‌
$
22,026,217‌
(9,691,484‌)
$
(9,691,484‌)
High
Yield
Shares
sold
373,760‌
$
1,807,674‌
844,847‌
$
4,211,698‌
Shares
issued
in
reinvestment
of
distributions
........................
127,490‌
614,883‌
231,925‌
1,161,305‌
Shares
redeemed
(343,618‌)
(1,666,550‌)
(1,334,338‌)
(6,520,114‌)
157,632‌
$
756,007‌
(257,566‌)
$
(1,147,111‌)
Sustainable
Balanced
Shares
sold
92,109‌
$
1,345,120‌
185,922‌
$
2,641,248‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
632,250‌
8,697,965‌
Shares
redeemed
(1,526,258‌)
(22,143,639‌)
(3,223,979‌)
(47,059,926‌)
(1,434,149‌)
$
(20,798,519‌)
(2,405,807‌)
$
(35,720,713‌)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
139
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
Funds,
Inc.
(the
“Corporation”)
met
on
April
18,
2023
(the
“April
Meeting”)
and
May
23-24,
2023
(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
of
which
extended
over
a
two-day
period,
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
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
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
are
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)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
140
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
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.
The
Board
noted
that
the
engagement
of,
with
respect
to
Global
Allocation
Portfolio
and
Sustainable
Balanced
Portfolio,
BSL,
and,
with
respect
to
Sustainable
Balanced
Portfolio,
BIL,
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
applicable
Fund
and
its
shareholders.
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,
2022,
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
the
one-,
three-
and
five-year
periods
reported,
Sustainable
Balanced
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.
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
each
of
the
one-,
three-
and
five-year
periods
reported,
Global
Allocation
Portfolio
ranked
in
the
third
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
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
141
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Large
Cap
Core
Portfolio
ranked
in
the
fourth,
second,
and
third
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
periods.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Capital
Appreciation
Portfolio
ranked
in
the
fourth,
fourth
and
third
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
periods.
The
Board
was
informed
that,
among
other
things,
underperformance
was
driven
by
significant
style
factor
rotation
in
2021
and
early
2022
out
of
growth
and
momentum
and
into
value.
The
Board
and
BlackRock
discussed
BlackRock’s
strategy
for
improving
the
Fund’s
investment
performance.
Discussions
covered
topics
such
as
performance
attribution,
the
Fund’s
investment
personnel,
and
the
resources
appropriate
to
support
the
Fund’s
investment
processes.
The
Board
reviewed
the
Government
Money
Market
Portfolio’s
performance
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods.
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
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
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,
2022
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
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
each
of
Large
Cap
Core
Portfolio’s,
Capital
Appreciation
Portfolio’s,
Global
Allocation
Portfolio’s
and
Sustainable
Balanced
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
reviewed
the
expenses
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods,
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
first
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
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
aggregate
assets
of
the
pertinent
Fund,
combined
with
the
assets
of
such
other
funds,
decrease
below
certain
contractually
specified
levels.
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
142
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
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,
in
a
continuation
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,
2024.
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
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
143
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Series
Fund
II,
Inc.
(the
“Company”)
met
on
May
4,
2023
(the
“May
Meeting”)
and
June
1-2,
2023
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Company,
on
behalf
of
BlackRock
High
Yield
Portfolio
(the
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-
Advisor”),
with
respect
to
the
Fund.
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreement
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
the
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
the
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
of
which
extended
over
a
two-day
period,
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
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
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,
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
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
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
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
May
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
the
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
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Fund’s
operations.
At
the
May
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
June
Meeting.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a) the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b) the
investment
performance
of
the
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
Fund;
(d) the
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
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
Agreement
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
144
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
the
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
the
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
experience
of
investment
personnel
generally
and
the
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
the
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
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
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,
the
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
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
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.
The
Board
noted
that
the
engagement
of
the
Sub-Adviser
with
respect
to
the
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
May
Meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2022,
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
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
the
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
the
one-,
three-
and
five-year
periods
reported,
the
Fund
ranked
in
the
second,
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.
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
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
the
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
the
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
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
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
the
Fund.
The
Board
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
145
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
reviewed
BlackRock’s
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
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
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
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
Fund’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
also
noted
that
the
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
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
aggregate
assets
of
the
Fund,
combined
with
the
assets
of
such
other
funds,
decrease
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
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
the
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
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
the
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
the
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
the
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
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
the
Fund,
including
for
administrative,
distribution,
securities
lending,
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
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
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
June
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
May
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
the
Advisory
Agreement
between
the
Manager
and
the
Company,
on
behalf
of
the
Fund,
for
a
one-year
term
ending
June
30,
2024,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
the
Fund,
for
a
one-year
term
ending
June
30,
2024.
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
the
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
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Additional
Information
2023
BlackRock
Semi-Annual
Report
to
Shareholders
146
Tailored
Shareholder
Reports
for
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
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)
147
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(b)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
(c)
New
York,
NY
10019
Willkie
Farr
&
Gallagher
LLP
(d)
New
York,
NY
10019
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
High
Yield
Portfolio
and
BlackRock
Sustainable
Balanced
Portfolio.
(b)
For
BlackRock
Global
Allocation
Portfolio
and
BlackRock
Sustainable
Balanced
Portfolio.
(c)
For
all
Funds
except
BlackRock
High
Yield
Portfolio.
(d)
For
BlackRock
High
Yield
Portfolio.
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
148
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
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
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
DAC
Designated
Activity
Company
EM
Emerging
Markets
EFFR
Effective
Federal
Funds
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
authorized
for
distribution
only
to
Policyowners
of
certain
variable
life
insurance
policies,
which
are
funded
by
shares
of
BlackRock
Series
Fund,
Inc.
and
BlackRock
Series
Fund
II,
Inc.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
or
the
policies.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Performance
information
used
throughout
this
report
does
not
include
insurance-related
fees
and
expenses.
An
investment
in
BlackRock
Government
Money
Market
Portfolio
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
Government
agency.
BlackRock
Government
Money
Market
Portfolio's
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Portfolio.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance,
call
(800)
626-1960.
BlackRock
Government
Money
Market
Portfolio's
current
7-day
yield
more
closely
reflects
the
current
earnings
of
the
Portfolio
than
the
total
returns
quoted.
Although
BlackRock
Government
Money
Market
Portfolio
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so
and
it
is
possible
to
lose
money
by
investing
in
the
Portfolio.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Please
see
the
Fund’s
prospectus
for
a
description
of
risks
associated
with
global
investments.
Series6-6/23-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 14, 2023
 
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 14, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund, Inc.
 
Date: August 14, 2023