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: 811-23345
 
Name of Fund:  BlackRock Series Fund II, Inc.
BlackRock High Yield Portfolio
                                   BlackRock U.S. Government Bond 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 II, Inc., 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2021
 
Date of reporting period: 12/31/2021
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
DECEMBER
31,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
Annual
Report
BlackRock
Series
Fund,
Inc.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
BlackRock
Government
Money
Market
Portfolio
BlackRock
Series
Fund
II,
Inc.
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
Dear
Shareholder,
The
12-month
reporting
period
as
of
December
31,
2021
saw
a
continuation
of
the
resurgent
growth
that
followed
the
initial
coronavirus
(or
“COVID-19”)
pandemic
reopening,
albeit
at
a
slower
pace.
The
global
economy
weathered
the
emergence
of
several
variant
strains
and
the
resulting
peaks
and
troughs
in
infections
amid
optimism
that
increasing
vaccinations
and
economic
adaptation
could
help
contain
the
pandemic’s
disruptions.
Continued
growth
meant
that
the
U.S.
economy
regained
and
then
surpassed
its
pre-pandemic
output.
However,
a
rapid
rebound
in
consumer
spending
pushed
up
against
supply
constraints
and
led
to
elevated
inflation.
Equity
prices
rose
with
the
broader
economy,
as
the
implementation
of
mass
vaccination
campaigns
and
passage
of
an
additional
fiscal
stimulus
package
and
infrastructure
bill
further
boosted
stocks.
In
the
United
States,
both
large-
and
small-capitalization
stocks
posted
a
strong
advance,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
International
equities
from
developed
markets
also
gained,
although
emerging
market
stocks
declined,
pressured
by
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
during
the
reporting
period
as
the
economy
expanded
rapidly
and
inflation
reached
its
highest
annualized
reading
in
decades.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
solid
returns
for
high-yield
corporate
bonds,
outpacing
investment-grade
corporate
bonds,
which
declined.
The
Fed
maintained
accommodative
monetary
policy
during
the
reporting
period
by
maintaining
near-zero
interest
rates
and
by
asserting
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
However,
the
Fed’s
tone
shifted
late
in
the
year,
as
it
reduced
its
bond-buying
program
and
used
its
market
guidance
to
raise
the
prospect
of
higher
rates
in
2022.
Looking
ahead,
we
believe
that
the
global
expansion
will
continue
to
broaden
as
Europe
and
other
developed
market
economies
gain
momentum,
although
the
Delta
and
Omicron
variants
of
the
coronavirus
remain
a
threat,
particularly
in
emerging
markets.
While
we
expect
inflation
to
abate
somewhat
as
supply
bottlenecks
are
resolved,
we
anticipate
that
inflation
will
remain
higher
than
the
pre-COVID
norm.
The
Fed
is
poised
to
raise
interest
rates
next
year
in
response,
but
the
Fed’s
policy
shift
means
that
tightening
is
likely
to
be
less
aggressive
than
what
we’ve
seen
in
previous
cycles.
In
this
environment,
we
favor
an
overweight
to
equities,
as
we
believe
low
interest
rates
and
continued
economic
growth
will
support
further
gains,
albeit
likely
more
modest
than
what
we
saw
in
2021.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long
term.
U.S.
and
other
developed-market
equities
have
room
for
further
growth,
while
we
believe
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment
as
the
Chinese
economy
slows.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
December
31,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
11.67%
28.71%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(2.31)
14.82
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
2.24
11.26
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(9.30)
(2.54)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.02
0.05
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
0.44
(3.68)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
0.06
(1.54)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
0.52
1.77
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.59
5.26
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summaries
.......................................................................................................
4
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
25
Disclosure
of
Expenses
...................................................................................................
25
Derivative
Financial
Instruments
.............................................................................................
25
Financial
Statements:
Schedules
of
Investments
...............................................................................................
26
Statements
of
Assets
and
Liabilities
.........................................................................................
137
Statements
of
Operations
................................................................................................
143
Statements
of
Changes
in
Net
Assets
........................................................................................
145
Financial
Highlights
.....................................................................................................
149
Notes
to
Financial
Statements
...............................................................................................
156
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
176
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
177
Director
and
Officer
Information
..............................................................................................
178
Additional
Information
....................................................................................................
185
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
187
Fund
Summary
as
of
December
31,
2021
2021
BlackRock
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
12-month
period
ended
December
31,
2021,
the
Fund
outperformed
its
benchmark,
the
Russell
1000
®
Index.
What
factors
influenced
performance?
Overall,
the
Fund
performed
well
in
a
volatile
market
environment.
The
continuation
of
the
strong
reflationary
market
tone
from
the
broad-based
economic
reopening
early
in
2021
led
to
an
investor
preference
for
value
styles
early
in
the
period.
However,
a
surprisingly
hawkish
pivot
from
the
Fed
in
June
2021
prompted
a
market
rotation
back
toward
secular
growth
positions.
This
led
to
a
return
to
themes
that
were
predominant
in
2020,
supported
by
declining
bond
yields
and
concerns
about
the
COVID-19
Delta
variant.
These
pro-growth
themes
persisted
until
another
sharp
market
rotation
in
September
2021,
with
a
more
hawkish
Fed
prompting
investors
back
toward
value
stocks.
In
particular,
the
announcement
of
the
expected
tapering
of
Fed
bond
purchases
resulted
in
a
sharp
spike
in
bond
yields,
which
supported
cyclical
market
exposure.
The
simultaneous
sharp
rise
in
commodities
prices
put
further
pressure
on
inflation
and
compounded
the
impact
on
the
bond
market.
Ultimately,
though,
this
final
rotation
proved
short-lived,
as
the
market
returned
to
a
pro-growth
stance
in
October
2021.
Markets
seemed
to
look
past
uncertainty
from
the
COVID-19
Omicron
variant
and
increasingly
hawkish
Fed
policy
rhetoric,
instead
focusing
on
sustained
robust
earnings
that
led
investors
to
view
market
dips
as
buying
opportunities.
Inflation
was
also
a
focal
point
as
the
year-over-year
rise
in
the
Consumer
Price
Index
hit
its
highest
level
since
1982,
leading
to
a
rotation
back
toward
value
styles
at
period
end.
The
Fed
kept
short-term
rates
low
throughout
the
year
but
signaled
a
tapering
of
quantitative
easing
in
the
fourth
quarter
of
2021.
More
cyclical
sectors
led
markets
higher,
with
energy,
real
estate,
and
financials
posting
the
largest
gains
for
the
year.
Information
technology
("IT")
continued
its
strong
performance,
while
defensive
sectors
such
as
utilities
and
consumer
staples
lagged.
From
a
factor
perspective,
valuation-related
measures
such
as
earnings
yield
and
book-to-price
ratio
were
up
the
most
in
2021
after
producing
one
of
their
best
quarters
on
record
in
the
first
quarter
of
2021.
Despite
struggling
in
the
third
quarter,
the
Fund's
broad-based
strength
in
the
remainder
of
the
year
led
to
favorable
results
for
the
entire
period.
Sentiment
measures
drove
positive
relative
performance,
while
performance
from
fundamental
insights
was
mixed
but
positive
in
the
aggregate.
Trend-based
sentiment
stock
selection
insights
contributed
the
most
to
relative
performance,
benefiting
from
increased
corporate
visibility
in
2021.
Specifically,
text
analyses
of
broker
reports
and
company
executive
commentaries
to
capture
short-term
results
and
long-term
fundamentals
performed
well,
motivating
overweight
positioning
in
industrials
that
proved
additive.
Other
fast-moving
alternative
data
insights
that
evaluate
online
search
trends
were
able
to
position
the
portfolio
correctly
during
the
changing
market
backdrop.
The
real-time
nature
of
these
types
of
measures
was
particularly
helpful
in
navigating
the
quickly
evolving
marketplace.
Elsewhere,
capturing
sentiment
from
bond
markets
produced
gains
amid
volatility
in
interest
rates.
Fundamental
measures
also
supported
positive
performance
despite
being
mixed
overall.
Stability-related
quality
insights
with
a
preference
for
lower-risk
securities
performed
well
amid
rising
volatility,
particularly
toward
the
end
of
the
period.
Other
insights
evaluating
companies
by
earnings
yield
also
supported
gains.
Lastly,
performance
from
macro
thematic
insights
was
mixed.
Measures
designed
to
capture
hiring
trends
performed
well,
as
highlighted
in
the
Fund's
overweight
allocation
to
stocks
in
the
interactive
media
industry.
Notwithstanding
overall
strength,
though,
select
measures
struggled.
Despite
benefiting
from
the
value-style
rally
early
in
the
year,
more
traditional
valuation
metrics
struggled
in
the
aggregate
amid
changing
market
style
preferences.
Measures
that
evaluate
research
expenditures
by
price
were
top
detractors
from
performance.
Additionally,
environmental,
social
and
governance-related
measures
struggled
overall,
as
they
ran
in
opposition
to
the
early
value-style
rally
and
subsequent
commodities
run-up.
Among
sentiment-based
insights,
measures
that
look
at
informed
investor
positioning
and
avoid
highly
shorted
stocks
detracted
as
style
volatility
overwhelmed
consensus
positions.
Lastly,
among
macro
thematic
insights,
measures
that
take
a
negative
stance
toward
positions
of
competitors
focusing
on
generic
style
leanings
struggled
in
light
of
the
style-factor
strength
during
the
period.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
drivers
of
return
during
the
period.
However,
there
were
several
new
stock
selection
insights
added
to
the
Fund.
The
Fund
built
upon
its
existing
alternative
data
capabilities
by
adding
an
insight
capturing
brand
sentiment
around
retail
names.
Additionally,
given
the
dynamic
nature
of
the
current
market
environment,
the
Fund
instituted
enhanced
signal
constructs
to
identify
emerging
trends,
such
as
sentiment
surrounding
supply
chain
disruptions
and
wage
inflation.
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
IT
and
industrials
sectors
and
slight
underweight
positions
in
communication
services
and
consumer
discretionary
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
December
31,
2021
(continued)
5
Fund
Summary
BlackRock
Advantage
Large
Cap
Core
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
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.
(a)
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.
The
Fund’s
total
returns
prior
to
June
12,
2017
are
th
e
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Large
Cap
Core
Portfolio.”
(b)
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.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Advantage
Large
Cap
Core
Portfolio
........................................................
28.43‌%
18.20‌%
15.96‌%
Russell
1000
®
Index
..........................................................................
26.45‌
18.43‌
16.54‌
(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.”
Fund
Summary
as
of
December
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Advantage
Large
Cap
Core
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,108.00‌
$
2.55‌
$
1,000.00‌
$
1,022.79‌
$
2.45‌
0.48‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
SECTOR
ALLOCATION
Sector
Percent
of
Net
Assets
Information
Technology
..............................
30‌
%
Health
Care
.....................................
13‌
Financials
.......................................
11‌
Consumer
Discretionary
.............................
1
1‌
Industrials
.......................................
9‌
Communication
Services
.............................
9‌
Consumer
Staples
.................................
5‌
Real
Estate
......................................
3‌
Utilities
.........................................
3‌
Energy
.........................................
3‌
Materials
.......................................
2‌
Short-Term
Securities
...............................
2‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1‌)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Fund
Summary
as
of
December
31,
2021
7
Fund
Summary
BlackRock
Balanced
Capital
Portfolio
Investment
Objective
BlackRock
Balanced
Capital
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
On
November
9,
2021,
the
Board
of
Directors
of
BlackRock
Series
Fund,
Inc.
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy
and
process.
These
changes
are
expected
to
become
effective
on
or
about
April
4,
2022.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2021,
the
Fund
returned
16.65%,
outperforming
its
blended
benchmark
(60%
Russell
1000
®
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index),
which
returned
14.62%
for
the
period.
The
Russell
1000
®
Index
returned
26.45%,
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
returned
(1.54)%.
What
factors
influenced
performance?
Asset
allocation
decisions
as
well
as
the
Fund's
underlying
equity
and
fixed
income
allocations
all
contributed
to
relative
performance
during
the
period.
From
an
asset
allocation
perspective,
the
Fund's
overweight
allocation
to
U.S.
equities
was
the
primary
driver
of
performance,
as
equities
gained
during
the
period.
Within
the
equity
allocation,
trend-based
sentiment
stock
selection
insights
drove
gains,
benefiting
from
increased
corporate
visibility
in
2021.
Specifically,
text
analyses
of
broker
reports
and
company
executive
commentaries
to
capture
both
short-term
results
and
long-term
fundamentals
performed
well
and
helped
motivate
an
overweight
position
in
industrials,
which
proved
additive.
Other
fast-moving
alternative
data
insights
that
evaluate
online
search
trends
were
able
to
position
the
Fund's
portfolio
correctly
in
a
volatile
market
environment,
as
the
real-time
nature
of
these
types
of
measures
were
helpful
in
evaluating
the
quickly
evolving
marketplace.
Elsewhere,
capturing
sentiment
from
bond
markets
contributed
to
gains
given
volatility
in
interest
rates.
Fundamental
measures
were
mixed
but
positive
in
the
aggregate.
Measures
designed
to
capture
hiring
trends
performed
well.
Within
the
fixed
income
allocation,
positions
in
U.S.
high-yield
credit
and
structured
products
were
the
primary
contributors
to
performance,
reflecting
the
relative
strength
in
the
credit
sector
versus
the
market
as
a
whole.
An
underweight
position
in
duration
also
added
value
as
yields
rose,
and
absolute
return
strategies
also
contributed
to
performance.
There
were
no
material
detractors
from
performance
from
an
asset
allocation
perspective.
The
Fund's
duration
positioning
was
a
very
modest
detractor
in
the
aggregate,
but
positive
returns
from
the
Fund's
overweight
allocation
to
equities
far
outweighed
this
negative
impact.
However,
within
the
equity
allocation,
select
measures
struggled.
Despite
benefiting
from
the
value-style
rally
early
in
the
year,
more
traditional
valuation
metrics
struggled
in
the
aggregate
amid
changing
market
style
preferences.
Measures
that
evaluate
research
expenditures
by
price
were
top
detractors
from
performance.
Additionally,
select
environmental,
social
and
governance-related
measures
struggled,
as
they
ran
in
opposition
to
the
early
value-style
rally
and
subsequent
commodities
run-up.
Insights
that
take
a
negative
stance
toward
positions
of
competitors
focusing
on
generic
style
leanings
struggled
in
light
of
the
style-factor
strength
during
the
period.
Within
the
fixed
income
allocation,
positions
in
Asian
corporate
bonds,
emerging
market
debt,
macro
strategies,
and
agency
mortgage-backed
securities
("MBS")
detracted
from
performance.
At
times
during
the
period,
the
Fund
had
slightly
elevated
exposures
to
cash
as
collateral
for
its
derivatives
positions.
The
Fund's
cash
position
had
no
material
impact
on
Fund
performance
during
the
period.
Describe
recent
portfolio
activity.
The
Fund
entered
the
period
with
a
moderate
overweight
to
U.S.
equities
and
a
neutral
duration
position
versus
the
benchmark.
This
positioning
reflected
the
belief
that
as
vaccination
rates
picked
up,
economies
would
reopen,
and
economic
activity
would
accelerate.
As
the
period
progressed,
the
Fund
increased
its
overweight
to
equities,
driven
by
a
noticeable
improvement
in
global
growth
and
supportive
monetary
and
fiscal
policy.
However,
in
June
2021,
as
prices
moved
in
line
with
our
views,
the
Fund
trimmed
its
overweight
to
equities
to
a
more
modest
position
and
also
moved
underweight
U.S.
duration,
motivated
by
the
hawkish
shift
in
stance
by
the
Fed
following
the
June
meeting
of
the
Federal
Open
Market
Committee.
The
Fund
maintained
an
overweight
to
U.S.
equities
and
an
underweight
to
duration
through
the
rest
of
the
period,
positioning
for
a
continued
expansion
in
global
nominal
growth,
with
an
expectation
that
successive
COVID-19
waves
would
have
a
more
muted
impact
on
economic
activity.
The
Fund
ended
the
period
positioned
overweight
equities
and
underweight
duration,
but
at
judicious
levels
of
active
risk.
Within
the
equity
allocation,
the
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
group
of
insights.
The
Fund
built
upon
its
alternative
data
capabilities
by
adding
an
insight
that
captures
brand
sentiment
around
retail
names.
Additionally,
given
the
dynamism
of
the
current
environment,
the
Fund
instituted
enhanced
signal
constructs
to
best
identify
emerging
trends,
such
as
sentiment
around
supply
chain
disruptions
and
wage
inflation.
Within
the
fixed
income
allocation,
the
portfolio
reduced
duration
early
in
the
period,
and
while
it
added
back
some
duration
later
in
the
period,
it
maintained
an
underweight
stance
through
the
end
of
the
period.
The
Fund
favored
structured
products,
high-yield
bonds,
and
emerging
market
debt
early
in
the
period
but
trimmed
exposure
as
valuations
reached
tight
levels
in
the
second
quarter
of
2021,
reducing
allocations
to
U.S.
high-yield
bonds
and
emerging
markets
in
favor
of
floating
rate
loan
interests
(“bank
loans”),
agency
MBS
and
long-term
U.S.
investment-grade
corporates.
The
Fund
also
increased
its
allocation
to
structured
products.
In
the
third
quarter
of
2021,
the
Fund
continued
to
trim
its
allocation
to
high
yield
in
favor
of
bank
loans.
Late
in
the
period,
the
Fund
reduced
allocations
to
emerging
market
debt,
agency
MBS,
U.S.
investment-
grade
corporates,
and
high-yield
bonds,
while
increasing
the
positions
in
non-U.S.
sovereign
debt
and
select
segments
of
the
structured
product
market.
Fund
Summary
as
of
December
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
Balanced
Capital
Portfolio
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
the
period
with
an
overweight
position
in
U.S.
equities
and
underweight
to
U.S.
duration.
This
position
reflected
the
belief
that
the
narrative
of
policy
normalization
in
the
face
of
a
pandemic
continues
to
compete
against
the
narrative
of
withdrawing
emergency
fiscal
and
monetary
stimulus
as
COVID-19
becomes
endemic
and
less
disruptive
to
the
global
economy.
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.
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
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.
(a)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund
invests
in
U.S.
and
foreign
equity
securities
and
fixed-income
securities
of
any
maturity.
(b)
A
customized
weighted
index
comprised
of
the
returns
of
the
Russell
1000
®
Index
(60%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(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.
(d)
Bloomberg
U.S.
Aggregate
Bond
Index
(formerly
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index),
a
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-
denominated,
fixed-rate
taxable
bond
market.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Balanced
Capital
Portfolio
...............................................................
16.65‌%
12.95‌%
11.51‌%
60%
Russell
1000
®
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index
......................................
14.62‌
12.60‌
11.15‌
Russell
1000
®
Index
..........................................................................
26.45‌
18.43‌
16.54‌
Bloomberg
U.S.
Aggregate
Bond
Index
............................................................
(1.54‌)
3.57‌
2.90‌
(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.
Fund
Summary
as
of
December
31,
2021
(continued)
9
Fund
Summary
BlackRock
Balanced
Capital
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Including
Interest
Expense
(b)
Excluding
Interest
Expense
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Including
Interest
Expense
Excluding
Interest
Expense
$
1,000.00‌
$
1,068.00‌
$
2.55‌
$
2.45‌
$
1,000.00‌
$
1,022.74‌
$
2.50‌
$
1,022.84‌
$
2.40‌
0.49‌%
0.47‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
60‌
%
U.S.
Government
Sponsored
Agency
Securities
..............
14‌
Corporate
Bonds
...................................
11‌
U.S.
Treasury
Obligations
.............................
6‌
Investment
Companies
...............................
6‌
Asset-Backed
Securities
..............................
1‌
Non-Agency
Mortgage-Backed
Securities
..................
1‌
Foreign
Government
Obligations
........................
1‌
Municipal
Bonds
...................................
—‌
(b)
Capital
Trusts
.....................................
—‌
(b)
Foreign
Agency
Obligations
............................
—‌
(b)
Floating
Rate
Loan
Interests
...........................
—‌
(b)
Other
Interests
....................................
—‌
(b)
(a)
Excludes
short-term
securities,
options
purchased,
options
written,
borrowed
bonds
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
10
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
12-month
period
ended
December
31,
2021,
the
Fund
underperformed
both
its
benchmark,
the
Russell
1000
®
Growth
Index,
and
the
broad
market
S&P
500
®
Index.
What
factors
influenced
performance?
From
a
sector
perspective,
the
largest
detractors
from
the
Fund's
relative
performance
were
allocation
and
stock
selection
decisions
within
the
communication
services,
consumer
discretionary
and
information
technology
("IT")
sectors.
Within
communication
services,
an
overweight
allocation
to
the
interactive
media
&
service
industry,
most
notably
an
out-of-benchmark
position
in
Tencent
Holdings
Ltd.,
detracted
from
relative
performance.
Stock
selection
in
the
internet
&
direct
marketing
retail
sub-sector
was
also
a
detractor
in
the
consumer
discretionary
sector,
particularly
with
the
Fund's
out-of-benchmark
position
in
Latin
American
e-commerce
platform
provider
MercadoLibre,
Inc.
Lastly,
stock
selection
within
IT
stemmed
most
notably
from
an
overweight
position
in
Wix.com
Ltd.
in
the
IT
services
industry.
Conversely,
the
largest
contributors
to
relative
performance
were
stock
selection
in
the
health
care
and
financial
sectors
as
well
as
positioning
within
consumer
staples.
In
health
care,
the
Fund's
lack
of
exposure
to
biotechnology
stocks
contributed,
as
did
an
overweight
position
in
Danaher
Corp.
in
the
life
sciences
tools
&
services
industry.
Selective
positioning
across
consumer
staples
subsectors
added
to
relative
results.
Lastly,
an
overweight
allocation
to
financials,
notably
to
the
capital
markets
sub-sector
as
a
result
of
its
overweight
position
in
S&P
Global,
Inc.,
proved
advantageous
as
well.
Describe
recent
portfolio
activity.
During
the
period,
the
most
notable
increase
in
the
Fund’s
sector
weightings
was
to
communication
services,
particularly
within
the
interactive
media
&
services
industry.
Exposure
to
industrials
also
rose.
Conversely,
the
Fund's
exposure
to
IT
decreased
the
most
due
to
a
reduced
allocation
to
the
IT
services
industry.
Exposure
to
the
real
estate
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
communication
services
sector,
followed
by
financials
and
materials.
The
Fund’s
largest
underweight
position
was
in
IT,
followed
by
consumer
staples
and
real
estate.
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
December
31,
2021
(continued)
11
Fund
Summary
BlackRock
Capital
Appreciation
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
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.
(a)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund
invests
primarily
in
a
diversified
portfolio
consisting
primarily
of
common
stock
of
U.S.
companies
that
the
investment
adviser
believes
have
exhibited
above-average
growth
rates
in
earnings
over
the
long
term.
(b)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
(c)
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.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Capital
Appreciation
Portfolio
.............................................................
21.22‌%
25.29‌%
18.75‌%
S&P
500
®
Index
.............................................................................
28.71‌
18.47‌
16.55‌
Russell
1000
®
Growth
Index
....................................................................
27.60‌
25.32‌
19.79‌
(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.
Fund
Summary
as
of
December
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
Capital
Appreciation
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,068.00‌
$
2.45‌
$
1,000.00‌
$
1,022.84‌
$
2.40‌
0.47‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
SECTOR
ALLOCATION
Sector
Percent
of
Net
Assets
Information
Technology
..............................
40‌
%
Consumer
Discretionary
.............................
18‌
Communication
Services
.............................
16‌
Health
Care
.....................................
9‌
Industrials
.......................................
7‌
Financials
.......................................
4‌
Materials
.......................................
3‌
Consumer
Staples
.................................
1‌
Energy
.........................................
1‌
Short-Term
Securities
...............................
2‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1‌)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Fund
Summary
as
of
December
31,
2021
13
Fund
Summary
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
12-month
period
ended
December
31,
2021,
the
Fund
underperformed
its
reference
benchmark,
which
is
comprised
of
the
S&P
500
®
Index
(36%),
FTSE
World
(ex-US)
Index
(24%),
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(24%)
and
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(16%)
(the
“Reference
Benchmark”),
and
underperformed
the
broad-based
all-equity
benchmark,
the
FTSE
World
Index.
The
Fund
invests
in
both
equities
and
bonds;
therefore,
Fund
management
believes
that
the
Reference
Benchmark
provides
a
more
accurate
representation
of
the
Fund’s
composition
and
a
more
comparable
means
for
measurement.
The
following
discussion
of
relative
performance
pertains
to
the
Reference
Benchmark.
The
following
commentary
(and
referenced
allocation
percentages)
are
based
on
the
economic
exposures
of
the
Fund,
which
reflect
adjustments
for
futures,
swaps
and
options
(except
with
respect
to
fixed
income
securities)
and
convertible
bonds,
and
may
vary
relative
to
the
market
value.
What
factors
influenced
performance?
Within
equities,
security
selection
within
consumer
discretionary,
information
technology
and
industrials
detracted
from
performance.
Short
positioning
on
U.S.
index
futures
as
a
way
to
manage
the
overall
beta
(market
sensitivity)
of
the
portfolio,
while
maintaining
exposure
to
core
equity
positions,
weighed
on
returns.
Within
fixed
income,
positioning
within
U.S.
Treasuries
to
manage
duration
and
corresponding
interest
rate
sensitivity,
notably
positioning
at
the
long
end
of
the
yield
curve,
negatively
impacted
performance.
Exposure
to
gold-related
securities
and
cash
and
cash
equivalents
detracted.
An
overweight
to
equities,
as
compared
to
the
Reference
Benchmark,
positively
impacted
performance.
Within
equities,
stock
selection
within
materials
contributed
to
returns.
An
underweight
to
developed
market
government
bonds,
as
compared
to
the
Reference
Benchmark,
was
additive.
Within
fixed
income,
exposure
to
corporate
credit
and
securitized
assets,
as
well
as
an
overweight
to
Chinese
government
bonds,
positively
impacted
returns.
Currency
management,
notably
an
overweight
to
the
U.S.
dollar
and
an
underweight
to
the
euro,
also
contributed
to
performance.
Describe
recent
portfolio
activity.
While
the
Fund’s
overall
equity
allocation
increased
only
slightly
from
68%
to
69%
of
net
assets,
equity
exposure
was
tactically
managed
throughout
the
period.
Within
equities,
the
Fund
increased
exposure
to
the
United
States,
and
decreased
exposure
to
continental
Europe
and
Asia,
particularly
China.
From
a
sector
perspective,
the
Fund
increased
exposure
to
energy
and
financials,
and
decreased
exposure
to
information
technology.
The
Fund’s
allocation
to
fixed
income
decreased
from
24%
to
22%
of
net
assets.
Within
fixed
income,
the
Fund
decreased
exposure
to
developed
market
government
bonds
and
corporate
credit,
and
increased
exposure
to
securitized
debt
and
floating
rate
loan
interests
(“bank
loans”).
From
a
duration
perspective,
the
Fund’s
total
portfolio
duration
was
tactically
managed
over
the
period
and
ended
the
period
at
0.5
years,
down
from
1.9
years
at
the
beginning
of
the
period.
The
Fund’s
allocation
to
commodity-related
securities
decreased
slightly
from
1%
to
less
than
1%
of
net
assets.
Reflecting
the
changes
in
the
Fund’s
overall
allocations
to
the
equity,
fixed
income
and
commodity-related
asset
classes
during
the
period,
the
Fund’s
cash
equivalents
increased
from
7%
to
9%
of
net
assets.
During
the
12-month
period,
cash
helped
mitigate
portfolio
volatility
and
served
as
a
source
of
funds
for
new
investments
and
redemptions.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
Reference
Benchmark,
the
Fund
was
overweight
in
equities
and
underweight
in
fixed
income,
with
modest
exposure
to
commodity-related
securities
and
an
overweight
to
cash
equivalents.
Within
equities,
the
Fund
was
overweight
in
the
United
States,
Europe
and
China,
and
underweight
in
Japan
and
Australia.
From
a
sector
perspective,
the
Fund
was
overweight
in
consumer
discretionary,
health
care,
industrials,
energy,
materials
and
communication
services,
and
underweight
in
consumer
staples,
real
estate
and
financials.
Within
fixed
income,
the
Fund
was
underweight
in
developed
market
government
bonds
and
overweight
in
corporate
credit,
securitized
debt
and
bank
loans.
From
a
duration
perspective,
the
total
portfolio
duration
was
0.5
versus
a
benchmark
duration
of
2.7
(total
portfolio
duration
assumes
equity
duration
of
0).
From
a
currency
perspective,
the
Fund
was
overweight
in
the
U.S.
dollar
and
underweight
in
the
euro.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
December
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
14
BlackRock
Global
Allocation
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
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.
(a)
Assuming
transaction
costs,
if
any,
and
other
operating
expenses,
including
investment
advisory
fees.
Does
not
include
insurance-related
fees
and
expenses.
(b)
The
Fund
invests
in
a
portfolio
of
U.S.
and
foreign
equity
securities,
debt
and
money
market
securities,
the
combination
of
which
will
be
varied
from
time
to
time
with
respect
to
types
of
securities
and
markets
in
response
to
changing
markets
and
economic
trends.
(c)
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.
(d)
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.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Global
Allocation
Portfolio
...............................................................
6.79‌%
10.03‌%
8.06‌%
FTSE
World
Index
...........................................................................
20.95‌
15.27‌
12.79‌
Reference
Benchmark
........................................................................
10.13‌
10.34‌
8.49‌
U.S.
Stocks:
S&P
500
®
Index
(b)
...................................................................
28.71‌
18.47‌
16.55‌
Non
U.S.
Stocks:
FTSE
World
(ex-U.S.)
Index
(
c
)
.......................................................
11.71‌
10.46‌
8.18‌
U.S.
Bonds:
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(
d
)
..............................................
(2.82‌)
2.43‌
1.68‌
Non
U.S.
Bonds:
FTSE
Non
-
U.S.
Dollar
World
Government
Bond
Index
(
e
)
....................................
(9.68‌)
2.68‌
0.34‌
(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)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
(c)
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.
(d)
An
unmanaged
index
designed
to
track
the
total
return
of
the
current
coupon
5-year
U.S.
Treasury
bond.
(e)
An
unmanaged
market
capitalization-weighted
index
that
tracks
certain
government
bond
indexes,
excluding
the
United
States.
Fund
Summary
as
of
December
31,
2021
(continued)
15
Fund
Summary
BlackRock
Global
Allocation
Portfolio
Expense
Example
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Dividend
Expense
Excluding
Dividend
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Including
Dividend
Expense
(b)
Excluding
Dividend
Expense
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Including
Dividend
Expense
Excluding
Dividend
Expense
$
1,000.00‌
$
1,001.50‌
$
2.93‌
$
2.88‌
$
1,000.00‌
$
1,022.28‌
$
2.96‌
$
1,022.33‌
$
2.91‌
0.58‌%
0.57‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
69‌
%
—‌
%
(b)
69‌
%
Germany
..............................
4‌
—‌
(b)
4‌
China
.................................
4‌
—‌
(b)
4‌
United
Kingdom
..........................
3‌
—‌
(b)
3‌
Japan
................................
3‌
—‌
(b)
3‌
France
................................
3‌
—‌
(b)
3‌
Netherlands
............................
2‌
—‌
(b)
2‌
Canada
...............................
2‌
—‌
(b)
2‌
Other
(c)
................................
10‌
—‌
10‌
Total
.................................
100‌%
—‌%
100‌%
(a)
Total
investments
include
the
gross
market
values
of
long
and
short
positions
and
exclude
Short-Term
Securities,
Options
Purchased
and
Options
Written.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
(c)
Includes
holdings
within
countries
that
are
1%
or
less
of
long-term
investments.
Please
refer
to
the
Consolidated
Schedule
of
Investments
for
such
countries.
Money
Market
Overview
For
the
12-Month
Period
Ended
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
16
Market
Review
2021
began
with
the
transition
to
the
Biden-Harris
administration,
passage
of
the
$1.9
trillion
American
Rescue
Plan
Act
of
2021,
and
an
acceleration
of
Covid-19
vaccination
programs.
Throughout
the
second
quarter
much
of
the
United
States
began
to
reopen
as
vaccination
efforts
ramped
up
and
Covid-19
cases
plummeted.
The
second
half
of
the
year,
however,
was
dominated
by
the
Delta
and
Omicron
variants
as
cases
skyrocketed
into
year-end.
Economic
conditions
in
the
United
States
vastly
improved
in
year
two
of
the
coronavirus
pandemic.
The
unemployment
rate
fell
from
6.3%
in
January
2021
to
3.9%
at
the
end
of
December
2021.
At
the
end
of
the
second
and
third
quarters
in
2021,
real
gross
domestic
product
increased
at
an
annual
rate
of
6.7%
and
2.3%,
respectively.
On
the
topic
of
inflation,
several
key
barometers
indicated
that
inflation
had
risen
and
was
elevated
throughout
the
year.
The
Consumer
Price
Index
rose
7%
in
2021,
the
largest
increase
since
1982.
At
their
June
meeting,
the
Federal
Open
Market
Committee
(the
“FOMC”
or
the
“Committee”)
made
upward
“technical”
adjustments
of
0.05%
to
the
interest
rate
paid
on
required
and
excess
reserves
(“IOER”)
and
the
offering
rate
on
overnight
reverse
repurchase
agreement
(“RRP”)
operations,
bringing
these
“administered
rates”
to
0.15%
and
0.05%,
respectively.
Fed
Chair
Powell
noted
that
these
adjustments
were
made
“in
order
to
keep
the
Federal
Funds
rate
well
within
the
target
range
and
to
support
smooth
functioning
in
money
markets.”
The
FOMC
noted
at
their
September
meeting
that
“if
progress
(toward
its
maximum
employment
and
price
stability
goals)
continues
broadly
as
expected,
the
Committee
judges
that
a
moderation
in
the
pace
of
asset
purchases
may
soon
be
warranted.”
Fed
Chair
Powell
made
sure
to
differentiate
the
timing
and
pace
of
the
reduction
in
asset
purchases
from
the
timing
of
interest
rate
liftoff.
At
their
December
meeting,
the
FOMC
acknowledged
that
employment
and
economic
conditions
have
improved
in
recent
months
and
simultaneously
removed
the
word
“transitory”
when
referring
to
inflation.
As
was
widely
expected,
the
FOMC
elected
to
double
the
monthly
pace
of
reduction
of
its
asset
purchases
of
U.S.
Treasury
and
agency
mortgage-backed
securities
at
their
December
meeting,
to
at
least
$40
billion
and
$20
billion,
respectively.
To
no
surprise,
the
FOMC
left
the
range
of
0.00%
-
0.25%
for
the
Federal
Funds
target
rate
unchanged
throughout
the
year.
The
so-called
“dot
plot”
median
interest
rate
forecast
reflected
three
0.25%
interest
rate
hikes
in
2022,
another
three
in
2023,
and
two
more
in
2024.
The
Summary
of
Economic
Projections
reflected
a
near-term
decline
in
the
unemployment
rate
relative
to
the
September
2021
forecast
and
a
firming
of
core
inflation
over
the
intermediate
term.
On
December
16,
2021,
President
Biden
signed
legislation
to
raise
the
debt
limit
by
$2.5
trillion,
an
amount
expected
to
provide
the
U.S.
government
with
borrowing
authority
into
at
least
early
2023.
The
resolution
of
the
debt
ceiling
saga
should
result
in
a
rise
in
Treasury
bill
(“T-bill”)
supply
and
a
meaningful
increase
in
the
Treasury
General
Account
at
the
Fed.
Net
T-bill
issuance
for
2021
was
approximately
$1.2
trillion
as
of
December
31,
2021.
Daily
utilization
of
the
Fed’s
RRP
facility
surged
following
the
adjustment
in
the
program’s
offering
rate
in
June
2021,
averaging
$1.23
trillion
per
day
for
the
remainder
of
the
year.
On
December
31,
2021,
the
RRP
facility
hit
an
all-time
high
with
a
balance
of
over
$1.9
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
U.S.
Treasury
securities—
had
been
pegged
at
0.01%
from
March
2021
until
the
FOMC’s
“technical”
adjustments
in
June
2021,
when
it
rose
to
0.05%.
SOFR
closed
2021
at
0.05%
and
averaged
0.04%
for
the
year.
The
three-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
the
year
at
0.24%,
trended
downward
for
most
of
the
year
but
rebounded
to
0.21%
at
year
end.
The
three-month
LIBOR
averaged
0.16%
throughout
2021
and
hit
an
all-time
low
of
0.11%
on
September
9,
2021.
The
three-month
LIBOR
overnight
indexed
swap
(“L-OIS”)
spread—a
gauge
of
stress
in
the
financial
system—hit
an
all-time
low
of
0.02%
on
June
16,
2021
and
averaged
0.08%
for
the
year.
L-OIS
fell
from
0.16%
at
the
beginning
of
the
year
to
0.09%
at
year
end.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
net
inflows
of
approximately
$408
billion
during
the
year.
Of
this,
assets
of
prime
and
municipal
MMFs
fell
$19
billion
and
$3
billion,
respectively,
while
government
MMFs
experienced
$193
billion
of
inflows.
Portfolio
Review
The
prevailing
investment
themes
in
2021
included
the
ultra-accommodative
policy
put
in
place
by
the
FOMC,
the
large
and
growing
supply
versus
demand
imbalance
for
front-end
securities,
and
the
debt
ceiling
impasse
toward
the
later
part
of
the
year.
The
duration
of
the
Fund’s
portfolio
was
managed
to
best
take
advantage
of
yield
movements
in
this
environment.
Although
it
was
a
relatively
flat
curve,
yields
still
did
move
within
that
tight
range.
Duration
was
managed
lower
at
the
mid-year
point
with
the
expectation
that
the
FOMC
would
adjust
the
RRP
and
IOER
rates.
After
their
technical
adjustment,
a
slightly
longer
duration
profile
was
employed
to
take
advantage
of
the
back-up
in
yields
that
followed.
The
debt
ceiling
impasse
dominated
headlines
for
much
of
the
second
half
of
2021.
The
general
market
avoidance
of
U.S.
Treasury
securities,
which
may
have
matured
inside
of
the
default
date
range,
pushed
yields
on
surrounding
maturities
through
the
RRP
rate.
Positioning
around
the
debt
ceiling
dominated
our
strategy
during
this
time
as
we
targeted
securities
that
matured
outside
of
what
we
believed
to
be
the
most
vulnerable
period.
Following
the
debt
ceiling
resolution,
the
U.S.
Treasury
Department
was
free
to
increase
issuance
of
T-bills,
which
helped
support
yields
in
the
front-end.
Furthermore,
the
FOMC’s
hawkish
tilt
caused
the
T-bill
yield
curve
to
reprice
higher
as
the
market
incorporated
the
possibility
of
multiple
rate
hikes
in
2022.
We
took
advantage
of
this
repricing
to
add
duration
to
the
portfolio.
Money
Market
Overview
For
the
12-Month
Period
Ended
December
31,
2021
(continued)
17
Money
Market
Overview
Outlook
With
the
debt
ceiling
impasse
now
resolved,
the
U.S.
Treasury
quickly
increased
debt
issuance
to
build
back
its
general
account
balance
which
had
been
depleted
due
to
the
limitations
placed
on
it.
The
return
of
supply
has
helped
support
yields
in
the
front
end.
Overall,
net
new
T-bill
supply
is
expected
to
be
positive
going
forward.
This
new
supply
will
be
well
received
as
there
is
still
excess
liquidity
in
the
front-end.
The
FOMC’s
hawkish
pivot
at
their
December
meeting
has
the
market
presently
pricing
in
multiple
rate
hikes
in
2022.
The
timing
of
these
hikes
remains
unknown
and
market
pricing
will
remain
volatile
as
new
economic
data
is
released.
The
repricing
of
FOMC
rate
hike
expectations
will
likely
dominate
market
pricing
through
2022.
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
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
18
BlackRock
Government
Money
Market
Portfolio
Investment
Objective
BlackRock
Government
Money
Market
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
preserve
capital,
to
maintain
liquidity
and
achieve
the
highest
possible
current
income
consistent
with
the
foregoing.
Portfolio
Information
Expense
Example
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
U.S.
Government
Sponsored
Agency
Obligations
..............
36‌
%
Repurchase
Agreements
...............................
36‌
U.S.
Treasury
Obligations
..............................
28‌
Other
Assets
Less
Liabilities
............................
—‌
(a)
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yield
7-Day
Yield
BlackRock
Government
Money
Market
Portfolio
.....
0.00‌
%
0.00‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
Actual
Hypothetical
(a)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,000.10‌
$
0.40‌
$
1,000.00‌
$
1,024.80‌
$
0.41‌
0.08‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
December
31,
2021
19
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?
For
the
12-month
period
ended
December
31,
2021,
the
Fund
outperformed
the
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
High-yield
bonds
delivered
positive
returns
and
outpaced
the
investment-grade
bond
market
over
the
12
months.
The
gains
were
driven
by
the
combination
of
a
strong
economic
recovery,
rising
oil
prices,
and
continued
support
from
fiscal
and
monetary
policy.
Together,
these
factors
helped
fuel
investors’
appetite
for
both
risk
and
yield.
During
the
period,
security
selection
within
the
independent
energy,
technology
and
health
care
sectors
positively
contributed
to
performance.
By
credit
rating,
security
selection
within
B
rated
names
as
well
as
an
overweight
allocation
to
the
BBB
ratings
category
proved
additive.
Out-of-benchmark
allocations
to
equities
and
floating
rate
loan
interests
(“bank
loans”)
contributed
to
performance,
while
exposure
to
investment
grade
bonds
was
also
modestly
beneficial.
From
a
sector
perspective,
security
selection
within
the
automotive
and
finance
company
sectors
and
an
underweight
allocation
to
retailers
detracted
from
performance.
By
credit
rating,
the
Fund’s
underweight
allocation
to
BB
rated
names
and
security
selection
within
the
CCC
ratings
category
weighed
on
performance.
Describe
recent
portfolio
activity.
While
key
positioning
themes
remained
broadly
consistent,
the
Fund
tactically
navigated
sector-
and
issuer-level
positioning
to
take
advantage
of
market
opportunities.
During
the
period,
the
Fund
increased
its
exposure
to
the
independent
energy,
leisure
and
health
insurance
sectors
while
reducing
exposure
to
the
banking,
packaging
and
metals
&
mining
sectors.
The
Fund
reduced
the
allocation
to
investment-grade
bonds
during
2021,
ending
the
period
with
a
weighting
of
approximately
2.3%
in
this
area.
The
Fund
increased
its
tactical
allocation
to
liquid
high
yield
products,
mainly
credit
default
swap
indices,
ending
the
period
with
an
exposure
of
approximately
1.8%.
Describe
portfolio
positioning
at
period
end.
From
a
credit
quality
perspective,
the
Fund
was
underweight
BB
rated
debt
and
overweight
in
select
CCCs.
With
that
said,
the
portfolio
remained
underweight
in
the
highest-
yielding
portion
of
the
market
that
contains
a
larger
concentration
of
stressed
assets.
The
leading
sector
overweights
were
in
technology,
building
materials
and
cable
&
satellite,
and
the
largest
underweights
included
retailers,
media
&
entertainment
and
finance
companies.
The
Fund
continued
to
hold
a
tactical
allocation
of
about
7%
in
bank
loans,
which
the
investment
adviser
believes
offers
attractive
value
versus
high-yield
bonds.
The
Fund
also
held
an
out-of-benchmark
allocation
to
equities
of
approximately
3%.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
December
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
20
BlackRock
High
Yield
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
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.
(a)
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.
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)
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(formerly
Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index),
an
unmanaged
index
comprised
of
issues
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yield
(b)
Unsubsidized
30-Day
Yield
(b)
1
Year
5
Years
10
Years
BlackRock
High
Yield
Portfolio
.........................................
4.02‌%
2.63‌%
5.93‌%
6.73‌%
7.03‌%
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
................
—‌
—‌
5.26‌
6.28‌
6.82‌
(a)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend/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
the
Predecessor
Fund,
a
series
of
BlackRock
Series
Fund,
Inc.,
through
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.
Fund
Summary
as
of
December
31,
2021
(continued)
21
Fund
Summary
BlackRock
High
Yield
Portfolio
Expense
Example
Portfolio
Information
Actual
Hypothetical
(a)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,016.60‌
$
2.54‌
$
1,000.00‌
$
1,022.68‌
$
2.55‌
0.50‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
............................................
—‌
%
(c)
BBB/Baa
.......................................
8‌
BB/Ba
.........................................
42‌
B
............................................
32‌
CCC/
Caa
.......................................
13‌
CC/Ca
........................................
—‌
(c)
NR
...........................................
5‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities.
(c)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
22
BlackRock
U.S.
Government
Bond
Portfolio
Investment
Objective
BlackRock
U.S.
Government
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2021,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
U.S.
Government/Mortgage
Index.
What
factors
influenced
performance?
Positive
contributors
to
performance
relative
to
the
benchmark
included
the
Fund’s
interest
rate
volatility
strategies
and
positioning
along
the
yield
curve.
Out-of-benchmark
exposure
to
commercial
mortgage-backed
securities
also
added
to
relative
performance.
Exposure
to
non-U.S.
dollar
sovereign
interest
rates
weighed
most
heavily
on
relative
performance
for
the
12
months.
The
Fund’s
long
agency
mortgage
positioning
relative
to
U.S.
Treasuries
also
detracted
toward
the
end
of
the
period.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
Fund
maintained
an
underweight
bias
with
respect
to
duration
and
corresponding
interest
rate
sensitivity
relative
to
the
benchmark.
Within
agency
mortgage-backed
securities
(“MBS”),
the
Fund
shifted
from
an
underweight
position
to
a
long
position,
ultimately
closing
the
year
neutrally
positioned.
The
Fund
was
heavily
underweight
specified
pools
relative
to
to-be-announced
securities
(“TBAs”)
throughout
2021.
The
Fund’s
exposure
to
emerging
market
rates
was
reduced
to
a
minimal
level
over
the
period.
The
Fund
had
a
modestly
elevated
cash
position
at
period
end
due
to
the
investment
adviser’s
preference
for
using
forward
contracts
to
gain
MBS
exposure
as
opposed
to
holding
cash
bonds.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
over
the
12
months.
The
portfolio
held
a
small
percentage
of
assets
in
derivatives
as
a
hedge
to
allocations
in
MBS
and
securitized
assets.
The
Fund’s
use
of
derivatives
had
a
negative
impact
on
Fund
performance
for
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
neutral
on
mortgages
and
favored
higher
coupons
on
the
expectation
for
increasing
borrower
burnout
and
reduced
refinancing
activity.
After
having
been
heavily
underweight
in
specified
pools
versus
an
overweight
in
TBAs
throughout
2021,
the
Fund
has
modestly
increased
specified
pool
exposure.
The
Fund
favored
duration
exposure
in
the
very
front-end
of
the
yield
curve,
on
the
view
that
the
belly
to
the
long
end
of
the
yield
curve
is
more
vulnerable
to
moving
higher.
The
investment
adviser
remains
constructive
on
agency
MBS
despite
the
pivot
by
the
Fed
with
respect
to
its
support
for
the
asset
class
in
late
2021.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
52‌
%
U.S.
Treasury
Obligations
.............................
38‌
Non-Agency
Mortgage-Backed
Securities
..................
8‌
Asset-Backed
Securities
..............................
2‌
Foreign
Government
Obligations
........................
—‌
(b)
See
“Disclosure
of
Expenses”
on
for
further
information
on
how
expenses
were
calculated.
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
December
31,
2021
(continued)
23
Fund
Summary
BlackRock
U.S.
Government
Bond
Portfolio
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
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.
(a)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund,
under
normal
circumstances,
will
invest
at
least
80%
of
its
assets
in
bonds
that
are
issued
or
guaranteed
by
the
U.S.
Government
and
its
agencies.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
U.S.
Government
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Series
Fund,
Inc.,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(b)
Bloomberg
U.S.
Government/Mortgage
Index
(formerly
Bloomberg
Barclays
U.S.
Government/Mortgage
Index),
that
measures
debt
issued
by
the
U.S.
Government,
and
its
agencies,
as
well
as
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac.
(c)
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
(formerly
Bloomberg
Barclays
U.S.
Mortgage-Backed
Securities
Index),
an
unmanaged
index
that
includes
the
mortgage-backed
pass-
through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac
that
meet
certain
maturity
and
liquidity
criteria.
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yield
(b)
Unsubsidized
30-Day
Yield
(b)
1
Year
5
Years
10
Years
BlackRock
U.S.
Government
Bond
Portfolio
................................
0.53‌%
0.36‌%
(1.36‌)%
2.86‌%
2.17‌%
Bloomberg
U.S.
Government/Mortgage
Index
.............................
—‌
—‌
(1.77‌)
2.85‌
2.21‌
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
........................
—‌
—‌
(1.04‌)
2.50‌
2.28‌
(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
the
Predecessor
Fund,
a
series
of
BlackRock
Series
Fund,
Inc.,
through
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.
Fund
Summary
as
of
December
31,
2021
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
24
BlackRock
U.S.
Government
Bond
Portfolio
Expense
Example
Actual
Hypothetical
(a)
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Including
Interest
Expense
(b)
Excluding
Interest
Expense
(b)
Beginning
Account
Value
(07/01/21)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(12/31/21)
Expenses
Paid
During
the
Period
(b)
Including
Interest
Expense
Excluding
Interest
Expense
$
1,000.00‌
$
998.90‌
$
2.47‌
$
2.47‌
$
1,000.00‌
$
1,022.74‌
$
2.50‌
$
1,022.74‌
$
2.50‌
0.49‌%
0.49‌%
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
The
Benefits
and
Risks
of
Leveraging
25
The
Benefits
and
Risks
of
Leveraging
/
Disclosure
Of
Expenses
/
Derivative
Financial
Instruments
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund's
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund's
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund's
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
(or
from
the
commencement
of
operations
if
less
than
6
months)
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Funds may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.1%
Aerospace
&
Defense
—
0.6%
Axon
Enterprise,
Inc.
(a)
...............
1,138
$
178,666
Lockheed
Martin
Corp.
...............
3,402
1,209,105
Northrop
Grumman
Corp.
.............
246
95,219
1,482,990
Air
Freight
&
Logistics
—
1.4%
CH
Robinson
Worldwide,
Inc.
..........
12,586
1,354,631
Expeditors
International
of
Washington,
Inc.
.
11,604
1,558,301
United
Parcel
Service,
Inc.,
Class
B
......
1,675
359,020
3,271,952
Airlines
—
0.1%
Alaska
Air
Group,
Inc.
(a)
...............
2,961
154,268
Auto
Components
—
0.7%
BorgWarner,
Inc.
...................
33,583
1,513,586
Automobiles
—
1.6%
(a)
Rivian
Automotive,
Inc.,
Class
A
.........
3,193
331,082
Tesla,
Inc.
........................
3,280
3,466,239
3,797,321
Banks
—
3.0%
Bank
of
America
Corp.
...............
3,389
150,777
Bank
of
Hawaii
Corp.
................
3,098
259,488
Citigroup,
Inc.
.....................
18,912
1,142,096
First
Republic
Bank
.................
12,712
2,625,155
Huntington
Bancshares,
Inc.
...........
1,536
23,685
JPMorgan
Chase
&
Co.
..............
3,990
631,817
Pinnacle
Financial
Partners,
Inc.
.........
6,589
629,250
PNC
Financial
Services
Group,
Inc.
(The)
..
567
113,695
Regions
Financial
Corp.
..............
31,640
689,752
Signature
Bank
....................
907
293,387
US
Bancorp
......................
390
21,906
Western
Alliance
Bancorp
.............
3,854
414,883
6,995,891
Beverages
—
0.8%
Coca-Cola
Europacific
Partners
plc
.......
6,101
341,229
Keurig
Dr
Pepper,
Inc.
...............
14,304
527,245
Molson
Coors
Beverage
Co.,
Class
B
.....
14,416
668,182
PepsiCo,
Inc.
.....................
1,868
324,490
1,861,146
Biotechnology
—
1.3%
AbbVie,
Inc.
......................
4,954
670,772
Amgen,
Inc.
......................
7,770
1,748,017
Biogen,
Inc.
(a)
.....................
769
184,498
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
480
303,130
2,906,417
Building
Products
—
1.0%
Builders
FirstSource
,
Inc.
(a)
............
584
50,055
Masco
Corp.
......................
652
45,783
Owens
Corning
....................
404
36,562
Trane
Technologies
plc
...............
10,325
2,085,960
2,218,360
Capital
Markets
—
2.1%
Apollo
Global
Management,
Inc.
.........
4,715
341,507
FactSet
Research
Systems,
Inc.
.........
1,324
643,477
Goldman
Sachs
Group,
Inc.
(The)
.......
204
78,040
Intercontinental
Exchange,
Inc.
.........
954
130,479
Moody's
Corp.
.....................
127
49,604
Morgan
Stanley
....................
6,890
676,322
S&P
Global,
Inc.
...................
4,285
2,022,220
Security
Shares
Shares
Value
Capital
Markets
(continued)
Stifel
Financial
Corp.
................
14,259
$
1,004,119
4,945,768
Chemicals
—
1.1%
Corteva
,
Inc.
......................
1,555
73,520
Ecolab,
Inc.
......................
6,491
1,522,724
Mosaic
Co.
(The)
...................
3,061
120,267
Sherwin-Williams
Co.
(The)
............
2,607
918,081
2,634,592
Commercial
Services
&
Supplies
—
0.1%
Waste
Connections,
Inc.
..............
2,025
275,947
Communications
Equipment
—
0.3%
Juniper
Networks,
Inc.
...............
19,059
680,597
Construction
Materials
—
0.2%
Martin
Marietta
Materials,
Inc.
..........
106
46,695
Vulcan
Materials
Co.
................
2,268
470,792
517,487
Consumer
Finance
—
1.5%
Ally
Financial,
Inc.
..................
38,336
1,825,177
American
Express
Co.
...............
7,286
1,191,990
Capital
One
Financial
Corp.
............
3,513
509,701
3,526,868
Containers
&
Packaging
—
0.2%
Avery
Dennison
Corp.
................
449
97,240
WestRock
Co.
.....................
8,294
367,922
465,162
Diversified
Consumer
Services
—
0.7%
H&R
Block,
Inc.
....................
33,895
798,566
Service
Corp.
International
............
10,854
770,526
1,569,092
Diversified
Financial
Services
—
1.2%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
881
263,419
Voya
Financial,
Inc.
.................
37,721
2,501,279
2,764,698
Diversified
Telecommunication
Services
—
0.0%
Verizon
Communications,
Inc.
..........
770
40,009
Electric
Utilities
—
1.1%
NextEra
Energy,
Inc.
................
6,407
598,157
OGE
Energy
Corp.
..................
47,857
1,836,752
Pinnacle
West
Capital
Corp.
...........
726
51,248
2,486,157
Electrical
Equipment
—
0.2%
AMETEK,
Inc.
.....................
2,409
354,219
Electronic
Equipment,
Instruments
&
Components
—
0.4%
(a)
Flex
Ltd.
.........................
9,962
182,604
Keysight
Technologies,
Inc.
............
3,240
669,092
Zebra
Technologies
Corp.,
Class
A
.......
156
92,851
944,547
Energy
Equipment
&
Services
—
1.0%
Schlumberger
NV
..................
76,410
2,288,479
Entertainment
—
1.3%
(a)
Roku,
Inc.
........................
3,039
693,500
Spotify
Technology
SA
...............
1,865
436,466
Walt
Disney
Co.
(The)
...............
9,183
1,422,355
Zynga,
Inc.,
Class
A
.................
75,752
484,812
3,037,133
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.2%
American
Homes
4
Rent,
Class
A
........
15,298
$
667,146
CubeSmart
.......................
26,719
1,520,578
Extra
Space
Storage,
Inc.
.............
1,145
259,606
Life
Storage,
Inc.
...................
11,467
1,756,515
Prologis,
Inc.
......................
19,740
3,323,426
7,527,271
Food
&
Staples
Retailing
—
1.5%
Costco
Wholesale
Corp.
..............
4,945
2,807,277
Walmart,
Inc.
......................
5,080
735,025
3,542,302
Food
Products
—
0.2%
McCormick
&
Co.,
Inc.
(Non-Voting)
......
5,504
531,741
Health
Care
Equipment
&
Supplies
—
2.1%
Abbott
Laboratories
.................
1,773
249,532
Align
Technology,
Inc.
(a)
...............
802
527,058
DexCom
,
Inc.
(a)
....................
1,666
894,559
Hologic
,
Inc.
(a)
.....................
1,923
147,225
IDEXX
Laboratories,
Inc.
(a)
.............
4,258
2,803,722
Medtronic
plc
.....................
1,915
198,107
4,820,203
Health
Care
Providers
&
Services
—
1.9%
AmerisourceBergen
Corp.
.............
412
54,751
Anthem,
Inc.
......................
2,737
1,268,709
Cigna
Corp.
......................
1,674
384,401
CVS
Health
Corp.
..................
1,944
200,543
McKesson
Corp.
...................
5,801
1,441,954
UnitedHealth
Group,
Inc.
..............
2,139
1,074,077
4,424,435
Health
Care
Technology
—
0.2%
Cerner
Corp.
......................
1,515
140,698
Teladoc
Health,
Inc.
(a)
................
4,276
392,622
533,320
Hotels,
Restaurants
&
Leisure
—
1.1%
Booking
Holdings,
Inc.
(a)
..............
672
1,612,283
McDonald's
Corp.
..................
1,584
424,623
Travel
+
Leisure
Co.
.................
10,823
598,187
2,635,093
Household
Durables
—
0.9%
DR
Horton,
Inc.
....................
5,052
547,889
Whirlpool
Corp.
....................
6,471
1,518,485
2,066,374
Household
Products
—
1.6%
Colgate-Palmolive
Co.
...............
34,372
2,933,306
Procter
&
Gamble
Co.
(The)
...........
5,358
876,462
3,809,768
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Sunnova
Energy
International,
Inc.
(a)
......
4,953
138,288
Industrial
Conglomerates
—
0.5%
General
Electric
Co.
.................
760
71,797
Honeywell
International,
Inc.
...........
2,490
519,190
Roper
Technologies,
Inc.
..............
956
470,218
1,061,205
Insurance
—
3.5%
Athene
Holding
Ltd.,
Class
A
(a)
..........
596
49,665
Marsh
&
McLennan
Cos.,
Inc.
..........
17,575
3,054,887
MetLife,
Inc.
......................
41,055
2,565,527
Reinsurance
Group
of
America,
Inc.
......
3,814
417,595
Travelers
Cos.,
Inc.
(The)
.............
7,015
1,097,356
Security
Shares
Shares
Value
Insurance
(continued)
Willis
Towers
Watson
plc
..............
4,341
$
1,030,944
8,215,974
Interactive
Media
&
Services
—
5.9%
(a)
Alphabet,
Inc.,
Class
A
...............
2,418
7,005,043
Alphabet,
Inc.,
Class
C
...............
1,438
4,160,982
Facebook,
Inc.,
Class
A
..............
7,129
2,397,839
Twitter,
Inc.
.......................
3,647
157,623
ZoomInfo
Technologies,
Inc.,
Class
A
.....
1,292
82,947
13,804,434
Internet
&
Direct
Marketing
Retail
—
3.6%
Amazon.com,
Inc.
(a)
.................
2,497
8,325,847
IT
Services
—
4.7%
Accenture
plc,
Class
A
...............
2,523
1,045,910
Automatic
Data
Processing,
Inc.
.........
5,217
1,286,408
Broadridge
Financial
Solutions,
Inc.
......
176
32,176
EPAM
Systems,
Inc.
(a)
................
58
38,770
Fidelity
National
Information
Services,
Inc.
..
15,014
1,638,778
Global
Payments,
Inc.
...............
1,385
187,224
Mastercard
,
Inc.,
Class
A
..............
1,792
643,902
Okta
,
Inc.,
Class
A
(a)
.................
2,983
668,699
PayPal
Holdings,
Inc.
(a)
...............
5,321
1,003,434
Visa,
Inc.,
Class
A
..................
20,398
4,420,451
10,965,752
Life
Sciences
Tools
&
Services
—
2.5%
Agilent
Technologies,
Inc.
.............
17,396
2,777,271
Bruker
Corp.
......................
6,040
506,816
Danaher
Corp.
....................
7,039
2,315,901
Illumina,
Inc.
(a)
.....................
260
98,915
Mettler
-Toledo
International,
Inc.
(a)
.......
19
32,247
Thermo
Fisher
Scientific,
Inc.
...........
290
193,500
5,924,650
Machinery
—
2.8%
Caterpillar,
Inc.
....................
3,240
669,838
Fortive
Corp.
......................
5,868
447,670
Illinois
Tool
Works,
Inc.
...............
11,963
2,952,468
Otis
Worldwide
Corp.
................
26,699
2,324,682
6,394,658
Media
—
1.1%
Altice
USA,
Inc.,
Class
A
(a)
.............
14,418
233,283
Comcast
Corp.,
Class
A
..............
18,812
946,808
Discovery,
Inc.,
Class
C
(a)
.............
1,777
40,693
Fox
Corp.,
Class
A
..................
11,855
437,450
Fox
Corp.,
Class
B
..................
785
26,902
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
411
20,899
Nexstar
Media
Group,
Inc.,
Class
A
.......
372
56,165
Sirius
XM
Holdings,
Inc.
..............
117,091
743,528
TEGNA,
Inc.
......................
1,638
30,401
2,536,129
Metals
&
Mining
—
0.2%
Reliance
Steel
&
Aluminum
Co.
.........
2,504
406,199
Multiline
Retail
—
1.3%
Kohl's
Corp.
......................
4,317
213,216
Nordstrom,
Inc.
(a)(b)
..................
22,947
519,061
Target
Corp.
......................
10,322
2,388,924
3,121,201
Multi-Utilities
—
2.0%
Consolidated
Edison,
Inc.
.............
25,659
2,189,226
DTE
Energy
Co.
...................
12,453
1,488,631
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Multi-Utilities
(continued)
NiSource,
Inc.
.....................
33,275
$
918,723
4,596,580
Oil,
Gas
&
Consumable
Fuels
—
1.7%
Chevron
Corp.
.....................
2,868
336,560
Devon
Energy
Corp.
.................
1,654
72,858
EOG
Resources,
Inc.
................
31,642
2,810,759
Phillips
66
........................
4,539
328,896
Williams
Cos.,
Inc.
(The)
..............
12,803
333,390
3,882,463
Personal
Products
—
0.9%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
5,346
1,979,089
Pharmaceuticals
—
4.8%
Bristol-Myers
Squibb
Co.
..............
6,123
381,769
Eli
Lilly
&
Co.
.....................
4,910
1,356,240
Johnson
&
Johnson
.................
27,917
4,775,761
Merck
&
Co.,
Inc.
...................
6,882
527,437
Pfizer,
Inc.
.......................
17,602
1,039,398
Zoetis,
Inc.
.......................
12,851
3,136,030
11,216,635
Professional
Services
—
0.9%
Equifax,
Inc.
......................
6,551
1,918,067
IHS
Markit
Ltd.
....................
1,921
255,340
2,173,407
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(a)
...........
2,841
308,277
Road
&
Rail
—
1.3%
Landstar
System,
Inc.
................
5,364
960,263
Lyft,
Inc.,
Class
A
(a)
..................
1,248
53,327
Old
Dominion
Freight
Line,
Inc.
.........
152
54,474
Ryder
System,
Inc.
..................
18,237
1,503,276
Schneider
National,
Inc.,
Class
B
........
14,923
401,578
2,972,918
Semiconductors
&
Semiconductor
Equipment
—
5.5%
Advanced
Micro
Devices,
Inc.
(a)
.........
11,510
1,656,289
Applied
Materials,
Inc.
...............
9,657
1,519,626
Cirrus
Logic,
Inc.
(a)
..................
9,101
837,474
Intel
Corp.
.......................
44,093
2,270,789
KLA
Corp.
........................
234
100,646
Lam
Research
Corp.
................
1,150
827,022
NVIDIA
Corp.
.....................
12,746
3,748,726
QUALCOMM,
Inc.
..................
5,422
991,521
Silicon
Laboratories,
Inc.
(a)
.............
2,734
564,352
Texas
Instruments,
Inc.
...............
516
97,251
Xilinx,
Inc.
........................
1,267
268,642
12,882,338
Software
—
10.6%
Adobe,
Inc.
(a)
......................
5,905
3,348,489
Atlassian
Corp.
plc,
Class
A
(a)
...........
99
37,748
Cadence
Design
Systems,
Inc.
(a)
........
2,745
511,531
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
105
21,499
HashiCorp
,
Inc.,
Class
A
(a)
.............
2,482
225,961
HubSpot
,
Inc.
(a)
....................
207
136,444
Intuit,
Inc.
........................
5,024
3,231,537
Manhattan
Associates,
Inc.
(a)
...........
747
116,151
Security
Shares
Shares
Value
Software
(continued)
Microsoft
Corp.
....................
32,805
$
11,032,978
salesforce.com,
Inc.
(a)
................
3,771
958,324
ServiceNow
,
Inc.
(a)
..................
3,921
2,545,160
VMware,
Inc.,
Class
A
................
938
108,695
Workday,
Inc.,
Class
A
(a)
..............
8,753
2,391,145
24,665,662
Specialty
Retail
—
1.3%
Advance
Auto
Parts,
Inc.
..............
1,482
355,502
American
Eagle
Outfitters,
Inc.
(b)
.........
19,621
496,804
Dick's
Sporting
Goods,
Inc.
............
378
43,466
Foot
Locker,
Inc.
...................
1,261
55,018
Home
Depot,
Inc.
(The)
..............
2,292
951,203
Lithia
Motors,
Inc.
..................
367
108,981
Lowe's
Cos.,
Inc.
...................
830
214,538
Penske
Automotive
Group,
Inc.
.........
3,304
354,255
Tractor
Supply
Co.
..................
1,574
375,556
2,955,323
Technology
Hardware,
Storage
&
Peripherals
—
8.3%
Apple,
Inc.
.......................
76,271
13,543,441
Dell
Technologies,
Inc.,
Class
C
(a)
........
46,049
2,586,572
Hewlett
Packard
Enterprise
Co.
(b)
........
132,989
2,097,237
NetApp,
Inc.
......................
8,843
813,468
Western
Digital
Corp.
(a)
...............
4,392
286,402
19,327,120
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Levi
Strauss
&
Co.,
Class
A
............
9,183
229,851
Ralph
Lauren
Corp.
.................
2,906
345,407
Tapestry,
Inc.
......................
4,860
197,316
772,574
Thrifts
&
Mortgage
Finance
—
0.0%
New
York
Community
Bancorp,
Inc.
......
2,865
34,982
Trading
Companies
&
Distributors
—
0.4%
SiteOne
Landscape
Supply,
Inc.
(a)
........
3,363
814,788
Wireless
Telecommunication
Services
—
0.2%
United
States
Cellular
Corp.
(a)
..........
11,738
369,982
Total
Common
Stocks
—
99.1%
(Cost:
$186,736,246)
.............................
230,469,668
Total
Long-Term
Investments
—
99.1%
(Cost:
$186,736,246)
.............................
230,469,668
Short-Term
Securities
—
1.9%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
...................
2,205,475
2,205,475
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.15%
(e)
.......................
2,233,281
2,233,504
Total
Short-Term
Securities
—
1.9%
(Cost:
$4,438,979)
..............................
4,438,979
Total
Investments
—
101.0%
(Cost:
$191,175,225
)
.............................
234,908,647
Liabilities
in
Excess
of
Other
Assets
—
(1.0)%
............
(2,247,520)
Net
Assets
—
100.0%
..............................
$
232,661,127
(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.
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
29
Schedule
of
Investments
(continued)
December
31,
2021
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/21
Shares
Held
at
12/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
5,514,524
$
—
$
(3,309,049)
$
—
$
—
$
2,205,475
2,205,475
$
511
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
1,958,228
277,542
—
(2,266)
—
2,233,504
2,233,281
28,693
(b)
—
$
(2,266)
$
—
$
4,438,979
$
29,204
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
30
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
10
03/18/22
$
2,379
$
36,409
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)
.....
$
—
$
—
$
36,409
$
—
$
—
$
—
$
36,409
(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
December
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
1,102,352
$
—
$
—
$
—
$
1,102,352
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
(111,155)
—
—
—
(111,155)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,354,251
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
31
Schedule
of
Investments
(continued)
December
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
230,469,668
$
—
$
—
$
230,469,668
Short-Term
Securities
.......................................
2,205,475
—
—
2,205,475
$
232,675,143
$
—
$
—
$
232,675,143
Investments
valued
at
NAV
(a)
......................................
2,233,504
$
—
$
234,908,647
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
36,409
$
—
$
—
$
36,409
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
1.3%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
0.36%,
05/25/37
(a)
.....
USD
45
$
11,130
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-D,
Class
A,
3.75%,
08/25/58
(a)(c)
115
115,606
Series
2018-G,
Class
A,
4.38%,
06/25/57
(a)
110
110,044
Series
2018-G,
Class
B,
5.25%,
06/25/57
(a)(c)
100
75,500
Series
2018-G,
Class
C,
0.00%,
06/25/57
.
99
98,655
Series
2019-A,
Class
A,
3.75%,
08/25/57
(a)
99
99,658
Series
2019-B,
Class
A,
3.75%,
01/25/59
(a)
184
185,067
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.21%,
10/21/28
(a)(b)
.....................
227
227,137
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)
Series
2014-5RA,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.57%,
01/15/30
....
250
249,838
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
1.97%,
01/15/30
....
250
249,557
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.20%,
04/15/31
(a)(b)
.....................
500
498,769
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.48%),
0.58%,
05/25/35
(a)
.................
60
56,324
Barings
CLO
Ltd.,
Series
2018-3A,
Class
A1,
(LIBOR
USD
3
Month
+
0.95%),
1.08%,
07/20/29
(a)(b)
.....................
216
215,902
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
.
53
11,227
Series
2000-A,
Class
A3,
7.83%,
06/15/30
.
49
10,769
Series
2000-A,
Class
A4,
8.29%,
06/15/30
.
35
8,207
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(LIBOR
USD
1
Month
+
1.73%),
1.83%,
08/25/34
....
1
1,216
Series
2006-HE7,
Class
1A2,
(LIBOR
USD
1
Month
+
0.34%),
0.44%,
09/25/36
....
79
77,920
Series
2007-HE1,
Class
21A2,
(LIBOR
USD
1
Month
+
0.16%),
0.26%,
01/25/37
...
26
26,006
Series
2007-HE2,
Class
22A,
(LIBOR
USD
1
Month
+
0.14%),
0.24%,
03/25/37
....
14
13,455
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
0.24%,
03/25/37
....
29
27,781
Series
2007-HE3,
Class
1A3,
(LIBOR
USD
1
Month
+
0.25%),
0.35%,
04/25/37
....
55
67,742
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
0.97%),
1.09%,
04/17/31
....
249
249,035
Series
2015-3A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.60%),
1.74%,
07/28/28
....
250
249,237
Carlyle
US
CLO
Ltd.,
Series
2017-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.18%),
1.30%,
01/15/30
(a)(b)
.....................
250
250,011
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
0.26%,
10/25/36
(a)
...........
45
44,094
CIFC
Funding
Ltd.,
Series
2013-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.75%),
1.87%,
07/16/30
(a)(b)
.....................
250
250,009
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
0.30%,
05/25/37
...
157
130,813
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
0.37%,
05/25/37
...
71
59,795
Conseco
Finance
Corp.
Series
1998-8,
Class
A1,
6.28%,
09/01/30
.
7
7,181
Series
1998-8,
Class
M1,
6.98%,
09/01/30
(a)
55
52,882
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
2.61%,
11/15/32
(a)
...
USD
47
$
43,899
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
31
8,779
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
42
11,669
Series
2000-5,
Class
A6,
7.96%,
05/01/31
.
37
14,173
Countrywide
Asset-Backed
Certificates
Series
2006-8,
Class
2A3,
(LIBOR
USD
1
Month
+
0.16%),
0.26%,
12/25/35
(a)
...
5
4,879
Series
2006-S3,
Class
A4,
7.02%,
01/25/29
(d)
....................
3
4,493
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
0.32%,
12/25/25
(a)
...
—
(e)
377
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2001-MH29,
Class
B1,
8.10%,
09/25/31
(a)
......................
22
22,879
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2006-MH1,
Class
B1,
6.25%,
10/25/36
(b)(d)
.....................
100
103,056
CWABS
Asset-Backed
Certificates
Trust,
Series
2005-17,
Class
1AF4,
6.05%,
05/25/36
(d)
..
23
22,619
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
.........
3
4,166
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
0.41%,
12/15/33
...
13
12,762
Series
2006-RES,
Class
5B1A,
(LIBOR
USD
1
Month
+
0.19%),
0.30%,
05/15/35
...
36
35,036
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
0.29%,
05/15/35
....
6
5,728
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
0.26%,
11/15/36
....
12
11,226
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.24%,
01/15/31
(a)(b)
.....................
280
279,456
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
0.70%,
01/25/36
(a)
.....
40
37,699
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.20%),
0.30%,
01/25/47
....
23
15,452
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
3.38%),
3.48%,
02/25/47
....
25
27,415
Halcyon
Loan
Advisors
Funding
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.20%,
07/25/27
(a)(b)
..........
7
6,722
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
0.40%,
05/25/37
(a)
......................
35
32,316
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(d)
.........
123
18,036
Home
Loan
Mortgage
Loan
Trust,
Series
2005-
1,
Class
A3,
(LIBOR
USD
1
Month
+
0.72%),
0.83%,
04/15/36
(a)
.................
24
23,235
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.14%),
1.26%,
10/19/28
(a)(b)
.....................
208
207,877
IXIS
Real
Estate
Capital
Trust,
Series
2007-
HE1,
Class
A4,
(LIBOR
USD
1
Month
+
0.23%),
0.33%,
05/25/37
(a)
...........
646
217,176
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
70
73,757
Series
2002-A,
Class
C,
0.00%,
06/15/33
.
5
4,592
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Litigation
Fee
Residual
Funding
LLC,
Series
2015-1,  4.00%,
10/30/27
(c)
...........
USD
9
$
9,057
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-5,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
0.40%,
06/25/36
....
23
14,204
Series
2006-7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.16%),
0.26%,
08/25/36
....
14
7,439
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.24%),
0.34%,
05/25/37
(a)
20
15,883
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
0.70%,
12/25/34
(a)
.....
78
73,339
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class
A4,
6.93%,
09/15/31
(a)
....
10
7,098
OCP
CLO
Ltd.,
Series
2016-12A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.24%,
10/18/28
(a)(b)
.....................
73
73,212
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
1.14%,
07/17/30
(a)(b)
.........
305
303,843
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.20%,
05/23/31
(a)(b)
.....................
285
284,840
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
0.31%,
03/25/37
(a)
...
40
33,977
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(d)
....................
32
31,177
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
....................
36
35,024
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(d)
....................
42
41,962
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
1.31%,
10/15/37
(a)(b)(c)
...
16
16,174
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(d)
.........
30
29,711
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.38%,
10/22/30
(a)(b)
................
486
485,440
OZLM
XXI
Ltd.,
Series
2017-21A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
2.03%,
01/20/31
(a)(b)
.....................
250
250,119
Parallel
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.85%),
0.98%,
07/20/27
(a)(b)
12
11,937
Scholar
Funding
Trust,
Series
2013-A,
Class
A,
(LIBOR
USD
1
Month
+
0.65%),
0.75%,
01/30/45
(a)(b)
.....................
155
154,825
SG
Mortgage
Securities
Trust,
Series
2006-
FRE2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.32%),
0.42%,
07/25/36
(a)
...........
16
4,625
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.37%,
07/20/30
(a)(b)
.....................
246
246,299
SLM
Private
Credit
Student
Loan
Trust,
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
0.53%,
03/15/24
(a)
...........
34
34,270
Symphony
CLO
XVII
Ltd.,
Series
2016-17A,
Class
AR,
(LIBOR
USD
3
Month
+
0.88%),
1.00%,
04/15/28
(a)(b)
................
162
162,304
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Wachovia
Asset
Securitization
Issuance
II
LLC
Trust,
Series
2007-HE2A,
Class
A,
(LIBOR
USD
1
Month
+
0.13%),
0.23%,
07/25/37
(a)(b)
USD
34
$
32,961
Total
Asset-Backed
Securities
—
1.3%
(Cost:
$7,444,782)
...............................
7,339,761
Shares
Shares
Common
Stocks
—
60.3%
Aerospace
&
Defense
—
0.4%
Axon
Enterprise,
Inc.
(f)
................
1,451
227,807
Lockheed
Martin
Corp.
................
4,951
1,759,635
Northrop
Grumman
Corp.
..............
232
89,800
2,077,242
Air
Freight
&
Logistics
—
0.9%
CH
Robinson
Worldwide,
Inc.
(g)
..........
19,279
2,074,999
Expeditors
International
of
Washington,
Inc.
..
16,567
2,224,782
United
Parcel
Service,
Inc.,
Class
B
.......
3,070
658,024
4,957,805
Airlines
—
0.0%
Alaska
Air
Group,
Inc.
(f)
................
3,969
206,785
Auto
Components
—
0.4%
BorgWarner,
Inc.
....................
46,800
2,109,276
Automobiles
—
1.0%
(f)
Rivian
Automotive,
Inc.,
Class
A
..........
4,567
473,552
Tesla,
Inc.
(g)
........................
4,742
5,011,251
5,484,803
Banks
—
1.8%
Bank
of
America
Corp.
................
4,739
210,838
Bank
of
Hawaii
Corp.
.................
3,241
271,466
Citigroup,
Inc.
......................
28,178
1,701,669
First
Republic
Bank
..................
18,212
3,760,960
Huntington
Bancshares,
Inc.
............
5,735
88,434
JPMorgan
Chase
&
Co.
...............
5,254
831,971
Pinnacle
Financial
Partners,
Inc.
..........
8,469
808,790
PNC
Financial
Services
Group,
Inc.
(The)
...
1,075
215,559
Regions
Financial
Corp.
...............
48,245
1,051,741
Signature
Bank
.....................
1,444
467,091
US
Bancorp
.......................
714
40,105
Western
Alliance
Bancorp
..............
5,411
582,494
10,031,118
Beverages
—
0.5%
Coca-Cola
Europacific
Partners
plc
........
8,541
477,698
Keurig
Dr
Pepper,
Inc.
................
23,544
867,832
Molson
Coors
Beverage
Co.,
Class
B
......
17,955
832,214
PepsiCo,
Inc.
......................
2,908
505,149
2,682,893
Biotechnology
—
0.8%
AbbVie,
Inc.
.......................
7,170
970,818
Amgen,
Inc.
.......................
11,154
2,509,316
Biogen,
Inc.
(f)
.......................
1,122
269,190
Regeneron
Pharmaceuticals,
Inc.
(f)
........
694
438,275
4,187,599
Building
Products
—
0.6%
Builders
FirstSource,
Inc.
(f)
..............
927
79,453
Lennox
International,
Inc.
..............
311
100,876
Masco
Corp.
.......................
600
42,132
Owens
Corning
.....................
387
35,024
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Building
Products
(continued)
Trane
Technologies
plc
................
15,133
$
3,057,320
3,314,805
Capital
Markets
—
1.3%
Apollo
Global
Management,
Inc.
..........
6,197
448,849
FactSet
Research
Systems,
Inc.
..........
2,003
973,478
Goldman
Sachs
Group,
Inc.
(The)
........
294
112,470
Intercontinental
Exchange,
Inc.
..........
1,800
246,186
Moody's
Corp.
......................
219
85,537
Morgan
Stanley
.....................
11,398
1,118,828
S&P
Global,
Inc.
....................
6,562
3,096,804
Stifel
Financial
Corp.
.................
18,141
1,277,489
7,359,641
Chemicals
—
0.7%
Corteva,
Inc.
.......................
1,818
85,955
Ecolab,
Inc.
.......................
9,543
2,238,692
Mosaic
Co.
(The)
....................
5,299
208,198
Sherwin-Williams
Co.
(The)
.............
3,753
1,321,657
3,854,502
Commercial
Services
&
Supplies
—
0.1%
Waste
Connections,
Inc.
...............
2,399
326,912
Communications
Equipment
—
0.2%
Juniper
Networks,
Inc.
................
25,593
913,926
Construction
Materials
—
0.1%
Martin
Marietta
Materials,
Inc.
...........
404
177,970
Vulcan
Materials
Co.
.................
3,086
640,592
818,562
Consumer
Finance
—
0.9%
Ally
Financial,
Inc.
...................
56,982
2,712,913
American
Express
Co.
................
10,749
1,758,536
Capital
One
Financial
Corp.
.............
5,319
771,734
5,243,183
Containers
&
Packaging
—
0.1%
Avery
Dennison
Corp.
.................
448
97,023
WestRock
Co.
......................
9,542
423,283
520,306
Diversified
Consumer
Services
—
0.4%
H&R
Block,
Inc.
.....................
48,755
1,148,668
Service
Corp.
International
.............
15,658
1,111,561
2,260,229
Diversified
Financial
Services
—
0.8%
Berkshire
Hathaway,
Inc.,
Class
B
(f)
........
1,272
380,328
Voya
Financial,
Inc.
..................
58,306
3,866,271
4,246,599
Diversified
Telecommunication
Services
—
0.0%
Verizon
Communications,
Inc.
...........
2,143
111,350
Electric
Utilities
—
0.7%
NextEra
Energy,
Inc.
.................
8,862
827,356
OGE
Energy
Corp.
...................
72,562
2,784,930
Pinnacle
West
Capital
Corp.
............
1,452
102,497
3,714,783
Electrical
Equipment
—
0.1%
AMETEK,
Inc.
......................
2,532
372,305
Electronic
Equipment,
Instruments
&
Components
—
0.3%
(f)
Flex
Ltd.
..........................
10,983
201,318
Keysight
Technologies,
Inc.
.............
5,520
1,139,935
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Zebra
Technologies
Corp.,
Class
A
........
278
$
165,466
1,506,719
Energy
Equipment
&
Services
—
0.6%
Schlumberger
NV
...................
109,927
3,292,314
Entertainment
—
0.8%
(f)
Roku,
Inc.
.........................
4,600
1,049,720
Spotify
Technology
SA
................
2,685
628,371
Walt
Disney
Co.
(The)
................
12,968
2,008,613
Zynga,
Inc.,
Class
A
..................
101,834
651,738
4,338,442
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.9%
American
Homes
4
Rent,
Class
A
.........
21,439
934,955
CubeSmart
........................
38,415
2,186,198
Extra
Space
Storage,
Inc.
..............
1,944
440,763
Life
Storage,
Inc.
....................
15,713
2,406,917
Prologis,
Inc.
.......................
28,272
4,759,874
10,728,707
Food
&
Staples
Retailing
—
0.9%
Costco
Wholesale
Corp.
...............
7,178
4,074,951
Walmart,
Inc.
.......................
7,535
1,090,239
5,165,190
Food
Products
—
0.1%
McCormick
&
Co.,
Inc.
(Non-Voting)
.......
8,596
830,460
Health
Care
Equipment
&
Supplies
—
1.2%
Abbott
Laboratories
..................
2,809
395,339
Align
Technology,
Inc.
(f)
................
1,173
770,872
DexCom,
Inc.
(f)
.....................
2,124
1,140,482
Hologic,
Inc.
(f)
......................
2,507
191,936
IDEXX
Laboratories,
Inc.
(f)
..............
6,025
3,967,221
Medtronic
plc
......................
2,925
302,591
6,768,441
Health
Care
Providers
&
Services
—
1.2%
Anthem,
Inc.
.......................
3,879
1,798,072
Cigna
Corp.
.......................
2,384
547,438
CVS
Health
Corp.
...................
3,367
347,340
McKesson
Corp.
....................
8,232
2,046,228
UnitedHealth
Group,
Inc.
...............
3,318
1,666,100
6,405,178
Health
Care
Technology
—
0.1%
Cerner
Corp.
.......................
2,184
202,828
Teladoc
Health,
Inc.
(f)
.................
5,652
518,967
721,795
Hotels,
Restaurants
&
Leisure
—
0.7%
Booking
Holdings,
Inc.
(f)
...............
972
2,332,051
McDonald's
Corp.
...................
2,560
686,259
Travel
+
Leisure
Co.
..................
13,558
749,351
3,767,661
Household
Durables
—
0.5%
DR
Horton,
Inc.
.....................
7,332
795,156
Whirlpool
Corp.
(g)
....................
7,961
1,868,128
2,663,284
Household
Products
—
0.9%
Colgate-Palmolive
Co.
................
48,733
4,158,874
Procter
&
Gamble
Co.
(The)
............
6,443
1,053,946
5,212,820
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Sunnova
Energy
International,
Inc.
(f)
.......
7,322
204,430
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Industrial
Conglomerates
—
0.3%
General
Electric
Co.
..................
1,093
$
103,256
Honeywell
International,
Inc.
............
4,612
961,648
Roper
Technologies,
Inc.
...............
1,331
654,665
1,719,569
Insurance
—
2.1%
Athene
Holding
Ltd.,
Class
A
(f)
...........
882
73,497
Marsh
&
McLennan
Cos.,
Inc.
...........
25,164
4,374,006
MetLife,
Inc.
.......................
58,864
3,678,411
Reinsurance
Group
of
America,
Inc.
.......
4,901
536,611
Travelers
Cos.,
Inc.
(The)
..............
9,730
1,522,064
Willis
Towers
Watson
plc
...............
6,340
1,505,687
11,690,276
Interactive
Media
&
Services
—
3.6%
(f)
Alphabet,
Inc.,
Class
A
................
3,411
9,881,803
Alphabet,
Inc.,
Class
C
................
2,083
6,027,348
Facebook,
Inc.,
Class
A
...............
10,429
3,507,794
Twitter,
Inc.
........................
7,566
327,003
ZoomInfo
Technologies,
Inc.,
Class
A
......
1,943
124,741
19,868,689
Internet
&
Direct
Marketing
Retail
—
2.2%
Amazon.com,
Inc.
(f)
..................
3,619
12,066,976
IT
Services
—
2.8%
Accenture
plc,
Class
A
................
2,965
1,229,141
Automatic
Data
Processing,
Inc.
..........
6,968
1,718,169
Broadridge
Financial
Solutions,
Inc.
.......
640
117,005
EPAM
Systems,
Inc.
(f)
.................
243
162,433
Fidelity
National
Information
Services,
Inc.
...
20,984
2,290,404
Global
Payments,
Inc.
................
3,261
440,822
Marqeta,
Inc.,
Class
A
(f)
................
1,617
27,764
Mastercard,
Inc.,
Class
A
...............
2,162
776,850
Okta,
Inc.,
Class
A
(f)
..................
4,341
973,122
PayPal
Holdings,
Inc.
(f)
................
7,344
1,384,932
Snowflake,
Inc.,
Class
A
(f)
..............
95
32,181
Visa,
Inc.,
Class
A
...................
29,451
6,382,326
15,535,149
Life
Sciences
Tools
&
Services
—
1.5%
Agilent
Technologies,
Inc.
..............
24,745
3,950,539
Bruker
Corp.
.......................
8,264
693,432
Danaher
Corp.
.....................
10,438
3,434,207
Illumina,
Inc.
(f)
......................
418
159,024
Thermo
Fisher
Scientific,
Inc.
............
453
302,260
8,539,462
Machinery
—
1.7%
Caterpillar,
Inc.
.....................
4,741
980,154
Fortive
Corp.
.......................
10,389
792,577
Illinois
Tool
Works,
Inc.
(g)
...............
17,283
4,265,444
Otis
Worldwide
Corp.
.................
37,955
3,304,742
9,342,917
Media
—
0.7%
Altice
USA,
Inc.,
Class
A
(f)
..............
19,656
318,034
Comcast
Corp.,
Class
A
...............
28,571
1,437,979
Discovery,
Inc.,
Class
C
(f)
..............
2,610
59,769
Fox
Corp.,
Class
A
...................
18,887
696,930
Fox
Corp.,
Class
B
...................
1,111
38,074
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(f)
598
30,408
Nexstar
Media
Group,
Inc.,
Class
A
........
984
148,564
Sirius
XM
Holdings,
Inc.
(g)
..............
153,529
974,909
TEGNA,
Inc.
.......................
2,430
45,101
3,749,768
Security
Shares
Shares
Value
Metals
&
Mining
—
0.1%
Reliance
Steel
&
Aluminum
Co.
..........
3,970
$
644,013
Multiline
Retail
—
0.8%
Kohl's
Corp.
.......................
6,400
316,096
Nordstrom,
Inc.
(f)(g)
...................
32,470
734,471
Target
Corp.
.......................
14,654
3,391,522
4,442,089
Multi-Utilities
—
1.2%
Consolidated
Edison,
Inc.
..............
36,820
3,141,483
DTE
Energy
Co.
....................
18,832
2,251,177
NiSource,
Inc.
......................
41,162
1,136,483
6,529,143
Oil,
Gas
&
Consumable
Fuels
—
1.0%
Chevron
Corp.
......................
4,134
485,125
Devon
Energy
Corp.
..................
2,459
108,319
EOG
Resources,
Inc.
.................
45,645
4,054,645
Phillips
66
.........................
6,436
466,353
Williams
Cos.,
Inc.
(The)
...............
16,814
437,836
5,552,278
Personal
Products
—
0.5%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
(g)
....
7,886
2,919,397
Pharmaceuticals
—
3.0%
Bristol-Myers
Squibb
Co.
...............
9,579
597,251
Eli
Lilly
&
Co.
......................
7,251
2,002,871
Johnson
&
Johnson
..................
40,139
6,866,579
Merck
&
Co.,
Inc.
....................
10,398
796,903
Pfizer,
Inc.
........................
25,372
1,498,216
Zoetis,
Inc.
........................
18,561
4,529,441
16,291,261
Professional
Services
—
0.6%
Equifax,
Inc.
(g)
......................
9,670
2,831,280
IHS
Markit
Ltd.
.....................
2,722
361,808
3,193,088
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(f)
............
4,322
468,980
Road
&
Rail
—
0.8%
Landstar
System,
Inc.
.................
7,363
1,318,124
Lyft,
Inc.,
Class
A
(f)
...................
1,846
78,880
Old
Dominion
Freight
Line,
Inc.
..........
235
84,219
Ryder
System,
Inc.
...................
26,933
2,220,087
Schneider
National,
Inc.,
Class
B
.........
22,690
610,588
4,311,898
Semiconductors
&
Semiconductor
Equipment
—
3.4%
Advanced
Micro
Devices,
Inc.
(f)
..........
17,060
2,454,934
Applied
Materials,
Inc.
................
14,090
2,217,202
Cirrus
Logic,
Inc.
(f)
...................
12,906
1,187,610
Intel
Corp.
........................
63,037
3,246,405
KLA
Corp.
.........................
497
213,765
Lam
Research
Corp.
.................
1,531
1,101,019
NVIDIA
Corp.
......................
18,150
5,338,097
QUALCOMM,
Inc.
...................
7,647
1,398,407
Silicon
Laboratories,
Inc.
(f)
..............
5,093
1,051,297
Texas
Instruments,
Inc.
................
809
152,472
Xilinx,
Inc.
.........................
1,695
359,391
18,720,599
Software
—
6.5%
Adobe,
Inc.
(f)
.......................
8,407
4,767,273
Atlassian
Corp.
plc,
Class
A
(f)
............
171
65,201
Cadence
Design
Systems,
Inc.
(f)
..........
4,575
852,551
Crowdstrike
Holdings,
Inc.,
Class
A
(f)
.......
147
30,098
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Software
(continued)
HashiCorp,
Inc.,
Class
A
(f)
..............
3,555
$
323,647
HubSpot,
Inc.
(f)
.....................
361
237,953
Intuit,
Inc.
.........................
7,252
4,664,632
Manhattan
Associates,
Inc.
(f)
............
1,607
249,872
Microsoft
Corp.
.....................
47,344
15,922,734
salesforce.com,
Inc.
(f)
.................
5,373
1,365,441
ServiceNow,
Inc.
(f)
...................
5,654
3,670,068
VMware,
Inc.,
Class
A
.................
1,315
152,382
Workday,
Inc.,
Class
A
(f)
...............
12,558
3,430,595
35,732,447
Specialty
Retail
—
0.8%
Advance
Auto
Parts,
Inc.
(g)
..............
1,958
469,685
American
Eagle
Outfitters,
Inc.
...........
27,485
695,920
Dick's
Sporting
Goods,
Inc.
.............
421
48,411
Foot
Locker,
Inc.
....................
1,484
64,747
Home
Depot,
Inc.
(The)
...............
3,296
1,367,873
Lithia
Motors,
Inc.
...................
480
142,536
Lowe's
Cos.,
Inc.
....................
1,418
366,525
Penske
Automotive
Group,
Inc.
..........
4,396
471,339
Tractor
Supply
Co.
...................
2,389
570,015
4,197,051
Technology
Hardware,
Storage
&
Peripherals
—
5.1%
Apple,
Inc.
........................
109,573
19,456,878
Dell
Technologies,
Inc.,
Class
C
(f)
.........
64,805
3,640,097
Hewlett
Packard
Enterprise
Co.
..........
199,629
3,148,149
NetApp,
Inc.
.......................
12,911
1,187,683
Western
Digital
Corp.
(f)
................
7,430
484,510
27,917,317
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Levi
Strauss
&
Co.,
Class
A
.............
14,483
362,510
Ralph
Lauren
Corp.
..................
4,320
513,475
Tapestry,
Inc.
.......................
8,582
348,429
1,224,414
Thrifts
&
Mortgage
Finance
—
0.0%
New
York
Community
Bancorp,
Inc.
(g)
......
10,283
125,555
Tobacco
—
0.0%
British
American
Tobacco
plc,
ADR
........
1
37
Trading
Companies
&
Distributors
—
0.2%
SiteOne
Landscape
Supply,
Inc.
(f)
.........
4,680
1,133,870
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(f)(g)
...........
16,179
509,962
Total
Common
Stocks
—
60.3%
(Cost:
$272,877,592)
..............................
332,826,270
Par
(000)
Par
(000)
Corporate
Bonds
—
11.5%
Aerospace
&
Defense
—
0.6%
BAE
Systems
Holdings,
Inc.,
3.85%,
12/15/25
(b)
USD
24
25,723
BAE
Systems
plc,
3.40%,
04/15/30
(b)
......
200
213,472
Boeing
Co.
(The),
4.88%,
05/01/25
.......
80
87,526
Embraer
Netherlands
Finance
BV
5.05%,
06/15/25
..................
17
17,545
5.40%,
02/01/27
..................
9
9,377
Embraer
Overseas
Ltd.,
5.70%,
09/16/23
(h)
..
14
14,633
General
Dynamics
Corp.
1.15%,
06/01/26
..................
19
18,824
3.63%,
04/01/30
..................
149
165,503
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Huntington
Ingalls
Industries,
Inc.
3.84%,
05/01/25
..................
USD
49
$
51,821
2.04%,
08/16/28
(b)
.................
25
24,474
4.20%,
05/01/30
..................
76
84,649
L3Harris
Technologies,
Inc.
3.85%,
12/15/26
..................
55
59,810
4.40%,
06/15/28
..................
220
246,931
2.90%,
12/15/29
..................
90
92,796
1.80%,
01/15/31
..................
106
101,169
Leidos,
Inc.,
4.38%,
05/15/30
..........
154
171,574
Lockheed
Martin
Corp.
4.07%,
12/15/42
..................
112
131,835
3.80%,
03/01/45
..................
58
66,300
Northrop
Grumman
Corp.
3.25%,
01/15/28
..................
189
202,271
4.03%,
10/15/47
..................
36
42,452
5.25%,
05/01/50
..................
79
110,650
Raytheon
Technologies
Corp.
3.15%,
12/15/24
..................
35
36,737
3.50%,
03/15/27
..................
455
487,370
7.20%,
08/15/27
..................
20
24,962
7.00%,
11/01/28
..................
89
113,397
4.13%,
11/16/28
..................
133
148,766
2.25%,
07/01/30
..................
60
59,829
4.50%,
06/01/42
..................
5
6,181
4.20%,
12/15/44
..................
20
22,645
2.82%,
09/01/51
..................
5
4,828
3.03%,
03/15/52
..................
146
146,702
Textron,
Inc.
3.65%,
03/15/27
..................
35
37,560
3.90%,
09/17/29
..................
87
95,521
3,123,833
Air
Freight
&
Logistics
—
0.1%
FedEx
Corp.
4.25%,
05/15/30
..................
105
119,397
2.40%,
05/15/31
..................
169
169,338
3.90%,
02/01/35
..................
27
30,127
United
Parcel
Service,
Inc.
3.40%,
03/15/29
..................
70
76,341
6.20%,
01/15/38
..................
15
21,646
416,849
Airlines
—
0.2%
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
AA,
3.30%,
01/15/30
(b)
.........
17
17,199
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
.
75
74,240
Series
2016-1,
Class
B,
5.25%,
01/15/24
.
44
43,716
Series
2017-1,
Class
B,
4.95%,
02/15/25
.
17
16,903
Series
2015-2,
Class
AA,
3.60%,
09/22/27
13
12,960
Series
2016-1,
Class
AA,
3.58%,
01/15/28
30
30,945
Series
2019-1,
Class
B,
3.85%,
02/15/28
.
64
61,496
Series
2016-2,
Class
AA,
3.20%,
06/15/28
28
27,662
Series
2016-3,
Class
AA,
3.00%,
10/15/28
42
42,173
Series
2017-1,
Class
AA,
3.65%,
02/15/29
20
21,195
Series
2019-1,
Class
AA,
3.15%,
02/15/32
64
64,936
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
125
129,238
Gol
Finance
SA,
7.00%,
01/31/25
(b)
.......
37
32,463
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%,
03/15/27
(b)
.....
40
36,996
United
Airlines
Pass-Through
Trust
Series
2014-1,
Class
B,
4.75%,
04/11/22
.
8
7,901
Series
2014-2,
Class
B,
4.63%,
09/03/22
.
5
4,977
Series
2016-2,
Class
B,
3.65%,
10/07/25
.
4
3,900
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Airlines
(continued)
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
USD
36
$
37,397
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
203
222,626
Series
2015-1,
Class
AA,
3.45%,
12/01/27
12
12,309
Series
2019-2,
Class
B,
3.50%,
05/01/28
.
37
36,407
Series
2016-1,
Class
AA,
3.10%,
07/07/28
4
3,923
Series
2016-2,
Class
AA,
2.88%,
10/07/28
24
24,087
Series
2018-1,
Class
AA,
3.50%,
03/01/30
9
8,946
Series
2019-2,
Class
AA,
2.70%,
05/01/32
39
38,951
1,013,546
Automobiles
—
0.2%
BMW
US
Capital
LLC,
1.95%,
08/12/31
(b)
...
70
68,129
Daimler
Finance
North
America
LLC,
2.55%,
08/15/22
(b)
.....................
210
212,381
Ford
Motor
Co.,
3.25%,
02/12/32
........
11
11,264
General
Motors
Co.,
6.13%,
10/01/25
.....
49
56,288
Hyundai
Capital
America,
3.95%,
02/01/22
(b)
.
94
94,222
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(b)
...
400
447,344
889,628
Banks
—
1.6%
Banco
Santander
SA,
2.71%,
06/27/24
.....
200
207,076
Bank
of
America
Corp.
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
(a)
....................
31
31,641
(SOFR
+
0.74%),
0.81%,
10/24/24
(a)
....
50
49,667
7.25%,
10/15/25
..................
75
89,126
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
....................
537
551,533
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
....................
68
71,536
(SOFR
+
1.15%),
1.32%,
06/19/26
(a)
....
186
184,024
(SOFR
+
1.01%),
1.20%,
10/24/26
(a)
....
131
128,385
(SOFR
+
0.96%),
1.73%,
07/22/27
(a)
....
390
387,160
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(a)
....................
148
160,266
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
....................
89
96,586
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
(a)
....................
39
41,975
(LIBOR
USD
3
Month
+
1.04%),
3.42%,
12/20/28
(a)
....................
197
210,330
(LIBOR
USD
3
Month
+
1.07%),
3.97%,
03/05/29
(a)
....................
119
130,213
(SOFR
+
1.06%),
2.09%,
06/14/29
(a)
....
255
253,208
(LIBOR
USD
3
Month
+
1.31%),
4.27%,
07/23/29
(a)
....................
145
161,666
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
....................
107
117,864
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
....................
97
102,295
(LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/30
(a)
....................
58
59,888
(SOFR
+
1.53%),
1.90%,
07/23/31
(a)
....
55
52,639
(SOFR
+
1.22%),
2.30%,
07/21/32
(a)
....
125
122,901
(SOFR
+
1.21%),
2.57%,
10/20/32
(a)
....
125
125,600
(SOFR
+
1.93%),
2.68%,
06/19/41
(a)
....
133
128,022
(SOFR
+
1.58%),
3.31%,
04/22/42
(a)
....
68
71,469
BBVA
Bancomer
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%),
5.87%,
09/13/34
(a)(h)
..........
200
218,850
Citigroup,
Inc.
4.40%,
06/10/25
..................
94
102,368
(SOFR
+
0.77%),
1.46%,
06/09/27
(a)
....
25
24,573
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
(a)
....................
391
421,710
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(LIBOR
USD
3
Month
+
1.19%),
4.07%,
04/23/29
(a)
....................
USD
121
$
133,438
(SOFR
+
1.42%),
2.98%,
11/05/30
(a)
.....
243
252,345
(SOFR
+
1.18%),
2.52%,
11/03/32
(a)
.....
45
44,947
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
41
43,291
Danske
Bank
A/S
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.03%),
1.17%,
12/08/23
(a)(b)
..............
200
199,954
5.38%,
01/12/24
(h)
.................
200
215,291
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
.......
200
191,600
HSBC
Holdings
plc
(a)
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
.....................
301
337,194
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.70%
(i)
......................
200
200,000
JPMorgan
Chase
&
Co.
(SOFR
+
0.60%),
0.65%,
09/16/24
(a)
....
100
99,530
(LIBOR
USD
3
Month
+
1.00%),
4.02%,
12/05/24
(a)
....................
274
288,897
(SOFR
+
1.59%),
2.00%,
03/13/26
(a)
....
227
229,677
2.95%,
10/01/26
..................
106
111,898
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
(a)
....................
120
129,658
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
....................
127
137,482
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
(a)
....................
431
468,080
(SOFR
+
1.89%),
2.18%,
06/01/28
(a)
....
6
6,049
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
....................
13
14,754
(SOFR
+
1.46%),
3.16%,
04/22/42
(a)
....
85
88,730
(LIBOR
USD
3
Month
+
1.58%),
4.26%,
02/22/48
(a)
....................
115
140,584
(LIBOR
USD
3
Month
+
1.38%),
3.96%,
11/15/48
(a)
....................
24
28,148
(LIBOR
USD
3
Month
+
1.22%),
3.90%,
01/23/49
(a)
....................
26
30,121
(SOFR
+
1.58%),
3.33%,
04/22/52
(a)
....
5
5,350
Mitsubishi
UFJ
Financial
Group,
Inc.,
1.41%,
07/17/25
......................
200
198,888
Santander
UK
Group
Holdings
plc,
(SOFR
+
0.79%),
1.09%,
03/15/25
(a)
...........
237
234,831
Sumitomo
Mitsui
Financial
Group,
Inc.,
3.78%,
03/09/26
......................
116
125,114
Washington
Mutual
Escrow
Bonds
(c)(f)(j)
0.00%,
11/06/09
..................
100
—
0.00%,
09/29/17
..................
400
—
Wells
Fargo
&
Co.
3.00%,
04/22/26
..................
18
18,907
(LIBOR
USD
3
Month
+
1.31%),
3.58%,
05/22/28
(a)
....................
158
169,854
(SOFR
+
1.43%),
2.88%,
10/30/30
(a)
....
71
73,811
(SOFR
+
4.03%),
4.48%,
04/04/31
(a)
....
63
73,188
(SOFR
+
2.53%),
3.07%,
04/30/41
(a)
....
248
254,330
8,848,512
Beverages
—
0.3%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
.
331
399,454
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
..................
343
381,519
3.50%,
06/01/30
..................
396
434,036
Coca-Cola
Co.
(The)
2.50%,
06/01/40
..................
100
100,376
2.75%,
06/01/60
..................
21
20,800
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Beverages
(continued)
Keurig
Dr
Pepper,
Inc.,
3.20%,
05/01/30
....
USD
103
$
108,890
1,445,075
Biotechnology
—
0.3%
AbbVie,
Inc.
2.60%,
11/21/24
..................
277
287,424
3.80%,
03/15/25
..................
74
78,771
4.55%,
03/15/35
..................
52
62,524
4.50%,
05/14/35
..................
161
192,592
4.40%,
11/06/42
..................
21
25,058
4.85%,
06/15/44
..................
7
8,772
4.88%,
11/14/48
..................
25
32,305
4.25%,
11/21/49
..................
88
105,791
Amgen,
Inc.,
4.40%,
05/01/45
..........
169
201,662
Biogen,
Inc.
2.25%,
05/01/30
..................
108
106,336
3.15%,
05/01/50
..................
58
55,747
Gilead
Sciences,
Inc.
4.75%,
03/01/46
..................
145
183,733
4.15%,
03/01/47
..................
37
43,562
1,384,277
Building
Products
—
0.0%
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
132
135,166
Masonite
International
Corp.,
5.38%,
02/01/28
(b)
15
15,731
Owens
Corning,
3.88%,
06/01/30
........
12
13,087
Standard
Industries,
Inc.
(b)
5.00%,
02/15/27
..................
15
15,441
4.75%,
01/15/28
..................
7
7,228
186,653
Capital
Markets
—
1.2%
Bank
of
New
York
Mellon
Corp.
(The),
(LIBOR
USD
3
Month
+
1.07%),
3.44%,
02/07/28
(a)
.
66
70,811
Charles
Schwab
Corp.
(The),
3.20%,
03/02/27
24
25,615
Credit
Suisse
AG,
1.25%,
08/07/26
.......
308
300,249
Deutsche
Bank
AG
(SOFR
+
1.13%),
1.45%,
04/01/25
(a)
....
269
267,330
1.69%,
03/19/26
..................
300
298,522
E*TRADE
Financial
Corp.,
3.80%,
08/24/27
..
62
67,382
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.51%),
0.66%,
09/10/24
(a)
....
21
20,824
3.50%,
01/23/25
..................
290
305,730
3.50%,
04/01/25
..................
1,076
1,137,799
3.75%,
05/22/25
..................
159
169,686
3.50%,
11/16/26
..................
27
28,774
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
....
175
171,434
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
....................
206
221,830
(SOFR
+
1.25%),
2.38%,
07/21/32
(a)
....
128
126,028
(SOFR
+
1.26%),
2.65%,
10/21/32
(a)
....
86
86,538
Intercontinental
Exchange,
Inc.
3.75%,
09/21/28
..................
50
55,209
2.10%,
06/15/30
..................
113
111,974
Moody's
Corp.
3.25%,
01/15/28
..................
69
73,970
3.10%,
11/29/61
..................
47
46,593
Morgan
Stanley
3.13%,
01/23/23
..................
182
186,609
(SOFR
+
0.47%),
0.56%,
11/10/23
(a)
.....
250
249,653
(SOFR
+
1.15%),
2.72%,
07/22/25
(a)
....
57
58,738
3.13%,
07/27/26
..................
4
4,237
3.63%,
01/20/27
..................
281
304,649
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
....
201
199,019
(SOFR
+
0.86%),
1.51%,
07/20/27
(a)
....
81
79,723
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(a)
....................
35
37,733
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
....................
USD
407
$
442,887
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
....................
357
406,822
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
....
355
363,195
(SOFR
+
1.20%),
2.51%,
10/20/32
(a)
....
25
24,973
(SOFR
+
1.49%),
3.22%,
04/22/42
(a)
....
15
15,715
Northern
Trust
Corp.,
3.15%,
05/03/29
.....
30
32,294
State
Street
Corp.,
2.40%,
01/24/30
......
38
39,181
UBS
Group
AG
(a)(b)
(USD
Swap
Semi
5
Year
+
4.34%),
7.00%
(i)
200
215,650
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.49%,
08/10/27
................
215
209,739
XP,
Inc.,
3.25%,
07/01/26
(b)
............
200
192,225
6,649,340
Chemicals
—
0.1%
Dow
Chemical
Co.
(The),
2.10%,
11/15/30
..
39
38,340
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
..
148
163,533
Ecolab,
Inc.,
2.75%,
08/18/55
..........
111
108,934
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
......................
67
77,438
MEGlobal
Canada
ULC,
5.00%,
05/18/25
(b)
..
200
218,100
Sherwin-Williams
Co.
(The),
2.30%,
05/15/30
.
98
97,728
Westlake
Chemical
Corp.,
3.38%,
08/15/61
..
52
49,603
753,676
Commercial
Services
&
Supplies
—
0.1%
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
...
31
32,046
KAR
Auction
Services,
Inc.,
5.13%,
06/01/25
(b)
29
29,435
RELX
Capital,
Inc.
3.50%,
03/16/23
..................
115
118,376
4.00%,
03/18/29
..................
108
119,786
3.00%,
05/22/30
..................
143
149,915
Republic
Services,
Inc.
2.90%,
07/01/26
..................
42
43,901
3.95%,
05/15/28
..................
47
52,053
2.30%,
03/01/30
..................
20
20,051
Waste
Management,
Inc.
1.15%,
03/15/28
..................
23
21,950
2.00%,
06/01/29
..................
19
18,980
2.95%,
06/01/41
..................
24
25,029
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
....
16
15,920
647,442
Communications
Equipment
—
0.1%
Motorola
Solutions,
Inc.
4.60%,
05/23/29
..................
162
185,086
2.75%,
05/24/31
..................
130
130,234
5.50%,
09/01/44
..................
65
84,609
399,929
Construction
&
Engineering
—
0.0%
Mexico
City
Airport
Trust,
5.50%,
07/31/47
(h)
.
200
199,663
Consumer
Finance
—
0.2%
AerCap
Ireland
Capital
DAC,
4.45%,
04/03/26
150
162,934
Capital
One
Financial
Corp.,
3.90%,
01/29/24
43
45,250
General
Motors
Financial
Co.,
Inc.
3.55%,
07/08/22
..................
163
165,367
3.70%,
05/09/23
..................
16
16,477
1.70%,
08/18/23
..................
69
69,656
5.10%,
01/17/24
..................
34
36,456
3.50%,
11/07/24
..................
21
22,047
2.75%,
06/20/25
..................
166
171,292
2.40%,
10/15/28
..................
175
174,512
2.70%,
06/10/31
..................
11
10,961
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Navient
Corp.
7.25%,
09/25/23
..................
USD
10
$
10,781
5.88%,
10/25/24
..................
16
17,060
6.75%,
06/25/25
..................
16
17,600
6.75%,
06/15/26
..................
16
17,686
Synchrony
Financial
4.50%,
07/23/25
..................
2
2,161
3.70%,
08/04/26
..................
22
23,363
963,603
Containers
&
Packaging
—
0.0%
International
Paper
Co.,
6.00%,
11/15/41
...
41
56,640
Owens-Brockway
Glass
Container,
Inc.,
5.88%,
08/15/23
(b)
.....................
21
21,998
Packaging
Corp.
of
America,
3.05%,
10/01/51
19
18,907
97,545
Distributors
—
0.0%
American
Builders
&
Contractors
Supply
Co.,
Inc.,
4.00%,
01/15/28
(b)
.............
24
24,558
Diversified
Financial
Services
—
0.1%
Avianca
Midco
2
Ltd.,
9.00%,
12/01/28
(b)
....
30
29,650
Banco
Votorantim
SA,
4.00%,
09/24/22
(b)
...
200
203,163
Blackstone
Private
Credit
Fund,
3.25%,
03/15/27
(b)
.....................
161
162,663
Shell
International
Finance
BV
2.38%,
11/07/29
..................
95
97,031
2.75%,
04/06/30
..................
37
38,647
4.38%,
05/11/45
..................
16
19,439
550,593
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.
4.35%,
03/01/29
..................
173
194,327
4.30%,
02/15/30
..................
147
165,447
2.55%,
12/01/33
..................
82
80,199
5.38%,
10/15/41
..................
34
41,703
5.15%,
03/15/42
..................
16
20,033
4.90%,
06/15/42
(d)
.................
20
24,094
4.50%,
03/09/48
..................
118
137,571
5.15%,
02/15/50
..................
131
167,358
3.50%,
09/15/53
..................
60
60,534
5.70%,
03/01/57
..................
47
64,464
3.80%,
12/01/57
..................
95
98,901
3.65%,
09/15/59
..................
102
103,009
CCO
Holdings
LLC
(b)
5.38%,
06/01/29
..................
36
38,849
4.75%,
03/01/30
..................
40
41,600
Level
3
Financing,
Inc.,
4.63%,
09/15/27
(b)
...
6
6,120
Oi
SA,
10.00%,
(10.00%
Cash
or
4.00%
PIK),
07/27/25
(k)
.....................
13
11,446
Verizon
Communications,
Inc.
4.13%,
03/16/27
..................
96
106,707
2.10%,
03/22/28
..................
53
53,101
4.33%,
09/21/28
..................
115
130,635
4.02%,
12/03/29
..................
135
151,349
3.15%,
03/22/30
..................
53
56,071
1.50%,
09/18/30
..................
209
196,067
1.68%,
10/30/30
..................
86
81,711
1.75%,
01/20/31
..................
167
158,058
2.55%,
03/21/31
..................
27
27,241
2.65%,
11/20/40
..................
347
329,725
2.85%,
09/03/41
..................
50
49,327
4.86%,
08/21/46
..................
45
57,916
3.00%,
11/20/60
..................
81
76,541
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
3.70%,
03/22/61
..................
USD
105
$
113,843
2,843,947
Electric
Utilities
—
0.9%
AEP
Texas,
Inc.
3.95%,
06/01/28
..................
81
88,696
Series
H,
3.45%,
01/15/50
...........
26
26,446
3.45%,
05/15/51
..................
59
59,429
AEP
Transmission
Co.
LLC
3.15%,
09/15/49
..................
67
68,210
Series
M,
3.65%,
04/01/50
...........
88
97,143
Alabama
Power
Co.
4.15%,
08/15/44
..................
10
11,687
3.45%,
10/01/49
..................
32
33,906
3.13%,
07/15/51
..................
40
40,787
American
Transmission
Systems,
Inc.,
2.65%,
01/15/32
(b)
.....................
76
76,706
Baltimore
Gas
&
Electric
Co.
2.25%,
06/15/31
..................
18
18,014
3.50%,
08/15/46
..................
50
53,975
3.75%,
08/15/47
..................
30
33,847
3.20%,
09/15/49
..................
51
53,255
CenterPoint
Energy
Houston
Electric
LLC
Series
AE,
2.35%,
04/01/31
..........
30
30,455
3.95%,
03/01/48
..................
20
23,836
Series
AF,
3.35%,
04/01/51
..........
38
41,765
DTE
Electric
Co.
Series
A,
4.05%,
05/15/48
...........
75
89,207
3.95%,
03/01/49
..................
25
29,542
Duke
Energy
Carolinas
LLC
3.95%,
11/15/28
..................
12
13,393
2.45%,
02/01/30
..................
12
12,145
2.55%,
04/15/31
..................
35
35,927
3.88%,
03/15/46
..................
25
28,153
3.95%,
03/15/48
..................
66
76,027
Duke
Energy
Corp.,
4.80%,
12/15/45
......
5
6,138
Duke
Energy
Florida
LLC
3.80%,
07/15/28
..................
15
16,528
2.50%,
12/01/29
..................
309
317,528
3.40%,
10/01/46
..................
25
26,374
3.00%,
12/15/51
..................
31
31,241
Duke
Energy
Ohio,
Inc.,
3.65%,
02/01/29
...
38
41,080
Duke
Energy
Progress
LLC
3.45%,
03/15/29
..................
70
75,538
2.90%,
08/15/51
..................
110
109,047
Edison
International,
3.13%,
11/15/22
.....
1
1,016
Entergy
Arkansas
LLC,
3.35%,
06/15/52
....
22
23,101
Entergy
Louisiana
LLC
2.35%,
06/15/32
..................
15
14,954
4.20%,
09/01/48
..................
59
70,175
Exelon
Corp.
5.10%,
06/15/45
..................
10
12,863
4.70%,
04/15/50
..................
32
40,171
FirstEnergy
Corp.
Series
B,
4.40%,
07/15/27
(d)
..........
42
45,235
2.65%,
03/01/30
..................
77
76,037
Series
B,
2.25%,
09/01/30
...........
11
10,590
Series
C,
5.35%,
07/15/47
(d)
..........
34
40,418
Series
C,
3.40%,
03/01/50
...........
38
37,240
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
..................
175
186,053
4.55%,
04/01/49
..................
155
176,943
Florida
Power
&
Light
Co.
4.05%,
10/01/44
..................
17
20,140
3.95%,
03/01/48
..................
93
110,288
3.15%,
10/01/49
..................
99
105,103
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
2.88%,
12/04/51
..................
USD
45
$
45,637
Genneia
SA,
8.75%,
09/02/27
(b)
.........
19
17,904
MidAmerican
Energy
Co.
3.65%,
04/15/29
..................
121
133,336
4.25%,
07/15/49
..................
58
71,566
3.15%,
04/15/50
..................
30
31,400
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
................
14
15,377
NextEra
Energy
Capital
Holdings,
Inc.,
1.90%,
06/15/28
......................
27
26,715
Northern
States
Power
Co.
2.25%,
04/01/31
..................
40
40,322
2.90%,
03/01/50
..................
50
50,479
2.60%,
06/01/51
..................
24
22,895
NRG
Energy,
Inc.
2.45%,
12/02/27
(b)
.................
104
103,049
5.75%,
01/15/28
..................
22
23,257
4.45%,
06/15/29
(b)
.................
66
71,797
5.25%,
06/15/29
(b)
.................
21
22,499
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
...........
35
32,909
4.00%,
06/01/49
..................
29
33,314
Series
R,
2.90%,
10/01/51
...........
48
46,287
Oncor
Electric
Delivery
Co.
LLC
3.70%,
11/15/28
..................
32
35,219
5.30%,
06/01/42
..................
6
8,013
3.80%,
06/01/49
..................
98
113,302
2.70%,
11/15/51
(b)
.................
3
2,885
Pacific
Gas
&
Electric
Co.
2.50%,
02/01/31
..................
7
6,668
3.25%,
06/01/31
..................
54
54,178
4.95%,
07/01/50
..................
81
88,214
PECO
Energy
Co.
3.90%,
03/01/48
..................
18
21,012
3.05%,
03/15/51
..................
61
62,214
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
..................
80
87,799
2.05%,
08/01/50
..................
31
26,200
Southern
California
Edison
Co.
1.85%,
02/01/22
..................
6
6,076
Series
E,
3.70%,
08/01/25
...........
26
27,760
Series
20C,
1.20%,
02/01/26
.........
60
58,768
Series
A,
4.20%,
03/01/29
...........
33
36,790
2.25%,
06/01/30
..................
103
101,644
Southwestern
Public
Service
Co.,
Series
8,
3.15%,
05/01/50
.................
78
81,341
Tampa
Electric
Co.
4.30%,
06/15/48
..................
19
23,221
4.45%,
06/15/49
..................
44
55,293
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
.....................
190
201,210
Virginia
Electric
&
Power
Co.
Series
B,
6.00%,
01/15/36
...........
14
19,195
Series
A,
6.00%,
05/15/37
...........
28
38,280
4.00%,
01/15/43
..................
52
59,752
Virginia
Electric
and
Power
Co.,
Series
A,
3.50%,
03/15/27
.................
25
26,932
Vistra
Operations
Co.
LLC
(b)
5.50%,
09/01/26
..................
27
27,881
3.70%,
01/30/27
..................
40
41,476
5.63%,
02/15/27
..................
35
36,050
5.00%,
07/31/27
..................
35
36,324
4.30%,
07/15/29
..................
128
136,882
4,945,674
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Corning,
Inc.,
4.38%,
11/15/57
..........
USD
22
$
26,154
Tyco
Electronics
Group
SA,
3.45%,
08/01/24
.
15
15,726
41,880
Energy
Equipment
&
Services
—
0.0%
Odebrecht
Offshore
Drilling
Finance
Ltd.,
7.72%,
(7.72%
Cash
or
7.72%
PIK),
12/01/26
(b)(k)
....................
—
(e)
86
Entertainment
—
0.1%
Activision
Blizzard,
Inc.,
1.35%,
09/15/30
...
67
61,799
Electronic
Arts,
Inc.,
1.85%,
02/15/31
......
122
116,931
NBCUniversal
Media
LLC,
4.45%,
01/15/43
..
33
39,989
Walt
Disney
Co.
(The),
4.70%,
03/23/50
....
127
167,549
386,268
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
American
Tower
Corp.
5.00%,
02/15/24
..................
15
16,140
2.40%,
03/15/25
..................
196
201,256
1.60%,
04/15/26
..................
26
25,734
3.95%,
03/15/29
..................
38
41,432
3.80%,
08/15/29
..................
47
51,132
2.10%,
06/15/30
..................
53
51,030
2.30%,
09/15/31
..................
62
60,216
Crown
Castle
International
Corp.
3.70%,
06/15/26
..................
50
53,585
1.05%,
07/15/26
..................
28
27,040
3.10%,
11/15/29
..................
171
178,544
3.30%,
07/01/30
..................
61
64,343
2.25%,
01/15/31
..................
28
27,279
2.50%,
07/15/31
..................
88
87,347
5.20%,
02/15/49
..................
18
23,094
Duke
Realty
LP
1.75%,
07/01/30
..................
23
21,852
1.75%,
02/01/31
..................
117
110,706
Equinix,
Inc.
1.00%,
09/15/25
..................
151
146,470
2.50%,
05/15/31
..................
40
39,972
GLP
Capital
LP
3.35%,
09/01/24
..................
30
31,064
5.38%,
04/15/26
..................
30
33,407
5.75%,
06/01/28
..................
36
41,567
4.00%,
01/15/30
..................
45
47,612
4.00%,
01/15/31
..................
79
84,292
3.25%,
01/15/32
..................
43
43,232
Invitation
Homes
Operating
Partnership
LP,
2.30%,
11/15/28
.................
41
40,553
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
..................
62
66,261
4.50%,
09/01/26
..................
18
19,350
5.75%,
02/01/27
..................
30
33,900
MPT
Operating
Partnership
LP,
5.25%,
08/01/26
......................
3
3,086
National
Retail
Properties,
Inc.
3.50%,
04/15/51
..................
52
53,441
3.00%,
04/15/52
..................
39
36,858
Prologis
LP,
3.00%,
04/15/50
...........
19
19,571
Realty
Income
Corp.
3.00%,
01/15/27
..................
5
5,275
3.25%,
01/15/31
..................
40
43,010
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
26
26,520
Service
Properties
Trust,
4.35%,
10/01/24
...
40
39,200
1,895,371
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Food
&
Staples
Retailing
—
0.0%
Albertsons
Cos.,
Inc.
(b)
5.88%,
02/15/28
..................
USD
27
$
28,620
4.88%,
02/15/30
..................
7
7,558
Performance
Food
Group,
Inc.,
5.50%,
10/15/27
(b)
.....................
30
31,312
Walmart,
Inc.,
2.65%,
09/22/51
.........
51
52,145
119,635
Food
Products
—
0.1%
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(b)
..
15
15,488
JBS
USA
LUX
SA
(b)
6.75%,
02/15/28
..................
27
29,127
6.50%,
04/15/29
..................
40
44,000
5.50%,
01/15/30
..................
9
9,787
Mondelez
International,
Inc.,
2.75%,
04/13/30
72
74,196
Pilgrim's
Pride
Corp.,
5.88%,
09/30/27
(b)
....
49
51,741
Post
Holdings,
Inc.
(b)
5.63%,
01/15/28
..................
29
30,732
5.50%,
12/15/29
..................
22
23,114
278,185
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.,
4.13%,
03/15/49
.....
24
28,531
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
......................
138
130,703
ONE
Gas,
Inc.,
2.00%,
05/15/30
.........
20
19,451
Piedmont
Natural
Gas
Co.,
Inc.
2.50%,
03/15/31
..................
45
44,985
3.64%,
11/01/46
..................
7
7,419
231,089
Health
Care
Equipment
&
Supplies
—
0.0%
Boston
Scientific
Corp.,
2.65%,
06/01/30
...
47
47,912
Mozart
Debt
Merger
Sub,
Inc.,
3.88%,
04/01/29
(b)
.....................
110
109,612
157,524
Health
Care
Providers
&
Services
—
0.5%
Aetna,
Inc.
6.63%,
06/15/36
..................
22
31,186
4.50%,
05/15/42
..................
22
25,998
Anthem,
Inc.
4.10%,
03/01/28
..................
53
58,764
4.38%,
12/01/47
..................
25
30,457
4.55%,
03/01/48
..................
45
56,123
Centene
Corp.,
4.63%,
12/15/29
.........
21
22,648
Cigna
Corp.
3.25%,
04/15/25
..................
50
52,517
3.40%,
03/01/27
..................
130
139,617
4.38%,
10/15/28
..................
200
227,300
CVS
Health
Corp.
3.75%,
04/01/30
..................
180
197,343
5.13%,
07/20/45
..................
140
181,981
5.05%,
03/25/48
..................
50
65,372
HCA,
Inc.
4.75%,
05/01/23
..................
70
73,316
5.00%,
03/15/24
..................
208
223,658
5.25%,
04/15/25
..................
324
358,410
5.63%,
09/01/28
..................
10
11,685
5.88%,
02/01/29
..................
7
8,341
5.25%,
06/15/49
..................
115
147,696
Humana,
Inc.
4.50%,
04/01/25
..................
16
17,437
4.88%,
04/01/30
..................
57
66,793
Select
Medical
Corp.,
6.25%,
08/15/26
(b)
....
17
18,007
Tenet
Healthcare
Corp.
(b)
4.88%,
01/01/26
..................
57
58,546
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
6.25%,
02/01/27
..................
USD
86
$
89,010
5.13%,
11/01/27
..................
10
10,413
4.38%,
01/15/30
..................
41
41,536
UnitedHealth
Group,
Inc.
3.50%,
08/15/39
..................
113
125,294
4.75%,
07/15/45
..................
30
39,272
4.20%,
01/15/47
..................
24
29,132
4.25%,
06/15/48
..................
18
22,297
4.45%,
12/15/48
..................
21
26,799
3.25%,
05/15/51
..................
18
19,473
2,476,421
Hotels,
Restaurants
&
Leisure
—
0.1%
1011778
BC
ULC,
3.88%,
01/15/28
(b)
......
7
7,089
Caesars
Entertainment,
Inc.,
4.63%,
10/15/29
(b)
12
12,000
Cedar
Fair
LP
5.50%,
05/01/25
(b)
.................
18
18,630
5.38%,
04/15/27
..................
28
28,700
5.25%,
07/15/29
..................
28
28,700
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
..................
36
37,080
4.75%,
01/15/28
..................
18
18,630
Expedia
Group,
Inc.
6.25%,
05/01/25
(b)
.................
23
25,948
3.25%,
02/15/30
..................
26
26,533
Marriott
International,
Inc.,
Series
FF,
4.63%,
06/15/30
......................
21
23,624
McDonald's
Corp.
3.60%,
07/01/30
..................
88
97,245
4.88%,
12/09/45
..................
108
138,754
MGM
Resorts
International
5.75%,
06/15/25
..................
4
4,305
4.63%,
09/01/26
..................
3
3,120
5.50%,
04/15/27
..................
4
4,260
Starbucks
Corp.,
2.25%,
03/12/30
........
153
151,923
Wynn
Las
Vegas
LLC
(b)
5.50%,
03/01/25
..................
65
66,950
5.25%,
05/15/27
..................
31
31,692
Wynn
Resorts
Finance
LLC,
5.13%,
10/01/29
(b)
27
27,405
752,588
Household
Durables
—
0.0%
(b)
Brookfield
Residential
Properties,
Inc.,
6.25%,
09/15/27
......................
35
36,533
Mattamy
Group
Corp.,
5.25%,
12/15/27
....
3
3,155
39,688
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Capex
SA,
6.88%,
05/15/24
(b)
..........
13
12,328
Industrial
Conglomerates
—
0.0%
Roper
Technologies,
Inc.,
1.75%,
02/15/31
..
26
24,414
Insurance
—
0.1%
Ambac
Assurance
Corp.,
5.10%
(b)(i)
.......
5
6,512
American
International
Group,
Inc.
4.50%,
07/16/44
..................
81
99,756
4.75%,
04/01/48
..................
34
43,305
4.38%,
01/15/55
..................
20
24,527
Aon
Corp.
4.50%,
12/15/28
..................
122
138,845
3.75%,
05/02/29
..................
74
81,120
2.80%,
05/15/30
..................
52
53,590
Aon
plc,
4.25%,
12/12/42
.............
9
10,260
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
..................
46
52,435
2.25%,
11/15/30
..................
171
170,641
Trinity
Acquisition
plc,
4.40%,
03/15/26
.....
20
21,879
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Willis
North
America,
Inc.,
3.60%,
05/15/24
..
USD
67
$
70,172
773,042
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.
1.65%,
05/12/28
..................
170
170,280
3.88%,
08/22/37
..................
23
27,033
4.05%,
08/22/47
..................
30
36,373
eBay,
Inc.,
1.40%,
05/10/26
...........
127
125,049
358,735
IT
Services
—
0.2%
Fidelity
National
Information
Services,
Inc.
1.15%,
03/01/26
..................
109
106,174
1.65%,
03/01/28
..................
58
56,156
3.10%,
03/01/41
..................
20
20,194
Fiserv,
Inc.
3.50%,
07/01/29
..................
216
232,295
2.65%,
06/01/30
..................
41
41,602
Global
Payments,
Inc.
4.80%,
04/01/26
..................
145
160,974
2.15%,
01/15/27
..................
93
93,370
3.20%,
08/15/29
..................
115
119,779
International
Business
Machines
Corp.
1.95%,
05/15/30
..................
137
133,931
5.88%,
11/29/32
..................
22
28,944
4.00%,
06/20/42
..................
2
2,300
Mastercard,
Inc.,
2.95%,
06/01/29
........
39
41,779
PayPal
Holdings,
Inc.
1.65%,
06/01/25
..................
48
48,587
2.65%,
10/01/26
..................
14
14,696
1,100,781
Life
Sciences
Tools
&
Services
—
0.0%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
..................
115
121,224
2.10%,
06/04/30
..................
97
94,958
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
(b)
................
3
3,120
Thermo
Fisher
Scientific,
Inc.,
2.80%,
10/15/41
27
27,314
246,616
Machinery
—
0.1%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
.
220
232,200
Deere
&
Co.,
3.75%,
04/15/50
..........
17
20,079
Otis
Worldwide
Corp.,
2.57%,
02/15/30
....
23
23,331
275,610
Media
—
0.4%
Charter
Communications
Operating
LLC
2.25%,
01/15/29
..................
10
9,757
6.48%,
10/23/45
..................
197
269,021
5.75%,
04/01/48
..................
172
214,494
3.85%,
04/01/61
..................
57
53,752
4.40%,
12/01/61
..................
61
63,105
3.95%,
06/30/62
..................
30
28,901
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(b)
................
37
38,286
Comcast
Corp.
2.35%,
01/15/27
..................
62
64,213
3.15%,
02/15/28
..................
136
145,979
2.65%,
02/01/30
..................
204
211,567
3.40%,
04/01/30
..................
142
154,974
3.75%,
04/01/40
..................
74
82,845
3.40%,
07/15/46
..................
34
36,012
3.97%,
11/01/47
..................
174
200,334
4.00%,
11/01/49
..................
91
105,446
2.94%,
11/01/56
(b)
.................
26
24,766
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Cox
Communications,
Inc.
(b)
3.15%,
08/15/24
..................
USD
82
$
85,456
3.60%,
06/15/51
..................
72
75,401
iHeartCommunications,
Inc.
6.38%,
05/01/26
..................
22
22,972
5.25%,
08/15/27
(b)
.................
21
21,842
4.75%,
01/15/28
(b)
.................
3
3,043
Interpublic
Group
of
Cos.,
Inc.
(The)
4.20%,
04/15/24
..................
15
16,006
2.40%,
03/01/31
..................
32
31,914
Lamar
Media
Corp.,
3.75%,
02/15/28
......
4
4,010
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
32
33,732
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
..................
37
37,861
4.63%,
03/15/30
..................
3
2,993
Sirius
XM
Radio,
Inc.,
5.50%,
07/01/29
(b)
....
35
37,712
TEGNA,
Inc.
4.63%,
03/15/28
..................
7
7,075
5.00%,
09/15/29
..................
8
8,180
ViacomCBS,
Inc.
4.38%,
03/15/43
..................
27
30,717
5.85%,
09/01/43
..................
73
98,332
2,220,698
Metals
&
Mining
—
0.1%
Anglo
American
Capital
plc,
5.63%,
04/01/30
(b)
200
236,480
Glencore
Funding
LLC
(b)
1.63%,
04/27/26
..................
112
109,884
2.50%,
09/01/30
..................
67
64,884
2.85%,
04/27/31
..................
71
70,182
2.63%,
09/23/31
..................
72
69,975
3.38%,
09/23/51
..................
36
34,669
Newmont
Corp.,
2.25%,
10/01/30
........
50
49,296
Steel
Dynamics,
Inc.,
2.80%,
12/15/24
.....
35
36,364
671,734
Multi-Utilities
—
0.1%
Ameren
Illinois
Co.
3.80%,
05/15/28
..................
50
55,117
3.25%,
03/15/50
..................
58
61,653
Consumers
Energy
Co.
3.75%,
02/15/50
..................
130
148,968
3.10%,
08/15/50
..................
20
20,825
3.50%,
08/01/51
..................
35
39,200
325,763
Oil,
Gas
&
Consumable
Fuels
—
1.0%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
...
15
16,799
BP
Capital
Markets
America,
Inc.
3.79%,
02/06/24
..................
55
57,897
3.19%,
04/06/25
..................
23
24,257
3.00%,
03/17/52
..................
50
48,928
3.38%,
02/08/61
..................
30
30,821
Buckeye
Partners
LP,
3.95%,
12/01/26
.....
4
4,077
Cameron
LNG
LLC
(b)
3.30%,
01/15/35
..................
80
83,504
3.40%,
01/15/38
..................
100
103,127
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
....
8
8,019
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
..................
76
84,231
5.13%,
06/30/27
..................
275
310,287
Chevron
USA,
Inc.,
2.34%,
08/12/50
......
20
18,451
Citgo
Holding,
Inc.,
9.25%,
08/01/24
(b)
.....
34
34,170
CrownRock
LP,
5.63%,
10/15/25
(b)
.......
16
16,360
Devon
Energy
Corp.
5.85%,
12/15/25
..................
15
17,151
5.88%,
06/15/28
..................
4
4,332
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.50%,
01/15/30
..................
USD
18
$
19,325
4.75%,
05/15/42
..................
35
40,524
5.00%,
06/15/45
..................
35
42,305
Diamondback
Energy,
Inc.
2.88%,
12/01/24
..................
112
116,190
3.25%,
12/01/26
..................
22
23,202
3.50%,
12/01/29
..................
138
146,336
3.13%,
03/24/31
..................
218
224,682
4.40%,
03/24/51
..................
80
91,697
Eastern
Gas
Transmission
&
Storage,
Inc.
(b)
4.80%,
11/01/43
..................
15
18,183
4.60%,
12/15/44
..................
12
14,265
Energy
Transfer
LP
3.60%,
02/01/23
..................
130
132,522
4.25%,
03/15/23
..................
83
85,290
4.20%,
09/15/23
..................
77
80,410
4.50%,
04/15/24
..................
99
104,926
2.90%,
05/15/25
..................
174
179,748
5.95%,
12/01/25
..................
75
85,453
6.50%,
02/01/42
..................
105
135,275
5.00%,
05/15/50
..................
96
110,467
Enterprise
Products
Operating
LLC
3.13%,
07/31/29
..................
93
98,757
2.80%,
01/31/30
..................
91
94,880
3.30%,
02/15/53
..................
19
18,897
EOG
Resources,
Inc.,
4.15%,
01/15/26
....
10
10,924
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.16%,
03/31/34
(b)
.....................
200
196,000
Kinder
Morgan
Energy
Partners
LP
7.50%,
11/15/40
..................
16
23,368
5.00%,
08/15/42
..................
20
23,195
4.70%,
11/01/42
..................
29
32,711
Marathon
Petroleum
Corp.,
5.85%,
12/15/45
.
25
31,555
Matador
Resources
Co.,
5.88%,
09/15/26
...
8
8,240
MPLX
LP
4.88%,
12/01/24
..................
65
70,551
1.75%,
03/01/26
..................
126
124,732
2.65%,
08/15/30
..................
51
50,767
NGPL
PipeCo
LLC
(b)
4.88%,
08/15/27
..................
41
45,619
3.25%,
07/15/31
..................
123
124,942
7.77%,
12/15/37
..................
31
43,401
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
182
197,749
Ovintiv
Exploration,
Inc.,
5.63%,
07/01/24
...
84
92,466
Petrobras
Global
Finance
BV,
5.30%,
01/27/25
35
37,555
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
..................
214
232,735
5.63%,
03/01/25
..................
780
865,974
Suncor
Energy,
Inc.,
6.50%,
06/15/38
.....
27
36,919
Sunoco
LP,
4.50%,
04/30/30
(b)
..........
23
23,573
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
.....................
103
110,016
TransCanada
PipeLines
Ltd.,
4.63%,
03/01/34
32
37,567
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%,
02/01/26
..................
178
217,273
4.00%,
03/15/28
..................
131
143,141
4.60%,
03/15/48
..................
6
7,252
3.95%,
05/15/50
..................
32
35,846
Williams
Cos.,
Inc.
(The),
Series
A,
7.50%,
01/15/31
......................
20
27,050
5,576,866
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC
1.75%,
09/30/25
(b)
.................
22
22,086
0.95%,
05/15/26
(b)
.................
10
9,698
Security
Par
(000)
Par
(000)
Value
Paper
&
Forest
Products
(continued)
2.10%,
04/30/27
(b)
.................
USD
65
$
65,802
7.75%,
11/15/29
..................
20
27,952
2.30%,
04/30/30
(b)
.................
26
26,031
Suzano
Austria
GmbH,
3.13%,
01/15/32
....
25
24,187
175,756
Pharmaceuticals
—
0.2%
AstraZeneca
plc,
1.38%,
08/06/30
........
115
108,567
Bausch
Health
Americas,
Inc.
(b)
9.25%,
04/01/26
..................
40
42,250
8.50%,
01/31/27
..................
47
49,350
Bausch
Health
Cos.,
Inc.
(b)
9.00%,
12/15/25
..................
40
42,127
5.75%,
08/15/27
..................
9
9,342
7.00%,
01/15/28
..................
21
20,895
7.25%,
05/30/29
..................
21
20,790
Johnson
&
Johnson
3.70%,
03/01/46
..................
16
18,796
3.75%,
03/03/47
..................
32
37,627
Merck
&
Co.,
Inc.
2.45%,
06/24/50
..................
30
28,262
2.75%,
12/10/51
..................
19
18,801
Pfizer,
Inc.
3.45%,
03/15/29
..................
52
57,224
2.63%,
04/01/30
..................
42
44,250
1.70%,
05/28/30
..................
103
100,893
Takeda
Pharmaceutical
Co.
Ltd.
5.00%,
11/26/28
..................
200
234,953
2.05%,
03/31/30
..................
200
195,851
1,029,978
Professional
Services
—
0.0%
IHS
Markit
Ltd.,
4.75%,
08/01/28
........
125
144,844
Road
&
Rail
—
0.3%
Burlington
Northern
Santa
Fe
LLC
4.45%,
03/15/43
..................
15
18,437
3.30%,
09/15/51
..................
120
130,274
2.88%,
06/15/52
..................
19
19,003
CSX
Corp.
2.40%,
02/15/30
..................
69
70,069
4.10%,
03/15/44
..................
18
20,825
4.30%,
03/01/48
..................
89
108,636
Norfolk
Southern
Corp.
2.90%,
06/15/26
..................
42
44,307
4.80%,
08/15/43
..................
20
23,921
3.05%,
05/15/50
..................
113
115,101
Penske
Truck
Leasing
Co.
LP
(b)
4.25%,
01/17/23
..................
40
41,351
2.70%,
03/14/23
..................
50
50,958
2.70%,
11/01/24
..................
15
15,456
3.95%,
03/10/25
..................
14
14,918
1.20%,
11/15/25
..................
182
177,320
1.70%,
06/15/26
..................
16
15,816
Rumo
Luxembourg
SARL,
5.88%,
01/18/25
(b)
.
200
205,413
Ryder
System,
Inc.,
4.63%,
06/01/25
......
195
213,970
Union
Pacific
Corp.
3.25%,
08/15/25
..................
21
22,286
2.75%,
03/01/26
..................
35
36,667
3.20%,
05/20/41
..................
76
80,910
2.95%,
03/10/52
..................
10
10,118
3.84%,
03/20/60
..................
82
96,542
2.97%,
09/16/62
..................
28
27,680
3.75%,
02/05/70
..................
20
22,657
1,582,635
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
—
0.4%
Analog
Devices,
Inc.,
2.80%,
10/01/41
.....
USD
41
$
41,469
Applied
Materials,
Inc.,
4.35%,
04/01/47
....
37
46,979
Broadcom
Corp.,
3.88%,
01/15/27
.......
129
139,874
Broadcom,
Inc.
4.75%,
04/15/29
..................
95
108,139
5.00%,
04/15/30
..................
136
158,334
4.15%,
11/15/30
..................
114
126,432
3.42%,
04/15/33
(b)
.................
115
120,555
3.47%,
04/15/34
(b)
.................
55
57,567
Intel
Corp.
4.10%,
05/19/46
..................
48
57,011
3.73%,
12/08/47
..................
84
95,676
3.20%,
08/12/61
..................
33
33,794
KLA
Corp.
4.10%,
03/15/29
..................
111
125,295
3.30%,
03/01/50
..................
135
144,242
Lam
Research
Corp.
3.75%,
03/15/26
..................
116
126,272
2.88%,
06/15/50
..................
124
123,553
NVIDIA
Corp.
3.20%,
09/16/26
..................
12
12,888
1.55%,
06/15/28
..................
127
125,986
2.85%,
04/01/30
..................
53
56,293
3.50%,
04/01/50
..................
50
56,999
NXP
BV
(b)
3.88%,
06/18/26
..................
25
26,942
4.30%,
06/18/29
..................
172
192,511
3.40%,
05/01/30
..................
70
74,542
2.50%,
05/11/31
..................
189
188,996
3.25%,
11/30/51
..................
39
38,800
QUALCOMM,
Inc.,
4.30%,
05/20/47
......
108
135,236
2,414,385
Software
—
0.3%
Autodesk,
Inc.,
3.50%,
06/15/27
.........
141
151,511
Citrix
Systems,
Inc.
4.50%,
12/01/27
..................
73
79,243
3.30%,
03/01/30
..................
51
51,738
Microsoft
Corp.,
2.92%,
03/17/52
........
197
209,159
Oracle
Corp.
4.30%,
07/08/34
..................
67
74,207
3.90%,
05/15/35
..................
60
64,262
3.85%,
07/15/36
..................
105
110,916
6.13%,
07/08/39
..................
59
78,201
3.60%,
04/01/40
..................
108
108,308
3.65%,
03/25/41
..................
189
191,104
4.13%,
05/15/45
..................
100
105,494
4.00%,
07/15/46
..................
258
267,784
3.60%,
04/01/50
..................
60
58,748
salesforce.com,
Inc.,
3.05%,
07/15/61
.....
10
10,285
VMware,
Inc.
1.80%,
08/15/28
..................
34
33,087
4.70%,
05/15/30
..................
72
83,798
2.20%,
08/15/31
..................
53
52,056
1,729,901
Specialty
Retail
—
0.1%
Home
Depot,
Inc.
(The)
2.95%,
06/15/29
..................
29
30,895
1.38%,
03/15/31
..................
31
29,223
4.50%,
12/06/48
..................
47
60,766
2.75%,
09/15/51
..................
15
14,895
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
..................
235
254,133
3.65%,
04/05/29
..................
93
101,954
2.63%,
04/01/31
..................
15
15,347
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
2.80%,
09/15/41
..................
USD
31
$
30,246
537,459
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
4.25%,
02/09/47
..................
40
49,954
2.70%,
08/05/51
..................
6
5,935
2.55%,
08/20/60
..................
64
60,103
2.80%,
02/08/61
..................
59
58,583
Dell
International
LLC
4.90%,
10/01/26
..................
69
77,716
8.35%,
07/15/46
..................
6
9,975
3.45%,
12/15/51
(b)
.................
49
47,045
Seagate
HDD
Cayman,
4.09%,
06/01/29
...
32
33,132
Western
Digital
Corp.,
2.85%,
02/01/29
....
17
17,164
359,607
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
..
15
15,506
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
2.70%,
10/01/29
(b)
...........
274
279,701
Tobacco
—
0.2%
Altria
Group,
Inc.
4.40%,
02/14/26
..................
90
99,135
3.40%,
05/06/30
..................
44
45,524
2.45%,
02/04/32
..................
3
2,848
5.80%,
02/14/39
..................
211
253,618
6.20%,
02/14/59
..................
8
10,428
BAT
Capital
Corp.
3.22%,
08/15/24
..................
43
44,692
3.22%,
09/06/26
..................
10
10,407
4.91%,
04/02/30
..................
92
103,267
2.73%,
03/25/31
..................
91
88,308
BAT
International
Finance
plc
3.95%,
06/15/25
(b)
.................
18
19,118
1.67%,
03/25/26
..................
42
41,229
Philip
Morris
International,
Inc.
6.38%,
05/16/38
..................
35
49,112
4.13%,
03/04/43
..................
26
28,747
4.25%,
11/10/44
..................
25
28,542
Reynolds
American,
Inc.,
5.85%,
08/15/45
...
97
117,859
942,834
Trading
Companies
&
Distributors
—
0.0%
Air
Lease
Corp.,
1.88%,
08/17/26
........
177
174,070
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
35
36,400
210,470
Wireless
Telecommunication
Services
—
0.1%
T-Mobile
USA,
Inc.
3.75%,
04/15/27
..................
164
177,596
3.88%,
04/15/30
..................
347
379,532
3.40%,
10/15/52
(b)
.................
35
34,838
3.60%,
11/15/60
(b)
.................
30
29,716
Vodafone
Group
plc,
5.25%,
05/30/48
.....
85
110,712
732,394
Total
Corporate
Bonds
—
11.5%
(Cost:
$63,222,724)
...............................
63,505,135
Floating
Rate
Loan
Interests
—
0.1%
Aerospace
&
Defense
—
0.0%
Cobham
Ultra
US
Co.,
Term
Loan,
11/17/28
(a)(l)
11
10,955
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Building
Products
—
0.0%
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 10/02/28
(a)(c)
................
USD
7
$
6,806
Chemicals
—
0.0%
LSF11
A5
Holdco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 10/15/28
(a)
49
48,918
Commercial
Services
&
Supplies
—
0.0%
Allied
Universal
Holdco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 05/12/28
(a)
.................
35
34,760
Construction
Materials
—
0.0%
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
(a)
.................
56
55,282
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A,
(LIBOR
USD
3
Month
+
3.75%),
3.91%
,
 02/21/23
(a)(c)
................
7
6,073
Diversified
Consumer
Services
—
0.0%
AEA
International
Holdings
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 09/07/28
(a)
.................
36
36,400
Health
Care
Equipment
&
Supplies
—
0.0%
Medline
Borrower
LP,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 10/23/28
(a)
....
93
92,959
Hotels,
Restaurants
&
Leisure
—
0.1%
(a)
Bally's
Corp.,
Facility
Term
Loan
B,
10/02/28
(l)
.
80
79,966
Herschend
Entertainment
Co.
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 08/27/28
..................
19
18,945
Jack
Ohio
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.50%
,
 10/04/28
.
13
12,959
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 08/13/22
..................
117
116,124
227,994
Household
Durables
—
0.0%
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 10/06/28
(a)
.................
19
18,810
Industrial
Conglomerates
—
0.0%
Valcour
Packaging
LLC,
1st
Lien
Term
Loan,
10/04/28
(a)(c)(l)
.....................
8
7,990
Machinery
—
0.0%
Zurn
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.75%
,
 10/04/28
(a)
.....
3
2,999
Media
—
0.0%
Gray
Television,
Inc.,
Term
Loan
D,
12/01/28
(a)(l)
56
55,678
Multiline
Retail
—
0.0%
Leslie's
Poolmart,
Inc.,Term
Loan,
03/09/28
(a)(l)
11
11,078
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Southwestern
Energy
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.00%
,
 06/22/27
(a)
40
40,025
Software
—
0.0%
ConnectWise
LLC,
Term
Loan,
09/29/28
(a)(l)
..
39
38,868
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
—
0.0%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
11/24/28
(l)
...............
USD
15
$
14,906
Tory
Burch
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 04/16/28
......
34
33,746
48,652
Total
Floating
Rate
Loan
Interests
—
0.1%
(Cost:
$743,428)
.................................
744,247
Foreign
Agency
Obligations
—
0.1%
Argentina
—
0.0%
YPF
SA,
7.00%
,
12/15/47
(b)
.............
28
16,840
Colombia
—
0.0%
Ecopetrol
SA
5.38%,
06/26/26
..................
15
15,786
6.88%,
04/29/30
..................
31
34,627
5.88%,
05/28/45
..................
11
10,500
5.88%,
11/02/51
..................
44
41,140
102,053
Mexico
—
0.1%
Petroleos
Mexicanos
7.19%,
09/12/24
..................
MXN
5
23,340
6.88%,
10/16/25
(h)
.................
USD
13
14,202
6.70%,
02/16/32
(b)
.................
591
595,433
7.69%,
01/23/50
..................
25
24,000
656,975
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$772,343)
.................................
775,868
Foreign
Government
Obligations
—
0.6%
Argentina
—
0.0%
Argentine
Republic
(The)
(d)
1.13%,
07/09/35
..................
222
71,595
2.50%,
07/09/41
..................
159
56,281
127,876
Austria
—
0.0%
Republic
of
Austria,
2.10%
,
09/20/17
(b)(h)
....
EUR
20
35,087
Bahrain
—
0.0%
Kingdom
of
Bahrain,
5.63%
,
05/18/34
(b)
.....
USD
200
189,250
China
—
0.2%
People's
Republic
of
China
2.41%,
06/19/25
..................
CNY
3,500
547,483
2.85%,
06/04/27
..................
2,500
396,235
3.01%,
05/13/28
..................
1,120
178,373
1,122,091
Colombia
—
0.1%
Republic
of
Colombia,
4.50%
,
03/15/29
.....
USD
249
254,183
Hungary
—
0.0%
Hungary
Government
Bond,
5.38%
,
03/25/24
.
140
151,894
Indonesia
—
0.1%
Republic
of
Indonesia,
2.85%
,
02/14/30
.....
200
208,163
Mexico
—
0.1%
United
Mexican
States,
2.66%
,
05/24/31
....
491
478,510
Panama
—
0.1%
Republic
of
Panama,
4.50%
,
04/01/56
......
200
220,475
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Peru
—
0.0%
Republic
of
Peru
4.13%,
08/25/27
..................
USD
77
$
84,426
3.55%,
03/10/51
..................
88
91,536
175,962
Philippines
—
0.0%
Republic
of
Philippines,
3.20%
,
07/06/46
....
200
203,500
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
4.38%,
10/27/27
..................
52
58,425
5.10%,
06/18/50
..................
58
77,038
135,463
Total
Foreign
Government
Obligations
—
0.6%
(Cost:
$3,254,338)
...............................
3,302,454
Shares
Shares
Investment
Companies
—
5.7%
BlackRock
Allocation
Target
Shares-
BATS
Series
A
(m)
......................
3,148,759
31,424,619
Total
Investment
Companies
—
5.7%
(Cost:
$31,539,003)
...............................
31,424,619
Par
(000)
Par
(000)
Municipal
Bonds
—
0.2%
California
-
0.1%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
..................
55
96,276
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
..........
50
80,426
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
..........
70
97,440
State
of
California,
Series
2018,
GO,
4.60%, 04/01/38
..................
165
189,528
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
..................
58
84,291
547,961
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia,
Series
2010A,
RB,
6.64%, 04/01/57
..........
53
81,352
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
..................
210
241,497
Massachusetts
-
0.0%
Massachusetts
Housing
Finance
Agency,
Series
2015A,
RB,
4.50%, 12/01/48
.....
10
10,533
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
...............
79
128,554
New
York
-
0.0%
New
York
City
Water
&
Sewer
System,
Series
2011CC,
RB,
5.88%, 06/15/44
.........
60
92,741
Port
Authority
of
New
York
&
New
Jersey,
Series
2014-181,
RB,
4.96%, 08/01/46
...
15
20,020
112,761
Security
Par
(000)
Par
(000)
Value
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
...............
USD
35
$
65,218
Texas
-
0.0%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
.....
55
80,221
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
..................
60
84,735
164,956
Total
Municipal
Bonds
—
0.2%
(Cost:
$1,175,371)
...............................
1,352,832
Non-Agency
Mortgage-Backed
Securities
—
0.8%
Collateralized
Mortgage
Obligations
—
0.3%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.45%,
06/25/35
(a)
...
44
37,321
Series
2005-72,
Class
A3,
(LIBOR
USD
1
Month
+
0.60%),
0.70%,
01/25/36
(a)
...
15
13,981
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
.....................
20
13,640
Series
2006-OA21,
Class
A1,
(LIBOR
USD
1
Month
+
0.19%),
0.29%,
03/20/47
(a)
...
605
521,802
Series
2006-OA9,
Class
2A1B,
(LIBOR
USD
1
Month
+
0.20%),
0.30%,
07/20/46
(a)
..
94
73,371
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.46%),
0.56%,
11/25/36
(a)
..
23
22,556
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
0.38%,
04/25/47
(a)
...
26
23,931
Series
2007-OA3,
Class
2A2,
(LIBOR
USD
1
Month
+
0.36%),
0.46%,
04/25/47
(a)(c)
..
4
47
Series
2007-OA8,
Class
2A1,
(LIBOR
USD
1
Month
+
0.36%),
0.46%,
06/25/47
(a)
...
16
13,345
Series
2007-OH2,
Class
A2A,
(LIBOR
USD
1
Month
+
0.48%),
0.58%,
08/25/47
(a)
..
8
7,607
American
Home
Mortgage
Assets
Trust,
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
1.02%,
10/25/46
(a)
...........
50
40,601
APS
Resecuritization
Trust
(a)(b)
Series
2016-1,
Class
1MZ,
3.57%,
07/31/57
133
54,369
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
2.95%,
09/27/46
....
46
46,148
Series
2016-3,
Class
4A,
(LIBOR
USD
1
Month
+
2.60%),
2.70%,
04/27/47
....
5
4,585
Banc
of
America
Funding
Trust,
Series
2016-
R2,
Class
1A1,
4.70%,
05/01/33
(a)(b)
.....
122
124,523
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
0.38%,
08/25/36
(a)
...........
20
19,411
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
........
283
169,339
CHL
Mortgage
Pass-Through
Trust
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
1.04%,
04/25/46
(a)
....................
55
21,116
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
77
41,889
Citicorp
Mortgage
Securities
Trust,
Series
2008-
2,
Class
1A1,
6.50%,
06/25/38
.........
28
24,525
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
......................
109
59,583
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
1.45%,
11/25/35
(a)
......................
USD
19
$
3,376
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A11,
7.00%,
08/25/37
(a)
.........
25
19,665
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.17%),
0.27%,
08/25/47
(a)
....
93
100,896
Deutsche
Alt-A
Securities,
Inc.,
Series
2007-
RS1,
Class
A2,
(LIBOR
USD
1
Month
+
0.50%),
0.59%,
01/27/37
(a)(b)
..........
—
(e)
388
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
2.08%,
03/25/36
(a)
...........
7
6,757
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
..........
2
2,028
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-AR19,
Class
3A1,
2.97%,
09/25/37
(a)
.
30
23,520
JPMorgan
Alternative
Loan
Trust,
Series
2007-
A1,
Class
1A4,
(LIBOR
USD
1
Month
+
0.42%),
0.52%,
03/25/37
(a)
...........
38
38,754
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
..
46
48,293
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
0.52%,
06/25/37
(a)
5
4,459
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
2.91%,
04/25/36
(a)
......................
9
6,288
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
0.48%,
06/25/36
(a)
.....
12
11,366
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
41
42,155
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(d)
....................
48
47,543
1,689,178
Commercial
Mortgage-Backed
Securities
—
0.4%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
2.23%,
09/15/34
(a)(b)
..........
100
99,497
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
Series
2015-200P,
Class
F,
3.60%,
04/14/33
100
99,707
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
1.81%,
09/15/34
....
100
99,248
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
0.55%,
01/25/36
....
18
17,173
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.68%),
0.78%,
01/25/36
....
13
12,948
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
0.64%,
04/25/36
....
8
7,766
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.25%),
0.35%,
10/25/36
....
10
10,126
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.30%),
0.40%,
10/25/36
....
10
10,147
Series
2006-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.45%,
12/25/36
....
129
125,476
BBCMS
Mortgage
Trust,
Series
2018-TALL,
Class
A,
(LIBOR
USD
1
Month
+
0.72%),
0.83%,
03/15/37
(a)(b)
................
15
14,831
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
.................
USD
84
$
87,076
Bear
Stearns
Commercial
Mortgage
Securities
Trust,
Series
2007-T26,
Class
AM,
5.43%,
01/12/45
(a)
......................
11
10,821
Benchmark
Mortgage
Trust,
Series
2019-B10,
Class
3CCA,
3.90%,
03/15/62
(a)(b)
.......
60
62,708
BHMS,
Series
2018-ATLS,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.36%,
07/15/35
(a)(b)
100
99,936
BWAY
Mortgage
Trust,
Series
2013-1515,
Class
C,
3.45%,
03/10/33
(b)
...........
100
102,537
BX
Commercial
Mortgage
Trust,
Series
2018-IND,
Class
H,
(LIBOR
USD
1
Month
+
3.00%),
3.11%,
11/15/35
(a)(b)
...........
154
153,420
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
....
25
25,132
Series
2017-CC,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
....
40
39,512
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(LIBOR
USD
1
Month
+
1.75%),
1.86%,
12/15/37
(a)(b)
..........
100
99,908
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
...............
10
10,761
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
.....
10
10,758
CFK
Trust,
Series
2019-FAX,
Class
D,
4.64%,
01/15/39
(a)(b)
.....................
100
106,714
Citigroup
Commercial
Mortgage
Trust
Series
2016-C1,
Class
D,
4.94%,
05/10/49
(a)
(b)
..........................
10
10,045
Series
2017-C4,
Class
A4,
3.47%,
10/12/50
20
21,473
Commercial
Mortgage
Trust
Series
2014-CR18,
Class
A4,
3.55%,
07/15/47
.....................
8
8,696
Series
2017-COR2,
Class
D,
3.00%,
09/10/50
(b)
....................
44
40,703
CSAIL
Commercial
Mortgage
Trust
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
10
10,539
Series
2019-C15,
Class
D,
3.00%,
03/15/52
(b)
....................
11
9,537
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
F,
4.19%,
04/10/37
(a)(b)
..........
100
90,830
DBUBS
Mortgage
Trust
(b)
Series
2017-BRBK,
Class
A,
3.45%,
10/10/34
.....................
40
41,586
Series
2017-BRBK,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.53%,
10/10/34
(a)
...
170
169,050
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
(a)
....................
40
39,131
GS
Mortgage
Securities
Trust
Series
2015-GS1,
Class
A3,
3.73%,
11/10/48
.....................
10
10,698
Series
2017-GS7,
Class
D,
3.00%,
08/10/50
(b)
....................
10
9,226
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
......................
100
100,074
IMT
Trust,
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
(b)
.................
100
103,772
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
0.35%,
03/25/37
(a)(b)
.....................
5
5,180
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
D,
3.06%,
10/15/48
(b)
......................
USD
16
$
15,345
Morgan
Stanley
Capital
I
Trust
Series
2007-T27,
Class
AJ,
6.01%,
06/11/42
(a)
....................
30
30,119
Series
2017-CLS,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
2.71%,
11/15/34
(a)(b)
..
84
83,630
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
10
8,836
Series
2019-L2,
Class
A4,
4.07%,
03/15/52
13
14,562
PFP
Ltd.
(a)(b)
Series
2019-5,
Class
A,
(LIBOR
USD
1
Month
+
0.97%),
1.08%,
04/14/36
....
4
3,576
Series
2019-5,
Class
AS,
(LIBOR
USD
1
Month
+
1.42%),
1.53%,
04/14/36
....
10
9,990
Wells
Fargo
Commercial
Mortgage
Trust
(a)(b)
Series
2017-C39,
Class
D,
4.34%,
09/15/50
63
58,408
Series
2017-C41,
Class
D,
2.60%,
11/15/50
25
20,366
Series
2017-HSDB,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
0.96%,
12/13/31
....
100
99,238
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C22,
Class
C,
3.76%,
09/15/57
(a)
...
120
122,490
2,443,302
Interest
Only
Collateralized
Mortgage
Obligations
—
0.0%
Banc
of
America
Funding
Trust,
Series
2014-
R2,
Class
1C,
0.00%,
11/26/36
(a)(b)
......
55
15,567
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Banc
of
America
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.63%,
02/15/50
.......................
1,000
30,413
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
0.93%,
08/10/35
(b)
.................
963
38,961
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.60%,
11/05/36
(b)
.................
4,250
71,157
Benchmark
Mortgage
Trust,
Series
2019-B9,
Class
XA,
(LIBOR
USD
1
Month
+
0.00%),
1.04%,
03/15/52
..................
989
61,676
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.70%,
05/10/58
....
120
3,468
Commercial
Mortgage
Trust,
Series
2015-3BP,
Class
XA,
0.06%,
02/10/35
(b)
..........
2,522
7,238
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
1,800
55,968
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.86%,
03/10/50
(b)
.....
724
18,643
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
XF,
1.18%,
12/15/47
(b)
......................
100
3,140
One
Market
Plaza
Trust
(b)
Series
2017-1MKT,
Class
XCP,
0.09%,
02/10/32
.....................
1,000
260
Series
2017-1MKT,
Class
XNCP,
0.00%,
02/10/32
(c)
....................
200
200
291,124
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(b)(n)
....
38
12,771
Total
Non-Agency
Mortgage-Backed
Securities
—
0.8%
(Cost:
$4,337,370)
...............................
4,451,942
Security
Beneficial
Interest
(000)
Value
Other
Interests
—
0.0%
(o)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(c)(f)(j)
.......
USD
620
$
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
0.2%
(a)(i)
Banks
—
0.1%
Bank
of
America
Corp.,
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
............
95
105,688
Citigroup,
Inc.
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
.......................
45
45,337
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
.......................
221
221,000
372,025
Capital
Markets
—
0.1%
Bank
of
New
York
Mellon
Corp.
(The)
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%
.......................
15
15,338
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
.......................
97
101,365
Charles
Schwab
Corp.
(The)
Series
I,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%
.......................
40
40,800
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.......................
120
121,200
State
Street
Corp.
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
3.80%
.......................
30
30,071
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
.......................
140
144,267
453,041
Total
Capital
Trusts
—
0.2%
(Cost:
$812,403)
.................................
825,066
U.S.
Government
Sponsored
Agency
Securities
—
14.0%
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2013-63,
0.76%, 09/16/51
.......
443
11,917
Series
2016-26,
0.75%, 02/16/58
.......
206
7,469
Series
2016-92,
0.62%, 04/16/58
.......
26
1,000
Series
2016-110,
0.94%, 05/16/58
......
53
2,704
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
..........
54
3,167
26,257
Mortgage-Backed
Securities
—
14.0%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
...........
213
221,594
3.00%, 09/01/27
-
12/01/46
...........
336
355,042
3.50%, 04/01/31
-
01/01/48
...........
521
562,293
4.00%, 08/01/40
-
12/01/45
...........
77
84,174
4.50%, 02/01/39
-
04/01/49
...........
624
685,004
5.00%, 10/01/41
-
11/01/48
...........
120
135,255
5.50%, 06/01/41
..................
54
62,229
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
6.00%, 01/01/34
..................
USD
36
$
39,288
Federal
National
Mortgage
Association,
4.00%, 01/01/41
..................
6
6,524
Government
National
Mortgage
Association
2.00%, 01/15/52
(p)
.................
3,159
3,187,520
2.50%, 01/15/52
-
02/15/52
(p)
..........
2,882
2,950,231
3.00%, 02/15/45
-
01/20/51
...........
782
810,112
3.00%, 01/15/52
(p)
.................
4,307
4,456,731
3.50%, 01/15/42
-
10/20/46
...........
1,339
1,417,972
3.50%, 01/15/52
(p)
.................
489
509,169
4.00%, 04/20/39
-
12/20/47
...........
272
292,887
4.00%, 01/15/52
(p)
.................
588
619,184
4.50%, 12/20/39
-
04/20/50
...........
389
425,297
4.50%, 01/15/52
(p)
.................
104
109,841
5.00%, 12/15/38
-
07/20/42
...........
77
88,779
7.50%, 03/15/32
..................
2
1,788
Uniform
Mortgage-Backed
Securities
1.50%, 01/25/37
-
01/25/52
(p)
..........
3,575
3,516,733
2.00%, 10/01/31
-
10/01/51
...........
439
441,649
2.00%, 01/25/37
-
02/25/52
(p)
..........
15,198
15,193,778
2.50%, 09/01/27
-
12/01/35
...........
872
906,104
2.50%, 01/25/37
-
02/25/52
(p)
..........
18,000
18,347,914
3.00%, 04/01/29
-
08/01/50
...........
2,358
2,488,709
3.00%, 01/25/37
-
02/25/52
(p)
..........
3,560
3,687,719
3.50%, 08/01/30
-
06/01/49
...........
1,752
1,876,269
3.50%, 01/25/37
-
01/25/52
(p)
..........
1,882
1,981,268
4.00%, 10/01/33
-
01/01/51
...........
1,622
1,776,406
4.00%, 01/25/52
-
02/25/52
(p)
..........
4,490
4,774,772
4.50%, 02/01/25
-
04/01/50
...........
3,019
3,320,363
4.50%, 01/25/52
(p)
.................
98
104,980
5.00%, 09/01/35
-
05/01/49
...........
227
253,393
5.00%, 01/25/52
(p)
.................
529
576,453
5.50%, 02/01/35
-
04/01/41
...........
374
424,107
6.00%, 12/01/27
-
06/01/41
...........
205
236,271
6.50%, 05/01/40
..................
57
66,128
76,993,930
Total
U.S.
Government
Sponsored
Agency
Securities
—
14.0%
(Cost:
$76,688,177)
...............................
77,020,187
U.S.
Treasury
Obligations
—
5.9%
U.S.
Treasury
Bonds
4.25%, 05/15/39
..................
66
90,487
4.50%, 08/15/39
..................
82
115,799
4.38%, 11/15/39
..................
82
114,284
1.13%, 05/15/40
-
08/15/40
...........
694
607,115
1.38%, 11/15/40
..................
347
316,231
1.75%, 08/15/41
..................
14
13,477
3.13%, 02/15/43
..................
332
400,151
2.88%, 05/15/43
-
11/15/46
...........
597
699,229
3.63%, 08/15/43
..................
332
430,666
3.75%, 11/15/43
..................
332
439,057
2.50%, 02/15/45
..................
593
652,138
2.75%, 11/15/47
..................
593
690,382
3.00%, 02/15/48
(q)
.................
885
1,080,184
2.25%, 08/15/49
(q)
.................
1,105
1,182,652
2.38%, 11/15/49
..................
303
332,850
1.63%, 11/15/50
..................
3
2,795
U.S.
Treasury
Notes
1.50%, 01/31/22
-
02/15/30
...........
4,094
4,131,003
1.75%, 04/30/22
-
11/15/29
...........
4,945
5,034,167
2.13%, 12/31/22
-
05/15/25
...........
1,937
1,991,394
0.50%, 03/15/23
-
05/31/27
...........
464
458,308
0.13%, 03/31/23
-
05/31/23
...........
2,730
2,715,283
0.25%, 04/15/23
-
10/31/25
...........
2,154
2,112,084
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.75%, 05/31/23
..................
USD
623
$
642,225
1.38%, 01/31/25
..................
41
41,468
2.00%, 02/15/25
..................
782
805,460
0.38%, 04/30/25
-
12/31/25
...........
2,793
2,711,319
0.75%, 05/31/26
..................
791
774,747
1.63%, 11/30/26
-
05/15/31
...........
1,093
1,108,088
2.25%, 08/15/27
..................
798
837,090
1.25%, 03/31/28
-
09/30/28
...........
1,126
1,115,779
2.88%, 08/15/28
..................
188
205,317
3.13%, 11/15/28
..................
363
403,483
2.63%, 02/15/29
..................
63
68,106
2.38%, 05/15/29
..................
63
67,147
1.13%, 02/15/31
..................
179
173,721
Total
U.S.
Treasury
Obligations
—
5.9%
(Cost:
$32,148,923)
...............................
32,563,686
Total
Long-Term
Investments
—
100.7%
(Cost:
$495,016,454)
..............................
556,132,067
Short-Term
Securities
—
10.9%
Borrowed
Bond
Agreements
—
0.9%
(r)
Bank
of
America
Securities,
Inc.,
(0.40)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
68,674,
collateralized
by
U.S.
Treasury
Bonds,
2.00%,
due
at
08/15/51,
par
and
fair
value
of
USD
67,000
and
$68,298,
respectively)
...
69
68,675
Bank
of
America
Securities,
Inc.,
(0.22)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
39,600,
collateralized
by
U.S.
Treasury
Notes,
1.38%,
due
at
11/15/31,
par
and
fair
value
of
USD
40,000
and
$39,494,
respectively)
...
40
39,600
Bank
of
America
Securities,
Inc.,
(0.06)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
21,835,
collateralized
by
U.S.
Treasury
Bonds,
1.88%,
due
at
11/15/51,
par
and
fair
value
of
USD
22,000
and
$21,825,
respectively)
...
22
21,835
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
668,815,
collateralized
by
U.S.
Treasury
Bonds,
1.25%,
due
at
05/15/50,
par
and
fair
value
of
USD
788,000
and
$669,154,
respectively)
.
669
668,815
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
160,925,
collateralized
by
U.S.
Treasury
Notes,
0.75%,
due
at
04/30/26,
par
and
fair
value
of
USD
164,000
and
$160,752,
respectively)
.
161
160,925
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
99,450,
collateralized
by
U.S.
Treasury
Bonds,
2.38%,
due
at
05/15/51,
par
and
fair
value
of
USD
90,000
and
$99,408,
respectively)
...
99
99,450
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
95,424,
collateralized
by
U.S.
Treasury
Notes,
0.75%,
due
at
03/31/26,
par
and
fair
value
of
USD
97,000
and
$95,159,
respectively)
...
95
95,424
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Borrowed
Bond
Agreements
(continued)
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
453,390,
collateralized
by
U.S.
Treasury
Notes,
0.88%,
due
at
11/15/30,
par
and
fair
value
of
USD
476,000
and
$452,553,
respectively)
.
USD
453
$
453,390
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
697,510,
collateralized
by
U.S.
Treasury
Notes,
0.63%,
due
at
08/15/30,
par
and
fair
value
of
USD
746,000
and
$695,703,
respectively)
.
698
697,510
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
81,700,
collateralized
by
U.S.
Treasury
Bonds,
2.00%,
due
at
02/15/50,
par
and
fair
value
of
USD
80,000
and
$81,259,
respectively)
...
82
81,700
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
43,650,
collateralized
by
U.S.
Treasury
Notes,
0.38%,
due
at
01/31/26,
par
and
fair
value
of
USD
45,000
and
$43,534,
respectively)
...
44
43,650
Bank
of
America
Securities,
Inc.,
(0.02)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
211,732,
collateralized
by
U.S.
Treasury
Notes,
0.25%,
due
at
06/30/25,
par
and
fair
value
of
USD
218,000
and
$211,792,
respectively)
.
212
211,732
BNP
Paribas
SA,
(0.04)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
1,843,474,
collateralized
by
U.S.
Treasury
Notes,
0.63%,
due
at
05/15/30,
par
and
fair
value
of
USD
1,969,000
and
$1,841,015,
respectively)
.....................
1,843
1,843,476
BNP
Paribas
SA,
(0.04)%, 01/03/22
(Purchased
on
12/31/21
to
be
repurchased
at
USD
493,893,
collateralized
by
U.S.
Treasury
Bonds,
1.88%,
due
at
02/15/51,
par
and
fair
value
of
USD
497,000
and
$491,719,
respectively)
.....................
494
493,894
Total
Borrowed
Bond
Agreements
—
0.9%
(Cost:
$4,980,076)
...............................
4,980,076
Shares
Shares
Money
Market
Funds
—
10.0%
(m)(s)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
....................
46,127,397
46,127,397
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.15%
(t)
........................
8,979,719
8,980,617
Total
Money
Market
Funds
—
10.0%
(Cost:
$55,108,014)
...............................
55,108,014
Total
Short-Term
Securities
—
10.9%
(Cost:
$60,088,090)
...............................
60,088,090
Security
Shares
Shares
Value
Total
Options
Purchased
—
0.0%
(
Cost:
$84,145
)
.................................
$
75,511
Total
Investments
Before
Options
Written,
Borrowed
Bonds
and
TBA
Sale
Commitments
—
111.6%
(Cost:
$555,188,689
)
..............................
616,295,668
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$36,085)
......................
(51,214)
Par
(000)
Pa
r
(
000)
Borrowed
Bonds
—
(0.9)%
U.S.
Treasury
Obligations
—
(0.9)%
U.S.
Treasury
Bonds
1.25%
,
 05/15/50
..................
USD
788
(669,154)
1.88%
,
 02/15/51
-
11/15/51
...........
519
(513,544)
2.00%
,
 02/15/50
-
08/15/51
...........
147
(149,557)
2.38%
,
 05/15/51
..................
90
(99,408)
U.S.
Treasury
Notes
0.25%
,
 06/30/25
..................
218
(211,792)
0.38%
,
 01/31/26
..................
45
(43,534)
0.63%
,
 05/15/30
-
08/15/30
...........
2,715
(2,536,718)
0.75%
,
 03/31/26
-
04/30/26
...........
261
(255,911)
0.88%
,
 11/15/30
..................
476
(452,553)
1.38%
,
 11/15/31
..................
40
(39,494)
(4,971,665)
Total
U.S.
Treasury
Obligations
—
(0.9)%
(Proceeds:
$5,230,888)
............................
(4,971,665)
Total
Borrowed
Bonds
—
(0.9)%
(Proceeds:
$5,230,888)
............................
(4,971,665)
TBA
Sale
Commitments
—
(2.7)%
Mortgage-Backed
Securities
—
(2.7)%
Uniform
Mortgage-Backed
Securities
(p)
2.00%
,
 01/25/37
-
01/25/52
...........
2,188
(2,195,383)
2.50%
,
 01/25/37
-
02/25/52
...........
9,258
(9,443,733)
3.00%
,
 01/25/37
-
01/25/52
...........
132
(136,901)
3.50%
,
 01/25/37
-
01/25/52
...........
84
(88,427)
4.00%
,
 01/25/52
..................
1,219
(1,296,613)
4.50%
,
 01/25/52
..................
1,605
(1,719,323)
Total
TBA
Sale
Commitments
—
(2.7)%
(Proceeds:
$14,884,358)
...........................
(14,880,380)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds
and
TBA
Sale
Commitments
—
108.0%
(Cost:
$535,037,358
)
..............................
596,392,409
Liabilities
in
Excess
of
Other
Assets
—
(8.0)%
.............
(44,308,929)
Net
Assets
—
100.0%
...............................
$
552,083,480
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
51
Schedule
of
Investments
(continued)
December
31,
2021
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
Rounds
to
less
than
1,000.
(f)
Non-income
producing
security.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(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)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(m)
Affiliate
of
the
Fund.
(n)
Zero-coupon
bond.
(o)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(p)
Represents
or
includes
a
TBA
transaction.
(q)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
futures
contracts.
(r)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(s)
Annualized
7-day
yield
as
of
period
end.
(t)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/21
Shares
Held
at
12/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
21,088,016
$
25,039,381
$
—
$
—
$
—
$
46,127,397
46,127,397
$
3,647
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
8,019,914
962,437
—
(1,734)
—
8,980,617
8,979,719
44,162
(b)
—
BlackRock
Allocation
Target
Shares-
BATS
Series
A
.....
13,611,764
17,971,001
—
—
(158,146)
31,424,619
3,148,759
582,318
33,075
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
.....
1,452,672
1,979,614
(3,443,346)
65,215
(54,155)
—
—
31,398
—
$
63,481
$
(212,301)
$
86,532,633
$
661,525
$
33,075
—
—
(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.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
52
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
94
03/18/22
$
22,365
$
264,459
U.S.
Treasury
10
Year
Note
...................................................
63
03/22/22
8,211
5,460
U.S.
Treasury
Long
Bond
....................................................
56
03/22/22
8,957
52,604
U.S.
Treasury
Ultra
Bond
....................................................
2
03/22/22
392
(2,569)
Long
Gilt
...............................................................
3
03/29/22
507
(312)
U.S.
Treasury
2
Year
Note
....................................................
50
03/31/22
10,907
(11,580)
U.S.
Treasury
5
Year
Note
....................................................
119
03/31/22
14,385
(7,342)
3
Month
SONIA
Index
.......................................................
30
03/14/23
10,032
(5,954)
294,766
Short
Contracts
Euro-
Buxl
...............................................................
3
03/08/22
706
28,549
U.S.
Treasury
10
Year
Ultra
Note
...............................................
44
03/22/22
6,429
(32,725)
(4,176)
$
290,590
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
15,367
TRY
200,000
Citibank
NA
01/04/22
$
249
TRY
156,750
USD
10,000
Citibank
NA
01/13/22
1,769
USD
63,000
TRY
627,879
Bank
of
America
NA
01/13/22
15,857
USD
21,000
TRY
203,292
Deutsche
Bank
AG
01/13/22
5,736
AUD
88,000
JPY
7,131,404
Royal
Bank
of
Canada
01/18/22
2,025
EUR
56,000
USD
63,206
Goldman
Sachs
International
01/18/22
568
EUR
10,000
USD
11,306
JPMorgan
Chase
Bank
NA
01/18/22
82
MXN
1,766,184
USD
84,000
Citibank
NA
01/18/22
2,054
MXN
1,090,674
USD
52,000
HSBC
Bank
plc
01/18/22
1,141
MXN
652,959
USD
31,000
UBS
AG
01/18/22
814
NOK
577,698
EUR
56,000
Goldman
Sachs
International
01/18/22
1,808
PLN
722,772
EUR
156,668
Bank
of
America
NA
01/18/22
808
TRY
241,500
USD
15,131
UBS
AG
01/18/22
2,915
USD
94,000
COP
370,519,000
Citibank
NA
01/18/22
3,027
USD
31,000
TRY
318,137
Citibank
NA
01/18/22
7,227
USD
143,000
ZAR
2,282,052
Barclays
Bank
plc
01/18/22
76
ZAR
757,170
USD
47,000
Bank
of
America
NA
01/18/22
421
ZAR
671,438
USD
42,000
BNP
Paribas
SA
01/18/22
52
ZAR
496,041
USD
31,000
Citibank
NA
01/18/22
67
CLP
71,312,800
USD
83,000
Citibank
NA
01/19/22
535
USD
21,000
CLP
17,919,300
Bank
of
America
NA
01/19/22
10
USD
21,000
CLP
17,305,050
Goldman
Sachs
International
01/19/22
729
BRL
355,260
USD
62,000
Deutsche
Bank
AG
02/02/22
1,332
THB
1,076,003
USD
32,000
ANZ
Banking
Group
Ltd.
03/15/22
202
AUD
731,996
USD
528,796
Morgan
Stanley
&
Co.
International
plc
03/16/22
3,863
BRL
1,513,278
USD
261,000
Deutsche
Bank
AG
03/16/22
6,005
EUR
150,000
USD
170,131
Goldman
Sachs
International
03/16/22
891
EUR
310,000
USD
350,844
Morgan
Stanley
&
Co.
International
plc
03/16/22
2,604
GBP
400,000
USD
530,790
Barclays
Bank
plc
03/16/22
10,461
GBP
400,000
USD
531,531
Deutsche
Bank
AG
03/16/22
9,720
GBP
200,000
USD
269,368
HSBC
Bank
plc
03/16/22
1,257
GBP
190,000
USD
255,022
JPMorgan
Chase
Bank
NA
03/16/22
2,072
MXN
11,096,075
USD
521,437
HSBC
Bank
plc
03/16/22
13,759
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
53
Schedule
of
Investments
(continued)
December
31,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
ZAR
4,220,363
USD
260,719
Citibank
NA
03/16/22
$
1,490
101,626
TRY
200,000
USD
15,367
Goldman
Sachs
International
01/04/22
(249)
USD
15,285
TRY
241,500
UBS
AG
01/04/22
(2,970)
KZT
5,475,517
USD
12,590
Citibank
NA
01/10/22
(81)
TRY
719,500
USD
60,106
Citibank
NA
01/13/22
(6,083)
COP
123,442,000
USD
31,000
Barclays
Bank
plc
01/18/22
(692)
COP
123,473,000
USD
31,000
UBS
AG
01/18/22
(684)
EUR
14,000
PLN
64,588
Bank
of
America
NA
01/18/22
(72)
EUR
142,000
PLN
660,394
Credit
Agricole
Corporate
&
Investment
Bank
SA
01/18/22
(2,044)
JPY
7,103,800
AUD
88,000
Goldman
Sachs
International
01/18/22
(2,264)
JPY
7,135,832
AUD
88,000
Morgan
Stanley
&
Co.
International
plc
01/18/22
(1,986)
RUB
2,186,654
USD
29,400
UBS
AG
01/18/22
(337)
USD
165,092
EUR
146,000
Banco
Santander
SA
01/18/22
(1,176)
USD
62,000
MXN
1,296,419
Deutsche
Bank
AG
01/18/22
(1,166)
USD
84,000
MXN
1,773,408
Goldman
Sachs
International
01/18/22
(2,406)
USD
78,000
MXN
1,644,357
Natwest
Markets
plc
01/18/22
(2,119)
USD
31,000
ZAR
496,988
Bank
of
America
NA
01/18/22
(126)
USD
52,000
ZAR
832,070
Citibank
NA
01/18/22
(112)
ZAR
492,298
USD
31,000
Goldman
Sachs
International
01/18/22
(168)
CLP
17,703,000
USD
21,000
BNP
Paribas
SA
01/19/22
(263)
USD
21,000
CLP
18,123,000
Citibank
NA
01/19/22
(229)
USD
1,118,832
CNY
7,194,929
Citibank
NA
02/24/22
(9,126)
USD
22,766
MXN
482,326
HSBC
Bank
plc
02/24/22
(584)
RUB
39,069,790
USD
521,000
UBS
AG
03/16/22
(6,693)
USD
59,481
CAD
76,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(592)
USD
130,247
EUR
115,000
BNP
Paribas
SA
03/16/22
(871)
USD
516,897
GBP
390,000
Deutsche
Bank
AG
03/16/22
(10,823)
USD
37,731
GBP
28,287
Goldman
Sachs
International
03/16/22
(545)
USD
529,681
GBP
400,000
JPMorgan
Chase
Bank
NA
03/16/22
(11,570)
USD
495,827
GBP
371,713
Morgan
Stanley
&
Co.
International
plc
03/16/22
(7,146)
(73,177)
$
28,449
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
Instant
One-Touch
JPMorgan
Chase
Bank
NA
02/25/22
RUB
65.00
RUB
65.00
USD
11
$
41
USD
Currency
...............
One-Touch
HSBC
Bank
plc
03/10/22
CNH
6.70
CNH
6.70
USD
44
1,292
1,333
Put
USD
Currency
...............
One-Touch
Goldman
Sachs
International
02/07/22
RUB
69.00
RUB
69.00
USD
14
301
USD
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
02/25/22
RUB
67.00
RUB
67.00
USD
11
119
USD
Currency
...............
One-Touch
Citibank
NA
02/28/22
RUB
70.00
RUB
70.00
USD
16
1,100
EUR
Currency
...............
One-Touch
Bank
of
America
NA
03/01/22
PLN
4.50
PLN
4.50
EUR
12
1,908
USD
Currency
...............
One-Touch
Morgan
Stanley
&
Co.
International
plc
03/15/22
RUB
68.00
RUB
68.00
USD
12
363
EUR
Currency
...............
One-Touch
Bank
of
America
NA
03/17/22
HUF
355.00
HUF
355.00
EUR
12
1,142
4,933
$
6,266
$
–
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
54
Schedule
of
Investments
(continued)
December
31,
2021
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
June
2022
Futures
..............
47
06/13/22
USD
99.25
USD
11,750
$
7,344
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Bank
of
America
NA
01/03/22
TRY
10.50
USD
63
$
13,231
USD
Currency
...........................
Bank
of
America
NA
01/03/22
TRY
10.00
USD
84
20,794
USD
Currency
...........................
HSBC
Bank
plc
01/14/22
MXN
21.00
USD
165
450
AUD
Currency
...........................
UBS
AG
01/21/22
JPY
83.50
AUD
202
1,495
35,970
Put
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
01/06/22
CLP
815.00
USD
126
10
USD
Currency
...........................
Citibank
NA
01/14/22
RUB
72.00
USD
168
70
USD
Currency
...........................
Barclays
Bank
plc
01/18/22
BRL
5.68
USD
104
2,451
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
01/21/22
TRY
11.00
USD
31
494
USD
Currency
...........................
Bank
of
America
NA
02/10/22
CLP
850.00
USD
42
718
EUR
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
03/01/22
USD
1.12
EUR
1,840
6,677
10,420
$
46,390
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
1.60%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
05/16/22
1.60
%
USD
2,000
$
15,511
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
June
2022
Futures
...............
23
06/10/22
USD
98.00
USD
5,750
$
(3,163)
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
Bank
of
America
NA
01/03/22
TRY
10.00
USD
42
$
(10,397)
USD
Currency
.............................
Bank
of
America
NA
01/03/22
TRY
10.50
USD
126
(26,462)
USD
Currency
.............................
HSBC
Bank
plc
01/14/22
MXN
21.60
USD
165
(102)
AUD
Currency
.............................
UBS
AG
01/21/22
JPY
85.00
AUD
288
(642)
USD
Currency
.............................
Goldman
Sachs
International
01/21/22
RUB
76.00
USD
84
(751)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
02/08/22
CLP
850.00
USD
32
(786)
USD
Currency
.............................
Bank
of
America
NA
02/10/22
CLP
875.00
USD
31
(422)
–
(39,562)
–
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
55
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Currency
Options
Written
(continued)
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
01/06/22
CLP
780.00
USD
252
$
—
USD
Currency
.............................
Citibank
NA
01/14/22
RUB
70.50
USD
250
(15)
USD
Currency
.............................
Barclays
Bank
plc
01/18/22
BRL
5.49
USD
104
(653)
USD
Currency
.............................
Bank
of
America
NA
02/10/22
CLP
820.00
USD
63
(325)
–
(993)
–
$
(40,555)
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
Put
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.40%
Semi-Annual
Barclays
Bank
plc
05/16/22
1.40
%
USD
11,000
$
(7,496)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/07/24
USD
450
$
4,673
$
—
$
4,673
0.86%
At
Termination
1
day
SONIA
At
Termination
09/23/24
(a)
09/23/25
GBP
3,400
11,001
—
11,001
0.98%
At
Termination
1
day
SONIA
At
Termination
10/18/24
(a)
10/18/25
GBP
3,030
4,443
—
4,443
0.90%
At
Termination
1
day
SONIA
At
Termination
11/09/24
(a)
11/09/25
GBP
4,800
11,213
—
11,213
$
31,330
$
—
$
31,330
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
month
USCPI
At
Termination
2.47%
At
Termination
04/26/31
USD
1,124
$
(78,300)
$
—
$
(78,300)
1
month
USCPI
At
Termination
2.64%
At
Termination
05/21/31
USD
900
(44,622)
—
(44,622)
1
month
USCPI
At
Termination
2.89%
At
Termination
10/29/31
USD
445
1,718
—
1,718
1
month
USCPI
At
Termination
2.88%
At
Termination
11/01/31
USD
445
1,203
—
1,203
1
month
USCPI
At
Termination
2.76%
At
Termination
11/05/31
USD
473
(4,821)
—
(4,821)
1
month
USCPI
At
Termination
2.77%
At
Termination
11/05/31
USD
473
(4,688)
—
(4,688)
1
month
USCPI
At
Termination
2.80%
At
Termination
11/08/31
USD
198
(1,229)
—
(1,229)
1
month
USCPI
At
Termination
2.82%
At
Termination
11/10/31
USD
275
(930)
—
(930)
1
month
USCPI
At
Termination
2.89%
At
Termination
11/15/31
USD
237
1,089
—
1,089
1
month
USCPI
At
Termination
2.93%
At
Termination
11/15/31
USD
237
1,961
—
1,961
$
(128,619)
$
—
$
(128,619)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
56
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Federative
Republic
of
Brazil
..
1.00
%
Quarterly
Barclays
Bank
plc
12/20/24
USD
30
$
325
$
450
$
(125)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
30
325
450
(125)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
30
325
450
(125)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
18
195
265
(70)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
40
434
589
(155)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
30
325
441
(116)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
30
1,439
1,576
(137)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
31
1,487
1,629
(142)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
30
1,439
1,669
(230)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
31
1,487
1,819
(332)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
31
1,487
1,588
(101)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
30
1,439
1,563
(124)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
72
3,438
3,140
298
Federative
Republic
of
Brazil
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
USD
20
960
1,060
(100)
Federative
Republic
of
Brazil
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
USD
30
1,439
1,630
(191)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
30
1,439
1,637
(198)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
31
1,487
1,718
(231)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
212
10,110
4,725
5,385
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
102
4,866
2,270
2,596
Republic
of
Indonesia
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
USD
310
(3,759)
(3,388)
(371)
Republic
of
South
Africa
.....
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
54
2,570
2,708
(138)
Republic
of
South
Africa
.....
1.00
Quarterly
Citibank
NA
12/20/26
USD
49
2,307
2,420
(113)
Republic
of
South
Africa
.....
1.00
Quarterly
Goldman
Sachs
International
12/20/26
USD
194
9,245
9,002
243
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
189
(840)
(326)
(514)
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
USD
743
(3,334)
(1,281)
(2,053)
CMBX.NA.9.AAA
..........
0.50
Monthly
Credit
Suisse
International
09/17/58
USD
60
(485)
736
(1,221)
CMBX.NA.9.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
09/17/58
USD
50
(404)
621
(1,025)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
40
(323)
491
(814)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
50
(404)
613
(1,017)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
110
(889)
1,453
(2,342)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
2
187
106
81
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
70
(105)
(55)
(50)
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
31
(47)
(5)
(42)
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
20
5,581
1,766
3,815
$
–
$
–
$
–
$
43,746
$
43,530
$
216
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Trust
Fibra
Uno
.......
1.00
%
Quarterly
Citibank
NA
06/20/26
NR
USD
4
$
(261)
$
(399)
$
138
Trust
Fibra
Uno
.......
1.00
Quarterly
Citibank
NA
06/20/26
NR
USD
15
(977)
(1,497)
520
CMBX.NA.3.AM
.......
0.50
Monthly
Credit
Suisse
International
12/13/49
NR
USD
—
—
(7)
7
CMBX.NA.3.AM
.......
0.50
Monthly
Goldman
Sachs
International
12/13/49
NR
USD
—
—
(15)
15
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
7
(654)
(773)
119
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
NR
USD
5
(445)
(393)
(52)
CMBX.NA.6.BBB-
.....
3.00
Monthly
Credit
Suisse
International
05/11/63
BBB-
USD
20
(5,581)
(1,459)
(4,122)
$
(7,918)
$
(4,543)
$
(3,375)
(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.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
57
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.42%
Semi-Annual
1
day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/23
CLP
180,449
$
12,482
$
—
$
12,482
1
day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
180,449
(12,826)
—
(12,826)
5.64%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
11/22/23
COP
461,878
(203)
—
(203)
5.69%
Quarterly
1
day
IBR
Quarterly
JPMorgan
Chase
Bank
NA
11/23/23
COP
231,504
(151)
—
(151)
5.76%
Quarterly
1
day
IBR
Quarterly
JPMorgan
Chase
Bank
NA
11/24/23
COP
225,857
(216)
—
(216)
5.80%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
11/29/23
COP
464,591
(470)
—
(470)
5.65%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
12/09/23
COP
231,168
(2)
—
(2)
5.62%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
12/13/23
COP
228,912
47
—
47
1
day
IBR
Quarterly
6.29%
Quarterly
Goldman
Sachs
International
11/22/26
COP
203,271
453
—
453
1
day
IBR
Quarterly
6.36%
Quarterly
JPMorgan
Chase
Bank
NA
11/23/26
COP
101,636
301
—
301
1
day
IBR
Quarterly
6.41%
Quarterly
JPMorgan
Chase
Bank
NA
11/24/26
COP
99,942
352
—
352
1
day
IBR
Quarterly
6.46%
Quarterly
Goldman
Sachs
International
11/29/26
COP
204,104
801
—
801
1
day
IBR
Quarterly
6.24%
Quarterly
Goldman
Sachs
International
12/09/26
COP
101,488
129
—
129
1
day
IBR
Quarterly
6.18%
Quarterly
Goldman
Sachs
International
12/13/26
COP
100,361
52
—
52
$
749
$
—
$
749
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.01
%
1
day
IBR
...........................................
Colombian
Reference
Banking
Indicator
2.91
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.05
1
day
SONIA
.........................................
Sterling
Overnight
Index
Average
0.19
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
7.00
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.21
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)
...........................................
$
—
$
—
$
37,301
$
(134,590)
$
—
OTC
Swaps
.....................................................
48,585
(9,598)
27,834
(30,244)
—
Options
Written
...................................................
N/A
N/A
10,350
(25,479)
(51,214)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
58
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
264,459
$
—
$
86,613
$
—
$
351,072
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
101,626
—
—
101,626
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
52,656
22,855
—
75,511
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
31,330
5,971
37,301
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
61,802
—
—
14,617
—
76,419
$
—
$
61,802
$
264,459
$
154,282
$
155,415
$
5,971
$
641,929
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
60,482
—
60,482
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
73,177
—
—
73,177
Options
written
(b)
Options
written
at
value
.....................
—
—
—
40,555
10,659
—
51,214
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
—
134,590
134,590
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
25,974
—
—
13,868
—
39,842
$
—
$
25,974
$
—
$
113,732
$
85,009
$
134,590
$
359,305
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
December
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
6,273,428
$
—
$
(609,116)
$
—
$
5,664,312
Forward
foreign
currency
exchange
contracts
....
—
—
—
(305,876)
—
—
(305,876)
Options
purchased
(a)
....................
—
—
(10,299)
(439,785)
97,086
—
(352,998)
Options
written
........................
—
—
15,314
272,949
95,673
—
383,936
Swaps
..............................
—
(165,657)
—
—
(122,558)
(234,347)
(522,562)
$
—
$
(165,657)
$
6,278,443
$
(472,712)
$
(538,915)
$
(234,347)
$
4,866,812
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
(235,105)
—
863
—
(234,242)
Forward
foreign
currency
exchange
contracts
....
—
—
—
116,332
—
—
116,332
Options
purchased
(b)
....................
—
—
—
(89,227)
23,390
—
(65,837)
Options
written
........................
—
—
—
(19,026)
4,541
—
(14,485)
Swaps
..............................
—
88,702
—
—
(10,455)
(128,372)
(50,125)
$
—
$
88,702
$
(235,105)
$
8,079
$
18,339
$
(128,372)
$
(248,357)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
59
Schedule
of
Investments
(continued)
December
31,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
71,843,490
Average
notional
value
of
contracts
—
short
.................................................................................
23,747,140
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
9,991,866
Average
amounts
sold
—
in
USD
........................................................................................
2,954,004
Options
Average
value
of
option
contracts
purchased
................................................................................
552,925
Average
value
of
option
contracts
written
...................................................................................
274,023
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
1,607,250
Average
notional
value
of
swaption
contracts
written
...........................................................................
10,155,269
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
4,036,855
Average
notional
value
—
sell
protection
...................................................................................
41,761
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
14,283,092
Average
notional
value
—
receives
fixed
rate
................................................................................
3,307,501
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
3,644,647
Total
return
swaps
Average
notional
value
...............................................................................................
—
(a)
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
117,468
$
200,416
Forward
foreign
currency
exchange
contracts
.................................................................
101,626
73,177
Options
(a)(b)
........................................................................................
75,511
51,214
Swaps
—
Centrally
cleared
.............................................................................
—
26,370
Swaps
—
OTC
(c)
....................................................................................
76,419
39,842
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
371,024
$
391,019
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(124,812)
(229,949)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
246,212
$
161,070
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
60
Schedule
of
Investments
(continued)
December
31,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
ANZ
Banking
Group
Ltd.
...........................
$
202
$
—
$
—
$
—
$
202
Bank
of
America
NA
..............................
67,371
(50,630)
—
—
16,741
Barclays
Bank
plc
................................
47,134
(10,761)
—
—
36,373
BNP
Paribas
SA
.................................
52
(52)
—
—
—
Citibank
NA
....................................
20,666
(17,655)
—
—
3,011
Credit
Suisse
International
..........................
743
(743)
—
—
—
Deutsche
Bank
AG
...............................
23,533
(13,939)
—
—
9,594
Goldman
Sachs
International
........................
30,015
(7,073)
—
—
22,942
HSBC
Bank
plc
..................................
17,899
(686)
—
—
17,213
JPMorgan
Chase
Bank
NA
..........................
6,151
(6,151)
—
—
—
JPMorgan
Securities
LLC
...........................
5,581
(445)
—
—
5,136
Morgan
Stanley
&
Co.
International
plc
..................
19,616
(19,286)
—
—
330
Royal
Bank
of
Canada
.............................
2,025
—
—
—
2,025
UBS
AG
......................................
5,224
(5,224)
—
—
—
$
246,212
$
(132,645)
$
—
$
—
$
113,567
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(d)
Banco
Santander
SA
..............................
$
1,176
$
—
$
—
$
—
$
1,176
Bank
of
America
NA
..............................
50,630
(50,630)
—
—
—
Barclays
Bank
plc
................................
10,761
(10,761)
—
—
—
BNP
Paribas
SA
.................................
1,134
(52)
—
—
1,082
Citibank
NA
....................................
17,655
(17,655)
—
—
—
Credit
Agricole
Corporate
and
Investment
Bank
SA
..........
2,044
—
—
—
2,044
Credit
Suisse
International
..........................
6,809
(743)
—
—
6,066
Deutsche
Bank
AG
...............................
13,939
(13,939)
—
—
—
Goldman
Sachs
International
........................
7,073
(7,073)
—
—
—
HSBC
Bank
plc
..................................
686
(686)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
15,987
(6,151)
—
—
9,836
JPMorgan
Securities
LLC
...........................
445
(445)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
19,286
(19,286)
—
—
—
Natwest
Markets
plc
..............................
2,119
—
—
—
2,119
UBS
AG
......................................
11,326
(5,224)
—
—
6,102
$
161,070
$
(132,645)
$
—
$
—
$
28,425
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
BlackRock
Balanced
Capital
Portfolio
Schedules
of
Investments
61
Schedule
of
Investments
(continued)
December
31,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
7,123,424
$
216,337
$
7,339,761
Common
Stocks
.........................................
332,826,270
—
—
332,826,270
Corporate
Bonds
Aerospace
&
Defense
....................................
—
3,123,833
—
3,123,833
Air
Freight
&
Logistics
....................................
—
416,849
—
416,849
Airlines
..............................................
—
1,013,546
—
1,013,546
Automobiles
..........................................
—
889,628
—
889,628
Banks
...............................................
—
8,848,512
—
8,848,512
Beverages
...........................................
—
1,445,075
—
1,445,075
Biotechnology
.........................................
—
1,384,277
—
1,384,277
Building
Products
.......................................
—
186,653
—
186,653
Capital
Markets
........................................
—
6,649,340
—
6,649,340
Chemicals
............................................
—
753,676
—
753,676
Commercial
Services
&
Supplies
.............................
—
647,442
—
647,442
Communications
Equipment
................................
—
399,929
—
399,929
Construction
&
Engineering
................................
—
199,663
—
199,663
Consumer
Finance
......................................
—
963,603
—
963,603
Containers
&
Packaging
..................................
—
97,545
—
97,545
Distributors
...........................................
—
24,558
—
24,558
Diversified
Financial
Services
...............................
—
550,593
—
550,593
Diversified
Telecommunication
Services
........................
—
2,843,947
—
2,843,947
Electric
Utilities
........................................
—
4,945,674
—
4,945,674
Electronic
Equipment,
Instruments
&
Components
.................
—
41,880
—
41,880
Energy
Equipment
&
Services
..............................
—
86
—
86
Entertainment
.........................................
—
386,268
—
386,268
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
1,895,371
—
1,895,371
Food
&
Staples
Retailing
..................................
—
119,635
—
119,635
Food
Products
.........................................
—
278,185
—
278,185
Gas
Utilities
...........................................
—
231,089
—
231,089
Health
Care
Equipment
&
Supplies
...........................
—
157,524
—
157,524
Health
Care
Providers
&
Services
............................
—
2,476,421
—
2,476,421
Hotels,
Restaurants
&
Leisure
..............................
—
752,588
—
752,588
Household
Durables
.....................................
—
39,688
—
39,688
Independent
Power
and
Renewable
Electricity
Producers
............
—
12,328
—
12,328
Industrial
Conglomerates
..................................
—
24,414
—
24,414
Insurance
............................................
—
773,042
—
773,042
Internet
&
Direct
Marketing
Retail
............................
—
358,735
—
358,735
IT
Services
...........................................
—
1,100,781
—
1,100,781
Life
Sciences
Tools
&
Services
..............................
—
246,616
—
246,616
Machinery
............................................
—
275,610
—
275,610
Media
...............................................
—
2,220,698
—
2,220,698
Metals
&
Mining
........................................
—
671,734
—
671,734
Multi-Utilities
..........................................
—
325,763
—
325,763
Oil,
Gas
&
Consumable
Fuels
...............................
—
5,576,866
—
5,576,866
Paper
&
Forest
Products
..................................
—
175,756
—
175,756
Pharmaceuticals
.......................................
—
1,029,978
—
1,029,978
Professional
Services
....................................
—
144,844
—
144,844
Road
&
Rail
...........................................
—
1,582,635
—
1,582,635
Semiconductors
&
Semiconductor
Equipment
....................
—
2,414,385
—
2,414,385
Software
.............................................
—
1,729,901
—
1,729,901
Specialty
Retail
........................................
—
537,459
—
537,459
Technology
Hardware,
Storage
&
Peripherals
....................
—
359,607
—
359,607
Textiles,
Apparel
&
Luxury
Goods
............................
—
15,506
—
15,506
Thrifts
&
Mortgage
Finance
................................
—
279,701
—
279,701
Tobacco
.............................................
—
942,834
—
942,834
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Balanced
Capital
Portfolio
62
Schedule
of
Investments
(continued)
December
31,
2021
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Trading
Companies
&
Distributors
............................
$
—
$
210,470
$
—
$
210,470
Wireless
Telecommunication
Services
.........................
—
732,394
—
732,394
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
10,955
—
10,955
Building
Products
.......................................
—
—
6,806
6,806
Chemicals
............................................
—
48,918
—
48,918
Commercial
Services
&
Supplies
.............................
—
34,760
—
34,760
Construction
Materials
....................................
—
55,282
—
55,282
Consumer
Finance
......................................
—
—
6,073
6,073
Diversified
Consumer
Services
..............................
—
36,400
—
36,400
Health
Care
Equipment
&
Supplies
...........................
—
92,959
—
92,959
Hotels,
Restaurants
&
Leisure
..............................
—
227,994
—
227,994
Household
Durables
.....................................
—
18,810
—
18,810
Industrial
Conglomerates
..................................
—
—
7,990
7,990
Machinery
............................................
—
2,999
—
2,999
Media
...............................................
—
55,678
—
55,678
Multiline
Retail
.........................................
—
11,078
—
11,078
Oil,
Gas
&
Consumable
Fuels
...............................
—
40,025
—
40,025
Software
.............................................
—
38,868
—
38,868
Specialty
Retail
........................................
—
48,652
—
48,652
Foreign
Agency
Obligations
.................................
—
775,868
—
775,868
Foreign
Government
Obligations
..............................
—
3,302,454
—
3,302,454
Municipal
Bonds
.........................................
—
1,352,832
—
1,352,832
Non-Agency
Mortgage-Backed
Securities
........................
—
4,451,695
247
4,451,942
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
825,066
—
825,066
U.S.
Government
Sponsored
Agency
Securities
....................
—
77,020,187
—
77,020,187
U.S.
Treasury
Obligations
...................................
—
32,563,686
—
32,563,686
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
4,980,076
—
4,980,076
Money
Market
Funds
......................................
46,127,397
—
—
46,127,397
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
52,656
—
52,656
Interest
rate
contracts
......................................
7,344
15,511
—
22,855
Liabilities
Investments
Borrowed
Bonds
.........................................
—
(4,971,665)
—
(4,971,665)
TBA
Sale
Commitments
....................................
—
(14,880,380)
—
(14,880,380)
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(3)
(3)
$
378,961,011
$
176,839,923
$
237,450
$
556,038,384
Investments
valued
at
NAV
(b)
......................................
40,405,236
$
—
$
596,443,620
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
13,217
$
—
$
13,217
Equity
contracts
...........................................
264,459
—
—
264,459
Foreign
currency
exchange
contracts
............................
—
101,626
—
101,626
Interest
rate
contracts
.......................................
86,613
45,947
—
132,560
Other
contracts
...........................................
—
5,971
—
5,971
Liabilities
Credit
contracts
...........................................
—
(16,376)
—
(16,376)
Foreign
currency
exchange
contracts
............................
—
(113,732)
—
(113,732)
Interest
rate
contracts
.......................................
(63,645)
(21,364)
—
(85,009)
Other
contracts
...........................................
—
(134,590)
—
(134,590)
$
287,427
$
(119,301)
$
—
$
168,126
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.3%
Aerospace
&
Defense
—
1.8%
TransDigm
Group,
Inc.
(a)
..............
7,809
$
4,968,710
Automobiles
—
0.9%
Tesla,
Inc.
(a)
.......................
2,361
2,495,058
Capital
Markets
—
4.2%
KKR
&
Co.,
Inc.
....................
38,914
2,899,093
S&P
Global,
Inc.
...................
18,289
8,631,128
11,530,221
Chemicals
—
2.2%
Linde
plc
........................
6,340
2,196,366
Sherwin-Williams
Co.
(The)
............
11,189
3,940,318
6,136,684
Containers
&
Packaging
—
0.5%
Ball
Corp.
........................
15,815
1,522,510
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Zebra
Technologies
Corp.,
Class
A
(a)
......
5,421
3,226,579
Entertainment
—
4.0%
(a)
Netflix,
Inc.
.......................
10,173
6,128,622
Sea
Ltd.,
ADR
.....................
22,087
4,941,083
11,069,705
Health
Care
Equipment
&
Supplies
—
2.0%
(a)
Align
Technology,
Inc.
(b)
...............
4,792
3,149,207
Intuitive
Surgical,
Inc.
................
6,317
2,269,698
5,418,905
Health
Care
Providers
&
Services
—
1.2%
UnitedHealth
Group,
Inc.
..............
6,609
3,318,643
Hotels,
Restaurants
&
Leisure
—
2.9%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,486
2,597,900
Domino's
Pizza,
Inc.
.................
4,822
2,721,199
Evolution
AB
(c)(d)
....................
18,693
2,642,088
7,961,187
Industrial
Conglomerates
—
1.5%
Roper
Technologies,
Inc.
..............
8,597
4,228,520
Interactive
Media
&
Services
—
11.8%
(a)
Alphabet,
Inc.,
Class
A
...............
4,671
13,532,074
Facebook,
Inc.,
Class
A
..............
32,094
10,794,817
Match
Group,
Inc.
..................
26,637
3,522,743
Snap,
Inc.,
Class
A
..................
98,036
4,610,633
32,460,267
Internet
&
Direct
Marketing
Retail
—
10.4%
(a)
Amazon.com,
Inc.
..................
6,553
21,849,930
Etsy,
Inc.
........................
15,679
3,432,760
MercadoLibre
,
Inc.
..................
2,483
3,348,077
28,630,767
IT
Services
—
6.3%
Mastercard
,
Inc.,
Class
A
..............
12,246
4,400,233
Shopify,
Inc.,
Class
A
(a)
...............
3,382
4,658,333
Visa,
Inc.,
Class
A
..................
31,043
6,727,328
Wix.com
Ltd.
(a)(b)
...................
10,439
1,647,170
17,433,064
Life
Sciences
Tools
&
Services
—
3.7%
Danaher
Corp.
....................
14,758
4,855,530
Lonza
Group
AG
(Registered)
..........
3,476
2,894,077
Thermo
Fisher
Scientific,
Inc.
...........
3,904
2,604,905
10,354,512
Security
Shares
Shares
Value
Machinery
—
0.9%
Fortive
Corp.
......................
32,506
$
2,479,883
Oil,
Gas
&
Consumable
Fuels
—
0.6%
Pioneer
Natural
Resources
Co.
.........
8,653
1,573,808
Personal
Products
—
0.9%
Olaplex
Holdings,
Inc.
(a)
..............
86,515
2,520,182
Pharmaceuticals
—
2.4%
Eli
Lilly
&
Co.
.....................
5,461
1,508,437
Zoetis,
Inc.
.......................
21,197
5,172,704
6,681,141
Professional
Services
—
2.0%
CoStar
Group,
Inc.
(a)
.................
26,457
2,090,897
TransUnion
.......................
30,100
3,569,258
5,660,155
Road
&
Rail
—
1.2%
Uber
Technologies,
Inc.
(a)
.............
33,199
1,392,034
Union
Pacific
Corp.
.................
7,358
1,853,701
3,245,735
Semiconductors
&
Semiconductor
Equipment
—
10.8%
Analog
Devices,
Inc.
.................
20,883
3,670,605
ASML
Holding
NV
(Registered),
NYRS
....
11,023
8,775,851
Marvell
Technology,
Inc.
..............
101,503
8,880,498
NVIDIA
Corp.
.....................
28,975
8,521,837
29,848,791
Software
—
18.0%
Adobe,
Inc.
(a)
......................
11,050
6,266,013
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
6,504
1,331,694
Intuit,
Inc.
........................
16,486
10,604,125
Microsoft
Corp.
....................
76,486
25,723,771
ServiceNow
,
Inc.
(a)
..................
8,843
5,740,080
49,665,683
Technology
Hardware,
Storage
&
Peripherals
—
3.7%
Apple,
Inc.
.......................
56,949
10,112,434
Textiles,
Apparel
&
Luxury
Goods
—
4.2%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
5,648
4,667,699
NIKE,
Inc.,
Class
B
.................
41,560
6,926,805
11,594,504
Total
Common
Stocks
—
99.3%
(Cost:
$153,001,217)
.............................
274,137,648
Preferred
Stocks
—
0.6%
Media
—
0.6%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$1,164,993)
(e)(f)
...............
10,632
1,738,865
Total
Preferred
Stocks
—
0.6%
(Cost:
$1,164,993)
..............................
1,738,865
Total
Long-Term
Investments
—
99.9%
(Cost:
$154,166,210)
.............................
275,876,513
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Capital
Appreciation
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Short-Term
Securities
—
1.5%
(g)(h)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
...................
455,338
$
455,338
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.15%
(
i
)
.......................
3,736,653
3,737,027
Total
Short-Term
Securities
—
1.5%
(Cost:
$4,192,365)
..............................
4,192,365
Total
Investments
—
101.4%
(Cost:
$158,358,575
)
.............................
280,068,878
Liabilities
in
Excess
of
Other
Assets
—
(1.4)%
............
(3,987,465)
Net
Assets
—
100.0%
..............................
$
276,081,413
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,738,865,
representing
0.63%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,164,993.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Affiliate
of
the
Fund.
(h)
Annualized
7-day
yield
as
of
period
end.
(i)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/21
Shares
Held
at
12/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
1,153,780
$
—
$
(698,442)
$
—
$
—
$
455,338
455,338
$
108
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
4,996,750
—
(1,256,811)
(2,912)
—
3,737,027
3,736,653
19,776
(b)
—
$
(2,912)
$
—
$
4,192,365
$
19,884
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
65
Schedule
of
Investments
(continued)
December
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,968,710
$
—
$
—
$
4,968,710
Automobiles
..........................................
2,495,058
—
—
2,495,058
Capital
Markets
........................................
11,530,221
—
—
11,530,221
Chemicals
............................................
6,136,684
—
—
6,136,684
Containers
&
Packaging
..................................
1,522,510
—
—
1,522,510
Electronic
Equipment,
Instruments
&
Components
.................
3,226,579
—
—
3,226,579
Entertainment
.........................................
11,069,705
—
—
11,069,705
Health
Care
Equipment
&
Supplies
...........................
5,418,905
—
—
5,418,905
Health
Care
Providers
&
Services
............................
3,318,643
—
—
3,318,643
Hotels,
Restaurants
&
Leisure
..............................
5,319,099
2,642,088
—
7,961,187
Industrial
Conglomerates
..................................
4,228,520
—
—
4,228,520
Interactive
Media
&
Services
...............................
32,460,267
—
—
32,460,267
Internet
&
Direct
Marketing
Retail
............................
28,630,767
—
—
28,630,767
IT
Services
...........................................
17,433,064
—
—
17,433,064
Life
Sciences
Tools
&
Services
..............................
7,460,435
2,894,077
—
10,354,512
Machinery
............................................
2,479,883
—
—
2,479,883
Oil,
Gas
&
Consumable
Fuels
...............................
1,573,808
—
—
1,573,808
Personal
Products
......................................
2,520,182
—
—
2,520,182
Pharmaceuticals
.......................................
6,681,141
—
—
6,681,141
Professional
Services
....................................
5,660,155
—
—
5,660,155
Road
&
Rail
...........................................
3,245,735
—
—
3,245,735
Semiconductors
&
Semiconductor
Equipment
....................
29,848,791
—
—
29,848,791
Software
.............................................
49,665,683
—
—
49,665,683
Technology
Hardware,
Storage
&
Peripherals
....................
10,112,434
—
—
10,112,434
Textiles,
Apparel
&
Luxury
Goods
............................
6,926,805
4,667,699
—
11,594,504
Preferred
Stocks
.........................................
—
—
1,738,865
1,738,865
Short-Term
Securities
.......................................
455,338
—
—
455,338
$
264,389,122
$
10,203,864
$
1,738,865
$
276,331,851
Investments
valued
at
NAV
(a)
......................................
3,737,027
$
—
$
280,068,878
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
December
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
—
1.6%
Cayman
Islands
—
0.2%
(a)
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
1.78%,
04/20/34
(b)
.....
USD
250
$
249,131
Loanpal
Solar
Loan
Ltd.,
Series
2020-
2GF,
Class
A,
2.75%,
07/20/47
..
32
32,114
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
1.17%,
04/20/34
(b)
.....
150
149,105
430,350
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
1.35%,
01/15/32
(b)(c)
....
EUR
100
113,488
United
States
—
1.3%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.30%),
0.48%,
05/25/36
(b)
.....
USD
29
28,084
ACRES
Commercial
Realty
Ltd.,
Series
2021-FL1,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.31%,
06/15/36
(a)(b)
100
99,945
Ajax
Mortgage
Loan
Trust,
Series
2021-
E,
Class
A1,
1.74%,
12/25/60
(a)(b)
.
203
200,943
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
111
109,394
Lendmark
Funding
Trust,
Series
2021-
1A,
Class
A,
1.90%,
11/20/31
(a)
..
100
98,899
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
100,659
Mercury
Financial
Credit
Card
Master
Trust,
Series
2021-1A,
Class
A,
1.54%,
03/20/26
(a)
...........
193
192,821
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
1.26%,
04/15/60
(b)
120
119,875
Series
2021-DA,
Class
C,
3.48%,
04/15/60
(d)
..............
110
109,558
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
200
200,111
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
100
103,494
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
102,721
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
205
204,612
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
100
99,932
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
146
145,726
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
4.86%,
10/15/41
(a)(b)
...............
168
187,101
SMB
Private
Education
Loan
Trust
(a)
Series
2021-A,
Class
B,
2.31%,
01/15/53
...............
100
99,135
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
204
203,348
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-A,
Class
D1,
3.86%,
01/15/53
...............
USD
100
$
98,470
2,504,828
Total
Asset-Backed
Securities
—
1.6%
(Cost:
$3,037,909)
..............................
3,048,666
Shares
Shares
Common
Stocks
—
68.3%
Argentina
—
0.4%
MercadoLibre
,
Inc.
(e)
............
489
659,368
Australia
—
0.4%
Australia
&
New
Zealand
Banking
Group
Ltd.
................
143
2,864
BHP
Group
Ltd.
...............
910
27,474
BHP
Group
plc
...............
5,589
166,299
Commonwealth
Bank
of
Australia
...
30
2,205
CSL
Ltd.
....................
69
14,594
Endeavour
Group
Ltd.
..........
3,904
19,158
Glencore
plc
(e)
................
52,452
267,258
Goodman
Group
..............
359
6,920
Magellan
Financial
Group
Ltd.
.....
181
2,797
Quintis
HoldCo
Pty.
Ltd.
(d)
........
218,994
49,392
Rio
Tinto
Ltd.
................
46
3,357
Rio
Tinto
plc
.................
2,034
134,135
Santos
Ltd.
..................
1,668
7,684
South32
Ltd.
.................
29,996
87,726
Treasury
Wine
Estates
Ltd.
.......
1,068
9,629
Westpac
Banking
Corp.
.........
591
9,169
Woodside
Petroleum
Ltd.
........
1,313
20,932
831,593
Belgium
—
0.0%
Etablissements
Franz
Colruyt
NV
...
671
28,472
Umicore
SA
.................
121
4,936
33,408
Brazil
—
0.1%
B3
SA
-
Brasil
Bolsa
Balcao
.......
3,109
6,191
Banco
do
Brasil
SA
(e)
...........
479
2,476
Cosan
SA
...................
689
2,707
Engie
Brasil
Energia
SA
.........
1,257
8,661
Locaweb
Servicos
de
Internet
SA
(a)(c)(e)
8,883
20,609
Natura
&
Co.
Holding
SA
(e)
.......
1,412
6,511
NU
Holdings
Ltd.,
Class
A
(e)
.......
11,330
106,275
Sendas
Distribuidora
SA
.........
880
2,053
WEG
SA
...................
1,001
5,896
161,379
Canada
—
1.1%
Alimentation
Couche-Tard,
Inc.
.....
240
10,056
Barrick
Gold
Corp.
.............
239
4,544
Brookfield
Asset
Management,
Inc.,
Class
A
..................
73
4,408
Canadian
Natural
Resources
Ltd.
...
180
7,606
Cenovus
Energy,
Inc.
...........
39,109
479,659
CGI,
Inc.,
Class
A
(e)
............
179
15,828
Enbridge,
Inc.
................
35,161
1,373,418
George
Weston
Ltd.
............
61
7,072
Great-West
Lifeco
,
Inc.
..........
189
5,672
Loblaw
Cos.
Ltd.
..............
78
6,391
Nutrien
Ltd.
..................
324
24,353
Restaurant
Brands
International,
Inc.
97
5,882
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Canada
(continued)
Rogers
Communications,
Inc.,
Class
B
85
$
4,047
Saputo,
Inc.
.................
272
6,128
Shopify,
Inc.,
Class
A
(e)
..........
67
92,283
TC
Energy
Corp.
..............
167
7,767
Thomson
Reuters
Corp.
.........
234
27,983
2,083,097
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(e)
....
5,835
66,299
China
—
2.5%
AAC
Technologies
Holdings,
Inc.
...
5,500
21,676
Agricultural
Bank
of
China
Ltd.,
Class
H
48,000
16,514
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
7,066
47,040
Alibaba
Group
Holding
Ltd.
(e)
......
9,700
142,547
Alibaba
Group
Holding
Ltd.,
ADR
(e)
..
1,701
202,062
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
4,100
48,683
Angelalign
Technology,
Inc.
(a)(c)(e)
....
600
19,250
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,423
ANTA
Sports
Products
Ltd.
.......
6,000
90,110
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...............
699
47,828
Bank
of
China
Ltd.,
Class
H
.......
14,000
5,037
BYD
Co.
Ltd.,
Class
A
...........
5,500
231,629
China
Construction
Bank
Corp.,
Class
H
......................
28,000
19,403
China
Feihe
Ltd.
(a)(c)
............
8,000
10,734
China
Galaxy
Securities
Co.
Ltd.,
Class
H
......................
3,000
1,724
China
Gas
Holdings
Ltd.
.........
1,800
3,744
China
Hongqiao
Group
Ltd.
.......
22,000
23,253
China
Life
Insurance
Co.
Ltd.,
Class
H
3,000
4,973
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
5,000
38,898
China
National
Building
Material
Co.
Ltd.,
Class
H
...............
24,000
29,466
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
..................
1,800
4,890
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
42,000
19,564
China
Resources
Cement
Holdings
Ltd.
6,000
4,538
China
Tower
Corp.
Ltd.,
Class
H
(a)(c)
.
28,000
3,089
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
5,200
480,191
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(e)
.................
4,650
9,016
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
4,500
2,355
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
12,000
9,976
ENN
Energy
Holdings
Ltd.
........
1,100
20,737
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
4,100
67,728
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)(c)
3,600
56,688
Glodon
Co.
Ltd.,
Class
A
.........
3,900
39,240
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
............
38,500
73,070
Haidilao
International
Holding
Ltd.
(a)(c)
12,000
27,129
Haitong
Securities
Co.
Ltd.,
Class
H
.
2,800
2,482
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
4,700
26,635
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)(c)
............
1,700
21,570
Hengan
International
Group
Co.
Ltd.
.
500
2,576
Huazhu
Group
Ltd.,
ADR
(e)(f)
.......
1,722
64,299
Hundsun
Technologies,
Inc.,
Class
A
.
5,992
58,666
Security
Shares
Shares
Value
China
(continued)
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
6,200
$
38,833
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
50,000
28,204
Jafron
Biomedical
Co.
Ltd.,
Class
A
..
1,265
10,633
JD
Health
International,
Inc.
(a)(c)(e)
...
22,800
179,856
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
..................
5,600
44,732
Jinxin
Fertility
Group
Ltd.
(a)(c)
......
33,500
37,451
JiuGui
Liquor
Co.
Ltd.,
Class
A
.....
100
3,343
Kindstar
Globalgene
Technology,
Inc.,
(Acquired
07/08/21,
cost
$70,852)
(a)
(c)(e)(g)
....................
55,500
40,798
Kingdee
International
Software
Group
Co.
Ltd.
(e)
.................
19,000
58,485
Kingsoft
Corp.
Ltd.
.............
8,400
36,946
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
124
39,948
Lenovo
Group
Ltd.
.............
24,000
27,583
Li
Auto,
Inc.,
ADR
(e)
............
7,332
235,357
Meituan
Dianping
,
Class
B
(c)(e)
.....
800
23,134
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(e)
......................
96,000
47,661
Ming
Yuan
Cloud
Group
Holdings
Ltd.
(e)
10,000
22,807
NetEase
,
Inc.,
ADR
............
320
32,570
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
1,200
7,926
NXP
Semiconductors
NV
........
3,501
797,458
PetroChina
Co.
Ltd.,
Class
H
......
20,000
8,858
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
300
4,633
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..................
8,000
6,540
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
2,500
18,015
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....
100
5,991
Shimao
Group
Holdings
Ltd.
......
3,000
1,964
SITC
International
Holdings
Co.
Ltd.
.
4,000
14,467
Sun
Art
Retail
Group
Ltd.
........
4,500
1,806
Tencent
Holdings
Ltd.
...........
10,600
618,522
Tingyi
Cayman
Islands
Holding
Corp.
6,000
12,340
Trip.com
Group
Ltd.,
ADR
(e)
.......
159
3,915
Venustech
Group,
Inc.,
Class
A
....
7,699
34,575
Vipshop
Holdings
Ltd.,
ADR
(e)
......
1,077
9,047
Want
Want
China
Holdings
Ltd.
....
35,000
32,123
Weibo
Corp.,
ADR
(e)(f)
...........
207
6,413
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
2,064
38,511
Wuxi
Biologics
Cayman,
Inc.
(a)(c)(e)
...
6,834
80,907
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
4,082
35,370
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
11,300
63,779
Yum
China
Holdings,
Inc.
........
773
38,526
4,750,460
Denmark
—
0.3%
AP
Moller
-
Maersk
A/S,
Class
B
....
8
28,555
DSV
Panalpina
A/S
............
1,094
254,933
GN
Store
Nord
A/S
.............
224
14,055
Novo
Nordisk
A/S,
Class
B
.......
1,364
153,212
Pandora
A/S
.................
1,402
174,396
625,151
Finland
—
0.2%
Neste
OYJ
..................
5,693
280,186
Nordea
Bank
Abp
.............
341
4,160
Wartsila
OYJ
Abp
..............
440
6,171
290,517
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
France
—
2.2%
Alstom
SA
..................
11,211
$
398,108
Arkema
SA
..................
3,274
462,108
BNP
Paribas
SA
..............
4,240
293,158
Cie
de
Saint-Gobain
............
6,272
441,214
Cie
Generale
des
Etablissements
Michelin
SCA
..............
18
2,948
Credit
Agricole
SA
.............
314
4,477
Danone
SA
..................
7,275
452,210
Electricite
de
France
SA
.........
1,250
14,702
EssilorLuxottica
SA
............
1,055
224,585
Kering
SA
...................
86
69,002
La
Francaise
des
Jeux
SAEM
(a)(c)
...
149
6,603
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,217
1,005,770
Orange
SA
..................
353
3,771
Orpea
SA
...................
60
6,017
Pernod
Ricard
SA
.............
59
14,194
Remy
Cointreau
SA
............
43
10,452
Safran
SA
...................
5,669
694,018
Societe
Generale
SA
...........
4,488
154,247
TOTAL
SE
..................
130
6,617
4,264,201
Germany
—
3.1%
adidas
AG
..................
74
21,308
Allianz
SE
(Registered)
..........
1,606
378,789
Auto1
Group
SE
(a)(c)(e)
...........
7,782
171,994
Bayer
AG
(Registered)
..........
55
2,937
Bayerische
Motoren
Werke
AG
....
300
30,013
Brenntag
SE
.................
105
9,482
Covestro
AG
(a)(c)
...............
2,158
132,821
Daimler
AG
(Registered)
.........
15,673
1,197,483
Daimler
Truck
Holding
AG
(e)
.......
5,531
203,332
Deutsche
Boerse
AG
...........
135
22,542
Deutsche
Post
AG
(Registered)
....
138
8,876
Deutsche
Telekom
AG
(Registered)
.
47,571
878,993
Evonik
Industries
AG
...........
178
5,750
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
56
3,630
Fresenius
SE
&
Co.
KGaA
........
92
3,698
Infineon
Technologies
AG
........
5,212
239,953
Puma
SE
...................
3,617
441,724
SAP
SE
....................
162
22,800
Siemens
AG
(Registered)
........
9,029
1,563,848
Siemens
Energy
AG
(e)
...........
736
18,778
TeamViewer
AG
(e)
.............
251
3,368
Telefonica
Deutschland
Holding
AG
.
728
2,019
Vantage
Towers
AG
............
17,791
651,413
Vitesco
Technologies
Group
AG
(e)
...
101
4,939
6,020,490
Hong
Kong
—
0.4%
AIA
Group
Ltd.
...............
65,400
660,072
ASM
Pacific
Technology
Ltd.
......
100
1,081
Hang
Lung
Properties
Ltd.
........
9,000
18,513
Nine
Dragons
Paper
Holdings
Ltd.
..
2,000
2,148
681,814
India
—
0.1%
HCL
Technologies
Ltd.
..........
1,272
22,502
Indian
Oil
Corp.
Ltd.
............
3,652
5,464
InterGlobe
Aviation
Ltd.
(a)(c)(e)
......
1,155
31,304
Reliance
Industries
Ltd.
.........
2,117
67,250
Tata
Consultancy
Services
Ltd.
....
96
4,815
Security
Shares
Shares
Value
India
(continued)
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$67,547)
(d)
(g)
......................
45
$
141,490
272,825
Indonesia
—
0.0%
Bank
Central
Asia
Tbk
.
PT
........
104,200
53,366
Israel
—
0.4%
(e)
Nice
Ltd.,
ADR
...............
2,425
736,230
SimilarWeb
Ltd.
...............
1,237
22,155
Taboola.com
Ltd.,
(Acquired
06/30/21,
cost
$66,000)
(g)
.............
6,600
51,348
809,733
Italy
—
0.9%
Enel
SpA
...................
67,270
537,897
Eni
SpA
....................
372
5,170
Ferrari
NV
..................
658
169,373
Intesa
Sanpaolo
SpA
...........
357,527
923,465
1,635,905
Japan
—
2.2%
Advantest
Corp.
...............
200
18,940
AGC,
Inc.
...................
500
23,887
Aisin
Seiki
Co.
Ltd.
.............
300
11,510
Asahi
Group
Holdings
Ltd.
........
100
3,893
Asahi
Kasei
Corp.
.............
400
3,768
Astellas
Pharma,
Inc.
...........
3,050
49,640
Capcom
Co.
Ltd.
..............
600
14,131
Chubu
Electric
Power
Co.,
Inc.
.....
600
6,337
Chugai
Pharmaceutical
Co.
Ltd.
....
1,100
35,856
Daifuku
Co.
Ltd.
...............
800
65,420
Daikin
Industries
Ltd.
...........
100
22,652
Disco
Corp.
..................
400
122,261
Electric
Power
Development
Co.
Ltd.
200
2,658
FANUC
Corp.
................
3,500
743,967
Fujitsu
Ltd.
..................
200
34,365
GLP
J-
Reit
..................
3
5,186
GMO
Payment
Gateway,
Inc.
......
700
87,169
Honda
Motor
Co.
Ltd.
...........
1,400
39,831
Hoya
Corp.
..................
4,559
676,518
Inpex
Corp.
..................
700
6,087
ITOCHU
Corp.
...............
900
27,534
Kao
Corp.
...................
900
47,137
KDDI
Corp.
..................
500
14,622
Keyence
Corp.
...............
481
302,433
Kirin
Holdings
Co.
Ltd.
..........
2,100
33,824
Kose
Corp.
..................
1,500
170,163
Kyocera
Corp.
................
400
25,010
Lixil
Corp.
...................
500
13,338
Marubeni
Corp.
...............
2,200
21,435
Mazda
Motor
Corp.
(e)
...........
3,700
28,390
Mitsubishi
Corp.
...............
1,000
31,753
Mitsubishi
Electric
Corp.
.........
4,800
60,927
Mitsubishi
Heavy
Industries
Ltd.
....
800
18,496
Mitsui
&
Co.
Ltd.
..............
800
18,958
Mizuho
Financial
Group,
Inc.
......
3,100
39,374
MS&AD
Insurance
Group
Holdings,
Inc.
600
18,475
Murata
Manufacturing
Co.
Ltd.
.....
200
15,952
NEC
Corp.
..................
1,200
55,488
Nidec
Corp.
.................
200
23,659
Nippon
Paint
Holdings
Co.
Ltd.
.....
400
4,368
Nippon
Telegraph
&
Telephone
Corp.
1,300
35,553
Nippon
Yusen
KK
..............
300
22,876
Nissan
Motor
Co.
Ltd.
(e)
..........
1,800
8,670
Nitto
Denko
Corp.
.............
200
15,450
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Japan
(continued)
Nomura
Holdings,
Inc.
..........
10,000
$
43,556
Olympus
Corp.
...............
1,000
23,027
Oracle
Corp.
Japan
............
300
22,792
Oriental
Land
Co.
Ltd.
..........
500
84,314
Osaka
Gas
Co.
Ltd.
............
300
4,962
Otsuka
Holdings
Co.
Ltd.
........
700
25,467
Pan
Pacific
International
Holdings
Corp.
3,000
41,352
Panasonic
Corp.
..............
2,400
26,383
Recruit
Holdings
Co.
Ltd.
........
4,777
290,708
Ricoh
Co.
Ltd.
................
1,100
10,253
Rohm
Co.
Ltd.
................
200
18,194
SoftBank
Corp.
...............
2,200
27,787
SoftBank
Group
Corp.
..........
500
23,970
Sony
Corp.
..................
2,000
252,556
Subaru
Corp.
................
1,000
17,868
SUMCO
Corp.
................
300
6,109
Sumitomo
Corp.
..............
2,100
31,079
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.
200
6,688
Suzuki
Motor
Corp.
............
900
34,707
Takeda
Pharmaceutical
Co.
Ltd.
....
900
24,577
Terumo
Corp.
................
400
16,896
Tokyo
Gas
Co.
Ltd.
............
100
1,795
Toray
Industries,
Inc.
...........
700
4,147
Toyota
Motor
Corp.
............
3,500
64,689
Yamato
Holdings
Co.
Ltd.
........
1,100
25,841
4,157,678
Luxembourg
—
0.1%
ArcelorMittal
SA
...............
2,465
79,074
Arrival
SA
(e)(f)
.................
23,911
177,420
256,494
Macau
—
0.0%
Sands
China
Ltd.
(e)
.............
1,200
2,785
Mexico
—
0.0%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
697
5,429
Grupo
Bimbo
SAB
de
CV
........
2,618
8,067
13,496
Netherlands
—
1.6%
Adyen
NV
(a)(c)(e)
...............
224
588,001
ASML
Holding
NV
.............
1,526
1,222,358
Heineken
Holding
NV
...........
30
2,766
ING
Groep
NV
................
82,636
1,148,889
Koninklijke
Ahold
Delhaize
NV
.....
278
9,540
Koninklijke
Philips
NV
...........
1,210
44,784
Randstad
NV
................
355
24,217
Royal
Dutch
Shell
plc,
Class
A
.....
497
10,891
Salt
Pay
Co
Ltd.,
Series
C  (Acquired
11/16/21,
cost
$73,809)
(d)(e)(g)
....
38
73,809
3,125,255
Norway
—
0.1%
LINK
Mobility
Group
Holding
ASA
(e)
..
5,552
12,070
Norsk
Hydro
ASA
..............
11,115
87,459
99,529
Poland
—
0.0%
Dino
Polska
SA
(a)(c)(e)
............
35
3,191
Polski
Koncern
Naftowy
ORLEN
SA
.
290
5,345
8,536
Portugal
—
0.0%
Jeronimo
Martins
SGPS
SA
.......
2,020
46,225
Security
Shares
Shares
Value
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
$
2,405
Singapore
—
0.1%
DBS
Group
Holdings
Ltd.
........
2,500
60,547
Singapore
Press
Holdings
Ltd.
.....
1,100
1,899
United
Overseas
Bank
Ltd.
.......
2,600
51,927
114,373
South
Africa
—
0.1%
Anglo
American
plc
............
4,274
175,799
FirstRand
Ltd.
................
1,254
4,784
Impala
Platinum
Holdings
Ltd.
.....
863
12,174
Kumba
Iron
Ore
Ltd.
............
237
6,835
Standard
Bank
Group
Ltd.
........
307
2,697
202,289
South
Korea
—
0.6%
Amorepacific
Corp.
............
2,196
308,177
DL
E&C
Co.
Ltd.
(e)
.............
30
2,998
Fila
Holdings
Corp.
............
113
3,405
Hana
Financial
Group,
Inc.
.......
315
11,129
Kakao
Corp.
.................
2,123
200,480
KB
Financial
Group,
Inc.
.........
221
10,220
Kia
Corp.
...................
77
5,314
Krafton
,
Inc.
(e)
................
51
19,711
Kumho
Petrochemical
Co.
Ltd.
.....
53
7,388
LG
Chem
Ltd.
................
356
184,039
LG
Household
&
Health
Care
Ltd.
...
8
7,384
Lotte
Chemical
Corp.
...........
17
3,101
OCI
Co.
Ltd.
(e)
................
20
1,747
POSCO
....................
151
35,015
Samsung
Biologics
Co.
Ltd.
(a)(c)(e)
...
9
6,834
Samsung
Electronics
Co.
Ltd.
.....
400
26,270
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
29
4,926
Samsung
SDI
Co.
Ltd.
..........
443
243,638
SK
Hynix,
Inc.
................
46
5,052
SK
Innovation
Co.
Ltd.
(e)
.........
50
10,012
1,096,840
Spain
—
0.4%
Banco
Santander
SA
...........
924
3,069
Cellnex
Telecom
SA
(a)(c)
..........
12,514
724,906
Endesa
SA
..................
544
12,524
Iberdrola
SA
.................
1,729
20,471
760,970
Sweden
—
0.9%
Atlas
Copco
AB,
Class
A
.........
2,736
189,060
Elekta
AB,
Class
B
.............
470
5,942
Epiroc
AB,
Class
A
.............
3,879
98,084
EQT
AB
....................
40
2,168
H
&
M
Hennes
&
Mauritz
AB,
Class
B
992
19,465
Hexagon
AB,
Class
B
...........
12,757
202,078
Kinnevik
AB,
Class
B
(e)
..........
94
3,342
Lundin
Energy
AB
.............
53
1,896
Saab
AB,
Class
B
.............
159
4,039
Sandvik
AB
..................
19,966
556,523
Svenska
Handelsbanken
AB,
Class
A
1,412
15,261
Volvo
AB,
Class
B
.............
29,151
674,161
1,772,019
Switzerland
—
0.7%
ABB
Ltd.
(Registered)
...........
1,182
45,049
Adecco
Group
AG
(Registered)
....
617
31,441
Alcon,
Inc.
(f)
..................
300
26,136
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Switzerland
(continued)
Cie
Financiere
Richemont
SA
(Registered)
...............
861
$
128,663
Julius
Baer
Group
Ltd.
..........
181
12,104
Kuehne
+
Nagel
International
AG
(Registered)
...............
32
10,306
Lonza
Group
AG
(Registered)
.....
240
199,821
Nestle
SA
(Registered)
..........
1,236
172,567
Novartis
AG
(Registered)
........
69
6,063
On
Holding
AG,
Class
A
(e)
........
391
14,784
Partners
Group
Holding
AG
.......
39
64,382
Roche
Holding
AG
.............
15
6,223
Sika
AG
(Registered)
...........
688
285,945
STMicroelectronics
NV
..........
2,233
109,808
Straumann
Holding
AG
(Registered)
.
88
186,084
Swatch
Group
AG
(The)
.........
48
14,618
UBS
Group
AG
(Registered)
......
191
3,428
Vifor
Pharma
AG
..............
10
1,776
1,319,198
Taiwan
—
0.9%
ASE
Technology
Holding
Co.
Ltd.
...
2,000
7,728
Cathay
Financial
Holding
Co.
Ltd.
...
17,000
38,298
Evergreen
Marine
Corp.
Taiwan
Ltd.
.
3,000
15,369
Formosa
Plastics
Corp.
..........
8,000
30,026
Fubon
Financial
Holding
Co.
Ltd.
...
18,038
49,650
Hon
Hai
Precision
Industry
Co.
Ltd.
..
9,760
36,601
MediaTek
,
Inc.
................
1,000
42,910
Nan
Ya
Plastics
Corp.
...........
11,000
33,888
Nanya
Technology
Corp.
.........
1,000
2,817
Novatek
Microelectronics
Corp.
....
1,000
19,418
Sea
Ltd.,
ADR
(e)
...............
17
3,803
SinoPac
Financial
Holdings
Co.
Ltd.
.
8,000
4,666
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
..................
8,000
7,351
Taiwan
Glass
Industry
Corp.
......
7,000
6,754
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
61,000
1,349,381
Uni
-President
Enterprises
Corp.
....
8,000
19,807
United
Microelectronics
Corp.
.....
4,000
9,371
Yageo
Corp.
.................
1,000
17,290
1,695,128
Thailand
—
0.0%
Intouch
Holdings
PCL,
Class
F
.....
15,000
36,018
Turkey
—
0.0%
BIM
Birlesik
Magazalar
A/S
.......
553
2,562
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(e)
.............
8,338
—
United
Kingdom
—
2.4%
Alphawave
IP
Group
plc
(e)
........
20,076
54,293
AstraZeneca
plc
..............
6,480
756,666
Auto
Trader
Group
plc
(a)(c)
........
8,070
80,820
Barclays
plc
.................
23,216
59,137
BP
plc
.....................
8,692
38,946
BP
plc,
ADR
(f)
................
4,930
131,286
British
American
Tobacco
plc
......
144
5,347
Burberry
Group
plc
.............
699
17,253
Compass
Group
plc
(e)
...........
20,325
457,591
Diageo
plc
..................
715
39,093
Dr.
Martens
plc
(e)
..............
2,286
13,243
Experian
plc
.................
89
4,384
Exscientia
Ltd.,
(Acquired
02/24/21,
cost
$119,074)
(e)(g)
...........
17,100
329,543
Genius
Sports
Ltd.
(e)
............
7,317
55,609
Security
Shares
Shares
Value
United
Kingdom
(continued)
GlaxoSmithKline
plc
............
509
$
11,082
Hargreaves
Lansdown
plc
........
223
4,098
Intertek
Group
plc
.............
50
3,814
Kingfisher
plc
................
2,845
13,086
Legal
&
General
Group
plc
.......
3,612
14,586
Linde
plc
...................
424
146,886
Lloyds
Banking
Group
plc
........
1,935,846
1,257,124
London
Stock
Exchange
Group
plc
..
43
4,045
National
Grid
plc
..............
510
7,354
NatWest
Group
plc
.............
2,052
6,284
RELX
plc
...................
259
8,456
Royal
Mail
plc
................
1,788
12,259
Smith
&
Nephew
plc
............
656
11,449
Spirax-Sarco
Engineering
plc
......
540
117,521
THG
Holdings
Ltd.
(e)(f)
...........
72,282
224,243
Unilever
plc
..................
14,901
798,870
Vodafone
Group
plc
............
2,926
4,407
4,688,775
United
States
—
46.1%
Abbott
Laboratories
............
11,074
1,558,555
AbbVie,
Inc.
.................
10,309
1,395,839
Accenture
plc,
Class
A
..........
20
8,291
Activision
Blizzard,
Inc.
..........
305
20,292
Adobe,
Inc.
(e)
.................
86
48,767
Advance
Auto
Parts,
Inc.
.........
773
185,427
Advanced
Micro
Devices,
Inc.
(e)
....
102
14,678
Agilent
Technologies,
Inc.
........
152
24,267
Air
Products
&
Chemicals,
Inc.
.....
2,920
888,439
Airbnb,
Inc.,
Class
A
(e)
...........
306
50,946
Akamai
Technologies,
Inc.
(e)
.......
28
3,277
Albemarle
Corp.
..............
1,567
366,318
Alcoa
Corp.
..................
774
46,115
Allegion
plc
..................
33
4,370
Allstate
Corp.
(The)
............
72
8,471
Alnylam
Pharmaceuticals,
Inc.
(e)
....
576
97,678
Alphabet,
Inc.,
Class
A
(e)
.........
6
17,382
Alphabet,
Inc.,
Class
C
(e)
.........
1,228
3,553,329
Altair
Engineering,
Inc.,
Class
A
(e)
...
2,402
185,723
AltC
Acquisition
Corp.,
Class
A
(e)
....
5,913
58,243
Altice
USA,
Inc.,
Class
A
(e)
........
1,091
17,652
Amazon.com,
Inc.
(e)(h)
...........
810
2,700,815
American
Tower
Corp.
..........
5,217
1,525,972
American
Water
Works
Co.,
Inc.
....
686
129,558
AMETEK,
Inc.
................
106
15,586
Amphenol
Corp.,
Class
A
........
83
7,259
Analog
Devices,
Inc.
............
53
9,316
ANSYS,
Inc.
(e)
................
474
190,131
Anthem,
Inc.
.................
1,843
854,304
Aon
plc,
Class
A
..............
10
3,006
Apple,
Inc.
(f)(h)
................
22,265
3,953,596
Applied
Materials,
Inc.
..........
5,405
850,531
Aptiv
plc
(e)
...................
2,965
489,077
Arthur
J
Gallagher
&
Co.
.........
36
6,108
Astra
Space,
Inc.,
(Acquired
06/30/21,
cost
$58,390)
(e)(g)
............
5,839
40,464
Atlassian
Corp.
plc,
Class
A
(e)
......
395
150,610
Autodesk,
Inc.
(e)
...............
2,580
725,470
AutoZone,
Inc.
(e)
..............
5
10,482
AvidXchange
Holdings,
Inc.
(e)
......
150
2,259
Bank
of
America
Corp.
..........
34,880
1,551,811
Bank
of
New
York
Mellon
Corp.
(The)
115
6,679
Bath
&
Body
Works,
Inc.
.........
1,607
112,153
Becton
Dickinson
and
Co.
........
84
21,124
Berkshire
Grey,
Inc.,
Class
A
(e)
.....
2,100
11,550
Berkshire
Hathaway,
Inc.,
Class
B
(e)
.
130
38,870
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Best
Buy
Co.,
Inc.
.............
1,417
$
143,967
Bio-Rad
Laboratories,
Inc.,
Class
A
(e)
.
4
3,022
Booking
Holdings,
Inc.
(e)
.........
1
2,399
Boston
Scientific
Corp.
(e)
.........
31,000
1,316,880
Bristol-Myers
Squibb
Co.
.........
12,805
798,392
Brookfield
Renewable
Corp.
......
51
1,877
Brown
&
Brown,
Inc.
............
60
4,217
Brown-Forman
Corp.,
Class
B
.....
485
35,337
Cadence
Design
Systems,
Inc.
(e)
...
1,061
197,717
California
Resources
Corp.
.......
3,433
146,623
Capital
One
Financial
Corp.
(f)
......
8,039
1,166,378
Capri
Holdings
Ltd.
(e)
...........
2,160
140,206
Cardinal
Health,
Inc.
............
64
3,295
Carrier
Global
Corp.
............
2,385
129,362
CBRE
Acquistion
Holding,
(Acquired
12/9/21,
cost
$34,000)
(e)(g)
......
3,400
33,006
CBRE
Group,
Inc.,
Class
A
(e)
......
117
12,696
Cerner
Corp.
.................
142
13,188
CF
Industries
Holdings,
Inc.
.......
1,203
85,148
Charles
River
Laboratories
International,
Inc.
(e)
...........
18
6,782
Charles
Schwab
Corp.
(The)
......
14,809
1,245,437
Charter
Communications,
Inc.,
Class
A
(e)
.....................
1,102
718,471
Cigna
Corp.
.................
61
14,007
Citigroup,
Inc.
................
89
5,375
Citrix
Systems,
Inc.
............
52
4,919
CME
Group,
Inc.
..............
668
152,611
Comcast
Corp.,
Class
A
(h)
........
21,666
1,090,450
ConocoPhillips
...............
20,077
1,449,158
Constellation
Brands,
Inc.,
Class
A
..
171
42,916
Corteva
,
Inc.
.................
542
25,626
Costco
Wholesale
Corp.
.........
2,326
1,320,470
Crowdstrike
Holdings,
Inc.,
Class
A
(e)
.
1,659
339,680
Crown
Castle
International
Corp.
...
128
26,719
Crown
PropTech
Acquisitions
(e)
.....
3,804
38,953
Crown
PropTech
Acquisitions
(d)
.....
1,464
3,528
Danaher
Corp.
...............
263
86,530
Datadog
,
Inc.,
Class
A
(e)
.........
542
96,536
Davidson
Kempner
Mercant
Co-
Invest
Fund
LP,
(Acquired
04/01/21,
cost
$203,100)
(e)(g)(
i
)
..............
203,100
141,237
DaVita,
Inc.
(e)
.................
288
32,763
Deere
&
Co.
.................
167
57,263
Dell
Technologies,
Inc.,
Class
C
(e)
...
319
17,918
Delta
Air
Lines,
Inc.
(e)
...........
1,741
68,038
Devon
Energy
Corp.
............
1,822
80,259
DexCom
,
Inc.
(e)
...............
365
195,987
Dick's
Sporting
Goods,
Inc.
.......
535
61,520
Diversey
Holdings
Ltd.
(e)
.........
20,071
267,145
DocuSign,
Inc.
(e)
..............
110
16,754
Doma
Holding,
Inc.,
(Acquired
07/28/21,
cost
$109,300)
(e)(g)
...........
10,358
52,619
Dominion
Energy,
Inc.
...........
30
2,357
DoubleVerify
Holdings,
Inc.
(e)
......
1,009
33,579
DR
Horton,
Inc.
...............
8,915
966,832
Duke
Energy
Corp.
............
20
2,098
Dynatrace
,
Inc.
(e)
..............
2,142
129,270
Eaton
Corp.
plc
...............
169
29,207
Edwards
Lifesciences
Corp.
(e)
.....
5,267
682,340
Electronic
Arts,
Inc.
............
294
38,779
Element
Solutions,
Inc.
..........
1,702
41,325
Eli
Lilly
&
Co.
................
15
4,143
Emerson
Electric
Co.
...........
506
47,043
Energy
Transfer
LP
............
7,553
62,161
Security
Shares
Shares
Value
United
States
(continued)
Enphase
Energy,
Inc.
(e)
..........
13
$
2,378
EPAM
Systems,
Inc.
(e)
...........
113
75,535
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$189,750)
(d)(g)
...........
330
318,925
EQT
Corp.
(e)(f)
................
35,964
784,375
Equity
Residential
.............
215
19,457
Essex
Property
Trust,
Inc.
........
20
7,045
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
226
83,665
Expedia
Group,
Inc.
(e)
...........
849
153,431
Extra
Space
Storage,
Inc.
........
14
3,174
Exxon
Mobil
Corp.
.............
1,395
85,360
Facebook,
Inc.,
Class
A
(e)
........
1,797
604,421
Fanatics
Holdings
Inc.,
(Acquired
12/15/21,
cost
$301,006)
(d)(e)(g)
...
4,437
301,006
FedEx
Corp.
.................
490
126,734
Ferguson
plc
.................
870
154,535
Fidelity
National
Information
Services,
Inc.
.....................
85
9,278
Floor
&
Decor
Holdings,
Inc.,
Class
A
(e)
1,138
147,951
FMC
Corp.
..................
161
17,692
Ford
Motor
Co.
...............
7,005
145,494
Fortinet,
Inc.
(e)
................
774
278,176
Fortive
Corp.
.................
15,379
1,173,264
Fortune
Brands
Home
&
Security,
Inc.
1,040
111,176
Franklin
Resources,
Inc.
.........
563
18,855
Freeport-McMoRan,
Inc.
(h)
........
23,788
992,673
Frontier
Communications
Parent,
Inc.
(e)
3,724
109,821
Fusion
Acquisition
Corp.,
Class
A
(Acquired
09/22/21,
cost
$65,740)
(e)
(g)
......................
6,574
26,493
Garmin
Ltd.
..................
23
3,132
Gartner,
Inc.
(e)
................
38
12,704
Generac
Holdings,
Inc.
(e)
.........
359
126,339
General
Motors
Co.
(e)
...........
5,067
297,078
Genuine
Parts
Co.
.............
102
14,300
Gilead
Sciences,
Inc.
...........
67
4,865
Gitlab
,
Inc.,
Class
A
(e)
...........
17
1,479
Global
Foundries,
Inc.
(e)
.........
7,122
462,716
Global
Payments,
Inc.
..........
23
3,109
Globe
Life,
Inc.
...............
34
3,186
Gores
Holdings
VIII,
Inc.,
Class
A
(e)(f)
.
1,820
18,564
Green
Plains,
Inc.
(e)
............
1,170
40,669
Hasbro,
Inc.
.................
44
4,478
HCA
Healthcare,
Inc.
...........
160
41,107
Healthcare
Merger
Corp.,
(Acquired
10/30/20,
cost
$69,510)
(g)
......
6,951
8,897
Hess
Corp.
..................
95
7,033
Hewlett
Packard
Enterprise
Co.
....
908
14,319
Highland
Transcend
Partners
I
Corp.
(e)
6,118
63,627
Hilton
Worldwide
Holdings,
Inc.
(e)
...
3,554
554,388
Hologic
,
Inc.
(e)
................
112
8,575
Home
Depot,
Inc.
(The)
.........
2,673
1,109,322
Honeywell
International,
Inc.
......
19
3,962
HP,
Inc.
....................
336
12,657
Humana,
Inc.
................
6
2,783
IDEXX
Laboratories,
Inc.
(e)
........
33
21,729
iHeartMedia
,
Inc.,
Class
A
(e)
.......
60
1,262
IHS
Markit
Ltd.
...............
78
10,368
Informatica
,
Inc.,
Class
A
(e)
.......
2,840
105,023
Ingersoll
Rand,
Inc.
............
87
5,383
International
Flavors
&
Fragrances,
Inc.
3,438
517,935
International
Paper
Co.
..........
91
4,275
Intuit,
Inc.
...................
32
20,583
Intuitive
Surgical,
Inc.
(e)
..........
1,621
582,425
Invesco
Ltd.
.................
685
15,769
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
IQVIA
Holdings,
Inc.
(e)
...........
35
$
9,875
Israel
Amplify
Program
Corp.
(d)(e)
....
2,690
699
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(e)(g)
........
6,968
—
Johnson
&
Johnson
............
9,183
1,570,936
Johnson
Controls
International
plc
..
1,428
116,111
JPMorgan
Chase
&
Co.
.........
272
43,071
Khosla
Ventures
Acquisition
Co.
(e)
...
5,294
51,352
Kinder
Morgan,
Inc.
............
486
7,708
Kroger
Co.
(The)
..............
198
8,961
Lam
Research
Corp.
...........
38
27,328
Latch,
Inc.,
(Acquired
06/04/21,
cost
$51,030)
(e)(g)
...............
5,103
38,630
Leidos
Holdings,
Inc.
...........
70
6,223
Lennar
Corp.,
Class
A
...........
54
6,273
Liberty
Broadband
Corp.,
Class
C
(e)
.
18
2,900
Liberty
Media
Acquisition
Corp.
(e)
...
12,038
127,723
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(e)
.................
6,640
337,644
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
(e)
.................
9,188
467,210
Lions
Gate
Entertainment
Corp.,
Class
A
(e)
.....................
3,219
53,564
Live
Nation
Entertainment,
Inc.
(e)
...
1,199
143,508
LKQ
Corp.
..................
295
17,709
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(d)(e)(g)
..............
1,457
16,056
Lowe's
Cos.,
Inc.
..............
2,021
522,388
Lululemon
Athletica
,
Inc.
(e)
........
60
23,487
Marsh
&
McLennan
Cos.,
Inc.
.....
6,821
1,185,626
Masco
Corp.
.................
13,711
962,786
Masimo
Corp.
(e)
...............
550
161,029
Mastercard
,
Inc.,
Class
A
.........
3,724
1,338,108
McDonald's
Corp.
.............
3,765
1,009,284
Medtronic
plc
................
315
32,587
Merck
&
Co.,
Inc.
..............
279
21,383
Mettler
-Toledo
International,
Inc.
(e)
..
22
37,339
Micron
Technology,
Inc.
..........
6,792
632,675
Microsoft
Corp.
(h)
..............
14,162
4,762,964
Mirion
Technologies,
Class
A
(Acquired
10/20/21,
cost
$201,000)
(e)(g)
....
20,100
210,447
Moderna
,
Inc.
(e)
...............
477
121,148
Mondelez
International,
Inc.,
Class
A
.
29
1,923
MongoDB,
Inc.
(e)
..............
256
135,514
Monolithic
Power
Systems,
Inc.
....
10
4,933
Moody's
Corp.
................
9
3,515
Morgan
Stanley
...............
9,514
933,894
Mosaic
Co.
(The)
..............
403
15,834
Motorola
Solutions,
Inc.
.........
9
2,445
MSCI,
Inc.
..................
4
2,451
Netflix,
Inc.
(e)
.................
42
25,302
New
Relic,
Inc.
(e)
..............
1,054
115,898
Newmont
Corp.
...............
37
2,295
NextEra
Energy,
Inc.
...........
16,170
1,509,631
NIKE,
Inc.,
Class
B
............
934
155,670
Northern
Trust
Corp.
............
139
16,626
NortonLifeLock
,
Inc.
............
586
15,224
NVIDIA
Corp.
................
3,435
1,010,268
NVR,
Inc.
(e)
..................
1
5,909
Offerpad
Solutions,
Inc.,
Class
A
(Acquired
09/01/21,
cost
$57,260)
(e)
(g)
......................
5,726
36,646
Okta
,
Inc.,
Class
A
(e)
............
605
135,623
ONEOK,
Inc.
.................
326
19,156
Opendoor
Technologies,
Inc.
(e)
.....
5,720
83,569
Security
Shares
Shares
Value
United
States
(continued)
Oracle
Corp.
.................
50
$
4,360
O'Reilly
Automotive,
Inc.
(e)
........
247
174,439
Otis
Worldwide
Corp.
...........
221
19,242
Palantir
Technologies,
Inc.,
Class
A
(e)
528
9,615
Palo
Alto
Networks,
Inc.
(e)
........
480
267,245
Park
Hotels
&
Resorts,
Inc.
(e)
......
997
18,823
Parker-Hannifin
Corp.
...........
1,673
532,215
PayPal
Holdings,
Inc.
(e)
..........
2,184
411,859
Peloton
Interactive,
Inc.,
Class
A
(e)
..
4,707
168,322
Penn
National
Gaming,
Inc.
(e)
......
1,368
70,931
PepsiCo,
Inc.
................
739
128,372
Petco
Health
&
Wellness
Co.,
Inc.
(e)
.
1,580
31,268
Philip
Morris
International,
Inc.
.....
209
19,855
Pinterest,
Inc.,
Class
A
(e)
.........
189
6,870
Planet
Labs
Pbc
,
(Acquired
12/07/21,
cost
$54,000)
(e)(g)
............
5,400
29,556
Playstudios
,
Inc.,
(Acquired
06/17/21,
cost
$81,210)
(e)(g)
............
8,121
32,078
Playtika
Holding
Corp.
(e)
.........
14,115
244,048
PNC
Financial
Services
Group,
Inc.
(The)
....................
63
12,633
PPG
Industries,
Inc.
............
6,441
1,110,686
Prologis,
Inc.
.................
300
50,508
Proof
Acquisition
Corp.
(d)(e)
........
807
4
Public
Storage
................
14
5,244
PVH
Corp.
..................
835
89,053
QIAGEN
NV
(e)
................
89
4,935
QIAGEN
NV
(e)
................
2,655
147,565
QUALCOMM,
Inc.
.............
1,070
195,671
Raytheon
Technologies
Corp.
.....
47
4,045
Regeneron
Pharmaceuticals,
Inc.
(e)
..
405
255,766
ResMed
,
Inc.
................
757
197,183
RingCentral,
Inc.,
Class
A
(e)
.......
124
23,231
Rivian
Automotive,
Inc.,
Class
A
(e)(f)
..
3,397
352,235
Robert
Half
International,
Inc.
......
49
5,464
Rocket
Lab
USA,
Inc.,
(Acquired
08/25/21,
cost
$43,310)
(e)(g)
.....
4,331
53,185
Rockwell
Automation,
Inc.
........
78
27,210
Roku,
Inc.
(e)
..................
7
1,597
Rollins,
Inc.
..................
65
2,224
Rotor
Acquisition
Corp.
(d)
.........
740
5,365
S&P
Global,
Inc.
..............
293
138,275
salesforce.com,
Inc.
(e)
...........
5,740
1,458,706
Sarcos
Technology
&
Robotics
Corp.
(e)(f)
1,371
13,683
Sarcos
Technology
&
Robotics,
(Acquired
10/26/21,
cost
$275,750)
(e)
(g)
......................
27,575
275,198
SBA
Communications
Corp.
......
116
45,126
Schneider
Electric
SE
...........
205
40,302
Seagen
,
Inc.
(e)
................
1,831
283,073
Sema4
Holdings
Corp.,
(Acquired
07/17/20,
cost
$82,846)
(e)(g)
.....
16,717
74,165
Sema4
Holdings
Corp.,
(Acquired
07/22/21,
cost
$72,360)
(e)(g)
.....
7,236
32,273
Sempra
Energy
...............
7,856
1,039,192
ServiceNow
,
Inc.
(e)
.............
1,561
1,013,261
Signet
Jewelers
Ltd.
............
918
79,894
Skyworks
Solutions,
Inc.
.........
33
5,120
SmartRent
,
Inc.,
Class
A
(e)
........
6,991
67,673
Snap-on,
Inc.
................
71
15,292
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(d)(e)(g)
.....
529
7,575
Snowflake,
Inc.,
Class
A
(e)
........
43
14,566
Sonos
,
Inc.
(e)
.................
5,824
173,555
Southern
Co.
(The)
............
84
5,761
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Southwest
Airlines
Co.
(e)
.........
261
$
11,181
Splunk
,
Inc.
(e)
................
373
43,164
Starbucks
Corp.
...............
38
4,445
Starwood
Property
Trust,
Inc.
......
3,569
86,727
State
Street
Corp.
.............
52
4,836
Stellantis
NV
.................
1,778
33,566
Stryker
Corp.
................
440
117,665
Sun
Country
Airlines
Holdings,
Inc.,
(Acquired
06/25/21,
cost
$168,603)
(e)
(g)
......................
7,468
203,503
Synopsys,
Inc.
(e)
..............
13
4,790
T.
Rowe
Price
Group,
Inc.
........
75
14,748
Target
Corp.
.................
48
11,109
TE
Connectivity
Ltd.
............
4,402
710,219
Teledyne
Technologies,
Inc.
(e)
......
14
6,116
Tesla,
Inc.
(e)
..................
43
45,442
Thermo
Fisher
Scientific,
Inc.
(h)
.....
2,289
1,527,312
TJX
Cos.,
Inc.
(The)
............
12,353
937,840
T-Mobile
US,
Inc.
(e)
.............
12
1,392
Toast,
Inc.,
Class
A
(e)(f)
...........
4,032
139,951
TPB
Acquisition
Corp.
I,
Class
A
(e)
...
2,154
21,023
Trane
Technologies
plc
..........
527
106,470
TransDigm
Group,
Inc.
(e)
.........
311
197,883
Trimble,
Inc.
(e)
................
68
5,929
Twilio
,
Inc.,
Class
A
(e)
...........
766
201,718
Twitter,
Inc.
(e)
.................
239
10,330
Uber
Technologies,
Inc.
(e)
........
1,400
58,702
UDR,
Inc.
...................
79
4,739
Ulta
Beauty,
Inc.
(e)
.............
184
75,871
United
Parcel
Service,
Inc.,
Class
B
.
6,397
1,371,133
United
Rentals,
Inc.
(e)
...........
339
112,646
United
States
Steel
Corp.
........
2,739
65,216
UnitedHealth
Group,
Inc.
.........
4,700
2,360,058
US
Bancorp
.................
1,803
101,274
Vail
Resorts,
Inc.
..............
52
17,051
Valero
Energy
Corp.
............
9,493
713,019
VeriSign,
Inc.
(e)
...............
830
210,671
Verisk
Analytics,
Inc.
............
694
158,739
Verizon
Communications,
Inc.
.....
1,080
56,117
Vertex
Pharmaceuticals,
Inc.
(e)
.....
76
16,690
Vertiv
Holdings
Co.,
Class
A
(Acquired
03/01/21,
cost
$61,258)
(g)
......
32,386
808,678
VF
Corp.
...................
299
21,893
Victoria's
Secret
&
Co.
(e)(f)
........
711
39,489
Visa,
Inc.,
Class
A
.............
15
3,251
VMware,
Inc.,
Class
A
...........
215
24,914
Vulcan
Materials
Co.
...........
4,957
1,028,974
Walmart,
Inc.
.................
3,237
468,362
Walt
Disney
Co.
(The)
(e)
.........
7,556
1,170,349
Waste
Connections,
Inc.
.........
163
22,212
Waters
Corp.
(e)
...............
59
21,983
Western
Digital
Corp.
(e)
..........
2,629
171,437
Weyerhaeuser
Co.
.............
2,923
120,369
Williams-Sonoma,
Inc.
..........
2,312
391,029
Willis
Towers
Watson
plc
.........
103
24,461
WillScot
Mobile
Mini
Holdings
Corp.
(e)
3,339
136,365
Workday,
Inc.,
Class
A
(e)
.........
456
124,570
WR
Berkley
Corp.
.............
47
3,872
Wynn
Resorts
Ltd.
(e)
............
290
24,662
Xilinx,
Inc.
...................
1,549
328,434
Yum!
Brands,
Inc.
.............
84
11,664
Zebra
Technologies
Corp.,
Class
A
(e)
.
31
18,451
Zimmer
Biomet
Holdings,
Inc.
.....
178
22,613
Zoetis,
Inc.
..................
873
213,038
Security
Shares
Shares
Value
United
States
(continued)
Zoom
Video
Communications,
Inc.,
Class
A
(e)
.................
85
$
15,632
Zscaler
,
Inc.
(e)
................
710
228,144
88,765,041
Total
Common
Stocks
—
68.3%
(Cost:
$100,799,100)
.............................
131,405,222
Par
(000)
Pa
r
(
000)
Corporate
Bonds
—
6.5%
Australia
—
0.4%
Quintis
Australia
Pty.
Ltd.
(a)(d)(j)
7.50%,
(7.50%
Cash
or
8.00%
PIK),
10/01/26
...............
USD
445
435,853
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
414
414,143
849,996
Canada
—
0.0%
(a)
Bombardier,
Inc.,
7.13%
,
06/15/26
..
17
17,636
Brookfield
Residential
Properties,
Inc.
6.25%,
09/15/27
............
3
3,131
5.00%,
06/15/29
............
15
15,011
Mattamy
Group
Corp.,
4.63%
,
03/01/30
34
34,627
70,405
China
—
0.4%
China
Aoyuan
Group
Ltd.,
7.95%
,
06/21/24
(c)
................
200
37,938
China
Milk
Products
Group
Ltd.,
0.00%
,
01/05/12
(e)(k)(l)(m)
.............
300
300
Fortune
Star
BVI
Ltd.,
5.05%
,
01/27/27
(c)
................
200
190,020
Kaisa
Group
Holdings
Ltd.,
9.75%
,
09/28/23
(c)(e)(l)
...............
200
51,787
RKPF
Overseas
2019
A
Ltd.,
5.90%
,
03/05/25
(c)
................
200
191,937
Sunac
China
Holdings
Ltd.,
6.65%
,
08/03/24
(c)
................
200
128,000
Times
China
Holdings
Ltd.,
6.75%
,
07/08/25
(c)
................
200
135,938
Yuzhou
Group
Holdings
Co.
Ltd.,
8.50%
,
02/26/24
(c)
...........
200
58,500
794,420
Germany
—
0.3%
(a)
Adler
Pelzer
Holding
GmbH,
4.13%
,
04/01/24
.................
EUR
139
147,614
APCOA
Parking
Holdings
GmbH,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
01/15/27
(b)
...........
102
116,591
Douglas
GmbH,
6.00%
,
04/08/26
...
127
144,156
Kirk
Beauty
SUN
GmbH,
8.25%
,
10/01/26
(b)
................
105
111,518
519,879
Greece
—
0.1%
Ellaktor
Value
plc,
6.38%
,
12/15/24
(a)
.
135
146,530
Hong
Kong
—
0.1%
Nan
Fung
Treasury
III
Ltd.,
5.00%
(c)(n)
USD
200
200,725
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
India
—
0.2%
REI
Agro
Ltd.
(e)(k)(l)
5.50%,
11/13/14
(a)
...........
USD
220
$
1,840
5.50%,
11/13/14
(c)(d)
..........
152
—
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(c)
................
200
202,000
UPL
Corp.
Ltd.,
4.50%
,
03/08/28
(c)
..
200
210,725
414,565
Italy
—
0.3%
Forno
d'Asolo
SpA
,
(EURIBOR
3
Month
+
5.50%),
5.50%
,
04/30/27
(a)(b)
...
EUR
178
194,547
KME
SE,
6.75%
,
02/01/23
(c)
.......
100
108,954
Marcolin
SpA
,
6.13%
,
11/15/26
(a)
...
100
115,951
Shiba
Bidco
SpA
,
4.50%
,
10/31/28
(a)
.
100
114,989
534,441
Luxembourg
—
0.4%
(a)
Garfunkelux
Holdco
3
SA,
7.75%
,
11/01/25
..................
GBP
100
140,600
Herens
Midco
SARL,
5.25%
,
05/15/29
EUR
100
106,781
Intelsat
Jackson
Holdings
SA,
8.00%
,
02/15/24
(o)
................
USD
179
181,461
Picard
Bondco
SA,
5.38%
,
07/01/27
.
EUR
100
114,561
Sani/
Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
............
100
115,467
658,870
Macau
—
0.1%
Champion
Path
Holdings
Ltd.,
4.85%
,
01/27/28
(c)
................
USD
200
190,412
Malaysia
—
0.1%
Gohl
Capital
Ltd.,
4.25%
,
01/24/27
(c)
.
200
206,100
South
Korea
—
0.1%
Kookmin
Bank,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.64%),
4.35%
(b)(c)(n)
....
200
208,350
Thailand
—
0.2%
(c)
GC
Treasury
Center
Co.
Ltd.,
2.98%
,
03/18/31
.................
200
201,975
Kasikornbank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(b)(n)
.....
200
208,725
410,700
Turkey
—
0.0%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/21
(a)(d)(e)(k)(l)
............
800
63,040
United
Arab
Emirates
—
0.0%
Shelf
Drilling
Holdings
Ltd.,
8.88%
,
11/15/24
(a)
................
4
4,080
United
Kingdom
—
0.4%
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
100
134,678
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
128
143,360
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
GBP
100
112,006
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
100
134,363
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
100
138,062
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Vodafone
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
4.12%
,
06/04/81
(b)
USD
29
$
28,709
691,178
United
States
—
3.4%
Acadia
Healthcare
Co.,
Inc.
(a)
5.50%,
07/01/28
............
6
6,306
5.00%,
04/15/29
............
6
6,165
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
22
22,880
Air
Lease
Corp.,
3.13%
,
12/01/30
...
39
39,795
Albertsons
Cos.,
Inc.,
3.50%
,
03/15/29
(a)
................
91
91,178
Allegiant
Travel
Co.,
8.50%
,
02/05/24
(a)
154
164,010
AMC
Networks,
Inc.
5.00%,
04/01/24
............
2
2,015
4.75%,
08/01/25
............
3
3,064
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(b)(n)
29
29,051
AMN
Healthcare,
Inc.,
4.00%
,
04/15/29
(a)
................
7
7,096
Aramark
Services,
Inc.,
5.00%
,
02/01/28
(a)
................
4
4,135
Ashton
Woods
USA
LLC,
4.63%
,
08/01/29
(a)
................
12
11,850
Avantor
Funding,
Inc.,
4.63%
,
07/15/28
(a)
................
17
17,722
Avaya,
Inc.,
6.13%
,
09/15/28
(a)
.....
20
21,200
Aviation
Capital
Group
LLC,
1.95%
,
09/20/26
(a)
................
33
32,052
Bank
of
America
Corp.,
(SOFR
+
1.32%),
2.69%
,
04/22/32
(b)
.....
37
37,549
Bausch
Health
Cos.,
Inc.,
4.88%
,
06/01/28
(a)
................
26
26,520
Blue
Racer
Midstream
LLC,
7.63%
,
12/15/25
(a)
................
9
9,540
Bristow
Group,
Inc.,
6.88%
,
03/01/28
(a)
35
36,408
Broadcom,
Inc.,
1.95%
,
02/15/28
(a)
..
10
9,886
Buckeye
Partners
LP
4.35%,
10/15/24
............
9
9,382
4.13%,
03/01/25
(a)
...........
47
48,528
Caesars
Entertainment,
Inc.
(a)
6.25%,
07/01/25
............
103
108,111
8.13%,
07/01/27
............
65
71,984
4.63%,
10/15/29
............
16
16,000
Caesars
Resort
Collection
LLC,
5.75%
,
07/01/25
(a)
................
21
21,931
Capital
One
Financial
Corp.,
Series
M,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%),
3.95%
(b)(n)
...........
28
28,140
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
10
9,000
Cedar
Fair
LP
5.38%,
04/15/27
............
2
2,050
5.25%,
07/15/29
............
2
2,050
Centene
Corp.
4.25%,
12/15/27
............
11
11,467
2.45%,
07/15/28
............
66
65,010
2.63%,
08/01/31
............
46
45,080
Charter
Communications
Operating
LLC
2.80%,
04/01/31
............
56
55,412
3.90%,
06/01/52
............
42
42,116
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cheniere
Energy
Partners
LP,
3.25%
,
01/31/32
(a)
................
USD
5
$
5,050
Cheniere
Energy,
Inc.,
4.63%
,
10/15/28
17
18,083
Chesapeake
Energy
Corp.
(a)
5.50%,
02/01/26
............
39
41,047
5.88%,
02/01/29
............
8
8,558
Churchill
Downs,
Inc.,
5.50%
,
04/01/27
(a)
................
3
3,090
Citigroup,
Inc.
(b)
(SOFR
+
3.91%),
4.41%,
03/31/31
49
55,961
(SOFR
+
1.17%),
2.56%,
05/01/32
27
27,140
Clean
Harbors,
Inc.,
4.88%
,
07/15/27
(a)
2
2,060
Colgate
Energy
Partners
III
LLC,
7.75%
,
02/15/26
(a)
...........
12
12,960
CrownRock
LP,
5.63%
,
10/15/25
(a)
..
4
4,090
CSC
Holdings
LLC,
4.63%
,
12/01/30
(a)
200
189,250
Dana,
Inc.,
4.25%
,
09/01/30
......
7
7,096
Darling
Ingredients,
Inc.,
5.25%
,
04/15/27
(a)
................
2
2,065
DaVita,
Inc.
(a)
4.63%,
06/01/30
............
65
66,544
3.75%,
02/15/31
............
117
113,996
DIRECTV
Holdings
LLC,
5.88%
,
08/15/27
(a)
................
5
5,119
DISH
DBS
Corp.,
5.25%
,
12/01/26
(a)
.
50
50,789
Emergent
BioSolutions
,
Inc.,
3.88%
,
08/15/28
(a)
................
4
3,839
Endeavor
Energy
Resources
LP,
5.75%
,
01/30/28
(a)
...........
4
4,264
Equinix
,
Inc.,
2.50%
,
05/15/31
.....
17
16,988
Ford
Motor
Co.,
3.25%
,
02/12/32
...
18
18,432
Forestar
Group,
Inc.
(a)
3.85%,
05/15/26
............
15
15,038
5.00%,
03/01/28
............
97
99,546
Freed
Corp.,
10.00%
,
12/01/23
(d)
...
128
124,800
Fresh
Market,
Inc.
(The),
9.75%
,
05/01/23
(a)
................
26
26,747
Frontier
Communications
Corp.,
6.75%
,
05/01/29
(a)
................
18
18,720
Frontier
Communications
Holdings
LLC,
5.88%
,
11/01/29
............
7
7,346
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
47,700
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
7
7,350
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
12,315
General
Motors
Financial
Co.,
Inc.,
2.70%
,
08/20/27
............
69
70,184
Genesis
Energy
LP,
8.00%
,
01/15/27
10
10,306
Goldman
Sachs
Group,
Inc.
(The),
(SOFR
+
1.28%),
2.62%
,
04/22/32
(b)
78
78,560
Great
Western
Petroleum
LLC,
12.00%
,
09/01/25
(a)
................
9
9,450
HCA,
Inc.
5.38%,
02/01/25
............
37
40,663
5.88%,
02/01/29
............
4
4,766
3.50%,
09/01/30
............
33
34,877
Hilton
Domestic
Operating
Co.,
Inc.,
3.63%
,
02/15/32
(a)
...........
113
112,406
Hilton
Worldwide
Finance
LLC,
4.88%
,
04/01/27
.................
3
3,090
Hologic
,
Inc.,
3.25%
,
02/15/29
(a)
....
69
69,000
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(d)
................
USD
146
$
143,445
Howard
Hughes
Corp.
(The)
(a)
5.38%,
08/01/28
............
52
55,382
4.13%,
02/01/29
............
29
29,387
4.38%,
02/01/31
............
32
32,320
iHeartCommunications
,
Inc.
6.38%,
05/01/26
............
3
3,349
5.25%,
08/15/27
(a)
...........
3
3,120
Iron
Mountain,
Inc.
(a)
5.25%,
07/15/30
............
44
46,368
4.50%,
02/15/31
............
83
83,887
JBS
USA
LUX
SA
(a)
6.75%,
02/15/28
............
4
4,315
6.50%,
04/15/29
............
6
6,600
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%
,
08/01/28
(a)
................
6
6,525
Legends
Hospitality
Holding
Co.
LLC,
5.00%
,
02/01/26
(a)
...........
4
4,020
Level
3
Financing,
Inc.
(a)
4.25%,
07/01/28
............
144
142,560
3.63%,
01/15/29
............
72
68,400
Lightning
eMotors
,
Inc.,
7.50%
,
05/15/24
(a)(k)
...............
27
21,460
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
7
7,122
LogMeIn,
Inc.,
5.50%
,
09/01/27
(a)
...
15
15,180
Lumen
Technologies,
Inc.
(a)
5.13%,
12/15/26
............
55
57,235
5.38%,
06/15/29
............
48
48,000
Marriott
Ownership
Resorts,
Inc.,
6.13%
,
09/15/25
(a)
...........
26
27,105
Masonite
International
Corp.,
5.38%
,
02/01/28
(a)
................
3
3,146
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
............
5
5,344
3.88%,
02/15/29
(a)
...........
28
29,400
Midwest
Gaming
Borrower
LLC,
4.88%
,
05/01/29
(a)
................
34
34,170
Molina
Healthcare,
Inc.,
3.88%
,
11/15/30
(a)
................
10
10,375
Mozart
Debt
Merger
Sub,
Inc.,
3.88%
,
04/01/29
(a)
................
92
91,675
MPT
Operating
Partnership
LP,
5.00%
,
10/15/27
.................
6
6,277
Nationstar
Mortgage
Holdings,
Inc.
(a)
5.50%,
08/15/28
............
17
17,340
5.13%,
12/15/30
............
10
9,875
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
21
21,420
Nexstar
Broadcasting,
Inc.,
4.75%
,
11/01/28
(a)
................
26
26,488
NRG
Energy,
Inc.
5.75%,
01/15/28
............
4
4,229
5.25%,
06/15/29
(a)
...........
3
3,214
NuStar
Logistics
LP,
5.75%
,
10/01/25
67
72,100
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
86,035
Oracle
Corp.,
3.95%
,
03/25/51
.....
37
38,410
Outfront
Media
Capital
LLC,
5.00%
,
08/15/27
(a)
................
3
3,070
Pacific
Gas
&
Electric
Co.
2.10%,
08/01/27
............
35
33,790
4.55%,
07/01/30
............
10
10,812
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.50%,
07/01/40
............
USD
23
$
23,432
Park
Intermediate
Holdings
LLC
(a)
5.88%,
10/01/28
............
7
7,280
4.88%,
05/15/29
............
50
51,125
Parsley
Energy
LLC,
5.63%
,
10/15/27
(a)
3
3,064
Party
City
Holdings,
Inc.,
8.75%
,
02/15/26
(a)
................
15
15,488
Peninsula
Pacific
Entertainment
LLC,
8.50%
,
11/15/27
(a)
...........
20
21,600
PG&E
Corp.
5.00%,
07/01/28
............
72
75,731
5.25%,
07/01/30
............
9
9,438
Pilgrim's
Pride
Corp.,
5.88%
,
09/30/27
(a)
4
4,224
Pitney
Bowes,
Inc.
(a)
6.88%,
03/15/27
............
43
44,655
7.25%,
03/15/29
............
45
46,238
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
17
16,660
Quicken
Loans
LLC
(a)
3.63%,
03/01/29
............
88
88,330
3.88%,
03/01/31
............
67
68,005
Radiate
Holdco
LLC,
4.50%
,
09/15/26
(a)
19
19,190
Rattler
Midstream
LP,
5.63%
,
07/15/25
(a)
................
15
15,600
Renewable
Energy
Group,
Inc.,
5.88%
,
06/01/28
(a)
................
8
8,220
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
0.00%
,
10/17/33
(d)
200
198,500
Sabre
GLBL,
Inc.,
9.25%
,
04/15/25
(a)
.
20
22,600
Select
Medical
Corp.,
6.25%
,
08/15/26
(a)
................
147
155,709
Service
Properties
Trust
5.00%,
08/15/22
............
95
94,894
4.50%,
06/15/23
............
70
69,966
7.50%,
09/15/25
............
8
8,667
Sirius
XM
Radio,
Inc.
(a)
5.00%,
08/01/27
............
7
7,275
5.50%,
07/01/29
............
5
5,388
4.13%,
07/01/30
............
52
52,000
Six
Flags
Entertainment
Corp.,
4.88%
,
07/31/24
(a)
................
4
4,040
SM
Energy
Co.,
10.00%
,
01/15/25
(a)
.
44
48,428
SRS
Distribution,
Inc.,
4.63%
,
07/01/28
(a)
................
9
9,034
Standard
Industries,
Inc.,
5.00%
,
02/15/27
(a)
................
2
2,059
Stem,
Inc.,
0.50%
,
12/01/28
(a)(k)
....
6
5,723
Summit
Materials
LLC,
5.25%
,
01/15/29
(a)
................
4
4,190
Sunoco
LP
6.00%,
04/15/27
............
3
3,129
4.50%,
05/15/29
............
10
10,155
4.50%,
04/30/30
(a)
...........
32
32,797
Talen
Energy
Supply
LLC,
7.63%
,
06/01/28
(a)
................
63
56,076
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
77
80,080
Targa
Resources
Partners
LP
5.88%,
04/15/26
............
4
4,174
5.38%,
02/01/27
............
2
2,061
6.50%,
07/15/27
............
4
4,288
6.88%,
01/15/29
............
4
4,475
4.00%,
01/15/32
(a)
...........
84
87,780
TEGNA,
Inc.,
4.75%
,
03/15/26
(a)
....
16
16,640
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Teleflex,
Inc.,
4.63%
,
11/15/27
.....
USD
2
$
2,080
Tenet
Healthcare
Corp.
(a)
4.63%,
09/01/24
............
3
3,068
4.88%,
01/01/26
............
9
9,244
6.25%,
02/01/27
............
7
7,245
4.63%,
06/15/28
............
6
6,165
4.25%,
06/01/29
............
129
130,998
4.38%,
01/15/30
............
42
42,549
TransDigm
,
Inc.,
6.25%
,
03/15/26
(a)
..
275
285,828
Travel
+
Leisure
Co.,
6.63%
,
07/31/26
(a)
15
16,633
United
Airlines
Pass-Through
Trust,
Series
2020-1,
Class
A,
5.88%
,
10/15/27
.................
152
166,228
United
Rentals
North
America,
Inc.
5.50%,
05/15/27
............
4
4,160
4.88%,
01/15/28
............
7
7,356
United
Wholesale
Mortgage
LLC,
5.50%
,
11/15/25
(a)
...........
82
83,538
Venture
Global
Calcasieu
Pass
LLC,
3.88%
,
11/01/33
(a)
...........
24
25,214
Verizon
Communications,
Inc.,
3.70%
,
03/22/61
.................
25
27,105
VICI
Properties
LP,
3.50%
,
02/15/25
(a)
29
29,435
Vistra
Operations
Co.
LLC
(a)
5.63%,
02/15/27
............
84
86,520
5.00%,
07/31/27
............
6
6,227
Weekley
Homes
LLC,
4.88%
,
09/15/28
(a)
................
25
25,750
William
Carter
Co.
(The),
5.63%
,
03/15/27
(a)
................
2
2,068
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%
,
08/15/28
(a)
...........
7
7,210
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
17
18,020
XHR
LP
(a)
6.38%,
08/15/25
............
65
68,752
4.88%,
06/01/29
............
8
8,140
Zayo
Group
Holdings,
Inc.,
4.00%
,
03/01/27
(a)
................
30
29,573
6,484,432
Total
Corporate
Bonds
—
6.5%
(Cost:
$14,520,041)
..............................
12,448,123
Floating
Rate
Loan
Interests
—
3.9%
Belgium
—
0.1%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
4.88%),
4.88%
,
 10/02/28
(b)(d)
..........
EUR
149
163,487
Canada
—
0.2%
(b)
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 06/02/25
............
USD
86
85,113
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(EURIBOR
3
Month
+
5.00%),
5.00%
,
 12/22/25
......
EUR
188
214,977
Raptor
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 11/01/26
.......
USD
24
24,045
324,135
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
France
—
0.1%
Babilou
Family,
Facility
Term
Loan,
(EURIBOR
3
Month
+
4.00%),
4.00%
,
 11/17/27
(b)
...........
EUR
214
$
243,578
Jersey,
Channel
Islands
—
0.1%
Vita
Global
FinCo
Ltd.,
Facility
Term
Loan
(b)(d)
(LIBOR
GBP
6
Month
+
7.00%),
7.05%, 07/06/27
..........
GBP
40
53,920
(EURIBOR
3
Month
+
7.00%),
7.00%, 01/01/28
..........
EUR
67
75,498
129,418
Luxembourg
—
0.1%
(b)
AEA
International
Holdings
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 09/07/28
USD
29
28,521
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.00%
,
 05/05/28
............
124
124,487
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(LIBOR
USD
3
Month
+
9.25%),
9.41%
,
 01/01/28
(d)
...........
112
110,805
263,813
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan,
(EURIBOR
6
Month
+
4.50%),
4.50%
,
 01/01/28
(d)
...........
EUR
154
165,183
Flutter
Entertainment
plc,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
2.47%
,
 07/21/26
............
USD
141
140,332
Median
BV,
Facility
Term
Loan
B1,
10/14/27
(p)
................
EUR
100
112,142
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.00%
,
 01/31/29
............
311
348,830
766,487
United
Kingdom
—
0.1%
Entain
plc,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 03/29/27
(b)
...........
USD
128
127,906
United
States
—
2.8%
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.75%
,
 05/17/28
(b)
...........
99
97,027
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.50%
,
 02/02/26
(b)(d)
....
74
73,472
Allied
Universal
Holdco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 05/12/28
(b)
.....
10
9,931
Altar
Bidco
,
Inc.,
Term
Loan,
11/17/28
(b)
(p)
......................
49
48,816
American
Rock
Salt
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 06/09/28
(b)
.....
27
26,764
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.50%
,
 09/19/24
(b)
.....
14
13,986
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
athenahealth
,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.25%),
4.40%
,
 02/11/26
(b)
...........
USD
21
$
20,822
Avantor
Funding,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.25%),
2.75%
,
 11/08/27
(b)
...........
48
48,325
Avaya,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.36%
,
 12/15/27
(b)
...........
32
32,040
Avaya,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.00%),
4.11%
,
 12/15/27
(b)
...........
25
24,963
Bally's
Corp.,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 10/02/28
(b)
...........
110
109,954
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/30/27
(b)
...........
20
19,751
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
3.60%
,
 07/21/25
(b)
.....
36
35,541
Change
Healthcare
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
3.50%
,
 03/01/24
(b)
.....
15
14,630
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
,
 04/05/28
(b)
.....
75
70,666
Cobham
Ultra
US
Co.,
Term
Loan,
11/17/28
(b)(p)
...............
11
10,955
Columbus
McKinnon
Corp.,
Term
Loan,
(LIBOR
USD
6
Month
+
2.75%),
3.25%
,
 05/14/28
(b)
...........
8
7,795
Conair
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 05/17/28
(b)
.....
38
37,885
ConnectWise
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 09/29/28
(b)
...........
34
33,885
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 10/02/28
(b)(d)
....
11
10,550
Digital
Room
Holdings,
Inc.,
Term
Loan,
12/15/28
(b)(p)
...............
28
27,764
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 08/02/27
(b)
...........
104
103,645
DS
Parent,
Inc.,
Term
Loan
B,
12/10/28
(b)(d)(p)
..............
44
42,790
DT
Midstream,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
2.50%
,
 06/26/28
(b)
...........
69
68,752
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.35%
,
 02/06/26
(b)
.....
22
21,679
Ecl
Entertainment,
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
7.50%),
8.25%
,
 05/01/28
(b)
...........
50
50,496
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/24/28
(b)
...........
37
36,769
Flexera
Software
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 03/03/28
(b)
.....
22
21,777
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 01/31/28
(b)
USD
24
$
24,248
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 05/01/28
(b)
....
60
59,506
Galaxy
Brands
(Refi),
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
,
 01/01/38
(b)(d)
..........
187
183,147
Gray
Television,
Inc.,
Term
Loan
D,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 12/01/28
(b)
...........
120
119,310
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
8.00%),
8.13%
,
 07/20/26
(b)(d)
....
119
119,000
Herschend
Entertainment
Co.
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
,
 08/27/28
(b)
.....
30
29,912
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 08/02/28
(b)
.....
138
137,758
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
1.85%
,
 06/22/26
(b)
.....
151
149,509
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
6.50%
,
 10/25/28
(b)(d)
....
21
20,370
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.88%
,
 10/27/28
(b)
...........
88
87,608
IRB
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.25%
,
 12/15/27
(b)
...........
118
117,453
ITT
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
3.25%
,
 07/10/28
(b)
...........
39
38,669
J&J
Ventures
Gaming
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 04/26/28
(b)(d)
..........
68
67,830
Jack
Ohio
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.50%
,
 10/04/28
(b)
...........
20
19,938
Jeld-Wen
,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
2.35%
,
 07/28/28
(b)
...........
89
88,444
Jo-Ann
Stores
LLC,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 07/07/28
(b)
...........
67
66,039
Kronos
Acquisition
Holdings
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
6.00%),
7.00%
,
 12/22/26
(b)
.....
15
14,859
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
12/17/27
(b)(p)
...........
139
137,643
Leslie's
Poolmart
,
Inc.,Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 03/09/28
(b)
...........
93
92,958
LogMeIn,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.86%
,
 08/31/27
(b)
...........
99
98,477
LSF11
A5
Holdco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 10/15/28
(b)
...........
54
53,910
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Luxembourg
Life
Fund
-
Long
Term
Growth
Fund,
Term
Loan,
(LIBOR
USD
3
Month
+
9.25%),
9.38%
,
 01/01/38
(b)(d)
..........
USD
128
$
127,520
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
7.50%),
8.50%
,
 09/03/26
(b)
.....
27
26,966
McAfee
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.85%
,
 09/30/24
(b)
...........
19
18,748
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
7.50%
,
 11/01/29
(b)
15
14,800
Medline
Borrower
LP,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 10/23/28
(b)
...........
125
124,945
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 06/02/28
(b)
21
20,884
Michaels
Co.
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
,
 04/15/28
(b)
...........
50
49,261
MIP
V
Waste
Holdings
LLC,
Term
Loan,
12/08/28
(b)(p)
...............
25
24,906
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
04/01/26
(d)(p)(q)
......
208
201,241
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 06/02/28
(b)
...........
62
61,720
OVG
Business
Services
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.25%
,
 11/20/28
(b)(d)
....
54
53,190
Park
River
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.00%
,
 12/28/27
(b)
.....
62
61,098
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
(b)
...........
33
32,557
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
(b)
...........
14
14,158
PG&E
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.50%
,
 06/23/25
(b)
...........
63
62,468
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
2.85%
,
 03/13/28
(b)
...........
155
154,068
Project
Ruby
Ultimate
Parent
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 03/10/28
(b)
89
89,176
Proofpoint
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 08/31/28
(b)
...........
19
18,907
RealPage
,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 04/24/28
(b)
...........
53
52,678
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/27/28
(b)
.....
96
91,241
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
8.50%
,
 04/27/29
(b)
.....
50
45,917
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 03/16/27
(b)
.....
USD
108
$
106,602
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 08/13/22
(b)
.....
118
117,116
Select
Medical
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.36%
,
 03/06/25
(b)
...........
41
40,538
Shearer's
Foods
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 09/23/27
(b)
.....
64
63,806
Signal
Parent,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 04/03/28
(b)
...........
83
80,107
Southwestern
Energy
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.00%
,
 06/22/27
(b)
...........
7
7,004
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 06/08/28
(b)
20
19,770
SRS
Distribution,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 06/02/28
(b)
...........
112
111,364
Surf
Holdings
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.69%
,
 03/05/27
(b)
.....
66
64,923
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 10/06/28
(b)
.....
29
28,710
The
Enterprise
Development
Authority,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
 02/28/28
(b)
....
107
106,615
Tory
Burch
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.00%),
3.50%
,
 04/16/28
(b)
...........
51
50,468
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.00%
,
 03/31/28
(b)
.....
79
77,693
UKG
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.75%
,
 05/04/26
(b)
...........
35
34,531
Univision
Communications,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 03/15/26
(b)
20
19,919
Univision
Communications,
Inc.,
Term
Loan
B,
05/05/28
(b)(p)
..........
35
34,913
Valcour
Packaging
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 10/04/28
(b)(d)
....
15
14,981
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 02/28/27
(b)
...........
47
46,479
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 10/19/27
(b)
...........
133
132,675
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
3.25%
,
 03/24/28
(b)
.....
28
27,783
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75
%),
4.50%
,
 12/21/27
(b)
.....
48
48,300
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zurn
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.75%
,
 10/04/28
(b)
...........
USD
6
$
5,998
5,434,762
Total
Floating
Rate
Loan
Interests
—
3.9%
(Cost:
$7,464,656)
..............................
7,453,586
Foreign
Agency
Obligations
—
0.2%
Indonesia
—
0.1%
Pertamina
Persero
PT,
5.63%
,
05/20/43
(c)
................
200
235,037
Pakistan
—
0.1%
Pakistan
Water
&
Power
Development
Authority,
7.50%
,
06/04/31
(c)
....
200
193,438
Total
Foreign
Agency
Obligations
—
0.2%
(Cost:
$441,996)
................................
428,475
Foreign
Government
Obligations
—
1.9%
Argentina
—
0.1%
Argentine
Republic
1.00%,
07/09/29
............
30
10,703
0.50%,
07/09/30
(o)
...........
295
104,161
1.13%,
07/09/35
(o)
...........
331
106,647
2.00%,
01/09/38
(o)
...........
119
45,377
266,888
Austria
—
0.1%
Republic
of
Austria,
2.10%
,
09/20/17
(a)(c)
EUR
116
203,506
Canada
—
0.5%
Canada
Government
Bond,
0.50%
,
09/01/25
.................
CAD
1,255
968,482
China
—
0.3%
People's
Republic
of
China,
2.68%
,
05/21/30
.................
CNY
3,310
512,431
Indonesia
—
0.1%
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
3.38%
,
02/05/30
(c)
................
USD
200
203,975
Japan
—
0.4%
Japan
Government
Bond,
0.70%
,
09/20/51
.................
JPY
81,000
705,396
Spain
—
0.4%
Kingdom
of
Spain,
3.45%
,
07/30/66
(a)(c)
EUR
466
798,507
Total
Foreign
Government
Obligations
—
1.9%
(Cost:
$3,946,182)
..............................
3,659,185
Shares
Shares
Investment
Companies
—
4.0%
Consumer
Discretionary
Select
Sector
SPDR
Fund
...............
862
176,227
Financial
Select
Sector
SPDR
Fund
.
5,792
226,178
Health
Care
Select
Sector
SPDR
Fund
(f)
1,533
215,984
Industrial
Select
Sector
SPDR
Fund
(f)
3,689
390,333
Invesco
Senior
Loan
ETF
(f)
.......
13,525
298,903
iShares
China
Large-Cap
ETF
(r)
....
3,603
131,798
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Investment
Companies
(continued)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(r)
................
1,131
$
98,408
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(f)(r)
........
293
38,828
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(r)
..........
16,183
1,764,918
iShares
Latin
America
40
ETF
(r)
....
2,948
69,160
iShares
MSCI
Brazil
ETF
(f)(r)
.......
3,320
93,192
iShares
MSCI
Emerging
Markets
ETF
(f)
(r)
.......................
429
20,957
iShares
Nasdaq
Biotechnology
ETF
(f)(r)
153
23,351
iShares
S&P
500
Value
ETF
(r)
.....
1,761
275,825
KraneShares
Bosera
MSCI
China
A
ETF
(f)
....................
1,304
56,619
KraneShares
CSI
China
Internet
ETF
(f)
4,285
156,360
SPDR
Blackstone
Senior
Loan
ETF
.
2,338
106,683
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
(f)
................
284
30,834
SPDR
Gold
Shares
(
i
)
............
2,388
408,253
SPDR
S&P
500
ETF
Trust
........
6,200
2,944,752
United
States
Oil
Fund
LP
(
i
)
.......
1,587
86,269
VanEck
Vectors
Semiconductor
ETF
(f)
221
68,243
Total
Investment
Companies
—
4.0%
(Cost:
$7,521,131)
..............................
7,682,075
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
—
2.3%
Collateralized
Mortgage
Obligations
—
0.6%
United
States
—
0.6%
(a)(b)
Connecticut
Avenue
Securities
Trust,
Series
2021-R01,
Class
1B1,
(SOFR30A
+
3.10%),
3.15%,
10/25/41
.................
USD
30
30,350
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust
Variable
Rate
Notes
Series
2020-DNA6,
Class
B1,
(SOFR30A
+
3.00%),
3.05%,
12/25/50
...............
17
17,467
Series
2021-DNA3,
Class
B1,
(SOFR30A
+
3.50%),
3.55%,
10/25/33
...............
49
51,099
Series
2021-HQA1,
Class
B1,
(SOFR30A
+
3.00%),
3.05%,
08/25/33
...............
32
32,404
Series
2021-HQA1,
Class
B2,
(SOFR30A
+
5.00%),
5.05%,
08/25/33
...............
20
20,445
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes
Series
2021-DNA2,
Class
B1,
(SOFR30A
+
3.40%),
3.45%,
08/25/33
...............
18
18,490
Series
2021-DNA2,
Class
B2,
(SOFR30A
+
6.00%),
6.05%,
08/25/33
...............
17
18,587
Federal
Home
Loan
Mortgage
Corp.,Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
B1,
(SOFR30A
+
3.65%),
3.70%,
11/25/41
............
51
51,469
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust,
Series
2021-DNA6,
Class
B1,
(SOFR30A
+
3.40%),
3.45%,
10/25/41
.......
USD
51
$
51,320
JP
Morgan
Mortgage
Trust
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
232
233,857
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
78
76,067
JPMorgan
Mortgage
Trust,
Series
2021-
INV5,
Class
A2A,
2.50%,
12/25/51
580
580,171
1,181,726
Commercial
Mortgage-Backed
Securities
—
1.7%
Cayman
Islands
—
0.1%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(SOFR30A
+
3.37%),
3.42%,
12/15/34
(a)(b)
...............
100
100,306
United
States
—
1.6%
BANK
Series
2017-BNK8,
Class
B,
3.93%,
11/15/50
(b)
..............
13
13,385
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
..........
17
18,887
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
1.21%,
04/15/36
...............
27
26,805
Series
2021-SSCP,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
1.46%,
04/15/36
...............
37
36,733
Series
2021-SSCP,
Class
D,
(LIBOR
USD
1
Month
+
1.60%),
1.71%,
04/15/36
...............
33
32,751
Series
2021-SSCP,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
2.21%,
04/15/36
...............
37
36,721
Series
2021-SSCP,
Class
F,
(LIBOR
USD
1
Month
+
2.90%),
3.01%,
04/15/36
...............
24
23,857
Series
2021-SSCP,
Class
G,
(LIBOR
USD
1
Month
+
3.80%),
3.91%,
04/15/36
...............
39
38,924
Series
2021-SSCP,
Class
H,
(LIBOR
USD
1
Month
+
4.90%),
5.01%,
04/15/36
...............
18
17,965
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
46,919
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
J,
(LIBOR
USD
1
Month
+
2.65%),
2.76%,
10/15/36
...............
85
84,095
Series
2021-21M,
Class
E,
(LIBOR
USD
1
Month
+
2.17%),
2.28%,
10/15/36
...............
109
107,633
Series
2021-CIP,
Class
E,
(LIBOR
USD
1
Month
+
2.82%),
2.92%,
12/15/28
...............
100
99,970
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
2.91%,
05/15/38
...............
100
99,077
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-XL2,
Class
F,
(LIBOR
USD
1
Month
+
2.24%),
2.35%,
10/15/38
...............
USD
122
$
121,361
BX
Trust
(a)(b)
Series
2019-OC11,
Class
D,
4.08%,
12/09/41
...............
64
65,856
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
89
88,150
Series
2021-ARIA,
Class
E,
(LIBOR
USD
1
Month
+
2.24%),
2.35%,
10/15/36
...............
100
99,438
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
2.36%,
01/15/34
...............
20
19,847
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
3.11%,
01/15/34
...............
40
39,849
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
2.91%,
06/15/38
..........
107
105,729
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
10,556
Citigroup
Commercial
Mortgage
Trust
Series
2014-GC19,
Class
D,
5.09%,
03/10/47
(a)(b)
.............
10
10,403
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
...............
16
18,399
Commercial
Mortgage
Trust
Series
2014-CR17,
Class
C,
4.78%,
05/10/47
(b)
..............
15
15,819
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
...............
32
33,218
CORE
Mortgage
Trust,
Series
2019-
CORE,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
2.46%,
12/15/31
(a)(b)
13
12,556
CSAIL
Commercial
Mortgage
Trust
Series
2016-C5,
Class
C,
4.65%,
11/15/48
(b)
..............
10
10,488
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
94
96,136
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
F,
(LIBOR
USD
1
Month
+
2.00%),
2.10%,
05/15/35
(a)(b)
93
91,940
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
2.36%,
07/15/38
...............
203
202,944
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
2.96%,
07/15/38
...............
101
101,472
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
E,
(LIBOR
USD
1
Month
+
2.94%),
3.04%,
11/15/36
(a)(b)
...............
100
99,989
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
36,522
JP
Morgan
Chase
Commercial
Mortgage
Securities
Corp.
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.45%),
2.56%,
04/15/38
...............
60
59,886
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.95%),
3.06%,
04/15/38
...............
60
59,927
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
USD
35
$
39,140
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2018-WPT,
Class
DFX,
5.35%,
07/05/33
(a)
................
18
18,046
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
2.46%,
03/15/38
(a)(b)
....
117
116,701
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(LIBOR
USD
1
Month
+
4.00%),
4.11%,
11/15/38
...............
122
120,431
Series
2021-MDLN,
Class
G,
(LIBOR
USD
1
Month
+
5.25%),
5.36%,
11/15/38
..........
131
129,700
MHC
Commercial
Mortgage
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
2.21%,
04/15/38
...............
156
155,743
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
2.71%,
04/15/38
...............
106
105,737
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C24,
Class
C,
(LIBOR
USD
1
Month
+
0.00%),
4.34%,
05/15/48
(b)
..............
10
10,293
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
29,235
Morgan
Stanley
Capital
I
Trust
Series
2018-MP,
Class
A,
4.28%,
07/11/40
(a)(b)
.............
17
18,664
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
29,644
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
2.72%,
11/15/38
...............
100
99,213
Series
2021-MFP2,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
2.72%,
11/15/36
...............
100
99,499
STWD
Trust,
Series
2021-FLWR,
Class
E,
(LIBOR
USD
1
Month
+
1.92%),
2.03%,
07/15/36
(a)(b)
..........
25
24,811
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
10,474
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
D,
5.05%,
08/10/49
(a)(b)
..........
14
14,143
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
31,638
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
10,804
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
25
26,384
3,174,507
3,274,813
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
United
States
—
0.0%
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
XA,
1.11%,
04/15/54
(b)
................
USD
159
$
13,071
Total
Non-Agency
Mortgage-Backed
Securities
—
2.3%
(Cost:
$4,478,640)
..............................
4,469,610
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Other
Interests
-
0.1%
Capital
Markets
-
0.1%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(d)(s)
..............
166
191,853
Total
Other
Interests
-
0.1%
(Cost:
$167,154)
..................................
191,853
Par
(000)
Pa
r
(
000)
Preferred
Securities
—
3.0%
Capital
Trusts
—
0.2%
United
States
—
0.2%
(b)
Ally
Financial,
Inc.,
Series
B
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
4.70%
(n)
..................
28
29,050
Bank
of
America
Corp.,
Series
JJ
,
(LIBOR
USD
3
Month
+
3.29%),
5.12%
(n)
..................
27
28,249
Charles
Schwab
Corp.
(The),
Series
I
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%
(n)
............
28
28,560
Citigroup,
Inc.,
Series
V
,
(SOFR
+
3.23%),
4.70%
(n)
............
28
28,285
Edison
International,
Series
A
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(n)
..................
29
30,380
General
Motors
Financial
Co.,
Inc.,
Series
C
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(n)
.......
25
28,500
Goldman
Sachs
Group,
Inc.
(The),
Series
T
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%),
3.80%
(n)
.......
29
28,855
JPMorgan
Chase
&
Co.,
Series
HH
,
(SOFR
+
3.13%),
4.60%
(n)
......
28
28,735
Morgan
Stanley,
Series
H
,
(LIBOR
USD
3
Month
+
3.61%),
3.73%
(n)
.....
84
84,043
Prudential
Financial,
Inc.
(LIBOR
USD
3
Month
+
3.92%),
5.63%, 06/15/43
..........
44
45,782
(LIBOR
USD
3
Month
+
4.18%),
5.87%, 09/15/42
..........
64
65,410
USB
Capital
IX
,
(LIBOR
USD
3
Month
+
1.02%),
3.50%
(n)
............
31
29,854
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Vistra
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(a)(n)
......
USD
20
$
20,258
475,961
Total
Capital
Trusts
—
0.2%  
(Cost:
$475,738)
................................
475,961
Shares
Shares
Preferred
Stocks
—
2.7%
Brazil
—
0.1%
Banco
Bradesco
SA
(Preference)
...
6,716
23,283
Itau
Unibanco
Holding
SA
(Preference)
1,052
3,965
Neon
Payments
Ltd.
(d)
...........
319
130,701
Petroleo
Brasileiro
SA
(Preference)
..
2,802
14,234
172,183
China
—
0.2%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$272,511)
(d)(g)
.....
2,487
406,749
Germany
—
0.3%
Caresyntax
,
Inc.
(d)
.............
296
44,379
Henkel
AG
&
Co.
KGaA
(Preference)
41
3,309
Porsche
Automobil
Holding
SE
(Preference)
...............
897
84,688
Volkswagen
AG
(Preference)
......
1,202
241,462
Volocopter
Gmbh
,
(Acquired
03/03/21,
cost
$159,412)
(d)(g)
...........
30
176,264
550,102
India
—
0.0%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,122)
(d)
(g)
......................
32
100,615
Jersey,
Channel
Islands
—
0.1%
Loadsmart
,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
(d)(g)
.....
10,057
140,396
United
States
—
2.0%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$183,387)
(d)
(g)
......................
4,842
151,395
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(k)
.............
277
288,831
Aptiv
plc,
Series
A,
5.50%
(k)
.......
1,083
199,369
Becton
Dickinson
and
Co.,
Series
B,
6.00%
(f)
..................
4,094
215,958
Boston
Scientific
Corp.,
Series
A,
5.50%
...................
713
81,753
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$127,466)
(d)
(g)
......................
236
119,952
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(d)(g)
............
2,891
71,147
Databricks
,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(d)(g)
.....
2,059
416,783
Databricks
,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(d)(g)
....
580
117,404
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
(d)(g)
.....
14,760
93,283
Dream
Finders
Homes,
Inc.,
9.00%
(d)
285
282,150
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(d)(g)
.....
10,664
57,906
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
United
States
(continued)
Farmer’s
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$69,518)
(d)(g)
...............
2,103
$
136,190
Farmer's
Business
Network,
Inc.,
Series
G,
(Acquired
09/15/21,
cost
$19,766)
(d)(g)
...............
318
20,594
Grand
Rounds,
Inc.,
Series
C
(Acquired
03/31/15,
cost
$127,944)
(d)(g)
....
46,081
116,585
Grand
Rounds,
Inc.,
Series
D
(Acquired
05/01/18,
cost
$51,112)
(d)(g)
.....
21,089
52,933
JumpCloud
,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(d)(g)
.....
51,330
297,714
JumpCloud
,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$20,218)
(d)(e)(g)
....
3,376
19,581
Lookout,
Inc.,
Series
F
(Acquired
09/19/14-10/22/14,
cost
$243,061)
(d)
(g)
......................
21,278
234,484
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$54,841)
(d)(e)(g)
....
2,388
54,841
Mythic
AL,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(d)(g)
.....
7,024
53,593
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$73,361)
(d)
(g)
......................
8,220
66,829
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$40,179)
(d)(g)
.....
1,532
39,970
Relativity
Space,
Inc.,
Series
E,
(Acquired
05/27/21,
cost
$68,894)
(d)
(g)
......................
3,017
69,693
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(d)
(g)
......................
1,720
186,379
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$52,640)
(d)
(g)
......................
554
60,031
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(d)(g)
.....
1,894
27,122
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$72,377)
(d)(g)
...............
12,134
68,072
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$65,877)
(d)(e)(g)
....
12,367
65,792
Wells
Fargo
&
Co.,
Series
L,
7.50%
(k)(n)
46
68,564
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(d)
(g)
......................
4,463
67,570
3,802,468
Total
Preferred
Stocks
—
2.7%  
(Cost:
$4,233,958)
..............................
5,172,513
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(LIBOR
USD
3
Month
+
6.37%),
6.50%, 10/30/40
(b)
5,096
142,178
Total
Trust
Preferreds
—
0.1%  
(Cost:
$140,435)
................................
142,178
Total
Preferred
Securities
—
3.0%
(Cost:
$4,850,131)
..............................
5,790,652
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Securities
—
0.1%
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.71%, 09/25/30
(b)
...........
USD
17
$
19,469
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
........
100
8,479
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
Series
K105,
Class
X1,
1.52%
,
 03/25/53
........
279
29,919
Series
K109,
Class
X1,
1.58%
,
 04/25/30
........
118
13,273
Series
K110,
Class
X1,
1.70%
,
 04/25/30
........
100
11,907
Series
K116,
Class
X1,
1.43%
,
 07/25/30
........
100
10,295
Series
K120,
Class
X1,
1.04%
,
 10/25/30
........
396
30,706
Series
KW09,
Class
X1,
0.80%
,
 05/25/29
........
464
23,012
127,591
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.1%  
(Cost:
$147,284)
................................
147,060
U.S.
Treasury
Obligations
—
3.2%
U.S.
Treasury
Bonds
1.75%, 08/15/41
............
362
350,486
2.00%, 08/15/51
............
516
526,201
1.88%, 11/15/51
............
246
243,742
U.S.
Treasury
Notes
0.13%, 11/30/22
(
i
)
............
4,608
4,597,959
1.38%, 11/15/31
............
503
496,338
Total
U.S.
Treasury
Obligations
—
3.2%
(Cost:
$6,196,612)
..............................
6,214,726
Shares
Shares
Warrants
—
0.0%
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(Issued/
exercisable
05/13/21,
1
share
for
1
warrant,
Expires
05/13/27,
Strike
Price
EUR
11.50)
(e)
..........
1,945
2,214
Israel
—
0.0%
Innovid
Corp.
(Issued/exercisable
01/28/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
(e)
..................
375
416
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
40
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
United
Kingdom
—
0.0%
Genius
Sports
Ltd.
(Issued/exercisable
12/07/20,
1
share
for
1
warrant,
Expires
12/31/28,
Strike
Price
USD
11.50)
(e)
..................
1,164
$
2,549
United
States
—
0.0%
(e)
Altus
Power,
Inc.
(Issued/exercisable
01/22/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.00)
...................
511
1,313
Austerlitz
Acquisition
Corp.
I
(Issued/
exercisable
02/17/21,
1
share
for
1
warrant,
Expires
02/19/26,
Strike
Price
USD
11.50)
............
1,558
1,636
Cano
Health,
Inc.
(Issued/exercisable
07/06/20,
1
share
for
1
warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
1,986
4,747
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
1,102
Embark
Technology,
Inc.
(Issued/
exercisable
12/28/20,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
963
1,888
EVgo
,
Inc.
(Issued/exercisable
11/10/20,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
1,130
2,995
Hippo
Holdings,
Inc.
(Issued/
exercisable
01/04/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
938
448
Israel
Amplify
Program
Corp.
(Issued/
exercisable
05/14/21,
1
share
for
1
warrant,
Expires
12/31/49,
Strike
Price
USD
11.50)
(d)
..........
3,104
4,004
Latch,
Inc.
(Issued/exercisable
06/04/21,
1
share
for
1
warrant,
Expires
12/31/26,
Strike
Price
USD
11.50)
...................
840
1,541
Lightning
eMotors
,
Inc.
(Issued/
exercisable
12/10/20,
1
share
for
1
warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
2,348
4,833
Offerpad
Solutions,
Inc.
(Issued/
exercisable
10/13/20,
1
share
for
1
warrant,
Expires
10/13/25,
Strike
Price
USD
11.50)
............
1,681
1,799
Proof
Acquisition
Corp.
I
(Issued/
exercisable
09/27/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(d)
..........
2,017
2,017
Rotor
Acquisition
Corp.
(Issued/
exercisable
01/15/21,
1
share
for
1
warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
............
780
936
Sarcos
Technology
&
Robotics
Corp.
(Issued/exercisable
12/21/20,
1
share
for
1
warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
1,924
3,906
TPB
Acquisition
Corp.
I
(Issued/
exercisable
02/19/21,
1
share
for
1
warrant,
Expires
02/19/23,
Strike
Price
USD
11.50)
............
718
522
Security
Shares
Shares
Value
United
States
(continued)
TPG
Pace
Beneficial
Finance
Corp.
(Issued/exercisable
11/17/20,
1
share
for
1
warrant,
Expires
10/09/27,
Strike
Price
USD
11.50)
510
$
423
Volta,
Inc.
(Issued/exercisable
10/22/20,
1
share
for
1
warrant,
Expires
08/26/26,
Strike
Price
USD
11.50)
1,160
2,158
36,268
Total
Warrants
—
0.0%
(Cost:
$45,181)
................................
41,487
Total
Long-Term
Investments
—
95.1%
(Cost:
$153,616,017)
.............................
182,980,720
Short-Term
Securities
—
6.9%
Par
(000)
Pa
r
(
000)
Foreign
Government
Obligations
—
0.3%
(t)
Brazil
-
0.3%
Federative
Republic
of
Brazil
Treasury
Bills,
7.59%
,
07/01/24
.........
BRL
4
613,493
Total
Foreign
Government
Obligations
—
0.3%
(Cost:
$702,350)
................................
613,493
Shares
Shares
Money
Market
Funds
—
6.4%
(r)(u)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
......
8,690,749
8,690,749
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.15%
(v)
.............
3,723,782
3,724,155
Total
Money
Market
Funds
—
6.4%
(Cost:
$12,414,904)
..............................
12,414,904
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.2%
Australia
—
0.0%
Australia
&
New
Zealand
Banking
Group
Ltd.,
(0.33)%, 01/04/22
...
AUD
47
34,195
Canada
—
0.0%
Royal
Bank
of
Canada,
0.01%, 01/04/22
............
CAD
50
39,584
Denmark
—
0.0%
Brown
Brothers
Harriman
&
Co.,
0.01%, 01/03/22
............
DKK
24
3,704
Europe
—
0.1%
Citibank
NA,
(0.97)%, 01/03/22
....
EUR
33
37,695
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.34)%, 01/04/22
...........
JPY
500
4,347
United
Kingdom
—
0.0%
Citibank
NA,
0.01%, 01/04/22
.....
GBP
10
12,865
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
United
States
—
0.1%
Royal
Bank
of
Canada,
0.08%, 01/03/22
............
USD
163
$
162,845
Total
Time
Deposits
—
0.2%
(Cost:
$295,235)
................................
295,235
Total
Short-Term
Securities
—
6.9%
(Cost:
$13,412,489)
..............................
13,323,632
Total
Options
Purchased
—
0.3%
(Cost:
$917,947
)
................................
632,325
Total
Investments
Before
Options
Written
and
Investments
Sold
Short
—
102.3%
(Cost:
$167,946,453)
.............................
196,936,677
Total
Options
Written
—
(0.2)%
(Premiums
Received
—
$591,214)
...................
(381,941)
Security
Shares
Shares
Value
Investments
Sold
Short
—
(0.1)%
Common
Stocks
—
(0.1)%
United
States
—
(0.1)%
JM
Smucker
Co.
(The)
..........
412
$
(55,958)
Walgreens
Boots
Alliance,
Inc.
.....
3,477
(181,360)
(237,318)
Total
Common
Stocks
—
(0.1)%
(Proceeds:
$196,056)
............................
(237,318)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$196,056
)
............................
(237,318)
Total
Investments
Net
of
Options
Written
and
Investments
Sold
Short
—
102.0%
(Cost:
$167,159,183)
.............................
196,317,418
Liabilities
in
Excess
of
Other
Assets
—
(2.0)%
............
(3,817,724)
Net
Assets
—
100.0%
..............................
$
192,499,694
(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)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$6,867,492,
representing
3.57%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$5,244,600.
(h)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(i)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Convertible
security.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Zero-coupon
bond.
(n)
Perpetual
security
with
no
stated
maturity
date.
(o)
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.
(p)
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.
(q)
Fixed
rate.
(r)
Affiliate
of
the
Fund.
(s)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(t)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(u)
Annualized
7-day
yield
as
of
period
end.
(v)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
86
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/21
Shares
Held
at
12/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
110,670
$
8,580,079
$
—
$
—
$
—
$
8,690,749
8,690,749
$
267
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
6,400,603
—
(2,674,680)
(1,768)
—
3,724,155
3,723,782
32,150
(b)
—
iShares
China
Large-Cap
ETF
..
252,719
132,144
(210,180)
(5,476)
(37,409)
131,798
3,603
2,113
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
2,408,432
—
(2,286,889)
56,859
(79,994)
98,408
1,131
30,040
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
1,062,634
336,922
(1,323,656)
(14,572)
(22,500)
38,828
293
4,862
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
2,370,707
3,928,664
(4,415,209)
(69,207)
(50,037)
1,764,918
16,183
101,425
—
iShares
Latin
America
40
ETF
..
129,140
—
(39,044)
2,741
(23,677)
69,160
2,948
5,857
—
iShares
MSCI
Brazil
ETF
.....
97,012
97,698
(57,693)
5,649
(49,474)
93,192
3,320
9,718
—
iShares
MSCI
Emerging
Markets
ETF
..................
33,120
—
(11,199)
1,737
(2,701)
20,957
429
418
—
iShares
MSCI
Japan
ETF
(c)
....
—
115,242
(123,112)
7,870
—
—
—
—
—
iShares
Nasdaq
Biotechnology
ETF
..................
34,691
—
(11,293)
2,660
(2,707)
23,351
153
59
—
iShares
Russell
2000
ETF
(c)
....
2,452,907
311,303
(2,947,808)
408,289
(224,691)
—
—
2,419
—
iShares
S&P
500
Value
ETF
...
225,443
—
—
—
50,382
275,825
1,761
4,989
—
$
394,782
$
(442,808)
$
14,931,341
$
194,317
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
87
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-BTP
...............................................................
13
03/08/22
$
2,176
$
(43,437)
Euro-Bund
..............................................................
18
03/08/22
3,512
(59,859)
Japan
10
Year
Bond
........................................................
2
03/14/22
2,636
(6,260)
Australia
10
Year
Bond
......................................................
27
03/15/22
2,734
1,926
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
03/18/22
307
(3,254)
Russell
2000
E-Mini
Index
....................................................
19
03/18/22
2,131
32,240
U.S.
Treasury
10
Year
Note
...................................................
50
03/22/22
6,516
52,110
U.S.
Treasury
Long
Bond
....................................................
5
03/22/22
800
8,391
U.S.
Treasury
5
Year
Note
....................................................
187
03/31/22
22,605
65,035
46,892
Short
Contracts
Euro-
Buxl
...............................................................
4
03/08/22
941
50,233
EURO
STOXX
50
Index
.....................................................
11
03/18/22
535
(11,684)
NASDAQ
100
E-Mini
Index
...................................................
15
03/18/22
4,896
2,789
S&P
500
E-Mini
Index
......................................................
63
03/18/22
14,989
(210,736)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
75
03/22/22
10,958
(75,318)
U.S.
Treasury
Ultra
Bond
....................................................
2
03/22/22
392
2,929
Long
Gilt
...............................................................
6
03/29/22
1,014
(3,974)
U.S.
Treasury
2
Year
Note
....................................................
28
03/31/22
6,108
12,996
(232,765)
$
(185,873)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
JPY
53,887,681
EUR
411,000
Morgan
Stanley
&
Co.
International
plc
01/13/22
$
490
JPY
90,489,577
EUR
683,000
Morgan
Stanley
&
Co.
International
plc
01/20/22
8,909
MXN
8,677,000
USD
422,278
Goldman
Sachs
International
01/20/22
345
USD
293,189
EUR
252,000
Bank
of
America
NA
01/20/22
6,194
USD
2,286,151
EUR
1,963,828
BNP
Paribas
SA
01/20/22
49,604
USD
416,494
EUR
358,387
Morgan
Stanley
&
Co.
International
plc
01/20/22
8,337
USD
480,890
JPY
54,597,391
Citibank
NA
01/20/22
6,195
USD
314,835
JPY
35,782,609
JPMorgan
Chase
Bank
NA
01/20/22
3,724
USD
475,978
NOK
3,994,000
Deutsche
Bank
AG
01/20/22
22,587
CNY
911,398
USD
141,916
Citibank
NA
01/27/22
1,217
IDR
2,850,139,000
USD
199,157
HSBC
Bank
plc
01/27/22
1,108
USD
777,195
HKD
6,046,942
UBS
AG
01/27/22
1,670
EUR
250,420
USD
282,368
Barclays
Bank
plc
02/03/22
2,912
USD
290,727
EUR
250,420
Morgan
Stanley
&
Co.
International
plc
02/03/22
5,447
USD
780,346
HKD
6,077,880
HSBC
Bank
plc
02/10/22
833
USD
286,383
JPY
32,722,289
HSBC
Bank
plc
02/10/22
1,832
CNY
5,875,769
USD
917,119
Citibank
NA
02/11/22
4,723
AUD
523,656
USD
374,524
Morgan
Stanley
&
Co.
International
plc
03/03/22
6,513
USD
518,913
SEK
4,681,667
Morgan
Stanley
&
Co.
International
plc
03/03/22
581
EUR
425,765
USD
479,875
Citibank
NA
03/10/22
5,492
EUR
412,572
USD
464,954
Citibank
NA
03/16/22
5,442
BRL
1,612,559
USD
282,553
Morgan
Stanley
&
Co.
International
plc
03/17/22
1,884
CAD
430,920
USD
335,162
UBS
AG
03/17/22
5,449
EUR
3,596,963
USD
4,073,956
BNP
Paribas
SA
03/17/22
27,242
EUR
10,227
USD
11,584
UBS
AG
03/17/22
77
GBP
287,688
EUR
336,960
Bank
of
America
NA
03/17/22
5,080
GBP
366,128
USD
485,850
Barclays
Bank
plc
03/17/22
9,565
GBP
292,905
USD
387,307
HSBC
Bank
plc
03/17/22
9,029
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
88
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
652,274
USD
736,149
UBS
AG
03/24/22
$
7,691
210,172
USD
771,849
CNY
5,011,000
JPMorgan
Chase
Bank
NA
01/06/22
(16,284)
USD
696,627
CNY
4,520,751
UBS
AG
01/13/22
(14,129)
CAD
611,000
USD
492,939
Goldman
Sachs
International
01/20/22
(9,923)
CAD
610,000
USD
493,591
Morgan
Stanley
&
Co.
International
plc
01/20/22
(11,366)
GBP
496,000
USD
684,259
Deutsche
Bank
AG
01/20/22
(12,923)
JPY
45,090,000
USD
394,845
Citibank
NA
01/20/22
(2,812)
JPY
45,290,000
USD
396,850
Goldman
Sachs
International
01/20/22
(3,080)
USD
141,543
CNY
911,398
UBS
AG
01/27/22
(1,590)
NOK
4,279,790
CHF
457,688
Bank
of
America
NA
02/03/22
(16,977)
EUR
464,105
USD
539,177
Deutsche
Bank
AG
02/10/22
(10,396)
JPY
75,961,833
USD
673,554
UBS
AG
02/10/22
(12,996)
USD
911,078
CNY
5,875,769
BNP
Paribas
SA
02/11/22
(10,765)
AUD
622,000
USD
455,090
Bank
of
America
NA
02/17/22
(2,501)
AUD
524,906
USD
382,284
Goldman
Sachs
International
02/17/22
(344)
JPY
67,469,000
USD
589,526
Bank
of
America
NA
02/17/22
(2,792)
NOK
2,643,372
CHF
279,226
Deutsche
Bank
AG
02/17/22
(6,865)
KRW
877,779,000
USD
740,248
Citibank
NA
02/24/22
(3,067)
USD
295,392
INR
22,274,953
BNP
Paribas
SA
03/03/22
(1,746)
USD
343,756
BRL
1,978,145
HSBC
Bank
plc
03/08/22
(6,097)
JPY
385,067,373
USD
3,393,537
Deutsche
Bank
AG
03/10/22
(44,272)
USD
381,602
INR
29,002,884
Citibank
NA
03/10/22
(4,849)
USD
374,952
NZD
555,500
Morgan
Stanley
&
Co.
International
plc
03/10/22
(5,128)
USD
466,760
SEK
4,236,823
Bank
of
America
NA
03/10/22
(2,354)
USD
374,191
EUR
330,044
Citibank
NA
03/16/22
(2,110)
JPY
613,152,323
USD
5,398,727
JPMorgan
Chase
Bank
NA
03/17/22
(65,134)
RUB
17,881,186
USD
238,305
Citibank
NA
03/17/22
(2,981)
USD
886,525
CNY
5,684,400
Deutsche
Bank
AG
03/17/22
(3,451)
USD
112,431
INR
8,588,826
Barclays
Bank
plc
03/17/22
(1,865)
(278,797)
$
(68,625)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/18/22
RUB
66.00
RUB
66.00
USD
29
$
1,329
Put
USD
Currency
...............
One-Touch
Citibank
NA
02/21/22
RUB
68.00
RUB
68.00
USD
39
680
$
2,009
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
......................
60
01/07/22
USD
472.00
USD
2,850
$
30,270
SPDR
S&P
500
ETF
Trust
......................
63
01/14/22
USD
475.00
USD
2,992
29,201
Alcoa
Corp.
...............................
18
01/21/22
USD
50.00
USD
107
18,270
Alcoa
Corp.
...............................
34
01/21/22
USD
55.00
USD
203
20,740
Alibaba
Group
Holding
Ltd.
.....................
11
01/21/22
USD
190.00
USD
131
88
Amazon.com,
Inc.
...........................
1
01/21/22
USD
3,900.00
USD
333
180
Atlassian
Corp.
plc
...........................
2
01/21/22
USD
470.00
USD
76
140
Autodesk,
Inc.
..............................
6
01/21/22
USD
310.00
USD
169
306
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
89
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Barclays
plc
...............................
28
01/21/22
GBP
2.05
GBP
52
$
190
BP
plc
...................................
30
01/21/22
USD
27.00
USD
80
1,380
BP
plc
...................................
34
01/21/22
USD
32.00
USD
91
51
BP
plc
...................................
50
01/21/22
USD
31.00
USD
133
150
Caesars
Entertainment,
Inc.
....................
6
01/21/22
USD
100.00
USD
56
975
CF
Industries
Holdings,
Inc.
.....................
10
01/21/22
USD
65.00
USD
71
6,300
Comcast
Corp.
.............................
12
01/21/22
USD
57.50
USD
60
24
Comcast
Corp.
.............................
19
01/21/22
USD
55.00
USD
96
124
Daimler
AG
................................
5
01/21/22
EUR
95.00
EUR
34
48
Deere
&
Co.
...............................
2
01/21/22
USD
380.00
USD
69
67
Devon
Energy
Corp.
..........................
8
01/21/22
USD
44.00
USD
35
1,532
Devon
Energy
Corp.
..........................
21
01/21/22
USD
46.00
USD
93
2,310
Devon
Energy
Corp.
..........................
76
01/21/22
USD
40.00
USD
335
35,340
Diamondback
Energy,
Inc.
......................
9
01/21/22
USD
115.00
USD
97
1,778
Dick's
Sporting
Goods,
Inc.
.....................
15
01/21/22
USD
140.00
USD
172
788
DR
Horton,
Inc.
.............................
13
01/21/22
USD
105.00
USD
141
6,338
Eli
Lilly
&
Co.
..............................
8
01/21/22
USD
275.00
USD
221
5,896
Energy
Transfer
LP
..........................
61
01/21/22
USD
10.00
USD
50
153
Exxon
Mobil
Corp.
...........................
12
01/21/22
USD
62.50
USD
73
912
FedEx
Corp.
...............................
4
01/21/22
USD
280.00
USD
103
182
Ford
Motor
Co.
.............................
70
01/21/22
USD
22.00
USD
145
2,485
Freeport-McMoRan,
Inc.
.......................
51
01/21/22
USD
41.00
USD
213
9,486
Generac
Holdings,
Inc.
........................
1
01/21/22
USD
440.00
USD
35
48
General
Motors
Co.
..........................
17
01/21/22
USD
65.00
USD
100
485
Global
Payments,
Inc.
........................
12
01/21/22
USD
170.00
USD
162
330
Hilton
Worldwide
Holdings,
Inc.
..................
6
01/21/22
USD
140.00
USD
94
9,420
iShares
MSCI
Emerging
Markets
ETF
..............
105
01/21/22
USD
54.00
USD
513
158
Lions
Gate
Entertainment
Corp.
..................
3
01/21/22
USD
19.00
USD
5
68
Lloyds
Banking
Group
plc
......................
257
01/21/22
GBP
0.52
GBP
123
1,739
MongoDB,
Inc.
.............................
2
01/21/22
USD
610.00
USD
106
535
O'Reilly
Automotive,
Inc.
.......................
1
01/21/22
USD
660.00
USD
71
4,930
Ovintiv
,
Inc.
................................
22
01/21/22
USD
38.00
USD
74
880
Pandora
A/S
...............................
2
01/21/22
DKK
964.81
DKK
165
47
Pandora
A/S
...............................
4
01/21/22
DKK
934.97
DKK
329
93
Pandora
A/S
...............................
5
01/21/22
DKK
875.29
DKK
412
317
Royal
Dutch
Shell
plc
.........................
76
01/21/22
EUR
22.00
EUR
147
130
Sabre
Corp.
...............................
4
01/21/22
USD
12.00
USD
3
10
salesforce.com,
Inc.
..........................
4
01/21/22
USD
290.00
USD
102
94
Societe
Generale
SA
.........................
30
01/21/22
EUR
30.00
EUR
91
2,681
SPDR
S&P
500
ETF
Trust
......................
63
01/21/22
USD
468.00
USD
2,992
68,261
SPDR
S&P
500
ETF
Trust
......................
76
01/21/22
USD
470.00
USD
3,610
70,300
SPDR
S&P
Biotech
ETF
.......................
20
01/21/22
USD
134.00
USD
224
210
SPDR
S&P
Biotech
ETF
.......................
24
01/21/22
USD
135.00
USD
269
288
Tesla,
Inc.
.................................
2
01/21/22
USD
1,200.00
USD
211
3,360
Uber
Technologies,
Inc.
.......................
71
01/21/22
USD
50.00
USD
298
1,172
Zscaler
,
Inc.
...............................
3
01/21/22
USD
370.00
USD
96
288
Alphabet,
Inc.
..............................
1
02/18/22
USD
3,200.00
USD
289
1,810
ARK
Innovation
ETF
.........................
23
02/18/22
USD
97.00
USD
218
10,235
Ford
Motor
Co.
.............................
83
02/18/22
USD
22.00
USD
172
7,470
Generac
Holdings,
Inc.
........................
1
02/18/22
USD
390.00
USD
35
905
iShares
China
Large-Cap
ETF
...................
100
02/18/22
USD
39.00
USD
366
4,750
iShares
China
Large-Cap
ETF
...................
179
02/18/22
USD
44.00
USD
655
985
Micron
Technology,
Inc.
.......................
11
02/18/22
USD
90.00
USD
102
7,288
Microsoft
Corp.
.............................
6
02/18/22
USD
350.00
USD
202
3,645
Microsoft
Corp.
.............................
13
02/18/22
USD
340.00
USD
437
13,423
Xerox
Holdings
Corp.
.........................
5
02/18/22
USD
25.00
USD
11
225
Dexcom
,
Inc.
..............................
2
03/18/22
USD
600.00
USD
107
3,650
BP
plc
...................................
99
04/14/22
USD
32.00
USD
264
2,178
Twilio
,
Inc.
................................
5
04/14/22
USD
310.00
USD
132
5,550
Western
Digital
Corp.
.........................
9
04/14/22
USD
80.00
USD
59
1,548
Xerox
Holdings
Corp.
.........................
5
04/14/22
USD
30.00
USD
11
88
General
Motors
Co.
..........................
35
06/17/22
USD
65.00
USD
205
12,688
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
90
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Xerox
Holdings
Corp.
.........................
3
07/15/22
USD
30.00
USD
7
$
120
418,106
Put
CBOE
Volatility
Index
.........................
68
01/19/22
USD
22.00
USD
117
25,500
Invesco
QQQ
Trust
1
.........................
1
01/21/22
USD
360.00
USD
40
66
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
4
01/21/22
USD
85.00
USD
35
44
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
102
01/21/22
USD
82.00
USD
888
408
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
204
01/21/22
USD
84.00
USD
1,775
1,632
iShares
Russell
2000
ETF
......................
3
01/21/22
USD
195.00
USD
67
92
salesforce.com,
Inc.
..........................
4
01/21/22
USD
280.00
USD
102
10,550
Invesco
QQQ
Trust
1
.........................
2
02/18/22
USD
350.00
USD
80
444
Invesco
QQQ
Trust
1
.........................
3
02/18/22
USD
325.00
USD
119
305
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
3
02/18/22
USD
84.00
USD
26
83
iShares
Russell
2000
ETF
......................
2
02/18/22
USD
190.00
USD
44
210
iShares
Russell
2000
ETF
......................
6
02/18/22
USD
205.00
USD
133
1,410
U.S.
Treasury
10
Year
Note
.....................
1
02/18/22
USD
129.00
USD
100
406
U.S.
Treasury
10
Year
Note
.....................
37
02/18/22
USD
129.50
USD
3,700
20,234
American
Airlines
Group,
Inc.
....................
6
03/18/22
USD
10.00
USD
11
42
United
Airlines
Holdings,
Inc.
....................
3
03/18/22
USD
25.00
USD
13
57
Invesco
Senior
Loan
ETF
......................
16
04/14/22
USD
20.00
USD
35
120
Pitney
Bowes,
Inc.
...........................
2
04/14/22
USD
6.00
USD
1
95
61,698
$
479,804
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Pioneer
Natural
Resources
Co.
Morgan
Stanley
&
Co.
International
plc
1,672
01/21/22
USD
205.00
USD
304
$
1,024
Royal
Dutch
Shell
plc
......
Nomura
International
plc
3,457
01/21/22
USD
45.00
USD
150
1,210
Vodafone
Group
plc
.......
Goldman
Sachs
International
61,155
01/21/22
GBP
1.20
GBP
69
414
EURO
STOXX
50
Index
....
Credit
Suisse
International
63
03/18/22
EUR
4,600.00
EUR
271
1,054
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...........
Barclays
Bank
plc
127
03/18/22
EUR
730.00
EUR
92
2,413
USD
Currency
...........
Citibank
NA
—
03/29/22
CNH
6.75
USD
970
699
USD
Currency
...........
Citibank
NA
—
03/29/22
CNH
6.45
USD
970
4,975
Pioneer
Natural
Resources
Co.
Morgan
Stanley
&
Co.
International
plc
3,043
04/14/22
USD
210.00
USD
553
15,453
Royal
Dutch
Shell
plc
......
Citibank
NA
6,050
04/14/22
USD
50.00
USD
263
2,874
Amazon.com,
Inc.
........
Citibank
NA
76
06/17/22
USD
4,150.00
USD
253
3,445
EssilorLuxottica
SA
.......
Goldman
Sachs
International
941
06/17/22
EUR
200.00
EUR
176
6,379
EURO
STOXX
50
Index
....
Credit
Suisse
International
63
06/17/22
EUR
4,650.00
EUR
271
2,449
EssilorLuxottica
SA
.......
JPMorgan
Chase
Bank
NA
564
09/16/22
EUR
200.00
EUR
106
5,258
47,647
Put
EUR
Currency
...........
Deutsche
Bank
AG
—
01/06/22
USD
1.13
EUR
5,277
1,048
S&P
500
Index
..........
Citibank
NA
80
01/21/22
USD
4,571.55
USD
381
1,314
EUR
Currency
...........
BNP
Paribas
SA
—
03/17/22
USD
1.13
EUR
1,274
7,627
9,989
$
57,636
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
91
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
1.00
%
Quarterly
CDX.NA.IG.37.V1
Quarterly
JPMorgan
Chase
Bank
NA
01/19/22
USD
70.00
USD
635
$
54
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.37.V1
Quarterly
JPMorgan
Chase
Bank
NA
02/16/22
USD
104.00
USD
55
101
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.37.V1
Quarterly
Bank
of
America
NA
01/19/22
USD
106.00
USD
40
32
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.37.V1
Quarterly
Bank
of
America
NA
01/19/22
USD
106.00
USD
75
61
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.37.V1
Quarterly
Goldman
Sachs
International
01/19/22
USD
106.00
USD
115
93
Bought
Protection
on
5-Year
Credit
Default
Swap
5.00
Quarterly
CDX.NA.HY.37.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/19/22
USD
106.00
USD
90
73
$
414
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.50%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/14/22
1.50
%
USD
1,453
$
25,741
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.60%
Semi-Annual
Goldman
Sachs
International
04/20/22
1.60
USD
767
20,022
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.30%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/21/22
1.30
USD
813
4,238
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.52%
Semi-Annual
Citibank
NA
07/05/22
1.52
USD
778
22,370
30-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.55%
Semi-Annual
Deutsche
Bank
AG
07/06/22
1.55
USD
328
10,256
1-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.80
USD
10,341
8,500
91,127
Put
30-Year
Interest
Rate
Swap
(a)
1.96%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/19/22
1.96
USD
783
1,335
$
92,462
(a)
Forward
settling
swaption.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
92
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
S&P
500
Index
.......
Down
and
In
Citibank
NA
80
01/21/22
USD
4,114.40
USD
3,657.24
USD
—
$
(79)
EURO
STOXX
50
Index
.
Down
and
In
Credit
Suisse
International
95
06/17/22
EUR
3,400.00
EUR
3,000.00
EUR
—
(5,382)
$
(5,461)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
.......................
40
01/07/22
USD
480.00
USD
1,900
$
(3,360)
Abbott
Laboratories
...........................
10
01/21/22
USD
146.00
USD
141
(735)
Alcoa
Corp.
................................
21
01/21/22
USD
65.00
USD
125
(3,098)
Alibaba
Group
Holding
Ltd.
......................
11
01/21/22
USD
215.00
USD
131
(28)
Amazon.com,
Inc.
............................
1
01/21/22
USD
4,250.00
USD
333
(54)
Apple,
Inc.
.................................
64
01/21/22
USD
195.00
USD
1,136
(2,336)
Atlassian
Corp.
plc
............................
2
01/21/22
USD
520.00
USD
76
(235)
Autodesk,
Inc.
...............................
6
01/21/22
USD
330.00
USD
169
(117)
BP
plc
....................................
30
01/21/22
USD
30.00
USD
80
(105)
Caesars
Entertainment,
Inc.
.....................
6
01/21/22
USD
130.00
USD
56
(78)
Capital
One
Financial
Corp.
......................
16
01/21/22
USD
164.40
USD
232
(240)
Costco
Wholesale
Corp.
........................
7
01/21/22
USD
585.00
USD
397
(2,520)
Daimler
AG
.................................
5
01/21/22
EUR
104.00
EUR
34
(68)
Devon
Energy
Corp.
...........................
21
01/21/22
USD
55.00
USD
93
(147)
Devon
Energy
Corp.
...........................
76
01/21/22
USD
50.00
USD
335
(2,394)
Diamondback
Energy,
Inc.
.......................
9
01/21/22
USD
140.00
USD
97
(135)
DR
Horton,
Inc.
..............................
11
01/21/22
USD
100.00
USD
119
(9,928)
Eli
Lilly
&
Co.
...............................
8
01/21/22
USD
295.00
USD
221
(1,274)
Exxon
Mobil
Corp.
............................
12
01/21/22
USD
70.00
USD
73
(42)
Freeport-McMoRan,
Inc.
........................
48
01/21/22
USD
46.00
USD
200
(1,176)
Freeport-McMoRan,
Inc.
........................
51
01/21/22
USD
49.00
USD
213
(306)
Global
Payments,
Inc.
.........................
12
01/21/22
USD
195.00
USD
162
(4,800)
iShares
MSCI
Emerging
Markets
ETF
...............
105
01/21/22
USD
57.00
USD
513
(315)
Lowe's
Cos.,
Inc.
.............................
9
01/21/22
USD
270.00
USD
233
(1,053)
Micron
Technology,
Inc.
........................
6
01/21/22
USD
92.50
USD
56
(2,055)
MongoDB,
Inc.
..............................
2
01/21/22
USD
680.00
USD
106
(500)
Ovintiv
,
Inc.
.................................
22
01/21/22
USD
50.00
USD
74
(110)
SPDR
S&P
500
ETF
Trust
.......................
24
01/21/22
USD
488.00
USD
1,140
(1,860)
Tesla,
Inc.
..................................
2
01/21/22
USD
1,400.00
USD
211
(700)
TJX
Cos.,
Inc.
(The)
...........................
18
01/21/22
USD
77.50
USD
137
(1,467)
Uber
Technologies,
Inc.
........................
58
01/21/22
USD
60.00
USD
243
(87)
Zscaler
,
Inc.
................................
3
01/21/22
USD
410.00
USD
96
(258)
Alphabet,
Inc.
...............................
1
02/18/22
USD
3,400.00
USD
289
(570)
ARK
Innovation
ETF
..........................
23
02/18/22
USD
108.00
USD
218
(2,933)
DR
Horton,
Inc.
..............................
26
02/18/22
USD
115.00
USD
282
(5,824)
Ford
Motor
Co.
..............................
83
02/18/22
USD
27.00
USD
172
(1,245)
Home
Depot,
Inc.
(The)
........................
9
02/18/22
USD
440.00
USD
374
(3,443)
iShares
China
Large-Cap
ETF
....................
100
02/18/22
USD
42.00
USD
366
(1,100)
iShares
China
Large-Cap
ETF
....................
179
02/18/22
USD
48.00
USD
655
(1,790)
Marsh
&
McLennan
Cos.,
Inc.
....................
17
02/18/22
USD
180.00
USD
295
(3,060)
McDonald's
Corp.
............................
12
02/18/22
USD
280.00
USD
322
(2,484)
Micron
Technology,
Inc.
........................
11
02/18/22
USD
105.00
USD
102
(1,650)
Micron
Technology,
Inc.
........................
11
02/18/22
USD
100.00
USD
102
(2,772)
Microsoft
Corp.
..............................
10
02/18/22
USD
380.00
USD
336
(1,035)
Microsoft
Corp.
..............................
19
02/18/22
USD
365.00
USD
639
(4,836)
NVIDIA
Corp.
...............................
7
02/18/22
USD
350.00
USD
206
(3,360)
Dexcom
,
Inc.
...............................
3
03/18/22
USD
680.00
USD
161
(2,025)
NextEra
Energy,
Inc.
..........................
47
03/18/22
USD
100.00
USD
439
(4,935)
UnitedHealth
Group,
Inc.
........................
2
03/18/22
USD
530.00
USD
100
(1,935)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
93
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Twilio
,
Inc.
.................................
5
04/14/22
USD
390.00
USD
132
$
(1,048)
General
Motors
Co.
...........................
35
06/17/22
USD
80.00
USD
205
(3,798)
(91,424)
Put
CBOE
Volatility
Index
..........................
103
01/19/22
USD
18.00
USD
177
(8,240)
Alcoa
Corp.
................................
31
01/21/22
USD
40.00
USD
185
(202)
Alibaba
Group
Holding
Ltd.
......................
11
01/21/22
USD
150.00
USD
131
(34,815)
Aptiv
plc
...................................
6
01/21/22
USD
150.00
USD
99
(450)
Atlassian
Corp.
plc
............................
2
01/21/22
USD
380.00
USD
76
(2,890)
Autodesk,
Inc.
...............................
6
01/21/22
USD
270.00
USD
169
(1,965)
Barclays
plc
................................
28
01/21/22
GBP
1.70
GBP
52
(521)
Boston
Scientific
Corp.
.........................
24
01/21/22
USD
38.00
USD
102
(348)
BP
plc
....................................
25
01/21/22
USD
25.00
USD
67
(450)
CF
Industries
Holdings,
Inc.
......................
10
01/21/22
USD
52.50
USD
71
(500)
Comcast
Corp.
..............................
31
01/21/22
USD
50.00
USD
156
(3,038)
Deere
&
Co.
................................
2
01/21/22
USD
320.00
USD
69
(315)
Devon
Energy
Corp.
...........................
8
01/21/22
USD
35.00
USD
35
(108)
Dick's
Sporting
Goods,
Inc.
......................
5
01/21/22
USD
110.00
USD
57
(1,125)
Dick's
Sporting
Goods,
Inc.
......................
10
01/21/22
USD
100.00
USD
115
(650)
DR
Horton,
Inc.
..............................
13
01/21/22
USD
90.00
USD
141
(208)
Edwards
Lifesciences
Corp.
.....................
9
01/21/22
USD
105.00
USD
117
(293)
Energy
Transfer
LP
...........................
61
01/21/22
USD
8.00
USD
50
(854)
FedEx
Corp.
................................
4
01/21/22
USD
220.00
USD
103
(46)
Generac
Holdings,
Inc.
.........................
1
01/21/22
USD
360.00
USD
35
(1,715)
Global
Payments,
Inc.
.........................
9
01/21/22
USD
135.00
USD
122
(3,465)
Intuitive
Surgical,
Inc.
..........................
3
01/21/22
USD
320.00
USD
108
(743)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
4
01/21/22
USD
81.00
USD
35
(12)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
102
01/21/22
USD
78.00
USD
888
(306)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
204
01/21/22
USD
80.00
USD
1,775
(612)
Lloyds
Banking
Group
plc
.......................
257
01/21/22
GBP
0.44
GBP
123
(1,739)
Microsoft
Corp.
..............................
6
01/21/22
USD
300.00
USD
202
(366)
MongoDB,
Inc.
..............................
2
01/21/22
USD
490.00
USD
106
(1,690)
O'Reilly
Automotive,
Inc.
........................
1
01/21/22
USD
560.00
USD
71
(410)
Pandora
A/S
................................
2
01/21/22
DKK
835.50
DKK
165
(951)
Pandora
A/S
................................
4
01/21/22
DKK
775.82
DKK
329
(574)
Pandora
A/S
................................
5
01/21/22
DKK
755.93
DKK
412
(472)
Royal
Dutch
Shell
plc
..........................
76
01/21/22
EUR
19.00
EUR
147
(2,379)
salesforce.com,
Inc.
...........................
3
01/21/22
USD
240.00
USD
76
(500)
salesforce.com,
Inc.
...........................
16
01/21/22
USD
250.00
USD
407
(6,640)
Societe
Generale
SA
..........................
30
01/21/22
EUR
27.00
EUR
91
(324)
Uber
Technologies,
Inc.
........................
13
01/21/22
USD
40.00
USD
55
(1,287)
Zscaler
,
Inc.
................................
3
01/21/22
USD
290.00
USD
96
(918)
Alphabet,
Inc.
...............................
1
02/18/22
USD
2,700.00
USD
289
(4,435)
Generac
Holdings,
Inc.
.........................
1
02/18/22
USD
300.00
USD
35
(630)
Live
Nation
Entertainment,
Inc.
...................
9
02/18/22
USD
85.00
USD
108
(585)
Micron
Technology,
Inc.
........................
11
02/18/22
USD
72.50
USD
102
(358)
salesforce.com,
Inc.
...........................
11
02/18/22
USD
230.00
USD
280
(2,992)
Twilio
,
Inc.
.................................
4
02/18/22
USD
200.00
USD
105
(1,200)
U.S.
Treasury
10
Year
Note
......................
56
02/18/22
USD
127.50
USD
5,600
(8,750)
Dexcom
,
Inc.
...............................
2
03/18/22
USD
580.00
USD
107
(13,190)
UnitedHealth
Group,
Inc.
........................
2
03/18/22
USD
430.00
USD
100
(815)
BP
plc
....................................
133
04/14/22
USD
24.00
USD
354
(9,776)
Twilio
,
Inc.
.................................
5
04/14/22
USD
260.00
USD
132
(12,475)
(137,327)
$
(228,751)
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
94
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Pioneer
Natural
Resources
Co.
..
Morgan
Stanley
&
Co.
International
plc
836
01/21/22
USD
225.00
USD
152
$
(37)
Royal
Dutch
Shell
plc
.........
Nomura
International
plc
3,457
01/21/22
USD
50.00
USD
150
(86)
Vodafone
Group
plc
..........
Goldman
Sachs
International
61,155
01/21/22
GBP
1.35
GBP
69
(2)
Form
er
Charter
Communications
,
Inc.
...................
Citibank
NA
300
03/18/22
USD
680.00
USD
196
(5,640)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Barclays
Bank
plc
191
03/18/22
EUR
800.00
EUR
139
(1,351)
USD
Currency
..............
Citibank
NA
—
03/29/22
CNH
6.60
USD
1,940
(3,277)
Pioneer
Natural
Resources
Co.
..
Morgan
Stanley
&
Co.
International
plc
3,043
04/14/22
USD
240.00
USD
553
(4,146)
Royal
Dutch
Shell
plc
.........
Citibank
NA
6,050
04/14/22
USD
60.00
USD
263
(165)
EssilorLuxottica
SA
..........
Goldman
Sachs
International
941
06/17/22
EUR
220.00
EUR
176
(2,037)
EssilorLuxottica
SA
..........
JPMorgan
Chase
Bank
NA
564
09/16/22
EUR
225.00
EUR
106
(3,323)
(20,064)
Put
EUR
Currency
..............
Deutsche
Bank
AG
—
01/06/22
USD
1.11
EUR
3,958
(18)
Pioneer
Natural
Resources
Co.
..
Morgan
Stanley
&
Co.
International
plc
1,116
01/21/22
USD
160.00
USD
203
(893)
Royal
Dutch
Shell
plc
.........
Nomura
International
plc
4,643
01/21/22
USD
40.00
USD
202
(813)
EUR
Currency
..............
BNP
Paribas
SA
—
03/17/22
USD
1.10
EUR
1,274
(2,062)
Form
er
Charter
Communications
,
Inc.
...................
Citibank
NA
300
03/18/22
USD
560.00
USD
196
(1,815)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Barclays
Bank
plc
127
03/18/22
EUR
650.00
EUR
92
(1,455)
Pioneer
Natural
Resources
Co.
..
Morgan
Stanley
&
Co.
International
plc
3,043
04/14/22
USD
155.00
USD
553
(17,831)
Royal
Dutch
Shell
plc
.........
Citibank
NA
6,050
04/14/22
USD
40.00
USD
263
(8,016)
Amazon.com,
Inc.
...........
Citibank
NA
38
06/17/22
USD
2,800.00
USD
127
(2,937)
EssilorLuxottica
SA
..........
Goldman
Sachs
International
941
06/17/22
EUR
160.00
EUR
176
(4,532)
EssilorLuxottica
SA
..........
JPMorgan
Chase
Bank
NA
564
09/16/22
EUR
160.00
EUR
106
(4,142)
(44,514)
$
(64,578)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.IG.37.V1
Quarterly
1.00
%
Quarterly
JPMorgan
Chase
Bank
NA
01/19/22
NR
USD
85.00
USD
635
$
(16)
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.HY.37.V1
Quarterly
5.00
Quarterly
Bank
of
America
NA
01/19/22
NR
USD
101.00
USD
75
(22)
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.HY.37.V1
Quarterly
5.00
Quarterly
Goldman
Sachs
International
01/19/22
NR
USD
101.00
USD
115
(34)
Sold
Protection
on
5-Year
Credit
Default
Swap
CDX.NA.HY.37.V1
Quarterly
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/19/22
NR
USD
101.00
USD
90
(27)
$
(99)
(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.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
95
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
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
1-Year
Interest
Rate
Swap
(a)
.
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.40
%
USD
10,341
$
(3,129)
1-Year
Interest
Rate
Swap
(a)
.
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.60
USD
10,341
(5,151)
(8,280)
Put
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.39%
Semi-Annual
Citibank
NA
01/05/22
1.39
USD
3,024
(3,695)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.42%
Semi-Annual
Deutsche
Bank
AG
01/06/22
1.42
USD
1,231
(1,136)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.47%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
01/12/22
1.47
USD
448
(445)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.76%
Semi-Annual
Goldman
Sachs
International
01/26/22
1.76
USD
2,974
(6,744)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
1.63%
Semi-Annual
Goldman
Sachs
International
02/07/22
1.63
USD
4,102
(5,491)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.08%
Semi-Annual
Goldman
Sachs
International
03/16/22
1.08
USD
8,340
(3,715)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Barclays
Bank
plc
06/15/26
3.04
USD
3,176
(36,719)
5-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
3.04%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
06/30/26
3.04
USD
1,445
(16,827)
(74,772)
$
(83,052)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.33.V1
...................
1.00
%
Quarterly
12/20/24
USD
6,863
$
(125,557)
$
(89,684)
$
(35,873)
CDX.NA.IG.36.V1
...................
1.00
Quarterly
06/20/26
USD
944
(23,373)
(17,142)
(6,231)
Avis
Budget
Car
Rental
LLC
............
5.00
Quarterly
12/20/26
USD
90
(12,279)
(12,902)
623
$
(161,209)
$
(119,728)
$
(41,481)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ITRAXX.EUR.
CROSSOVER.34.V2
.
5.00
%
Quarterly
12/20/25
NR
EUR
558
$
76,259
$
39,716
$
36,543
ITRAXX.EUR.
CROSSOVER.35.V1
.
5.00
Quarterly
06/20/26
BB-
EUR
391
50,850
51,830
(980)
ITRAXX.EUR.
CROSSOVER.36.V1
.
5.00
Quarterly
12/20/26
B-
EUR
540
73,856
70,829
3,027
$
200,965
$
162,375
$
38,590
(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.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
96
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/27/22
USD
8,345
$
(39,933)
$
(169)
$
(39,764)
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/22
USD
4,668
(29,775)
—
(29,775)
4
week
MXIBTIIE
Monthly
4.42%
Monthly
N/A
02/28/23
MXN
7,323
(10,756)
—
(10,756)
4
week
MXIBTIIE
Monthly
4.50%
Monthly
N/A
03/03/23
MXN
7,321
(10,468)
—
(10,468)
28
day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(13,857)
—
(13,857)
28
day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(12,967)
—
(12,967)
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
03/08/24
USD
6,570
76,184
—
76,184
0.53%
Semi-Annual
3
month
LIBOR
Quarterly
06/06/22
(a)
06/06/24
USD
1,612
22,143
—
22,143
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/28/24
USD
1,455
17,702
—
17,702
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/13/24
USD
1,341
16,215
—
16,215
0.55%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/16/24
USD
2,023
22,347
—
22,347
0.55%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/20/24
USD
670
7,451
—
7,451
0.55%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/20/24
USD
1,340
14,963
—
14,963
0.49%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/23/24
USD
1,321
17,017
—
17,017
0.49%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/23/24
USD
1,321
17,135
—
17,135
0.56%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/12/24
USD
2,016
24,003
—
24,003
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/13/24
USD
1,313
15,218
—
15,218
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/24
USD
660
8,063
—
8,063
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/24
USD
663
8,040
—
8,040
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/24
USD
660
8,112
—
8,112
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/24
USD
653
7,953
—
7,953
0.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/24
USD
663
8,003
—
8,003
1.60%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/24/25
USD
3,339
(65,214)
28
(65,242)
0.35%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/27/25
USD
1,240
38,736
—
38,736
3
month
LIBOR
Quarterly
0.37%
Semi-Annual
N/A
10/29/25
USD
3,586
(119,438)
—
(119,438)
3
month
LIBOR
Quarterly
0.46%
Semi-Annual
N/A
11/23/25
USD
996
(30,915)
—
(30,915)
3
month
LIBOR
Quarterly
0.39%
Semi-Annual
N/A
02/10/26
USD
2,506
(88,640)
—
(88,640)
0.68%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/19/26
USD
1,232
27,897
—
27,897
0.70%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/26
USD
337
7,409
—
7,409
3
month
LIBOR
Quarterly
0.83%
Semi-Annual
N/A
03/08/26
USD
4,030
(67,239)
—
(67,239)
3
month
LIBOR
Quarterly
0.85%
Semi-Annual
N/A
04/08/26
USD
5,900
(103,597)
—
(103,597)
3
month
LIBOR
Quarterly
0.87%
Semi-Annual
N/A
04/08/26
USD
2,429
(40,515)
—
(40,515)
0.62%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/08/26
USD
2,429
67,300
—
67,300
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
04/08/26
USD
5,900
168,647
—
168,647
0.63%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/26/26
USD
5,690
166,752
—
166,752
0.85%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/26
USD
2,874
56,563
—
56,563
0.64%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/26
USD
8,622
249,324
—
249,324
3
month
LIBOR
Quarterly
0.98%
Semi-Annual
N/A
06/28/26
USD
873
(13,541)
—
(13,541)
3
month
LIBOR
Quarterly
0.87%
Semi-Annual
N/A
07/13/26
USD
790
(13,004)
—
(13,004)
4
week
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
4,339
(7,674)
—
(7,674)
28
day
MXIBTIIE
Monthly
6.43%
Monthly
N/A
08/13/26
MXN
5,991
(11,195)
—
(11,195)
28
day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
5,959
(10,696)
—
(10,696)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
4,857
(9,208)
—
(9,208)
28
day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
2,947
(5,442)
—
(5,442)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
4,376
(8,277)
—
(8,277)
0.94%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/14/26
USD
461
8,056
—
8,056
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/14/26
USD
717
4,665
—
4,665
1.15%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/10/26
USD
1,930
16,150
—
16,150
0.69%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/23/30
USD
392
26,775
—
26,775
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
08/17/30
USD
936
(31,822)
—
(31,822)
3
month
LIBOR
Quarterly
0.64%
Semi-Annual
N/A
08/21/30
USD
427
(30,728)
—
(30,728)
3
month
LIBOR
Quarterly
0.68%
Semi-Annual
N/A
09/14/30
USD
154
(10,771)
—
(10,771)
3
month
LIBOR
Quarterly
0.66%
Semi-Annual
N/A
09/25/30
USD
234
(16,775)
—
(16,775)
0.71%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/25/30
USD
234
15,784
—
15,784
3
month
LIBOR
Quarterly
0.69%
Semi-Annual
N/A
09/29/30
USD
187
(12,908)
—
(12,908)
0.76%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
09/29/30
USD
187
11,771
—
11,771
0.81%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/23/30
USD
656
40,463
—
40,463
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/04/31
USD
426
12,105
—
12,105
1.20%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/05/31
USD
251
6,637
—
6,637
3
month
LIBOR
Quarterly
1.40%
Semi-Annual
N/A
04/07/31
USD
1,860
(20,737)
—
(20,737)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
97
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
LIBOR
Quarterly
1.42%
Semi-Annual
N/A
04/08/31
USD
1,072
$
(10,075)
$
—
$
(10,075)
1.57%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/31
USD
696
(1,132)
—
(1,132)
1.54%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/28/31
USD
123
125
—
125
2.18%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/26
(a)
06/17/31
USD
1,036
(18,045)
—
(18,045)
2.18%
Semi-Annual
3
month
LIBOR
Quarterly
06/17/26
(a)
06/17/31
USD
1,070
(18,581)
—
(18,581)
2.16%
Semi-Annual
3
month
LIBOR
Quarterly
06/18/26
(a)
06/18/31
USD
1,070
(17,730)
—
(17,730)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
07/02/26
(a)
07/02/31
USD
1,012
(8,938)
—
(8,938)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
07/02/26
(a)
07/02/31
USD
433
(3,744)
—
(3,744)
0.02%
Annual
6
month
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
762
20,187
—
20,187
1.40%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/12/31
USD
589
8,089
—
8,089
3
month
LIBOR
Quarterly
1.59%
Semi-Annual
N/A
10/14/31
USD
2,717
11,170
—
11,170
1.38%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/14/31
USD
522
8,197
—
8,197
1.38%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/14/31
USD
359
5,534
—
5,534
3
month
LIBOR
Quarterly
1.62%
Semi-Annual
N/A
11/19/31
USD
1,852
9,630
—
9,630
1.44%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/26/31
USD
316
3,742
—
3,742
1.41%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/30/31
USD
218
3,252
—
3,252
1.70%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/26/41
USD
169
1,695
—
1,695
0.89%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/02/50
USD
291
56,964
—
56,964
0.88%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
07/21/50
USD
192
38,205
—
38,205
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
09/28/50
USD
98
(14,930)
—
(14,930)
3
month
LIBOR
Quarterly
1.08%
Semi-Annual
N/A
09/28/50
USD
416
(63,943)
—
(63,943)
3
month
LIBOR
Quarterly
1.07%
Semi-Annual
N/A
10/21/50
USD
288
(44,937)
—
(44,937)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/23/50
USD
615
66,748
—
66,748
3
month
LIBOR
Quarterly
0.97%
Semi-Annual
N/A
10/28/50
USD
234
(42,052)
—
(42,052)
1.17%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/28/50
USD
243
32,154
—
32,154
0.98%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/29/50
USD
709
125,615
—
125,615
1.30%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/19/50
USD
538
55,063
—
55,063
1.22%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/27/50
USD
243
29,562
—
29,562
1.45%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/11/50
USD
179
12,117
—
12,117
3
month
LIBOR
Quarterly
1.20%
Semi-Annual
N/A
12/22/50
USD
943
(120,002)
—
(120,002)
1.27%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/30/50
USD
243
26,940
—
26,940
1.45%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/07/51
USD
583
36,722
—
36,722
1.52%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/08/51
USD
199
8,964
—
8,964
1.63%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/25/51
USD
424
8,619
—
8,619
1.48%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
01/28/51
USD
754
41,727
—
41,727
1.58%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/01/51
USD
435
14,185
—
14,185
1.66%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/04/51
USD
243
2,974
—
2,974
1.68%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/05/51
USD
251
1,880
—
1,880
3
month
LIBOR
Quarterly
1.24%
Semi-Annual
N/A
02/10/51
USD
683
(78,064)
—
(78,064)
0.89%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/10/51
USD
456
90,444
—
90,444
1.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
02/22/51
USD
98
(4,689)
—
(4,689)
2.01%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/27/51
USD
360
(24,028)
—
(24,028)
1.97%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
05/28/51
USD
59
(3,434)
—
(3,434)
2.04%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/07/51
USD
112
(8,113)
—
(8,113)
3
month
LIBOR
Quarterly
1.83%
Semi-Annual
N/A
06/22/51
USD
251
5,467
—
5,467
1.63%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/23/51
USD
85
1,759
—
1,759
1.85%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/15/51
USD
117
(3,675)
—
(3,675)
1.82%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/18/51
USD
182
(4,371)
—
(4,371)
3
month
LIBOR
Quarterly
1.84%
Semi-Annual
N/A
11/08/51
USD
197
5,295
—
5,295
1.71%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
11/30/51
USD
80
454
—
454
$
622,487
$
(141)
$
622,628
(a)
Forward
swap.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
98
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
..........
5.00
%
Quarterly
Barclays
Bank
plc
06/20/23
USD
69
$
(2,269)
$
5,689
$
(7,958)
$
–
$
–
$
–
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
9.39%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,166
$
(8,519)
$
—
$
(8,519)
1
day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,362
(8,900)
—
(8,900)
1
day
BZDIOVER
At
Termination
9.54%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,354
(7,300)
—
(7,300)
$
(24,719)
$
—
$
(24,719)
OTC
Total
Return
Swap
s
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
USD
(1,354)
Citibank
NA
01/19/22
USD
1
$
(1,328)
$
—
$
(1,328)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.
USD
(1,760)
Citibank
NA
01/19/22
USD
2
(508)
—
(508)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.
USD
(869)
Citibank
NA
01/21/22
USD
1
(760)
—
(760)
SK
Telecom
Co.,
Ltd
........
USD
(815)
BNP
Paribas
SA
03/16/22
USD
1
(2,179)
—
(2,179)
SK
Telecom
Co.,
Ltd
........
USD
(2,200)
BNP
Paribas
SA
03/17/22
USD
2
(3,851)
—
(3,851)
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
156,372
Goldman
Sachs
International
03/20/22
USD
156
675
(19)
694
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
104,247
Morgan
Stanley
&
Co.
International
plc
03/20/22
USD
104
307
(13)
320
Universal
Health
Services,
Inc.
.
USD
(145)
BNP
Paribas
SA
06/10/22
USD
—
(263)
—
(263)
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
156,372
Goldman
Sachs
International
06/20/22
USD
156
980
(39)
1,019
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
..
USD
104,248
Morgan
Stanley
&
Co.
International
plc
06/20/22
USD
104
653
(26)
679
$
(6,274)
$
(97)
$
(6,177)
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
99
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying
the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(c)
Amount
includes
$(762)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(1,500)
of
net
dividends
and
financing
fees.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Citibank
NA
(b)
01/25/21-05/31/23
$
(393,185)
$
(6,791)
(c)
$
(399,214)
0.2
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
(610,571)
1,478
(e)
(607,593)
0.3
$
(5,313)
$
(1,006,807)
(b)
(d)
Range:
18-113
basis
points
15-132
basis
points
Benchmarks:
USD
Overnight
Bank
Funding
Rate
USD
Overnight
Bank
Funding
Rate
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
December
31,
2021,
expiration
dates
01/25/21-05/31/23:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Brazil
Banco
BTG
Pactual
SA
.....
(600)
$
(2,254)
0.6
%
Suzano
SA
.............
(1,015)
(10,963)
2.7
(13,217)
China
Baidu,
Inc.,
ADR
..........
(37)
(5,505)
1.4
Bilibili
,
Inc.,
ADR
..........
(330)
(15,312)
3.8
China
Conch
Venture
Holdings
Ltd.
................
(3,000)
(14,674)
3.7
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
......
(3,000)
(7,007)
1.8
China
Molybdenum
Co.
Ltd.,
Class
H
..............
(6,000)
(3,170)
0.8
China
Vanke
Co.
Ltd.,
Class
H
(6,000)
(13,971)
3.5
KE
Holdings,
Inc.,
ADR
.....
(384)
(7,726)
1.9
Kingsoft
Cloud
Holdings
Ltd.,
ADR
................
(642)
(10,112)
2.5
Longfor
Group
Holdings
Ltd.
..
(3,500)
(16,509)
4.1
Microport
Scientific
Corp.
....
(2,000)
(7,290)
1.8
Smoore
International
Holdings
Ltd.
................
(1,000)
(5,106)
1.3
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
(700)
(22,172)
5.6
Xinyi
Solar
Holdings
Ltd.
....
(2,000)
(3,396)
0.9
(131,950)
Denmark
Vestas
Wind
Systems
A/S
...
(99)
(3,015)
0.8
Finland
Sampo
OYJ,
Class
A
.......
(231)
(11,561)
2.9
Shares
Value
%
of
Basket
Value
Germany
Commerzbank
AG
.........
(2,466)
$
(18,657)
4.7
%
HelloFresh
SE
...........
(39)
(2,989)
0.7
(21,646)
Japan
Open
House
Group
Co.
Ltd.
..
(200)
(10,451)
2.6
Singapore
Singapore
Airlines
Ltd.
......
(3,800)
(14,089)
3.5
South
Korea
Celltrion
Healthcare
Co.
Ltd.
..
(421)
(28,363)
7.1
Spain
Ferrovial
SA
.............
(256)
(8,006)
2.0
Sweden
Fastighets
AB
Balder,
Class
B
.
(128)
(9,211)
2.3
Sagax
AB,
Class
B
........
(188)
(6,324)
1.6
Sweco
AB,
Class
B
........
(170)
(3,199)
0.8
(18,734)
United
Kingdom
BT
Group
plc
............
(1,827)
(4,203)
1.0
Just
Eat
Takeaway.com
NV
...
(240)
(13,039)
3.3
Prudential
plc
............
(175)
(3,026)
0.8
Rolls-Royce
Holdings
plc
....
(10,042)
(16,762)
4.2
SSE
plc
................
(413)
(9,233)
2.3
Tesco
plc
...............
(2,712)
(10,677)
2.7
(56,940)
United
States
American
International
Group,
Inc.
.................
(112)
(6,368)
1.6
Automatic
Data
Processing,
Inc.
(48)
(11,836)
3.0
Cooper
Cos.,
Inc.
(The)
.....
(16)
(6,703)
1.7
Etsy,
Inc.
...............
(86)
(18,829)
4.7
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
100
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Shares
Value
%
of
Basket
Value
United
States
(continued)
General
Electric
Co.
.......
(53)
$
(5,007)
1.2
%
Martin
Marietta
Materials,
Inc.
.
(10)
(4,405)
1.1
Westinghouse
Air
Brake
Technologies
Corp.
......
(305)
(28,094)
7.0
(81,242)
Total
Reference
Entity
—
Short
............
(399,214)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(399,214)
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
December
31,
2021,
expiration
date
02/08/23:
Reference
Entity
—
Short
Australia
Afterpay
Ltd.
............
(228)
(13,764)
2.3
Crown
Resorts
Ltd.
........
(212)
(1,845)
0.3
IDP
Education
Ltd.
........
(712)
(17,937)
2.9
(33,546)
Brazil
Hapvida
Participacoes
e
Investimentos
SA
.......
(2,851)
(5,292)
0.9
Petro
Rio
SA
............
(874)
(3,237)
0.5
Raia
Drogasil
SA
.........
(1,685)
(7,336)
1.2
(15,865)
Canada
Teck
Resources
Ltd.,
Class
B
.
(141)
(4,061)
0.7
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(10,000)
(5,992)
1.0
Country
Garden
Holdings
Co.
Ltd.
................
(29,681)
(26,359)
4.3
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
(4,137)
0.7
GDS
Holdings
Ltd.,
ADR
....
(264)
(12,450)
2.0
Geely
Automobile
Holdings
Ltd.
(5,000)
(13,659)
2.2
Great
Wall
Motor
Co.
Ltd.,
Class
H
..................
(3,000)
(10,306)
1.7
Innovent
Biologics,
Inc.
.....
(500)
(3,096)
0.5
iQIYI
,
Inc.,
ADR
..........
(4,476)
(20,411)
3.4
Ping
An
Healthcare
and
Technology
Co.
Ltd.
.....
(2,100)
(7,655)
1.3
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(6,000)
(10,296)
1.7
Shenzhou
International
Group
Holdings
Ltd.
..........
(300)
(5,809)
1.0
Xiaomi
Corp.,
Class
B
......
(1,800)
(4,363)
0.7
XPeng
,
Inc.,
ADR
.........
(334)
(16,810)
2.8
(141,343)
Germany
Hannover
Rueck
SE
.......
(35)
(6,636)
1.1
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
(3,000)
(18,924)
3.1
Shares
Value
%
of
Basket
Value
Italy
Telecom
Italia
SpA
........
(8,424)
$
(4,144)
0.7
%
Japan
Hitachi
Metals
Ltd.
........
(500)
(9,265)
1.5
Kobe
Bussan
Co.
Ltd.
......
(100)
(3,872)
0.6
Lasertec
Corp.
...........
(100)
(30,630)
5.1
Mitsui
Fudosan
Co.
Ltd.
.....
(400)
(7,928)
1.3
(51,695)
Macau
Galaxy
Entertainment
Group
Ltd.
................
(1,000)
(5,188)
0.8
Poland
CD
Projekt
SA
...........
(357)
(16,980)
2.8
Saudi
Arabia
Delivery
Hero
SE
.........
(154)
(17,046)
2.8
South
Africa
Capitec
Bank
Holdings
Ltd.
...
(67)
(8,577)
1.4
South
Korea
Korea
Zinc
Co.
Ltd.
........
(6)
(2,581)
0.4
NCSoft
Corp.
............
(5)
(2,701)
0.5
POSCO
Chemical
Co.
Ltd.
...
(143)
(17,280)
2.8
(22,562)
Switzerland
Swiss
Life
Holding
AG
(Registered)
...........
(8)
(4,888)
0.8
Taiwan
Taiwan
Cement
Corp.
......
(1,000)
(1,733)
0.3
United
Kingdom
Aviva
plc
...............
(1,593)
(8,879)
1.5
Ocado
Group
plc
.........
(246)
(5,597)
0.9
(14,476)
United
States
Catalent
,
Inc.
............
(68)
(8,706)
1.4
Chipotle
Mexican
Grill,
Inc.
...
(8)
(13,986)
2.3
CVS
Health
Corp.
.........
(67)
(6,912)
1.1
Discovery,
Inc.,
Class
A
.....
(116)
(2,731)
0.5
DISH
Network
Corp.,
Class
A
.
(706)
(22,903)
3.8
Dollar
General
Corp.
.......
(90)
(21,225)
3.5
Dollar
Tree,
Inc.
..........
(97)
(13,630)
2.3
DXC
Technology
Co.
.......
(137)
(4,410)
0.7
Fiserv,
Inc.
..............
(169)
(17,540)
2.9
Match
Group,
Inc.
.........
(73)
(9,654)
1.6
Nucor
Corp.
.............
(198)
(22,602)
3.7
Occidental
Petroleum
Corp.
..
(195)
(5,653)
0.9
PACCAR,
Inc.
...........
(285)
(25,154)
4.1
Paychex,
Inc.
............
(216)
(29,484)
4.9
Roper
Technologies,
Inc.
....
(62)
(30,495)
5.0
Snap,
Inc.,
Class
A
........
(103)
(4,844)
0.8
(239,929)
Total
Reference
Entity
—
Short
............
(607,593)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(607,593)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
101
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.03
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.05
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
5.72
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.21
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.55)
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)
...........................................
$
162,403
$
(119,897)
$
1,989,255
$
(1,369,518)
$
—
OTC
Swaps
.....................................................
5,689
(97)
4,190
(48,357)
—
Options
Written
...................................................
N/A
N/A
277,605
(68,332)
(381,941)
(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)
.....
$
—
$
—
$
35,029
$
—
$
193,620
$
—
$
228,649
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
210,172
—
—
210,172
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
414
502,451
16,358
113,102
—
632,325
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
40,193
—
—
1,949,062
—
1,989,255
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
5,689
1,478
—
2,712
—
9,879
$
—
$
46,296
$
538,958
$
226,530
$
2,258,496
$
—
$
3,070,280
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
225,674
—
188,848
—
414,522
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
278,797
—
—
278,797
Options
written
(b)
Options
written
at
value
.....................
—
99
284,683
5,357
91,802
—
381,941
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
43,084
—
—
1,326,434
—
1,369,518
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
7,958
15,680
—
24,816
—
48,454
$
—
$
51,141
$
526,037
$
284,154
$
1,631,900
$
—
$
2,493,232
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Consolidated
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Consolidated
Schedule
of
Investments.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
102
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
December
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(5,829,512)
$
—
$
(1,397,745)
$
—
$
(7,227,257)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,245,051)
—
—
(1,245,051)
Options
purchased
(a)
....................
—
(10,395)
(2,018,757)
(140,706)
(485,753)
(16,183)
(2,671,794)
Options
written
........................
—
2,092
1,693,989
66,672
372,802
—
2,135,555
Swaps
..............................
—
(62,311)
301,853
—
(177,467)
—
62,075
$
—
$
(70,614)
$
(5,852,427)
$
(1,319,085)
$
(1,688,163)
$
(16,183)
$
(8,946,472)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
234,635
—
7,389
—
242,024
Forward
foreign
currency
exchange
contracts
....
—
—
—
(351,705)
—
—
(351,705)
Options
purchased
(b)
....................
—
(1,690)
(381,943)
(27,117)
48,207
2,883
(359,660)
Options
written
........................
—
365
105,619
2,458
55,821
—
164,263
Swaps
..............................
—
(8,087)
(81,382)
—
836,565
—
747,096
$
—
$
(9,412)
$
(123,071)
$
(376,364)
$
947,982
$
2,883
$
442,018
(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
..................................................................................
$
33,789,763
Average
notional
value
of
contracts
—
short
.................................................................................
59,055,580
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
16,454,790
Average
amounts
sold
—
in
USD
........................................................................................
23,848,873
Options
Average
value
of
option
contracts
purchased
................................................................................
687,280
Average
value
of
option
contracts
written
...................................................................................
344,765
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
30,670,064
Average
notional
value
of
swaption
contracts
written
...........................................................................
45,139,583
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
8,194,641
Average
notional
value
—
sell
protection
...................................................................................
1,218,421
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
70,785,197
Average
notional
value
—
receives
fixed
rate
................................................................................
31,383,451
Total
return
swaps
Average
notional
value
...............................................................................................
436,709
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
95,248
$
62,986
Forward
foreign
currency
exchange
contracts
.................................................................
210,172
278,797
Options
(a)(b)
........................................................................................
632,325
381,941
Swaps
—
Centrally
cleared
.............................................................................
—
16,560
Swaps
—
OTC
(c)
....................................................................................
9,879
48,454
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
947,624
$
788,738
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(575,052)
(308,297)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
372,572
$
480,441
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Consolidated
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
103
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
12,696
$
(12,696)
$
—
$
—
$
—
Barclays
Bank
plc
................................
20,579
(20,579)
—
—
—
BNP
Paribas
SA
.................................
84,473
(20,866)
—
—
63,607
Citibank
NA
....................................
59,426
(50,830)
—
—
8,596
Credit
Suisse
International
..........................
3,503
(3,503)
—
—
—
Deutsche
Bank
AG
...............................
33,891
(33,891)
—
—
—
Goldman
Sachs
International
........................
28,966
(28,966)
—
—
—
HSBC
Bank
plc
..................................
12,802
(6,097)
—
—
6,705
JPMorgan
Chase
Bank
NA
..........................
10,615
(10,615)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
89,524
(65,019)
—
—
24,505
Nomura
International
plc
...........................
1,210
(899)
—
—
311
UBS
AG
......................................
14,887
(14,887)
—
—
—
$
372,572
$
(268,848)
$
—
$
—
$
103,724
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(d)
Bank
of
America
NA
..............................
$
24,646
$
(12,696)
$
—
$
—
$
11,950
Barclays
Bank
plc
................................
49,348
(20,579)
—
—
28,769
BNP
Paribas
SA
.................................
20,866
(20,866)
—
—
—
Citibank
NA
....................................
50,830
(50,830)
—
—
—
Credit
Suisse
International
..........................
5,382
(3,503)
—
—
1,879
Deutsche
Bank
AG
...............................
79,061
(33,891)
—
—
45,170
Goldman
Sachs
International
........................
35,960
(28,966)
—
—
6,994
HSBC
Bank
plc
..................................
6,097
(6,097)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
113,618
(10,615)
—
—
103,003
Morgan
Stanley
&
Co.
International
plc
..................
65,019
(65,019)
—
—
—
Nomura
International
plc
...........................
899
(899)
—
—
—
UBS
AG
......................................
28,715
(14,887)
—
—
13,828
$
480,441
$
(268,848)
$
—
$
—
$
211
,
593
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
104
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Cayman
Islands
........................................
$
—
$
430,350
$
—
$
430,350
Ireland
..............................................
—
113,488
—
113,488
United
States
..........................................
—
2,395,270
109,558
2,504,828
Common
Stocks
Argentina
............................................
659,368
—
—
659,368
Australia
.............................................
—
782,201
49,392
831,593
Belgium
.............................................
—
33,408
—
33,408
Brazil
...............................................
106,275
55,104
—
161,379
Canada
.............................................
2,083,097
—
—
2,083,097
Cayman
Islands
........................................
66,299
—
—
66,299
China
...............................................
1,443,173
3,307,287
—
4,750,460
Denmark
.............................................
—
625,151
—
625,151
Finland
..............................................
—
290,517
—
290,517
France
..............................................
—
4,264,201
—
4,264,201
Germany
............................................
203,332
5,817,158
—
6,020,490
Hong
Kong
...........................................
18,513
663,301
—
681,814
India
...............................................
—
131,335
141,490
272,825
Indonesia
............................................
—
53,366
—
53,366
Israel
...............................................
758,385
51,348
—
809,733
Italy
................................................
—
1,635,905
—
1,635,905
Japan
...............................................
—
4,157,678
—
4,157,678
Luxembourg
..........................................
177,420
79,074
—
256,494
Macau
..............................................
—
2,785
—
2,785
Mexico
..............................................
13,496
—
—
13,496
Netherlands
...........................................
—
3,051,446
73,809
3,125,255
Norway
..............................................
—
99,529
—
99,529
Poland
..............................................
3,191
5,345
—
8,536
Portugal
.............................................
46,225
—
—
46,225
Saudi
Arabia
..........................................
—
2,405
—
2,405
Singapore
............................................
—
114,373
—
114,373
South
Africa
...........................................
—
202,289
—
202,289
South
Korea
..........................................
—
1,096,840
—
1,096,840
Spain
...............................................
—
760,970
—
760,970
Sweden
.............................................
—
1,772,019
—
1,772,019
Switzerland
...........................................
40,920
1,278,278
—
1,319,198
Taiwan
..............................................
3,803
1,691,325
—
1,695,128
Thailand
.............................................
36,018
—
—
36,018
Turkey
..............................................
2,562
—
—
2,562
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
625,560
4,063,215
—
4,688,775
United
States
..........................................
86,782,101
1,188,545
653,158
88,623,804
Corporate
Bonds
Australia
.............................................
—
—
849,996
849,996
Canada
.............................................
—
70,405
—
70,405
China
...............................................
—
794,420
—
794,420
Germany
............................................
—
519,879
—
519,879
Greece
..............................................
—
146,530
—
146,530
Hong
Kong
...........................................
—
200,725
—
200,725
India
...............................................
—
414,565
—
414,565
Italy
................................................
—
534,441
—
534,441
Luxembourg
..........................................
—
658,870
—
658,870
Macau
..............................................
—
190,412
—
190,412
Malaysia
.............................................
—
206,100
—
206,100
South
Korea
..........................................
—
208,350
—
208,350
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
105
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
Level
1
Level
2
Level
3
Total
Thailand
.............................................
$
—
$
410,700
$
—
$
410,700
Turkey
..............................................
—
—
63,040
63,040
United
Arab
Emirates
....................................
—
4,080
—
4,080
United
Kingdom
........................................
—
691,178
—
691,178
United
States
..........................................
—
6,017,687
466,745
6,484,432
Floating
Rate
Loan
Interests
Belgium
.............................................
—
—
163,487
163,487
Canada
.............................................
—
324,135
—
324,135
France
..............................................
—
243,578
—
243,578
Jersey,
Channel
Islands
...................................
—
—
129,418
129,418
Luxembourg
..........................................
—
153,008
110,805
263,813
Netherlands
...........................................
—
601,304
165,183
766,487
United
Kingdom
........................................
—
127,906
—
127,906
United
States
..........................................
—
4,520,671
914,091
5,434,762
Foreign
Agency
Obligations
.................................
—
428,475
—
428,475
Foreign
Government
Obligations
..............................
—
3,659,185
—
3,659,185
Investment
Companies
....................................
7,682,075
—
—
7,682,075
Non-Agency
Mortgage-Backed
Securities
........................
—
4,469,610
—
4,469,610
Other
Interests
..........................................
—
—
191,853
191,853
Preferred
Securities
Brazil
...............................................
—
41,482
130,701
172,183
China
...............................................
—
—
406,749
406,749
Germany
............................................
—
329,459
220,643
550,102
India
...............................................
—
—
100,615
100,615
Jersey,
Channel
Islands
...................................
—
—
140,396
140,396
United
States
..........................................
996,653
475,961
2,947,993
4,420,607
U.S.
Government
Sponsored
Agency
Securities
....................
—
147,060
—
147,060
U.S.
Treasury
Obligations
...................................
—
6,214,726
—
6,214,726
Warrants
..............................................
28,595
5,769
7,123
41,487
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
613,493
—
613,493
Money
Market
Funds
......................................
8,690,749
—
—
8,690,749
Time
Deposits
..........................................
—
295,235
—
295,235
Options
Purchased
Credit
contracts
..........................................
—
414
—
414
Equity
contracts
..........................................
453,268
49,183
—
502,451
Foreign
currency
exchange
contracts
...........................
—
16,358
—
16,358
Interest
rate
contracts
......................................
20,640
92,462
—
113,102
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
460
460
Unfunded
SPAC
PIPE
commitments
(b)
................................
—
—
6,464
6,464
Liabilities
Investments
Sold
Short
....................................
(237,318)
—
—
(237,318)
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(5)
(5)
$
110,704,400
$
74,093,322
$
8,043,164
$
192,840,886
Investments
valued
at
NAV
(c)
......................................
3,865,392
$
—
$
196,706,278
$
—
Derivative
Financial
Instruments
(d)
Assets
Credit
contracts
...........................................
$
—
$
40,193
$
—
$
40,193
Equity
contracts
...........................................
35,029
1,478
—
36,507
Foreign
currency
exchange
contracts
............................
—
210,172
—
210,172
Interest
rate
contracts
.......................................
193,620
1,951,774
—
2,145,394
Liabilities
Credit
contracts
...........................................
—
(51,141)
—
(51,141)
Equity
contracts
...........................................
(432,717)
(93,320)
—
(526,037)
Foreign
currency
exchange
contracts
............................
—
(284,154)
—
(284,154)
Interest
rate
contracts
.......................................
(197,598)
(1,434,205)
—
(1,631,803)
$
(401,666)
$
340,797
$
—
$
(60,869)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Unfunded
SPAC
PIPE
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(c)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
106
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
(d)
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
year
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
Unfunded
Floating
Rate
Loan
Interests
Unfunded
SPAC
PIPE
commitments
Warrants
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2020
$
—
$
371,145
$
899,115
$
982,823
$
1,862
$
—
$
2,517,063
$
—
$
—
$
8,398
$
4,780,406
Transfers
into
Level
3
..............
—
—
—
—
—
167,154
—
—
—
—
167,154
Transfers
out
of
Level
3
.............
—
—
—
—
—
—
(1,007,833)
—
—
—
(1,007,833)
Other
........................
—
—
—
—
—
—
—
—
—
—
—
Accrued
discounts/premiums
..........
—
—
(671)
4,560
—
—
—
—
—
—
3,889
Net
realized
gain
(loss)
.............
—
—
—
28,337
(1,862)
—
62,622
—
—
—
89,097
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
...............
(429)
95,559
(28,521)
(36,279)
—
24,699
762,389
455
6,464
(11,159)
813,178
Purchases
......................
109,987
451,145
509,858
1,413,444
—
—
1,715,800
—
—
9,884
4,210,118
Sales
.........................
—
—
—
(909,901)
—
—
(102,944)
—
—
—
(1,012,845)
Closing
balance,
as
of
December
31,
2021
.
$
109,558
$
917,849
$
1,379,781
$
1,482,984
$
—
$
191,853
$
3,947,097
$
455
$
6,464
$
7,123
$
8,043,164
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
December
31,
2021
(b)
............
$
(429)
$
95,559
$
(28,521)
$
(8,662)
$
—
$
24,699
$
763,334
$
455
$
6,464
$
(2,761)
$
850,138
(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
December
31,
2021
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
107
Consolidated
Schedule
of
Investments
(continued)
December
31,
2021
See
notes
to
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end.
The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third
party
pricing
information
in
the
amount
of
$563,147.
A
significant
change
in
the
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Common
Stocks
..............................
$
917,849
Income
Discount
Rate
16%
—
Market
Revenue
Multiple
10.50x
–
25.75x
12.51x
Volatility
38%
-
67%
49%
Time
to
Exit
0.8
–
3.0
1.4
EBITDA
Multiple
24.75x
—
Recent
Transactions
$0.01
–
$1.942.35
$436.97
Corporate
Bonds
..............................
1,379,781
Income
Discount
Rate
4%
–
36%
14%
Market
Recent
Transactions
$97.50
—
Floating
Rate
Loan
Interests
.......................
1,036,314
Income
Discount
Rate
6%
–
12%
9%
Market
Recent
Transactions
$98.00
—
Other
Interests
...............................
191,853
Income
Discount
Rate
5%
—
Preferred
Stocks
..............................
3,947,097
Market
Revenue
Multiple
1.50x
–
32.00x
13.46x
EBITDA
Multiple
15.50x
—
Time
to
Exit
0.5
–
5.0
3.4
Volatility
42%
–
75%
59%
Recent
Transactions
$5.32
–
$990.00
$392.71
Warrants
...................................
7,123
Market
Time
to
Exit
1.2
–
2.1
1.9
Volatility
44%
–
54%
46%
Recent
Transactions
$1.00
—
$
7,480,017
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
Government
Money
Market
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2021
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
—
35.7%
Federal
Farm
Credit
Bank,
0.07%, 08/10/22
..
USD
420
$
419,978
Federal
Farm
Credit
Bank
Discount
Notes
(a)
0.01%
,
 01/19/22
..................
325
324,987
0.01%
,
 01/28/22
..................
285
284,983
0.09%
,
 04/19/22
..................
740
739,889
0.19%
,
 06/21/22
..................
465
464,867
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.18%),
0.23%
,
 01/14/22
......
490
490,000
(SOFR
+
0.04%),
0.09%
,
 07/11/22
......
580
580,061
(US
Federal
Funds
Effective
Rate
(continuous
series)
+
0.18%),
0.26%
,
 07/20/22
................
1,075
1,074,942
(SOFR
+
0.10%),
0.15%
,
 09/02/22
......
175
175,000
(SOFR
+
0.05%),
0.10%
,
 09/08/22
......
580
580,060
(SOFR
+
0.06%),
0.11%
,
 10/21/22
......
820
820,000
(SOFR
+
0.08%),
0.12%
,
 11/03/22
......
665
665,000
(SOFR
+
0.03%),
0.07%
,
 01/12/23
......
945
944,951
(SOFR
+
0.06%),
0.11%
,
 01/20/23
......
210
210,000
(SOFR
+
0.05%),
0.10%
,
 07/20/23
......
825
825,000
(SOFR
+
0.05%),
0.10%
,
 09/28/23
......
400
400,000
(SOFR
+
0.06%),
0.11%
,
 11/22/23
......
730
730,000
Federal
Farm
Credit
Banks
Funding
Corp.
Variable
Rate
Notes,
(SOFR
+
0.05%),
0.10%, 08/22/23
(b)
................
580
580,000
Federal
Home
Loan
Bank
0.04%
,
 01/12/22
..................
990
989,997
0.05%
,
 01/25/22
..................
150
150,000
0.04%
,
 01/28/22
..................
1,480
1,479,988
0.04%
,
 02/01/22
..................
915
914,991
0.05%
,
 02/07/22
..................
265
265,000
0.06%
,
 03/22/22
..................
1,025
1,024,994
0.06%
,
 05/23/22
..................
460
459,990
Federal
Home
Loan
Bank
Discount
Notes
(a)
0.01%
,
 01/14/22
..................
315
314,995
0.02%
,
 02/08/22
..................
255
254,986
0.02%
,
 02/11/22
..................
1,000
999,943
0.02%
,
 02/14/22
..................
1,980
1,979,873
0.02%
,
 02/15/22
..................
2,265
2,264,873
0.02%
,
 02/16/22
..................
1,830
1,829,895
0.02%
,
 02/18/22
..................
750
749,950
0.05%
,
 03/02/22
..................
1,490
1,489,878
0.05%
,
 03/08/22
..................
1,615
1,614,867
0.05%
,
 03/18/22
..................
1,910
1,909,822
0.09%
,
 04/01/22
..................
365
364,960
0.09%
,
 04/22/22
..................
1,120
1,119,807
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
(SOFR
+
0.12%),
0.17%
,
 02/28/22
......
695
695,000
(SOFR
+
0.01%),
0.06%
,
 03/28/22
......
100
100,000
(SOFR
+
0.01%),
0.06%
,
 03/30/22
......
125
125,000
(SOFR
+
0.02%),
0.07%
,
 04/12/22
......
155
155,000
(SOFR
+
0.07%),
0.11%
,
 04/28/22
......
180
180,000
(SOFR
+
0.01%),
0.06%
,
 09/06/22
......
605
605,000
(SOFR
+
0.07%),
0.11%
,
 11/09/22
......
1,000
1,000,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
+
0.02%),
0.07%
,
 12/16/22
......
USD
1,190
$
1,190,000
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
(SOFR
+
0.19%),
0.24%
,
 06/02/22
......
610
610,000
(SOFR
+
0.07%),
0.11%
,
 11/10/22
......
415
415,000
Federal
National
Mortgage
Association
Discount
Notes,
0.05%, 03/02/22
(a)
......
360
359,970
Federal
National
Mortgage
Association
Variable
Rate
Notes
(b)
(SOFR
+
0.35%),
0.40%
,
 04/07/22
......
555
555,000
(SOFR
+
0.39%),
0.44%
,
 04/15/22
......
615
615,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
35.7%
(Cost:
$37,093,497)
...............................
37,093,497
U.S.
Treasury
Obligations
—
28.2%
U.S.
Treasury
Bills
(a)
0.03%, 02/24/22
..................
3,355
3,354,748
0.03%, 03/01/22
..................
1,004
1,004,114
0.05%, 03/03/22
..................
2,030
2,029,828
0.04%, 03/10/22
..................
6,304
6,302,791
0.06%, 03/24/22
..................
850
849,855
0.05%, 03/31/22
..................
2,325
2,324,511
0.07%, 04/05/22
..................
170
169,968
0.07%, 04/26/22
..................
1,335
1,334,531
0.12%, 05/03/22
..................
2,400
2,399,010
0.13%, 06/16/22
..................
2,100
2,098,741
0.17%, 06/23/22
..................
2,790
2,788,007
0.19%, 06/30/22
..................
1,045
1,043,934
0.22%, 09/08/22
..................
409
408,387
0.38%, 12/29/22
..................
210
209,177
U.S.
Treasury
Notes
1.38%, 01/31/22
..................
880
880,948
1.75%, 02/28/22
..................
25
25,066
0.38%, 03/31/22
..................
25
25,017
1.75%, 05/15/22
..................
125
125,771
1.75%, 06/15/22
..................
100
100,759
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
0.13%, 01/31/23
(b)
....
1,000
1,000,071
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
0.11%, 07/31/23
(b)
....
800
800,038
Total
U.S.
Treasury
Obligations
—
28.2%
(Cost:
$29,275,272)
...............................
29,275,272
Total
Repurchase
Agreements
—
35.7%
(Cost:
$37,000,000)
...............................
37,000,000
Total
Investments
—
99.6%
(Cost:
$103,368,769
)
(c)
.............................
103,368,769
Other
Assets
Less
Liabilities
—
0.4%
....................
417,019
Net
Assets
—
100.0%
...............................
$
103,785,788
(a)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
BlackRock
Government
Money
Market
Portfolio
Schedules
of
Investments
109
Schedule
of
Investments
(continued)
December
31,
2021
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.
.....
0.05
%
12/31/21
01/03/22
$
9,500
$
9,500
$
9,500,040
U.S.
Treasury
Obligation,
2.63%,
due
02/15/29
.........
$
8,880,800
$
9,690,078
$
–
$
–
BNP
Paribas
SA
......
0.05
12/31/21
01/03/22
7,000
7,000
7,000,029
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
5.50%,
due
06/01/28
to
09/01/50
16,940,240
7,140,355
$
–
$
–
JP
Morgan
Securities
LLC
0.05
12/31/21
01/03/22
5,000
5,000
5,000,021
U.S.
Treasury
Obligation,
1.63%,
due
11/15/22
.........
5,035,400
5,100,029
0.20
(a)
12/31/21
02/07/22
2,500
2,500
2,500,530
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
6.05%,
due
05/25/23
to
10/25/51
.........
417,086,271
2,625,000
$
–
$
–
$
7,500
$
7,725,029
$
–
$
–
Mizuho
Securities
USA
LLC
.............
0.05
12/31/21
01/03/22
6,000
6,000
6,000,025
U.S.
Government
Sponsored
Agency
Obligation,
3.00%,
due
07/20/51
.........
74,619,275
6,300,000
$
–
$
–
TD
Securities
USA
LLC
..
0.05
12/31/21
01/03/22
7,000
7,000
7,000,029
U.S.
Treasury
Obligation,
2.50%,
due
03/31/23
.........
6,924,800
7,140,083
$
–
$
–
$
37,000
$
37,995,545
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
.......................................
$
—
$
103,368,769
$
—
$
103,368,769
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
2.9%
Auto
Components
—
0.0%
Lear
Corp.
.......................
44
$
8,050
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
...............
17
786
Chemicals
—
0.2%
Diversey
Holdings
Ltd.
(a)
..............
1,850
24,623
Element
Solutions,
Inc.
...............
1,359
32,997
57,620
Communications
Equipment
—
0.0%
CommScope
Holding
Co.,
Inc.
(a)
.........
513
5,663
Electrical
Equipment
—
0.2%
(a)
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$25,124)
(b)
.....................
2,555
23,071
Sensata
Technologies
Holding
plc
........
388
23,936
47,007
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.6%
Gaming
and
Leisure
Properties,
Inc.
......
1,255
61,068
VICI
Properties,
Inc.
.................
2,725
82,050
143,118
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
.........................
381
14,040
Life
Sciences
Tools
&
Services
—
0.3%
(a)
Avantor
,
Inc.
......................
804
33,880
Syneos
Health,
Inc.
.................
295
30,291
64,171
Media
—
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
8,034
26,593
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
1,701
30,465
Oil,
Gas
&
Consumable
Fuels
—
1.1%
Chesapeake
Energy
Corp.
............
1,901
122,652
Devon
Energy
Corp.
.................
169
7,444
Diamondback
Energy,
Inc.
.............
167
18,011
DT
Midstream,
Inc.
..................
362
17,369
Energy
Transfer
LP
.................
5,344
43,981
Enterprise
Products
Partners
LP
.........
1,390
30,524
EQT
Corp.
(a)
......................
1,002
21,854
Hess
Corp.
.......................
66
4,886
Occidental
Petroleum
Corp.
............
330
9,567
276,288
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
230
9,644
Semiconductors
&
Semiconductor
Equipment
—
0.1%
Global
Foundries,
Inc.
(a)
..............
209
13,579
Security
Shares
Shares
Value
Software
—
0.1%
Informatica
,
Inc.,
Class
A
(a)
............
615
$
22,743
Total
Common
Stocks
—
2.9%
(Cost:
$550,665)
................................
719,767
Par
(000)
Par
(000)
Corporate
Bonds
—
83.8%
Aerospace
&
Defense
—
2.5%
Bombardier,
Inc.
(c)
7.50%,
12/01/24
.................
USD
15
15,628
7.50%,
03/15/25
.................
2
2,038
7.13%,
06/15/26
.................
47
48,758
7.88%,
04/15/27
.................
16
16,593
6.00%,
02/15/28
.................
31
31,094
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
10
10,150
4.13%,
04/15/29
.................
17
17,213
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(c)
...............
28
28,770
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(c)
.
14
14,508
TransDigm
,
Inc.
8.00%,
12/15/25
(c)
................
26
27,429
6.25%,
03/15/26
(c)
................
313
325,324
6.38%,
06/15/26
.................
7
7,192
7.50%,
03/15/27
.................
10
10,450
4.88%,
05/01/29
.................
25
25,108
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
...
37
40,355
620,610
Airlines
—
1.8%
Air
Canada,
3.88%,
08/15/26
(c)
.........
37
37,740
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
55
67,856
5.50%,
04/20/26
.................
18
18,718
5.75%,
04/20/29
.................
70
74,551
Delta
Air
Lines,
Inc.
(c)
7.00%,
05/01/25
.................
13
14,864
4.75%,
10/20/28
.................
32
34,944
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
21
21,971
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
53
56,578
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(c)
3
3,721
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
4
4,674
Series
2020-1,
Class
A,
5.88%,
10/15/27
23
25,726
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
39
40,666
4.63%,
04/15/29
.................
43
44,344
446,353
Auto
Components
—
2.0%
Adient
US
LLC,
9.00%,
04/15/25
(c)
......
17
18,063
Allison
Transmission,
Inc.
(c)
5.88%,
06/01/29
.................
16
17,400
3.75%,
01/30/31
.................
23
22,425
Clarios
Global
LP
(c)
6.75%,
05/15/25
.................
20
20,950
6.25%,
05/15/26
.................
39
40,804
8.50%,
05/15/27
.................
181
191,860
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
13
13,532
Dornoch
Debt
Merger
Sub,
Inc.,
6.63%,
10/15/29
(c)
....................
9
8,887
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
17
18,377
5.00%,
07/15/29
(c)
................
11
11,816
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
111
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
5.25%,
07/15/31
(c)
................
USD
12
$
13,028
5.63%,
04/30/33
.................
24
26,190
Icahn
Enterprises
LP
4.75%,
09/15/24
.................
13
13,488
6.25%,
05/15/26
.................
5
5,206
5.25%,
05/15/27
.................
38
39,080
4.38%,
02/01/29
.................
16
15,600
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(c)
..
5
4,975
Tenneco,
Inc.,
7.88%,
01/15/29
(c)
.......
5
5,400
487,081
Automobiles
—
0.4%
Ford
Motor
Co.
4.35%,
12/08/26
.................
5
5,454
3.25%,
02/12/32
.................
46
47,104
4.75%,
01/15/43
.................
9
9,934
5.29%,
12/08/46
.................
10
11,752
Thor
Industries,
Inc.,
4.00%,
10/15/29
(c)
...
13
12,870
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(c)
13
13,920
101,034
Banks
—
0.1%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(d)(e)
EUR
100
16,508
Building
Products
—
1.2%
(c)
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
.....................
USD
24
24,810
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
.
8
8,440
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
.....................
29
30,997
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
....
29
28,855
Forterra
Finance
LLC,
6.50%,
07/15/25
...
28
29,716
JELD-WEN,
Inc.
6.25%,
05/15/25
.................
13
13,585
4.63%,
12/15/25
.................
5
5,038
4.88%,
12/15/27
.................
2
2,052
Masonite
International
Corp.
5.38%,
02/01/28
.................
8
8,390
3.50%,
02/15/30
.................
17
16,809
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
7
7,098
9.75%,
07/15/28
.................
7
7,490
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
..
44
46,972
Standard
Industries,
Inc.
4.38%,
07/15/30
.................
38
38,779
3.38%,
01/15/31
.................
3
2,890
Summit
Materials
LLC,
5.25%,
01/15/29
...
16
16,758
Victors
Merger
Corp.,
6.38%,
05/15/29
....
13
12,220
300,899
Capital
Markets
—
0.3%
(c)
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
9
9,210
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
................
19
19,902
MSCI,
Inc.
3.63%,
09/01/30
.................
14
14,315
3.88%,
02/15/31
.................
3
3,124
3.63%,
11/01/31
.................
11
11,412
3.25%,
08/15/33
.................
14
14,158
72,121
Chemicals
—
1.9%
Ashland
LLC,
3.38%,
09/01/31
(c)
........
28
27,790
Chemours
Co.
(The),
5.75%,
11/15/28
(c)
...
10
10,464
Diamond
BC
BV,
4.63%,
10/01/29
(c)
......
20
19,839
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
93
93,465
EverArc
Escrow
SARL,
5.00%,
10/30/29
(c)
..
41
41,030
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
36
37,170
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(c)
....................
USD
27
$
27,675
HB
Fuller
Co.,
4.25%,
10/15/28
........
8
8,240
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
26
27,727
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
9
8,764
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(f)(g)
18
18,360
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
9
8,865
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
20
20,731
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
4
4,130
SCIH
Salt
Holdings,
Inc.,
6.63%,
05/01/29
(c)
.
9
8,415
Scotts
Miracle-
Gro
Co.
(The)
(c)
4.00%,
04/01/31
.................
22
21,725
4.38%,
02/01/32
.................
3
2,993
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
(c)
76
77,805
465,188
Commercial
Services
&
Supplies
—
2.9%
Allied
Universal
Holdco
LLC
(c)
9.75%,
07/15/27
.................
58
61,969
4.63%,
06/01/28
.................
200
199,876
APi
Escrow
Corp.,
4.75%,
10/15/29
(c)
.....
8
8,160
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(c)
....
11
11,055
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
25
26,250
5.75%,
07/15/29
.................
22
21,670
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
4
4,081
6.38%,
05/01/25
.................
13
13,585
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
4
4,160
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
2
2,060
5.13%,
07/15/29
.................
13
13,780
Covanta
Holding
Corp.,
5.00%,
09/01/30
..
13
13,260
Covert
Mergeco,
Inc.,
4.88%,
12/01/29
(c)
...
6
6,090
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
.................
29
28,855
9.50%,
11/01/27
.................
15
16,173
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
8
8,231
3.75%,
08/01/25
.................
11
11,110
5.13%,
12/15/26
.................
18
18,720
4.00%,
08/01/28
.................
34
33,320
3.50%,
09/01/28
.................
9
8,865
4.75%,
06/15/29
.................
21
21,184
4.38%,
08/15/29
.................
8
7,925
IAA,
Inc.,
5.50%,
06/15/27
(c)
..........
11
11,399
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
9
9,045
Madison
IAQ
LLC
(c)
4.13%,
06/30/28
.................
4
4,010
5.88%,
06/30/29
.................
36
36,000
Nielsen
Finance
LLC
(c)
5.63%,
10/01/28
.................
11
11,357
5.88%,
10/01/30
.................
20
21,117
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
6
6,442
6.25%,
01/15/28
.................
29
30,232
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
13
12,805
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
43
42,785
725,571
Communications
Equipment
—
0.9%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
.........
36
38,160
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
....................
20
20,000
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
CommScope
,
Inc.
(c)
6.00%,
03/01/26
.................
USD
5
$
5,150
8.25%,
03/01/27
.................
14
14,388
7.13%,
07/01/28
.................
27
26,527
4.75%,
09/01/29
.................
37
36,771
Nokia
OYJ,
6.63%,
05/15/39
..........
8
11,070
ViaSat
,
Inc.
(c)
5.63%,
04/15/27
.................
3
3,092
6.50%,
07/15/28
.................
43
43,108
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
...
23
22,999
221,265
Construction
&
Engineering
—
0.3%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
28
28,385
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
20
19,981
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
9
9,169
MasTec,
Inc.,
4.50%,
08/15/28
.........
21
21,814
79,349
Consumer
Finance
—
1.7%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(g)(h)
..............
60
60,105
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(c)
....................
6
5,955
Ford
Motor
Credit
Co.
LLC,
4.39%,
01/08/26
200
215,501
Global
Aircraft
Leasing
Co.
Ltd.
(c)(f)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(g)
...............
14
12,730
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
20
19,364
Navient
Corp.
7.25%,
09/25/23
.................
4
4,312
6.13%,
03/25/24
.................
6
6,398
5.88%,
10/25/24
.................
2
2,133
5.50%,
03/15/29
.................
21
20,947
OneMain
Finance
Corp.
7.13%,
03/15/26
.................
14
15,960
3.50%,
01/15/27
.................
20
19,775
6.63%,
01/15/28
.................
18
20,160
SLM
Corp.,
3.13%,
11/02/26
..........
14
13,860
417,200
Containers
&
Packaging
—
0.4%
Ball
Corp.
2.88%,
08/15/30
.................
3
2,910
3.13%,
09/15/31
.................
32
31,600
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,825
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(c)
....................
9
9,720
Intertape
Polymer
Group,
Inc.,
4.38%,
06/15/29
(c)
....................
11
11,000
LABL,
Inc.,
5.88%,
11/01/28
(c)
.........
20
20,612
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
...............
21
21,193
Sealed
Air
Corp.,
4.00%,
12/01/27
(c)
.....
5
5,211
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
2
2,042
109,113
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
01/15/28
.................
17
17,395
3.88%,
11/15/29
.................
4
3,990
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
9
9,189
30,574
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.3%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
USD
3
$
3,116
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
18
17,679
Service
Corp.
International
5.13%,
06/01/29
.................
2
2,145
4.00%,
05/15/31
.................
43
43,538
66,478
Diversified
Financial
Services
—
1.2%
(c)
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
26
26,358
Sabre
GLBL,
Inc.
9.25%,
04/15/25
.................
42
47,460
7.38%,
09/01/25
.................
21
21,945
Shift4
Payments
LLC,
4.63%,
11/01/26
....
30
31,080
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
165
175,385
302,228
Diversified
Telecommunication
Services
—
5.4%
Altice
France
SA,
5.13%,
07/15/29
(c)
.....
248
241,912
CCO
Holdings
LLC
5.00%,
02/01/28
(c)
................
8
8,320
5.38%,
06/01/29
(c)
................
22
23,741
4.75%,
03/01/30
(c)
................
11
11,440
4.50%,
08/15/30
(c)
................
34
34,788
4.25%,
02/01/31
(c)
................
33
33,290
4.50%,
05/01/32
.................
23
23,661
4.50%,
06/01/33
(c)
................
25
25,506
4.25%,
01/15/34
(c)
................
69
67,884
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
....................
27
28,620
Frontier
Communications
Corp.
(c)
5.88%,
10/15/27
.................
32
33,840
5.00%,
05/01/28
.................
19
19,570
6.75%,
05/01/29
.................
28
29,120
Frontier
Communications
Holdings
LLC,
6.00%,
01/15/30
(c)
....................
29
29,145
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(c)(i)
...................
5
5,069
Level
3
Financing,
Inc.
(c)
4.63%,
09/15/27
.................
4
4,080
4.25%,
07/01/28
.................
7
6,930
3.63%,
01/15/29
.................
9
8,550
3.75%,
07/15/29
.................
28
26,600
Lumen
Technologies,
Inc.
Series
Y,
7.50%,
04/01/24
..........
11
12,045
5.13%,
12/15/26
(c)
................
31
32,260
4.00%,
02/15/27
(c)
................
13
13,189
4.50%,
01/15/29
(c)
................
21
20,317
5.38%,
06/15/29
(c)
................
39
39,000
Series
P,
7.60%,
09/15/39
..........
3
3,218
Series
U,
7.65%,
03/15/42
..........
24
25,826
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
77
96,772
8.75%,
03/15/32
.................
89
133,500
Switch
Ltd.
(c)
3.75%,
09/15/28
.................
27
27,202
4.13%,
06/15/29
.................
48
49,080
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
14
15,075
6.00%,
09/30/34
.................
29
30,672
7.20%,
07/18/36
.................
6
6,880
Telesat
Canada,
4.88%,
06/01/27
(c)
......
10
8,830
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
62
61,118
6.13%,
03/01/28
.................
98
96,530
1,333,580
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
113
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
—
1.1%
Edison
International,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(g)(h)
..........
USD
15
$
15,327
FirstEnergy
Corp.
2.65%,
03/01/30
.................
25
24,688
Series
B,
2.25%,
09/01/30
..........
2
1,925
Series
C,
3.40%,
03/01/50
..........
73
71,540
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
.................
35
44,168
4.55%,
04/01/49
.................
15
17,124
NRG
Energy,
Inc.
(c)
3.63%,
02/15/31
.................
21
20,475
3.88%,
02/15/32
.................
20
19,600
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
31
32,162
PG&E
Corp.,
5.25%,
07/01/30
.........
17
17,828
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29
(c)
19
19,031
283,868
Electrical
Equipment
—
0.3%
(c)
Sensata
Technologies
BV
5.63%,
11/01/24
.................
9
9,894
4.00%,
04/15/29
.................
9
9,191
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
59
59,590
78,675
Electronic
Equipment,
Instruments
&
Components
—
0.3%
(c)
II-VI,
Inc.,
5.00%,
12/15/29
...........
24
24,509
Sensata
Technologies,
Inc.
4.38%,
02/15/30
.................
45
47,250
3.75%,
02/15/31
.................
8
7,972
79,731
Energy
Equipment
&
Services
—
0.8%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
18
18,900
6.25%,
04/01/28
.................
39
40,666
ChampionX
Corp.,
6.38%,
05/01/26
......
8
8,320
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
4
3,700
7.50%,
01/15/28
.................
11
9,955
Nabors
Industries,
Inc.,
7.38%,
05/15/27
(c)
..
16
16,563
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
7
8,059
Transocean,
Inc.,
11.50%,
01/30/27
(c)
.....
11
10,780
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
34
35,360
6.88%,
09/01/27
.................
30
31,687
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
.................
2
2,116
8.63%,
04/30/30
.................
17
17,649
203,755
Entertainment
—
0.6%
(c)
AMC
Entertainment
Holdings,
Inc.,
10.00%,
06/15/26
.....................
21
20,749
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
11
11,193
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
3
3,030
6.50%,
05/15/27
.................
44
48,125
4.75%,
10/15/27
.................
7
7,192
3.75%,
01/15/28
.................
12
11,910
Playtika
Holding
Corp.,
4.25%,
03/15/29
...
33
32,340
WMG
Acquisition
Corp.,
3.88%,
07/15/30
..
14
14,228
148,767
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.9%
American
Finance
Trust,
Inc.,
4.50%,
09/30/28
(c)
....................
USD
5
$
5,037
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
14
13,735
CTR
Partnership
LP,
3.88%,
06/30/28
(c)
...
14
14,280
Diversified
Healthcare
Trust,
9.75%,
06/15/25
20
21,639
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
11
10,743
GLP
Capital
LP,
3.25%,
01/15/32
.......
5
5,027
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
16
16,160
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
25
25,587
Iron
Mountain,
Inc.
(c)
5.25%,
07/15/30
.................
25
26,345
5.63%,
07/15/32
.................
5
5,351
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
.................
14
14,962
4.63%,
06/15/25
(c)
................
14
14,925
4.50%,
09/01/26
.................
19
20,425
5.75%,
02/01/27
.................
27
30,510
4.50%,
01/15/28
.................
17
18,360
3.88%,
02/15/29
(c)
................
26
27,300
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
39
41,145
3.50%,
03/15/31
.................
86
86,967
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
34
34,680
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
11
11,060
4.00%,
09/15/29
.................
8
7,915
SBA
Communications
Corp.,
3.88%,
02/15/27
33
33,990
Service
Properties
Trust
4.35%,
10/01/24
.................
4
3,920
7.50%,
09/15/25
.................
15
16,252
5.50%,
12/15/27
.................
11
11,289
Uniti
Group
LP
(c)
4.75%,
04/15/28
.................
29
28,760
6.50%,
02/15/29
.................
36
35,876
6.00%,
01/15/30
.................
10
9,624
VICI
Properties
LP
(c)
4.25%,
12/01/26
.................
23
23,954
3.75%,
02/15/27
.................
25
25,821
4.63%,
12/01/29
.................
39
41,505
4.13%,
08/15/30
.................
44
46,530
729,674
Food
&
Staples
Retailing
—
0.6%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
18
18,337
4.63%,
01/15/27
.................
25
26,236
5.88%,
02/15/28
.................
27
28,620
4.88%,
02/15/30
.................
5
5,399
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
27
26,786
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
8
8,566
US
Foods,
Inc.
6.25%,
04/15/25
.................
12
12,495
4.75%,
02/15/29
.................
26
26,423
152,862
Food
Products
—
2.5%
Chobani
LLC
(c)
7.50%,
04/15/25
.................
49
50,443
4.63%,
11/15/28
.................
24
24,659
JBS
USA
LUX
SA,
3.75%,
12/01/31
(c)
.....
33
33,495
Kraft
Heinz
Foods
Co.
5.00%,
07/15/35
.................
8
9,787
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
6.88%,
01/26/39
.................
USD
22
$
32,334
4.63%,
10/01/39
.................
7
8,221
6.50%,
02/09/40
.................
15
21,334
5.20%,
07/15/45
.................
26
33,058
4.38%,
06/01/46
.................
32
37,472
4.88%,
10/01/49
.................
79
99,219
5.50%,
06/01/50
.................
91
123,204
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
8
8,660
4.13%,
01/31/30
.................
13
13,341
4.38%,
01/31/32
.................
27
27,844
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(c)
...
46
46,460
Post
Holdings,
Inc.
(c)
5.63%,
01/15/28
.................
2
2,119
5.50%,
12/15/29
.................
10
10,506
4.63%,
04/15/30
.................
6
6,111
4.50%,
09/15/31
.................
3
2,978
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
...
23
22,655
613,900
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
....................
11
11,124
Health
Care
Equipment
&
Supplies
—
1.2%
(c)
Avantor
Funding,
Inc.
4.63%,
07/15/28
.................
51
53,167
3.88%,
11/01/29
.................
14
14,153
Hologic,
Inc.,
3.25%,
02/15/29
.........
9
9,000
Mozart
Debt
Merger
Sub,
Inc.
3.88%,
04/01/29
.................
12
11,958
5.25%,
10/01/29
.................
78
79,064
Ortho-Clinical
Diagnostics,
Inc.
7.38%,
06/01/25
.................
31
32,705
7.25%,
02/01/28
.................
87
93,525
293,572
Health
Care
Providers
&
Services
—
5.3%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
9
9,460
5.00%,
04/15/29
.................
11
11,302
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
6
6,360
5.13%,
03/01/30
.................
4
4,070
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
28
27,720
Akumin
Escrow,
Inc.,
7.50%,
08/01/28
(c)
...
5
4,687
Akumin,
Inc.,
7.00%,
11/01/25
(c)
........
6
5,710
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
10
10,000
Centene
Corp.
4.25%,
12/15/27
.................
11
11,468
2.45%,
07/15/28
.................
35
34,475
4.63%,
12/15/29
.................
27
29,118
3.00%,
10/15/30
.................
86
87,420
2.50%,
03/01/31
.................
132
128,504
2.63%,
08/01/31
.................
33
32,340
Community
Health
Systems,
Inc.
(c)
6.63%,
02/15/25
.................
80
82,800
8.00%,
03/15/26
.................
46
48,358
5.63%,
03/15/27
.................
51
53,975
6.00%,
01/15/29
.................
45
47,981
6.88%,
04/15/29
.................
4
4,075
6.13%,
04/01/30
.................
25
24,733
Encompass
Health
Corp.
4.50%,
02/01/28
.................
8
8,230
4.75%,
02/01/30
.................
29
29,870
4.63%,
04/01/31
.................
17
17,297
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
HCA,
Inc.
5.38%,
09/01/26
.................
USD
10
$
11,238
5.63%,
09/01/28
.................
35
40,897
5.88%,
02/01/29
.................
20
23,831
3.50%,
09/01/30
.................
44
46,502
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
28
27,720
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
.................
16
16,680
4.38%,
02/15/27
.................
7
7,053
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
...
15
14,925
MEDNAX,
Inc.,
6.25%,
01/15/27
(c)
.......
14
14,648
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29
(c)
....................
14
14,298
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
......
7
7,350
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
15
15,450
3.88%,
11/15/30
.................
20
20,750
3.88%,
05/15/32
.................
15
15,094
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
10
10,025
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
....................
37
39,220
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
...............
9
9,510
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
64
64,060
10.00%,
04/15/27
................
43
45,687
Tenet
Healthcare
Corp.
(c)
4.63%,
09/01/24
.................
13
13,293
7.50%,
04/01/25
.................
23
24,206
4.88%,
01/01/26
.................
28
28,760
5.13%,
11/01/27
.................
16
16,660
4.63%,
06/15/28
.................
7
7,192
6.13%,
10/01/28
.................
27
28,518
4.25%,
06/01/29
.................
15
15,232
Vizient,
Inc.,
6.25%,
05/15/27
(c)
........
21
21,919
1,320,671
Hotels,
Restaurants
&
Leisure
—
5.9%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
27
27,344
4.38%,
01/15/28
.................
26
26,520
Affinity
Gaming,
6.88%,
12/15/27
(c)
......
10
10,400
Boyd
Gaming
Corp.
8.63%,
06/01/25
(c)
................
12
12,858
4.75%,
12/01/27
.................
14
14,280
4.75%,
06/15/31
(c)
................
27
27,540
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
23
23,690
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
85
89,218
8.13%,
07/01/27
.................
47
52,050
4.63%,
10/15/29
.................
36
36,000
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
22
22,975
Carnival
Corp.
(c)
10.50%,
02/01/26
................
30
34,245
5.75%,
03/01/27
.................
64
64,000
9.88%,
08/01/27
.................
29
33,139
4.00%,
08/01/28
.................
94
93,295
6.00%,
05/01/29
.................
42
41,790
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
15
15,619
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
32
33,120
6.50%,
10/01/28
.................
5
5,325
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
6
6,180
4.75%,
01/15/28
.................
14
14,490
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
115
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(c)
...
USD
44
$
44,000
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(c)
................
12
12,487
5.75%,
05/01/28
(c)
................
6
6,411
4.88%,
01/15/30
.................
29
30,994
4.00%,
05/01/31
(c)
................
21
21,473
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
4
4,120
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
16
16,927
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
22
22,770
8.00%,
04/15/26
.................
15
15,719
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
17
16,447
MGM
Resorts
International,
6.00%,
03/15/23
10
10,450
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
21
21,105
NCL
Corp.
Ltd.
(c)
10.25%,
02/01/26
................
6
6,979
5.88%,
03/15/26
.................
25
24,889
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
23
22,655
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(c)
....................
22
23,760
Penn
National
Gaming,
Inc.,
4.13%,
07/01/29
(c)
9
8,730
Powdr
Corp.,
6.00%,
08/01/25
(c)
........
21
21,840
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
10
9,922
5.88%,
09/01/31
.................
10
10,035
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
15
15,150
Royal
Caribbean
Cruises
Ltd.
(c)
10.88%,
06/01/23
................
10
10,925
9.13%,
06/15/23
.................
15
15,862
11.50%,
06/01/25
................
12
13,440
5.50%,
08/31/26
.................
10
10,168
5.50%,
04/01/28
.................
26
26,301
Scientific
Games
International,
Inc.
(c)
8.63%,
07/01/25
.................
18
19,215
8.25%,
03/15/26
.................
40
42,100
7.00%,
05/15/28
.................
13
13,845
7.25%,
11/15/29
.................
14
15,610
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
46
49,125
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
17
17,097
4.63%,
12/01/31
.................
19
19,156
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(c)
...
12
13,306
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
14
14,560
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
15
14,981
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
16
16,480
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
28
28,625
Wynn
Resorts
Finance
LLC
(c)
7.75%,
04/15/25
.................
17
17,829
5.13%,
10/01/29
.................
44
44,660
Yum!
Brands,
Inc.
4.75%,
01/15/30
(c)
................
2
2,165
5.35%,
11/01/43
.................
2
2,212
1,458,603
Household
Durables
—
1.2%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
7
7,385
4.63%,
08/01/29
.................
8
7,900
4.63%,
04/01/30
.................
8
7,860
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
17
17,012
4.88%,
02/15/30
.................
17
17,388
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
USD
23
$
24,150
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
13
13,520
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
28
29,260
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
14
14,725
4.63%,
03/01/30
.................
11
11,203
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
4,405
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(c)
6
6,120
Newell
Brands,
Inc.,
6.00%,
04/01/46
(i)
....
9
11,547
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(c)
11
11,495
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
21
20,185
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
7
7,840
5.13%,
08/01/30
.................
5
5,500
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
21
21,367
3.88%,
10/15/31
.................
21
21,040
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
5,500
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
....................
25
25,813
291,215
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
21
21,184
4.13%,
04/30/31
(c)
................
16
16,080
Energizer
Holdings,
Inc.
(c)
4.75%,
06/15/28
.................
2
2,042
4.38%,
03/31/29
.................
2
1,952
Spectrum
Brands,
Inc.
(c)
5.00%,
10/01/29
.................
13
13,634
5.50%,
07/15/30
.................
13
13,943
3.88%,
03/15/31
.................
5
4,937
73,772
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
(c)
Calpine
Corp.
4.50%,
02/15/28
.................
11
11,413
5.13%,
03/15/28
.................
56
56,849
5.00%,
02/01/31
.................
8
8,000
3.75%,
03/01/31
.................
2
1,927
Clearway
Energy
Operating
LLC
4.75%,
03/15/28
.................
13
13,666
3.75%,
01/15/32
.................
22
21,835
113,690
Insurance
—
2.3%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
19
18,762
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
103
103,000
6.75%,
10/15/27
.................
106
109,975
5.88%,
11/01/29
.................
83
84,444
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
22
22,220
AssuredPartners,
Inc.,
5.63%,
01/15/29
...
12
11,670
BroadStreet
Partners,
Inc.,
5.88%,
04/15/29
10
9,825
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
22
22,825
HUB
International
Ltd.,
7.00%,
05/01/26
...
60
61,650
NFP
Corp.
4.88%,
08/15/28
.................
35
35,350
6.88%,
08/15/28
.................
94
94,243
573,964
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
—
0.2%
(c)
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
.....................
USD
12
$
11,700
Twitter,
Inc.,
3.88%,
12/15/27
..........
29
30,222
41,922
Internet
&
Direct
Marketing
Retail
—
0.3%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
22
21,505
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
5
5,169
3.50%,
03/01/29
.................
11
10,916
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
9
9,363
4.13%,
08/01/30
.................
8
8,080
3.63%,
10/01/31
.................
23
22,339
77,372
IT
Services
—
1.4%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
9
8,932
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
9
8,995
Austin
BidCo,
Inc.,
7.13%,
12/15/28
(c)
.....
6
6,195
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
35
34,954
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
.................
19
19,333
4.00%,
07/01/29
.................
32
33,052
Endure
Digital,
Inc.,
6.00%,
02/15/29
(c)
....
12
11,160
Gartner,
Inc.
(c)
4.50%,
07/01/28
.................
25
26,110
3.63%,
06/15/29
.................
25
25,276
3.75%,
10/01/30
.................
13
13,291
MoneyGram
International,
Inc.,
5.38%,
08/01/26
(c)
....................
9
9,135
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
.................
23
22,770
6.00%,
02/15/28
.................
18
17,640
10.75%,
06/01/28
................
9
9,810
Square,
Inc.,
3.50%,
06/01/31
(c)
........
50
51,250
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
18
18,630
Twilio,
Inc.,
3.88%,
03/15/31
..........
28
28,272
344,805
Leisure
Products
—
0.2%
Mattel,
Inc.
3.75%,
04/01/29
(c)
................
9
9,326
6.20%,
10/01/40
.................
16
20,702
5.45%,
11/01/41
.................
26
31,038
61,066
Life
Sciences
Tools
&
Services
—
0.2%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
10
10,400
3.75%,
03/15/29
.................
3
3,030
4.00%,
03/15/31
.................
9
9,221
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
38
37,525
60,176
Machinery
—
1.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
15
15,600
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(c)
....................
9
9,067
Clark
Equipment
Co.,
5.88%,
06/01/25
(c)
...
7
7,262
Colfax
Corp.,
6.38%,
02/15/26
(c)
........
14
14,473
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
16,720
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
11
11,165
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(f)
.........
31
32,550
Meritor,
Inc.,
4.50%,
12/15/28
(c)
........
6
6,015
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
8
8,080
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
9
8,854
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
USD
10
$
10,200
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
20
21,325
Terex
Corp.,
5.00%,
05/15/29
(c)
........
24
24,660
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
57
57,855
Titan
International,
Inc.,
7.00%,
04/30/28
..
7
7,455
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
17
17,170
268,451
Marine
—
0.1%
Seaspan
Corp.,
5.50%,
08/01/29
(c)
......
26
26,130
Media
—
5.3%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(c)
....................
11
11,523
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
14
14,298
4.25%,
02/15/29
.................
10
9,937
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
12
12,000
Cable
One,
Inc.
(c)
1.13%,
03/15/28
(j)
................
17
16,827
4.00%,
11/15/30
.................
7
6,860
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
7.75%,
04/15/28
.................
48
51,360
7.50%,
06/01/29
.................
63
67,252
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(c)
...............
107
110,719
CSC
Holdings
LLC
5.25%,
06/01/24
.................
5
5,200
6.50%,
02/01/29
(c)
................
200
214,000
DIRECTV
Holdings
LLC,
5.88%,
08/15/27
(c)
.
35
35,830
DISH
DBS
Corp.
5.88%,
07/15/22
.................
24
24,390
5.00%,
03/15/23
.................
10
10,250
7.75%,
07/01/26
.................
14
14,770
5.25%,
12/01/26
(c)
................
92
93,452
5.75%,
12/01/28
(c)
................
72
72,720
5.13%,
06/01/29
.................
31
28,210
DISH
Network
Corp.,
3.38%,
08/15/26
(j)
...
15
14,198
GCI
LLC,
4.75%,
10/15/28
(c)
..........
14
14,367
iHeartCommunications,
Inc.,
8.38%,
05/01/27
3
3,163
Liberty
Broadband
Corp.
(c)(j)
1.25%,
09/30/50
.................
33
32,538
2.75%,
09/30/50
.................
66
66,857
Midas
OpCo
Holdings
LLC,
5.63%,
08/15/29
(c)
8
8,190
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
16
16,480
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
14
14,326
4.25%,
01/15/29
.................
11
11,020
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
23
23,230
6.50%,
09/15/28
.................
84
84,381
Scripps
Escrow
II,
Inc.,
3.88%,
01/15/29
(c)
..
2
1,997
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
25
23,688
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
39
39,011
4.00%,
07/15/28
.................
23
23,129
4.13%,
07/01/30
.................
14
14,000
3.88%,
09/01/31
.................
46
45,101
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(c)
.
41
44,312
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
11
11,110
6.63%,
06/01/27
.................
3
3,233
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
117
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Videotron
Ltd.,
3.63%,
06/15/29
(c)
.......
USD
26
$
26,130
1,320,059
Metals
&
Mining
—
2.0%
Allegheny
Technologies,
Inc.
4.88%,
10/01/29
.................
8
8,008
5.13%,
10/01/31
.................
9
9,067
Arconic
Corp.
(c)
6.00%,
05/15/25
.................
15
15,675
6.13%,
02/15/28
.................
21
22,348
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
82
88,663
Freeport-McMoRan,
Inc.
5.40%,
11/14/34
.................
5
6,088
5.45%,
03/15/43
.................
82
103,081
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(c)
....................
9
9,788
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
7
7,070
4.50%,
06/01/31
.................
11
10,821
New
Gold,
Inc.
(c)
6.38%,
05/15/25
.................
6
6,165
7.50%,
07/15/27
.................
39
41,438
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
34
34,297
4.75%,
01/30/30
.................
50
52,563
3.88%,
08/15/31
.................
39
38,756
United
States
Steel
Corp.,
6.88%,
03/01/29
.
30
32,287
486,115
Multiline
Retail
—
0.1%
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(c)
..
31
32,902
Oil,
Gas
&
Consumable
Fuels
—
12.0%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
30
32,226
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
10
10,363
5.38%,
06/15/29
.................
17
17,935
Antero
Resources
Corp.
(c)
7.63%,
02/01/29
.................
14
15,540
5.38%,
03/01/30
.................
7
7,483
Apache
Corp.
4.25%,
01/15/30
.................
12
13,022
5.10%,
09/01/40
.................
37
41,810
5.25%,
02/01/42
.................
7
8,085
5.35%,
07/01/49
.................
6
6,855
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
37
49,395
5.88%,
06/30/29
.................
37
35,601
Bonanza
Creek
Energy,
Inc.,
5.00%,
10/15/26
(c)
7
7,069
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
3
3,097
5.85%,
11/15/43
.................
14
13,738
5.60%,
10/15/44
.................
13
12,658
Callon
Petroleum
Co.
6.13%,
10/01/24
.................
10
9,850
9.00%,
04/01/25
(c)
................
58
62,640
8.00%,
08/01/28
(c)
................
55
55,550
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(c)
....................
17
17,340
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
44
46,640
4.00%,
03/01/31
.................
52
54,545
3.25%,
01/31/32
(c)
................
54
54,540
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
119
126,583
Chesapeake
Energy
Corp.,
5.88%,
02/01/29
(c)
1
1,070
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
25
25,727
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.38%,
06/15/26
.................
USD
20
$
20,300
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
8
7,970
CNX
Resources
Corp.,
6.00%,
01/15/29
(c)
..
5
5,200
Colgate
Energy
Partners
III
LLC
(c)
7.75%,
02/15/26
.................
12
12,960
5.88%,
07/01/29
.................
27
27,810
Comstock
Resources,
Inc.
(c)
7.50%,
05/15/25
.................
15
15,469
6.75%,
03/01/29
.................
45
48,807
5.88%,
01/15/30
.................
31
31,775
Crestwood
Midstream
Partners
LP,
6.00%,
02/01/29
(c)
....................
2
2,077
CrownRock
LP,
5.63%,
10/15/25
(c)
.......
64
65,440
DCP
Midstream
Operating
LP
(c)
6.45%,
11/03/36
.................
17
22,247
6.75%,
09/15/37
.................
24
32,104
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
36
36,855
4.38%,
06/15/31
.................
44
45,760
Energy
Transfer
LP,
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(g)(h)
..........
51
51,893
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
14
14,560
5.38%,
06/01/29
.................
8
8,180
EnLink
Midstream
Partners
LP
4.40%,
04/01/24
.................
17
17,765
4.85%,
07/15/26
.................
2
2,105
5.60%,
04/01/44
.................
20
20,172
5.05%,
04/01/45
.................
2
1,930
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
17
18,488
4.13%,
12/01/26
.................
5
5,125
6.50%,
07/01/27
(c)
................
30
33,600
4.50%,
01/15/29
(c)
................
11
11,440
4.75%,
01/15/31
(c)
................
35
37,012
EQT
Corp.
3.13%,
05/15/26
(c)
................
15
15,398
3.90%,
10/01/27
.................
23
24,668
5.00%,
01/15/29
.................
2
2,215
7.50%,
02/01/30
(
i
)
................
18
23,130
3.63%,
05/15/31
(c)
................
4
4,150
Genesis
Energy
LP
6.50%,
10/01/25
.................
4
3,950
7.75%,
02/01/28
.................
12
12,090
Great
Western
Petroleum
LLC,
12.00%,
09/01/25
(c)
....................
17
17,850
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
5
5,350
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
20
19,850
Howard
Midstream
Energy
Partners
LLC,
6.75%,
01/15/27
(c)
...............
2
2,049
Independence
Energy
Finance
LLC,
7.25%,
05/01/26
(c)
....................
34
35,318
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
27
26,730
Matador
Resources
Co.,
5.88%,
09/15/26
..
43
44,290
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
13
13,362
6.37%,
12/01/42
(
i
)
................
3
3,000
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
50
50,500
6.50%,
09/30/26
.................
69
68,483
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
11
11,344
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
....
25
35,001
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(c)
50
52,750
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
NuStar
Logistics
LP
5.75%,
10/01/25
.................
USD
12
$
12,913
6.00%,
06/01/26
.................
13
14,105
6.38%,
10/01/30
.................
2
2,220
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
6
6,671
5.50%,
12/01/25
.................
8
8,875
5.55%,
03/15/26
.................
3
3,340
8.88%,
07/15/30
.................
2
2,697
4.30%,
08/15/39
.................
45
44,877
6.20%,
03/15/40
.................
58
71,340
4.50%,
07/15/44
.................
21
21,630
4.63%,
06/15/45
.................
44
45,650
6.60%,
03/15/46
.................
2
2,595
4.40%,
04/15/46
.................
58
59,450
4.10%,
02/15/47
.................
8
7,840
4.20%,
03/15/48
.................
50
50,000
4.40%,
08/15/49
.................
7
7,088
Parkland
Corp.,
5.88%,
07/15/27
(c)
......
23
24,265
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
2
2,025
Range
Resources
Corp.
4.88%,
05/15/25
.................
5
5,163
9.25%,
02/01/26
.................
3
3,233
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
25
25,750
SM
Energy
Co.
10.00%,
01/15/25
(c)
...............
60
66,038
5.63%,
06/01/25
.................
5
5,038
6.75%,
09/15/26
.................
14
14,385
6.50%,
07/15/28
.................
7
7,245
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
33
34,897
4.75%,
02/01/32
.................
16
16,850
Summit
Midstream
Holdings
LLC,
8.50%,
10/15/26
(c)
....................
11
11,461
Sunoco
LP
6.00%,
04/15/27
.................
6
6,257
5.88%,
03/15/28
.................
2
2,115
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
59
61,360
Targa
Resources
Partners
LP
6.50%,
07/15/27
.................
15
16,080
6.88%,
01/15/29
.................
7
7,831
5.50%,
03/01/30
.................
37
40,423
4.88%,
02/01/31
.................
23
24,977
TerraForm
Power
Operating
LLC
(c)
4.25%,
01/31/23
.................
7
7,158
4.75%,
01/15/30
.................
9
9,435
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
63
65,362
4.13%,
08/15/31
.................
55
58,300
3.88%,
11/01/33
.................
112
117,665
Vine
Energy
Holdings
LLC,
6.75%,
04/15/29
(c)
48
52,080
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
3
3,315
5.45%,
04/01/44
.................
19
22,705
5.30%,
03/01/48
.................
26
31,330
5.50%,
08/15/48
.................
8
9,556
6.50%,
02/01/50
(
i
)
................
59
69,768
2,981,242
Personal
Products
—
0.1%
(c)
Coty,
Inc.,
4.75%,
01/15/29
...........
12
12,195
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
13
12,610
24,805
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
1.4%
Bausch
Health
Cos.,
Inc.
(c)
6.13%,
04/15/25
.................
USD
3
$
3,056
9.00%,
12/15/25
.................
11
11,585
7.00%,
01/15/28
.................
13
12,935
4.88%,
06/01/28
.................
5
5,100
5.00%,
02/15/29
.................
24
21,180
6.25%,
02/15/29
.................
31
29,457
7.25%,
05/30/29
.................
30
29,700
Catalent
Pharma
Solutions,
Inc.
(c)
3.13%,
02/15/29
.................
15
14,796
3.50%,
04/01/30
.................
50
49,858
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(i)
6
6,960
Endo
DAC,
9.50%,
07/31/27
(c)
.........
29
29,520
Endo
Luxembourg
Finance
Co.
I
SARL,
6.13%,
04/01/29
(c)
....................
40
39,200
P&L
Development
LLC,
7.75%,
11/15/25
(c)
..
20
20,025
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(c)
77
78,689
352,061
Professional
Services
—
0.5%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
8,110
ASGN,
Inc.,
4.63%,
05/15/28
..........
6
6,212
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
40
39,848
Dun
&
Bradstreet
Corp.
(The)
6.88%,
08/15/26
.................
18
18,720
5.00%,
12/15/29
.................
25
25,575
KBR,
Inc.,
4.75%,
09/30/28
...........
15
15,300
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
12
12,300
126,065
Real
Estate
Management
&
Development
—
0.6%
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(c)
...............
20
21,400
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
(c)
23
23,991
Forestar
Group,
Inc.,
3.85%,
05/15/26
(c)
...
9
9,023
Howard
Hughes
Corp.
(The)
(c)
4.13%,
02/01/29
.................
15
15,200
4.38%,
02/01/31
.................
14
14,140
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...
11
11,151
Realogy
Group
LLC
(c)
7.63%,
06/15/25
.................
12
12,720
5.75%,
01/15/29
.................
25
25,625
WeWork
Cos.
LLC,
5.00%,
07/10/25
(c)
....
23
19,967
153,217
Road
&
Rail
—
1.0%
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(c)
9
9,493
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
10
10,062
5.00%,
12/01/29
.................
15
15,013
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
21
21,683
PECF
USS
Intermediate
Holding
III
Corp.,
8.00%,
11/15/29
(c)
...............
17
17,604
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
8
8,407
0.00%,
12/15/25
(j)(k)
...............
27
26,500
8.00%,
11/01/26
(c)
................
8
8,520
7.50%,
09/15/27
(c)
................
36
39,179
6.25%,
01/15/28
(c)
................
30
32,205
4.50%,
08/15/29
(c)
................
50
50,917
239,583
Semiconductors
&
Semiconductor
Equipment
—
0.3%
(c)
Entegris
,
Inc.
4.38%,
04/15/28
.................
16
16,440
3.63%,
05/01/29
.................
8
8,020
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
119
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
ON
Semiconductor
Corp.,
3.88%,
09/01/28
.
USD
22
$
22,550
Synaptics,
Inc.,
4.00%,
06/15/29
........
17
17,255
64,265
Software
—
2.6%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
...
20
20,850
Boxer
Parent
Co.,
Inc.
(c)
7.13%,
10/02/25
.................
21
22,024
9.13%,
03/01/26
.................
53
55,252
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
11
11,385
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(c)
22
22,935
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(c)
....................
62
62,532
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
.................
32
32,160
4.88%,
07/01/29
.................
37
37,522
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
.................
5
5,200
6.50%,
10/15/28
.................
6
6,270
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
25
24,688
Elastic
NV,
4.13%,
07/15/29
(c)
.........
30
29,681
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
19
19,531
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
27
27,068
NCR
Corp.
(c)
5.00%,
10/01/28
.................
9
9,270
5.13%,
04/15/29
.................
10
10,352
6.13%,
09/01/29
.................
13
13,892
Open
Text
Corp.,
3.88%,
12/01/29
(c)
......
12
12,150
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(c)
14
14,420
PTC,
Inc.
(c)
3.63%,
02/15/25
.................
4
4,055
4.00%,
02/15/28
.................
6
6,105
Rocket
Software,
Inc.,
6.50%,
02/15/29
(c)
..
10
9,756
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
78
81,510
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
78
80,730
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
32
31,725
651,063
Specialty
Retail
—
2.1%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
14
13,528
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
9
9,180
4.75%,
03/01/30
.................
8
8,130
5.00%,
02/15/32
(c)
................
12
12,452
Carvana
Co.
(c)
5.50%,
04/15/27
.................
20
19,800
4.88%,
09/01/29
.................
18
17,145
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
3
2,989
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
20
20,050
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
11
11,014
L
Brands,
Inc.
6.88%,
11/01/35
.................
28
34,790
6.75%,
07/01/36
.................
5
6,175
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
...
39
38,561
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
24
24,664
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
11
11,230
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
15,788
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
.................
6
6,135
3.75%,
06/15/29
.................
6
5,948
Sonic
Automotive,
Inc.,
4.63%,
11/15/29
(c)
..
5
5,047
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
17
17,817
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
48
48,180
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
6.13%,
07/01/29
.................
USD
35
$
35,669
6.00%,
12/01/29
.................
27
27,135
Staples,
Inc.
(c)
7.50%,
04/15/26
.................
35
35,962
10.75%,
04/15/27
................
21
19,793
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
46
47,955
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(f)
...........
18
18,405
513,542
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Xerox
Corp.,
4.80%,
03/01/35
.........
10
10,013
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(c)
Crocs,
Inc.
4.25%,
03/15/29
.................
13
12,838
4.13%,
08/15/31
.................
29
28,347
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
8
8,000
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
10
10,196
William
Carter
Co.
(The),
5.50%,
05/15/25
..
7
7,263
Wolverine
World
Wide,
Inc.,
4.00%,
08/15/29
8
7,778
74,422
Thrifts
&
Mortgage
Finance
—
0.5%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
39
42,608
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
.
18
16,695
Ladder
Capital
Finance
Holdings
LLLP
(c)
4.25%,
02/01/27
.................
14
14,091
4.75%,
06/15/29
.................
11
11,275
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
16,800
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
5
5,209
5.13%,
12/15/30
.................
8
7,900
5.75%,
11/15/31
.................
8
7,960
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
..
15
14,887
137,425
Trading
Companies
&
Distributors
—
0.7%
(c)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
8
7,996
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
6
6,203
9.75%,
08/01/27
.................
5
5,600
5.50%,
05/01/28
.................
25
25,477
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
14
13,755
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
2
1,985
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
17
17,680
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
46
47,198
WESCO
Distribution,
Inc.
7.13%,
06/15/25
.................
6
6,360
7.25%,
06/15/28
.................
43
47,139
179,393
Wireless
Telecommunication
Services
—
1.6%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
...
209
219,711
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(c)(f)(g)
........
54
41,990
Sprint
Corp.,
7.63%,
03/01/26
.........
22
26,413
T-Mobile
USA,
Inc.
2.63%,
02/15/29
.................
12
11,820
2.88%,
02/15/31
.................
21
20,739
3.50%,
04/15/31
(c)
................
30
31,212
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
120
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
3.50%,
04/15/31
.................
USD
35
$
36,413
388,298
Total
Corporate
Bonds
—
83.8%
(Cost:
$20,246,147)
..............................
20,837,387
Floating
Rate
Loan
Interests
—
7.1%
Aerospace
&
Defense
—
0.4%
(g)
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.50%
,
 02/01/28
71
70,933
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
8.50%
,
 02/01/29
25
25,281
96,214
Airlines
—
0.3%
(g)
AAdvantage
Loyality
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 04/20/28
.................
50
52,195
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/20/27
.....
27
28,519
80,714
Chemicals
—
0.4%
(g)
Alpha
3
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
3.00%
,
 03/18/28
..........
39
38,708
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
5.50%
,
 08/27/26
...........
38
38,299
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.25%
,
 09/22/28
25
25,019
102,026
Commercial
Services
&
Supplies
—
0.8%
(g)
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
4.48%
-
5.25%
,
 06/21/24
...........
176
172,159
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
9.25%
,
 11/02/28
(l)
................
13
13,130
185,289
Construction
Materials
—
0.1%
Standard
Industries,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.00%
,
 09/22/28
(g)
24
24,340
Diversified
Financial
Services
—
0.5%
(g)
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
.................
65
65,502
Proofpoint
,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
6.75%
,
 08/31/29
29
29,254
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.50%
,
 10/19/27
23
22,673
117,429
Diversified
Telecommunication
Services
—
0.2%
(g)
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 05/01/28
.................
25
24,763
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.10%
,
 03/09/27
26
25,467
50,230
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.1%
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
 11/12/25
(g)(l)
...............
USD
33
$
33,323
Health
Care
Providers
&
Services
—
0.2%
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.85%
,
 10/10/25
(g)
60
47,735
Health
Care
Technology
—
0.4%
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
4.10%
,
 08/27/25
(g)
101
100,663
Hotels,
Restaurants
&
Leisure
—
0.1%
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.50%),
3.25%
,
 10/04/23
(g)
32
31,457
Industrial
Conglomerates
—
0.1%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
 09/01/25
(g)
................
26
21,092
Machinery
—
0.5%
(g)
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.35%
,
 03/28/25
.................
81
79,758
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.10%
,
 09/21/26
.....
37
37,361
117,119
Media
—
1.7%
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.63%
,
 08/21/26
(g)
................
66
65,276
DirectTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 08/02/27
(g)
65
65,512
Intelsat
Jackson
Holdings
SA,
Term
Loan,
07/13/22
(g)(m)
....................
83
83,262
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
4.75%),
8.00%
,
 11/27/23
(g)
................
20
19,907
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.50%),
8.75%
,
 01/02/24
(g)
................
33
32,531
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
8.63%
,
 01/02/24
(n)
................
164
164,082
430,570
Oil,
Gas
&
Consumable
Fuels
—
0.6%
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
9.00%),
10.00%
,
 11/01/25
(g)
..........
139
149,442
Pharmaceuticals
—
0.2%
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
5.75%
,
 03/27/28
(g)
................
40
39,245
Software
—
0.5%
(g)
Banff
Guarantor,
Inc.,
2nd
Lien
Term
Loan,
02/27/26
(m)
.....................
32
32,267
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.00%
,
 07/27/29
.................
34
33,692
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
4.25%
-
3.72%
,
 10/07/27
34
33,588
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
121
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Software
(continued)
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.25%
,
 03/03/28
.................
USD
26
$
26,054
125,601
Total
Floating
Rate
Loan
Interests
—
7.1%
(Cost:
$1,754,584)
..............................
1,752,489
Shares
Shares
Investment
Companies
—
0.0%
Western
Midstream
Partners
LP
.........
191
4,254
Total
Investment
Companies
—
0.0%
(Cost:
$3,180)
.................................
4,254
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(o)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)(d)
................
140
770
Total
Other
Interests
—
0.0%
(Cost:
$0)
....................................
770
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
1.7%
Banks
—
1.0%
(g)(h)
Bank
of
America
Corp.,
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
.......
58
62,858
CIT
Group,
Inc.,
Series
A,
(LIBOR
USD
3
Month
+
3.97%),
5.80%
............
26
26,358
Citigroup,
Inc.,
Series
Y,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
4.15%
.................
10
10,162
JPMorgan
Chase
&
Co.
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
......................
20
20,489
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Series
R,
(LIBOR
USD
3
Month
+
3.30%),
6.00%
......................
USD
4
$
4,170
Series
FF,
(SOFR
+
3.38%),
5.00%
....
71
72,953
Series
HH,
(SOFR
+
3.13%),
4.60%
....
26
26,682
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
.............
35
35,963
259,635
Capital
Markets
—
0.5%
(g)(h)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
59
59,590
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
70
72,625
132,215
Consumer
Finance
—
0.1%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(g)
(h)
...........................
10
11,400
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(c)(g)(h)
.....................
17
17,219
Total
Capital
Trusts
—
1.7%
(Cost:
$409,192)
................................
420,469
Total
Long-Term
Investments
—
95.5%
(Cost:
$22,963,768)
..............................
23,735,136
Shares
Shares
Short-Term
Securities
—
1.4%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
(p)(q)
.................
352,402
352,402
Total
Short-Term
Securities
—
1.4%
(Cost:
$352,402)
................................
352,402
Total
Investments
—
96.9%
(Cost:
$23,316,170
)
..............................
24,087,538
Other
Assets
Less
Liabilities
—
3.1%
...................
763,925
Net
Assets
—
100.0%
..............................
$
24,851,463
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$23,071,
representing
0.09%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$25,124.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(g)
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.
(h)
Perpetual
security
with
no
stated
maturity
date.
(i)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(m)
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.
(n)
Fixed
rate.
(o)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(p)
Annualized
7-day
yield
as
of
period
end.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
122
Schedule
of
Investments
(continued)
December
31,
2021
(q)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/21
Shares
Held
at
12/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
171,880
$
180,522
$
—
$
—
$
—
$
352,402
352,402
$
51
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
123
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.37.V1
.....
5.00
%
Quarterly
12/20/26
BB+
USD
413
$
38,698
$
36,584
$
2,114
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Lumen
Technologies,
Inc.
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
8
$
(60)
$
(242)
$
182
Lumen
Technologies,
Inc.
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
6
(235)
(552)
317
$
(295)
$
(794)
$
499
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
36,584
$
—
$
2,114
$
—
OTC
Swaps
...................................................................
—
(794)
499
—
(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
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
$
—
$
2,114
$
—
$
—
$
—
$
—
$
2,114
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
499
—
—
—
—
499
$
—
$
2,613
$
—
$
—
$
—
$
—
$
2,613
Liabilities
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
794
—
—
—
—
794
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
124
Schedule
of
Investments
(continued)
December
31,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
December
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(1,141)
$
—
$
—
$
—
$
(1,141)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(25,656)
—
—
(25,656)
Swaps
..............................
—
(567)
—
—
—
—
(567)
$
—
$
(567)
$
(1,141)
$
(25,656)
$
—
$
—
$
(27,364)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
—
—
—
(2,564)
—
—
(2,564)
Swaps
..............................
—
2,827
—
—
—
—
2,827
$
—
$
2,827
$
—
$
(2,564)
$
—
$
—
$
263
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
short
.................................................................................
$
—
(a)
Forward
foreign
currency
exchange
contracts
Average
amounts
sold
—
in
USD
........................................................................................
357,567
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
1,114
Average
notional
value
—
sell
protection
...................................................................................
117,250
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Swaps
—
Centrally
cleared
.............................................................................
$
632
$
—
Swaps
—
OTC
(a)
....................................................................................
499
794
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,131
$
794
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(632)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
499
$
794
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
Barclays
Bank
plc
................................
$
499
$
(499)
$
—
$
—
$
—
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
125
Schedule
of
Investments
(continued)
December
31,
2021
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)
Barclays
Bank
plc
................................
$
794
$
(499)
$
—
$
—
$
295
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
126
Schedule
of
Investments
(continued)
December
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Auto
Components
......................................
$
8,050
$
—
$
—
$
8,050
Building
Products
.......................................
786
—
—
786
Chemicals
............................................
57,620
—
—
57,620
Communications
Equipment
................................
5,663
—
—
5,663
Electrical
Equipment
.....................................
23,936
23,071
—
47,007
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
143,118
—
—
143,118
Hotels,
Restaurants
&
Leisure
..............................
14,040
—
—
14,040
Life
Sciences
Tools
&
Services
..............................
64,171
—
—
64,171
Media
...............................................
26,593
—
—
26,593
Metals
&
Mining
........................................
30,465
—
—
30,465
Oil,
Gas
&
Consumable
Fuels
...............................
276,288
—
—
276,288
Road
&
Rail
...........................................
9,644
—
—
9,644
Semiconductors
&
Semiconductor
Equipment
....................
13,579
—
—
13,579
Software
.............................................
22,743
—
—
22,743
Corporate
Bonds
........................................
—
20,837,387
—
20,837,387
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
96,214
—
96,214
Airlines
..............................................
—
80,714
—
80,714
Chemicals
............................................
—
102,026
—
102,026
Commercial
Services
&
Supplies
.............................
—
172,159
13,130
185,289
Construction
Materials
....................................
—
24,340
—
24,340
Diversified
Financial
Services
...............................
—
117,429
—
117,429
Diversified
Telecommunication
Services
........................
—
50,230
—
50,230
Entertainment
.........................................
—
—
33,323
33,323
Health
Care
Providers
&
Services
............................
—
47,735
—
47,735
Health
Care
Technology
..................................
—
100,663
—
100,663
Hotels,
Restaurants
&
Leisure
..............................
—
31,457
—
31,457
Industrial
Conglomerates
..................................
—
21,092
—
21,092
Machinery
............................................
—
117,119
—
117,119
Media
...............................................
—
430,570
—
430,570
Oil,
Gas
&
Consumable
Fuels
...............................
—
149,442
—
149,442
Pharmaceuticals
.......................................
—
39,245
—
39,245
Software
.............................................
—
125,601
—
125,601
Investment
Companies
....................................
4,254
—
—
4,254
Other
Interests
..........................................
—
770
—
770
Capital
Trusts
...........................................
—
420,469
—
420,469
Short-Term
Securities
.......................................
352,402
—
—
352,402
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
192
—
192
$
1,053,352
$
22,987,925
$
46,453
$
24,087,730
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
2,613
$
—
$
2,613
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Derivative
financial
instruments
are
swaps.
Swaps
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
127
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
1.9%
(a)(b)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.36%,
08/15/30
............
USD
500
$
500,236
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.16%,
04/20/31
......................
396
395,572
Total
Asset-Backed
Securities
—
1.9%
(Cost:
$896,011)
................................
895,808
Foreign
Government
Obligations
—
0.0%
Austria
—
0.0%
Republic
of
Austria,
2.10%
,
09/20/17
(b)(c)
...
EUR
5
8,772
Total
Foreign
Government
Obligations
—
0.0%
(Cost:
$10,757)
................................
8,772
Non-Agency
Mortgage-Backed
Securities
—
8.7%
Commercial
Mortgage-Backed
Securities
—
8.0%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
0.99%,
09/15/34
(a)(b)
.........
USD
121
120,853
BFLD
Trust,
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.26%,
10/15/35
(a)(b)
128
128,063
BPR
Trust,
Series
2021-TY,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
1.16%,
09/15/38
(a)(b)
131
130,750
BX
Commercial
Mortgage
Trust
(b)
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.03%,
10/15/36
(a)
..
83
83,447
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.56%,
10/15/36
(a)
..
255
254,519
Series
2020-FOX,
Class
B,
(LIBOR
USD
1
Month
+
1.35%),
1.46%,
11/15/32
(a)
..
113
112,902
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
160
164,196
Series
2021-CIP,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.02%,
12/15/28
(a)
..
133
132,960
BX
Trust
(b)
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
....................
275
289,455
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
1.31%,
01/15/34
(a)
..
30
29,765
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
1.39%,
06/15/23
(a)
..
50
49,957
CFK
Trust,
Series
2020-MF2,
Class
B,
2.79%,
03/15/39
(b)
.....................
140
139,983
Citigroup
Commercial
Mortgage
Trust,
Series
2016-P6,
Class
B,
4.22%,
12/10/49
(a)
...
50
53,505
Commercial
Mortgage
Trust
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
....................
19
20,824
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(b)
...................
350
356,815
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-NET,
Class
A,
2.26%,
08/15/37
(b)
.....................
100
100,794
CSAIL
Commercial
Mortgage
Trust
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(a)
...................
42
46,199
Series
2019-C16,
Class
A3,
3.33%,
06/15/52
....................
134
143,338
CSMC
Trust,
Series
2021-BHAR,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.26%,
11/15/38
(a)(b)
....................
146
146,027
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
A,
(LIBOR
USD
1
Month
+
0.80%),
0.91%,
02/15/38
(a)(b)
.........
100
99,880
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Great
Wolf
Trust,
Series
2019-WOLF,
Class
A,
(LIBOR
USD
1
Month
+
1.03%),
1.14%,
12/15/36
(a)(b)
....................
USD
90
$
89,890
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.11%,
11/15/37
....
170
170,566
Series
2021-DM,
Class
A,
(LIBOR
USD
1
Month
+
0.89%),
0.98%,
11/15/36
...
154
153,963
Series
2021-STAR,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.05%,
12/15/36
...
126
125,938
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.44%,
07/10/39
(a)(b)
....
101
103,602
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
1.48%,
10/15/33
(a)(b)
....................
100
99,969
Med
Trust,
Series
2021-MDLN,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.06%,
11/15/38
(a)(b)
....................
136
135,836
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
B,
4.62%,
07/15/51
34
38,165
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.01%,
07/15/35
(b)
..
130
129,753
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
1.31%,
05/15/31
(a)(b)
...
140
139,916
3,791,830
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(a)
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2021-MF3,
Class
XA,
0.74%,
10/15/54
(b)
.....................
110
5,997
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.62%,
10/15/53
..........
1,016
103,432
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA,
1.56%,
06/15/52
..
1,535
144,963
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.48%,
10/15/52
......
982
88,221
342,613
Total
Non-Agency
Mortgage-Backed
Securities
—
8.7%
(Cost:
$4,135,432)
..............................
4,134,443
U.S.
Government
Sponsored
Agency
Securities
—
55.5%
Agency
Obligations
—
0.9%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
400
459,682
Collateralized
Mortgage
Obligations
—
0.4%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
K104,
Class
X1,
1.13%, 01/25/30
(a)
................
177
13,893
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
.....
85
91,157
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.80%, 07/20/39
(a)
.............
60
68,971
174,021
Commercial
Mortgage-Backed
Securities
—
0.6%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
Series
2019-SB60,
Class
A10F,
3.31%, 01/25/29
...............
141
146,264
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
128
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2019-SB61,
Class
A10F,
3.17%, 01/25/29
...............
USD
127
$
132,427
278,691
Interest
Only
Collateralized
Mortgage
Obligations
—
0.3%
Federal
National
Mortgage
Association
Series
2020-32,
4.00%, 05/25/50
......
105
15,611
Series
2020-32,
Class
PI,
4.00%, 05/25/50
119
17,576
Government
National
Mortgage
Association
Series
2020-115,
Class
IM,
3.50%, 08/20/50
143
18,917
Series
2020-146,
Class
DI,
2.50%, 10/20/50
158
17,547
Series
2020-162,
Class
TI,
2.50%, 10/20/50
326
34,257
Series
2020-175,
Class
DI,
2.50%, 11/20/50
88
10,101
Series
2020-185,
Class
MI,
2.50%, 12/20/50
183
22,218
136,227
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.9%
Federal
Home
Loan
Mortgage
Corp.,
Series
2015-K718,
Class
X2A,
0.10%, 02/25/48
(b)
345
3
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(a)
Series
K094,
Class
X1,
0.88%, 06/25/29
.
183
10,674
Series
K105,
Class
X1,
1.52%, 03/25/53
.
551
59,108
Series
K107,
Class
X1,
1.59%, 01/25/30
.
161
17,984
Series
K109,
Class
X1,
1.58%, 04/25/30
.
123
13,791
Series
K113,
Class
X1,
1.39%, 06/25/30
.
200
20,269
Series
K115,
Class
X1,
1.33%, 06/25/30
.
256
24,993
Series
K116,
Class
X1,
1.43%, 07/25/30
.
100
10,295
Series
K119,
Class
X1,
0.93%, 09/25/30
.
150
10,436
Series
K120,
Class
X1,
1.04%, 10/25/30
.
735
57,084
Series
K122,
Class
X1,
0.88%, 11/25/30
.
219
14,749
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.81%, 01/25/58
(a)
.........
224
38,498
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2002-83,
0.00%, 10/16/42
(d)
.....
208
2
Series
2003-17,
0.00%, 03/16/43
(d)
.....
189
2
Series
2003-109,
0.00%, 11/16/43
.....
351
14
Series
2016-22,
0.72%, 11/16/55
......
1,153
35,631
Series
2016-45,
0.80%, 02/16/58
......
557
24,477
Series
2016-92,
0.62%, 04/16/58
......
146
5,653
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.09%, 02/16/58
.........
671
39,589
Series
2016-151,
1.01%, 06/16/58
.....
521
26,185
Series
2017-30,
0.55%, 08/16/58
......
247
8,248
Series
2017-61,
0.78%, 05/16/59
......
182
8,850
Series
2017-64,
0.75%, 11/16/57
......
161
8,082
434,617
Mortgage-Backed
Securities
—
52.4%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 03/01/30
-
04/01/31
..........
102
106,092
3.00%, 09/01/27
-
12/01/46
..........
172
181,081
3.50%, 04/01/31
-
01/01/48
..........
233
251,101
4.00%, 08/01/40
-
12/01/45
..........
31
33,407
4.50%, 02/01/39
-
07/01/47
..........
111
122,191
5.00%, 11/01/41
.................
48
54,090
5.50%, 06/01/41
.................
54
62,229
8.00%, 03/01/30
-
06/01/31
..........
9
8,930
Federal
National
Mortgage
Association
3.50%, 11/01/46
.................
98
105,029
4.00%, 01/01/41
.................
3
3,081
Government
National
Mortgage
Association
2.00%, 01/15/52
(e)
................
1,371
1,383,378
2.50%, 01/15/52
-
02/15/52
(e)
.........
1,004
1,027,712
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00%, 02/15/45
.................
USD
15
$
15,570
3.00%, 01/15/52
(e)
................
1,325
1,371,302
3.50%, 01/15/42
-
04/20/48
..........
656
693,636
3.50%, 01/15/52
(e)
................
100
104,125
4.00%, 10/20/40
-
06/20/50
..........
1,118
1,196,104
4.50%, 12/20/39
-
08/20/50
..........
437
481,069
5.00%, 07/15/39
-
07/20/44
..........
37
42,402
5.00%, 01/15/52
(e)
................
126
134,338
Uniform
Mortgage-Backed
Securities
1.50%, 01/25/37
-
01/25/52
(e)
.........
1,245
1,224,721
2.00%, 10/01/31
-
11/01/50
..........
83
84,477
2.00%, 01/25/37
-
02/25/52
(e)
.........
4,715
4,698,919
2.50%, 04/01/30
-
10/01/35
..........
394
410,349
2.50%, 01/25/37
-
02/25/52
(e)
.........
4,934
5,026,723
3.00%, 04/01/29
-
08/01/50
..........
1,347
1,419,845
3.00%, 01/25/37
-
02/25/52
(e)
.........
1,001
1,036,455
3.50%, 08/01/30
-
08/01/50
..........
701
749,048
3.50%, 01/25/37
-
01/25/52
(e)
.........
506
532,356
4.00%, 09/01/33
-
06/01/50
..........
701
764,463
4.00%, 01/25/52
-
02/25/52
(e)
.........
690
734,037
4.50%, 06/01/26
-
07/01/48
..........
373
411,351
4.50%, 01/25/52
(e)
................
13
13,926
5.00%, 02/01/35
-
12/01/43
..........
114
128,747
5.00%, 01/25/52
(e)
................
4
4,359
5.50%, 09/01/36
-
09/01/39
..........
158
178,567
6.00%, 04/01/35
-
09/01/40
..........
118
135,529
6.50%, 05/01/40
.................
25
28,393
24,959,132
Total
U.S.
Government
Sponsored
Agency
Securities
—
55.5%
(Cost:
$26,398,385)
..............................
26,442,370
U.S.
Treasury
Obligations
—
39.8%
U.S.
Treasury
Bonds
4.25%, 05/15/39
.................
160
219,363
4.50%, 08/15/39
.................
160
225,950
4.38%, 11/15/39
.................
160
222,994
1.75%, 08/15/41
.................
1
1,357
3.13%, 02/15/43
.................
610
735,217
2.88%, 05/15/43
-
11/15/46
..........
1,200
1,406,675
3.63%, 08/15/43
.................
610
791,284
3.75%, 11/15/43
.................
610
806,701
3.00%, 02/15/48
.................
590
720,123
2.25%, 08/15/49
.................
727
778,089
1.63%, 11/15/50
.................
105
97,826
U.S.
Treasury
Notes
1.50%, 01/31/22
-
08/15/26
..........
4,050
4,071,841
1.75%, 04/30/22
-
07/31/24
..........
2,705
2,727,395
2.13%, 12/31/22
-
05/15/25
..........
2,470
2,534,891
2.00%, 02/15/25
.................
1,470
1,514,100
2.25%, 08/15/27
.................
1,180
1,237,802
2.88%, 08/15/28
.................
350
382,238
3.13%, 11/15/28
.................
350
389,033
1.63%, 08/15/29
.................
125
126,811
Total
U.S.
Treasury
Obligations
—
39.8%
(Cost:
$18,107,686)
..............................
18,989,690
Total
Long-Term
Investments
—
105.9%
(Cost:
$49,548,271)
..............................
50,471,083
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
129
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2021
Security
Shares
Shares
Value
Short-Term
Securities
—
29.9%
Money
Market
Funds
—
20.8%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
(f)(g)
.................
9,926,837
$
9,926,837
Total
Money
Market
Funds
—
20.8%
(Cost:
$9,926,837)
..............................
9,926,837
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
—
9.1%
Federal
Home
Loan
Bank
Discount
Notes,
0.13%, 06/17/22
(h)
...............
USD
4,300
4,296,261
Total
U.S.
Government
Sponsored
Agency
Securities
—
9.1%
(Cost:
$4,297,367)
..............................
4,296,261
Total
Short-Term
Securities
—
29.9%
(Cost:
$14,224,204)
..............................
14,223,098
Total
Options
Purchased
—
0.0%
(Cost:
$13,092)
................................
9,649
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
135.8%
(Cost:
$63,785,567
)
..............................
64,703,830
Total
Options
Written
—
(0.3)%
(Premium
Received
—
$173,359)
....................
(132,251)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
—
(10.4)%
(e)
Mortgage-Backed
Securities
—
(10.4)%
Government
National
Mortgage
Association
4.00%
,
 01/15/52
.................
USD
51
$
(53,705)
4.50%
,
 01/15/52
.................
409
(431,971)
Uniform
Mortgage-Backed
Securities
2.00%
,
 01/25/37
-
01/25/52
..........
1,663
(1,669,084)
2.50%
,
 01/25/37
-
02/25/52
..........
2,047
(2,088,123)
3.00%
,
 01/25/37
-
01/25/52
..........
387
(402,237)
3.50%
,
 01/25/37
.................
4
(4,210)
4.00%
,
 01/25/52
.................
188
(199,970)
4.50%
,
 01/25/52
.................
115
(123,192)
Total
TBA
Sale
Commitments
—
(10.4)%
(Proceeds:
$4,975,786)
...........................
(4,972,492)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
125.1%
(Cost:
$58,636,422
)
..............................
59,599,087
Liabilities
in
Excess
of
Other
Assets
—
(25.1)%
...........
(11,954,958)
Net
Assets
—
100.0%
..............................
$
47,644,129
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
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)
Represents
or
includes
a
TBA
transaction.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
Affiliate
of
the
Fund.
(h)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/21
Shares
Held
at
12/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
—
$
9,926,837
$
—
$
—
$
—
$
9,926,837
9,926,837
$
290
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
130
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
...................................................
10
03/22/22
$
1,303
$
(2,553)
U.S.
Treasury
Ultra
Bond
....................................................
3
03/22/22
588
(568)
U.S.
Treasury
2
Year
Note
....................................................
41
03/31/22
8,943
(9,301)
U.S.
Treasury
5
Year
Note
....................................................
19
03/31/22
2,297
(3,047)
(15,469)
Short
Contracts
Euro-
Buxl
...............................................................
1
03/08/22
235
10,702
U.S.
Treasury
10
Year
Ultra
Note
...............................................
4
03/22/22
584
2,867
U.S.
Treasury
Long
Bond
....................................................
5
03/22/22
800
(10,673)
2,896
$
(12,573)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
10,000
USD
7,239
Bank
of
America
NA
01/18/22
$
37
AUD
10,000
USD
7,150
Deutsche
Bank
AG
01/18/22
127
CLP
8,597,192
USD
10,000
Natwest
Markets
plc
01/18/22
72
MXN
208,164
USD
10,000
Barclays
Bank
plc
01/18/22
142
ZAR
160,794
USD
10,000
Goldman
Sachs
International
01/18/22
70
AUD
171,850
USD
124,145
Morgan
Stanley
&
Co.
International
plc
03/16/22
907
BRL
347,880
USD
60,000
Deutsche
Bank
AG
03/16/22
1,380
MXN
2,605,030
USD
122,418
HSBC
Bank
plc
03/16/22
3,230
ZAR
990,815
USD
61,209
Citibank
NA
03/16/22
350
6,315
KZT
574,081
USD
1,320
Citibank
NA
01/10/22
(8)
RUB
742,772
USD
10,000
Goldman
Sachs
International
01/18/22
(128)
USD
14,259
AUD
20,000
Standard
Chartered
Bank
01/18/22
(293)
USD
11,305
EUR
10,000
State
Street
Bank
and
Trust
Co.
01/18/22
(83)
USD
10,000
MXN
210,835
Goldman
Sachs
International
01/18/22
(273)
USD
10,000
ZAR
160,798
Morgan
Stanley
&
Co.
International
plc
01/18/22
(71)
RUB
8,998,800
USD
120,000
UBS
AG
03/16/22
(1,542)
USD
18,783
CAD
24,000
Morgan
Stanley
&
Co.
International
plc
03/16/22
(187)
(2,585)
$
3,730
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
Instant
One-Touch
JPMorgan
Chase
Bank
NA
02/25/22
RUB
65.00
RUB
65.00
USD
3
$
10
USD
Currency
...............
One-Touch
HSBC
Bank
plc
03/10/22
CNH
6.70
CNH
6.70
USD
10
292
302
Put
USD
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
02/25/22
RUB
67.00
RUB
67.00
USD
3
28
$
330
$
–
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
131
Schedule
of
Investments
(continued)
December
31,
2021
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
June
2022
Futures
..............
10
06/13/22
USD
99.25
USD
2,500
$
1,563
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
1.60%
Semi-Annual
1
day
SOFR
Annual
Barclays
Bank
plc
05/16/22
1.60
%
USD
1,000
$
7,756
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
10
Year
Note
......................
6
01/21/22
USD
131.00
USD
600
$
(2,064)
Put
90-day
Eurodollar
June
2022
Futures
...............
6
06/10/22
USD
98.00
USD
1,500
(825)
$
(2,889)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
02/28/22
1.75
%
USD
500
$
(9,972)
10-Year
Interest
Rate
Swap
(a)
1.75%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
03/02/22
1.75
USD
200
(4,049)
10-Year
Interest
Rate
Swap
(a)
1.84%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
04/20/22
1.84
USD
1,000
(28,237)
10-Year
Interest
Rate
Swap
(a)
1.99%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
10/28/22
1.99
USD
1,000
(41,769)
(84,027)
Put
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Bank
of
America
NA
02/28/22
1.75
USD
500
(3,182)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.75%
Semi-Annual
Deutsche
Bank
AG
03/02/22
1.75
USD
200
(1,303)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.84%
Semi-Annual
Barclays
Bank
plc
04/20/22
1.84
USD
1,000
(8,805)
2-Year
Interest
Rate
Swap
(a)
.
3
month
LIBOR
Quarterly
0.95%
Semi-Annual
Deutsche
Bank
AG
04/28/22
0.95
USD
2,200
(12,663)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
1.40%
Semi-Annual
Barclays
Bank
plc
05/16/22
1.40
USD
5,500
(3,748)
10-Year
Interest
Rate
Swap
(a)
3
month
LIBOR
Quarterly
1.99%
Semi-Annual
Deutsche
Bank
AG
10/28/22
1.99
USD
1,000
(15,634)
(45,335)
$
(129,362)
(a)
Forward
settling
swaption.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
132
Schedule
of
Investments
(continued)
December
31,
2021
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.71%
Semi-Annual
3
month
LIBOR
Quarterly
11/03/23
USD
1,170
$
2,402
$
—
$
2,402
0.51%
Semi-Annual
3
month
LIBOR
Quarterly
04/07/24
USD
64
666
—
666
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
10/01/29
USD
400
(4,247)
—
(4,247)
$
(1,179)
$
—
$
(1,179)
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
month
USCPI
At
Termination
2.47%
At
Termination
04/26/31
USD
225
$
(15,680)
$
—
$
(15,680)
1
month
USCPI
At
Termination
2.54%
At
Termination
06/18/31
USD
241
$
(13,514)
—
$
(13,514)
1
month
USCPI
At
Termination
2.89%
At
Termination
10/29/31
USD
102
$
394
—
$
394
1
month
USCPI
At
Termination
2.88%
At
Termination
11/01/31
USD
102
$
275
—
$
275
1
month
USCPI
At
Termination
2.76%
At
Termination
11/05/31
USD
107
$
(1,091)
—
$
(1,091)
1
month
USCPI
At
Termination
2.77%
At
Termination
11/05/31
USD
107
$
(1,060)
—
$
(1,060)
1
month
USCPI
At
Termination
2.80%
At
Termination
11/08/31
USD
45
$
(278)
—
$
(278)
1
month
USCPI
At
Termination
2.82%
At
Termination
11/10/31
USD
62
$
(210)
—
$
(210)
1
month
USCPI
At
Termination
2.89%
At
Termination
11/15/31
USD
54
$
246
—
$
246
1
month
USCPI
At
Termination
2.93%
At
Termination
11/15/31
USD
54
$
444
—
$
444
$
(30,474)
$
—
$
(30,474)
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)
5.64%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
11/22/23
COP
52,884
$
(23)
$
—
$
(23)
5.69%
Quarterly
1
day
IBR
Quarterly
JPMorgan
Chase
Bank
NA
11/23/23
COP
26,507
(17)
—
(17)
5.76%
Quarterly
1
day
IBR
Quarterly
JPMorgan
Chase
Bank
NA
11/24/23
COP
25,860
(25)
—
(25)
5.80%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
11/29/23
COP
53,143
(54)
—
(54)
5.65%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
12/09/23
COP
26,443
—
—
–
5.62%
Quarterly
1
day
IBR
Quarterly
Goldman
Sachs
International
12/13/23
COP
26,185
5
—
5
1
day
IBR
Quarterly
6.29%
Quarterly
Goldman
Sachs
International
11/22/26
COP
23,274
52
—
52
1
day
IBR
Quarterly
6.36%
Quarterly
JPMorgan
Chase
Bank
NA
11/23/26
COP
11,637
34
—
34
1
day
IBR
Quarterly
6.41%
Quarterly
JPMorgan
Chase
Bank
NA
11/24/26
COP
11,443
40
—
40
1
day
IBR
Quarterly
6.46%
Quarterly
Goldman
Sachs
International
11/29/26
COP
23,347
92
—
92
1
day
IBR
Quarterly
6.24%
Quarterly
Goldman
Sachs
International
12/09/26
COP
11,609
15
—
15
1
day
IBR
Quarterly
6.18%
Quarterly
Goldman
Sachs
International
12/13/26
COP
11,480
6
—
6
$
125
$
—
$
125
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
133
Schedule
of
Investments
(continued)
December
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
IBR
...........................................
Colombian
Reference
Banking
Indicator
2.91
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
0.05
1
month
USCPI
.......................................
U.S.
Consumer
Price
Index
7.00
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.21
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)
...........................................
$
—
$
—
$
4,427
$
(36,080)
$
—
OTC
Swaps
.....................................................
—
—
244
(119)
—
Options
Written
...................................................
N/A
N/A
51,755
(10,647)
(132,251)
(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)
.....
$
—
$
—
$
—
$
—
$
13,569
$
—
$
13,569
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
6,315
—
—
6,315
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
330
9,319
—
9,649
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
3,068
1,359
4,427
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
—
—
244
—
244
$
—
$
—
$
—
$
6,645
$
26,200
$
1,359
$
34,204
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
26,142
—
26,142
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,585
—
—
2,585
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
132,251
—
132,251
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
4,247
31,833
36,080
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
119
—
119
$
—
$
—
$
—
$
2,585
$
162,759
$
31,833
$
197,177
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
134
Schedule
of
Investments
(continued)
December
31,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
December
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
121,301
$
—
$
121,301
Forward
foreign
currency
exchange
contracts
....
—
—
—
(77,691)
—
—
(77,691)
Options
purchased
(a)
....................
—
—
—
(9,675)
133,473
—
123,798
Options
written
........................
—
—
—
6,565
60,790
—
67,355
Swaps
..............................
—
—
—
—
(86,058)
(47,452)
(133,510)
$
—
$
—
$
—
$
(80,801)
$
229,506
$
(47,452)
$
101,253
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
—
—
(32,061)
—
(32,061)
Forward
foreign
currency
exchange
contracts
....
—
—
—
20,361
—
—
20,361
Options
purchased
(b)
....................
—
—
—
(2,059)
(6,441)
—
(8,500)
Options
written
........................
—
—
—
—
41,108
—
41,108
Swaps
..............................
—
—
—
—
50,146
(27,162)
22,984
$
—
$
—
$
—
$
18,302
$
52,752
$
(27,162)
$
43,892
(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
..................................................................................
$
14,072,916
Average
notional
value
of
contracts
—
short
.................................................................................
5,339,345
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
1,187,090
Average
amounts
sold
—
in
USD
........................................................................................
283,171
Options
Average
value
of
option
contracts
purchased
................................................................................
130,911
Average
value
of
option
contracts
written
...................................................................................
67,566
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
1,272,750
Average
notional
value
of
swaption
contracts
written
...........................................................................
7,984,253
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
1,620,518
Average
notional
value
—
receives
fixed
rate
................................................................................
580,324
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
860,409
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
8,408
$
8,136
Forward
foreign
currency
exchange
contracts
.................................................................
6,315
2,585
Options
(a)(b)
........................................................................................
9,649
132,251
Swaps
—
Centrally
cleared
.............................................................................
3,519
—
Swaps
—
OTC
(c)
....................................................................................
244
119
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
28,135
$
143,091
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(13,490)
(11,025)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
14,645
$
132,066
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
135
Schedule
of
Investments
(continued)
December
31,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
37
$
(37)
$
—
$
—
$
—
Barclays
Bank
plc
................................
7,898
(7,898)
—
—
—
Citibank
NA
....................................
350
(8)
—
—
342
Deutsche
Bank
AG
...............................
1,507
(1,507)
—
—
—
Goldman
Sachs
International
........................
240
(240)
—
—
—
HSBC
Bank
plc
..................................
3,522
—
—
—
3,522
JPMorgan
Chase
Bank
NA
..........................
112
(42)
—
—
70
Morgan
Stanley
&
Co.
International
plc
..................
907
(258)
—
—
649
Natwest
Markets
plc
..............................
72
—
—
—
72
$
14,645
$
(9,990)
$
—
$
—
$
4,655
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(d)
Bank
of
America
NA
..............................
$
13,154
$
(37)
$
—
$
—
$
13,117
Barclays
Bank
plc
................................
40,790
(7,898)
—
—
32,892
Citibank
NA
....................................
8
(8)
—
—
—
Deutsche
Bank
AG
...............................
75,418
(1,507)
—
—
73,911
Goldman
Sachs
International
........................
478
(240)
—
—
238
JPMorgan
Chase
Bank
NA
..........................
42
(42)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
258
(258)
—
—
—
Standard
Chartered
Bank
...........................
293
—
—
—
293
State
Street
Bank
and
Trust
Co.
......................
83
—
—
—
83
UBS
AG
......................................
1,542
—
—
—
1,542
$
132,066
$
(9,990)
$
—
$
—
$
122,076
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
136
Schedule
of
Investments
(continued)
December
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
895,808
$
—
$
895,808
Foreign
Government
Obligations
..............................
—
8,772
—
8,772
Non-Agency
Mortgage-Backed
Securities
........................
—
4,134,443
—
4,134,443
U.S.
Government
Sponsored
Agency
Securities
....................
—
26,442,366
4
26,442,370
U.S.
Treasury
Obligations
...................................
—
18,989,690
—
18,989,690
Short-Term
Securities
Money
Market
Funds
......................................
9,926,837
—
—
9,926,837
U.S.
Government
Sponsored
Agency
Securities
....................
—
4,296,261
—
4,296,261
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
330
—
330
Interest
rate
contracts
......................................
1,563
7,756
—
9,319
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(4,972,492)
—
(4,972,492)
$
9,928,400
$
49,802,934
$
4
$
59,731,338
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
6,315
$
—
$
6,315
Interest
rate
contracts
.......................................
13,569
3,312
—
16,881
Other
contracts
...........................................
—
1,359
—
1,359
Liabilities
Foreign
currency
exchange
contracts
............................
—
(2,585)
—
(2,585)
Interest
rate
contracts
.......................................
(29,031)
(133,728)
—
(162,759)
Other
contracts
...........................................
—
(31,833)
—
(31,833)
$
(15,462)
$
(157,160)
$
—
$
(172,622)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Statements
of
Assets
and
Liabilities

December
31,
2021
137
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................
$
230,469,668‌
$
529,763,035‌
$
275,876,513‌
$
182,005,336‌
Investments,
at
value
—
affiliated
(d)
...........................................
4,438,979‌
86,532,633‌
4,192,365‌
14,931,341‌
Cash  
...............................................................
—‌
25,913‌
876‌
545,852‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
....................................
—‌
520,000‌
—‌
60,000‌
Futures
contracts
......................................................
117,000‌
1,629,000‌
—‌
1,270,000‌
Centrally
cleared
swaps
..................................................
—‌
250,182‌
—‌
1,185,000‌
Foreign
currency,
at
value
(e)
................................................
—‌
1,135,175‌
—‌
4,980‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
—‌
36,767,519‌
—‌
281,901‌
Securities
lending
income
—
affiliated
........................................
851‌
1,513‌
556‌
1,295‌
Swaps  
............................................................
—‌
—‌
—‌
61,813‌
TBA
sale
commitments
..................................................
—‌
14,884,358‌
—‌
—‌
Dividends
—
affiliated
...................................................
9‌
74,892‌
5‌
583‌
Dividends
—
unaffiliated
.................................................
116,922‌
176,100‌
14,561‌
59,836‌
Interest
—
unaffiliated
...................................................
—‌
935,333‌
—‌
245,990‌
Variation
margin
on
futures
contracts
.........................................
—‌
117,468‌
—‌
95,248‌
Swap
premiums
paid
.....................................................
—‌
48,585‌
—‌
5,689‌
Unrealized
appreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
101,626‌
—‌
210,172‌
OTC
swaps
..........................................................
—‌
27,834‌
—‌
4,190‌
Unfunded
floating
rate
loan
interests
.........................................
—‌
—‌
—‌
460‌
Unfunded
SPAC
PIPE
commitments
.........................................
—‌
—‌
—‌
6,464‌
Prepaid
expenses
.......................................................
2,262‌
3,808‌
1,596‌
1,432‌
Total
assets
...........................................................
235,145,691‌
672,994,974‌
280,086,472‌
200,977,582‌
LIABILITIES
Investments
sold
short,
at
value
(f)
.............................................
—‌
—‌
—‌
237,318‌
Bank
overdraft
..........................................................
1,743‌
—‌
—‌
—‌
Borrowed
bonds,
at
value
(g)
.................................................
—‌
4,971,665‌
—‌
—‌
Collateral
on
securities
loaned
...............................................
2,243,878‌
8,987,700‌
3,737,740‌
3,724,648‌
Options
written,
at
value
(h)
..................................................
—‌
51,214‌
—‌
381,941‌
TBA
sale
commitments,
at
value
(i)
............................................
—‌
14,880,380‌
—‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
—‌
91,124,404‌
—‌
3,401,234‌
Accounting
services
fees
.................................................
13,792‌
34,765‌
14,382‌
57,813‌
Capital
shares
redeemed
.................................................
9,425‌
8,774‌
9,270‌
3,430‌
Custodian
fees
........................................................
10,479‌
30,107‌
4,663‌
67,805‌
Deferred
foreign
capital
gain
tax
............................................
—‌
—‌
—‌
5,926‌
Interest
expense
......................................................
—‌
10,680‌
—‌
—‌
Investment
advisory
fees
.................................................
70,120‌
166,676‌
83,948‌
42,846‌
Directors'
and
Officer's
fees
...............................................
1,728‌
2,032‌
1,811‌
1,788‌
Other
affiliate
fees
.....................................................
262‌
857‌
93‌
256‌
Professional
fees
......................................................
27,399‌
43,577‌
31,691‌
50,866‌
Transfer
agent
fees
....................................................
90,309‌
236,459‌
113,094‌
84,307‌
Other
accrued
expenses
.................................................
8,556‌
22,396‌
8,367‌
10,908‌
Variation
margin
on
futures
contracts
.........................................
6,873‌
200,416‌
—‌
62,986‌
Variation
margin
on
centrally
cleared
swaps
....................................
—‌
26,370‌
—‌
16,560‌
Swap
premiums
received
..................................................
—‌
9,598‌
—‌
97‌
Unrealized
depreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
73,177‌
—‌
278,797‌
OTC
swaps
..........................................................
—‌
30,244‌
—‌
48,357‌
Unfunded
floating
rate
loan
interests
.........................................
—‌
3‌
—‌
5‌
Total
liabilities
..........................................................
2,484,564‌
120,911,494‌
4,005,059‌
8,477,888‌
NET
ASSETS
..........................................................
$
232,661,127‌
$
552,083,480‌
$
276,081,413‌
$
192,499,694‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
138
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................
$
183,624,318‌
$
486,761,155‌
$
147,297,980‌
$
165,223,007‌
Accumulated
earnings
....................................................
49,036,809‌
65,322,325‌
128,783,433‌
27,276,687‌
NET
ASSETS
..........................................................
$
232,661,127‌
$
552,083,480‌
$
276,081,413‌
$
192,499,694‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................
$
186,736,246‌
$
468,541,672‌
$
154,166,210‌
$
152,986,334‌
(c)
  Securities
loaned,
at
value
................................................
$
2,168,160‌
$
8,791,826‌
$
3,640,633‌
$
3,599,991‌
(d)
  Investments,
at
cost
—
affiliated
............................................
$
4,438,979‌
$
86,647,017‌
$
4,192,365‌
$
14,960,119‌
(e)
  Foreign
currency,
at
cost
.................................................
$
—‌
$
1,094,754‌
$
—‌
$
4,461‌
(f)
  Proceeds
received
from
investments
sold
short,
at
value
—
unaffiliated
..................
$
—‌
$
—‌
$
—‌
$
196,056‌
(g)
  Proceeds
received
from
borrowed
bonds
......................................
$
—‌
$
5,230,888‌
$
—‌
$
—‌
(h)
  Premiums
received
....................................................
$
—‌
$
36,085‌
$
—‌
$
591,214‌
(i)
  Proceeds
from
TBA
sale
commitments
........................................
$
—‌
$
14,884,358‌
$
—‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2021
139
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
NET
ASSET
VALUE
Net
assets
.....................................................
$
232,661,127
$
552,083,480
$
276,081,413
$
192,499,694
Shares
outstanding
..............................................
8,540,327
33,120,926
4,827,074
11,425,673
Net
asset
value
.................................................
$
27.24
$
16.67
$
57.19
$
16.85
Shares
authorized
...............................................
100
million
300
million
100
million
100
million
Par
value
.....................................................
$
0.10
$
0.10
$
0.10
$
0.10
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
140
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
66,368,769‌
$
23,735,136‌
$
54,776,993‌
Investments,
at
value
—
affiliated
(b)
...........................................................
—‌
352,402‌
9,926,837‌
Cash  
...............................................................................
3,938,570‌
12,466‌
3,199‌
Cash
pledged:
Futures
contracts
......................................................................
—‌
—‌
64,000‌
Centrally
cleared
swaps
..................................................................
—‌
34,000‌
77,000‌
Foreign
currency,
at
value
(c)
................................................................
—‌
454,267‌
207,769‌
Repurchase
agreements,
at
value
—
unaffiliated
(d)
.................................................
37,000,000‌
—‌
—‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
—‌
73,553‌
8,294,387‌
TBA
sale
commitments
..................................................................
—‌
—‌
4,975,786‌
Capital
shares
sold
.....................................................................
—‌
41,152‌
91‌
Dividends
—
affiliated
...................................................................
—‌
2‌
45‌
Dividends
—
unaffiliated
.................................................................
—‌
2,414‌
—‌
Interest
—
unaffiliated
...................................................................
9,858‌
329,312‌
206,442‌
From
the
Manager
.....................................................................
—‌
8,280‌
—‌
Variation
margin
on
futures
contracts
.........................................................
—‌
—‌
8,408‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
632‌
3,519‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
—‌
6,315‌
OTC
swaps
..........................................................................
—‌
499‌
244‌
Unfunded
floating
rate
loan
interests
.........................................................
—‌
192‌
—‌
Prepaid
expenses
.......................................................................
5,878‌
457‌
832‌
Other
assets
...........................................................................
—‌
352‌
—‌
Total
assets
...........................................................................
107,323,075‌
25,045,116‌
78,551,867‌
LIABILITIES
Options
written,
at
value
(e)
..................................................................
—‌
—‌
132,251‌
TBA
sale
commitments,
at
value
(f)
............................................................
—‌
—‌
4,972,492‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
3,403,124‌
10,918‌
25,607,941‌
Accounting
services
fees
.................................................................
9,207‌
29,207‌
16,795‌
Capital
shares
redeemed
.................................................................
2,765‌
115‌
42,891‌
Custodian
fees
........................................................................
3,341‌
6,080‌
8,640‌
Income
dividend
distributions
..............................................................
—‌
96,628‌
31,684‌
Investment
advisory
fees
.................................................................
—‌
—‌
12,282‌
Directors'
and
Officer's
fees
...............................................................
1,722‌
2,249‌
872‌
Other
affiliate
fees
.....................................................................
312‌
65‌
156‌
Professional
fees
......................................................................
30,661‌
29,619‌
42,388‌
Registration
fees
......................................................................
2,933‌
—‌
229‌
Transfer
agent
fees
....................................................................
78,070‌
12,294‌
22,984‌
Other
accrued
expenses
.................................................................
5,152‌
5,684‌
5,293‌
Variation
margin
on
futures
contracts
.........................................................
—‌
—‌
8,136‌
Swap
premiums
received
..................................................................
—‌
794‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
—‌
2,585‌
OTC
swaps
..........................................................................
—‌
—‌
119‌
Total
liabilities
..........................................................................
3,537,287‌
193,653‌
30,907,738‌
NET
ASSETS
..........................................................................
$
103,785,788‌
$
24,851,463‌
$
47,644,129‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2021
141
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................................
$
103,785,242‌
$
25,531,224‌
$
48,022,162‌
Accumulated
earnings
(loss)
................................................................
546‌
(679,761‌)
(378,033‌)
NET
ASSETS
..........................................................................
$
103,785,788‌
$
24,851,463‌
$
47,644,129‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
66,368,769‌
$
22,963,768‌
$
53,858,730‌
(b)
  Investments,
at
cost
—
affiliated
............................................................
$
—‌
$
352,402‌
$
9,926,837‌
(c)
  Foreign
currency,
at
cost
.................................................................
$
—‌
$
450,403‌
$
203,489‌
(d)
  Repurchase
agreements,
at
cost
...........................................................
$
37,000,000‌
$
—‌
$
—‌
(e)
  Premiums
received
....................................................................
$
—‌
$
—‌
$
173,359‌
(f)
  Proceeds
from
TBA
sale
commitments
........................................................
$
—‌
$
—‌
$
4,975,786‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
142
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSET
VALUE
Net
assets
......................................................................
$
103,785,788
$
24,851,463
$
47,644,129
Shares
outstanding
...............................................................
103,785,248
4,446,451
4,244,982
Net
asset
value
..................................................................
$
1.00
$
5.59
$
11.22
Shares
authorized
................................................................
2
billion
100
million
100
million
Par
value
......................................................................
$
0.10
$
0.10
$
0.10
Statements
of
Operations

Year
Ended
December
31,
2021
143
Financial
Statements
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
511‌
$
617,363‌
$
108‌
$
162,167‌
Dividends
—
unaffiliated
.................................................
2,826,411‌
4,238,649‌
1,177,282‌
2,421,056‌
Interest
—
unaffiliated
...................................................
—‌
3,522,671‌
—‌
1,394,796‌
Securities
lending
income
—
affiliated
—
net
...................................
28,693‌
44,162‌
19,776‌
32,150‌
Foreign
taxes
withheld
..................................................
(286‌)
(3,360‌)
(12,098‌)
(153,296‌)
Total
investment
income
...................................................
2,855,329‌
8,419,485‌
1,185,068‌
3,856,873‌
EXPENSES
Investment
advisory
....................................................
781,862‌
1,943,733‌
959,217‌
729,765‌
Transfer
agent
........................................................
297,584‌
765,421‌
374,254‌
303,760‌
Accounting
services
....................................................
50,284‌
143,280‌
59,233‌
208,135‌
Professional
.........................................................
46,643‌
77,102‌
61,809‌
116,180‌
Custodian
...........................................................
30,205‌
100,270‌
14,169‌
332,078‌
Directors
and
Officer
...................................................
8,391‌
9,187‌
8,576‌
8,433‌
Miscellaneous
........................................................
15,850‌
69,545‌
28,144‌
37,116‌
Total
expenses
excluding
dividend
expense
and
interest
expense
.......................
1,230,819‌
3,108,538‌
1,505,402‌
1,735,467‌
Dividend
expense
—
unaffiliated
.............................................
—‌
—‌
—‌
13,555‌
Interest
expense
........................................................
—‌
81,788‌
—‌
—‌
Total
expenses
.........................................................
1,230,819‌
3,190,326‌
1,505,402‌
1,749,022‌
Less:
–‌
–‌
–‌
–‌
Transfer
agent
fees
reimbursed
............................................
(206,060‌)
(545,509‌)
(263,039‌)
(298,633‌)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(1,338‌)
(13,470‌)
(287‌)
(289,039‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
1,023,421‌
2,631,347‌
1,242,076‌
1,161,350‌
Net
investment
income
(loss)
................................................
1,831,908‌
5,788,138‌
(57,008‌)
2,695,523‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
51,863,592‌
$
76,811,442‌
$
50,694,547‌
$
10,571,876‌
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
(2,266‌)
$
63,481‌
$
(2,912‌)
$
394,782‌
Investments
—
unaffiliated
(b)
............................................
42,191,774‌
70,695,313‌
45,163,185‌
26,611,477‌
Borrowed
bonds
....................................................
—‌
763‌
—‌
—‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
—‌
33,075‌
—‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
(305,876‌)
—‌
(1,245,051‌)
Foreign
currency
transactions
...........................................
—‌
84,345‌
(387‌)
(54,855‌)
Futures
contracts
....................................................
1,102,352‌
5,664,312‌
—‌
(7,227,257‌)
Options
written
.....................................................
—‌
383,936‌
—‌
2,135,555‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
—‌
69,184‌
Swaps  
..........................................................
—‌
(522,562‌)
—‌
62,075‌
43,291,860‌
76,096,787‌
45,159,886‌
20,745,910‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
—‌
(212,301‌)
—‌
(442,808‌)
Investments
—
unaffiliated
(c)
............................................
8,682,887‌
977,035‌
5,534,912‌
(10,501,121‌)
Borrowed
bonds
....................................................
—‌
142,300‌
—‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
116,332‌
—‌
(351,705‌)
Foreign
currency
translations
............................................
—‌
(9,854‌)
(251‌)
43,775‌
Futures
contracts
....................................................
(111,155‌)
(234,242‌)
—‌
242,024‌
Options
written
.....................................................
—‌
(14,485‌)
—‌
164,263‌
Short
sales
—
unaffiliated
..............................................
—‌
(2‌)
—‌
(82,477‌)
Swaps  
..........................................................
—‌
(50,125‌)
—‌
747,096‌
Unfunded
floating
rate
loan
interests
.......................................
—‌
(3‌)
—‌
455‌
Unfunded
SPAC
PIPE
commitments
.......................................
—‌
—‌
—‌
6,464‌
8,571,732‌
714,655‌
5,534,661‌
(10,174,034‌)
Net
realized
and
unrealized
gain
.............................................
51,863,592‌
76,811,442‌
50,694,547‌
10,571,876‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
53,695,500‌
$
82,599,580‌
$
50,637,539‌
$
13,267,399‌
(a)
  Consolidated
Statement
of
Operations.
(b)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................
$
—‌
$
(2,468‌)
$
—‌
$
(42,211‌)
(c)
Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
..............................
$
—‌
$
—‌
$
—‌
$
23,873‌
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
December
31,
2021
2021
BlackRock
Annual
Report
to
Shareholders
144
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
affiliated
...................................................................
$
—‌
$
51‌
$
290‌
Dividends
—
unaffiliated
.................................................................
—‌
19,871‌
—‌
Interest
—
unaffiliated
...................................................................
83,060‌
1,445,203‌
632,826‌
Other
income
—
unaffiliated
..............................................................
6,307‌
—‌
—‌
Foreign
taxes
withheld
..................................................................
—‌
—‌
(117‌)
Total
investment
income
...................................................................
89,367‌
1,465,125‌
632,999‌
EXPENSES
Investment
advisory
....................................................................
391,292‌
99,638‌
179,348‌
Professional
.........................................................................
57,311‌
66,609‌
66,033‌
Accounting
services
....................................................................
37,086‌
153,693‌
65,121‌
Transfer
agent
........................................................................
16,568‌
41,745‌
75,296‌
Custodian
...........................................................................
10,880‌
17,762‌
19,562‌
Directors
and
Officer
...................................................................
8,206‌
—‌
—‌
Miscellaneous
........................................................................
21,912‌
22,740‌
11,871‌
Total
expenses
excluding
interest
expense
.......................................................
543,255‌
402,187‌
417,231‌
Interest
expense
........................................................................
—‌
—‌
664‌
Total
expenses
.........................................................................
543,255‌
402,187‌
417,895‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(442,329‌)
(227,976‌)
(102,909‌)
Transfer
agent
fees
reimbursed
............................................................
(11,568‌)
(36,745‌)
(68,850‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
89,358‌
137,466‌
246,136‌
Net
investment
income
....................................................................
9‌
1,327,659‌
386,863‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,926‌
$
231,203‌
$
(1,074,562‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
1,926‌
$
883,759‌
$
87,808‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(25,656‌)
(77,691‌)
Foreign
currency
transactions
...........................................................
—‌
(10,106‌)
4,604‌
Futures
contracts
....................................................................
—‌
(1,141‌)
121,301‌
Options
written
.....................................................................
—‌
—‌
67,355‌
Swaps  
..........................................................................
—‌
(567‌)
(133,510‌)
1,926‌
846,289‌
69,867‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
—‌
(619,355‌)
(1,194,373‌)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(2,564‌)
20,361‌
Foreign
currency
translations
............................................................
—‌
3,814‌
(2,448‌)
Futures
contracts
....................................................................
—‌
—‌
(32,061‌)
Options
written
.....................................................................
—‌
—‌
41,108‌
Swaps  
..........................................................................
—‌
2,827‌
22,984‌
Unfunded
floating
rate
loan
interests
.......................................................
—‌
192‌
—‌
—‌
(615,086‌)
(1,144,429‌)
Net
realized
and
unrealized
gain
(loss)
.........................................................
1,926‌
231,203‌
(1,074,562‌)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........................
$
1,935‌
$
1,558,862‌
$
(687,699‌)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

145
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Balanced
Capital
Portfolio
Year
Ended
December
31,
Year
Ended
December
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,831,908‌
$
2,117,613‌
$
5,788,138‌
$
7,492,780‌
Net
realized
gain
........................................................
43,291,860‌
17,311,044‌
76,096,787‌
40,696,582‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
8,571,732‌
13,781,837‌
714,655‌
23,384,561‌
Net
increase
in
net
assets
resulting
from
operations
...................................
53,695,500‌
33,210,494‌
82,599,580‌
71,573,923‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(43,635,511‌)
(17,311,283‌)
(83,358,664‌)
(44,587,034‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
26,435,080‌
(8,640,098‌)
29,071,679‌
(3,838,260‌)
NET
ASSETS
Total
increase
in
net
assets
...................................................
36,495,069‌
7,259,113‌
28,312,595‌
23,148,629‌
Beginning
of
year
..........................................................
196,166,058‌
188,906,945‌
523,770,885‌
500,622,256‌
End
of
year
..............................................................
$
232,661,127‌
$
196,166,058‌
$
552,083,480‌
$
523,770,885‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
146
See
notes
to
financial
statements.
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
Year
Ended
December
31,
Year
Ended
December
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
(57,008‌)
$
(12,799‌)
$
2,695,523‌
$
1,944,372‌
Net
realized
gain
........................................................
45,159,886‌
22,973,719‌
20,745,910‌
10,080,358‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
5,534,661‌
51,261,389‌
(10,174,034‌)
23,254,464‌
Net
increase
in
net
assets
resulting
from
operations
...................................
50,637,539‌
74,222,309‌
13,267,399‌
35,279,194‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(44,528,696‌)
(18,235,911‌)
(23,965,189‌)
(14,667,909‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
22,732,717‌
(4,684,476‌)
2,656,095‌
(5,652,210‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
28,841,560‌
51,301,922‌
(8,041,695‌)
14,959,075‌
Beginning
of
year
..........................................................
247,239,853‌
195,937,931‌
200,541,389‌
185,582,314‌
End
of
year
..............................................................
$
276,081,413‌
$
247,239,853‌
$
192,499,694‌
$
200,541,389‌
(a)
Consolidated
Statements
of
Changes
in
Net
Assets.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
147
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
BlackRock
High
Yield
Portfolio
Year
Ended
December
31,
Year
Ended
December
31,
2021
2020
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
9‌
$
303,547‌
$
1,327,659‌
$
1,525,226‌
Net
realized
gain
........................................................
1,926‌
1,978‌
846,289‌
79,442‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
—‌
—‌
(615,086‌)
448,858‌
Net
increase
in
net
assets
resulting
from
operations
...................................
1,935‌
305,525‌
1,558,862‌
2,053,526‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income
and
net
realized
gain:
.................................
(6,685‌)
(303,547‌)
(1,327,555‌)
(1,531,302‌)
Return
of
capital:
........................................................
—‌
—‌
(12,493‌)
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(6,685‌)
(303,547‌)
(1,340,048‌)
(1,531,302‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.........................
(5,124,383‌)
(3,541,319‌)
(4,286,279‌)
(2,276,026‌)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(5,129,133‌)
(3,539,341‌)
(4,067,465‌)
(1,753,802‌)
Beginning
of
year
..........................................................
108,914,921‌
112,454,262‌
28,918,928‌
30,672,730‌
End
of
year
..............................................................
$
103,785,788‌
$
108,914,921‌
$
24,851,463‌
$
28,918,928‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
148
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Year
Ended
December
31,
2021
2020
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
386,863‌
$
952,875‌
Net
realized
gain
......................................................................................
69,867‌
1,715,179‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(1,144,429‌)
884,224‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(687,699‌)
3,552,278‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(591,044‌)
(1,114,751‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(4,852,345‌)
(2,995,397‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(6,131,088‌)
(557,870‌)
Beginning
of
year
........................................................................................
53,775,217‌
54,333,087‌
End
of
year
............................................................................................
$
47,644,129‌
$
53,775,217‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
149
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
26.14‌
$
23.90‌
$
19.76‌
$
24.31‌
$
27.15‌
Net
investment
income
(loss)
(a)
................................
0.25‌
0.28‌
0.35‌
0.38‌
(b)
0.40‌
Net
realized
and
unrealized
gain
(loss)
..........................
6.98‌
4.43‌
5.38‌
(1.62‌)
5.58‌
Net
increase
(decrease)
from
investment
operations
...................
7.23‌
4.71‌
5.73‌
(1.24‌)
5.98‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.25‌)
(0.34‌)
(0.34‌)
(0.39‌)
(0.41‌)
From
net
realized
gain
......................................
(5.88‌)
(2.13‌)
(1.25‌)
(2.92‌)
(8.41‌)
Total
distributions
..........................................
(6.13‌)
(2.47‌)
(1.59‌)
(3.31‌)
(8.82‌)
Net
asset
value,
end
of
year
..................................
$
27.24‌
$
26.14‌
$
23.90‌
$
19.76‌
$
24.31‌
Total
Return
(d)
28.43%
19.99%
29.09%
(5.11)%
—
Based
on
net
asset
value
.....................................
28.43%
19.99%
29.09%
(5.11)%
22.24%
Ratios
to
A
verage
Net
Assets
(e)
Total
expenses
............................................
0.57%
0.59%
0.60%
0.63%
0.63%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.47%
0.49%
0.50%
0.50%
0.50%
Net
investment
income
......................................
0.85%
1.18%
1.52%
1.51%
(b)
1.35%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
232,661‌
$
196,166‌
$
188,907‌
$
161,413‌
$
187,538‌
Portfolio
turnover
rate
.......................................
116%
124%
131%
151%
154%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.01
per
share
and
0.06%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
150
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Balanced
Capital
Portfolio
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
16.79‌
$
15.86‌
$
13.97‌
$
15.81‌
$
16.87‌
Net
investment
income
(loss)
(a)
................................
0.19‌
0.25‌
0.33‌
0.32‌
0.31‌
Net
realized
and
unrealized
gain
(loss)
..........................
2.59‌
2.23‌
2.75‌
(0.73‌)
2.14‌
Net
increase
(decrease)
from
investment
operations
...................
2.78‌
2.48‌
3.08‌
(0.41‌)
2.45‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.19‌)
(0.29‌)
(0.33‌)
(0.31‌)
(0.34‌)
From
net
realized
gain
......................................
(2.71‌)
(1.26‌)
(0.86‌)
(1.12‌)
(3.17‌)
Total
distributions
..........................................
(2.90‌)
(1.55‌)
(1.19‌)
(1.43‌)
(3.51‌)
Net
asset
value,
end
of
year
..................................
$
16.67‌
$
16.79‌
$
15.86‌
$
13.97‌
$
15.81‌
Total
Return
(c)
16.65%
15.75%
22.06%
(2.66)%
—
Based
on
net
asset
value
.....................................
16.65%
15.75%
22.06%
(2.66)%
14.59%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
............................................
0.59%
0.61%
0.63%
0.64%
0.66%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.49%
0.50%
0.52%
0.52%
0.53%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
...............................................
0.48%
0.48%
0.49%
0.49%
0.49%
Net
investment
income
......................................
1.08%
1.56%
2.08%
1.98%
1.75%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
552,083‌
$
523,771‌
$
500,622‌
$
453,030‌
$
511,193‌
Portfolio
turnover
rate
(e)
......................................
343%
345%
320%
280%
332%
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
218
%
238%
228%
211%
248%
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
151
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Capital
Appreciation
Portfolio
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
56.30‌
$
43.39‌
$
36.63‌
$
40.56‌
$
33.61‌
Net
investment
income
(loss)
(a)
................................
(0.01‌)
(0.00‌)
(b)
0.06‌
0.15‌
(c)
0.12‌
(d)
Net
realized
and
unrealized
gain
(loss)
..........................
11.61‌
17.32‌
11.86‌
0.83‌
11.11‌
Net
increase
from
investment
operations
...........................
11.60‌
17.32‌
11.92‌
0.98‌
11.23‌
Distributions
(e)
–
–
–
–
–
From
net
investment
income
.................................
(0.02‌)
(0.01‌)
(0.05‌)
(0.14‌)
(0.12‌)
From
net
realized
gain
......................................
(10.69‌)
(4.40‌)
(5.11‌)
(4.77‌)
(4.16‌)
Total
distributions
..........................................
(10.71‌)
(4.41‌)
(5.16‌)
(4.91‌)
(4.28‌)
Net
asset
value,
end
of
year
..................................
$
57.19‌
$
56.30‌
$
43.39‌
$
36.63‌
$
40.56‌
Total
Return
(f)
21.22%
40.16%
32.79%
2.42%
—
Based
on
net
asset
value
.....................................
21.22%
40.16%
32.79%
2.42%
33.62%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
............................................
0.57%
0.59%
0.58%
0.59%
0.60%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.47%
0.49%
0.48%
0.49%
0.51%
Net
investment
income
(loss)
..................................
(0.02)%
(0.01)%
0.13%
0.33%
(c)
0.29%
(d)
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
276,081‌
$
247,240‌
$
195,938‌
$
162,866‌
$
170,830‌
Portfolio
turnover
rate
.......................................
41%
38%
42%
45%
48%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.10
per
share
and
0.22%,
respectively,
resulting
from
a
non-recurring
dividend.
(d)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.04
per
share
and
0.09%,
respectively,
resulting
from
a
non-recurring
dividend.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
152
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Global
Allocation
Portfolio
(a)
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
17.96‌
$
16.03‌
$
14.20‌
$
16.42‌
$
14.60‌
Net
investment
income
(loss)
(b)
................................
0.25‌
0.18‌
0.27‌
0.27‌
0.25‌
Net
realized
and
unrealized
gain
(loss)
..........................
0.97‌
3.15‌
2.28‌
(1.44‌)
1.80‌
Net
increase
(decrease)
from
investment
operations
...................
1.22‌
3.33‌
2.55‌
(1.17‌)
2.05‌
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(0.22‌)
(0.26‌)
(0.24‌)
(0.24‌)
(0.23‌)
From
net
realized
gain
......................................
(2.11‌)
(1.14‌)
(0.48‌)
(0.81‌)
—‌
Total
distributions
..........................................
(2.33‌)
(1.40‌)
(0.72‌)
(1.05‌)
(0.23‌)
Net
asset
value,
end
of
year
..................................
$
16.85‌
$
17.96‌
$
16.03‌
$
14.20‌
$
16.42‌
Total
Return
(d)
6.79%
20.95%
18.05%
(7.27)%
—
Based
on
net
asset
value
.....................................
6.79%
20.95%
18.05%
(7.27)%
14.05%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
............................................
0.87%
0.83%
0.79%
0.78%
0.79%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.58%
0.58%
0.57%
0.58%
0.58%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
broker
fees
and
expenses
on
short
sales,
interest
expense
and
stock
loan
fees
...............................................
0.57%
0.57%
0.57%
0.57%
0.57%
Net
investment
income
......................................
1.34%
1.08%
1.72%
1.67%
1.56%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
192,500‌
$
200,541‌
$
185,582‌
$
173,983‌
$
211,555‌
Portfolio
turnover
rate
(f)
......................................
134%
159%
207%
145%
129%
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
...........................
123%
158%
—%
—%
—%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
153
Financial
Highlights
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
Portfolio
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
1.0
0‌
$
1.0
0‌
$
1.
00‌
$
1.0
0‌
$
1.0
0‌
Net
investment
income
(loss)
.................................
0.0000‌
(a)
0.0026‌
0.0177‌
0.0139‌
0.0044‌
Net
realized
gain
(loss)
.....................................
0.0001‌
0.0000‌
(a)
0.0000‌
(a)
0.0000‌
(a)
0.0000‌
(a)
Net
increase
from
investment
operations
...........................
0.0001‌
0.0026‌
0.0177‌
0.0139‌
0.0044‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.0001‌)
(0.0026‌)
(0.0177‌)
(0.0139‌)
(0.0044‌)
From
net
realized
gain
......................................
(0.0000‌)
(c
)
(0.0000‌)
(c)
(0.0000‌)
(c)
—‌
(0.0000‌)
(c)
Total
distribut
ions
..........................................
(0.0001‌)
(0.0026‌)
(0.0177‌)
(0.0139‌)
(0.0044‌)
Net
asset
value,
end
of
year
..................................
$
1.0
0‌
$
1.0
0‌
$
1.0
0‌
$
1.0
0‌
$
1.0
0‌
Total
Return
(d)
0.01%
0.26%
1.78%
1.41%
—
Based
on
net
asset
value
.....................................
0.01%
0.26%
1.78%
1.41%
0.45%
Ratios
to
Average
Net
Assets
Total
expenses
............................................
0.50%
0.62%
0.62%
0.64%
0.70%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.08%
0.33%
0.50%
0.50%
0.50%
Net
investment
income
......................................
0.00%
(e)
0.28%
1.77%
1.41%
0.44%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
103,786‌
$
108,915‌
$
112,454‌
$
131,361‌
$
107,299‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.00005)
per
share.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Amount
is
less
than
0.005%.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Annual
Report
to
Shareholders
154
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
5.54‌
$
5.43‌
$
5.00‌
$
5.42‌
$
5.31‌
Net
investment
income
(loss)
(a)
................................
0.27‌
0.29‌
0.31‌
0.30‌
0.30‌
Net
realized
and
unrealized
gain
(loss)
..........................
0.05‌
0.11‌
0.43‌
(0.42‌)
0.12‌
Net
increase
(decrease)
from
investment
operations
...................
0.32‌
0.40‌
0.74‌
(0.12‌)
0.42‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.................................
(0.27‌)
(0.29‌)
(0.31‌)
(0.30‌)
(0.31‌)
Return
of
capital
..........................................
(0.00‌)
(c)
—‌
—‌
(0.00‌)
(c)
—‌
Total
distributions
..........................................
(0.27‌)
(0.29‌)
(0.31‌)
(0.30‌)
(0.31‌)
Net
asset
value,
end
of
year
..................................
$
5.59‌
$
5.54‌
$
5.43‌
$
5.00‌
$
5.42‌
Total
Return
(d)
5.93%
7.80%
15.04%
(2.31)%
—
Based
on
net
asset
value
.....................................
5.93%
7.80%
15.04%
(2.31)%
(e)
7.95%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
............................................
1.46%
1.27%
1.15%
1.98%
1.34%
Total
expense
s
after
fees
waived
and/or
reimbursed
...................
0.50%
0.50%
0.50%
0.50%
0.50%
Net
investment
income
......................................
4.83%
5.48%
5.76%
5.66%
5.53%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
24,851‌
$
28,919‌
$
30,673‌
$
27,068‌
$
32,005‌
Portfolio
turnover
rate
.......................................
55%
89%
74%
67%
73%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
155
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Year
Ended
December
31,
2021
2020
2019
2018
2017
Net
asset
value,
beginning
of
year
.............................
$
11.51‌
$
11.01‌
$
10.58‌
$
10.80‌
$
10.86‌
Net
investment
income
(loss)
(a)
................................
0.09‌
0.20‌
0.27‌
0.25‌
0.21‌
Net
realized
and
unrealized
gain
(loss)
..........................
(0.25‌)
0.53‌
0.44‌
(0.17‌)
(0.02‌)
Net
increase
(decrease)
from
investment
operations
...................
(0.16‌)
0.73‌
0.71‌
0.08‌
0.19‌
Distributions
from
net
investment
income
(b)
.........................
(0.13‌)
(0.23‌)
(0.28‌)
(0.30‌)
(0.25‌)
Net
asset
value,
end
of
year
..................................
$
11.22‌
$
11.51‌
$
11.01‌
$
10.58‌
$
10.80‌
Total
Return
(c)
(1.36)%
6.64%
6.78%
0.77%
—
Based
on
net
asset
value
.....................................
(1.36)%
6.64%
6.78%
0.77%
1.72%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
............................................
0.84%
1.02%
1.47%
1.69%
1.15%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.50%
0.59%
1.02%
0.86%
0.63%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
...............................................
0.50%
0.50%
0.50%
0.50%
0.50%
Net
investment
income
......................................
0.78%
1.71%
2.45%
2.39%
1.89%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
47,644‌
$
53,775‌
$
54,333‌
$
53,941‌
$
54,580‌
Portfolio
turnover
rate
(e)
......................................
722%
629%
658%
728%
1,058%
Year
Ended
December
31,
2021
2020
2019
2018
2017
Portfolio
turnover
rate
(excluding
MDRs)
............................
383%
386%
425%
434%
694%
Notes
to
Financial
Statements
2021
BlackRock
Annual
Report
to
Shareholders
156
1.
ORGANIZATION 
BlackRock
Series
Fund,
Inc.
(“Series
Fund”)
and
BlackRock
Series
Fund
II,
Inc.
(“Series
Fund
II”
and
together
with
Series
Fund,
the
“Companies”
and
each,
a
“Company”)
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
open-end
management
investment
companies.
Each
Company
is
organized
as
a
Maryland
corporation
and
is
comprised
of
the
separate
portfolios
indicated
below.
Series
Fund
is
comprised
of
5
separate
portfolios
and
Series
Fund
II
is
comprised
of
2
separate
portfolios.
The
following
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
The
Funds
offer
shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. 
On
November
9,
2021,
the
Board
of
Directors
of
Series
Fund
approved
a
proposal
to
change
the
name
of
Balanced
Capital
from
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy
and
process.
These
changes
are
expected
to
become
effective
on
or
about
April
4,
2022.
Advantage
Large
Cap
Core,
Balanced
Capital,
Capital
Appreciation,
Global
Allocation
and
Government
Money
Market,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”)
or
its
affiliates,
are
included
in
a
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
High
Yield
and
U.S.
Government
Bond,
together
with
certain
other
registered
investment
companies
advised
by
the
Manager
or
its
affiliates,
are
included
in
a
complex
of
open-end
non-index
fixed-income
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
Government
Money
Market
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act.
The
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in
the
Fund's
weekly
liquid
assets.
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
of
Global
Allocation
 include
the
accounts
of
BlackRock
Cayman
Global
Allocation
Portfolio
I,
Ltd.
(the
“Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
Global
Allocation
 and
primarily
invests
in
commodity-related
instruments
and
other
derivatives
.
The
Subsidiary
enables 
Global
Allocation
to
hold
these
commodity-related
instruments
and
satisfy
regulated
investment
company
tax
requirements.
Global
Allocation
 may
invest
up
to
25%
of
its
total
assets
in
the
Subsidiary.
The
net
assets
of
the
Subsidiary
as
of
period
end
were
$5,193,910
,
which
is
2.7%
 of
Global
Allocation's
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated
.
 The
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
Global
Allocation
,
except
that
the
Subsidiary
may
invest
without
limitation
in
commodity-related
instruments. 
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income and
capital
gain
distributions,
if
any,
are recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value. Dividends
from
foreign
securities
where
the
ex-
dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest,
are
recognized
daily
on
an
accrual
basis.
For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
Fund
Name
Company
Herein
Referred
To
As
Diversification
Classification
BlackRock
Advantage
Large
Cap
Core
Portfolio
...................
Series
Fund
Advantage
Large
Cap
Core
Diversified
BlackRock
Balanced
Capital
Portfolio
..........................
Series
Fund
Balanced
Capital
Diversified
BlackRock
Capital
Appreciation
Portfolio
........................
Series
Fund
Capital
Appreciation
Diversified
BlackRock
Global
Allocation
Portfolio
..........................
Series
Fund
Global
Allocation
Diversified
BlackRock
Government
Money
Market
Portfolio
...................
Series
Fund
Government
Money
Market
Diversified
BlackRock
High
Yield
Portfolio
...............................
Series
Fund
II
High
Yield
Diversified
BlackRock
U.S.
Government
Bond
Portfolio
......................
Series
Fund
II
U.S.
Government
Bond
Diversified
Notes
to
Financial
Statements
(continued)
157
Notes
to
Financial
Statements
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
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
December
31,
2021
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
dollar
rolls,
TBA
sale
commitments,
futures
contracts,
forward
foreign
currency
exchange
contracts,
options
written,
swaps
and
short
sales)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, a
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments
or
borrowings.
Doing
so
allows
the
investments
or
borrowings
to
be
excluded
from
treatment
as
a
“senior
security.” 
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.  
Distributions: 
For
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond, distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
For
Advantage
Large
Cap
Core,
Balanced
Capital,
Capital
Appreciation
and
Global
Allocation,
distributions
from
net
investment
income
are
declared
and
paid
at
least
annually.
For
each
Fund,
distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
portion
of
distributions,
if
any,
that
exceeds
a
fund's
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.  
Net
income
and
realized
gains
from
investments
held
by
the
Global
Allocation's
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes. If
a
net
loss
is
realized
by
the
Subsidiary
in
any
taxable
year,
the
loss
will
generally
not
be
available
to
offset
ordinary
income
and/or
capital
gains
for
that
year.  
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Directors
of
Series
Fund
II,
the
directors
who
are
not
“interested
persons”
of
High
Yield
and
U.S.
Government
Bond,
as
defined
in
the
1940
Act
(“Independent
Directors”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Directors
.
This
has
the
same
economic
effect
for
the
Independent 
Directors
as
if
the
Independent 
Directors
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
High
Yield
and
U.S.
Government
Bond,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Directors'
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. 
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to a
Fund
are
charged
to
that
Fund.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Global
Allocation
has
an
arrangement
with
its
custodian
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
Global
Allocation
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund's
(except
Government
Money
Market) investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price a
fund would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. Each
Fund
determines
the
fair
values
of its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Boards
of
Directors
of
the
Companies
(each,
a
"Board"
and
together,
the
“Boards”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by each
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
U.S.
GAAP
defines
fair
value
as
the
price
Government
Money
Market
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Government
Money
Market's
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Government
Money
Market
seeks
to
maintain
its
net
asset
value
(“NAV”)
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
158
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
(except
Government
Money
Market)
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published
NAV. 
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day's
price will
be
used,
unless
it
is
determined
that
the
prior
day's
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
Notes
to
Financial
Statements
(continued)
159
Notes
to
Financial
Statements
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
December
31,
2021,
certain
investments
of
the
Funds were
fair
valued
using
NAV per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
160
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-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
Notes
to
Financial
Statements
(continued)
161
Notes
to
Financial
Statements
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the
Funds
had
the
following
unfunded
floating
rate
loan
interests: 
Special
Purpose
Acquisition
Companies:
Special
purpose
acquisition
companies
(SPACs)
are
companies
that
have
no
operations
but
go
public
with
the
intention
of
merging
with
or
acquiring
a
company
using
the
proceeds
of
the
SPAC's
initial
public
offering.
The
Funds
may
enter
into
a
commitment
with
a
SPAC
for
a
private
investment
in
a
public
equity
(PIPE)
and
will
satisfy
the
commitment
if
and
when
the
SPAC
completes
its
merger
or
acquisition.
Securities
purchased
through
PIPE
transactions
will
be
restricted
from
trading
and
considered
illiquid
until
a
registration
statement
for
the
shares
is
filed
and
declared
effective.
Unfunded
SPAC
PIPE
commitments
are
marked-to-
market
and
any
unrealized
appreciation
(depreciation)
is
separately
presented
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the
Funds
had
the
following
unfunded
SPAC
PIPE
commitments: 
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
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Balanced
Capital
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
.......
$
1,365‌
$
1,364‌
$
1,361‌
$
(3‌)
Global
Allocation
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
.......
2,115‌
2,115‌
2,110‌
(5‌)
Global
Allocation
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan
...........
260,106‌
251,323‌
251,783‌
460‌
High
Yield
Intelsat
Jackson
Holdings
SA,
Term
Loan
.................
16,678‌
16,460‌
16,652‌
192‌
Fund
Name
Investment
Name
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Global
Allocation
Sonder
Holdings
Inc.
..............................
$
56,936‌
$
63,400‌
$
6,464‌
Global
Allocation
Symbotic
Commitment
.............................
32,000‌
32,000‌
–‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
162
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
a
nd
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
December
31,
2021,
Global
Allocation
had
outstanding
commitments
to
purchase
delayed
draw
notes
from
Sonder
Holdings
Inc.
in
the
amount
of
$147,000.
These
commitments
are
not
included
in
the
net
assets
of
the
Global
Allocation
as
of
December
31,
2
021
.
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for
a
fund
and
its
counterparties.
Typically,
a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty, the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
Borrowed
Bond
Agreements:
Repurchase
agreements
may
be
referred
to
as
borrowed
bond
agreements
when
entered
into
in
connection
with
short
sales
of
bonds.
In
a
borrowed
bond
agreement,
a
fund
borrows
a
bond
from
a
counterparty
in
exchange
for
cash
collateral.
The
agreement
contains
a
commitment
that
the
security
and
the
cash
will
be
returned
to
the
counterparty
and
a
fund
at
a
mutually
agreed
upon
date.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Earnings
on
cash
collateral
and
compensation
to
the
lender
of
the
bond
are
based
on
agreed
upon
rates
between
a
fund
and
the
counterparty.
The
value
of
the
underlying
cash
collateral
approximates
the
market
value
and
accrued
interest
of
the
borrowed
bond.
To
the
extent
that
a
borrowed
bond
transaction
exceeds
one
business
day,
the
value
of
the
cash
collateral
in
the
possession
of
the
counterparty
is
monitored
on
a
daily
basis
to
ensure
the
adequacy
of
the
collateral.
As
the
market
value
of
the
borrowed
bond
changes,
the
cash
collateral
is
periodically
increased
or
decreased
with
a
frequency
and
in
amounts
prescribed
in
the
borrowed
bond
agreement.
A
fund
may
also
experience
delays
in
gaining
access
to
the
collateral.
Reverse
Repurchase
Agreements:
Reverse
repurchase
agreements
are
agreements
with
qualified
third-party
broker
dealers
in
which
a
fund
sells
securities
to
a
bank
or
broker-dealer
and
agrees
to
repurchase
the
same
securities
at
a
mutually
agreed
upon
date
and
price.
A
fund
receives
cash
from
the
sale
to
use
for
other
investment
purposes.
During
the
term
of
the
reverse
repurchase
agreement,
a
fund
continues
to
receive
the
principal
and
interest
payments
on
the
securities
sold.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Interest
on
the
value
of
the
reverse
repurchase
agreements
issued
and
outstanding
is
based
upon
competitive
market
rates
determined
at
the
time
of
issuance.
A
fund
may
utilize
reverse
repurchase
agreements
when
it
is
anticipated
that
the
interest
income
to
be
earned
from
the
investment
of
the
proceeds
of
the
transaction
is
greater
than
the
interest
expense
of
the
transaction.
Reverse
repurchase
agreements
involve
leverage
risk.
If
a
fund
suffers
a
loss
on
its
investment
of
the
transaction
proceeds
from
a
reverse
repurchase
agreement,
a
fund
would
still
be
required
to
pay
the
full
repurchase
price.
Further,
a
fund
remains
subject
to
the
risk
that
the
market
value
of
the
securities
repurchased
declines
below
the
repurchase
price.
In
such
cases,
a
fund
would
be
required
to
return
a
portion
of
the
cash
received
from
the
transaction
or
provide
additional
securities
to
the
counterparty. 
Cash
received
in
exchange
for
securities
delivered
plus
accrued
interest
due
to
the
counterparty
is
recorded
as
a
liability
in
the
Statements
of
Assets
and
Liabilities
at
face
value
including
accrued
interest.
Due
to
the
short-term
nature
of
the
reverse
repurchase
agreements,
face
value
approximates
fair
value.
Interest
payments
made
by
a
fund
to
the
counterparties
are
recorded
as
a
component
of
interest
expense
in
the
Statements
of
Operations.
In
periods
of
increased
demand
for
the
security,
a
fund
may
receive
a
fee
for
the
use
of
the
security
by
the
counterparty,
which
may
result
in
interest
income
to
a
fund.
For
the
year
ended
December
31,
2021,
the
average
daily
amount
of
reverse
repurchase
agreements
outstanding
and
the
weighted
average
interest
rate
for
the
U.S.
Government
Bond
were
$820,649
and
0.08%,
respectively.
Borrowed
bond
agreements
and
reverse
repurchase
transactions are
entered
into
by
a
fund
under
an
MRA,
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
borrowed
bond
agreements
and
reverse
repurchase
transactions,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
with
respect
to
excess
collateral
and,
as
such,
the
return
of
excess
collateral
may
be
delayed.
Notes
to
Financial
Statements
(continued)
163
Notes
to
Financial
Statements
As
of
period
end,
the
following
table
is
a
summary
of
a
Fund’s
open
borrowed
bond
agreements by
counterparty
which
are
subject
to
offset
under
an
MRA
on
a
net
basis:  
(a)
Included
in
Investments
at
value-unaffiliated
in
the
Statements
of
Assets
and
Liabilities.
(b)
Includes
accrued
interest
on
borrowed
bonds
in
the
amount
of
$10,680
which
is
included
in
interest
expense
payable
in
the
Statements
of
Assets
and
Liabilities.
(c)
Net
exposure
represents
the
net
receivable
(payable)
that
would
be
due
from/to
the
counterparty
in
the
event
of
default.
In
the
event
the
counterparty
of
securities
under
an
MRA
files
for
bankruptcy
or
becomes
insolvent,
a
fund’s
use
of
the
proceeds
from
the
agreement
may
be
restricted
while
the
counterparty,
or
its
trustee
or
receiver,
determines
whether
or
not
to
enforce
a
fund’s
obligation
to
repurchase
the
securities.
Short
Sale
Transactions
(Borrowed
Bonds):
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
(borrowed
bond)
and
deliver
the
fixed-income
security
to
the
counterparty
to
which
it
sold
the
security
short.
An
amount
equal
to
the
proceeds
received
by
a
fund
is
reflected
as
an
asset
and
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
is
required
to
repay
the
counterparty
interest
on
the
security
sold
short,
which,
if
applicable,
is
included
in
interest
expense
in
the
Statements
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is
limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Short
Sale
Transactions
(Equities):
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
from
a
broker/counterparty
and
deliver
the
security
to
the
purchaser.
To
close
out
a
short
position,
a
fund
delivers
the
same
security
to
the
broker
and
records
a
liability
to
reflect
the
obligation
to
return
the
security
to
the
broker.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
maintains
a
segregated
account
of
securities
or
deposits
cash
with
the
broker-dealer
as
collateral
for
the
short
sales.
Cash
deposited
with
the
broker
is
recorded
as
an
asset
in
the
Statements
of
Assets
and
Liabilities.
Securities
segregated
as
collateral
are
denoted
in
the
Schedules
of
Investments.
A
fund
may
pay
a
financing
fee
for
the
difference
between
the
market
value
of
the
short
position
and
the
cash
collateral
deposited
with
the
broker
which
would
be
recorded
as
interest
expense.
A
fund
is
required
to
repay
the
counterparty
any
dividends
received
on
the
security
sold
short,
which,
if
applicable,
is
shown
as
dividend
expense
in
the
Statements
of
Operations.
A
fund
may
pay
a
fee
on
the
assets
borrowed
from
the
counterparty,
which,
if
applicable,
is
shown
as
broker
fees
and
expenses
on
short
sales
in
the
Statements
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Securities
Lending:
The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned
at
value,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
Counterparty
Borrowed
Bond
Agreements
(a)
Borrowed
Bonds
at
Value
including
Accrued
Interest
(b)
Exposure
Due
(to)/from
Counterparty
before
Collateral
Non-cash
Collateral
Received
Cash
Collateral
Received
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Collateral
(Received)/
Pledged
Net
Exposure
Due
(to)/from
Counterparty
(c)
Balanced
Capital
BNP
Paribas
SA
...............
$
2,337,370‌
$
(2,337,852‌)
$
(482‌)
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
(482‌)
Bank
of
America
Securities,
Inc.
.....
2,642,706‌
(2,644,493‌)
(1,787‌)
—‌
—‌
—‌
—‌
—‌
(1,787‌)
$
4,980,076‌
$
(4,982,345‌)
$
(2,269‌)
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
(2,269‌)
...........................................
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
164
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.
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
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Advantage
Large
Cap
Core
Citigroup
Global
Markets,
Inc.
....................
$
397,863‌
$
(397,863‌)
$
—‌
$
—‌
Morgan
Stanley
..............................
1,245,433‌
(1,245,433‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
....................
33,048‌
(33,048‌)
—‌
—‌
Toronto
Dominion
Bank
........................
491,816‌
(491,816‌)
—‌
—‌
$
2,168,160‌
$
(2,168,160‌)
$
—‌
$
—‌
Balanced
Capital
Barclays
Capital,
Inc.
..........................
166,176‌
(166,176‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
....................
477,780‌
(477,780‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
................
119,414‌
(119,414‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
...................
634,068‌
(634,068‌)
—‌
—‌
Morgan
Stanley
..............................
5,209,796‌
(5,209,796‌)
—‌
—‌
National
Financial
Services
LLC
...................
2,162,402‌
(2,162,402‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
....................
22,190‌
(22,190‌)
—‌
—‌
$
8,791,826‌
$
(8,791,826‌)
$
—‌
$
—‌
Capital
Appreciation
J
.
P
.
Morgan
Securities
LLC
......................
1,274,785‌
(1,274,785‌)
—‌
—‌
Morgan
Stanley
..............................
2,365,848‌
(2,365,848‌)
—‌
—‌
$
3,640,633‌
$
(3,640,633‌)
$
—‌
$
—‌
Global
Allocation
Barclays
Capital,
Inc.
..........................
386,478‌
(386,478‌)
—‌
—‌
BofA
Securities,
Inc.
...........................
608,731‌
(608,731‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
....................
129,954‌
(129,954‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
................
353,699‌
(353,699‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
138,528‌
(138,528‌)
—‌
—‌
J
.
P
.
Morgan
Securities
LLC
......................
241,640‌
(241,640‌)
—‌
—‌
Morgan
Stanley
..............................
565,623‌
(565,623‌)
—‌
—‌
SG
AMERICAS
Securities
LLC
...................
1,154,626‌
(1,154,626‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
....................
20,712‌
(20,712‌)
—‌
—‌
$
3,599,991‌
$
(3,599,991‌)
$
—‌
$
—‌
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
these
tables.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
165
Notes
to
Financial
Statements
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.
Barrier
options
– The
Funds
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Funds
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
up-and-
out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option’s
expiration
date.
One-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
166
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.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Notes
to
Financial
Statements
(continued)
167
Notes
to
Financial
Statements
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Funds
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
Each
Company,
on
behalf
of
its
respective
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”)
,
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
based
on
the
percentage
of
the seven
combined
Funds’
average
daily
net
assets
at
the
following
annual
rates:
The
portion
of
the
assets
of
a
Fund
to
which
the
rate
at
each
breakpoint
level
applies
will
be
determined
on
a
“uniform
percentage”
basis.
The
uniform
percentage
applicable
to
a
breakpoint
level
is
determined
by
dividing
the
amount
of
the
aggregate
average
daily
net
assets
of
the
seven
combined
Funds
that
falls
within
that
breakpoint
level
by
the
aggregate
average
daily
net
assets
of
the
seven
combined
Funds.
The
amount
of
the
fee
for
a
Fund
at
each
breakpoint
level
is
determined
by
multiplying
the
average
daily
net
assets
of
that
Fund
by
the
uniform
percentage
applicable
to
that
breakpoint
level
and
multiplying
the
product
by
the
applicable
advisory
fee
rate.
The
Manager
provides
investment
management
and
other
services
to
the
Subsidiary
of
Global
Allocation.
The
Manager
does
not
receive
separate
compensation
from
the
Subsidiary
for
providing
investment
management
or
administrative
services.
However,
Global
Allocation
pays
the
Manager
based
on
the
Fund’s
net
assets,
which
includes
the
assets
of
the
Subsidiary.
With
respect
to
each
of
High
Yield
and
U.S.
Government
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BlackRock
International
Limited
(“BIL”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
With
respect
to
Balanced
Capital,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BIL
and
BlackRock
(Singapore)
Limited
(“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
Balanced
Capital
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
Balanced
Capital
to
the
Manager.
With
respect
to
Global
Allocation,
the
Manager
entered
into
a
sub-advisory
agreement
with
BSL,
effective
May
27,
2021,
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
Seven
Combined
Funds
Investment
Advisory
Fees
First
$250
m
illion
.......................................................................................................
0.50%
$250
m
illion
-
$300
m
illion
.................................................................................................
0.45
$300
m
illion
-
$400
m
illion
.................................................................................................
0.40
$400
m
illion
-
$800
m
illion
.................................................................................................
0.35
Greater
than
$800
m
illion
.................................................................................................
0.30
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
168
For
the
year ended
December
31,
2021,
the
Funds
reimbursed
the
Manager
for
certain
accounting
services,
which
is
included
in
accounting
services
in
the
Statements
of
Operations.
The
reimbursements
were
as
follows:
Distribution
Fees:
The
Company
,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Transfer
Agent:
On
behalf
of
the
Funds,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Funds
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizatio
ns.
Fo
r
the
year
ended
December
31,
2021
,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to each
Fund
(other
than
Government
Money
Market)
,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023
.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
Independent
Directors
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
December
31,
2021,
the
amounts
waived
were
as
follows
:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
(other
than
Government
Money
Market)
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
 The
contractual
agreement
may
be terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors, or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
December
31,
2021,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
these
arrangements
were
as
follows:
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:
Fund
Name
Advantage
Large
Cap
Core
..................................................................................................
$
886‌
Balanced
Capital
.........................................................................................................
2,434‌
Capital
Appreciation
.......................................................................................................
1,065‌
Global
Allocation
.........................................................................................................
888‌
Government
Money
Market
..................................................................................................
555‌
High
Yield
..............................................................................................................
140‌
U.S.
Government
Bond
.....................................................................................................
298‌
Fund
Name
Advantage
Large
Cap
Core
..............................................................................................
$
1,338‌
Balanced
Capital
.....................................................................................................
10,879‌
Capital
Appreciation
...................................................................................................
287‌
Global
Allocation
.....................................................................................................
1,007‌
High
Yield
..........................................................................................................
142‌
U.S.
Government
Bond
.................................................................................................
1,120‌
Fund
Name
Balanced
Capital
.............................................................................................................
$
2,591‌
Global
Allocation
.............................................................................................................
15,007‌
Fund
Name
Advantage
Large
Cap
Core
...........................................................................................
0.04‌
%
Balanced
Capital
..................................................................................................
0.04‌
Capital
Appreciation
................................................................................................
0.04‌
Global
Allocation
..................................................................................................
0.04‌
Government
Money
Market
...........................................................................................
0.02‌
High
Yield
.......................................................................................................
0.05‌
U.S.
Government
Bond
..............................................................................................
0.05‌
Notes
to
Financial
Statements
(continued)
169
Notes
to
Financial
Statements
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
each
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
in
the
Statements
of
Operations.
For
the
year
ended
December
31,
2021,
expense
reimbursements
were
as
follows: 
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023.
The
contractual
agreement
may
be
terminated,
with
respect
to
each
Fund,
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
year
ended
December
31,
2021,
the
following
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
in
the
Statements
of
Operations:
The
Manager has
also
voluntarily
agreed
to
waive
a
portion
of
its investment
advisory
fees and/or
reimburse
operating
expenses
to
enable
Government
Money
Market
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statements
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
year
ended
December
31,
2021,
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
under
this
agreement
were
$440,615
and
$5,634,
respectively,
for
Government
Money
Market.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Fund
Name
Advantage
Large
Cap
Core
..................................................................................................
$
206,060‌
Balanced
Capital
.........................................................................................................
545,509‌
Capital
Appreciation
.......................................................................................................
263,039‌
Global
Allocation
.........................................................................................................
218,095‌
Government
Money
Market
..................................................................................................
4,250‌
High
Yield
..............................................................................................................
22,997‌
U.S.
Government
Bond
.....................................................................................................
45,550‌
Fund
Name
Advantage
Large
Cap
Core
...................................................................................................
0.50‌%
Balanced
Capital
..........................................................................................................
0.50‌
Capital
Appreciation
........................................................................................................
0.57‌
Global
Allocation
..........................................................................................................
0.57‌
Government
Money
Market
...................................................................................................
0.50‌
High
Yield
...............................................................................................................
0.50‌
U.S.
Government
Bond
......................................................................................................
0.50‌
Fund
Name
Fees
waived
and/or
reimbursed
by
the
Manager
Global
Allocation
.........................................................................................................
$
273,025‌
Government
Money
Market
..................................................................................................
1,714‌
High
Yield
..............................................................................................................
227
,834‌
U.S.
Government
Bond
.....................................................................................................
101,789‌
Fund
Name
Transfer
agent
fees
reimbursed
Global
Allocation
.........................................................................................................
$
80,538‌
Government
Money
Market
..................................................................................................
1,684‌
High
Yield
..............................................................................................................
13,74
8‌
U.S.
Government
Bond
.....................................................................................................
23,300‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
170
Pursuant
to
the
current
securities
lending
agreement,
Advantage
Large
Cap
Core,
Balanced
Capital
and
Capital
Appreciation
retain
77%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Advantage
Large
Cap
Core,
Balanced
Capital
and
Capital
Appreciation,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Pursuant
to
the
current
securities
lending
agreement,
Global
Allocation,
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond
retain
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
or
Fixed-Income
Complexes,
as
applicable,
in
a
calendar
year
exceeds
a
specified
threshold,
Global
Allocation,
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the Statements
of
Operations.
For
the year
ended
December
31,
2021, 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
th
e
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Boards. 
During
the
period
ended
December
31,
2021,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers:
Certain
directors
and/or
officers
of
the Companies are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Companies'
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common directors.
For
the
year
ended
December
31,
2021
,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
Advantage
Large
Cap
Core
..................................................................................................
$
7,633‌
Balanced
Capital
.........................................................................................................
11,889‌
Capital
Appreciation
.......................................................................................................
4,707‌
Global
Allocation
.........................................................................................................
6,599‌
Purchases 
Sales 
Net
Realized
Gain
(Loss)
Balanced
Capital
...................................................................
$
34,587‌
$
236,873‌
$
(16,984‌)
Global
Allocation
...................................................................
212,691‌
7,849‌
4,372‌
U.S.
Government
Bond
...............................................................
—‌
51,545‌
(4,492‌
)
Notes
to
Financial
Statements
(continued)
171
Notes
to
Financial
Statements
7.
PURCHASES
AND
SALES 
For
the
year
ended
December
31,
2021
,
purchases
and
sales
of
investments
, including
paydowns,
mortgage
dollar
rolls
and
excluding
short-term
investments,
were
as
follows:
TableRuleAbove
For
the
year ended
December
31,
2021,
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
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
December
31,
2021,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAVs
per
share.
As
of
period
end,
the
following
permanent
differences,
attributable
to
investments
in
wholly
owned
subsidiaries,
were
reclassified
to
the
following
accounts:
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Advantage
Large
Cap
Core
...............................................
$
—‌
$
—‌
$
245,397,980‌
$
255,828,024‌
Balanced
Capital
......................................................
31,617,922‌
24,661,727‌
1,783,078,448‌
1,807,089,766‌
Capital
Appreciation
....................................................
—‌
—‌
106,391,279‌
127,796,898‌
Global
Allocation
......................................................
12,957,423‌
14,433,339‌
244,637,007‌
270,470,876‌
High
Yield
...........................................................
—‌
—‌
14,738,652‌
19,947,873‌
U.S.
Government
Bond
..................................................
21,068,691‌
25,387,869‌
367,264,254‌
365,793,456‌
Fund
Name
Purchases
Sales
Balanced
Capital
......................................................................................
$
660,457,063‌
$
661,164,963‌
Global
Allocation
......................................................................................
20,911,349‌
20,952,874‌
U.S.
Government
Bond
..................................................................................
182,418,899‌
182,661,636‌
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
Global
Allocation
...........................................................................
$
4,022‌
$
(4,022‌)
—‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
172
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
December
31,
2021,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
straddles,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
investments
in
passive
foreign
investment
companies
and
certain
futures,
options
and
forward
contracts,
the
amortization
and
accretion
methods
of
premiums
and
discounts
on
fixed
income
securities,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements
and
the
classification
of
investments.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
During
the
year
ended December
31,
2021,
the
Fund
listed
below
utilized
the
following
amounts
of
their
respective
capital
loss
carryforwards: 
Fund
Name
Year
Ended
12/31/21
Year
Ended
12/31/20
Advantage
Large
Cap
Core
Ordinary
income
...........................................................................................
$
25,213,689‌
$
6,948,236‌
Long-term
capital
gains
......................................................................................
18,421,822‌
10,363,047‌
$
43,635,511‌
$
17,311,283‌
Balanced
Capital
Ordinary
income
...........................................................................................
$
45,490,631‌
$
24,420,865‌
Long-term
capital
gains
......................................................................................
37
,
868
,
033‌
20,166,169‌
$
83,358,664‌
$
44,587,034‌
Capital
Appreciation
Ordinary
income
...........................................................................................
$
70,588‌
$
64
,020‌
Long-term
capital
gains
......................................................................................
44,458,108‌
18,171,891‌
$
44,528,696‌
$
18,235
,911‌
Global
Allocation
Ordinary
income
...........................................................................................
$
21
,
492
,
972‌
$
11
,
619
,
570‌
Long-term
capital
gains
......................................................................................
2
,
472
,
217‌
3
,
048
,
339‌
$
23,965,189‌
$
14,667,909‌
Government
Money
Market
Ordinary
income
...........................................................................................
$
6,685‌
$
303,547‌
High
Yield
Ordinary
income
...........................................................................................
$
1,327,555‌
$
1,531,302‌
Return
of
capital
...........................................................................................
12,493‌
—‌
$
1,340,048‌
$
1,531,302‌
U.S.
Government
Bond
Ordinary
income
...........................................................................................
$
591,044‌
$
1,114,751‌
Fund
Name
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-year
Losses
(c)
Total
Advantage
Large
Cap
Core
.........................
$
1,781,186‌
$
3,618,637‌
$
—‌
$
43,636,986‌
$
—‌
$
49,036,809‌
Balanced
Capital
................................
1,960,214‌
2,615,830‌
—‌
60,746,281‌
—‌
65,322,325‌
Capital
Appreciation
..............................
149,318‌
6,994,489‌
—‌
121,639,626‌
—‌
128,783,433‌
Global
Allocation
................................
2,316,655‌
—‌
—‌
25,340,713‌
(380,681‌)
27,276,687‌
Government
Money
Market
.........................
546‌
—‌
—‌
—‌
—‌
546‌
High
Yield
.....................................
—‌
—‌
(1,319,483‌)
651,019‌
(11,297‌)
(679,761‌)
U.S.
Government
Bond
............................
7,225‌
—‌
(1,298,490‌)
913,232‌
—‌
(378,033‌)
Fund
Name
Amount
utilized
High
Yield
..........................................................................................................
$
842,153‌
Notes
to
Financial
Statements
(continued)
173
Notes
to
Financial
Statements
As
of
December
31,
2021, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Companies,
on
behalf
of
the
Funds
(except
for
Government
Money
Market),
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
LIBOR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year
ended
December
31,
2021,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Large
Cap
Core
..........................................
$
191,279,959‌
$
46,507,122‌
$
(2,878,434‌)
$
43,628,688‌
Balanced
Capital
.................................................
555,650,399‌
67,318,390‌
(6,532,987‌)
60,785,403‌
Capital
Appreciation
...............................................
158,440,229‌
124,680,995‌
(3,052,346‌)
121,628,649‌
Global
Allocation
..................................................
168,727,393‌
38,374,345‌
(9,242,512‌)
29,131,833‌
High
Yield
......................................................
23,347,318‌
1,016,008‌
(272,226‌)
743,782‌
U.S.
Government
Bond
.............................................
63,799,164‌
1,336,269‌
(427,333‌)
908,936‌
Notes
to
Financial
Statements
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
174
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
each
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
Certain
Funds
invest
a
significant
portion
of their
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
LIBOR.
Although
many
LIBOR
rates
will
cease
to
be
published
or
no
longer
will
be
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
Notes
to
Financial
Statements
(continued)
175
Notes
to
Financial
Statements
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.
Year
Ended
12/31/21
Year
Ended
12/31/20
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
Large
Cap
Core
Shares
sold
71,502‌
$
2,125,015‌
38,859‌
$
929,548‌
Shares
issued
in
reinvestment
of
distributions
........................
1,619,780‌
43,635,511‌
674,929‌
17,311,283‌
Shares
redeemed
(655,840‌)
(19,325,446‌)
(1,113,413‌)
(26,880,929‌)
1,035,442‌
$
26,435,080‌
(399,625‌)
$
(8,640,098‌)
Balanced
Capital
Shares
sold
199,339‌
$
3,639,248‌
75,896‌
$
1,210,797‌
Shares
issued
in
reinvestment
of
distributions
........................
4,951,025‌
83,358,664‌
2,673,232‌
44,587,034‌
Shares
redeemed
(3,233,467‌)
(57,926,233‌)
(3,104,207‌)
(49,636,091‌)
1,916,897‌
$
29,071,679‌
(355,079‌)
$
(3,838,260‌)
Capital
Appreciation
Shares
sold
38,342‌
$
2,387,063‌
43,811‌
$
2,036,965‌
Shares
issued
in
reinvestment
of
distributions
........................
786,980‌
44,528,696‌
328,864‌
18,235,911‌
Shares
redeemed
(389,754‌)
(24,183,042‌)
(496,857‌)
(24,957,352‌)
435,568‌
$
22,732,717‌
(124,182‌)
$
(4,684,476‌)
Global
Allocation
Shares
sold
88,373‌
$
1,655,174‌
166,377‌
$
2,884,411‌
Shares
issued
in
reinvestment
of
distributions
........................
1,404,207‌
23,965,189‌
827,991‌
14,667,909‌
Shares
redeemed
(1,230,719‌)
(22,964,268‌)
(1,404,651‌)
(23,204,530‌)
261,861‌
$
2,656,095‌
(410,283‌)
$
(5,652,210‌)
Government
Money
Market
Shares
sold
72,065,083‌
$
72,065,083‌
68,371,134‌
$
68,371,134‌
Shares
issued
in
reinvestment
of
distributions
........................
6,685‌
6,685‌
299,826‌
299,826‌
Shares
redeemed
(77,196,151‌)
(77,196,151‌)
(72,212,279‌)
(72,212,279‌)
(5,124,383‌)
$
(5,124,383‌)
(3,541,319‌)
$
(3,541,319‌)
High
Yield
Shares
sold
138,883‌
$
775,080‌
957,994‌
$
4,941,528‌
Shares
issued
in
reinvestment
of
distributions
........................
244,607‌
1,364,196‌
295,863‌
1,544,021‌
Shares
redeemed
(1,156,560‌)
(6,425,555‌)
(1,679,992‌)
(8,761,575‌)
(773,070‌)
$
(4,286,279‌
)
(426,135‌)
$
(2,276,026‌)
U.S.
Government
Bond
Shares
sold
343,025‌
$
3,878,541‌
391,313‌
$
4,487,037‌
Shares
issued
in
reinvestment
of
distributions
........................
54,428‌
616,199‌
101,934‌
1,165,802‌
Shares
redeemed
(825,371‌)
(9,347,085‌)
(754,958‌)
(8,648,236‌)
(427,918‌)
$
(4,852,345‌)
(261,711‌)
$
(2,995,397‌)
Report
of
Independent
Registered
Public
Accounting
Firm
2021
BlackRock
Annual
Report
to
Shareholders
176
To
the
Shareholders
of
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Balanced
Capital
Portfolio,
BlackRock
Capital
Appreciation
Portfolio,
BlackRock
Global
Allocation
Portfolio,
BlackRock
Government
Money
Market
Portfolio,
BlackRock
High
Yield
Portfolio,
and
BlackRock
U.S.
Government
Bond
Portfolio,
and
the
Board
of
Directors
of
BlackRock
Series
Fund,
Inc.
and
BlackRock
Series
Fund
II,
Inc.:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
consolidated
statement
of
assets
and
liabilities
of
BlackRock
Global
Allocation
Portfolio
of
BlackRock
Series
Fund,
Inc.,
including
the
consolidated
schedule
of
investments,
as
of
December
31,
2021,
the
related
consolidated
statement
of
operations
for
the
year
then
ended,
the
consolidated
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
consolidated
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
We
have
also
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Balanced
Capital
Portfolio,
BlackRock
Capital
Appreciation
Portfolio,
and
BlackRock
Government
Money
Market
Portfolio
of
BlackRock
Series
Fund,
Inc.,
and
of
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio
of
BlackRock
Series
Fund
II,
Inc.,
(collectively
with
BlackRock
Global
Allocation
Portfolio,
the
“Funds”),
including
the
schedules
of
investments,
as
of
December 31,
2021,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
December
31,
2021,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2021,
by
correspondence
with
the
custodian,
agent
banks,
and
brokers;
when
replies
were
not
received
from
agent
banks
or
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
February
15,
2022
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Statement
Regarding
Liquidity
Risk
Management
Program
177
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
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")
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Balanced
Capital
Portfolio,
BlackRock
Capital
Appreciation
Portfolio,
BlackRock
Global
Allocation
Portfolio,
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio
(the
“Funds”),
each
a
series
of
Series
Fund
and
Series
Fund
II,
as
applicable,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Directors
(the
“Board”)
of
Series
Fund,
on
behalf
of
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Balanced
Capital
Portfolio,
BlackRock
Capital
Appreciation
Portfolio
and
BlackRock
Global
Allocation
Portfolio,
met
on
November
9-10,
2021
and
the
Board
of
Series
Fund
II,
on
behalf
of
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio,
met
on
November
18-19,
2021
(the
“Meeting”)
to
review
the
Program.
The
Boards
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meetings,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Boards
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2020
through
September
30,
2021
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
Derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
(“RATS”).
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
Funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Director
and
Officer
Information
2021
BlackRock
Annual
Report
to
Shareholders
178
BlackRock
Series
Fund,
Inc.
Independent
Directors
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Mark
Stalnecker
1951
Chair
of
the
Board
and
Director
(Since
2019)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
30
RICs
consisting
of
159
Portfolios
None
Bruce
R.
Bond
1946
Director
(Since
2007)
Board
Member,
Amsphere
Limited
(software)
since
2018;
Trustee
and
Member
of
the
Governance
Committee,
State
Street
Research
Mutual
Funds
from
1997
to
2005;
Board
Member
of
Governance,
Audit
and
Finance
Committee,
Avaya
Inc.
(computer
equipment)
from
2003
to
2007.
30
RICs
consisting
of
159
Portfolios
None
Susan
J.
Carter
1956
Director
(Since
2019)
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
since
1997;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
since
2018;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Trustee,
Financial
Accounting
Foundation
since
2017;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020.
30
RICs
consisting
of
159
Portfolios
None
Collette
Chilton
1958
Director
(Since
2019)
Chief
Investment
Officer,
Williams
College
since
2006;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
30
RICs
consisting
of
159
Portfolios
None
Neil
A.
Cotty
1954
Director
(Since
2019)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
30
RICs
consisting
of
159
Portfolios
None
Lena
G.
Goldberg
1949
Director
(Since
2016)
Director,
Charles
Stark
Draper
Laboratory,
Inc.
since
2013;
Senior
Lecturer,
Harvard
Business
School,
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
30
RICs
consisting
of
159
Portfolios
None
Director
and
Officer
Information
(continued)
179
Director
and
Officer
Information
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Henry
R.
Keizer
1956
Director
(Since
2016)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
since
2010;
Director,
MUFG
Americas
Holdings
Corporation
and
MUFG
Union
Bank,
N.A.
(financial
and
bank
holding
company)
from
2014
to
2016;
Director,
American
Institute
of
Certified
Public
Accountants
from
2009
to
2011;
Director,
KPMG
LLP
(audit,
tax
and
advisory
services)
from
2004
to
2005
and
2010
to
2012;
Director,
KPMG
International
in
2012,
Deputy
Chairman
and
Chief
Operating
Officer
thereof
from
2010
to
2012
and
U.S.
Vice
Chairman
of
Audit
thereof
from
2005
to
2010;
Global
Head
of
Audit,
KPMGI
(consortium
of
KPMG
firms)
from
2006
to
2010;
Director,
YMCA
of
Greater
New
York
from
2006
to
2010.
30
RICs
consisting
of
159
Portfolios
Hertz
Global
Holdings
(car
rental);
Sealed
Air
Corp.
(packaging);
GrafTech
International
Ltd.
(materials
manufacturing);
Montpelier
Re
Holdings,
Ltd.
(publicly
held
property
and
casualty
reinsurance)
from
2013
to
2015;
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020
Cynthia
A.
Montgomery
1952
Director
(Since
2019)
Professor,
Harvard
Business
School
since
1989.
30
RICs
consisting
of
159
Portfolios
Newell
Rubbermaid,
Inc.
(manufacturing)
from
1995
to
2016
Donald
C.
Opatrny
1952
Director
(Since
2015)
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
since
2013;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2017;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
Trustee,
Phoenix
Art
Museum
since
2018;
Trustee,
Arizona
Community
Foundation
and
Member
of
Investment
Committee
since
2020.
30
RICs
consisting
of
159
Portfolios
None
Joseph
P.
Platt
1947
Director
(Since
2019)
General
Partner,
Thorn
Partners,
LP
(private
investments)
since
1998;
Director,
WQED
Multi-Media
(public
broadcasting
not-for-
profit)
since
2001;
Chair,
Basic
Health
International
(non-profit)
since
2015.
30
RICs
consisting
of
159
Portfolios
Greenlight
Capital
Re,
Ltd.
(reinsurance
company);
Consol
Energy
Inc.
Kenneth
L.
Urish
1951
Director
(Since
2019)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
founding
in
2001;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
30
RICs
consisting
of
159
Portfolios
None
Claire
A.
Walton
1957
Director
(Since
2019)
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
since
2003;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Woodstock
Ski
Runners
since
2013;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015.
30
RICs
consisting
of
159
Portfolios
None
Independent
Directors
(a)
(continued)
Director
and
Officer
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
180
Interested
Directors
(a)(d)
(a)
The
address
of
each
Director
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Each
Independent
Director
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Company’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Directors
who
are
"interested
persons,"
as
defined
in
the
1940
Act,
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Company’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Directors
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
In
addition,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Director
joined
the
Board,
certain
Independent
Directors
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Bruce
R.
Bond,
2005;
Susan
J.
Carter,
2016;
Collette
Chilton,
2015;
Neil
A.
Cotty,
2016;
Cynthia
A.
Montgomery,
1994;
Joseph
P.
Platt,
1999;
Mark
Stalnecker,
2015;
Kenneth
L.
Urish,
1999;
Claire
A.
Walton,
2016.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Company
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Robert
Fairbairn
1965
Director
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
103
RICs
consisting
of
261
Portfolios
None
John
M.
Perlowski
(e)
1964
Director
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
105
RICs
consisting
of
263
Portfolios
None
Director
and
Officer
Information
(continued)
181
Director
and
Officer
Information
Officers
Who
Are
Not
Directors
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Company
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Company's
Directors
and
Officers
is
available
in
the
Company's
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
December
31,
2021,
Bruce
R.
Bond
retired
as
a
Director
of
the
Company.
Director
and
Officer
Information
2021
BlackRock
Annual
Report
to
Shareholders
182
BlackRock
Series
Fund
II,
Inc.
Independent
Directors
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Richard
E.
Cavanagh
1946
Co-Chair
of
the
Board
and
Director
(Since
2019)
Director,
The
Guardian
Life
Insurance
Company
of
America
since
1998;
Board
Chair,
Volunteers
of
America
(a
not-for-profit
organization)
from
2015
to
2018
(board
member
since
2009);
Director,
Arch
Chemicals
(chemical
and
allied
products)
from
1999
to
2011;
Trustee,
Educational
Testing
Service
from
1997
to
2009
and
Chairman
thereof
from
2005
to
2009;
Senior
Advisor,
The
Fremont
Group
since
2008
and
Director
thereof
since
1996;
Faculty
Member/Adjunct
Lecturer,
Harvard
University
since
2007
and
Executive
Dean
from
1987
to
1995;
President
and
Chief
Executive
Officer,
The
Conference
Board,
Inc.
(global
business
research
organization)
from
1995
to
2007.
73
RICs
consisting
of
102
Portfolios
None
Karen
P.
Robards
1950
Co-Chair
of
the
Board
and
Director
(Since
2019)
Principal
of
Robards
&
Company,
LLC
(consulting
and
private
investing)
since
1987;
Co-founder
and
Director
of
the
Cooke
Center
for
Learning
and
Development
(a
not-for-profit
organization)
since
1987;
Director
of
Enable
Injections,
LLC
(medical
devices)
since
2019;
Investment
Banker
at
Morgan
Stanley
from
1976
to
1987.
73
RICs
consisting
of
102
Portfolios
Greenhill
&
Co.,
Inc.;
AtriCure,
Inc.
(medical
devices)
from
2000
until
2017
Michael
J.
Castellano
1946
Director
(Since
2019)
Chief
Financial
Officer
of
Lazard
Group
LLC
from
2001
to
2011;
Chief
Financial
Officer
of
Lazard
Ltd
from
2004
to
2011;
Director,
Support
Our
Aging
Religious
(non-profit)
from
2009
to
June
2015
and
from
2017
to
September
2020;
Director,
National
Advisory
Board
of
Church
Management
at
Villanova
University
since
2010;
Trustee,
Domestic
Church
Media
Foundation
since
2012;
Director,
CircleBlack
Inc.
(financial
technology
company)
from
2015
to
July
2020.
73
RICs
consisting
of
102
Portfolios
None
Cynthia
L.
Egan
1955
Director
(Since
2019)
Advisor,
U.S.
Department
of
the
Treasury
from
2014
to
2015;
President,
Retirement
Plan
Services,
for
T.
Rowe
Price
Group,
Inc.
from
2007
to
2012;
executive
positions
within
Fidelity
Investments
from
1989
to
2007.
73
RICs
consisting
of
102
Portfolios
Unum
(insurance);
The
Hanover
Insurance
Group
(Board
Chair)
(insurance);
Huntsman
Corporation
(chemical
products);
Envestnet
(investment
platform)
from
2013
until
2016
Frank
J.
Fabozzi
(d)
1948
Director
(Since
2019)
Editor
of
The
Journal
of
Portfolio
Management
since
1986;
Professor
of
Finance,
EDHEC
Business
School
(France)
since
2011;
Visiting
Professor,
Princeton
University
for
the
2013
to
2014
academic
year
and
Spring
2017
semester;
Professor
in
the
Practice
of
Finance,
Yale
University
School
of
Management
from
1994
to
2011
and
currently
a
Teaching
Fellow
in
Yale's
Executive
Programs;
Board
Member,
BlackRock
Equity-Liquidity
Funds
from
2014
to
2016;
affiliated
professor
Karlsruhe
Institute
of
Technology
from
2008
to
2011;
Visiting
Professor,
Rutgers
University
for
the
Spring
2019
semester;
Visiting
Professor,
New
York
University
for
the
2019
academic
year;
Adjunct
Professor
of
Finance,
Carnegie
Mellon
University
in
fall
2020
semester.
75
RICs
consisting
of
104
Portfolios
None
Lorenzo
A.
Flores
1964
Director
(Since
2021)
Vice
Chairman,
Kioxia,
Inc.
since
2019;
Chief
Financial
Officer,
Xilinx,
Inc.
from
2016
to
2019;
Corporate
Controller,
Xilinx,
Inc.
from
2008
to
2016.
73
RICs
consisting
of
102
Portfolios
None
Stayce
D.
Harris
1959
Director
(Since
2021)
Lieutenant
General,
Inspector
General,
Office
of
the
Secretary
of
the
United
States
Air
Force
from
2017
to
2019;
Lieutenant
General,
Assistant
Vice
Chief
of
Staff
and
Director,
Air
Staff,
United
States
Air
Force
from
2016
to
2017;
Major
General,
Commander,
22nd
Air
Force,
AFRC,
Dobbins
Air
Reserve
Base,
Georgia
from
2014
to
2016;
Pilot,
United
Airlines
from
1990
to
2020.
73
RICs
consisting
of
102
Portfolios
The
Boeing
Company
since
2021
Director
and
Officer
Information
(continued)
183
Director
and
Officer
Information
Interested
Directors
(a)(e)
(a)
The
address
of
each
Director
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Each
Independent
Director
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Company's
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Directors
who
are
“interested
persons,”
as
defined
in
the
Investment
Company
Act
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Company's
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Directors
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Certain
Independent
Directors
first
became
members
of
the
boards
of
other
legacy
MLIM
or
legacy
BlackRock
funds
as
follows:
Richard
E.
Cavanagh,
1994;
Frank
J.
Fabozzi,
1988;
R.
Glenn
Hubbard,
2004;
W.
Carl
Kester,
1995;
and
Karen
P.
Robards,
1998.
Certain
other
Independent
Directors
became
members
of
the
boards
of
the
closed-end
funds
in
the
Fixed-Income
Complex
as
follows:
Michael
J.
Castellano,
2011;
Cynthia
L.
Egan,
2016;
and
Catherine
A.
Lynch,
2016.
(d)
Dr.
Fabozzi,
Dr.
Kester,
Ms.
Lynch
and
Mr.
Perlowski
are
also
trustees
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
(e)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Company
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Multi-Asset
Complex.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
J.
Phillip
Holloman
1955
Director
(Since
2021)
President
and
Chief
Operating
Officer,
Cintas
Corporation
from
2008
to
2018.
73
RICs
consisting
of
102
Portfolios
PulteGroup,
Inc.
(home
construction);
Rockwell
Automation
Inc.
(industrial
automation)
R.
Glenn
Hubbard
1958
Director
(Since
2019)
Dean,
Columbia
Business
School
from
2004
to
2019;
Faculty
member,
Columbia
Business
School
since
1988.
73
RICs
consisting
of
102
Portfolios
ADP
(data
and
information
services)
2004-2020;
Metropolitan
Life
Insurance
Company
(insurance);
KKR
Financial
Corporation
(finance)
from
2004
until
2014
W.
Carl
Kester
(d)
1951
Director
(Since
2019)
George
Fisher
Baker
Jr.
Professor
of
Business
Administration,
Harvard
Business
School
since
2008;
Deputy
Dean
for
Academic
Affairs
from
2006
to
2010;
Chairman
of
the
Finance
Unit,
from
2005
to
2006;
Senior
Associate
Dean
and
Chairman
of
the
MBA
Program
from
1999
to
2005;
Member
of
the
faculty
of
Harvard
Business
School
since
1981.
75
RICs
consisting
of
104
Portfolios
None
Catherine
A.
Lynch
(d)
1961
Director
(Since
2019)
Chief
Executive
Officer,
Chief
Investment
Officer
and
various
other
positions,
National
Railroad
Retirement
Investment
Trust
from
2003
to
2016;
Associate
Vice
President
for
Treasury
Management,
The
George
Washington
University
from
1999
to
2003;
Assistant
Treasurer,
Episcopal
Church
of
America
from
1995
to
1999.
75
RICs
consisting
of
104
Portfolios
None
Robert
Fairbairn
1965
Director
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
103
RICs
consisting
of
261
Portfolios
None
John
M.
Perlowski
(d)
1964
Director
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
105
RICs
consisting
of
263
Portfolios
None
Independent
Directors
(a)
(continued)
Director
and
Officer
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
184
Officers
Who
Are
Not
Directors
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Company
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Company’s
Directors
and
Officers
is
available
in
the
Company’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
June
10,
2021,
Stayce
D.
Harris
and
J.
Phillip
Holloman
were
each
appointed
to
serve
as
a
Director
of
the
Company.
Effective
July
30,
2021,
Lorenzo
A.
Flores
was
appointed
to
serve
as
a
Director
of
the
Company.
Effective
December
31,
2021,
Richard
E.
Cavanagh
and
Michael
J.
Castellano
retired
as
Directors
of
the
Company.
Additional
Information
185
Additional
Information
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
(except
BlackRock
Government
Money
Market
Portfolio)
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
The
BlackRock
Government
Money
Market
Portfolio
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
each
month
on
Form
N-MFP.
The
Fund’s
reports
on
Form
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
The
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com/prospectus/insurance
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2021
BlackRock
Annual
Report
to
Shareholders
186
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(b)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
(c)
New
York,
NY
10179
Brown
Brothers
Harriman
&
Co.
(d)
Boston,
MA
02109
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
(e)
New
York,
NY
10019
Willkie
Farr
&
Gallagher
LLP
(f)
New
York,
NY
10019
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Balanced
Capital
Portfolio,
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
(b)
For
BlackRock
Balanced
Capital
Portfolio
and
BlackRock
Global
Allocation
Portfolio.
(c)
For
all
Funds
except
BlackRock
Global
Allocation
Portfolio.
(d)
For
BlackRock
Global
Allocation
Portfolio.
(e)
For
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Balanced
Capital
Portfolio,
BlackRock
Capital
Appreciation
Portfolio,
BlackRock
Global
Allocation
Portfolio
and
BlackRock
Government
Money
Market
Portfolio.
(f)
For
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
Glossary
of
Terms
Used
in
this
Report
187
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
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
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
THB
Thai
Baht
TRY
Turkish
Lira
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
IBR
Colombian
Reference
Banking
Indicator
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
NYRS
New
York
Registered
Shares
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
authorized
for
distribution
only
to
Policyowners
of
certain
variable
life
insurance
policies,
which
are
funded
by
shares
of
BlackRock
Series
Fund,
Inc.
and
BlackRock
Series
Fund
II,
Inc.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
or
the
policies.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Performance
information
used
throughout
this
report
does
not
include
insurance-related
fees
and
expenses.
An
investment
in
BlackRock
Government
Money
Market
Portfolio
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
Government
agency.
BlackRock
Government
Money
Market
Portfolio's
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Portfolio.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance,
call
(800)
626-1960.
BlackRock
Government
Money
Market
Portfolio's
current
7-day
yield
more
closely
reflects
the
current
earnings
of
the
Portfolio
than
the
total
returns
quoted.
Although
BlackRock
Government
Money
Market
Portfolio
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so
and
it
is
possible
to
lose
money
by
investing
in
the
Portfolio.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Please
see
the
Fund’s
prospectus
for
a
description
of
risks
associated
with
global
investments.
Series8-12/21-AR
Item 2 – Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Karen P. Robards
 
The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.
 
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions.  Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987.  Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results.  Ms. Robards has over 30 years of experience analyzing financial statements.  She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
 
 
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock High Yield Portfolio
$29,290
$30,192
$210
$0
$9,800
$9,800
$0
$0
BlackRock U.S. Government Bond Portfolio
$38,279
$39,474
$210
$0
$14,900
$14,900
$0
$0
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$2,032,000
$1,984,000
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,032,000 and $1,984,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.


(e)(1) Audit Committee Pre-Approval Policies and Procedures:
         
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock High Yield Portfolio
$10,010
$9,800
BlackRock U.S. Government Bond Portfolio
$15,110
$14,900
 
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$2,032,000
$1,984,000
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
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 – See Item 2
              (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
section906

 
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 II, Inc.  
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund II, Inc.  
 
Date: February 25, 2022
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund II, Inc.  
 
Date: February 25, 2022
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund II, Inc.  
 
Date: February 25, 2022

 
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Series Fund II, Inc., certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Series Fund II, Inc.;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 16, 2022
/s/ John M. Perlowski_______
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund II, Inc.  

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Series Fund II, Inc., certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Series Fund II, Inc.;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 16, 2022
/s/ Trent Walker_________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund II, Inc.  

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Series Fund II, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: February 16, 2022
/s/ John M. Perlowski______
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund II, Inc.  
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Series Fund II, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: February 16, 2022
/s/ Trent Walker_________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund II, Inc.  
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.