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: 12/31/2022
 
Date of reporting period: 12/31/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
December
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Annual
Report
BlackRock
Series
Fund,
Inc.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
BlackRock
Government
Money
Market
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
Series
Fund
II,
Inc.
BlackRock
High
Yield
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
December
31,
2022,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
third
quarter,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
year
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
heightened
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
level
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
this
prospect
has
not
yet
been
fully
priced
in
by
markets.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
December
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
2.31%
(18.11)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.91
(20.44)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
6.36
(14.45)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.99)
(20.09)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.32
1.47
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.58)
(16.28)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.97)
(13.01)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.50
(8.53)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
3.50
(11.18)
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
..........................................................................................
24
Disclosure
of
Expenses
...................................................................................................
24
Derivative
Financial
Instruments
.............................................................................................
24
Financial
Statements:
Schedules
of
Investments
...............................................................................................
25
Statements
of
Assets
and
Liabilities
.........................................................................................
125
Statements
of
Operations
................................................................................................
131
Statements
of
Changes
in
Net
Assets
........................................................................................
133
Financial
Highlights
.....................................................................................................
137
Notes
to
Financial
Statements
...............................................................................................
144
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
164
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
165
Director
and
Officer
Information
..............................................................................................
166
Additional
Information
....................................................................................................
173
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
175
Fund
Summary
as
of
December
31,
2022
2022
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,
2022,
the
Fund
underperformed
its
benchmark,
the
Russell
1000
®
Index.
What
factors
influenced
performance?
Overall,
market
volatility
continued
throughout
the
period,
with
equities
testing
new
lows
amid
inflationary
pressures
and
concerns
about
monetary
policy
normalization.
A
relatively
orderly
market
reaction
to
inflation
figures
reaching
40-year
highs
turned
disorderly
as
Russia
invaded
Ukraine
in
February
2022.
Commodity
prices
surged,
adding
to
inflation
fears,
and
China's
zero-COVID
policy
continued
disrupting
global
supply
chains.
A
persistent
yield
curve
inversion
throughout
the
period
reflected
investor
beliefs
that
central
banks
were
late
to
respond
to
rising
prices
and
raised
concerns
about
future
economic
growth.
The
inflation
picture
evolved
as
the
period
progressed,
with
rises
in
goods
prices
moderating
while
services
price
increases
accelerated.
This
led
to
tightness
in
labor
markets,
which
is
a
key
focus
of
the
Fed,
and
the
Fed's
75-basis-point
interest
rate
hike
in
June
2022
put
added
pressure
on
risk
assets.
Despite
this,
stock
markets
staged
a
bear
market
rally
during
the
summer
of
2022,
as
investors
interpreted
softening
economic
data
as
an
indication
that
policymakers
would
make
a
dovish
pivot
on
monetary
policy.
This
view
proved
premature,
as
central
banks
reaffirmed
their
focus
on
fighting
inflation
and
the
Fed
made
four
consecutive
rate
hikes
of
75
basis
points.
The
rapid
pace
of
rate
increases
prompted
a
September
2022
selloff,
but
as
signs
of
peak
inflation
emerged
alongside
a
robust
earnings
season,
markets
recovered
in
October
and
November,
only
partially
reversing
those
gains
in
December.
This
capped
a
challenging
year
for
financial
markets,
with
both
stocks
and
bonds
posting
negative
returns
for
only
the
third
calendar
year
since
1926.
Market
leadership
remained
largely
intact,
with
value
stocks
outperforming
into
period-end.
Energy
and
materials
stocks
initially
led
this
trend
before
shifting
to
more
defensive
stocks
as
hawkish
rhetoric
from
policymakers
and
softening
economic
data
escalated
concerns
about
a
potential
recession.
Fundamental
measures
mainly
drove
the
Fund's
underperformance,
particularly
struggling
during
the
first
half
of
the
reporting
period.
More
growth-flavored
measures
such
as
those
looking
at
company
culture
and
employee
benefits
were
the
largest
detractors,
given
the
prevailing
market
preference
for
value
styles.
Also,
an
insight
looking
at
company-specific
performance
indicators
dragged
on
performance.
Macro
thematic
measures
also
detracted.
Notably,
insights
that
identify
industries
likely
to
benefit
from
central
bank
policy
normalization
declined,
as
they
struggled
against
the
changing
market
environment.
Additionally,
measures
capturing
industry
news
sentiment
struggled
as
they
motivated
an
unsuccessful
underweight
to
materials
stocks
at
times
when
the
sector
performed
well.
Select
faster-moving
insights,
such
as
those
analyzing
conference
calls
to
forecast
changes
in
company
fundamentals,
also
proved
wrong-footed
within
the
financials
sector
in
the
volatile
rate
environment.
Despite
the
Fund's
underperformance,
stock
selection
from
sentiment
measures
tracking
the
positioning
and
views
of
informed
investors
provided
ballast.
These
insights
correctly
captured
the
evolving
backdrop
seen
during
the
period.
Specifically,
looking
at
bond
investor
positioning
was
broadly
additive
in
fighting
against
the
sharp
rate-hiking
cycle.
Furthermore,
traditional
fundamental
valuation
insights
also
were
strong
contributors,
largely
in
the
first
and
fourth
quarters
of
2022,
because
of
prevailing
market
style
preferences.
Measures
looking
at
company
sales
and
earnings
yields
did
best
among
consumer
discretionary
stocks.
Lastly,
stability-related
fundamental
insights
favoring
lower-risk
stocks
alongside
measures
evaluating
internal
financing
capacity
also
added
to
performance.
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
with
enhanced
data
sets
to
capture
informed
investor
positioning
and
identify
emerging
trends,
such
as
sentiment
surrounding
supply
chain
disruptions,
wage
inflation,
and
business
sensitivity
to
the
invasion
of
Ukraine.
Additionally,
the
Fund
added
macro
thematic
insights
using
historical
observations
of
stagflation
and
policy
normalization
to
motivate
top-down
positioning.
Further,
within
consumer
intent
insights,
the
Fund
added
a
measure
that
looks
at
social
media
activity
as
a
measure
of
potential
revenue
growth.
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
healthcare
sector,
notably
within
the
life
sciences
tools
and
services
industry,
as
well
as
in
consumer
staples
stocks.
The
Fund
maintained
slight
underweight
positions
in
the
consumer
discretionary
sector,
particularly
among
leisure
stocks,
as
well
as
in
the
communication
services
sector.
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,
2022
(continued)
5
Fund
Summary
BlackRock
Advantage
Large
Cap
Core
Portfolio
GROWTH
OF
$10,000
INVESTMENT
(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
the
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.
Fund
Summary
as
of
December
31,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Advantage
Large
Cap
Core
Portfolio
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Advantage
Large
Cap
Core
Portfolio
........................................................
(19.89‌)%
8.62‌%
12.04‌%
Russell
1000
®
Index
..........................................................................
(19.13‌)
9.13‌
12.37‌
(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.”
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,020.70‌
$
2.55‌
$
1,000.00‌
$
1,022.68‌
$
2.55‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
25.1‌
%
Health
Care
.....................................
16.3‌
Financials
.......................................
11.4‌
Industrials
.......................................
9.6‌
Consumer
Discretionary
.............................
9.0‌
Consumer
Staples
.................................
7.1‌
Communication
Services
.............................
6.2‌
Energy
.........................................
5.4‌
Real
Estate
......................................
3.6‌
Materials
.......................................
2.7‌
Utilities
.........................................
2.5‌
Short-Term
Securities
...............................
2.0‌
Liabilities
in
Excess
of
Other
Assets
.....................
(0.9‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Fund
Summary
as
of
December
31,
2022
7
Fund
Summary
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,
2022,
the
Fund
underperformed
its
benchmark,
the
Russell
1000
®
Growth
Index.
For
the
same
period,
all
of
the
Fund’s
share
classes
underperformed
the
broad-market
S&P
500
®
Index.
The
following
discussion
of
relative
performance
pertains
to
the
Russell
1000
®
Growth
Index.
What
factors
influenced
performance?
From
a
sector
perspective,
the
largest
detractors
from
the
Fund's
relative
performance
were
investment
decisions
within
the
communication
services,
information
technology
("IT"),
and
consumer
staples
sectors.
Within
communication
services,
an
overweight
allocation
to
the
interactive
media
and
service
industry,
most
notably
through
an
overweight
position
in
Match
Group,
Inc.,
detracted
from
relative
performance.
Stock
selection
in
the
semiconductor
and
semiconductor
equipment
industry
within
IT,
particularly
in
an
off-benchmark
position
in
Marvell
Technology,
Inc.,
was
also
a
detractor.
Lastly,
positioning
within
consumer
staples
weighed
on
relative
performance,
with
the
Fund's
lack
of
exposure
to
the
beverages
sub-sector
most
notably
detracting.
Conversely,
the
largest
contributor
to
relative
performance
was
positioning
within
the
energy
sector.
An
overweight
position
in
Pioneer
Natural
Resources
Co.
within
the
oil,
gas
and
consumable
fuels
industry
benefited
the
Fund.
Elsewhere
in
the
portfolio,
positioning
in
the
aerospace
and
defense
industry
within
industrials,
specifically
an
overweight
position
in
TransDigm
Group,
Inc.,
contributed
to
performance.
Lastly,
stock
selection
among
healthcare
providers
and
services
proved
beneficial
in
the
healthcare
sector,
most
notably
from
an
overweight
position
in
UnitedHealth
Group,
Inc.
Describe
recent
portfolio
activity.
During
the
period,
the
most
notable
increase
in
the
Fund’s
sector
weightings
was
to
healthcare,
particularly
within
the
healthcare
equipment
and
supplies
industry.
Exposure
to
IT
increased
as
well.
Conversely,
the
Fund’s
exposure
to
communication
services
sector
decreased
the
most,
due
to
a
reduced
allocation
to
the
interactive
media
and
services
industry.
Exposure
to
the
consumer
discretionary
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
healthcare
sector,
followed
by
consumer
discretionary
and
financials.
The
Fund’s
largest
underweight
position
was
in
consumer
staples,
followed
by
industrials
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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
Capital
Appreciation
Portfolio
GROWTH
OF
$10,000
INVESTMENT
(a)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees,
if
any.
Does
not
include
insurance-related
fees
and
expenses.
The
Fund
will
seek
to
achieve
its
investment
objective
by
investing
primarily
in
a
diversified
portfolio
consisting
primarily
of
common
stock
of
U.S.
companies
that
Fund
management
believes
have
exhibited
above-average
growth
rates
in
earnings
over
the
long
term.
(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.
Fund
Summary
as
of
December
31,
2022
(continued)
9
Fund
Summary
BlackRock
Capital
Appreciation
Portfolio
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Capital
Appreciation
Portfolio
.............................................................
(37.59‌)%
7.59‌%
11.76‌%
S&P
500
®
Index
.............................................................................
(18.11‌)
9.42‌
12.56‌
Russell
1000
®
Growth
Index
....................................................................
(29.14‌)
10.96‌
14.10‌
(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.
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
938.80‌
$
2.49‌
$
1,000.00‌
$
1,022.63‌
$
2.60‌
0.51‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
44.2‌
%
Health
Care
.....................................
17.9‌
Consumer
Discretionary
.............................
16.9‌
Communication
Services
.............................
7.3‌
Financials
.......................................
5.3‌
Industrials
.......................................
4.6‌
Energy
.........................................
1.7‌
Materials
.......................................
1.4‌
Real
Estate
......................................
0.6‌
Short-Term
Securities
...............................
3.3‌
Liabilities
in
Excess
of
Other
Assets
.....................
(3.2‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Fund
Summary
as
of
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Global
Allocation
Portfolio
Investment
Objective
BlackRock
Global
Allocation
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2022,
the
Fund
underperformed
its
reference
benchmark,
which
is
comprised
of
the
S&P
500
®
Index
(36)%,
FTSE
World
(ex-US)
Index
(24)%,
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(24)%
and
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(16)%
(the
“Reference
Benchmark”),
but
outperformed
the
broad-based
all-equity
benchmark,
the
FTSE
World
Index.
The
Fund
invests
in
both
equities
and
bonds;
therefore,
Fund
management
believes
that
the
Reference
Benchmark
provides
a
more
accurate
representation
of
the
Fund’s
composition
and
a
more
comparable
means
for
measurement.
The
following
discussion
of
relative
performance
pertains
to
the
Reference
Benchmark.
The
following
commentary
(and
referenced
allocation
percentages)
are
based
on
the
economic
exposures
of
the
Fund,
which
reflect
adjustments
for
futures,
swaps
and
options
(except
with
respect
to
fixed
income
securities)
and
convertible
bonds
and
may
vary
relative
to
the
market
value.
What
factors
influenced
performance?
Exposure
to
cash
and
cash
equivalents,
which
was
largely
held
in
lieu
of
fixed
income
(i.e.,
as
fixed
income
with
zero
duration
and
corresponding
sensitivity
to
changes
in
interest
rates)
and
as
a
hedge
against
equities,
added
to
performance.
Currency
management,
notably
an
underweight
to
the
euro
and
yen
and
an
overweight
to
the
U.S.
dollar,
also
contributed
to
returns.
Within
equities,
an
overweight
to
energy
positively
impacted
performance.
Tactical
short
positioning
in
U.S.
index
futures,
implemented
to
help
manage
the
overall
beta
(market
sensitivity)
of
the
portfolio,
contributed
to
returns
as
well.
Security
selection
within
communication
services
was
also
additive.
Within
fixed
income,
exposure
to
securitized
assets
positively
impacted
returns.
Within
equities,
security
selection
within
industrials
and
information
technology,
along
with
an
overweight
to
and
selection
within
consumer
discretionary,
detracted
from
performance.
An
underweight
to
consumer
staples
and
financials
also
detracted.
Within
fixed
income,
an
underweight
to
developed
market
government
bonds
relative
to
the
reference
benchmark,
notably
Japanese
government
bonds,
negatively
impacted
performance.
Positioning
within
U.S.
interest
rates,
most
notably
modest
exposure
to
longer-dated
bonds
held
as
a
hedge
against
any
acute
spike
in
risk
aversion,
also
detracted.
Describe
recent
portfolio
activity.
During
the
12-month
period,
the
Fund’s
overall
equity
exposure
decreased
from
69%
to
53%
of
net
assets.
From
a
regional
perspective,
while
the
Fund
decreased
exposure
broadly,
the
largest
reductions
were
in
the
United
States
and
Europe.
From
a
sector
perspective,
the
Fund
increased
exposure
to
energy
and
consumer
staples,
while
decreasing
exposure
to
consumer
discretionary,
information
technology
and
industrials.
The
Fund’s
allocation
to
fixed
income
increased
from
22%
to
32%
of
net
assets.
Within
fixed
income,
the
Fund
increased
exposure
to
investment
grade
corporate
credit,
securitized
assets
and
U.S.
rates,
and
decreased
exposure
to
high
yield
corporate
bonds
and
floating
rate
bank
loans.
From
a
duration
perspective,
the
Fund’s
total
portfolio
duration
was
tactically
managed
over
the
period
and
ended
the
period
at
1.8
years,
up
from
0.5
years
at
the
beginning
of
the
period.
The
Fund’s
allocation
to
commodity-
related
securities
remained
unchanged
at
less
than
1%
of
net
assets.
As
at
period
end,
the
Fund
had
approximately
4.5%
of
net
assets
invested
in
private
securities
(including
commitments).
Over
the
period,
the
Fund’s
exposure
to
private
securities
detracted
marginally
from
the
Fund’s
absolute
return.
Reflecting
the
changes
in
the
Fund’s
overall
allocations
to
the
equity,
fixed
income
and
commodity-related
asset
classes
during
the
period,
the
Fund’s
cash
equivalents
increased
from
9%
to
15%
of
net
assets
over
12
months,
with
the
period-end
percentage
representing
a
decline
from
28%
as
of
June
30th.
During
the
12-month
period,
cash
helped
mitigate
portfolio
volatility
and
served
as
a
source
of
funds
for
new
investments,
notably
within
fixed
income,
as
well
as
a
source
for
meeting
redemptions.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
Reference
Benchmark,
the
Fund
was
underweight
equities
and
fixed
income,
with
minimal
exposure
to
commodity-related
assets
and
an
overweight
to
cash
equivalents.
Within
equities,
the
Fund
was
overweight
energy
and
healthcare,
and
underweight
financials,
consumer
staples,
industrials,
information
technology
and
real
estate.
The
Fund’s
largest
regional
underweights
were
Japan
and
Australia.
Within
fixed
income,
the
Fund
was
underweight
developed
market
government
bonds
and
overweight
corporate
credit,
securitized
debt
and
bank
loans.
From
a
duration
perspective,
the
total
portfolio
duration
was
1.8
vs.
a
benchmark
duration
of
2.4
(total
portfolio
duration
assumes
equity
duration
of
0).
From
a
currency
perspective,
the
Fund
was
modestly
overweight
the
euro
and
U.S.
dollar
and
underweight
the
Chinese
yuan.
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,
2022
(continued)
11
Fund
Summary
BlackRock
Global
Allocation
Portfolio
GROWTH
OF
$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
equity,
debt
and
money
market
securities.
Generally,
the
Fund's
portfolio
will
include
both
equity
and
debt
securities.
The
Fund
generally
seeks
diversification
across
markets,
industries
and
issuers
as
one
of
its
strategies
to
reduce
volatility.
The
Fund
has
no
geographic
limits
on
where
it
may
invest.
(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
...............................................................
(15.73‌)%
3.57‌%
5.17‌%
FTSE
World
Index
...........................................................................
(17.54‌)
6.22‌
8.91‌
Reference
Benchmark
........................................................................
(15.59‌)
3.59‌
5.57‌
U.S.
Stocks:
S&P
500
®
Index
(b)
...................................................................
(18.11‌)
9.42‌
12.56‌
Non
U.S.
Stocks:
FTSE
World
(ex-U.S.)
Index
(c)
.......................................................
(14.34‌)
2.16‌
4.81‌
U.S.
Bonds:
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(d)
..............................................
(9.77‌)
0.20‌
0.42‌
Non
U.S.
Bonds:
FTSE
Non
-
U.S.
Dollar
World
Government
Bond
Index
(e)
....................................
(22.07‌)
(4.21‌)
(2.27‌)
(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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
12
BlackRock
Global
Allocation
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Dividend
Expense
Excluding
Dividend
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Including
Dividend
Expense
(a)
Excluding
Dividend
Expense
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Including
Dividend
Expense
Excluding
Dividend
Expense
$
1,000.00‌
$
1,010.00‌
$
2.89‌
$
2.89‌
$
1,000.00‌
$
1,022.33‌
$
2.91‌
$
1,022.33‌
$
2.91‌
0.57‌%
0.57‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
74.1‌
%
0.1‌
%
74.2‌
%
Germany
..............................
3.4‌
—‌
3.4‌
United
Kingdom
..........................
3.3‌
—‌
3.3‌
Netherlands
............................
2.7‌
—‌
2.7‌
France
................................
2.7‌
—‌
2.7‌
Canada
...............................
2.3‌
—‌
2.3‌
China
.................................
1.9‌
—‌
1.9‌
Australia
...............................
1.3‌
—‌
1.3‌
Japan
................................
1.1‌
—‌
1.1‌
Other
(b)
................................
7.1‌
—‌
7.1‌
Total
.................................
99.9‌%
0.1‌%
100.0‌%
(a)
Total
investments
include
the
gross
market
values
of
long
and
short
positions
and
exclude
Short-Term
Securities,
Options
Purchased
and
Options
Written.
(b)
Includes
holdings
within
countries
that
are
1%
or
less
of
long-term
investments.
Please
refer
to
the
Consolidated
Schedule
of
Investments
for
such
countries.
Money
Market
Overview
For
the
12-Month
Period
Ended
December
31,
2022
13
Money
Market
Overview
Market
Review 
2022
began
with
a
heightened
sense
of
uncertainty
surrounding
the
global
economy
due
to
the
Russia-Ukraine
conflict,
which
spurred
continued
inflationary
pressures
through
disruptions
in
trade
and
food
and
fuel
price
shocks.
Economic
conditions
in
the
United
States
were
tight
throughout
most
of
2022
and
several
key
barometers
indicated
that
the
Fed
would
need
to
step
in.
The
unemployment
rate
rose
to
4.0%
in
January
2022
and
remained
strong,
ending
the
year
at
3.5%.
The
consumer
price
index
(“CPI”)
started
the
year
at
7.5%
but
decreased
to
6.5%
by
the
end
of
December
2022
largely
due
to
Fed
intervention.
Recession
fears
grew
across
different
economic
sectors.
At
the
end
of
the
second
and
third
quarters
in
2022,
real
gross
domestic
product
(“GDP”)
decreased
at
an
annual
rate
of
1.60%
and
0.60%,
respectively.
The
strength
of
the
labor
market
and
inflation
in
the
United
States
prompted
the
Fed
to
begin
a
series
of
aggressive
rates
hikes.
From
March
through
December
2022,
the
Fed
hiked
rates
a
total
of
425
basis
points
(or
4.25%)
in
an
effort
to
stem
spiraling
price
pressures,
which
had
sent
inflation
to
a
peak
of
9.1%
in
June
2022.
This
would
prove
to
be
the
fastest
pace
of
hikes
in
over
four
decades.
In
December,
the
Federal
Open
Market
Committee
(the
“FOMC”
or
the
“Committee”)
reiterated
its
commitment
to
return
inflation
to
its
2%
objective
and
that
the
FOMC
again
will
consider
“the
cumulative
tightening
of
monetary
policy,
the
lags
with
which
monetary
policy
affects
economic
activity
and
inflation,
and
economic
and
financial
developments”
when
“determining
the
pace
of
future
increases
in
the
target
range.”
Additionally,
the
Committee
announced
that
it
will
continue
reducing
its
holdings
of
Treasury
securities
and
agency
debt
and
agency
mortgage-backed
securities,
as
described
in
the
Plans
for
Reducing
the
Size
of
the
Federal
Reserve's
Balance
Sheet
that
were
issued
in
May
2022.
Given
generally
insufficient
near-term
Treasury
bill
(“T-bill”)
supply
and
uncertainty
surrounding
the
Fed’s
rate
hiking
path,
daily
utilization
of
the
Fed’s
reverse
repurchase
agreement
(“RRP”)
facility
surged
in
2022,
averaging
nearly
$2
trillion
per
day.
On
December
31,
2022
the
RRP
facility
hit
an
all-time
high
with
a
balance
of
over
$2.6
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
had
been
pegged
at
0.05%
from
January
until
the
FOMC’s
first
25
bp
rate
hike
in
March
2022,
when
it
rose
to
0.30%.
SOFR
closed
2022
at
4.30%
and
averaged
1.64%
for
the
year.
The
3-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
the
year
at
0.22%,
trended
upward
in
2022,
ending
the
year
at
4.77%.
3-month
LIBOR
averaged
2.40%
throughout
the
year
and
hit
an
all-time
high
of
4.78%
on
November
30,
2022.
The
3-month
LIBOR-Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
hit
an
all-time
low
of
-0.12%
in
September
2022
and
averaged
0.16%
for
the
year.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
net
inflows
of
approximately
$32
billion
during
the
year.
Of
this,
assets
of
prime
and
municipal
MMFs
experienced
$214
billion
and
$21
billion
of
inflows,
respectively,
while
government
MMFs
fell
$204
billion.
Portfolio
Review 
The
prevailing
investment
themes
in
2022
included
the
tightening
of
monetary
policy
by
the
FOMC
and
other
central
banks,
the
large
and
growing
supply
versus
demand
imbalance
for
front-end
securities,
and
rising
inflation.
Yields
across
the
balance
of
the
Treasury
curve
rose
as
the
Fed
delivered
rate
hikes
in
an
attempt
to
quell
inflation.
Since
the
beginning
of
this
rate
hiking
cycle,
we
have
preferred
a
below-neutral
profile
across
our
government
funds.
We
continue
to
remain
selective
with
respect
to
adding
duration
until
we
see
more
policy
certainty
from
the
central
bank.
Approaching
year-end,
the
market
approached
an
inflection
point.
While
Chair
Jerome
Powell
and
other
Committee
members
continue
to
push
a
“hawkish”
narrative,
market
yields
toward
the
back-half
of
2023
reflect
interest
rate
cuts.
This
contrasting
movement
at
the
longer
points
of
the
Treasury
bill
curve
versus
FOMC
rhetoric
indicates
market
concerns
that
an
over-tightening
of
policy
will
force
the
FOMC
to
reverse
course
midpoint
next
year.
Outlook
A
short-term
outlook
for
inflation
above
the
FOMC’s
preferred
range
and
“hawkish”
rhetoric
from
officials
suggests
increases
in
the
target
range
for
the
federal
funds
rate
further
into
“restrictive
territory”
are
possible
through
at
least
the
midpoint
of
2023.
The
market
has
been
in
a
near
constant
state
of
repricing
since
the
FOMC
first
lifted
rates
off
the
zero
lower
bound.
Pricing
volatility
should
persist
at
least
until
the
FOMC
reaches
its
terminal
rate.
Continued
defensive
positioning
by
investors
will
likely
contribute,
in
our
estimation,
to
elevated
usage
of
the
Federal
Reserve’s
Overnight
Reverse
Repurchase
Agreement
Program
by
eligible
counterparties.
The
U.S.
Treasury
is
approaching
its
borrowing
limit.
This
event
will
negatively
impact
issuance
of
net
new
Treasury
Bill
supply.
The
U.S.
Treasury
can
invoke
“extraordinary
measures”
to
expand
borrowing
capacity
which
would
temporarily
increase
net
new
supply.
Ultimately,
Congress
would
need
to
act
on
the
debt
ceiling
before
the
U.S.
Treasury
exhausts
all
accounting
measures.
At
this
time,
our
estimate
is
that
the
true
borrowing
limit
could
be
reached
toward
the
end
of
2023.  
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,
2022
2022
BlackRock
Annual
Report
to
Shareholders
14
BlackRock
Government
Money
Market
Portfolio
Investment
Objective
BlackRock
Government
Money
Market
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
preserve
capital,
to
maintain
liquidity
and
achieve
the
highest
possible
current
income
consistent
with
the
foregoing.
Portfolio
Information
Expense
Example
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yield
7-Day
Yield
BlackRock
Government
Money
Market
Portfolio
.....
3.69‌
%
3.69‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
48.3‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
37.8‌
U.S.
Treasury
Obligations
..............................
9.8‌
Other
Assets
Less
Liabilities
............................
4.1‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,011.90‌
$
2.54‌
$
1,000.00‌
$
1,022.68‌
$
2.55‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
December
31,
2022
15
Fund
Summary
BlackRock
High
Yield
Portfolio
Investment
Objective
BlackRock
High
Yield
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
12-month
period
ended
December
31,
2022,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
High-yield
corporate
bonds
experienced
sharply
negative
returns
during
the
reporting
period,
as
persistent
inflation
and
aggressive
rate
hiking
by
the
Fed
weighed
on
bond
market
returns
broadly
and
rising
fears
of
recession
weighed
on
credit
sentiment.
During
the
reporting
period,
security
selection
within
the
independent
energy
sector
and
underweight
allocations
to
the
retail
and
pharmaceutical
sectors
contributed
positively
to
performance
relative
to
the
benchmark.
By
credit
rating,
an
underweight
allocation
to
BB-rated
issues
and
an
overweight
to
B
issues
proved
additive.
Asset
allocation
was
a
net
contributor
as
well,
highlighted
by
a
tactical,
out-of-benchmark
allocation
to
investment
grade
corporate
bonds.
From
a
sector
perspective,
overweight
allocations
to
technology,
wirelines
and
chemicals
detracted
from
performance.
Holdings
of
indexed
high
yield
products,
a
key
liquidity
tool
in
the
portfolio,
detracted
from
performance
as
well.
By
credit
rating,
the
Fund’s
overweight
allocation
to
the
CCC-rated
bucket
and
out-of-benchmark
exposure
to
BBB-
rated
credit
weighed
on
return.
Describe
recent
portfolio
activity.
Overall
portfolio
risk
was
reduced
during
the
period
amid
growth
fears
and
rising
interest
rates.
In
this
vein,
the
Fund’s
total
credit
exposure,
duration
(and
corresponding
interest
rate
sensitivity)
and
beta
(market
sensitivity)
were
all
lowered.
Exposure
to
sectors
facing
strong
headwinds,
such
as
healthcare,
was
reduced
as
well.
The
Fund
increased
exposure
to
issues
rated
BBB
over
the
period,
as
high
yield
new
issuance
remained
quiet
and
the
investment
adviser
found
attractive
relative
value
opportunities
in
the
lower-rated
part
of
the
investment
grade
market.
Describe
portfolio
positioning
at
period
end.
From
a
credit
quality
perspective,
BB
rated
bonds
were
the
Fund’s
largest
allocation,
followed
by
B
and
then
BBB
issues.
The
Fund
remained
underweight
the
highest
yielding,
distressed
portion
of
the
market.
The
Fund
maintained
a
meaningful
allocation
to
investment
grade
bonds
based
on
attractive
relative
value.
In
sector
terms,
the
biggest
overweights
at
period
end
were
to
technology,
property
and
casualty
and
metals
and
mining.
Sector
weights
are
principally
the
product
of
the
investment
adviser’s
views
on
individual
issuers
rather
than
any
top-down
sector
views.
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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
16
BlackRock
High
Yield
Portfolio
GROWTH
OF
$10,000
INVESTMENT
(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)
An
unmanaged
index
comprised
of
issues
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Fund
Summary
as
of
December
31,
2022
(continued)
17
Fund
Summary
BlackRock
High
Yield
Portfolio
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yield
(b)
Unsubsidized
30-Day
Yield
(b)
1
Year
5
Years
10
Years
BlackRock
High
Yield
Portfolio
.........................................
7.39‌%
6.62‌%
(10.64‌)%
2.78‌%
4.26‌%
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
................
—‌
—‌
(11.18‌)
2.30‌
4.03‌
(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.
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,036.10‌
$
2.57‌
$
1,000.00‌
$
1,022.68‌
$
2.55‌
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
A
............................................
2.2‌
%
BBB/Baa
.......................................
13.7‌
BB/Ba
.........................................
35.9‌
B
............................................
33.2‌
CCC/
Caa
.......................................
13.0‌
NR
...........................................
2.0‌
(a)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/
Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(b)
Excludes
short-term
securities,
options
purchased
and
options
written.
Fund
Summary
as
of
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
18
BlackRock
Sustainable
Balanced
Portfolio
Investment
Objective
BlackRock
Sustainable
Balanced
Portfolio’s
(formerly
known
as
BlackRock
Balanced
Capital
Portfolio)
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
On
November
9,
2021,
the
Board
of
Directors
of
BlackRock
Series
Fund,
Inc.
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy
and
process.
These
changes
became
effective
on
April
8,
2022.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2022,
the
Fund
outperformed
its
blended
reference
benchmark
(60%
MSCI
All
Country
World
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index).
For
the
same
period,
the
Fund
outperformed
its
former
blended
reference
benchmark
(60%
Russell
1000
®
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index).
The
change
to
the
reference
benchmark
was
implemented
on
April
8,
2022.
What
factors
influenced
performance?
The
most
significant
contributor
to
the
Fund's
relative
performance
was
its
underweight
duration
position,
as
interest
rates
surged
on
increasingly
hawkish
rhetoric
from
the
Fed
and
due
to
persistently
elevated
inflation.
Security
selection
within
equities
also
contributed
to
performance.
Although
the
underlying
U.S.
equity
strategy
that
the
Fund
used
until
April
8,
2022
weighed
on
returns
early
in
the
period,
the
global
equity
security
selection
strategy
used
on
and
after
April
8,
2022
added
to
performance,
more
than
offsetting
the
prior
underperformance.
Within
the
equity
security
selection
strategy,
environmental,
social,
and
governance
insights
and
contrarian
quality
measures
were
notably
additive.
Conversely,
the
underlying
fixed
income
strategy,
which
consisted
of
a
fundamental
fixed
income
security
selection
strategy
until
April
8,
2022,
and
a
systematic
fixed
income
security
selection
strategy
on
and
after
April
8,
2022,
detracted
from
the
Fund's
relative
performance.
Although
the
fundamental
strategy
made
a
modestly
positive
contribution,
underperformance
in
the
systematic
strategy
later
in
the
period
was
more
significant,
outweighing
early
contributions.
At
period-end,
the
Fund
held
approximately
5%
in
unencumbered
cash,
given
its
underweight
duration
stance.
A
preference
for
cash
versus
fixed-income
contributed
to
returns
given
the
significant
selloff
in
bond
markets
in
2022.
Describe
recent
portfolio
activity.
On
April
8,
2022,
the
Fund
underwent
several
changes,
including
moving
from
a
U.S.
equity
benchmark
for
the
equity
component
of
the
blended
benchmark
(Russell
1000
®
Index)
to
a
global
equity
benchmark
(MSCI
All
Country
World
Index).
The
Fund
retained
its
underweight
United
States
duration
stance,
but
given
the
expanded
equity
opportunity
set,
the
Fund
pivoted
the
expression
of
its
equity
overweight
from
being
overweight
to
U.S.
equities
to
being
overweight
to
Japanese
equities,
with
smaller
positions
in
European
equities
in
the
U.K.,
Italy,
and
Spain.
An
improving
coronavirus
backdrop
and
the
loosening
of
national
COVID-19
precautions
prompted
expectations
that
nominal
growth
in
Europe
would
remain
solid,
with
greater
fiscal
spending
focused
on
defense
and
the
green
energy
transition
adding
a
further
tailwind
to
European
equities.
In
Japan,
looser
monetary
policy
and
underperformance
versus
developed
market
peers
made
it
an
attractive
market
to
implement
the
Fund’s
equity
overweight.
The
Fund
closed
its
overweight
to
European
equities
in
the
middle
of
the
period.
The
Fund
added
to
its
U.S.
rate
exposure
late
in
the
third
quarter
of
2022
within
the
tactical
asset
allocation
strategy,
with
the
view
that
markets
had
begun
to
price
Fed
rate
hikes
appropriately.
The
strategy
also
shifted
its
overweight
equity
exposure
from
Japanese
equities
to
U.S.
equities,
as
the
latter
had
materially
underperformed
and
were
possibly
better
positioned
toward
the
end
of
the
period.
The
Fund
ended
the
period
with
a
more
modest
overweight
to
equity
and
underweight
to
duration.
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
the
period
overweight
in
U.S.
equities,
reflecting
the
view
that
the
Fed
has
sufficiently
tightened
monetary
policy
to
achieve
its
mandate.
Domestic
stocks
had
materially
underperformed
other
developed
market
equities
in
recent
quarters,
prompting
the
Fund’s
view
that
they
may
be
better
positioned
for
future
outperformance.
The
Fund
was
underweight
long-dated
U.S.
bonds
on
the
view
that
rate
hikes
have
not
yet
been
priced
into
the
long
end
of
the
yield
curve.
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,
2022
(continued)
19
Fund
Summary
BlackRock
Sustainable
Balanced
Portfolio
GROWTH
OF
$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
a
combination
of
equity
securities,
fixed-income
securities
and
derivatives.
The
Fund’s
total
returns
prior
to
April
8,
2022
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
and
investment
process
under
the
name
“BlackRock
Balanced
Capital
Portfolio”.
(b)
A
customized
weighted
index
comprised
of
the
returns
of
the
Russell
1000
®
Index
(60%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(c)
Effective
April
8,
2022,
the
Fund
replaced
its
customized
weighted
benchmark
index
comprised
of
the
returns
of
the
Russell
1000
®
Index
(60%)
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
(40%)
as
a
performance
benchmark
against
which
the
Fund
measures
its
performance
with
a
customized
weighted
benchmark
index
comprised
of
the
returns
of
the
MSCI
All
Country
World
Index
(60%)
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
(40%)
to
align
with
the
new
global
equity
strategy.
(d)
An
index
that
measures
the
performance
of
the
large-cap
segment
of
the
U.S.
equity
universe.
It
is
a
subset
of
the
Russell
3000
®
Index
and
includes
approximately
1,000
of
the
largest
securities
based
on
a
combination
of
their
market
capitalization
and
current
index
membership.
The
index
represents
approximately
93%
of
the
U.S.
market.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(f)
A
customized
weighted
index
comprised
of
the
returns
of
the
MSCI
All
Country
World
Index
(60%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(40%).
(g)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
BlackRock
Sustainable
Balanced
Portfolio
............................................................
(15.76‌)%
6.21‌%
8.49‌%
60%
Russell
1000
®
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index
......................................
(16.41‌)
5.80‌
7.98‌
Russell
1000
®
Index
..........................................................................
(19.13‌)
9.13‌
12.37‌
Bloomberg
U.S.
Aggregate
Bond
Index
............................................................
(13.01‌)
0.02‌
1.06‌
60%
MSCI
All
Country
World
Index/40%
Bloomberg
U.S.
Aggregate
Bond
Index
...............................
(16.02‌)
3.45‌
5.39‌
MSCI
All
Country
World
Index
...................................................................
(18.36‌)
5.23‌
7.98‌
(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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
20
BlackRock
Sustainable
Balanced
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
$
1,000.00‌
$
1,008.10‌
$
2.53‌
$
2.48‌
$
1,000.00‌
$
1,022.68‌
$
2.55‌
$
1,022.74‌
$
2.50‌
0.50‌%
0.49‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
58.8‌
%
Corporate
Bonds
...................................
21.9‌
U.S.
Treasury
Obligations
.............................
9.7‌
U.S.
Government
Sponsored
Agency
Securities
..............
8.2‌
Investment
Companies
...............................
0.7‌
Preferred
Securities
.................................
0.3‌
Asset-Backed
Securities
..............................
0.2‌
Non-Agency
Mortgage-Backed
Securities
..................
0.2‌
Floating
Rate
Loan
Interests
...........................
0.0‌
(b)
Rights
..........................................
0.0‌
(b)
Other
Interests
....................................
0.0‌
(b)
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
December
31,
2022
21
Fund
Summary
BlackRock
U.S.
Government
Bond
Portfolio
Investment
Objective
BlackRock
U.S.
Government
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
On
September
8,
2022,
the
Board
of
Directors
of
the
Company
approved
a
proposal
to
close
U.S.
Government
Bond
to
purchases
and
thereafter
to
liquidate
the
Fund.
Accordingly,
effective
on
April
21,
2023,
the
Fund
will
no
longer
accept
purchase
orders.
On
or
about
April
28,
2023,
(the
“Liquidation
Date”),
all
of
the
assets
of
the
Fund
will
be
liquidated
completely,
the
shares
of
any
interest
holders
on
the
Liquidation
Date
will
be
redeemed
at
the
net
asset
value
(“NAV”)
per
share
and
the
Fund
will
then
be
terminated.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2022,
the
Fund
underperformed
its
benchmark,
the
Bloomberg
U.S.
Government/Mortgage
Index.
For
the
same
period,
the
Fund
underperformed
its
secondary
benchmark,
the
Bloomberg
U.S.
Mortgage-Backed
Securities
Index.
What
factors
influenced
performance?
Detractors
from
the
Fund’s
performance
relative
to
the
benchmark
included
allocations
to
commercial
mortgage-backed
securities
(“CMBS”),
specifically
single-asset,
single-
borrower
(“SASB”)
and
interest-only
tranches.
Interest
rate
volatility
strategies
along
with
an
allocation
to
Treasury
inflation-protected
securities
(“TIPS”)
early
in
the
period
also
weighed
on
return.
Active
management
of
duration
and
corresponding
interest
rate
sensitivity
contributed
positively
to
the
Fund’s
performance
relative
to
the
benchmark
as
Treasury
yields
moved
sharply
higher
over
the
period.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
Fund
shifted
from
an
underweight
duration
bias
relative
to
the
benchmark
to
a
neutral
duration
stance.
Within
agency
mortgage-backed
securities
(“MBS”),
the
Fund
favored
specified
pools
over
“to-be-announced”
securities
and
favored
low-to-middle
coupons
along
with
seasoned
high
coupon
pools
where
prepayment
risk
is
less
of
a
concern
if
rates
decline.
The
Fund
reduced
allocations
to
CMBS,
primarily
through
reductions
to
SASB
securities.
The
Fund’s
cash
position
averaged
13.9%
during
the
period
due
to
a
more
defensive
stance
on
risk
amid
decoupling
correlations
across
assets
given
a
notable
shift
in
global
monetary
policy.
The
Fund’s
cash
position
aided
relative
performance
during
the
reporting
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
favored
agency
MBS
given
attractive
spreads
and
yields
relative
to
their
historical
range
along
with
their
high
quality
against
expectations
for
a
slowing
economy.
Within
agency
MBS,
the
Fund
preferred
low-to-middle
coupons
as
well
as
seasoned
high
coupon
pools.
The
Fund
is
positioned
neutrally
from
the
perspective
of
duration
and
corresponding
interest
rate
sensitivity.
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,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
22
BlackRock
U.S.
Government
Bond
Portfolio
GROWTH
OF
$10,000
INVESTMENT
(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)
An
index
that
measures
debt
issued
by
the
U.S.
Government,
and
its
agencies,
as
well
as
mortgage-backed
pass-through
securities
of
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac.
(c)
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.
Fund
Summary
as
of
December
31,
2022
(continued)
23
Fund
Summary
BlackRock
U.S.
Government
Bond
Portfolio
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
Standardized
30-Day
Yield
(b
)
Unsubsidized
30-Day
Yield
(b)
1
Year
5
Years
10
Years
BlackRock
U.S.
Government
Bond
Portfolio
................................
3.11‌%
1.55‌%
(12.90‌)%
(0.28‌)%
0.51‌%
Bloomberg
U.S.
Government/Mortgage
Index
.............................
—‌
—‌
(12.12‌)
(0.24‌)
0.67‌
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
........................
—‌
—‌
(11.81‌)
(0.53‌)
0.74‌
(a)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend/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.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
$
1,000.00‌
$
960.70‌
$
2.97‌
$
2.47‌
$
1,000.00‌
$
1,022.18‌
$
3.06‌
$
1,022.68‌
$
2.55‌
0.60‌%
0.50‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
60.4‌
%
U.S.
Treasury
Obligations
.............................
33.9‌
Non-Agency
Mortgage-Backed
Securities
..................
4.4‌
Asset-Backed
Securities
..............................
1.2‌
Foreign
Government
Obligations
........................
0.1‌
Floating
Rate
Loan
Interests
...........................
0.0‌
(b)
Other
Interests
....................................
0.0‌
(b)
(a)
Excludes
short-term
securities,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
The
Benefits
and
Risks
of
Leveraging
2022
BlackRock
Annual
Report
to
Shareholders
24
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.  
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Funds
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
Pursuant
to
Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Funds
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk. The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.3%
Curtiss-Wright
Corp.
.................
987
$
164,819
General
Dynamics
Corp.
..............
4,315
1,070,595
HEICO
Corp.
.....................
932
143,192
Lockheed
Martin
Corp.
...............
4,495
2,186,772
Northrop
Grumman
Corp.
.............
241
131,492
Textron,
Inc.
......................
2,812
199,090
3,895,960
Air
Freight
&
Logistics
—
0.4%
United
Parcel
Service,
Inc.,
Class
B
......
4,273
742,818
Auto
Components
—
0.5%
Aptiv
plc
(a)
........................
1,171
109,055
BorgWarner,
Inc.
...................
4,583
184,466
Lear
Corp.
.......................
4,450
551,889
845,410
Automobiles
—
0.8%
Tesla,
Inc.
(a)
.......................
11,417
1,406,346
Banks
—
2.4%
Bank
of
America
Corp.
...............
33,468
1,108,460
Citigroup,
Inc.
.....................
10,329
467,181
East
West
Bancorp,
Inc.
..............
533
35,125
Huntington
Bancshares,
Inc.
...........
1,536
21,658
KeyCorp
(b)
.......................
17,848
310,912
PNC
Financial
Services
Group,
Inc.
(The)
..
369
58,280
SVB
Financial
Group
(a)
...............
439
101,031
US
Bancorp
......................
20,114
877,171
Wells
Fargo
&
Co.
..................
24,787
1,023,455
4,003,273
Beverages
—
2.0%
Brown-Forman
Corp.,
Class
B
..........
4,805
315,592
Coca-Cola
Europacific
Partners
plc
.......
1,620
89,619
PepsiCo,
Inc.
.....................
16,190
2,924,885
3,330,096
Biotechnology
—
2.1%
AbbVie,
Inc.
......................
2,471
399,338
Amgen,
Inc.
......................
5,408
1,420,357
Biogen,
Inc.
(a)
.....................
405
112,153
BioMarin
Pharmaceutical,
Inc.
(a)
.........
2,542
263,071
Blueprint
Medicines
Corp.
(a)
............
3,727
163,280
Exact
Sciences
Corp.
(a)
...............
6,364
315,082
Exelixis,
Inc.
(a)
.....................
3,526
56,557
Gilead
Sciences,
Inc.
................
2,681
230,164
Horizon
Therapeutics
plc
(a)
............
997
113,459
Novavax,
Inc.
(a)(b)
...................
2,716
27,920
Seagen,
Inc.
(a)
.....................
2,131
273,855
Ultragenyx
Pharmaceutical,
Inc.
(a)
........
3,034
140,565
3,515,801
Building
Products
—
0.2%
Builders
FirstSource,
Inc.
(a)
............
1,381
89,599
Johnson
Controls
International
plc
.......
1,837
117,568
Trane
Technologies
plc
...............
770
129,430
336,597
Capital
Markets
—
1.7%
Bank
of
New
York
Mellon
Corp.
(The)
.....
21,375
972,990
Carlyle
Group,
Inc.
(The)
..............
10,639
317,468
Cboe
Global
Markets,
Inc.
.............
5,072
636,384
CME
Group,
Inc.,
Class
A
.............
4,058
682,393
LPL
Financial
Holdings,
Inc.
............
754
162,992
2,772,227
Security
Shares
Shares
Value
Chemicals
—
2.2%
Corteva,
Inc.
......................
15,770
$
926,960
Ecolab,
Inc.
......................
9,462
1,377,289
FMC
Corp.
(b)
......................
3,934
490,963
Linde
plc
........................
1,421
463,502
Sherwin-Williams
Co.
(The)
............
1,797
426,482
3,685,196
Commercial
Services
&
Supplies
—
0.3%
Cintas
Corp.
......................
450
203,229
Republic
Services,
Inc.
...............
361
46,565
Tetra
Tech,
Inc.
....................
1,677
243,484
493,278
Communications
Equipment
—
0.4%
Juniper
Networks,
Inc.
...............
19,838
634,022
Construction
&
Engineering
—
0.4%
AECOM
.........................
7,173
609,203
Consumer
Finance
—
2.3%
Ally
Financial,
Inc.
..................
7,507
183,546
American
Express
Co.
...............
15,151
2,238,560
Capital
One
Financial
Corp.
............
5,794
538,610
Discover
Financial
Services
............
5,330
521,434
Synchrony
Financial
.................
8,219
270,077
3,752,227
Distributors
—
0.1%
Genuine
Parts
Co.
..................
619
107,403
Diversified
Consumer
Services
—
0.0%
H&R
Block,
Inc.
(b)
...................
1,807
65,974
Diversified
Financial
Services
—
1.5%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
4,640
1,433,296
Voya
Financial,
Inc.
.................
17,621
1,083,515
2,516,811
Diversified
Telecommunication
Services
—
0.2%
Verizon
Communications,
Inc.
..........
8,062
317,643
Electric
Utilities
—
0.3%
Evergy,
Inc.
.......................
8,543
537,611
NRG
Energy,
Inc.
(b)
..................
1,139
36,243
573,854
Electrical
Equipment
—
0.6%
Eaton
Corp.
plc
....................
6,300
988,785
Electronic
Equipment,
Instruments
&
Components
—
1.2%
Flex
Ltd.
(a)
........................
81,077
1,739,912
TD
SYNNEX
Corp.
(b)
................
1,116
105,696
TE
Connectivity
Ltd.
.................
642
73,702
1,919,310
Energy
Equipment
&
Services
—
0.8%
Halliburton
Co.
....................
19,154
753,710
Patterson-UTI
Energy,
Inc.
............
7,362
123,976
Schlumberger
Ltd.
..................
8,535
456,281
1,333,967
Entertainment
—
0.4%
(a)
Live
Nation
Entertainment,
Inc.
..........
4,971
346,678
Spotify
Technology
SA
...............
2,556
201,796
Warner
Bros
Discovery,
Inc.
............
3,533
33,493
581,967
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.6%
Crown
Castle,
Inc.
..................
823
111,632
Equity
Residential
..................
24,905
1,469,395
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Essex
Property
Trust,
Inc.
.............
5,260
$
1,114,699
Lamar
Advertising
Co.,
Class
A
.........
750
70,800
Prologis,
Inc.
......................
11,521
1,298,762
SBA
Communications
Corp.,
Class
A
......
1,089
305,258
Simon
Property
Group,
Inc.
............
13,046
1,532,644
5,903,190
Food
&
Staples
Retailing
—
1.0%
Costco
Wholesale
Corp.
..............
895
408,568
Kroger
Co.
(The)
...................
15,041
670,528
Walmart,
Inc.
......................
3,656
518,384
1,597,480
Food
Products
—
1.9%
Archer-Daniels-Midland
Co.
............
1,550
143,917
Hershey
Co.
(The)
..................
6,638
1,537,162
Kellogg
Co.
.......................
553
39,396
Mondelez
International,
Inc.,
Class
A
......
5,783
385,437
Tyson
Foods,
Inc.,
Class
A
............
18,127
1,128,406
3,234,318
Health
Care
Equipment
&
Supplies
—
2.7%
Abbott
Laboratories
.................
6,357
697,935
Becton
Dickinson
and
Co.
.............
7,921
2,014,310
Boston
Scientific
Corp.
(a)
..............
14,171
655,692
Edwards
Lifesciences
Corp.
(a)
..........
2,234
166,679
IDEXX
Laboratories,
Inc.
(a)
.............
347
141,562
Medtronic
plc
.....................
11,191
869,765
4,545,943
Health
Care
Providers
&
Services
—
4.3%
AmerisourceBergen
Corp.
.............
5,079
841,641
Cigna
Corp.
......................
6,964
2,307,452
CVS
Health
Corp.
..................
7,872
733,591
Elevance
Health,
Inc.
................
2,765
1,418,362
Humana,
Inc.
.....................
30
15,366
UnitedHealth
Group,
Inc.
..............
3,562
1,888,501
7,204,913
Health
Care
Technology
—
0.5%
(a)
Teladoc
Health,
Inc.
(b)
................
19,358
457,817
Veeva
Systems,
Inc.,
Class
A
...........
2,453
395,865
853,682
Hotels,
Restaurants
&
Leisure
—
1.0%
Caesars
Entertainment,
Inc.
(a)
..........
1,987
82,659
Domino's
Pizza,
Inc.
.................
233
80,711
Hilton
Grand
Vacations,
Inc.
(a)
..........
539
20,773
McDonald's
Corp.
..................
330
86,965
Starbucks
Corp.
(b)
..................
1,527
151,478
Travel
+
Leisure
Co.
.................
34,831
1,267,849
Yum!
Brands,
Inc.
..................
180
23,055
1,713,490
Household
Durables
—
0.4%
TopBuild
Corp.
(a)
...................
1,304
204,063
Whirlpool
Corp.
....................
3,191
451,399
655,462
Household
Products
—
2.3%
Colgate-Palmolive
Co.
...............
27,826
2,192,411
Procter
&
Gamble
Co.
(The)
...........
10,281
1,558,188
3,750,599
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Clearway
Energy,
Inc.,
Class
C
.........
367
11,696
Vistra
Corp.
......................
27,527
638,627
650,323
Security
Shares
Shares
Value
Insurance
—
3.5%
Allstate
Corp.
(The)
.................
2,299
$
311,745
American
Financial
Group,
Inc.
.........
301
41,321
Hartford
Financial
Services
Group,
Inc.
(The)
6,071
460,364
Marsh
&
McLennan
Cos.,
Inc.
..........
12,436
2,057,909
MetLife,
Inc.
......................
27,968
2,024,044
Travelers
Cos.,
Inc.
(The)
.............
4,727
886,265
WR
Berkley
Corp.
..................
631
45,792
5,827,440
Interactive
Media
&
Services
—
4.0%
(a)
Alphabet,
Inc.,
Class
A
...............
33,609
2,965,322
Alphabet,
Inc.,
Class
C
...............
24,707
2,192,252
Meta
Platforms,
Inc.,
Class
A
...........
9,722
1,169,946
Snap,
Inc.,
Class
A
..................
26,560
237,712
6,565,232
Internet
&
Direct
Marketing
Retail
—
2.8%
Amazon.com,
Inc.
(a)
.................
43,193
3,628,212
eBay,
Inc.
........................
24,647
1,022,111
MercadoLibre,
Inc.
(a)
.................
36
30,465
4,680,788
IT
Services
—
4.0%
Accenture
plc,
Class
A
...............
2,213
590,517
Automatic
Data
Processing,
Inc.
.........
4,025
961,411
Cognizant
Technology
Solutions
Corp.,
Class
A
15,372
879,125
Gartner,
Inc.
(a)
.....................
920
309,249
Mastercard,
Inc.,
Class
A
..............
4,064
1,413,175
PayPal
Holdings,
Inc.
(a)
...............
15,352
1,093,369
Twilio,
Inc.,
Class
A
(a)
................
1,107
54,199
Visa,
Inc.,
Class
A
..................
6,404
1,330,495
6,631,540
Life
Sciences
Tools
&
Services
—
3.2%
Agilent
Technologies,
Inc.
.............
9,621
1,439,783
Danaher
Corp.
....................
6,429
1,706,385
Mettler-Toledo
International,
Inc.
(a)
.......
80
115,636
PerkinElmer,
Inc.
...................
444
62,258
Thermo
Fisher
Scientific,
Inc.
...........
3,501
1,927,966
West
Pharmaceutical
Services,
Inc.
......
258
60,720
5,312,748
Machinery
—
4.0%
Deere
&
Co.
......................
4,457
1,910,983
Illinois
Tool
Works,
Inc.
...............
3,104
683,811
PACCAR,
Inc.
(b)
....................
7,618
753,953
Snap-on,
Inc.
(b)
....................
3,718
849,526
Timken
Co.
(The)
...................
17,083
1,207,256
Xylem,
Inc.
.......................
11,358
1,255,854
6,661,383
Media
—
1.7%
Comcast
Corp.,
Class
A
..............
25,612
895,652
Fox
Corp.,
Class
A
..................
61,118
1,856,154
Fox
Corp.,
Class
B
..................
770
21,906
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
408
16,038
2,789,750
Metals
&
Mining
—
0.5%
Newmont
Corp.
....................
7,941
374,815
Reliance
Steel
&
Aluminum
Co.
.........
665
134,622
Steel
Dynamics,
Inc.
.................
3,081
301,014
810,451
Multiline
Retail
—
0.2%
Target
Corp.
......................
2,062
307,320
BlackRock
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Multi-Utilities
—
1.7%
CMS
Energy
Corp.
..................
14,688
$
930,191
DTE
Energy
Co.
...................
16,423
1,930,195
2,860,386
Oil,
Gas
&
Consumable
Fuels
—
4.6%
Chevron
Corp.
.....................
15,164
2,721,786
ConocoPhillips
....................
834
98,412
EOG
Resources,
Inc.
................
7,076
916,484
Exxon
Mobil
Corp.
..................
22,593
2,492,008
Marathon
Petroleum
Corp.
............
10,762
1,252,589
Valero
Energy
Corp.
.................
1,442
182,932
7,664,211
Pharmaceuticals
—
3.4%
Bristol-Myers
Squibb
Co.
..............
2,296
165,197
Eli
Lilly
&
Co.
.....................
5,312
1,943,342
Johnson
&
Johnson
.................
8,703
1,537,385
Merck
&
Co.,
Inc.
...................
8,872
984,349
Pfizer,
Inc.
.......................
19,258
986,780
5,617,053
Professional
Services
—
0.1%
KBR,
Inc.
........................
1,659
87,595
Road
&
Rail
—
0.9%
CSX
Corp.
.......................
22,048
683,047
Lyft,
Inc.,
Class
A
(a)
..................
7,366
81,173
Ryder
System,
Inc.
(b)
................
235
19,639
Schneider
National,
Inc.,
Class
B
........
6,663
155,914
Uber
Technologies,
Inc.
(a)
.............
16,165
399,761
Union
Pacific
Corp.
.................
602
124,656
1,464,190
Semiconductors
&
Semiconductor
Equipment
—
4.4%
Advanced
Micro
Devices,
Inc.
(a)
.........
507
32,838
Analog
Devices,
Inc.
.................
13,790
2,261,974
Applied
Materials,
Inc.
...............
3,887
378,516
Enphase
Energy,
Inc.
(a)
...............
914
242,173
Intel
Corp.
.......................
40,412
1,068,089
KLA
Corp.
........................
902
340,081
Lam
Research
Corp.
................
1,173
493,012
Lattice
Semiconductor
Corp.
(a)
..........
2,510
162,849
NVIDIA
Corp.
.....................
8,639
1,262,504
NXP
Semiconductors
NV
.............
1,115
176,204
QUALCOMM,
Inc.
..................
4,582
503,745
Semtech
Corp.
(a)
...................
2,239
64,237
Silicon
Laboratories,
Inc.
(a)(b)
............
2,087
283,143
7,269,365
Software
—
9.4%
Adobe,
Inc.
(a)
......................
3,490
1,174,490
Autodesk,
Inc.
(a)
....................
844
157,718
Bill.com
Holdings,
Inc.
(a)
..............
1,625
177,060
Box,
Inc.,
Class
A
(a)
.................
4,867
151,510
Cadence
Design
Systems,
Inc.
(a)
........
655
105,219
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
293
30,850
DocuSign,
Inc.
(a)
...................
1,884
104,411
Fortinet,
Inc.
(a)
.....................
1,224
59,841
HubSpot,
Inc.
(a)
....................
669
193,428
Intuit,
Inc.
........................
1,455
566,315
Security
Shares
Shares
Value
Software
(continued)
Manhattan
Associates,
Inc.
(a)
...........
624
$
75,754
Microsoft
Corp.
....................
38,912
9,331,875
Palo
Alto
Networks,
Inc.
(a)
.............
1,075
150,006
Paycom
Software,
Inc.
(a)
..............
139
43,133
Paylocity
Holding
Corp.
(a)
.............
667
129,571
Rapid7,
Inc.
(a)
.....................
3,239
110,061
RingCentral,
Inc.,
Class
A
(a)
............
2,795
98,943
Salesforce,
Inc.
(a)
...................
9,335
1,237,728
ServiceNow,
Inc.
(a)
..................
2,169
842,158
VMware,
Inc.,
Class
A
(a)
..............
961
117,972
Workday,
Inc.,
Class
A
(a)
..............
3,532
591,010
Zscaler,
Inc.
(a)
.....................
1,306
146,141
15,595,194
Specialty
Retail
—
2.6%
AutoNation,
Inc.
(a)
...................
1,022
109,660
AutoZone,
Inc.
(a)
...................
21
51,790
Best
Buy
Co.,
Inc.
..................
3,435
275,521
Home
Depot,
Inc.
(The)
..............
7,094
2,240,711
Lowe's
Cos.,
Inc.
(b)
..................
6,124
1,220,146
Penske
Automotive
Group,
Inc.
(b)
........
305
35,054
Ulta
Beauty,
Inc.
(a)
..................
882
413,720
4,346,602
Technology
Hardware,
Storage
&
Peripherals
—
5.8%
Apple,
Inc.
.......................
64,585
8,391,529
Dell
Technologies,
Inc.,
Class
C
.........
4,565
183,604
Hewlett
Packard
Enterprise
Co.
.........
59,861
955,382
HP,
Inc.
.........................
4,105
110,301
9,640,816
Textiles,
Apparel
&
Luxury
Goods
—
0.5%
Deckers
Outdoor
Corp.
(a)
..............
260
103,781
Lululemon
Athletica,
Inc.
(a)
.............
2,136
684,332
Ralph
Lauren
Corp.,
Class
A
(b)
..........
549
58,013
846,126
Trading
Companies
&
Distributors
—
0.4%
WW
Grainger,
Inc.
..................
1,316
732,025
Total
Long-Term
Investments
—
98.9%
(Cost:
$166,795,544)
.............................
164,247,78
3
Short-Term
Securities
Money
Market
Funds
—
2.0%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
...................
1,693,555
1,693,555
SL
Liquidity
Series,
LLC,
Money
Market
Series,
4.49%
(e)
.......................
1,552,331
1,552,176
Total
Short-Term
Securities
—
2.0%
(Cost:
$3,245,623)
..............................
3,245,731
Total
Investments
—
100.9%
(Cost:
$170,041,167
)
.............................
167,493,514
Liabilities
in
Excess
of
Other
Assets
—
(0.9)%
............
(1,450,149)
Net
Assets
—
100.0%
..............................
$
166,043,365
(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.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
28
Schedule
of
Investments
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
2,205,475
$
—
$
(511,920)
(a)
$
—
$
—
$
1,693,555
1,693,555
$
22,692
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
2,233,504
—
(678,771)
(a)
(2,665)
108
1,552,176
1,552,331
12,833
(b)
—
$
(2,665)
$
108
$
3,245,731
$
35,525
$
—
—
—
(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
Advantage
Large
Cap
Core
Portfolio
Schedules
of
Investments
29
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
10
03/17/23
$
1,931
$
(34,460)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
34,460
$
—
$
—
$
—
$
34,460
(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,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(414,782)
$
—
$
—
$
—
$
(414,782)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(70,869)
$
—
$
—
$
—
$
(70,869)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,972,844
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Advantage
Large
Cap
Core
Portfolio
30
Schedule
of
Investments
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
164,247,783
$
—
$
—
$
164,247,783
Short-Term
Securities
Money
Market
Funds
......................................
1,693,555
—
—
1,693,555
$
165,941,338
$
—
$
—
$
165,941,338
Investments
valued
at
NAV
(a)
......................................
1,552,176
$
—
$
167,493,514
$
—
Derivative
Financial
Instruments
(b)
Liabilities
Equity
contracts
...........................................
$
(34,460)
$
—
$
—
$
(34,460)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.7%
TransDigm
Group,
Inc.
...............
6,611
$
4,162,616
Automobiles
—
1.8%
Tesla,
Inc.
(a)
.......................
23,515
2,896,578
Capital
Markets
—
5.3%
Blackstone,
Inc.
....................
25,276
1,875,227
MSCI,
Inc.
.......................
3,795
1,765,320
S&P
Global,
Inc.
...................
13,731
4,599,061
8,239,608
Chemicals
—
1.4%
Sherwin-Williams
Co.
(The)
............
8,943
2,122,442
Commercial
Services
&
Supplies
—
2.0%
Cintas
Corp.
......................
3,976
1,795,641
Waste
Connections,
Inc.
..............
9,783
1,296,834
3,092,475
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.6%
Prologis,
Inc.
......................
8,063
908,942
Health
Care
Equipment
&
Supplies
—
5.6%
(a)
Boston
Scientific
Corp.
...............
53,309
2,466,607
IDEXX
Laboratories,
Inc.
..............
6,335
2,584,427
Intuitive
Surgical,
Inc.
................
13,714
3,639,010
8,690,044
Health
Care
Providers
&
Services
—
3.7%
UnitedHealth
Group,
Inc.
..............
10,843
5,748,742
Hotels,
Restaurants
&
Leisure
—
3.1%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,487
2,063,198
Evolution
AB
(b)(c)
....................
29,265
2,850,541
4,913,739
Interactive
Media
&
Services
—
6.2%
(a)
Alphabet,
Inc.,
Class
A
...............
84,487
7,454,288
Match
Group,
Inc.
..................
54,979
2,281,079
9,735,367
Internet
&
Direct
Marketing
Retail
—
6.1%
Amazon.com,
Inc.
(a)
.................
112,405
9,442,020
IT
Services
—
8.4%
Adyen
NV,
ADR
(a)(d)
..................
43,564
601,183
Mastercard,
Inc.,
Class
A
..............
12,311
4,280,904
MongoDB,
Inc.,
Class
A
(a)
.............
1,527
300,575
Visa,
Inc.,
Class
A
(d)
.................
38,053
7,905,891
13,088,553
Life
Sciences
Tools
&
Services
—
5.1%
Danaher
Corp.
....................
13,964
3,706,325
Lonza
Group
AG
(Registered)
..........
4,091
2,008,171
Thermo
Fisher
Scientific,
Inc.
...........
4,220
2,323,912
8,038,408
Oil,
Gas
&
Consumable
Fuels
—
1.7%
Cheniere
Energy,
Inc.
................
13,793
2,068,398
EQT
Corp.
(d)
......................
16,493
557,958
2,626,356
Pharmaceuticals
—
3.5%
AstraZeneca
plc,
ADR
...............
43,139
2,924,824
Zoetis,
Inc.,
Class
A
.................
17,539
2,570,341
5,495,165
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
9.8%
Advanced
Micro
Devices,
Inc.
(a)
.........
45,082
$
2,919,961
ASML
Holding
NV
(Registered),
NYRS
(d)
...
9,476
5,177,687
KLA
Corp.
(d)
......................
8,379
3,159,134
Marvell
Technology,
Inc.
..............
33,527
1,241,840
NVIDIA
Corp.
.....................
18,956
2,770,230
15,268,852
Software
—
17.7%
Bill.com
Holdings,
Inc.
(a)
..............
9,898
1,078,486
Cadence
Design
Systems,
Inc.
(a)
........
17,934
2,880,918
Intuit,
Inc.
........................
16,952
6,598,057
Microsoft
Corp.
....................
56,749
13,609,545
ServiceNow,
Inc.
(a)
..................
8,752
3,398,139
27,565,145
Specialty
Retail
—
0.6%
Ross
Stores,
Inc.
...................
8,587
996,693
Technology
Hardware,
Storage
&
Peripherals
—
8.3%
Apple,
Inc.
.......................
99,333
12,906,337
Textiles,
Apparel
&
Luxury
Goods
—
5.2%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
5,636
4,101,279
NIKE,
Inc.,
Class
B
.................
33,759
3,950,141
8,051,420
Total
Common
Stocks
—
98.8%
(Cost:
$142,929,341)
.............................
153,989,502
Preferred
Securities
Preferred
Stocks
—
1.1%
Media
—
1.1%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
Cost
$1,124,560)
(e)(f)
...............
10,263
1,691,414
Total
Preferred
Securities
—
1.1%
(Cost:
$1,124,560)
..............................
1,691,414
Total
Long-Term
Investments
—
99.9%
(Cost:
$144,053,901)
.............................
155,680,916
Short-Term
Securities
Money
Market
Funds
—
3.3%
(g)(h)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
...................
310,134
310,134
SL
Liquidity
Series,
LLC,
Money
Market
Series,
4.49%
(i)
.......................
4,783,531
4,783,052
Total
Short-Term
Securities
—
3.3%
(Cost:
$5,093,005)
..............................
5,093,186
Total
Investments
—
103.2%
(Cost:
$149,146,906
)
.............................
160,774,102
Liabilities
in
Excess
of
Other
Assets
—
(3.2)%
............
(4,978,313)
Net
Assets
—
100.0%
..............................
$
155,795,789
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Capital
Appreciation
Portfolio
32
Schedule
of
Investments
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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.
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,691,414,
representing
1.09%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,124,560.
(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.
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
455,338
$
—
$
(145,204)
(a)
$
—
$
—
$
310,134
310,134
$
42,464
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
3,737,027
1,045,515
(a)
—
329
181
4,783,052
4,783,531
7,821
(b)
—
$
329
$
181
$
5,093,186
$
50,285
$
—
—
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,162,616
$
—
$
—
$
4,162,616
Automobiles
..........................................
2,896,578
—
—
2,896,578
Capital
Markets
........................................
8,239,608
—
—
8,239,608
Chemicals
............................................
2,122,442
—
—
2,122,442
Commercial
Services
&
Supplies
.............................
3,092,475
—
—
3,092,475
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
908,942
—
—
908,942
Health
Care
Equipment
&
Supplies
...........................
8,690,044
—
—
8,690,044
Health
Care
Providers
&
Services
............................
5,748,742
—
—
5,748,742
Hotels,
Restaurants
&
Leisure
..............................
2,063,198
2,850,541
—
4,913,739
Interactive
Media
&
Services
...............................
9,735,367
—
—
9,735,367
Internet
&
Direct
Marketing
Retail
............................
9,442,020
—
—
9,442,020
IT
Services
...........................................
13,088,553
—
—
13,088,553
Life
Sciences
Tools
&
Services
..............................
6,030,237
2,008,171
—
8,038,408
Oil,
Gas
&
Consumable
Fuels
...............................
2,626,356
—
—
2,626,356
Pharmaceuticals
.......................................
5,495,165
—
—
5,495,165
Semiconductors
&
Semiconductor
Equipment
....................
15,268,852
—
—
15,268,852
BlackRock
Capital
Appreciation
Portfolio
Schedules
of
Investments
33
Schedule
of
Investments
(continued)
December
31,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Software
.............................................
$
27,565,145
$
—
$
—
$
27,565,145
Specialty
Retail
........................................
996,693
—
—
996,693
Technology
Hardware,
Storage
&
Peripherals
....................
12,906,337
—
—
12,906,337
Textiles,
Apparel
&
Luxury
Goods
............................
3,950,141
4,101,279
—
8,051,420
Preferred
Securities
.......................................
—
—
1,691,414
1,691,414
Short-Term
Securities
Money
Market
Funds
......................................
310,134
—
—
310,134
$
145,339,645
$
8,959,991
$
1,691,414
$
155,991,050
Investments
valued
at
NAV
(a)
......................................
4,783,052
$
—
$
160,774,102
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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:
Preferred
Securities
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2021
...................................................................................
$
1,738,865
$
1,738,865
Transfers
into
Level
3
.................................................................................................
—
—
Transfers
out
of
Level
3
................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
—
—
Net
realized
gain
....................................................................................................
19,548
19,548
Net
change
in
unrealized
depreciation
(a)(b)
....................................................................................
(7,018)
(7,018)
Purchases
.........................................................................................................
—
—
Sales
............................................................................................................
(59,981)
(59,981)
Closing
balance,
as
of
December
31,
2022
....................................................................................
$
1,691,414
$
1,691,414
Net
change
in
unrealized
depreciation
on
investments
still
held
at
December
31,
2022
(b)
......................................................
$
(7,018)
$
(7,018)
(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,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Capital
Appreciation
Portfolio
34
Schedule
of
Investments
(continued)
December
31,
2022
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
Value
Valuation
Approach
Unobservable
Inputs
(a)
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Preferred
Stocks
(b)
..........................
$
1,691,414
Market
Revenue
Multiple
3.45x-3.95x
3.70x
Recent
Transactions
(b)
$
1,691,414
(b)
For
the
period
end
December
31,
2022,
the
valuation
technique
used
recent
prior
transaction
prices
as
inputs
within
the
model
used
for
the
approximation
of
fair
value.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
December
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
0.3%
(a)(b)
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL2,
Class
A,
(1
Month
CME
Term
SOFR
+
1.85%),
6.19%,
05/15/37
.......
USD
100
$
97,757
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
5.89%,
04/20/34
.......
250
239,587
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.04%),
5.28%,
04/20/34
.......
150
145,250
482,594
Ireland
—
0.1%
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(EURIBOR
3
Month
+
1.35%),
2.73%,
01/15/32
(b)(c)
....
EUR
100
101,788
United
States
—
0.7%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(LIBOR
USD
3
Month
+
0.30%),
5.06%,
05/25/36
(b)
.....
USD
22
21,275
Ajax
Mortgage
Loan
Trust,
Series
2021-
E,
Class
A1,
1.74%,
12/25/60
(a)(b)
.
174
147,339
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
44
31,437
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
100
95,169
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
5.01%,
04/15/60
(b)
90
82,734
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
110
92,180
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
100
81,650
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
100
79,803
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
75
70,160
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(LIBOR
USD
1
Month
+
4.75%),
9.07%,
10/15/41
(a)(b)
...............
143
153,841
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
C,
2.99%,
01/15/53
(a)
................
204
170,368
1,025,956
Total
Asset-Backed
Securities
—
1.1%
(Cost:
$1,780,724)
..............................
1,610,338
Shares
Shares
Common
Stocks
Argentina
—
0.0%
MercadoLibre,
Inc.
(d)
............
23
19,463
Australia
—
0.8%
AGL
Energy
Ltd.
..............
5,337
29,215
BHP
Group
Ltd.
...............
1,200
37,172
Security
Shares
Shares
Value
Australia
(continued)
BHP
Group
Ltd.
(e)
..............
4,490
$
139,535
CSL
Ltd.
....................
52
10,140
Endeavour
Group
Ltd.
..........
3,585
15,602
Glencore
plc
.................
95,432
636,402
Origin
Energy
Ltd.
.............
2,204
11,536
Qantas
Airways
Ltd.
(d)
...........
3,330
13,479
QBE
Insurance
Group
Ltd.
.......
2,543
23,069
Quintis
HoldCo
Pty.
Ltd.
(d)(f)
.......
218,994
1
Rio
Tinto
plc
.................
1,678
118,104
South32
Ltd.
.................
18,725
51,337
Treasury
Wine
Estates
Ltd.
.......
1,312
12,121
Woodside
Energy
Group
Ltd.
......
902
21,845
Woolworths
Group
Ltd.
..........
248
5,663
1,125,221
Belgium
—
0.0%
KBC
Group
NV
...............
595
38,309
Brazil
—
0.0%
Embraer
SA
(d)
................
7,128
19,417
Engie
Brasil
Energia
SA
.........
1,583
11,367
Lojas
Renner
SA
(d)
.............
3,107
12,078
Sendas
Distribuidora
SA
(d)
........
3,201
11,805
Suzano
SA
..................
625
5,792
Vale
SA
....................
480
8,173
68,632
Canada
—
1.0%
Barrick
Gold
Corp.
.............
698
11,965
Cameco
Corp.
................
6,272
142,186
Canadian
Imperial
Bank
of
Commerce
633
25,605
Canadian
National
Railway
Co.
....
121
14,374
Enbridge,
Inc.
................
25,940
1,013,844
George
Weston
Ltd.
............
90
11,166
Imperial
Oil
Ltd.
...............
334
16,268
National
Bank
of
Canada
........
387
26,075
Nutrien
Ltd.
..................
689
50,301
Suncor
Energy,
Inc.
............
862
27,344
TC
Energy
Corp.
(e)
.............
2,928
116,731
1,455,859
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(d)
....
5,835
61,836
Chile
—
0.0%
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
(e)
................
427
34,092
China
—
1.3%
Agricultural
Bank
of
China
Ltd.,
Class
H
46,000
15,736
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
4,879
21,851
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
6,180
23,580
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
100
1,601
BYD
Co.
Ltd.,
Class
A
...........
5,400
199,350
BYD
Co.
Ltd.,
Class
H
..........
1,500
36,801
China
Construction
Bank
Corp.,
Class
H
......................
24,000
15,009
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
4,000
22,135
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
20,000
9,636
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
...............
700
21,765
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
3,800
215,081
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
3,000
1,365
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
China
(continued)
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
......................
8,000
$
4,571
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
2,910
33,393
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(a)(c)
9,640
71,464
Glodon
Co.
Ltd.,
Class
A
.........
3,200
27,663
Great
Wall
Motor
Co.
Ltd.,
Class
H
..
12,000
15,459
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
..................
10,300
47,945
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(d)
...........
18,000
39,007
Haidilao
International
Holding
Ltd.
(a)(c)(d)
10,000
28,521
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
13,000
52,041
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(a)(c)
............
1,400
16,100
Hundsun
Technologies,
Inc.,
Class
A
.
6,489
37,804
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
(d)
......................
3,800
27,112
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
43,000
22,054
JD
Health
International,
Inc.
(a)(c)(d)
...
7,200
65,016
JD.com,
Inc.,
Class
A
...........
854
23,841
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
..................
4,700
26,106
Jinxin
Fertility
Group
Ltd.
(a)(c)
......
28,500
26,203
Kindstar
Globalgene
Technology,
Inc.
(a)
(c)(d)
.....................
55,500
20,289
Kingsoft
Corp.
Ltd.
.............
7,000
23,198
Lenovo
Group
Ltd.
.............
10,000
8,145
Li
Auto,
Inc.,
Class
A
(d)
..........
300
2,901
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
2,585
15,723
Meituan
Dianping
(a)(c)(d)
..........
1,200
26,587
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(d)
......................
83,000
27,571
Ming
Yuan
Cloud
Group
Holdings
Ltd.
7,000
6,220
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
1,200
6,758
PetroChina
Co.
Ltd.,
Class
H
......
18,000
8,222
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
1,150
7,902
SG
Micro
Corp.,
Class
A
.........
275
6,844
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
............
3,000
9,563
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
............
2,400
20,178
SITC
International
Holdings
Co.
Ltd.
.
6,000
13,299
TBEA
Co.
Ltd.,
Class
A
..........
2,000
5,784
Tencent
Holdings
Ltd.
...........
9,300
394,323
Venustech
Group,
Inc.,
Class
A
....
6,299
23,699
Want
Want
China
Holdings
Ltd.
....
6,000
3,998
Wuhan
Raycus
Fiber
Laser
Technologies
Co.
Ltd.,
Class
A
(d)
.
5,460
18,635
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
......................
1,482
13,676
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
9,400
32,729
Yum
China
Holdings,
Inc.
........
400
22,336
Zijin
Mining
Group
Co.
Ltd.,
Class
H
.
4,000
5,376
1,872,166
Denmark
—
0.2%
Chr
Hansen
Holding
A/S
.........
67
4,820
DSV
A/S
....................
156
24,669
Novo
Nordisk
A/S,
Class
B
.......
1,562
212,144
Novozymes
A/S,
Class
B
.........
100
5,073
Orsted
A/S
(a)(c)
................
140
12,657
Security
Shares
Shares
Value
Denmark
(continued)
Pandora
A/S
.................
177
$
12,511
271,874
Finland
—
0.0%
Fortum
OYJ
.................
378
6,295
Kone
OYJ,
Class
B
............
242
12,529
Wartsila
OYJ
Abp
..............
1,613
13,601
32,425
France
—
2.3%
BNP
Paribas
SA
..............
7,887
449,079
Carrefour
SA
.................
629
10,521
Cie
de
Saint-Gobain
............
6,023
294,650
Danone
SA
..................
3,465
182,625
EssilorLuxottica
SA
............
2,038
368,742
Hermes
International
...........
140
216,699
Kering
SA
...................
795
404,598
La
Francaise
des
Jeux
SAEM
(a)(c)
...
693
27,885
L'Oreal
SA
..................
213
76,275
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,508
1,097,362
Remy
Cointreau
SA
............
48
8,093
Societe
Generale
SA
...........
1,888
47,358
Teleperformance
..............
38
9,085
TotalEnergies
SE
..............
1,723
108,158
Ubisoft
Entertainment
SA
(d)
.......
604
17,064
Unibail-Rodamco-Westfield
(d)(g)
.....
101
5,280
3,323,474
Germany
—
2.6%
adidas
AG
..................
182
24,666
BASF
SE
...................
331
16,298
Bayer
AG
(Registered)
..........
210
10,809
Brenntag
SE
.................
319
20,344
Commerzbank
AG
(d)
............
9,386
87,756
Deutsche
Telekom
AG
(Registered)
.
31,062
618,028
Fresenius
SE
&
Co.
KGaA
........
711
19,860
Infineon
Technologies
AG
........
2,971
90,294
Mercedes-Benz
Group
AG
........
8,540
558,473
SAP
SE
....................
8,098
836,043
SAP
SE,
ADR
(e)
...............
500
51,595
Siemens
AG
(Registered)
........
5,422
747,430
Symrise
AG
.................
700
76,023
Telefonica
Deutschland
Holding
AG
.
4,276
10,502
Uniper
SE
(e)
.................
1,491
4,102
Vantage
Towers
AG
............
16,008
548,618
3,720,841
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
35,600
393,145
ASMPT
Ltd.
.................
1,000
7,102
Orient
Overseas
International
Ltd.
..
1,000
18,024
Super
Hi
International
Holding
Ltd.
(d)
.
1,200
1,528
419,799
India
—
0.1%
HCL
Technologies
Ltd.
..........
767
9,619
Indian
Oil
Corp.
Ltd.
............
4,444
4,105
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$67,547)
(d)(f)
(h)
......................
45
108,030
Vedanta
Ltd.
.................
2,262
8,419
130,173
Ireland
—
0.0%
Kingspan
Group
plc
............
573
31,024
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Israel
—
0.3%
(d)
Nice
Ltd.,
ADR
(e)
..............
1,984
$
381,523
Taboola.com,
Ltd.
.............
4,995
15,385
396,908
Italy
—
0.3%
Coca-Cola
HBC
AG
............
895
21,157
Enel
SpA
...................
4,776
25,686
Ferrari
NV
..................
539
115,582
FinecoBank
Banca
Fineco
SpA
....
1,067
17,719
Intesa
Sanpaolo
SpA
...........
108,835
241,114
Snam
SpA
..................
1,462
7,089
428,347
Japan
—
1.0%
AGC,
Inc.
...................
100
3,319
Astellas
Pharma,
Inc.
...........
2,050
31,172
BayCurrent
Consulting,
Inc.
.......
400
12,452
East
Japan
Railway
Co.
.........
300
17,087
FANUC
Corp.
................
3,200
478,869
Food
&
Life
Cos.
Ltd.
...........
700
13,801
Hino
Motors
Ltd.
..............
3,200
12,159
Honda
Motor
Co.
Ltd.
...........
700
15,966
Hoya
Corp.
..................
2,459
235,520
Inpex
Corp.
..................
800
8,596
Japan
Post
Bank
Co.
Ltd.
........
2,000
17,146
Jeol
Ltd.
....................
200
5,378
Kawasaki
Kisen
Kaisha
Ltd.
.......
300
6,353
Keyence
Corp.
...............
281
109,097
Kobayashi
Pharmaceutical
Co.
Ltd.
..
200
13,708
Kose
Corp.
..................
1,300
141,249
Kyowa
Kirin
Co.
Ltd.
............
300
6,871
Mazda
Motor
Corp.
............
1,500
11,244
Mitsubishi
Corp.
...............
1,100
35,711
Mitsubishi
Electric
Corp.
.........
1,100
10,900
Morinaga
Milk
Industry
Co.
Ltd.
....
100
3,797
MS&AD
Insurance
Group
Holdings,
Inc.
200
6,394
Nippon
Yusen
KK
..............
600
14,148
Nomura
Research
Institute
Ltd.
....
900
21,397
Oracle
Corp.
Japan
............
200
13,004
Recruit
Holdings
Co.
Ltd.
........
1,477
46,233
Sega
Sammy
Holdings,
Inc.
.......
1,800
27,179
Shionogi
&
Co.
Ltd.
............
300
14,968
Terumo
Corp.
................
1,200
34,021
ZOZO,
Inc.
..................
800
19,757
1,387,496
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
381
7,100
Mexico
—
0.0%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
5,010
39,169
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.............
409
9,529
48,698
Netherlands
—
2.1%
Adyen
NV
(a)(c)(d)
...............
212
294,309
ASML
Holding
NV
.............
1,495
815,152
Heineken
NV
................
126
11,868
ING
Groep
NV
................
69,643
848,333
Koninklijke
Ahold
Delhaize
NV
.....
1,827
52,529
Koninklijke
Philips
NV
...........
575
8,652
Koninklijke
Vopak
NV
...........
441
13,118
Salt
Pay
Co.
Ltd.,
Series
C
(Acquired
11/16/21,
cost
$73,809)
(d)(f)(h)
....
38
35,774
Shell
plc
....................
23,045
653,496
Security
Shares
Shares
Value
Netherlands
(continued)
Shell
plc,
ADR
(e)
...............
5,206
$
296,482
Wolters
Kluwer
NV
.............
85
8,894
3,038,607
Norway
—
0.0%
Norsk
Hydro
ASA
..............
4,166
31,130
Poland
—
0.0%
Polski
Koncern
Naftowy
ORLEN
SA
.
536
7,875
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
56
3,270
South
Africa
—
0.1%
Anglo
American
Platinum
Ltd.
.....
174
14,521
Anglo
American
plc
............
4,141
162,161
Kumba
Iron
Ore
Ltd.
............
695
20,074
196,756
South
Korea
—
0.5%
Amorepacific
Corp.
(d)
...........
1,180
129,145
Celltrion
Healthcare
Co.
Ltd.
......
166
7,690
Fila
Holdings
Corp.
............
159
4,195
Hana
Financial
Group,
Inc.
.......
749
24,941
Hanwha
Aerospace
Co.
Ltd.
(d)
.....
297
17,295
KB
Financial
Group,
Inc.
.........
272
10,421
Kia
Corp.
(d)
..................
205
9,645
LG
Chem
Ltd.
(d)
...............
249
118,905
LG
Display
Co.
Ltd.
(d)
...........
596
5,890
LG
Energy
Solution
Ltd.
(d)
........
696
239,881
Samsung
Electronics
Co.
Ltd.
.....
500
21,946
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(d)
....................
50
7,912
Samsung
SDI
Co.
Ltd.
..........
350
164,340
SK
Telecom
Co.
Ltd.
............
519
19,470
781,676
Spain
—
0.4%
Cellnex
Telecom
SA
(a)(c)
..........
15,262
506,260
Endesa
SA
..................
408
7,689
Industria
de
Diseno
Textil
SA
......
843
22,391
536,340
Sweden
—
0.2%
Atlas
Copco
AB,
Class
A
.........
6,123
72,548
Epiroc
AB,
Class
A
.............
3,403
61,966
Evolution
AB
(a)(c)
...............
148
14,416
H
&
M
Hennes
&
Mauritz
AB,
Class
B
1,037
11,175
Hexagon
AB,
Class
B
...........
5,512
57,794
Husqvarna
AB,
Class
B
..........
719
5,050
Swedbank
AB,
Class
A
..........
3,359
57,133
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
1,470
8,613
Telia
Co.
AB
.................
12,911
32,991
321,686
Switzerland
—
0.8%
Cie
Financiere
Richemont
SA
(Registered)
...............
150
19,449
Lonza
Group
AG
(Registered)
.....
257
126,155
Nestle
SA
(Registered)
..........
4,893
565,188
Novartis
AG
(Registered)
........
500
45,249
Partners
Group
Holding
AG
.......
17
15,053
Roche
Holding
AG
Genussscheine
..
794
249,505
Sika
AG
(Registered)
...........
26
6,250
Sonova
Holding
AG
(Registered)
...
82
19,475
STMicroelectronics
NV
..........
1,921
68,265
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Switzerland
(continued)
Temenos
AG
(Registered)
........
100
$
5,501
VAT
Group
AG
(a)(c)(d)
............
23
6,314
1,126,404
Taiwan
—
0.4%
MediaTek,
Inc.
................
1,000
20,219
Nan
Ya
Printed
Circuit
Board
Corp.
..
2,000
14,697
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
33,000
479,274
Unimicron
Technology
Corp.
......
6,000
23,293
537,483
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(f)
.............
8,338
—
United
Kingdom
—
2.5%
Admiral
Group
plc
.............
425
10,910
Alphawave
IP
Group
plc
(d)
........
15,500
19,114
AstraZeneca
plc
..............
4,538
614,079
AstraZeneca
plc,
ADR
(e)
.........
4,342
294,388
Auto
Trader
Group
plc
(a)(c)
........
7,742
48,212
BP
plc
.....................
6,169
35,595
BP
plc,
ADR
.................
1,149
40,134
British
American
Tobacco
plc
......
579
22,904
Burberry
Group
plc
.............
763
18,550
Compass
Group
plc
............
22,571
521,210
Dr.
Martens
plc
...............
2,283
5,181
Experian
plc
.................
681
23,064
Exscientia
plc,
ADR
(d)
...........
8,550
45,572
Genius
Sports
Ltd.
(d)
............
6,585
23,509
Grand
Rounds,
Inc.,
(Acquired
02/11/22,
cost
$179,056)
(d)(f)(h)
....
67,553
76,335
Kingfisher
plc
................
4,422
12,564
Legal
&
General
Group
plc
.......
3,363
10,083
Linde
plc
...................
430
140,257
Lloyds
Banking
Group
plc
........
1,149,595
627,350
National
Grid
plc
(e)
.............
510
6,110
NatWest
Group
plc
.............
10,201
32,533
Smith
&
Nephew
plc
............
333
4,447
Spirax-Sarco
Engineering
plc
......
790
100,907
Standard
Chartered
plc
..........
866
6,459
Unilever
plc
..................
16,364
826,183
3,565,650
United
States
—
34.7%
Abbott
Laboratories
............
7,759
851,861
AbbVie,
Inc.
.................
2,360
381,400
Activision
Blizzard,
Inc.
..........
1,179
90,252
Adobe,
Inc.
(d)
.................
583
196,197
Advance
Auto
Parts,
Inc.
.........
158
23,231
Agilent
Technologies,
Inc.
........
85
12,720
Air
Products
&
Chemicals,
Inc.
.....
2,015
621,144
Airbnb,
Inc.,
Class
A
(d)
...........
184
15,732
Aiven,
Inc.
(d)(f)
................
647
65,709
Akamai
Technologies,
Inc.
(d)
.......
100
8,430
Albemarle
Corp.
..............
1,342
291,026
Alcoa
Corp.
..................
1,885
85,711
Align
Technology,
Inc.
(d)
..........
141
29,737
Allegion
plc
..................
443
46,630
Alphabet,
Inc.,
Class
C
(d)(i)
........
18,507
1,642,126
Altria
Group,
Inc.
..............
493
22,535
Amazon.com,
Inc.
(d)(i)
...........
14,592
1,225,728
American
Express
Co.
..........
157
23,197
American
Tower
Corp.
..........
2,741
580,708
AmerisourceBergen
Corp.
........
349
57,833
Amgen,
Inc.
.................
383
100,591
ANSYS,
Inc.
(d)
................
473
114,272
Security
Shares
Shares
Value
United
States
(continued)
APA
Corp.
..................
262
$
12,230
Apple,
Inc.
(i)
.................
15,439
2,005,989
Applied
Materials,
Inc.
..........
2,875
279,968
Aptiv
plc
(d)
...................
2,506
233,384
Archer-Daniels-Midland
Co.
.......
8,500
789,225
Astra
Space,
Inc.
(d)
.............
5,839
2,533
AT&T,
Inc.
...................
2,381
43,834
AutoZone,
Inc.
(d)
..............
12
29,594
Baker
Hughes
Co.,
Class
A
.......
865
25,543
Ball
Corp.
...................
180
9,205
Bank
of
America
Corp.
(i)
.........
15,673
519,090
Baxter
International,
Inc.
.........
155
7,900
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.
204
63,016
Booking
Holdings,
Inc.
(d)
.........
80
161,222
Boston
Scientific
Corp.
(d)
.........
19,373
896,389
Broadcom,
Inc.
...............
77
43,053
Brown-Forman
Corp.,
Class
B
.....
342
22,463
Bunge
Ltd.
..................
3,791
378,228
Cadence
Design
Systems,
Inc.
(d)
...
1,160
186,342
California
Resources
Corp.
.......
1,178
51,255
Capri
Holdings
Ltd.
(d)
...........
991
56,804
Caterpillar,
Inc.
...............
33
7,905
CDW
Corp.
..................
221
39,466
Centene
Corp.
(d)
..............
196
16,074
CF
Industries
Holdings,
Inc.
.......
6,255
532,926
Charles
Schwab
Corp.
(The)
......
9,496
790,637
Charter
Communications,
Inc.,
Class
A
(d)
.....................
770
261,107
Cheniere
Energy,
Inc.
...........
90
13,496
Chesapeake
Energy
Corp.
.......
525
49,544
Chevron
Corp.
................
199
35,719
Chipotle
Mexican
Grill,
Inc.
(d)
......
46
63,825
Chubb
Ltd.
..................
1,456
321,194
Cigna
Corp.
.................
191
63,286
Cintas
Corp.
.................
31
14,000
Cisco
Systems,
Inc.
............
1,223
58,264
CME
Group,
Inc.,
Class
A
........
463
77,858
Colgate-Palmolive
Co.
..........
186
14,655
Comcast
Corp.,
Class
A
(i)
........
10,657
372,675
ConocoPhillips
...............
10,379
1,224,722
Copart,
Inc.
(d)
................
445
27,096
Corteva,
Inc.
.................
608
35,738
Costco
Wholesale
Corp.
.........
1,203
549,170
Coterra
Energy,
Inc.
............
1,500
36,855
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.
1,942
204,473
Crown
Castle,
Inc.
.............
124
16,819
Crown
Holdings,
Inc.
...........
153
12,578
Crown
PropTech
Acquisitions
(d)
.....
3,804
38,611
Crown
PropTech
Acquisitions
(d)(f)
....
1,464
—
CSX
Corp.
..................
175
5,422
CVS
Health
Corp.
.............
3,786
352,817
Darling
Ingredients,
Inc.
(d)
........
404
25,286
Datadog,
Inc.,
Class
A
(d)
.........
1,070
78,645
Davidson
Kempner
Mercant
Co-
Invest
Fund
LP
(Acquired
04/04/21,
cost
$36,787)
(d)(h)(j)
..............
—
(k)
128,443
Deere
&
Co.
.................
988
423,615
Delta
Air
Lines,
Inc.
(d)
...........
994
32,663
Devon
Energy
Corp.
............
635
39,059
Dexcom,
Inc.
(d)
...............
1,676
189,790
Diversey
Holdings
Ltd.
(d)
.........
9,074
38,655
Dominion
Energy,
Inc.
...........
774
47,462
Domino's
Pizza,
Inc.
............
515
178,396
Dow,
Inc.
...................
300
15,117
Dynatrace,
Inc.
(d)
..............
2,483
95,099
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
United
States
(continued)
eBay,
Inc.
...................
538
$
22,311
Edison
International
............
810
51,532
Edwards
Lifesciences
Corp.
(d)
.....
2,842
212,042
Element
Solutions,
Inc.
..........
1,362
24,775
Elevance
Health,
Inc.
...........
23
11,798
Eli
Lilly
&
Co.
................
1,186
433,886
Energy
Transfer
LP
............
3,064
36,370
Epic
Games,
Inc.
(Acquired
07/02/20,
cost
$189,750)
(d)(f)(h)
..........
330
259,951
EQT
Corp.
..................
13,266
448,789
Essex
Property
Trust,
Inc.
........
89
18,861
Eversource
Energy
............
611
51,226
Expedia
Group,
Inc.
(d)
...........
247
21,637
Extra
Space
Storage,
Inc.
........
105
15,454
Exxon
Mobil
Corp.
.............
3,447
380,204
F5,
Inc.
(d)
...................
2,167
310,986
Fanatics
Holdings
Inc.,
Class
A,
(Acquired
08/17/22,
cost
$301,006)
(d)
(f)(h)
.....................
4,437
337,966
Fastenal
Co.
.................
196
9,275
Ferguson
plc
.................
139
17,451
Fidelity
National
Information
Services,
Inc.
.....................
137
9,295
First
Republic
Bank
............
167
20,356
FleetCor
Technologies,
Inc.
(d)
......
107
19,654
Floor
&
Decor
Holdings,
Inc.,
Class
A
(d)
470
32,726
FMC
Corp.
..................
275
34,320
Fortinet,
Inc.
(d)
................
3,676
179,720
Fortive
Corp.
.................
10,322
663,189
Freeport-McMoRan,
Inc.
(i)
........
11,908
452,504
Gartner,
Inc.
(d)
................
83
27,900
Gen
Digital,
Inc.
...............
247
5,293
General
Dynamics
Corp.
.........
130
32,254
General
Motors
Co.
............
1,949
65,564
Genuine
Parts
Co.
.............
89
15,442
Gilead
Sciences,
Inc.
...........
683
58,636
Goldman
Sachs
Group,
Inc.
(The)
..
57
19,573
Green
Plains,
Inc.
(d)
............
1,170
35,685
GSK
plc
....................
1,451
25,078
Halliburton
Co.
...............
2,859
112,502
HCA
Healthcare,
Inc.
...........
400
95,984
Healthpeak
Properties,
Inc.
.......
623
15,619
Hewlett
Packard
Enterprise
Co.
....
618
9,863
Hilton
Worldwide
Holdings,
Inc.
....
2,391
302,127
Honeywell
International,
Inc.
......
44
9,429
Humana,
Inc.
................
1,682
861,504
iHeartMedia,
Inc.,
Class
A
(d)
.......
60
368
Informatica,
Inc.,
Class
A
(d)(e)
......
3,309
53,904
Intercontinental
Exchange,
Inc.
....
337
34,573
International
Flavors
&
Fragrances,
Inc.
2,584
270,907
Intuit,
Inc.
...................
595
231,586
Intuitive
Surgical,
Inc.
(d)
..........
1,846
489,836
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(f)(h)
........
6,968
—
Johnson
&
Johnson
............
3,646
644,066
JPMorgan
Chase
&
Co.
.........
664
89,042
Kinder
Morgan,
Inc.
............
905
16,362
KLA
Corp.
...................
353
133,092
Kroger
Co.
(The)
..............
406
18,099
Latch,
Inc.
(d)
.................
4,082
2,898
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(d)(e)
................
5,825
228,981
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(d)
.................
8,061
315,427
Lincoln
National
Corp.
..........
368
11,305
Security
Shares
Shares
Value
United
States
(continued)
Lions
Gate
Entertainment
Corp.,
Class
A
(d)
.....................
3,241
$
18,506
Live
Nation
Entertainment,
Inc.
(d)
...
229
15,970
LKQ
Corp.
..................
129
6,890
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$16,643)
(f)(h)
...............
1,457
5,318
Lowe's
Cos.,
Inc.
..............
405
80,692
LPL
Financial
Holdings,
Inc.
.......
3,341
722,224
Lululemon
Athletica,
Inc.
(d)
........
363
116,298
Lumen
Technologies,
Inc.
(e)
.......
805
4,202
LyondellBasell
Industries
NV,
Class
A
2,237
185,738
Marathon
Oil
Corp.
.............
17,020
460,731
Marathon
Petroleum
Corp.
.......
1,136
132,219
Marsh
&
McLennan
Cos.,
Inc.
.....
6,251
1,034,415
Masco
Corp.
(e)
................
855
39,903
Masimo
Corp.
(d)
...............
401
59,328
Mastercard,
Inc.,
Class
A
.........
3,139
1,091,524
McDonald's
Corp.
.............
1,885
496,754
McKesson
Corp.
..............
352
132,042
Merck
&
Co.,
Inc.
..............
6,889
764,335
Meta
Platforms,
Inc.,
Class
A
(d)
.....
292
35,139
Mettler-Toledo
International,
Inc.
(d)
..
15
21,682
MGM
Resorts
International
.......
736
24,678
Micron
Technology,
Inc.
..........
6,891
344,412
Microsoft
Corp.
(i)
..............
10,475
2,512,115
Mirion
Technologies,
Inc.,
Class
A
(d)
.
20,100
132,861
Mirion
Technologies,
Inc.,
Class
A
(d)
.
1,997
13,200
Molina
Healthcare,
Inc.
(d)
.........
70
23,115
Morgan
Stanley
...............
5,232
444,825
Mosaic
Co.
(The)
..............
475
20,838
Mr
Cooper
Group,
Inc.
(d)
.........
798
32,024
NetApp,
Inc.
.................
307
18,438
Newmont
Corp.
...............
368
17,370
NextEra
Energy,
Inc.
...........
8,235
688,446
NIKE,
Inc.,
Class
B
............
740
86,587
Norfolk
Southern
Corp.
..........
93
22,917
Northrop
Grumman
Corp.
........
1,607
876,795
NVIDIA
Corp.
................
2,053
300,025
Offerpad
Solutions,
Inc.
(d)
........
5,726
2,637
ONEOK,
Inc.
.................
673
44,216
Opendoor
Technologies,
Inc.
(d)(e)
....
5,720
6,635
Otis
Worldwide
Corp.
...........
1,521
119,110
Ovintiv,
Inc.
..................
449
22,769
Palo
Alto
Networks,
Inc.
(d)
........
1,156
161,308
Park
Hotels
&
Resorts,
Inc.
.......
997
11,755
Paycom
Software,
Inc.
(d)
.........
74
22,963
Peloton
Interactive,
Inc.,
Class
A
(d)(e)
.
4,129
32,784
PepsiCo,
Inc.
................
662
119,597
Pfizer,
Inc.
..................
4,213
215,874
Philip
Morris
International,
Inc.
.....
473
47,872
Phillips
66
...................
497
51,728
Pioneer
Natural
Resources
Co.
....
490
111,911
Planet
Labs
PBC
(d)
.............
4,320
18,792
Playstudios,
Inc.
(d)
.............
6,121
23,749
PNC
Financial
Services
Group,
Inc.
(The)
....................
124
19,585
Prologis,
Inc.
.................
222
25,026
Proof
Acquisition
Corp.
I
(d)(f)
.......
807
912
Public
Service
Enterprise
Group,
Inc.
131
8,026
Quest
Diagnostics,
Inc.
..........
159
24,874
Raymond
James
Financial,
Inc.
....
2,281
243,725
Rocket
Lab
USA,
Inc.
(d)
..........
3,465
13,063
Rockwell
Automation,
Inc.
........
712
183,390
RXO,
Inc.
(d)
..................
3,548
61,026
S&P
Global,
Inc.
..............
413
138,330
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
United
States
(continued)
Salesforce,
Inc.
(d)
..............
1,999
$
265,047
Sarcos
Technology
&
Robotics
Corp.
(d)
27,575
15,478
Sarcos
Technology
&
Robotics
Corp.
(d)
687
398
Sarcos
Technology
&
Robotics
Corp.
(d)
1,371
770
SBA
Communications
Corp.,
Class
A
149
41,766
Schlumberger
NV
.............
8,957
478,841
Schneider
Electric
SE
...........
158
22,189
Seagate
Technology
Holdings
plc
(e)
..
361
18,992
Seagen,
Inc.
(d)
................
1,711
219,881
Sempra
Energy
...............
6,076
938,985
ServiceNow,
Inc.
(d)
.............
1,088
422,438
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$7,945)
(d)(f)(h)
.....
529
3,766
Snowflake,
Inc.,
Class
A
(d)
........
173
24,832
Sonder
Holdings,
Inc.
(d)
..........
6,340
7,862
Southwest
Airlines
Co.
(d)
.........
524
17,643
Splunk,
Inc.
(d)
................
326
28,065
Starbucks
Corp.
...............
3,735
370,512
Sun
Country
Airlines
Holdings,
Inc.
(d)
.
7,468
118,442
Symbotic
Corp.,
Class
A
(d)
........
1,805
21,552
Synchrony
Financial
............
595
19,552
Synopsys,
Inc.
(d)
..............
32
10,217
Tapestry,
Inc.
.................
794
30,236
TE
Connectivity
Ltd.
............
3,030
347,844
Tesla,
Inc.
(d)
..................
1,956
240,940
Thermo
Fisher
Scientific,
Inc.
......
1,048
577,123
TJX
Cos.,
Inc.
(The)
............
4,164
331,454
Toast,
Inc.,
Class
A
(d)
...........
602
10,854
Toll
Brothers,
Inc.
..............
369
18,420
TPB
Acquisition
Corp.
I,
Class
A
(d)
...
2,154
21,626
Trane
Technologies
plc
..........
173
29,080
TransDigm
Group,
Inc.
..........
108
68,002
Travelers
Cos.,
Inc.
(The)
........
184
34,498
Ulta
Beauty,
Inc.
(d)
.............
55
25,799
United
Airlines
Holdings,
Inc.
(d)
.....
487
18,360
United
Parcel
Service,
Inc.,
Class
B
.
3,337
580,104
United
Rentals,
Inc.
(d)
...........
224
79,614
UnitedHealth
Group,
Inc.
.........
2,195
1,163,745
Univar
Solutions,
Inc.
(d)
..........
539
17,140
Valero
Energy
Corp.
............
6,466
820,277
VeriSign,
Inc.
(d)
...............
766
157,367
Verisk
Analytics,
Inc.
............
614
108,322
Verizon
Communications,
Inc.
.....
483
19,030
Vertex
Pharmaceuticals,
Inc.
(d)
.....
74
21,370
Vertiv
Holdings,
Class
A
(d)
........
18,779
254,080
VF
Corp.
...................
1,025
28,300
Visa,
Inc.,
Class
A
.............
268
55,680
Vulcan
Materials
Co.
...........
2,199
385,067
Walgreens
Boots
Alliance,
Inc.
.....
588
21,968
Walmart,
Inc.
.................
2,375
336,751
Walt
Disney
Co.
(The)
(d)
.........
8,017
696,517
Waste
Connections,
Inc.
.........
53
7,026
Wells
Fargo
&
Co.
.............
8,688
358,728
West
Pharmaceutical
Services,
Inc.
.
92
21,652
Willis
Towers
Watson
plc
.........
92
22,501
Workday,
Inc.,
Class
A
(d)
.........
229
38,319
XPO
Logistics,
Inc.
(d)
...........
3,375
112,354
Zebra
Technologies
Corp.,
Class
A
(d)
.
34
8,718
Zoetis,
Inc.,
Class
A
............
370
54,224
Zscaler,
Inc.
(d)
................
856
95,786
50,122,693
Total
Common
Stocks
—
51.9%
(Cost:
$74,566,560)
..............................
75,143,307
Security
Par
(000)
Pa
r
(
000)
Value
Corporate
Bonds
Australia
—
0.4%
National
Australia
Bank
Ltd.,
3.38%
,
01/14/26
.................
USD
1
$
956
Quintis
Australia
Pty.
Ltd.
(a)(f)(l)
7.50%,
(7.50%
Cash
or
8.00%
PIK),
10/01/26
...............
463
462,748
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
...........
414
57,856
521,560
Belgium
—
0.1%
Anheuser-Busch
Cos.
LLC,
3.65%
,
02/01/26
.................
54
51,970
Anheuser-Busch
InBev
Worldwide,
Inc.
3.50%,
06/01/30
............
33
30,041
4.90%,
01/23/31
............
33
33,015
115,026
Canada
—
0.3%
Bank
of
Montreal
Series
H,
4.25%,
09/14/24
.....
43
42,427
(SOFR
1
Day
+
0.60%),
0.95%,
01/22/27
(b)
..............
35
30,901
Canadian
Pacific
Railway
Co.,
4.00%
,
06/01/28
.................
46
43,831
Open
Text
Corp.,
6.90%
,
12/01/27
(a)
.
49
49,000
Rogers
Communications,
Inc.,
2.95%
,
03/15/25
(a)
................
57
54,311
Royal
Bank
of
Canada
0.65%,
07/29/24
............
1
934
0.75%,
10/07/24
............
3
2,789
1.20%,
04/27/26
............
1
889
3.63%,
05/04/27
............
32
30,413
4.24%,
08/03/27
............
46
44,807
Thomson
Reuters
Corp.,
3.35%
,
05/15/26
.................
1
946
Toronto-Dominion
Bank
(The)
2.35%,
03/08/24
............
52
50,444
4.29%,
09/13/24
............
36
35,578
2.80%,
03/10/27
............
1
917
388,187
China
—
0.1%
NXP
BV
4.88%,
03/01/24
............
44
43,610
5.35%,
03/01/26
............
9
8,972
3.25%,
11/30/51
............
10
6,211
RKPF
Overseas
2019
A
Ltd.,
5.90%
,
03/05/25
(c)
................
200
161,100
219,893
Germany
—
0.2%
Adler
Pelzer
Holding
GmbH,
4.13%
,
04/01/24
(a)
................
EUR
139
124,986
APCOA
Parking
Holdings
GmbH,
(EURIBOR
3
Month
+
5.00%),
6.38%
,
01/15/27
(a)(b)
..........
102
101,718
Caresyntax,
Inc.,
0.00%
,
12/31/24
(m)
.
USD
8
8,336
Kirk
Beauty
SUN
GmbH,
8.25%
,
(8.25%
Cash
or
9.00%
PIK),
10/01/26
(a)(b)(l)
..............
EUR
114
71,458
306,498
India
—
0.1%
REI
Agro
Ltd.
(d)(n)(o)
5.50%,
11/13/14
(a)
...........
USD
220
1,825
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
India
(continued)
5.50%,
11/13/14
(c)(f)
..........
USD
152
$
—
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(c)
................
200
178,600
180,425
Italy
—
0.2%
(a)
Castor
SpA,
(EURIBOR
3
Month
+
5.25%),
7.30%
,
02/15/29
(b)
.....
EUR
100
103,401
Forno
d'Asolo
SpA,
(EURIBOR
3
Month
+
5.50%),
7.70%
,
04/30/27
(b)
....
178
167,675
Marcolin
SpA,
6.13%
,
11/15/26
....
100
92,059
363,135
Luxembourg
—
0.2%
(a)
Garfunkelux
Holdco
3
SA,
7.75%
,
11/01/25
..................
GBP
100
93,932
Herens
Midco
SARL,
5.25%
,
05/15/29
EUR
100
73,931
Sani/Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
............
100
99,017
266,880
Netherlands
—
0.0%
ING
Groep
NV,
(SOFR
1
Day
+
1.64%),
3.87%
,
03/28/26
(b)
...........
USD
8
7,698
Switzerland
—
0.1%
Novartis
Capital
Corp.,
3.00%
,
11/20/25
1
958
UBS
Group
AG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%),
1.01%
,
07/30/24
(a)
(b)
......................
135
131,267
132,225
Thailand
—
0.1%
Kasikornbank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(b)(c)(p)
....
200
189,225
Turkey
—
0.1%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/24
(a)(d)(f)(n)(o)
............
800
77,040
United
Arab
Emirates
—
0.0%
Shelf
Drilling
North
Sea
Holdings
Ltd.,
10.25%
,
10/31/25
(a)
..........
37
36,440
United
Kingdom
—
0.5%
AstraZeneca
plc,
1.38%
,
08/06/30
..
66
52,142
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
100
100,978
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
128
100,708
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
GBP
100
81,544
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
100
96,172
GlaxoSmithKline
Capital
plc,
3.00%
,
06/01/24
.................
USD
51
49,613
GlaxoSmithKline
Capital,
Inc.,
3.63%
,
05/15/25
.................
32
31,246
HSBC
Holdings
plc,
(SOFR
1
Day
+
0.71%),
0.98%
,
05/24/25
(b)
.....
14
12,962
Inspired
Entertainment
Financing
plc,
Series
Communication
Services,
7.88%
,
06/01/26
(a)
...........
GBP
100
112,432
Kane
Bidco
Ltd.,
5.00%
,
02/15/27
(a)
.
EUR
100
91,527
Sky
Ltd.,
3.75%
,
09/16/24
(a)
.......
USD
2
1,952
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Vodafone
Group
plc,
4.13%
,
05/30/25
USD
14
$
13,777
745,053
United
States
—
7.7%
AbbVie,
Inc.
2.60%,
11/21/24
............
60
57,400
3.80%,
03/15/25
............
47
45,807
3.60%,
05/14/25
............
111
107,575
3.20%,
05/14/26
............
1
947
2.95%,
11/21/26
............
64
59,519
3.20%,
11/21/29
............
49
44,172
Aetna,
Inc.,
3.50%
,
11/15/24
......
5
4,857
Affinity
Gaming,
6.88%
,
12/15/27
(a)
..
13
11,022
Air
Products
&
Chemicals,
Inc.,
2.05%
,
05/15/30
.................
16
13,393
Albertsons
Cos.,
Inc.,
3.50%
,
03/15/29
(a)
................
84
70,475
Allegiant
Travel
Co.
(a)
8.50%,
02/05/24
............
154
153,615
7.25%,
08/15/27
............
18
17,121
Alphabet,
Inc.,
2.25%
,
08/15/60
....
10
5,633
Amazon.com,
Inc.
1.50%,
06/03/30
............
13
10,446
2.10%,
05/12/31
............
8
6,533
3.60%,
04/13/32
............
16
14,642
4.70%,
12/01/32
............
41
40,583
American
Express
Co.
2.50%,
07/30/24
............
31
29,813
2.25%,
03/04/25
............
1
944
3.95%,
08/01/25
............
32
31,348
American
International
Group,
Inc.,
3.90%
,
04/01/26
............
12
11,624
American
Tower
Corp.
3.38%,
05/15/24
............
61
59,359
4.40%,
02/15/26
............
24
23,386
2.70%,
04/15/31
............
53
43,140
3.10%,
06/15/50
............
10
6,292
American
Water
Capital
Corp.
2.80%,
05/01/30
............
34
29,398
4.45%,
06/01/32
............
16
15,307
Amgen,
Inc.
1.90%,
02/21/25
............
1
938
3.13%,
05/01/25
............
7
6,717
3.00%,
02/22/29
............
13
11,512
4.05%,
08/18/29
............
31
28,970
2.30%,
02/25/31
............
16
13,032
3.00%,
01/15/52
............
69
44,038
2.77%,
09/01/53
............
10
6,019
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(a)
................
10
9,896
Apple,
Inc.,
3.35%
,
08/08/32
......
33
29,957
AT&T,
Inc.
1.70%,
03/25/26
............
44
39,653
2.25%,
02/01/32
............
33
25,866
Autodesk,
Inc.,
2.85%
,
01/15/30
....
24
20,631
Bank
of
America
Corp.
(SOFR
1
Day
+
0.67%),
1.84%,
02/04/25
(b)
..............
31
29,722
(LIBOR
USD
3
Month
+
0.97%),
3.46%,
03/15/25
(b)
.........
2
1,947
(SOFR
1
Day
+
1.11%),
3.84%,
04/25/25
(b)
..............
78
76,153
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(b)
.........
5
4,724
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(SOFR
1
Day
+
0.65%),
1.53%,
12/06/25
(b)
..............
USD
3
$
2,767
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(b)
.........
11
10,488
(SOFR
1
Day
+
1.33%),
3.38%,
04/02/26
(b)
..............
47
44,887
3.50%,
04/19/26
............
1
954
(SOFR
1
Day
+
1.75%),
4.83%,
07/22/26
(b)
..............
40
39,533
Series
N,
(SOFR
1
Day
+
0.91%),
1.66%,
03/11/27
(b)
.........
1
885
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(b)
.........
3
2,799
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(b)
.........
1
925
(LIBOR
USD
3
Month
+
0.99%),
2.50%,
02/13/31
(b)
.........
37
30,073
(SOFR
1
Day
+
2.15%),
2.59%,
04/29/31
(b)
..............
26
21,175
(SOFR
1
Day
+
1.53%),
1.90%,
07/23/31
(b)
..............
8
6,140
(SOFR
1
Day
+
1.37%),
1.92%,
10/24/31
(b)
..............
23
17,570
(SOFR
1
Day
+
1.32%),
2.69%,
04/22/32
(b)
..............
9
7,204
(SOFR
1
Day
+
1.21%),
2.57%,
10/20/32
(b)
..............
19
14,881
Bank
of
New
York
Mellon
Corp.
(The)
2.10%,
10/24/24
............
30
28,601
(SOFR
1
Day
+
1.35%),
4.41%,
07/24/26
(b)
..............
57
56,131
Becton
Dickinson
and
Co.
3.36%,
06/06/24
............
32
31,270
3.70%,
06/06/27
............
94
88,814
Berry
Global,
Inc.,
4.88%
,
07/15/26
(a)
3
2,888
Blackstone
Holdings
Finance
Co.
LLC,
3.15%
,
10/02/27
(a)
...........
13
11,715
Bristol-Myers
Squibb
Co.
3.63%,
05/15/24
............
45
44,442
3.20%,
06/15/26
............
44
41,947
1.45%,
11/13/30
............
16
12,647
2.95%,
03/15/32
............
9
7,830
Broadcom
Corp.,
3.88%
,
01/15/27
..
55
52,024
Broadcom,
Inc.
3.15%,
11/15/25
............
40
37,889
4.15%,
11/15/30
............
16
14,338
2.45%,
02/15/31
(a)
...........
19
14,965
4.30%,
11/15/32
............
94
82,846
California
Resources
Corp.,
7.13%
,
02/01/26
(a)
................
5
4,805
Cargill,
Inc.,
3.50%
,
04/22/25
(a)
.....
26
25,158
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
15
10,513
Caterpillar
Financial
Services
Corp.,
0.60%
,
09/13/24
............
31
28,918
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
23
20,618
Charles
Schwab
Corp.
(The)
4.20%,
03/24/25
............
1
988
3.45%,
02/13/26
............
2
1,934
Charter
Communications
Operating
LLC
2.25%,
01/15/29
............
18
14,488
3.70%,
04/01/51
............
13
7,905
Cigna
Corp.,
3.00%
,
07/15/23
.....
44
43,518
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cisco
Systems,
Inc.,
2.50%
,
09/20/26
USD
1
$
931
Citigroup,
Inc.
(b)
(LIBOR
USD
3
Month
+
0.90%),
3.35%,
04/24/25
..........
8
7,757
(SOFR
1
Day
+
1.37%),
4.14%,
05/24/25
...............
15
14,710
(SOFR
1
Day
+
1.53%),
3.29%,
03/17/26
...............
62
58,934
(SOFR
1
Day
+
1.55%),
5.61%,
09/29/26
...............
32
32,137
(LIBOR
USD
3
Month
+
1.34%),
3.98%,
03/20/30
..........
8
7,215
(SOFR
1
Day
+
1.15%),
2.67%,
01/29/31
...............
30
24,606
(SOFR
1
Day
+
1.17%),
2.56%,
05/01/32
...............
22
17,368
(SOFR
1
Day
+
1.35%),
3.06%,
01/25/33
...............
16
12,912
(SOFR
1
Day
+
1.94%),
3.79%,
03/17/33
...............
16
13,685
(SOFR
1
Day
+
2.34%),
6.27%,
11/17/33
...............
33
34,044
Cloud
Software
Group
Holdings,
Inc.,
6.50%
,
03/31/29
(a)
...........
107
90,124
Comcast
Corp.
3.95%,
10/15/25
............
4
3,917
3.55%,
05/01/28
............
86
80,759
2.45%,
08/15/52
............
10
5,826
2.94%,
11/01/56
............
37
22,882
2.65%,
08/15/62
............
7
3,936
Conagra
Brands,
Inc.,
4.30%
,
05/01/24
2
1,972
Corebridge
Global
Funding,
0.65%
,
06/17/24
(a)
................
24
22,399
Covanta
Holding
Corp.,
4.88%
,
12/01/29
(a)
................
14
11,470
Cox
Communications,
Inc.,
3.85%
,
02/01/25
(a)
................
38
36,710
Crown
Castle,
Inc.
3.70%,
06/15/26
............
40
38,034
3.30%,
07/01/30
............
33
28,868
CVS
Health
Corp.
3.88%,
07/20/25
............
22
21,468
2.88%,
06/01/26
............
49
45,740
1.30%,
08/21/27
............
44
37,252
4.30%,
03/25/28
............
38
36,755
3.75%,
04/01/30
............
16
14,507
1.75%,
08/21/30
............
16
12,610
2.13%,
09/15/31
............
33
26,165
Deere
&
Co.,
2.75%
,
04/15/25
.....
7
6,724
Dell
International
LLC
5.45%,
06/15/23
............
28
28,017
6.02%,
06/15/26
............
37
37,746
3.45%,
12/15/51
(a)
...........
10
6,120
Discovery
Communications
LLC,
3.80%
,
03/13/24
............
23
22,467
DocuSign,
Inc.,
0.00%
,
01/15/24
(m)(n)
.
10
9,400
Dollar
General
Corp.
4.25%,
09/20/24
............
16
15,780
3.88%,
04/15/27
............
38
36,232
5.00%,
11/01/32
............
53
52,281
Earthstone
Energy
Holdings
LLC,
8.00%
,
04/15/27
(a)
...........
68
65,052
eBay,
Inc.,
1.90%
,
03/11/25
.......
15
14,039
Ecolab,
Inc.
4.80%,
03/24/30
............
41
40,586
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
2.13%,
02/01/32
............
USD
16
$
12,772
Edison
International,
6.95%
,
11/15/29
16
16,708
Elevance
Health,
Inc.
2.38%,
01/15/25
............
1
949
3.65%,
12/01/27
............
55
51,860
5.50%,
10/15/32
............
60
61,424
Energy
Transfer
LP,
4.20%
,
09/15/23
16
15,900
Equinix,
Inc.
1.25%,
07/15/25
............
53
47,923
1.45%,
05/15/26
............
35
30,770
2.50%,
05/15/31
............
13
10,446
3.40%,
02/15/52
............
29
19,752
Fidelity
National
Information
Services,
Inc.,
1.15%
,
03/01/26
.........
1
877
Fifth
Third
Bancorp,
(SOFR
1
Day
+
1.36%),
4.06%
,
04/25/28
(b)
.....
28
26,548
Fiserv,
Inc.,
3.80%
,
10/01/23
......
16
15,829
FLYR,
Inc.,
7.74%
,
01/20/27
(f)
.....
49
45,325
Flyreel,
Inc.,
8.00%
,
07/20/23
(f)(n)
....
96
104,087
Ford
Motor
Co.,
6.10%
,
08/19/32
...
64
59,095
Freed
Corp.,
10.00%
,
12/01/23
(f)
....
125
119,958
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
39
35,880
8.25%,
04/15/25
............
40
35,979
FreeWire
Technologies,
Inc.,
Series
Industrials,
(3
Month
CME
Term
SOFR
+
9.00%),
12.59%
,
03/31/25
(b)
(f)
.......................
62
57,301
Frontier
Communications
Holdings
LLC
(a)
5.88%,
10/15/27
............
30
27,857
6.75%,
05/01/29
............
3
2,482
8.75%,
05/15/30
............
57
57,955
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
61
56,171
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
45
41,400
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
3
2,656
GATX
Corp.,
3.50%
,
03/15/28
.....
1
907
GCI
LLC,
4.75%
,
10/15/28
(a)
......
12
10,081
Gen
Digital,
Inc.
(a)
6.75%,
09/30/27
............
55
53,900
7.13%,
09/30/30
............
27
26,527
General
Motors
Co.,
4.88%
,
10/02/23
129
128,599
General
Motors
Financial
Co.,
Inc.
2.90%,
02/26/25
............
48
45,463
3.60%,
06/21/30
............
16
13,465
2.70%,
06/10/31
............
67
51,334
Georgia-Pacific
LLC,
3.60%
,
03/01/25
(a)
1
968
Gilead
Sciences,
Inc.
0.75%,
09/29/23
............
36
34,877
3.70%,
04/01/24
............
36
35,393
3.65%,
03/01/26
............
16
15,425
1.65%,
10/01/30
............
33
26,168
2.60%,
10/01/40
............
60
41,861
Global
Payments,
Inc.
2.65%,
02/15/25
............
5
4,704
4.95%,
08/15/27
............
8
7,760
Goldman
Sachs
Group,
Inc.
(The)
4.00%,
03/03/24
............
36
35,545
3.00%,
03/15/24
............
73
71,184
3.50%,
04/01/25
............
45
43,274
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(SOFR
1
Day
+
0.61%),
0.86%,
02/12/26
(b)
..............
USD
2
$
1,808
(SOFR
1
Day
+
0.79%),
1.09%,
12/09/26
(b)
..............
52
45,839
(SOFR
1
Day
+
1.28%),
2.62%,
04/22/32
(b)
..............
24
19,140
(SOFR
1
Day
+
1.25%),
2.38%,
07/21/32
(b)
..............
27
20,950
(SOFR
1
Day
+
1.26%),
2.65%,
10/21/32
(b)
..............
5
3,948
GoTo
Group,
Inc.,
5.50%
,
09/01/27
(a)
.
35
18,824
HCA,
Inc.
5.00%,
03/15/24
............
4
3,977
5.38%,
02/01/25
............
43
42,948
5.25%,
04/15/25
............
45
44,738
5.88%,
02/15/26
............
44
44,277
5.88%,
02/01/29
............
32
31,900
Home
Depot,
Inc.
(The)
2.95%,
06/15/29
............
16
14,475
1.38%,
03/15/31
............
91
70,495
1.88%,
09/15/31
............
21
16,781
4.50%,
09/15/32
............
49
47,844
2.75%,
09/15/51
............
40
26,135
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(f)
.................
146
132,685
Humana,
Inc.
0.65%,
08/03/23
............
114
111,060
1.35%,
02/03/27
............
1
865
2.15%,
02/03/32
............
28
21,849
Huntington
Bancshares,
Inc.,
(SOFR
1
Day
+
1.97%),
4.44%
,
08/04/28
(b)
.
59
56,199
Intel
Corp.,
3.40%
,
03/25/25
......
12
11,698
Intercontinental
Exchange,
Inc.
4.00%,
09/15/27
............
31
29,950
4.35%,
06/15/29
............
33
31,906
2.10%,
06/15/30
............
16
13,053
1.85%,
09/15/32
............
16
12,035
JPMorgan
Chase
&
Co.
(b)
(3
Month
CME
Term
SOFR
+
0.58%),
0.97%,
06/23/25
....
70
65,252
(SOFR
1
Day
+
0.61%),
1.56%,
12/10/25
...............
7
6,481
(SOFR
1
Day
+
1.85%),
2.08%,
04/22/26
...............
64
59,411
(SOFR
1
Day
+
1.32%),
4.08%,
04/26/26
...............
49
47,575
(SOFR
1
Day
+
1.56%),
4.32%,
04/26/28
...............
51
48,704
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
..........
11
10,122
(SOFR
1
Day
+
1.99%),
4.85%,
07/25/28
...............
45
43,865
(LIBOR
USD
3
Month
+
1.16%),
3.70%,
05/06/30
..........
8
7,175
(SOFR
1
Day
+
1.51%),
2.74%,
10/15/30
...............
24
20,127
(SOFR
1
Day
+
1.26%),
2.96%,
01/25/33
...............
16
13,023
(SOFR
1
Day
+
2.08%),
4.91%,
07/25/33
...............
16
15,234
Keurig
Dr
Pepper,
Inc.,
0.75%
,
03/15/24
23
21,833
Kinder
Morgan
Energy
Partners
LP,
3.50%
,
09/01/23
............
21
20,776
Kinetik
Holdings
LP,
5.88%
,
06/15/30
(a)
16
15,004
KLA
Corp.,
4.65%
,
07/15/32
......
34
33,303
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Kraft
Heinz
Foods
Co.
3.00%,
06/01/26
............
USD
64
$
59,892
3.75%,
04/01/30
............
24
21,856
6.75%,
03/15/32
(q)
...........
4
4,340
L3Harris
Technologies,
Inc.,
3.85%
,
12/15/26
.................
94
89,646
Lam
Research
Corp.,
3.75%
,
03/15/26
5
4,848
Level
3
Financing,
Inc.,
4.25%
,
07/01/28
(a)
................
8
6,302
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(n)
...............
27
5,400
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
22
12,755
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
............
1
981
4.40%,
09/08/25
............
17
16,746
3.35%,
04/01/27
............
25
23,469
1.70%,
09/15/28
............
35
29,397
4.50%,
04/15/30
............
24
23,000
1.70%,
10/15/30
............
35
27,370
3.75%,
04/01/32
............
48
42,698
5.00%,
04/15/33
............
30
29,286
3.00%,
10/15/50
............
34
21,629
4.25%,
04/01/52
............
53
42,019
Lumen
Technologies,
Inc.,
5.13%
,
12/15/26
(a)
................
20
17,386
LYB
International
Finance
II
BV,
3.50%
,
03/02/27
.................
87
80,520
LYB
International
Finance
III
LLC,
2.25%
,
10/01/30
............
16
12,687
LyondellBasell
Industries
NV,
5.75%
,
04/15/24
.................
5
5,013
Marsh
&
McLennan
Cos.,
Inc.
3.88%,
03/15/24
............
36
35,501
3.75%,
03/14/26
............
27
26,185
Marvell
Technology,
Inc.,
4.20%
,
06/22/23
.................
10
9,942
Maxar
Technologies,
Inc.,
7.75%
,
06/15/27
(a)
................
40
41,529
McDonald's
Corp.,
3.30%
,
07/01/25
.
2
1,935
Medline
Borrower
LP,
3.88%
,
04/01/29
(a)
................
15
12,089
Merck
&
Co.,
Inc.
2.75%,
02/10/25
............
12
11,499
3.40%,
03/07/29
............
39
36,332
1.45%,
06/24/30
............
16
12,766
MetLife,
Inc.
Series
D,
4.37%,
09/15/23
(q)
....
31
30,901
3.60%,
11/13/25
............
29
28,178
4.55%,
03/23/30
............
16
15,727
Metropolitan
Life
Global
Funding
I,
1.88%
,
01/11/27
(a)
...........
1
885
MGM
Resorts
International,
5.50%
,
04/15/27
.................
4
3,721
Microchip
Technology,
Inc.,
0.97%
,
02/15/24
.................
35
33,237
Microsoft
Corp.
2.70%,
02/12/25
............
59
56,679
2.53%,
06/01/50
............
103
67,779
2.68%,
06/01/60
............
10
6,344
Mondelez
International
Holdings
Netherlands
BV,
1.25%
,
09/24/26
(a)
1
869
Moody's
Corp.,
3.10%
,
11/29/61
....
8
5,035
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Morgan
Stanley
(SOFR
1
Day
+
1.16%),
3.62%,
04/17/25
(b)
..............
USD
64
$
62,451
(SOFR
1
Day
+
1.67%),
4.68%,
07/17/26
(b)
..............
20
19,657
3.13%,
07/27/26
............
56
52,235
(SOFR
1
Day
+
0.86%),
1.51%,
07/20/27
(b)
..............
1
868
(SOFR
1
Day
+
1.61%),
4.21%,
04/20/28
(b)
..............
62
58,968
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(b)
.........
8
7,446
(SOFR
1
Day
+
1.14%),
2.70%,
01/22/31
(b)
..............
3
2,479
(SOFR
1
Day
+
3.12%),
3.62%,
04/01/31
(b)
..............
26
22,698
(SOFR
1
Day
+
1.03%),
1.79%,
02/13/32
(b)
..............
4
3,006
(SOFR
1
Day
+
1.18%),
2.24%,
07/21/32
(b)
..............
9
6,905
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
7
6,265
5.50%,
08/15/28
............
35
28,539
5.13%,
12/15/30
............
31
23,943
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
17
14,535
Newmont
Corp.
2.80%,
10/01/29
............
9
7,651
2.60%,
07/15/32
............
24
19,107
NextEra
Energy
Capital
Holdings,
Inc.,
2.94%
,
03/21/24
............
52
50,626
Northern
Trust
Corp.,
4.00%
,
05/10/27
33
32,233
NRG
Energy,
Inc.,
5.75%
,
01/15/28
..
15
14,080
Omnicom
Group,
Inc.,
3.65%
,
11/01/24
15
14,706
Oncor
Electric
Delivery
Co.
LLC,
4.55%
,
09/15/32
(a)
...........
16
15,664
ONEOK
Partners
LP,
4.90%
,
03/15/25
79
77,855
Oracle
Corp.
2.40%,
09/15/23
............
66
64,689
3.40%,
07/08/24
............
8
7,805
2.50%,
04/01/25
............
50
47,144
2.88%,
03/25/31
............
33
27,361
6.25%,
11/09/32
............
16
16,746
3.60%,
04/01/50
............
10
6,733
3.95%,
03/25/51
............
37
26,360
3.85%,
04/01/60
............
30
19,933
Outfront
Media
Capital
LLC,
5.00%
,
08/15/27
(a)
................
3
2,701
PACCAR
Financial
Corp.,
4.95%
,
10/03/25
.................
26
26,115
Pacific
Gas
&
Electric
Co.
3.85%,
11/15/23
............
30
29,571
3.25%,
02/16/24
............
2
1,952
5.45%,
06/15/27
............
9
8,875
5.90%,
06/15/32
............
30
29,274
4.50%,
07/01/40
............
23
17,585
Paramount
Global,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.00%),
6.38%
,
03/30/62
(b)
10
8,175
Parker-Hannifin
Corp.,
3.25%
,
06/14/29
49
43,757
PepsiCo,
Inc.,
2.38%
,
10/06/26
....
2
1,861
Pitney
Bowes,
Inc.
(a)
6.88%,
03/15/27
............
84
71,811
7.25%,
03/15/29
............
30
23,460
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
USD
17
$
13,344
PNC
Financial
Services
Group,
Inc.
(The),
3.50%
,
01/23/24
........
16
15,763
PPG
Industries,
Inc.,
1.20%
,
03/15/26
14
12,409
Principal
Life
Global
Funding
II
(a)
0.75%,
04/12/24
............
1
945
1.25%,
08/16/26
............
1
867
Prologis
LP,
2.25%
,
01/15/32
......
10
7,926
QUALCOMM,
Inc.,
5.40%
,
05/20/33
.
88
91,618
Realty
Income
Corp.,
5.63%
,
10/13/32
32
32,500
Regions
Financial
Corp.,
2.25%
,
05/18/25
.................
2
1,869
RMIT
Cash
Management
LLC,
Series
Financials,
3.88%
,
10/17/33
(a)(f)
..
200
170,700
Ryder
System,
Inc.,
2.50%
,
09/01/24
2
1,902
S&P
Global,
Inc.,
2.45%
,
03/01/27
(a)
.
33
30,139
Sabre
GLBL,
Inc.
(a)
9.25%,
04/15/25
............
39
38,849
7.38%,
09/01/25
............
10
9,610
11.25%,
12/15/27
...........
27
27,803
Salesforce,
Inc.,
0.63%
,
07/15/24
...
53
49,715
San
Diego
Gas
&
Electric
Co.,
Series
NNN,
3.60%
,
09/01/23
........
18
17,788
Seagate
HDD
Cayman,
9.63%
,
12/01/32
(a)
................
20
21,936
Service
Properties
Trust
4.50%,
06/15/23
............
14
13,757
4.35%,
10/01/24
............
15
13,636
4.50%,
03/15/25
............
16
13,801
7.50%,
09/15/25
............
29
27,635
Sherwin-Williams
Co.
(The)
4.05%,
08/08/24
............
50
49,242
4.25%,
08/08/25
............
22
21,616
2.95%,
08/15/29
............
16
14,006
2.20%,
03/15/32
............
16
12,653
Shire
Acquisitions
Investments
Ireland
DAC
2.88%,
09/23/23
............
62
60,930
3.20%,
09/23/26
............
118
110,668
Southern
California
Edison
Co.,
Series
K,
0.98%
,
08/01/24
..........
31
28,989
Splunk,
Inc.
(n)
0.50%,
09/15/23
............
10
9,635
1.13%,
06/15/27
............
35
29,533
Sprint
Corp.,
7.88%
,
09/15/23
.....
49
49,685
State
Street
Corp.,
(SOFR
1
Day
+
1.35%),
5.75%
,
11/04/26
(b)
.....
8
8,189
Steel
Dynamics,
Inc.
2.40%,
06/15/25
............
55
51,572
5.00%,
12/15/26
............
3
3,002
3.45%,
04/15/30
............
16
14,069
Stem,
Inc.,
0.50%
,
12/01/28
(a)(n)
....
6
3,773
Talen
Energy
Supply
LLC
(a)(d)(o)
7.25%,
05/15/27
............
23
23,805
6.63%,
01/15/28
............
59
60,327
7.63%,
06/01/28
............
23
23,920
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
77
71,618
Tenet
Healthcare
Corp.,
6.13%
,
06/15/30
(a)
................
36
34,301
Texas
Instruments,
Inc.,
1.75%
,
05/04/30
.................
7
5,754
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Thermo
Fisher
Scientific,
Inc.
1.22%,
10/18/24
............
USD
1
$
938
2.00%,
10/15/31
............
61
49,402
T-Mobile
USA,
Inc.
3.50%,
04/15/25
............
89
85,592
3.38%,
04/15/29
............
95
83,673
3.88%,
04/15/30
............
8
7,246
3.50%,
04/15/31
............
8
6,910
2.70%,
03/15/32
............
7
5,656
Toyota
Motor
Credit
Corp.
1.80%,
02/13/25
............
4
3,759
3.05%,
03/22/27
............
2
1,864
Truist
Financial
Corp.
(b)
(SOFR
1
Day
+
1.46%),
4.26%,
07/28/26
...............
32
31,442
(SOFR
1
Day
+
0.61%),
1.27%,
03/02/27
...............
26
23,033
TWDC
Enterprises
18
Corp.,
3.15%
,
09/17/25
.................
1
958
Union
Pacific
Corp.
2.80%,
02/14/32
............
49
42,301
4.50%,
01/20/33
............
37
36,177
United
Rentals
North
America,
Inc.,
6.00%
,
12/15/29
(a)
...........
44
43,725
UnitedHealth
Group,
Inc.
3.10%,
03/15/26
............
3
2,855
4.20%,
05/15/32
............
16
15,188
Uniti
Group
LP,
7.88%
,
02/15/25
(a)
..
15
14,518
Univision
Communications,
Inc.,
7.38%
,
06/30/30
(a)
................
24
22,937
US
Bancorp
(SOFR
1
Day
+
1.43%),
5.73%,
10/21/26
(b)
..............
20
20,370
(SOFR
1
Day
+
0.73%),
2.22%,
01/27/28
(b)
..............
17
15,281
3.90%,
04/26/28
............
33
31,647
(SOFR
1
Day
+
1.66%),
4.55%,
07/22/28
(b)
..............
81
79,106
Ventas
Realty
LP,
3.50%
,
02/01/25
..
37
35,535
Verizon
Communications,
Inc.
2.63%,
08/15/26
............
33
30,453
4.02%,
12/03/29
............
8
7,472
3.15%,
03/22/30
............
49
43,210
2.55%,
03/21/31
............
35
28,783
2.36%,
03/15/32
............
16
12,683
2.88%,
11/20/50
............
36
22,571
2.99%,
10/30/56
............
74
45,147
Vertiv
Group
Corp.,
4.13%
,
11/15/28
(a)
37
31,450
Viasat,
Inc.,
5.63%
,
04/15/27
(a)
.....
28
25,434
Vistra
Operations
Co.
LLC
(a)
5.13%,
05/13/25
............
15
14,666
5.63%,
02/15/27
............
79
74,944
VMware,
Inc.,
1.80%
,
08/15/28
....
63
51,445
Walt
Disney
Co.
(The)
2.20%,
01/13/28
............
34
30,253
3.80%,
03/22/30
............
63
58,718
2.65%,
01/13/31
............
16
13,657
Warnermedia
Holdings,
Inc.,
3.43%
,
03/15/24
(a)
................
17
16,503
Waste
Management,
Inc.
0.75%,
11/15/25
............
10
8,941
3.15%,
11/15/27
............
32
29,850
Welltower,
Inc.
4.50%,
01/15/24
............
37
36,530
3.63%,
03/15/24
............
37
36,207
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
2.70%,
02/15/27
............
USD
33
$
29,718
Western
Digital
Corp.
1.50%,
02/01/24
(n)(q)
..........
65
61,913
4.75%,
02/15/26
............
3
2,825
Wolfspeed,
Inc.,
1.88%
,
12/01/29
(a)(n)
.
5
4,502
Workday,
Inc.,
3.50%
,
04/01/27
....
63
58,878
WRKCo,
Inc.
3.75%,
03/15/25
............
18
17,408
4.65%,
03/15/26
............
12
11,771
4.90%,
03/15/29
............
16
15,362
Wynn
Las
Vegas
LLC
(a)
5.50%,
03/01/25
............
21
19,936
5.25%,
05/15/27
............
4
3,610
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
86
79,166
11,084,455
Total
Corporate
Bonds
—
10.1%
(Cost:
$17,105,132)
..............................
14,633,740
Floating
Rate
Loan
Interests
Belgium
—
0.1%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
4.85%),
7.60%
,
 10/02/28
(b)(f)
..........
EUR
149
124,408
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(EURIBOR
1
Month
+
5.00%),
6.90%
,
 12/22/25
(b)
.....
187
194,487
France
—
0.1%
Babilou
Family,
Facility
Term
Loan,
(EURIBOR
3
Month
+
4.00%),
6.13%
,
 11/17/27
(b)
...........
214
219,125
Germany
—
0.1%
Iris
BidCo
GmbH,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
5.00%),
6.61%
,
 06/29/28
(b)
...........
93
85,508
Jersey,
Channel
Islands
—
0.1%
(b)(f)
Vita
Global
FinCo
Ltd.,
Facility
Term
Loan,
(LIBOR
GBP
6
Month
+
7.00%),
10.45%
,
 07/06/27
......
GBP
40
45,866
Vita
Global
FinCo
Ltd.,
Term
Loan,
(EURIBOR
6
Month
+
7.00%),
9.44%
,
 01/01/28
............
EUR
67
67,687
113,553
Luxembourg
—
0.2%
(b)
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 05/05/28
............
USD
32
31,822
Luxembourg
Life
Fund
-
Long
Term
Growth
Fund,
Term
Loan,
(LIBOR
USD
3
Month
+
9.25%),
13.93%
,
 01/01/38
(f)
..........
91
91,026
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Delayed
Draw
Term
Loan,
(LIBOR
USD
3
Month
+
9.25%),
13.93%
,
 01/01/28
(f)
.....
15
14,701
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(LIBOR
USD
3
Month
+
11.50%),
13.93%
,
 01/01/28
(f)
..........
USD
95
$
94,712
232,261
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan,
(EURIBOR
6
Month
+
4.50%),
6.61%
,
 01/01/28
(f)
...........
EUR
154
152,426
Median
BV,
Facility
Term
Loan
B1,
(EURIBOR
6
Month
+
5.00%),
7.75%
,
 10/14/27
............
100
90,007
Ziggo
BV,
Facility
Term
Loan
H,
(EURIBOR
6
Month
+
3.00%),
3.76%
,
 01/31/29
............
311
306,189
548,622
Sweden
—
0.0%
Unique
BidCo
AB,
Facility
Term
Loan
B,
(EURIBOR
3
Month
+
5.25%),
6.24%
,
 03/16/29
(b)
...........
70
70,248
United
States
—
1.3%
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
9.10%
,
 02/02/26
(b)
.....
USD
73
66,602
Altar
BidCo,
Inc.,
1st
Lien
Term
Loan,
(12
Month
CME
Term
SOFR
+
3.10%),
5.50%
-
7.99%
,
 02/01/29
(b)
44
41,690
Altar
BidCo,
Inc.,
2nd
Lien
Term
Loan,
02/01/30
(b)(r)
...............
60
50,850
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
5.00%),
9.58%
,
 12/30/27
(b)
...........
81
62,427
Avaya,
Inc.,
Term
Loan
B3,
(1
Month
CME
Term
SOFR
+
10.00%),
14.34%
,
 12/15/27
(b)
..........
10
5,925
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.79%
,
 04/05/28
(b)
.....
18
7,618
DirecTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
9.38%
,
 08/02/27
(b)
...........
43
41,455
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
9.63%
,
 12/21/28
(b)
...........
28
23,795
DS
Parent,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.75%),
9.92%
,
 12/10/28
(b)
...........
42
39,728
ECL
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
7.50%),
11.88%
,
 05/01/28
(b)
..........
49
49,086
Emerald
Technologies
US
AcquisitionCo.,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
6.25%),
10.67%
,
 12/29/27
(b)
..........
32
30,438
Galaxy
Brands,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.07%
,
 01/01/38
(b)(f)
..........
199
194,730
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
8.38%
,
 12/01/27
(b)
10
9,557
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
9.14%
,
 08/31/27
(b)
...........
USD
98
$
62,725
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
8.83%
,
 07/20/26
(b)(f)
.....
119
117,370
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
1.75%),
6.17%
,
 06/22/26
(b)
....
151
150,277
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
9.89%
,
 10/25/28
(b)(f)
.....
21
17,671
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.19%
,
 10/27/28
(b)
...........
18
17,270
J&J
Ventures
Gaming
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 04/26/28
(b)
...........
35
33,501
Jack
Ohio
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
9.13%
,
 10/04/28
(b)(f)
..........
16
15,479
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.00%),
10.51%
,
 12/22/26
(b)
.....
15
14,293
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
7.12%
,
 12/17/27
(b)
.....
82
70,988
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
7.50%),
12.23%
,
 09/03/26
(b)
.....
27
21,330
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.00%),
10.68%
,
 01/24/30
(b)
.....
4
3,146
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
10.00%
,
 04/01/26
(f)(s)
.
208
194,173
OVG
Business
Services
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
10.64%
,
 11/20/28
(b)(f)
....
54
49,843
ProFrac
Holdings
II
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
7.25%),
12.10%
,
 03/04/25
(b)(f)
.........
43
44,392
Project
Ruby
Ultimate
Parent
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 03/10/28
(b)
13
12,167
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.11%
,
 04/27/28
(b)
.....
65
44,648
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
12.11%
,
 04/27/29
(b)
.....
50
24,657
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
8.41%
,
 03/16/27
(b)
.....
57
55,554
Signal
Parent,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.89%
,
 04/03/28
(b)
...........
35
20,696
Sonder
Corp.,
Term
Loan,
11.11% 01/19/27
(b)(f)
..........
158
142,564
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
7.91%
,
 06/08/28
(b)
10
9,467
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.75%
,
 10/06/28
(b)
.....
18
14,588
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Talen
Energy
Supply
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.75%),
9.01%
-
9.27%
,
 11/13/23
(b)
USD
82
$
82,462
Vaco
Holdings
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
5.00%),
9.73%
,
 01/21/29
(b)
...........
33
31,390
1,874,552
Total
Floating
Rate
Loan
Interests
—
2.4%
(Cost:
$3,829,191)
..............................
3,462,764
Foreign
Government
Obligations
Argentina
—
0.2%
Argentine
Republic
(The)
1.00%,
07/09/29
............
30
7,824
0.50%,
07/09/30
(q)
...........
295
79,930
1.50%,
07/09/35
(q)
...........
331
83,334
3.88%,
01/09/38
(q)
...........
119
37,404
208,492
Canada
—
0.5%
Canadian
Government
Bond,
0.25%
,
03/01/26
.................
CAD
1,062
704,097
Spain
—
0.3%
(a)(c)
Bonos
and
Obligaciones
del
Estado,
2.55%
,
10/31/32
............
EUR
319
312,532
Kingdom
of
Spain,
3.45%
,
07/30/66
.
185
176,527
489,059
Total
Foreign
Government
Obligations
—
1.0%
(Cost:
$1,886,411)
..............................
1,401,648
Shares
Shares
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
(e)
...................
1,533
208,258
Industrial
Select
Sector
SPDR
Fund
(e)
928
91,139
Invesco
Municipal
Opportunity
Trust
.
1,407
13,943
Invesco
Municipal
Trust
(e)
........
1,398
13,840
Invesco
QQQ
Trust
1,
Series
1
.....
1,100
292,908
Invesco
Quality
Municipal
Income
Trust
1,385
13,047
Invesco
Trust
for
Investment
Grade
Municipals
................
1,376
13,829
Invesco
Value
Municipal
Income
Trust
1,379
16,617
iShares
0-5
Year
TIPS
Bond
ETF
(t)
..
1,425
138,168
iShares
China
Large-Cap
ETF
(t)
....
6,037
170,847
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(e)(t)
...............
2,656
195,561
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(e)(t)
.........
15,427
1,304,970
iShares
Latin
America
40
ETF
(t)
....
2,948
67,480
iShares
MSCI
Brazil
ETF
(t)
........
3,320
92,861
iShares
MSCI
Emerging
Markets
ETF
(t)
429
16,259
iShares
Nasdaq
Biotechnology
ETF
(e)(t)
153
20,087
KraneShares
Bosera
MSCI
China
A
50
Connect
Index
ETF
..........
1,141
29,084
KraneShares
CSI
China
Internet
ETF
10,776
325,435
Nuveen
Municipal
Value
Fund,
Inc.
..
2,293
19,720
SPDR
Bloomberg
High
Yield
Bond
ETF
(e)
...................
1,221
109,890
SPDR
Gold
Shares
(j)
............
1,814
307,727
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
United
States
Oil
Fund
LP
(e)
.......
1,602
$
112,316
VanEck
Semiconductor
ETF
......
221
44,850
Total
Investment
Companies
—
2.5%
(Cost:
$3,835,813)
..............................
3,618,836
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.5%
United
States
—
0.5%
(a)(b)
Federal
Home
Loan
Mortgage
Corp.
STACR
REMIC
Trust,
Series
2022-
DNA1,
Class
B1,
(SOFR
30
Day
Average
+
3.40%),
7.33%,
01/25/42
USD
17
15,079
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes
Series
2021-DNA2,
Class
B1,
(SOFR
30
Day
Average
+
3.40%),
7.33%,
08/25/33
....
18
16,624
Series
2021-DNA2,
Class
B2,
(SOFR
30
Day
Average
+
6.00%),
9.93%,
08/25/33
....
17
14,335
JPMorgan
Mortgage
Trust
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
..........
523
420,080
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
207
177,240
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
78
52,456
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1
Month
CME
Term
SOFR
+
2.55%),
6.87%,
10/25/39
.................
96
95,854
791,668
Commercial
Mortgage-Backed
Securities
—
2.0%
Bermuda
—
0.1%
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1
Month
CME
Term
SOFR
+
2.25%),
6.57%,
01/19/37
(a)(b)
...
100
97,575
Cayman
Islands
—
0.1%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(1
Month
CME
Term
SOFR
+
3.37%),
7.71%,
12/15/34
(a)(b)
....
100
91,806
United
States
—
1.8%
BANK,
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/54
............
17
16,099
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
A,
(LIBOR
USD
1
Month
+
0.75%),
5.07%,
04/15/36
...............
15
14,369
Series
2021-SSCP,
Class
B,
(LIBOR
USD
1
Month
+
1.10%),
5.42%,
04/15/36
...............
27
25,248
Series
2021-SSCP,
Class
C,
(LIBOR
USD
1
Month
+
1.35%),
5.67%,
04/15/36
...............
37
34,184
Series
2021-SSCP,
Class
D,
(LIBOR
USD
1
Month
+
1.60%),
5.92%,
04/15/36
...............
33
30,123
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SSCP,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
6.42%,
04/15/36
...............
USD
37
$
33,553
Series
2021-SSCP,
Class
F,
(LIBOR
USD
1
Month
+
2.90%),
7.22%,
04/15/36
...............
24
22,015
Series
2021-SSCP,
Class
G,
(LIBOR
USD
1
Month
+
3.80%),
8.12%,
04/15/36
...............
39
35,769
Series
2021-SSCP,
Class
H,
(LIBOR
USD
1
Month
+
4.90%),
9.22%,
04/15/36
...............
18
16,538
Benchmark
Mortgage
Trust,
Series
2021-B25,
Class
A5,
2.58%,
04/15/54
.................
46
37,857
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
J,
(1
Month
CME
Term
SOFR
+
2.76%),
7.10%,
10/15/36
..........
85
80,797
Series
2021-21M,
Class
E,
(LIBOR
USD
1
Month
+
2.17%),
6.49%,
10/15/36
...............
51
47,120
Series
2021-CIP,
Class
E,
(LIBOR
USD
1
Month
+
2.82%),
7.14%,
12/15/38
...............
100
91,977
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
7.12%,
06/15/38
..........
106
97,786
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
7.12%,
05/15/38
...............
100
92,763
Series
2021-XL2,
Class
F,
(LIBOR
USD
1
Month
+
2.24%),
6.56%,
10/15/38
...............
113
105,546
BX
Trust
(a)(b)
Series
2019-OC11,
Class
D,
3.94%,
12/09/41
...............
64
51,003
Series
2019-OC11,
Class
E,
3.94%,
12/09/41
...............
89
68,853
Series
2021-ARIA,
Class
E,
(LIBOR
USD
1
Month
+
2.24%),
6.56%,
10/15/36
...............
100
90,722
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
6.57%,
01/15/34
...............
20
18,594
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
7.32%,
01/15/34
...............
40
36,793
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(b)
.....
10
8,632
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C6,
Class
A4,
4.41%,
11/10/51
..................
16
15,305
Commercial
Mortgage
Trust,
Series
2014-CR21,
Class
A3,
3.53%,
12/10/47
.................
31
29,574
CSAIL
Commercial
Mortgage
Trust
Series
2016-C5,
Class
C,
4.64%,
11/15/48
(b)
..............
10
9,004
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
94
78,729
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
F,
(LIBOR
USD
1
Month
+
2.00%),
6.32%,
05/15/35
(a)(b)
91
86,099
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
6.57%,
07/15/38
...............
USD
199
$
190,651
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
7.17%,
07/15/38
...............
100
94,826
GS
Mortgage
Securities
Corp.
Trust,
Series
2021-DM,
Class
E,
(LIBOR
USD
1
Month
+
2.94%),
7.25%,
11/15/36
(a)(b)
...............
100
92,940
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
36
28,856
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR4,
Class
A5,
4.03%,
03/10/52
.....
35
32,426
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.45%),
6.77%,
04/15/38
...............
60
56,838
Series
2021-MHC,
Class
F,
(LIBOR
USD
1
Month
+
2.95%),
7.27%,
04/15/38
...............
20
18,795
Series
2022-NXSS,
Class
A,
(1
Month
CME
Term
SOFR
+
2.18%),
6.51%,
08/15/39
....
14
13,965
KKR
Industrial
Portfolio
Trust,
Series
2021-KDIP,
Class
A,
(LIBOR
USD
1
Month
+
0.55%),
4.87%,
12/15/37
(a)(b)
15
14,269
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
6.67%,
03/15/38
(a)(b)
....
115
108,514
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(LIBOR
USD
1
Month
+
4.00%),
8.32%,
11/15/38
...............
122
111,890
Series
2021-MDLN,
Class
G,
(LIBOR
USD
1
Month
+
5.25%),
9.57%,
11/15/38
..........
131
119,711
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
E,
(LIBOR
USD
1
Month
+
2.10%),
6.42%,
04/15/38
(a)(b)
...............
156
147,629
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C24,
Class
C,
(LIBOR
USD
1
Month
+
0.00%),
4.33%,
05/15/48
(b)
..............
10
9,022
Series
2016-C32,
Class
A4,
3.72%,
12/15/49
...............
27
25,269
Morgan
Stanley
Capital
I
Trust
Series
2018-MP,
Class
A,
4.28%,
07/11/40
(a)(b)
.............
17
14,813
Series
2020-L4,
Class
A3,
2.70%,
02/15/53
...............
29
24,099
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
6.94%,
11/15/38
...............
100
93,230
Series
2021-MFP2,
Class
F,
(LIBOR
USD
1
Month
+
2.62%),
6.94%,
11/15/36
...............
100
93,480
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
STWD
Trust,
Series
2021-FLWR,
Class
E,
(LIBOR
USD
1
Month
+
1.92%),
6.24%,
07/15/36
(a)(b)
..........
USD
25
$
23,432
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
10
8,613
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
30
28,180
Series
2017-C38,
Class
C,
3.90%,
07/15/50
...............
10
8,481
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
25
21,727
2,656,708
2,846,089
Total
Non-Agency
Mortgage-Backed
Securities
—
2.5%
(Cost:
$4,076,020)
..............................
3,637,757
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Other
Interests
Capital
Markets
-
0.2%
Sprott
Private
Resource
Streaming
&
Royalty
US
LP
(f)(u)
...........
166
216,702
Total
Other
Interests
—
0.2%
(Cost:
$167,154)
..................................
216,702
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.0%
United
States
—
0.0%
(b)
Prudential
Financial,
Inc.
,
(LIBOR
USD
3
Month
+
3.92%),
5.63%, 06/15/43
44
43,230
USB
Capital
IX
,
(LIBOR
USD
3
Month
+
1.02%),
5.10%
(p)
............
31
24,413
67,643
Total
Capital
Trusts
—
0.0%  
(Cost:
$72,995)
................................
67,643
Shares
Shares
Preferred
Stocks
—
2.9%
Brazil
—
0.1%
Neon
Payments
Ltd.
(f)
...........
319
154,839
China
—
0.3%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$272,511)
(f)(h)
.....
2,458
405,095
Germany
—
0.3%
Caresyntax,
Inc.
(f)
..............
296
19,160
Dr
Ing
hc
F
Porsche
AG
(Preference)
1,633
164,792
Porsche
Automobil
Holding
SE
(Preference)
...............
171
9,326
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Germany
(continued)
Volocopter
Gmbh,
(Acquired
03/03/21,
cost
$159,572)
(f)(h)
...........
30
$
187,746
381,024
India
—
0.0%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$103,322)
(f)
(h)
......................
32
76,822
Jersey,
Channel
Islands
—
0.1%
(f)(h)
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$85,987)
.......
10,057
143,413
Loadsmart,
Inc.,
Series
D
(Acquired
01/27/22,
cost
$19,100)
.......
955
13,618
157,031
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C
(d)(f)
...
228
29,219
United
States
—
2.1%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$183,387)
(f)
(h)
......................
4,842
63,981
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%
(a)(n)
.............
277
316,894
Aptiv
plc,
Series
A,
5.50%
(n)
.......
1,083
116,228
Becton
Dickinson
and
Co.,
Series
B,
6.00%
(e)
..................
4,094
205,028
Boston
Scientific
Corp.,
Series
A,
5.50%
...................
713
81,867
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$127,466)
(f)
(h)
......................
236
67,288
Cruise,
Series
G
(Acquired
03/25/21,
cost
$76,178)
(f)(h)
............
2,891
41,341
Databricks,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$88,431)
(f)(h)
.....
6,177
316,139
Databricks,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$102,873)
(f)(h)
....
1,740
89,053
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$89,710)
(f)(h)
.....
14,760
101,401
Deep
Instinct
Ltd.,
Series
D-4
(Acquired
09/20/22,
cost
$84,498)
(f)(h)
.....
11,985
82,337
Dream
Finders
Homes,
Inc.,
9.00%
(f)(p)
285
259,706
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$62,470)
(f)(h)
.....
10,664
31,459
Farmer's
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$69,518)
(f)(h)
...............
2,103
98,021
Farmer's
Business
Network,
Inc.,
Series
G
(Acquired
09/15/21,
cost
$19,766)
(f)(h)
...............
318
14,822
JumpCloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$93,611)
(f)(h)
.....
51,330
183,248
JumpCloud,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$20,218)
(f)(h)
.....
3,376
12,052
Lessen,
Inc.,
Series
B
(f)
..........
6,246
79,824
Lookout,
Inc.,
Series
F
(Acquired
09/14/14
-
10/22/14,
cost
$243,061)
(f)
(h)
......................
21,278
117,242
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$54,841)
(f)(h)
.....
2,388
22,925
Mythic
AI
Inc.,
Series
C
(Acquired
01/26/21,
cost
$48,256)
(d)(f)(h)
....
7,024
1,545
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$73,361)
(f)(h)
8,220
50,389
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$40,179)
(f)(h)
.....
1,532
38,928
Security
Shares
Shares
Value
United
States
(continued)
Relativity
Space,
Inc.,
Series
E
(Acquired
05/27/21,
cost
$68,894)
(f)(h)
3,017
$
49,690
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$91,575)
(f)(h)
1,720
109,203
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$52,640)
(f)(h)
554
35,174
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$28,447)
(f)(h)
.....
1,894
13,485
Ursa
Major
Technologies,
Inc.,
Series
C
(Acquired
09/13/21,
cost
$72,377)
(f)(h)
12,134
80,448
Ursa
Major
Technologies,
Inc.,
Series
D
(Acquired
10/14/22,
cost
$9,855)
(d)(f)
(h)
......................
1,487
9,855
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$65,877)
(f)(h)
.....
12,367
58,496
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$43,198),
12.00%
(f)(h)
................
14,803
39,524
Wells
Fargo
&
Co.,
Series
L,
7.50%
(e)(n)
(p)
......................
46
54,510
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$70,353)
(f)(h)
4,463
119,519
Zero
Mass
Water,
Inc.,
Series
D
(Acquired
07/05/22,
cost
$13,149)
(d)(f)
(h)
......................
321
11,774
2,973,396
Total
Preferred
Stocks
—
2.9%  
(Cost:
$3,982,332)
..............................
4,177,426
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(LIBOR
USD
3
Month
+
6.37%),
10.78%, 10/30/40
(b)
(e)
......................
5,096
144,726
Total
Trust
Preferreds
—
0.1%  
(Cost:
$140,435)
................................
144,726
Total
Preferred
Securities
—
3.0%
(Cost:
$4,195,762)
..............................
4,389,795
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2018-M13,
Class
A2,
3.74%, 09/25/30
(b)
...........
USD
14
13,167
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(b)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
........
100
6,534
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K105,
Class
X1,
1.52%
,
 01/25/30
........
279
23,117
Series
K109,
Class
X1,
1.58%
,
 04/25/30
........
118
10,168
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
K116,
Class
X1,
1.43%
,
 07/25/30
........
USD
100
$
8,019
Series
K120,
Class
X1,
1.04%
,
 10/25/30
........
395
23,662
Series
KW09,
Class
X1,
0.80%
,
 05/25/29
........
462
17,561
89,061
Mortgage-Backed
Securities
—
7.7%
Uniform
Mortgage-Backed
Securities
(v)
4.50%
,
 01/25/53
-
02/25/53
...
7,237
6,963,627
5.00%
,
 01/25/53
..........
4,278
4,214,777
11,178,404
Total
U.S.
Government
Sponsored
Agency
Securities
—
7.8%  
(Cost:
$11,362,491)
..............................
11,280,632
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
2.38%, 02/15/42
............
225
171,791
3.25%, 05/15/42
............
544
476,672
3.38%, 08/15/42
............
296
264,103
3.00%, 08/15/52
(w)
...........
995
819,457
4.00%, 11/15/52
............
184
183,858
U.S.
Treasury
Inflation
Linked
Notes
0.63%, 01/15/24
-
07/15/32
.....
2,827
2,728,791
0.50%, 04/15/24
............
1,234
1,199,595
0.13%, 04/15/27
............
384
358,031
U.S.
Treasury
Notes
0.75%, 12/31/23
(j)
...........
4,608
4,429,890
4.00%, 12/15/25
............
1,017
1,010,485
Total
U.S.
Treasury
Obligations
—
8.1%
(Cost:
$11,816,475)
..............................
11,642,673
Shares
Shares
Warrants
Cayman
Islands
—
0.0%
Hedosophia
European
Growth
(Issued/
Exercisable
05/13/21,
1
share
for
1
warrant,
Expires
05/13/27,
Strike
Price
EUR
11.50)
(d)
..........
1,945
62
Israel
—
0.0%
Innovid
Corp.
(Issued/Exercisable
01/28/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
(d)
..................
375
150
Switzerland
—
0.0%
Cie
Financiere
Richemont
SA
(Issued/
Exercisable
11/27/20,
1
share
for
1
warrant,
Expires
11/22/23,
Strike
Price
CHF
67.00)
(d)
..........
36
30
United
Kingdom
—
0.0%
Genius
Sports
Ltd.
(Issued/Exercisable
12/07/20,
1
share
for
1
warrant,
Expires
12/31/28,
Strike
Price
USD
11.50)
(d)
..................
1,164
1,048
Security
Shares
Shares
Value
United
States
—
0.0%
(d)
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20,
1
share
for
1
warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
1,986
$
437
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
share
for
1
warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(f)
...........
2,120
—
Deep
Instinct
Ltd.,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
share
for
1
warrant,
Expires
09/20/32,
Strike
Price
USD
0.00)
(f)(h)
..................
845
4,918
Embark
Technology,
Inc.
(Issued/
Exercisable
03/05/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
963
19
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
1,130
755
Flyr,
Inc.
(Issued/Exercisable
05/10/22,
1
share
for
1
warrant,
Expires
05/10/32,
Strike
Price
USD
3.95)
(f)
264
3,889
Freewire
Warrants
TA
(Issued/
Exercisable
03/31/22,
1
share
for
1
warrant,
Expires
04/26/27,
Strike
Price
USD
3.35)
(f)
...........
6,819
5,319
Gores
Holdings
VIII,
Inc.
(Issued/
Exercisable
01/28/21,
1
share
for
1
warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
178
—
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
share
for
1
warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
938
30
Latch,
Inc.
(Issued/Exercisable
06/04/21,
1
share
for
1
warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
840
36
Lightning
eMotors,
Inc.
(Issued/
Exercisable
12/10/20,
1
share
for
1
warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
2,348
174
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
share
for
1
warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
1,681
38
Proof
Acquisition
Corp.
I
(Issued/
Exercisable
09/27/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(f)
...........
2,017
40
Rotor
Acquisition
Corp.
(Issued/
Exercisable
06/15/21,
1
share
for
1
warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
............
724
36
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
12/21/20,
1
share
for
1
warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
1,924
77
Sonder
Holdings,
Inc.
(Issued/
Exercisable
01/19/22,
1
share
for
1
warrant,
Expires
10/01/26,
Strike
Price
USD
12.50)
(f)
...........
2,205
22
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
United
States
(continued)
TPB
Acquisition
Corp.
I
(Issued/
Exercisable
02/19/21,
1
share
for
1
warrant,
Expires
02/19/23,
Strike
Price
USD
11.50)
............
718
$
338
Versa
Networks,
Inc.,
Series
E
(Acquired
10/14/22,
cost
$0)
(Issued/
Exercisable
10/14/22,
1
share
for
1
warrant,
Expires
10/07/23,
Strike
Price
USD
0.01)
(f)(h)
..........
1,825
4,708
Volta,
Inc.
(Issued/Exercisable
10/22/20,
1
share
for
1
warrant,
Expires
08/26/26,
Strike
Price
USD
11.50)
...................
1,160
76
20,912
Total
Warrants
—
0.0%
(Cost:
$32,680)
................................
22,202
Total
Long-Term
Investments
—
90.6%
(Cost:
$134,654,413)
.............................
131,060,394
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Certificates
of
Deposit
—
0.1%
Domestic
—
0.1%
Citibank
NA,
5.00%, 09/21/23
.....
USD
220
219,216
Total
Certificates
of
Deposit
—
0.1%
(Cost:
$220,000)
................................
219,216
Foreign
Government
Obligations
—
15.4%
(x)
Brazil
-
0.5%
Federative
Republic
of
Brazil
Treasury
Bills,
8.67%
,
07/01/24
.........
BRL
4
698,297
Japan
-
14.9%
Japan
Treasury
Bills
(0.27)%,
01/06/23
...........
JPY
133,000
1,013,422
(0.30)%,
01/11/23
...........
449,050
3,421,693
(0.14)%,
02/20/23
...........
726,700
5,538,495
(0.21)%,
02/27/23
...........
287,700
2,192,756
(0.18)%,
03/06/23
...........
1,234,050
9,405,826
21,572,192
Total
Foreign
Government
Obligations
—
15.4%
(Cost:
$21,074,033)
..............................
22,270,489
Shares
Shares
Money
Market
Funds
—
4.5%
(t)(y)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
......
2,362,835
2,362,835
SL
Liquidity
Series,
LLC,
Money
Market
Series,
4.49%
(z)
.............
4,093,716
4,093,307
Total
Money
Market
Funds
—
4.5%
(Cost:
$6,455,925)
..............................
6,456,142
Security
Par
(000)
Pa
r
(
000)
Value
Time
Deposits
—
0.1%
Australia
—
0.0%
Australia
&
New
Zealand
Banking
Group
Ltd.,
1.56%, 01/03/23
....
AUD
47
$
32,000
Canada
—
0.1%
Royal
Bank
of
Canada,
3.06%, 01/03/23
............
CAD
49
36,397
Europe
—
0.0%
Citibank
NA,
1.10%, 01/02/23
.....
EUR
54
58,182
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.33)%, 01/04/23
...........
JPY
560
4,267
Singapore
—
0.0%
Hong
Kong
&
Shanghai
Bank,
1.80%, 01/03/23
............
SGD
1
909
United
Kingdom
—
0.0%
Citibank
NA,
2.30%, 01/03/23
.....
GBP
2
2,181
United
States
—
0.0%
Royal
Bank
of
Canada,
4.34%, 01/03/23
............
USD
29
29,240
Total
Time
Deposits
—
0.1%
(Cost:
$163,176)
................................
163,176
Total
Short-Term
Securities
—
20.1%
(Cost:
$27,913,134)
..............................
29,109,023
Total
Options
Purchased
—
0.5%
(Cost:
$879,281
)
................................
752,581
Total
Investments
Before
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
111.2%
(Cost:
$163,446,828)
.............................
160,921,998
Total
Options
Written
—
(0.9)%
(Premiums
Received
—
$(782,268))
..................
(1,343,541)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(v)
4.50%
,
 01/25/53
............
(500)
(481,128)
5.00%
,
 01/25/53
............
(4,278)
(4,214,777)
Total
TBA
Sale
Commitments
—
(3.2)%
(Proceeds:
$(4,720,561))
..........................
(4,695,905)
Shares
Shares
Investments
Sold
Short
Common
Stocks
France
—
(0.0)%
Pernod
Ricard
SA
.............
(240)
(47,214)
United
Kingdom
—
(0.0)%
Diageo
plc
..................
(1,024)
(44,822)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
United
States
—
(0.1)%
JM
Smucker
Co.
(The)
..........
(412)
$
(65,285)
Total
Common
Stocks
—
(0.1)%
(Proceeds:
$(141,335))
...........................
(157,321)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$(141,335)
)
...........................
(157,321)
Total
Investments
Net
of
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
107.0%
(Cost:
$157,802,664)
.............................
154,725,231
Liabilities
in
Excess
of
Other
Assets
—
(7.0)%
............
(10,063,357)
Net
Assets
—
100.0%
..............................
$
144,661,874
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(h)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$3,651,242,
representing
2.52%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$3,504,045.
(i)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(j)
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.
(k)
Investment
does
not
issue
shares.
(l)
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.
(m)
Zero-coupon
bond.
(n)
Convertible
security.
(o)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(p)
Perpetual
security
with
no
stated
maturity
date.
(q)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(r)
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.
(s)
Fixed
rate.
(t)
Affiliate
of
the
Fund.
(u)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(v)
Represents
or
includes
a
TBA
transaction.
(w)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(x)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(y)
Annualized
7-day
yield
as
of
period
end.
(z)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
54
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
8,690,749
$
—
$
(6,327,914)
(a)
$
—
$
—
$
2,362,835
2,362,835
$
155,698
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
3,724,155
370,326
(a)
—
(1,391)
217
4,093,307
4,093,716
19,753
(b)
—
iShares
0-5
Year
TIPS
Bond
ETF
—
140,569
—
—
(2,401)
138,168
1,425
582
—
iShares
China
Large-Cap
ETF
..
131,798
84,320
(28,451)
(11,923)
(4,897)
170,847
6,037
3,974
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
98,408
899,582
(780,448)
(22,356)
375
195,561
2,656
6,018
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(c)
.....
38,828
3,827,389
(3,734,631)
(131,884)
298
—
—
12,891
10
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
1,764,918
2,411,037
(2,501,153)
(369,756)
(76)
1,304,970
15,427
29,664
—
iShares
Latin
America
40
ETF
..
69,160
—
—
—
(1,680)
67,480
2,948
8,584
—
iShares
MSCI
Brazil
ETF
.....
93,192
—
—
—
(331)
92,861
3,320
11,689
—
iShares
MSCI
Emerging
Markets
ETF
..................
20,957
—
—
—
(4,698)
16,259
429
406
—
iShares
Nasdaq
Biotechnology
ETF
..................
23,351
—
—
—
(3,264)
20,087
153
62
—
iShares
Russell
2000
ETF
(c)
....
—
932,264
(965,298)
33,034
—
—
—
—
—
iShares
S&P
500
Value
ETF
(c)
..
275,825
—
(261,595)
42,130
(56,360)
—
—
—
—
$
(462,146)
$
(72,817)
$
8,462,375
$
249,321
$
10
—
—
(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.
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
55
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
4
03/08/23
$
496
$
(15,342)
Euro-Bund
..............................................................
28
03/08/23
3,984
(238,121)
Euro-OAT
...............................................................
1
03/08/23
136
(7,832)
Australia
10
Year
Bond
......................................................
26
03/15/23
2,048
(104,390)
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
03/17/23
240
(7,654)
Russell
2000
E-Mini
Index
....................................................
1
03/17/23
89
(3,165)
U.S.
Treasury
10
Year
Note
...................................................
11
03/22/23
1,234
(26,966)
U.S.
Treasury
Long
Bond
....................................................
2
03/22/23
249
(1,035)
U.S.
Treasury
Ultra
Bond
....................................................
27
03/22/23
3,605
(35,728)
U.S.
Treasury
2
Year
Note
....................................................
56
03/31/23
11,480
(17,445)
U.S.
Treasury
5
Year
Note
....................................................
21
03/31/23
2,264
(29,468)
3
Month
SONIA
Index
.......................................................
10
09/19/23
2,882
11,444
(475,702)
Short
Contracts
Euro-BTP
...............................................................
4
03/08/23
466
35,905
Euro-Buxl
...............................................................
1
03/08/23
145
29,147
Euro-Schatz
.............................................................
8
03/08/23
903
9,724
Japan
10
Year
Bond
........................................................
1
03/13/23
1,108
20,025
EURO
STOXX
50
Index
.....................................................
24
03/17/23
972
52,534
FTSE
100
Index
..........................................................
1
03/17/23
90
1,018
NASDAQ
100
E-Mini
Index
...................................................
12
03/17/23
2,645
194,661
S&P
500
E-Mini
Index
......................................................
3
03/17/23
579
1,086
U.S.
Treasury
10
Year
Ultra
Note
...............................................
128
03/22/23
15,090
190,066
Long
Gilt
...............................................................
2
03/29/23
242
15,281
549,447
$
73,745
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
CAD
1,457,244
USD
1,061,431
HSBC
Bank
plc
01/20/23
$
14,905
JPY
140,749,141
EUR
962,565
HSBC
Bank
plc
01/20/23
43,266
MXN
5,903,558
USD
299,506
BNP
Paribas
SA
01/20/23
2,503
MXN
14,721,617
USD
722,954
UBS
AG
01/20/23
30,162
AUD
3,557,401
USD
2,403,658
Barclays
Bank
plc
02/16/23
22,770
NOK
6,919,583
CHF
647,150
Deutsche
Bank
AG
02/16/23
4,312
KRW
771,553,990
USD
574,650
Citibank
NA
02/17/23
38,560
HUF
36,872,409
USD
90,629
UBS
AG
02/21/23
6,844
MXN
3,616,504
USD
182,915
HSBC
Bank
plc
02/21/23
999
BRL
493,048
USD
91,246
Goldman
Sachs
International
02/22/23
1,264
BRL
910,345
USD
166,726
Citibank
NA
03/02/23
3,849
HUF
60,191,508
USD
148,866
Goldman
Sachs
International
03/02/23
9,886
PLN
340,552
USD
75,026
BNP
Paribas
SA
03/02/23
2,325
PLN
676,012
USD
150,393
Morgan
Stanley
&
Co.
International
plc
03/02/23
3,153
BRL
2,154,072
USD
396,552
Deutsche
Bank
AG
03/15/23
6,053
DKK
4,005,680
USD
577,155
Deutsche
Bank
AG
03/15/23
2,601
EUR
7,473,087
USD
7,977,782
UBS
AG
03/15/23
60,549
JPY
1,337,816,605
USD
9,886,147
Bank
of
America
NA
03/15/23
404,599
MXN
4,312,018
USD
215,773
Citibank
NA
03/15/23
2,674
SGD
397,464
USD
295,538
BNP
Paribas
SA
03/15/23
1,546
USD
485,214
INR
40,250,933
Citibank
NA
03/15/23
952
USD
222,159
SEK
2,255,884
Deutsche
Bank
AG
03/15/23
5,099
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
56
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
ZAR
3,755,277
USD
215,805
HSBC
Bank
plc
03/15/23
$
3,880
672,751
USD
948,678
JPY
133,000,000
Bank
of
America
NA
01/06/23
(65,008)
USD
3,143,235
JPY
449,050,000
HSBC
Bank
plc
01/11/23
(281,618)
IDR
2,473,295,852
USD
159,836
Citibank
NA
01/12/23
(976)
USD
332,204
NOK
3,494,227
Bank
of
America
NA
01/20/23
(24,713)
USD
1,356,436
HKD
10,608,265
HSBC
Bank
plc
02/16/23
(3,903)
USD
93,448
CNY
665,864
Citibank
NA
02/21/23
(3,135)
USD
92,190
EUR
89,267
JPMorgan
Chase
Bank
NA
02/21/23
(3,687)
USD
93,113
GBP
78,623
JPMorgan
Chase
Bank
NA
02/21/23
(2,058)
USD
5,261,215
JPY
726,700,000
Bank
of
America
NA
02/21/23
(312,086)
USD
93,585
TWD
2,892,712
JPMorgan
Chase
Bank
NA
02/21/23
(1,021)
USD
1,200,187
JPY
164,400,000
Bank
of
America
NA
02/27/23
(61,626)
USD
899,232
JPY
123,300,000
Morgan
Stanley
&
Co.
International
plc
02/27/23
(47,128)
USD
4,428,174
JPY
598,450,000
JPMorgan
Chase
Bank
NA
03/06/23
(169,295)
USD
4,713,913
JPY
635,600,000
UBS
AG
03/06/23
(168,953)
BRL
1,153,522
USD
215,773
Bank
of
America
NA
03/15/23
(175)
CHF
2,427,977
USD
2,649,618
Barclays
Bank
plc
03/15/23
(3,522)
GBP
256,644
EUR
297,681
JPMorgan
Chase
Bank
NA
03/15/23
(9,382)
GBP
393,794
USD
479,731
Deutsche
Bank
AG
03/15/23
(2,818)
NZD
135,428
USD
87,908
Morgan
Stanley
&
Co.
International
plc
03/15/23
(1,856)
USD
1,580,231
CNY
10,976,285
HSBC
Bank
plc
03/15/23
(14,497)
USD
210,879
JPY
27,681,017
Morgan
Stanley
&
Co.
International
plc
03/15/23
(2,049)
(1,179,506)
$
(506,755)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
GBP
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
05/11/23
USD
1.00
USD
1.00
GBP
32
$
1,173
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust
1
.........................
24
01/06/23
USD
300.00
USD
639
$
36
Invesco
QQQ
Trust
1
.........................
32
01/06/23
USD
292.00
USD
852
64
S&P
500
Index
.............................
5
01/06/23
USD
4,090.00
USD
1,920
63
SPDR
S&P
500
ETF
Trust
......................
14
01/13/23
USD
410.00
USD
535
266
CBOE
Volatility
Index
.........................
4
01/18/23
USD
32.00
USD
9
124
Abbott
Laboratories
..........................
8
01/20/23
USD
105.00
USD
88
4,500
Abbott
Laboratories
..........................
13
01/20/23
USD
115.00
USD
143
702
Adobe,
Inc.
................................
1
01/20/23
USD
480.00
USD
34
3
Align
Technology,
Inc.
.........................
2
01/20/23
USD
240.00
USD
42
345
Alphabet,
Inc.
..............................
20
01/20/23
USD
125.00
USD
177
30
AstraZeneca
plc
............................
9
01/20/23
USD
62.50
USD
61
5,130
ConocoPhillips
.............................
26
01/20/23
USD
140.00
USD
307
364
CVS
Health
Corp.
...........................
9
01/20/23
USD
97.50
USD
84
446
CVS
Health
Corp.
...........................
12
01/20/23
USD
105.00
USD
112
78
Dexcom,
Inc.
..............................
10
01/20/23
USD
100.00
USD
113
14,600
Dynatrace,
Inc.
.............................
9
01/20/23
USD
45.00
USD
34
135
Eli
Lilly
&
Co.
..............................
3
01/20/23
USD
320.00
USD
110
14,280
Eli
Lilly
&
Co.
..............................
3
01/20/23
USD
340.00
USD
110
8,408
Energy
Select
Sector
SPDR
Fund
................
11
01/20/23
USD
87.00
USD
96
3,201
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
57
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Energy
Select
Sector
SPDR
Fund
................
15
01/20/23
USD
95.00
USD
131
$
510
EQT
Corp.
................................
26
01/20/23
USD
45.00
USD
88
195
Exxon
Mobil
Corp.
...........................
25
01/20/23
USD
120.00
USD
276
800
Freeport-McMoRan,
Inc.
.......................
26
01/20/23
USD
35.00
USD
99
9,230
Glencore
plc
...............................
9
01/20/23
GBP
5.68
GBP
51
1,065
Humana,
Inc.
..............................
1
01/20/23
USD
500.00
USD
51
2,095
Humana,
Inc.
..............................
2
01/20/23
USD
550.00
USD
102
305
Intuit,
Inc.
.................................
1
01/20/23
USD
450.00
USD
39
85
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
43
01/20/23
USD
75.00
USD
317
1,484
KLA
Corp.
................................
3
01/20/23
USD
400.00
USD
113
1,860
Lululemon
Athletica,
Inc.
.......................
2
01/20/23
USD
390.00
USD
64
51
Lululemon
Athletica,
Inc.
.......................
3
01/20/23
USD
360.00
USD
96
492
Marathon
Oil
Corp.
..........................
24
01/20/23
USD
33.00
USD
65
108
Marathon
Oil
Corp.
..........................
27
01/20/23
USD
32.00
USD
73
203
McKesson
Corp.
............................
3
01/20/23
USD
400.00
USD
113
480
Merck
&
Co.,
Inc.
............................
8
01/20/23
USD
95.00
USD
89
13,020
Northrop
Grumman
Corp.
......................
2
01/20/23
USD
510.00
USD
109
7,970
Northrop
Grumman
Corp.
......................
2
01/20/23
USD
560.00
USD
109
1,460
Otis
Worldwide
Corp.
.........................
9
01/20/23
USD
85.00
USD
70
158
Ovintiv,
Inc.
................................
9
01/20/23
USD
60.00
USD
46
225
Pioneer
Natural
Resources
Co.
..................
10
01/20/23
USD
260.00
USD
228
475
Rockwell
Automation,
Inc.
......................
4
01/20/23
USD
280.00
USD
103
650
Salesforce,
Inc.
.............................
5
01/20/23
USD
200.00
USD
66
10
Salesforce,
Inc.
.............................
5
01/20/23
USD
210.00
USD
66
8
Schlumberger
Ltd.
...........................
13
01/20/23
USD
57.50
USD
69
1,047
ServiceNow,
Inc.
............................
2
01/20/23
USD
550.00
USD
78
40
SPDR
S&P
500
ETF
Trust
......................
20
01/20/23
USD
430.00
USD
765
90
SPDR
S&P
500
ETF
Trust
......................
41
01/20/23
USD
415.00
USD
1,568
882
TE
Connectivity
Ltd.
..........................
6
01/20/23
USD
135.00
USD
69
465
Valero
Energy
Corp.
..........................
9
01/20/23
USD
145.00
USD
114
329
Visa,
Inc.
.................................
6
01/20/23
USD
210.00
USD
125
2,445
Walt
Disney
Co.
(The)
........................
10
01/20/23
USD
120.00
USD
87
15
XPO,
Inc.
.................................
6
01/20/23
USD
57.50
USD
40
570
Amazon.com,
Inc.
...........................
13
02/17/23
USD
90.00
USD
109
4,940
Amazon.com,
Inc.
...........................
18
02/17/23
USD
100.00
USD
151
2,484
CF
Industries
Holdings,
Inc.
.....................
9
02/17/23
USD
115.00
USD
77
180
Eli
Lilly
&
Co.
..............................
4
02/17/23
USD
380.00
USD
146
3,980
Freeport-McMoRan,
Inc.
.......................
26
02/17/23
USD
42.00
USD
99
3,198
iShares
China
Large-Cap
ETF
...................
117
02/17/23
USD
31.00
USD
331
7,781
iShares
China
Large-Cap
ETF
...................
117
02/17/23
USD
30.00
USD
331
11,408
Schlumberger
Ltd.
...........................
13
02/17/23
USD
55.00
USD
69
3,666
Visa,
Inc.
.................................
6
02/17/23
USD
225.00
USD
125
1,665
Albemarle
Corp.
............................
3
03/17/23
USD
240.00
USD
65
3,390
Charter
Communications,
Inc.
...................
3
03/17/23
USD
370.00
USD
102
4,515
EQT
Corp.
................................
34
03/17/23
USD
40.00
USD
115
4,420
iShares
China
Large-Cap
ETF
...................
111
03/17/23
USD
32.00
USD
314
8,103
Tesla,
Inc.
.................................
13
03/17/23
USD
130.00
USD
160
19,045
Visa,
Inc.
.................................
8
03/17/23
USD
220.00
USD
166
4,760
EOG
Resources,
Inc.
.........................
15
04/21/23
USD
158.50
USD
194
4,425
Rockwell
Automation,
Inc.
......................
3
04/21/23
USD
290.00
USD
77
2,115
Shell
plc
..................................
17
04/21/23
USD
62.50
USD
97
2,678
Shell
plc
..................................
26
04/21/23
USD
60.00
USD
148
6,305
Tesla,
Inc.
.................................
6
04/21/23
USD
175.00
USD
74
3,435
Intel
Corp.
................................
3
06/16/23
USD
42.50
USD
8
30
Intel
Corp.
................................
5
06/16/23
USD
40.00
USD
13
78
Lions
Gate
Entertainment
Corp.
..................
3
06/16/23
USD
10.00
USD
2
75
204,273
Put
U.S.
Treasury
10
Year
Note
.....................
36
01/06/23
USD
113.50
USD
36
47,250
AbbVie,
Inc.
...............................
7
01/20/23
USD
140.00
USD
113
102
ConocoPhillips
.............................
11
01/20/23
USD
70.00
USD
130
66
Energy
Select
Sector
SPDR
Fund
................
18
01/20/23
USD
65.00
USD
157
81
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
58
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Exxon
Mobil
Corp.
...........................
7
01/20/23
USD
75.00
USD
77
$
21
First
Quantum
Minerals
Ltd.
....................
3
01/20/23
CAD
21.00
CAD
8
47
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
10
01/20/23
USD
71.00
USD
74
180
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
4
01/20/23
USD
103.50
USD
42
236
Pioneer
Natural
Resources
Co.
..................
3
01/20/23
USD
210.00
USD
69
593
Sabre
Corp.
...............................
6
01/20/23
USD
5.00
USD
4
42
SPDR
S&P
500
ETF
Trust
......................
3
01/20/23
USD
360.00
USD
115
399
SPDR
S&P
Regional
Banking
ETF
................
112
01/20/23
USD
56.00
USD
658
6,384
Valero
Energy
Corp.
..........................
6
01/20/23
USD
90.00
USD
76
57
Xerox
Holdings
Corp.
.........................
5
01/20/23
USD
10.00
USD
7
63
U.S.
Treasury
10
Year
Note
.....................
1
01/27/23
USD
111.50
USD
100
609
Carnival
Corp.
..............................
4
02/17/23
USD
7.00
USD
3
158
Caterpillar,
Inc.
.............................
4
02/17/23
USD
175.00
USD
96
248
Ford
Motor
Co.
.............................
13
02/17/23
USD
10.00
USD
15
351
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
11
02/17/23
USD
71.00
USD
81
622
Sabre
Corp.
...............................
2
02/17/23
USD
5.00
USD
1
37
SoFi
Technologies,
Inc.
........................
2
02/17/23
USD
4.00
USD
1
41
Xerox
Holdings
Corp.
.........................
4
02/17/23
USD
12.00
USD
6
90
Carnival
Corp.
..............................
6
03/17/23
USD
6.00
USD
5
183
Ford
Motor
Co.
.............................
7
03/17/23
USD
9.00
USD
8
144
Hudson
Pacific
Properties,
Inc.
..................
3
03/17/23
USD
7.50
USD
3
53
Office
Properties
Income
Trust
...................
3
03/17/23
USD
12.50
USD
4
210
Vertiv
Holdings
Co.
..........................
3
03/17/23
USD
10.00
USD
4
105
Brandywine
Realty
Trust
.......................
3
04/21/23
USD
5.00
USD
2
60
Invesco
Senior
Loan
ETF
......................
13
04/21/23
USD
19.00
USD
27
423
Owl
Rock
Capital
Corp.
.......................
8
04/21/23
USD
10.00
USD
9
240
59,095
$
263,368
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
S&P
500
Index
..........
Goldman
Sachs
International
68
01/20/23
USD
3,949.00
USD
261
$
615
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
02/07/23
USD
1.06
EUR
617
12,215
12,830
Put
USD
Currency
...........
Citibank
NA
—
01/05/23
JPY
141.00
USD
535
40,154
Financial
Select
Sector
SPDR
Fund
...............
Goldman
Sachs
International
13,700
01/20/23
USD
35.00
USD
469
14,663
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
02/07/23
USD
0.97
EUR
617
48
USD
Currency
...........
Deutsche
Bank
AG
—
03/07/23
MXN
19.50
USD
294
3,862
58,727
$
71,557
OTC
Dual
Binary
Options
Purchased
Description
(a)(b)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Dual
Binary
Option
payout
at
expiry
if
USDJPY>137.06
and
AUDUSD
>
0.697
......................
Bank
of
America
NA
48,000
03/07/23
USD
6,579
$
1,785
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,687.14
and
10
year
swap
<=
3.357
............
Citibank
NA
30,361
03/17/23
USD
111,945
3,255
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,687.14
and
10
year
swap
<=
3.342
............
Citibank
NA
30,361
04/21/23
USD
111,945
3,556
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
59
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
OTC
Dual
Binary
Options
Purchased
(continued)
Description
(a)(b)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Dual
Binary
Option
payout
at
expiry
if
S&P
500
<=
3,687.14
and
10
year
swap
<=
3.330
............
Citibank
NA
30,361
05/19/23
USD
111,945
$
3,812
$
12,408
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Call
Bought
Protection
on
5-Year
Credit
Default
Swap
......
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
5.00
%
Quarterly
Deutsche
Bank
AG
01/18/23
USD
102.50
USD
85
$
105
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Barclays
Bank
plc
02/15/23
USD
95.00
USD
80
295
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Goldman
Sachs
International
01/18/23
USD
95.00
USD
85
78
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Deutsche
Bank
AG
02/15/23
USD
96.00
USD
75
350
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
Quarterly
Goldman
Sachs
International
01/18/23
USD
96.00
USD
70
82
805
$
910
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.97%
Semi-Annual
JPMorgan
Chase
Bank
NA
02/15/23
2.97
%
USD
719
$
1,180
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
1
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.05%
Semi-Annual
Citibank
NA
10/24/23
3.05
USD
853
19,337
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.90%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.90
USD
853
16,060
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.82%
Semi-Annual
Goldman
Sachs
International
11/07/23
2.82
USD
354
6,114
30-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.85%
Semi-Annual
Citibank
NA
11/14/23
2.85
USD
274
13,582
56,274
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
60
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
1-Year
Interest
Rate
Swap
(a)
.
3.75%
At
Termination
1
day
SOFR
At
Termination
Goldman
Sachs
International
02/09/23
3.75
%
USD
7,110
$
83,974
1-Year
Interest
Rate
Swap
(a)
.
2.47%
At
Termination
1
day
SONIA
At
Termination
Goldman
Sachs
International
04/03/23
2.47
GBP
3,719
94,478
1-Year
Interest
Rate
Swap
(a)
.
1.00%
Annual
6
month
EURIBOR
Semi-Annual
Goldman
Sachs
International
05/02/23
1.00
EUR
5,265
144,969
10-Year
Interest
Rate
Swap
(a)
4.55%
Semi-Annual
1
day
SOFR
Annual
Citibank
NA
10/24/23
4.55
USD
853
9,310
10-Year
Interest
Rate
Swap
(a)
4.40%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
4.40
USD
853
11,166
10-Year
Interest
Rate
Swap
(a)
4.82%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
11/07/23
4.82
USD
354
2,994
346,891
$
403,165
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust
1
..........................
24
01/06/23
USD
320.00
USD
639
$
(24)
Invesco
QQQ
Trust
1
..........................
32
01/06/23
USD
312.00
USD
852
(32)
CBOE
Volatility
Index
..........................
4
01/18/23
USD
40.00
USD
9
(68)
AbbVie,
Inc.
................................
7
01/20/23
USD
165.00
USD
113
(1,096)
Air
Products
and
Chemicals,
Inc.
..................
5
01/20/23
USD
310.00
USD
154
(3,125)
Albemarle
Corp.
.............................
2
01/20/23
USD
370.00
USD
43
(60)
Amazon.com,
Inc.
............................
13
01/20/23
USD
110.00
USD
109
(72)
Apple,
Inc.
.................................
10
01/20/23
USD
160.00
USD
130
(35)
Archer-Daniels-Midland
Co.
......................
11
01/20/23
USD
110.00
USD
102
(55)
CF
Industries
Holdings,
Inc.
......................
9
01/20/23
USD
125.00
USD
77
(90)
Eli
Lilly
&
Co.
...............................
3
01/20/23
USD
430.00
USD
110
(225)
Energy
Select
Sector
SPDR
Fund
.................
11
01/20/23
USD
97.00
USD
96
(187)
Exxon
Mobil
Corp.
............................
14
01/20/23
USD
95.00
USD
154
(21,980)
Exxon
Mobil
Corp.
............................
25
01/20/23
USD
130.00
USD
276
(63)
Freeport-McMoRan,
Inc.
........................
39
01/20/23
USD
45.00
USD
148
(390)
Humana,
Inc.
...............................
1
01/20/23
USD
640.00
USD
51
(10)
Intuitive
Surgical,
Inc.
..........................
2
01/20/23
USD
290.00
USD
53
(275)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
85
01/20/23
USD
78.00
USD
626
(255)
Lululemon
Athletica,
Inc.
........................
2
01/20/23
USD
420.00
USD
64
(9)
Merck
&
Co.,
Inc.
.............................
13
01/20/23
USD
100.00
USD
144
(14,788)
Microsoft
Corp.
..............................
6
01/20/23
USD
265.00
USD
144
(318)
Northrop
Grumman
Corp.
.......................
2
01/20/23
USD
550.00
USD
109
(2,340)
Pioneer
Natural
Resources
Co.
...................
10
01/20/23
USD
275.00
USD
228
(1,500)
Schlumberger
Ltd.
............................
8
01/20/23
USD
60.00
USD
43
(296)
SPDR
S&P
500
ETF
Trust
.......................
20
01/20/23
USD
435.00
USD
765
(70)
TJX
Cos.,
Inc.
(The)
...........................
10
01/20/23
USD
80.00
USD
80
(1,865)
United
Parcel
Service,
Inc.
......................
6
01/20/23
USD
195.00
USD
104
(78)
UnitedHealth
Group,
Inc.
........................
3
01/20/23
USD
580.00
USD
159
(209)
Valero
Energy
Corp.
...........................
9
01/20/23
USD
155.00
USD
114
(99)
Valero
Energy
Corp.
...........................
12
01/20/23
USD
120.00
USD
152
(11,010)
Walt
Disney
Co.
(The)
.........................
10
01/20/23
USD
105.00
USD
87
(75)
CF
Industries
Holdings,
Inc.
......................
9
02/17/23
USD
130.00
USD
77
(180)
Freeport-McMoRan,
Inc.
........................
26
02/17/23
USD
48.00
USD
99
(780)
Humana,
Inc.
...............................
3
02/17/23
USD
580.00
USD
154
(810)
iShares
China
Large-Cap
ETF
....................
117
02/17/23
USD
35.00
USD
331
(1,638)
iShares
China
Large-Cap
ETF
....................
117
02/17/23
USD
34.00
USD
331
(2,457)
S&P
500
Index
..............................
5
02/17/23
USD
4,350.00
USD
1,920
(1,725)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
61
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Schlumberger
Ltd.
............................
13
02/17/23
USD
60.00
USD
69
$
(1,586)
Visa,
Inc.
..................................
6
02/17/23
USD
240.00
USD
125
(414)
EQT
Corp.
.................................
17
03/17/23
USD
46.00
USD
58
(765)
EQT
Corp.
.................................
34
03/17/23
USD
45.00
USD
115
(1,870)
iShares
China
Large-Cap
ETF
....................
111
03/17/23
USD
37.00
USD
314
(1,665)
Tesla,
Inc.
..................................
13
03/17/23
USD
170.00
USD
160
(5,460)
Visa,
Inc.
..................................
8
03/17/23
USD
245.00
USD
166
(788)
EOG
Resources,
Inc.
..........................
15
04/21/23
USD
178.50
USD
194
(1,500)
Shell
plc
...................................
35
04/21/23
USD
70.00
USD
199
(1,400)
Tesla,
Inc.
..................................
6
04/21/23
USD
208.33
USD
74
(1,569)
SPDR
S&P
500
ETF
Trust
.......................
5
12/15/23
USD
420.00
USD
191
(10,933)
(96,239)
Put
Invesco
QQQ
Trust
1
..........................
12
01/06/23
USD
270.00
USD
320
(6,414)
U.S.
Treasury
10
Year
Note
......................
54
01/06/23
USD
112.00
USD
54
(18,563)
Abbott
Laboratories
...........................
8
01/20/23
USD
90.00
USD
88
(64)
Abbott
Laboratories
...........................
13
01/20/23
USD
95.00
USD
143
(202)
Align
Technology,
Inc.
..........................
2
01/20/23
USD
180.00
USD
42
(330)
Alphabet,
Inc.
...............................
20
01/20/23
USD
100.00
USD
177
(22,600)
Alphabet,
Inc.
...............................
20
01/20/23
USD
80.00
USD
177
(1,080)
Comcast
Corp.
..............................
26
01/20/23
USD
30.00
USD
91
(260)
ConocoPhillips
..............................
7
01/20/23
USD
115.00
USD
83
(1,904)
CVS
Health
Corp.
............................
12
01/20/23
USD
95.00
USD
112
(3,930)
Dynatrace,
Inc.
..............................
9
01/20/23
USD
35.00
USD
34
(450)
Eli
Lilly
&
Co.
...............................
3
01/20/23
USD
260.00
USD
110
(11)
Energy
Select
Sector
SPDR
Fund
.................
15
01/20/23
USD
80.00
USD
131
(750)
EQT
Corp.
.................................
17
01/20/23
USD
34.00
USD
58
(2,975)
Exxon
Mobil
Corp.
............................
6
01/20/23
USD
100.00
USD
66
(279)
First
Quantum
Minerals
Ltd.
.....................
3
01/20/23
CAD
16.00
CAD
8
(38)
Glencore
plc
................................
9
01/20/23
GBP
4.41
GBP
51
(84)
Intuit,
Inc.
..................................
1
01/20/23
USD
370.00
USD
39
(770)
Invesco
QQQ
Trust
1
..........................
33
01/20/23
USD
265.00
USD
879
(19,190)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
4
01/20/23
USD
101.00
USD
42
(70)
KLA
Corp.
.................................
3
01/20/23
USD
330.00
USD
113
(645)
Lululemon
Athletica,
Inc.
........................
2
01/20/23
USD
310.00
USD
64
(1,590)
Marathon
Oil
Corp.
...........................
44
01/20/23
USD
25.00
USD
119
(1,738)
McKesson
Corp.
.............................
3
01/20/23
USD
360.00
USD
113
(1,058)
Micron
Technology,
Inc.
........................
24
01/20/23
USD
47.50
USD
120
(2,508)
Northrop
Grumman
Corp.
.......................
2
01/20/23
USD
480.00
USD
109
(535)
Otis
Worldwide
Corp.
..........................
9
01/20/23
USD
65.00
USD
70
(90)
Ovintiv,
Inc.
.................................
9
01/20/23
USD
45.00
USD
46
(630)
Pioneer
Natural
Resources
Co.
...................
3
01/20/23
USD
215.00
USD
69
(833)
Rockwell
Automation,
Inc.
.......................
4
01/20/23
USD
240.00
USD
103
(670)
Schlumberger
Ltd.
............................
13
01/20/23
USD
47.50
USD
69
(598)
ServiceNow,
Inc.
.............................
2
01/20/23
USD
450.00
USD
78
(12,410)
SPDR
S&P
500
ETF
Trust
.......................
3
01/20/23
USD
340.00
USD
115
(98)
SPDR
S&P
Regional
Banking
ETF
.................
112
01/20/23
USD
52.00
USD
658
(1,176)
TE
Connectivity
Ltd.
...........................
6
01/20/23
USD
110.00
USD
69
(870)
Valero
Energy
Corp.
...........................
4
01/20/23
USD
115.00
USD
51
(442)
Visa,
Inc.
..................................
6
01/20/23
USD
180.00
USD
125
(162)
Walt
Disney
Co.
(The)
.........................
7
01/20/23
USD
80.00
USD
61
(585)
Walt
Disney
Co.
(The)
.........................
10
01/20/23
USD
85.00
USD
87
(2,130)
XPO,
Inc.
..................................
6
01/20/23
USD
45.00
USD
40
(5,640)
Amazon.com,
Inc.
............................
13
02/17/23
USD
70.00
USD
109
(2,035)
Amazon.com,
Inc.
............................
18
02/17/23
USD
75.00
USD
151
(4,725)
CF
Industries
Holdings,
Inc.
......................
9
02/17/23
USD
90.00
USD
77
(7,605)
Eli
Lilly
&
Co.
...............................
4
02/17/23
USD
310.00
USD
146
(858)
Freeport-McMoRan,
Inc.
........................
26
02/17/23
USD
32.00
USD
99
(1,807)
Schlumberger
Ltd.
............................
9
02/17/23
USD
42.50
USD
48
(441)
Visa,
Inc.
..................................
4
02/17/23
USD
185.00
USD
83
(934)
Walt
Disney
Co.
(The)
.........................
7
02/17/23
USD
80.00
USD
61
(1,810)
Albemarle
Corp.
.............................
3
03/17/23
USD
180.00
USD
65
(1,875)
Charter
Communications,
Inc.
....................
3
03/17/23
USD
290.00
USD
102
(2,775)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
62
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EQT
Corp.
.................................
17
03/17/23
USD
30.00
USD
58
$
(3,018)
iShares
Semiconductor
ETF
.....................
2
03/17/23
USD
290.00
USD
70
(1,070)
Tesla,
Inc.
..................................
13
03/17/23
USD
80.00
USD
160
(4,160)
Visa,
Inc.
..................................
8
03/17/23
USD
185.00
USD
166
(2,780)
EOG
Resources,
Inc.
..........................
15
04/21/23
USD
113.50
USD
194
(7,875)
Rockwell
Automation,
Inc.
.......................
3
04/21/23
USD
220.00
USD
77
(1,770)
Shell
plc
...................................
17
04/21/23
USD
52.50
USD
97
(3,315)
Shell
plc
...................................
26
04/21/23
USD
50.00
USD
148
(3,445)
Tesla,
Inc.
..................................
6
04/21/23
USD
108.33
USD
74
(7,620)
(174,290)
$
(270,529)
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
S&P
500
Index
.............
Goldman
Sachs
International
68
01/20/23
USD
4,141.00
USD
261
$
(33)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
02/07/23
USD
1.09
EUR
617
(3,295)
USD
Currency
..............
Citibank
NA
—
02/16/23
CNH
7.13
USD
93
(224)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
02/16/23
TWD
31.13
USD
94
(355)
USD
Currency
..............
Deutsche
Bank
AG
—
03/07/23
MXN
21.00
USD
294
(1,325)
(5,232)
Put
Financial
Select
Sector
SPDR
Fund
Goldman
Sachs
International
13,700
01/20/23
USD
31.00
USD
469
(956)
USD
Currency
..............
Goldman
Sachs
International
—
02/16/23
BRL
5.36
USD
91
(2,737)
USD
Currency
..............
HSBC
Bank
plc
—
02/16/23
MXN
19.46
USD
183
(1,933)
USD
Currency
..............
UBS
AG
—
02/16/23
HUF
393.57
USD
91
(4,921)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
02/17/23
USD
1.03
EUR
89
(234)
GBP
Currency
..............
JPMorgan
Chase
Bank
NA
—
02/17/23
USD
1.19
GBP
79
(853)
USD
Currency
..............
Deutsche
Bank
AG
—
03/07/23
MXN
18.75
USD
294
(727)
(12,361)
$
(17,593)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
2-Year
Interest
Rate
Swap
(a)
.
1.40%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
1.40
%
USD
3,793
$
(1)
10-Year
Interest
Rate
Swap
(a)
2.67%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
02/15/23
2.67
USD
719
(312)
1-Year
Interest
Rate
Swap
(a)
.
0.40%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.40
USD
10,341
(1)
1-Year
Interest
Rate
Swap
(a)
.
0.60%
Semi-Annual
3
month
LIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/23
0.60
USD
10,341
(1)
5-Year
Interest
Rate
Swap
(a)
.
2.80%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
05/30/23
2.80
USD
1,448
(5,727)
2-Year
Interest
Rate
Swap
(a)
.
3.30%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
05/30/23
3.30
USD
3,573
(6,568)
5-Year
Interest
Rate
Swap
(a)
.
2.50%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
06/08/23
2.50
USD
723
(1,856)
5-Year
Interest
Rate
Swap
(a)
.
2.50%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
06/14/23
2.50
USD
1,716
(4,679)
2-Year
Interest
Rate
Swap
(a)
.
3.09%
Semi-Annual
1
day
SOFR
Annual
Citibank
NA
10/24/23
3.09
USD
3,412
(15,919)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
63
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
2-Year
Interest
Rate
Swap
(a)
.
2.95%
Semi-Annual
1
day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.95
%
USD
3,412
$
(14,197)
2-Year
Interest
Rate
Swap
(a)
.
3.26%
Semi-Annual
1
day
SOFR
Annual
Goldman
Sachs
International
11/07/23
3.26
USD
1,417
(8,461)
2-Year
Interest
Rate
Swap
(a)
.
2.75%
Semi-Annual
1
day
SOFR
Annual
Citibank
NA
11/14/23
2.75
USD
2,743
(9,999)
10-Year
Interest
Rate
Swap
(a)
2.40%
Semi-Annual
1
day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
2.40
USD
473
(5,068)
(72,789)
Put
1-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
4.40%
At
Termination
Goldman
Sachs
International
02/09/23
4.40
USD
14,221
(81,781)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
2.60
USD
3,793
(128,920)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
2.70%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/15/23
2.70
USD
3,793
(121,799)
3-Year
Interest
Rate
Swap
(a)
.
6
month
EURIBOR
Semi-Annual
3.36%
Annual
JPMorgan
Chase
Bank
NA
02/15/23
3.36
EUR
2,163
(10,405)
1-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
At
Termination
4.50%
At
Termination
Morgan
Stanley
&
Co.
International
plc
03/07/23
4.50
USD
6,974
(35,400)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.03%
Semi-Annual
Goldman
Sachs
International
03/08/23
4.03
USD
7,053
(58,526)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.27%
Semi-Annual
Goldman
Sachs
International
03/23/23
3.27
USD
1,412
(47,485)
1-Year
Interest
Rate
Swap
(a)
.
1
day
SONIA
At
Termination
3.22%
At
Termination
Goldman
Sachs
International
04/03/23
3.22
GBP
7,439
(125,198)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.40%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/06/23
3.40
USD
942
(26,623)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.45%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
04/18/23
3.45
USD
926
(25,061)
1-Year
Interest
Rate
Swap
(a)
.
6
month
EURIBOR
Semi-Annual
1.75%
Annual
Goldman
Sachs
International
05/02/23
1.75
EUR
10,529
(208,671)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.75%
Semi-Annual
Citibank
NA
05/05/23
3.75
USD
902
(15,756)
5-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.30%
Semi-Annual
JPMorgan
Chase
Bank
NA
05/30/23
4.30
USD
1,448
(8,324)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
05/30/23
4.80
USD
3,573
(9,353)
5-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.00%
Semi-Annual
JPMorgan
Chase
Bank
NA
06/08/23
4.00
USD
1,445
(13,742)
5-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
3.90%
Semi-Annual
Goldman
Sachs
International
06/14/23
3.90
USD
1,716
(19,298)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
5.09%
Semi-Annual
Citibank
NA
10/24/23
5.09
USD
3,412
(8,191)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.95%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/30/23
4.95
USD
3,412
(9,745)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
5.26%
Semi-Annual
Goldman
Sachs
International
11/07/23
5.26
USD
1,417
(2,860)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.75%
Semi-Annual
Citibank
NA
11/14/23
4.75
USD
2,743
(10,013)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
3.60
USD
473
(15,479)
(982,630)
$
(1,055,419)
(a)
Forward
settling
swaption.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
64
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Avis
Budget
Car
Rental
LLC
............
5.00
%
Quarterly
12/20/26
USD
90
$
(3,464)
$
(10,326)
$
6,862
Markit
CDX
North
American
High
Yield
Index
Series
37.V2
.....................
5.00
Quarterly
12/20/26
USD
7
(204)
(205)
1
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
162
(1,341)
(231)
(1,110)
$
(5,009)
$
(10,762)
$
5,753
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Europe
Crossover
Index
Series
38.V1
..
5.00
%
Quarterly
12/20/27
BB-
EUR
332
$
4,093
$
(11,368)
$
15,461
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
...........
5.00
Quarterly
12/20/27
B+
USD
89
653
(3,615)
4,268
$
4,746
$
(14,983)
$
19,729
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
28
day
MXIBTIIE
Monthly
4.42%
Monthly
N/A
02/28/23
MXN
7,323
$
(5,436)
$
—
$
(5,436)
28
day
MXIBTIIE
Monthly
4.50%
Monthly
N/A
03/03/23
MXN
7,321
(5,374)
—
(5,374)
28
day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
5,196
(18,820)
—
(18,820)
28
day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
5,196
(18,237)
—
(18,237)
1
day
SOFR
Annual
2.65%
Annual
N/A
05/02/24
USD
10,966
(286,105)
1,888
(287,993)
0.53%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
06/06/24
USD
1,612
103,523
—
103,523
1
day
SONIA
At
Termination
4.26%
At
Termination
09/06/23
(a)
09/06/24
GBP
1,943
(8,411)
—
(8,411)
2.00%
Annual
1
day
SOFR
Annual
02/17/23
(a)
02/17/25
USD
1,067
48,103
—
48,103
2.72%
Annual
1
day
SOFR
Annual
N/A
05/02/25
USD
13,742
453,436
(3,103)
456,539
1
day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
929
(9,027)
—
(9,027)
1
day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
991
(7,975)
—
(7,975)
28
day
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
4,339
(17,608)
—
(17,608)
28
day
MXIBTIIE
Monthly
6.43%
Monthly
N/A
08/13/26
MXN
5,991
(24,762)
—
(24,762)
28
day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
5,959
(24,270)
—
(24,270)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
4,857
(20,153)
—
(20,153)
28
day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
2,947
(12,110)
—
(12,110)
28
day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
4,376
(18,038)
—
(18,038)
1
day
SOFR
Annual
2.67%
Annual
N/A
05/02/27
USD
988
(43,278)
(648)
(42,630)
1
day
SOFR
Annual
2.91%
Annual
N/A
10/06/27
USD
1,885
(73,654)
—
(73,654)
1.08%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/17/30
USD
90
16,683
11,333
5,350
0.02%
Annual
6
month
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
762
195,590
—
195,590
1
day
SOFR
Annual
2.65%
Annual
N/A
05/02/32
USD
6,318
(444,514)
5,417
(449,931)
2.58%
Annual
1
day
SOFR
Annual
N/A
05/24/32
USD
1,169
90,981
(1,101)
92,082
2.60%
Annual
1
day
SOFR
Annual
N/A
05/26/32
USD
190
14,514
—
14,514
1
day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
810
(6,488)
—
(6,488)
1
day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
388
(4,805)
—
(4,805)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
65
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
884
$
(38,410)
$
—
$
(38,410)
1
day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
899
(51,870)
—
(51,870)
1
day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
904
(49,153)
—
(49,153)
1
day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
1,447
(80,818)
—
(80,818)
1
day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
846
(25,873)
—
(25,873)
2.61%
Annual
1
day
SOFR
Annual
N/A
05/02/42
USD
143
16,885
337
16,548
2.43%
Annual
1
day
SOFR
Annual
N/A
05/02/52
USD
4,377
641,921
(9,562)
651,483
$
286,447
$
4,561
$
281,886
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
110
$
(1,012)
$
—
$
(1,012)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bombardier,
Inc.
..........
5.00
%
Quarterly
Barclays
Bank
plc
06/20/23
USD
69
$
(1,054)
$
1,816
$
(2,870)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
365
493
(128)
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
5
309
432
(123)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
5
669
1,293
(624)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
(15)
141
(156)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
7
(15)
141
(156)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
10
(21)
177
(198)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
10
(58)
137
(195)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
USD
10
(548)
(259)
(289)
$
–
$
–
$
–
$
(368)
$
4,371
$
(4,739)
$
–
$
–
$
–
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
$
(35,653)
$
—
$
(35,653)
1
day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,362
(38,441)
—
(38,441)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
66
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
9.54%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
2,354
$
(36,511)
$
—
$
(36,511)
$
(110,605)
$
—
$
(110,605)
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
Quarterly
1
day
SOFR
minus
3.00%
Quarterly
Goldman
Sachs
International
03/08/23
USD
—
$
131
$
—
$
131
1
day
SOFR
minus
0.20%
.........
Quarterly
SPDR
Bloomberg
High
Yield
Bond
ETF
Quarterly
Barclays
Bank
plc
03/17/23
USD
1
(655)
—
(655)
1
day
SOFR
minus
0.20%
.........
At
Termination
SPDR
Bloomberg
High
Yield
Bond
ETF
At
Termination
BNP
Paribas
SA
03/17/23
USD
3
(6,125)
—
(6,125)
1
day
SOFR
minus
0.20%
.........
At
Termination
SPDR
Bloomberg
High
Yield
Bond
ETF
At
Termination
Goldman
Sachs
International
03/17/23
USD
—
(559)
—
(559)
1
day
SOFR
minus
0.40%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
03/17/23
USD
1
(1,216)
—
(1,216)
1
day
SOFR
minus
0.40%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
03/17/23
USD
4
(5,471)
—
(5,471)
1
day
SOFR
minus
0.40%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
03/17/23
USD
2
(2,520)
—
(2,520)
1
day
SOFR
minus
0.40%
.........
At
Termination
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
At
Termination
Merrill
Lynch
International
&
Co.
03/17/23
USD
3
(4,162)
—
(4,162)
1
day
SOFR
plus
0.15%
At
Termination
SPDR
Bloomberg
High
Yield
Bond
ETF
At
Termination
Goldman
Sachs
International
03/17/23
USD
1
(1,759)
—
(1,759)
Pitney
Bowes,
Inc.
...
Quarterly
1
day
SOFR
minus
0.25%
Quarterly
Citibank
NA
06/13/23
USD
—
(6)
—
(6)
$
(22,342)
$
—
$
(22,342)
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
$
(695,440)
$
(4,119)
(c)
$
(700,539)
0.5
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
(760,796)
18,741
(e)
(744,624)
0.5
$
14,622
$
(1,445,163)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
67
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(d)
Range:
15-100
basis
points
0-260
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$980
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$2,569
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
period
end,
termination
dates
January
25,
2021
–
May
31,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Brazil
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
.....
(547)
$
(5,892)
0.8
%
China
Bilibili,
Inc.,
Class
Z
........
(800)
(18,963)
2.7
China
Overseas
Land
&
Investment
Ltd.
........
(7,000)
(18,318)
2.6
China
Vanke
Co.
Ltd.,
Class
H
(9,035)
(18,176)
2.6
Kuaishou
Technology
.......
(900)
(8,090)
1.2
Longfor
Group
Holdings
Ltd.
..
(3,000)
(9,232)
1.3
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
..............
(400)
(1,976)
0.3
(74,755)
Denmark
Vestas
Wind
Systems
A/S
...
(473)
(13,798)
2.0
Germany
Covestro
AG
............
(629)
(24,503)
3.5
Siemens
Healthineers
AG
....
(498)
(24,841)
3.5
(49,344)
Italy
Nexi
SpA
...............
(665)
(5,249)
0.7
Telecom
Italia
SpA
........
(5,314)
(1,232)
0.2
(6,481)
Japan
ENEOS
Holdings,
Inc.
......
(3,600)
(12,260)
1.8
Lasertec
Corp.
...........
(100)
(16,327)
2.3
MatsukiyoCocokara
&
Co.
...
(100)
(5,026)
0.7
Money
Forward,
Inc.
.......
(400)
(12,355)
1.8
Open
House
Group
Co.
Ltd.
..
(200)
(7,282)
1.0
Z
Holdings
Corp.
..........
(3,200)
(7,992)
1.1
(61,242)
Norway
Aker
BP
ASA
............
(559)
(17,375)
2.5
South
Korea
HYBE
Co.
Ltd.
...........
(60)
(8,301)
1.2
Kakao
Corp.
.............
(623)
(26,537)
3.8
NCSoft
Corp.
............
(41)
(14,646)
2.1
(49,484)
Spain
Ferrovial
SA
.............
(262)
(6,860)
1.0
Shares
Value
%
of
Basket
Value
Sweden
Electrolux
AB,
Class
B
......
(963)
$
(13,011)
1.8
%
Fastighets
AB
Balder,
Class
B
.
(6,272)
(29,273)
4.2
Saab
AB,
Class
B
.........
(348)
(13,714)
2.0
(55,998)
Switzerland
Adecco
Group
AG
(Registered)
(328)
(10,790)
1.5
United
Kingdom
Just
Eat
Takeaway.com
NV
...
(818)
(17,411)
2.5
United
States
Allstate
Corp.
(The)
........
(68)
(9,221)
1.3
Block,
Inc.
..............
(312)
(19,606)
2.8
Caesars
Entertainment,
Inc.
..
(175)
(7,280)
1.0
CoStar
Group,
Inc.
........
(136)
(10,510)
1.5
Ford
Motor
Co.
...........
(1,837)
(21,364)
3.1
Illumina,
Inc.
............
(100)
(20,220)
2.9
Lamb
Weston
Holdings,
Inc.
..
(214)
(19,123)
2.7
Las
Vegas
Sands
Corp.
.....
(332)
(15,959)
2.3
Norwegian
Cruise
Line
Holdings
Ltd.
................
(520)
(6,365)
0.9
Oracle
Corp.
............
(148)
(12,098)
1.7
Paramount
Global,
Class
B
...
(1,992)
(33,625)
4.8
PPG
Industries,
Inc.
.......
(175)
(22,004)
3.2
PulteGroup,
Inc.
..........
(615)
(28,001)
4.0
Quanta
Services,
Inc.
......
(114)
(16,245)
2.3
Snap,
Inc.,
Class
A
........
(492)
(4,403)
0.6
Take-Two
Interactive
Software,
Inc.
.................
(250)
(26,033)
3.7
Teledyne
Technologies,
Inc.
..
(87)
(34,792)
5.0
Uber
Technologies,
Inc.
.....
(616)
(15,234)
2.2
Viatris,
Inc.
..............
(811)
(9,026)
1.3
(331,109)
Total
Reference
Entity
—
Short
............
(700,539)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(700,539)
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
February
8,
2023:
Reference
Entity
—
Short
Common
Stocks
Australia
AMP
Ltd.
...............
(23,186)
(20,620)
2.8
IDP
Education
Ltd.
........
(513)
(9,454)
1.3
OZ
Minerals
Ltd.
..........
(458)
(8,633)
1.2
Pilbara
Minerals
Ltd.
.......
(4,578)
(11,593)
1.5
(50,300)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
68
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Shares
Value
%
of
Basket
Value
Brazil
Localiza
Rent
a
Car
SA
.....
(1,343)
$
(13,391)
1.8
%
Magazine
Luiza
SA
........
(24,659)
(12,793)
1.7
(26,184)
Canada
Shaw
Communications,
Inc.,
Class
B
..............
(1,154)
(33,248)
4.5
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(10,000)
(6,485)
0.9
Country
Garden
Holdings
Co.
Ltd.
................
(681)
(229)
(0.0)
(a)
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(800)
(3,340)
0.4
Li
Ning
Co.
Ltd.
...........
(2,000)
(17,198)
2.3
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(7,500)
(13,859)
1.9
Xiaomi
Corp.,
Class
B
......
(37,200)
(51,638)
6.9
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
..............
(2,800)
(13,830)
1.9
(106,579)
Finland
Orion
OYJ,
Class
B
........
(337)
(18,475)
2.5
France
Alstom
SA
..............
(480)
(11,744)
1.6
Germany
Vonovia
SE
.............
(644)
(15,170)
2.0
Hong
Kong
CK
Asset
Holdings
Ltd.
.....
(1,500)
(9,200)
1.2
Japan
Olympus
Corp.
...........
(600)
(10,582)
1.4
Tokyo
Electric
Power
Co.
Holdings,
Inc.
..........
(1,800)
(6,483)
0.9
(17,065)
Netherlands
Aegon
NV
..............
(4,499)
(22,795)
3.1
Shares
Value
%
of
Basket
Value
Poland
InPost
SA
..............
(2,074)
$
(17,523)
2.3
%
South
Korea
Delivery
Hero
SE
.........
(371)
(17,804)
2.4
Iljin
Materials
Co.
Ltd.
......
(159)
(6,549)
0.9
POSCO
Chemical
Co.
Ltd.
...
(131)
(18,714)
2.5
(43,067)
Switzerland
Bachem
Holding
AG
.......
(228)
(19,784)
2.7
United
Kingdom
AVEVA
Group
plc
.........
(357)
(13,818)
1.8
Ocado
Group
plc
.........
(2,068)
(15,351)
2.1
(29,169)
United
States
Advanced
Micro
Devices,
Inc.
.
(193)
(12,501)
1.7
Charles
River
Laboratories
International,
Inc.
.......
(54)
(11,767)
1.6
DISH
Network
Corp.,
Class
A
.
(1,742)
(24,458)
3.3
Dollar
Tree,
Inc.
..........
(153)
(21,640)
2.9
DR
Horton,
Inc.
...........
(306)
(27,277)
3.6
DXC
Technology
Co.
.......
(388)
(10,282)
1.4
Electronic
Arts,
Inc.
........
(138)
(16,861)
2.3
Fiserv,
Inc.
..............
(94)
(9,501)
1.3
International
Business
Machines
Corp.
...............
(253)
(35,645)
4.8
Marvell
Technology,
Inc.
.....
(396)
(14,668)
2.0
Mohawk
Industries,
Inc.
.....
(155)
(15,844)
2.1
PerkinElmer,
Inc.
.........
(210)
(29,446)
3.9
PTC,
Inc.
...............
(145)
(17,406)
2.3
Rivian
Automotive,
Inc.,
Class
A
(612)
(11,279)
1.5
Ross
Stores,
Inc.
.........
(181)
(21,009)
2.8
STERIS
plc
.............
(137)
(25,302)
3.4
Wynn
Resorts
Ltd.
........
(133)
(10,968)
1.5
Zoom
Video
Communications,
Inc.,
Class
A
...........
(125)
(8,467)
1.1
(324,321)
Total
Reference
Entity
—
Short
............
(744,624)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(744,624)
(a)
Amount
is
greater
than
(0.1)%.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.06
1
day
SONIA
.........................................
Sterling
Overnight
Index
Average
3.43
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
10.77
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
4.77
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
2.69
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
69
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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)
...........................................
$
18,975
$
(40,159)
$
1,610,324
$
(1,303,968)
$
—
OTC
Swaps
.....................................................
4,630
(259)
18,872
(141,936)
—
Options
Written
...................................................
N/A
N/A
260,821
(822,094)
(1,343,541)
(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)
.....
$
—
$
—
$
249,299
$
—
$
311,592
$
—
$
560,891
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
672,751
—
—
672,751
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
910
230,787
59,237
451,024
10,623
(d)
752,581
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
26,592
—
—
1,583,732
—
1,610,324
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
4,630
18,872
—
—
—
23,502
$
—
$
32,132
$
498,958
$
731,988
$
2,346,348
$
10,623
$
3,620,049
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
10,819
$
—
$
476,327
$
—
$
487,146
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,179,506
—
—
1,179,506
Options
written
(b)
Options
written
at
value
.....................
—
—
252,955
16,604
1,073,982
—
1,343,541
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
1,110
—
—
1,301,846
1,012
1,303,968
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
4,998
26,592
—
110,605
—
142,195
$
—
$
6,108
$
290,366
$
1,196,110
$
2,962,760
$
1,012
$
4,456,356
(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.
(d)
Includes
dual
binary
options
at
value.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
70
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
December
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
2,085,399
$
—
$
(2,616,442)
$
(37)
$
(531,080)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,362,753)
—
—
(1,362,753)
Options
purchased
(a)
....................
—
(10,073)
(921,200)
(59,471)
(154,822)
1,284
(1,144,282)
Options
written
........................
—
5,643
1,048,532
109,253
(18,092)
3,091
1,148,427
Swaps
..............................
—
(103,928)
338,412
—
1,601,729
1,126
1,837,339
$
—
$
(108,358)
$
2,551,143
$
(1,312,971)
$
(1,187,627)
$
5,464
$
(52,349)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
429,125
$
—
$
(169,507)
$
—
$
259,618
Forward
foreign
currency
exchange
contracts
....
—
—
—
(438,130)
—
—
(438,130)
Options
purchased
(b)
....................
—
639
(182,442)
68,096
273,753
(1,124)
158,922
Options
written
........................
—
(365)
(27,916)
(10,752)
(731,513)
—
(770,546)
Swaps
..............................
—
31,592
6,483
—
(429,340)
(1,013)
(392,278)
$
—
$
31,866
$
225,250
$
(380,786)
$
(1,056,607)
$
(2,137)
$
(1,182,414)
(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
..................................................................................
$
32,260,199
Average
notional
value
of
contracts
—
short
.................................................................................
$
28,258,827
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
22,147,673
Average
amounts
sold
—
in
USD
........................................................................................
$
29,164,489
Options
Average
value
of
option
contracts
purchased
................................................................................
$
573,536
Average
value
of
option
contracts
written
...................................................................................
$
545,723
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
23,915,074
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
81,053,243
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
707,030
Average
notional
value
—
sell
protection
...................................................................................
$
1,964,048
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
38,347,845
Average
notional
value
—
receives
fixed
rate
................................................................................
$
38,481,103
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
56,389
Total
return
swaps
Average
notional
value
...............................................................................................
$
195,495
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
90,797
$
96,525
Forward
foreign
currency
exchange
contracts
.................................................................
672,751
1,179,506
Options
(a)(b)
........................................................................................
752,581
1,343,541
Swaps
—
centrally
cleared
..............................................................................
—
14,883
Swaps
—
OTC
(c)
....................................................................................
23,502
142,195
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,539,631
$
2,776,650
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(354,165)
(381,937)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,185,466
$
2,394,713
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
71
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Consolidated
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
406,384
$
(406,384)
$
—
$
—
$
—
Barclays
Bank
plc
................................
25,806
(7,298)
—
—
18,508
BNP
Paribas
SA
.................................
6,511
(6,511)
—
—
—
Citibank
NA
....................................
139,041
(68,338)
—
—
70,703
Deutsche
Bank
AG
...............................
22,382
(4,870)
—
—
17,512
Goldman
Sachs
International
........................
360,541
(360,541)
—
—
—
HSBC
Bank
plc
..................................
63,050
(63,050)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
48,320
(48,320)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
15,876
(15,876)
—
—
—
UBS
AG
......................................
97,555
(97,555)
—
—
—
$
1,185,466
$
(1,078,743)
$
—
$
—
$
106,723
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(d)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
463,608
$
(406,384)
$
—
$
—
$
57,224
Barclays
Bank
plc
................................
7,298
(7,298)
—
—
—
BNP
Paribas
SA
.................................
7,536
(6,511)
—
—
1,025
Citibank
NA
....................................
68,338
(68,338)
—
—
—
Deutsche
Bank
AG
...............................
4,870
(4,870)
—
—
—
Goldman
Sachs
International
........................
569,098
(360,541)
—
—
208,557
HSBC
Bank
plc
..................................
301,951
(63,050)
—
—
238,901
JPMorgan
Chase
Bank
NA
..........................
364,318
(48,320)
—
—
315,998
Merrill
Lynch
International
&
Co.
......................
4,162
—
—
—
4,162
Morgan
Stanley
&
Co.
International
plc
..................
429,660
(15,876)
(413,784)
—
—
UBS
AG
......................................
173,874
(97,555)
—
—
76,319
$
2,394,713
$
(1,078,743)
$
(413,784)
$
—
$
902,186
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
written
receivable/payable
on
the
Statements
of
Assets
and
Liabilities.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
72
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,610,338
$
—
$
1,610,338
Common
Stocks
Argentina
............................................
19,463
—
—
19,463
Australia
.............................................
—
1,125,220
1
1,125,221
Belgium
.............................................
—
38,309
—
38,309
Brazil
...............................................
—
68,632
—
68,632
Canada
.............................................
1,455,859
—
—
1,455,859
Cayman
Islands
........................................
61,836
—
—
61,836
Chile
...............................................
34,092
—
—
34,092
China
...............................................
20,289
1,851,877
—
1,872,166
Denmark
.............................................
—
271,874
—
271,874
Finland
..............................................
—
32,425
—
32,425
France
..............................................
—
3,323,474
—
3,323,474
Germany
............................................
51,595
3,669,246
—
3,720,841
Hong
Kong
...........................................
1,528
418,271
—
419,799
India
...............................................
—
22,143
108,030
130,173
Ireland
..............................................
—
31,024
—
31,024
Israel
...............................................
381,523
15,385
—
396,908
Italy
................................................
—
428,347
—
428,347
Japan
...............................................
—
1,387,496
—
1,387,496
Jordan
..............................................
—
7,100
—
7,100
Mexico
..............................................
48,698
—
—
48,698
Netherlands
...........................................
296,482
2,706,351
35,774
3,038,607
Norway
..............................................
—
31,130
—
31,130
Poland
..............................................
—
7,875
—
7,875
Saudi
Arabia
..........................................
—
3,270
—
3,270
South
Africa
...........................................
—
196,756
—
196,756
South
Korea
..........................................
—
781,676
—
781,676
Spain
...............................................
—
536,340
—
536,340
Sweden
.............................................
—
321,686
—
321,686
Switzerland
...........................................
—
1,126,404
—
1,126,404
Taiwan
..............................................
—
537,483
—
537,483
United
Arab
Emirates
....................................
—
—
—
—
United
Kingdom
........................................
562,974
2,926,341
76,335
3,565,650
United
States
..........................................
48,773,070
547,558
673,622
49,994,250
Corporate
Bonds
Australia
.............................................
—
956
520,604
521,560
Belgium
.............................................
—
115,026
—
115,026
Canada
.............................................
—
388,187
—
388,187
China
...............................................
—
219,893
—
219,893
Germany
............................................
—
306,498
—
306,498
India
...............................................
—
180,425
—
180,425
Italy
................................................
—
363,135
—
363,135
Luxembourg
..........................................
—
266,880
—
266,880
Netherlands
...........................................
—
7,698
—
7,698
Switzerland
...........................................
—
132,225
—
132,225
Thailand
.............................................
—
189,225
—
189,225
Turkey
..............................................
—
—
77,040
77,040
United
Arab
Emirates
....................................
—
36,440
—
36,440
United
Kingdom
........................................
—
745,053
—
745,053
United
States
..........................................
—
10,454,399
630,056
11,084,455
Floating
Rate
Loan
Interests
Belgium
.............................................
—
—
124,408
124,408
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedules
of
Investments
73
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
Level
1
Level
2
Level
3
Total
Canada
.............................................
$
—
$
194,487
$
—
$
194,487
France
..............................................
—
219,125
—
219,125
Germany
............................................
—
85,508
—
85,508
Jersey,
Channel
Islands
...................................
—
—
113,553
113,553
Luxembourg
..........................................
—
31,822
200,439
232,261
Netherlands
...........................................
—
396,196
152,426
548,622
Sweden
.............................................
—
70,248
—
70,248
United
States
..........................................
—
1,098,330
776,222
1,874,552
Foreign
Government
Obligations
..............................
—
1,401,648
—
1,401,648
Investment
Companies
....................................
3,618,836
—
—
3,618,836
Non-Agency
Mortgage-Backed
Securities
........................
—
3,637,757
—
3,637,757
Other
Interests
..........................................
—
—
216,702
216,702
Preferred
Securities
Brazil
...............................................
—
—
154,839
154,839
China
...............................................
—
—
405,095
405,095
Germany
............................................
—
174,118
206,906
381,024
India
...............................................
—
—
76,822
76,822
Jersey,
Channel
Islands
...................................
—
—
157,031
157,031
Sweden
.............................................
—
—
29,219
29,219
United
States
..........................................
919,253
67,643
2,198,869
3,185,765
U.S.
Government
Sponsored
Agency
Securities
....................
—
11,280,632
—
11,280,632
U.S.
Treasury
Obligations
...................................
—
11,642,673
—
11,642,673
Warrants
..............................................
3,096
210
18,896
22,202
Short-Term
Securities
Certificates
of
Deposit
.....................................
—
219,216
—
219,216
Foreign
Government
Obligations
..............................
—
22,270,489
—
22,270,489
Money
Market
Funds
......................................
2,362,835
—
—
2,362,835
Time
Deposits
..........................................
—
163,176
—
163,176
Options
Purchased
Credit
contracts
..........................................
—
910
—
910
Equity
contracts
..........................................
215,509
15,278
—
230,787
Foreign
currency
exchange
contracts
...........................
—
57,452
1,785
59,237
Interest
rate
contracts
......................................
47,859
403,165
—
451,024
Other
contracts
..........................................
—
—
10,623
10,623
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(4,695,905)
—
(4,695,905)
Investment
Sold
Short
Common
Stocks
France
..............................................
—
(47,214)
—
(47,214)
United
Kingdom
........................................
—
(44,822)
—
(44,822)
United
States
..........................................
(65,285)
—
—
(65,285)
$
58,809,512
$
86,072,213
$
6,965,297
$
151,847,022
Investments
valued
at
NAV
(a)
......................................
4,221,750
$
—
$
156,068,772
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
26,592
$
—
$
26,592
Equity
contracts
...........................................
195,747
72,424
—
268,171
Foreign
currency
exchange
contracts
............................
—
672,751
—
672,751
Interest
rate
contracts
.......................................
311,592
1,583,732
—
1,895,324
Liabilities
Credit
contracts
...........................................
—
(5,849)
—
(5,849)
Equity
contracts
...........................................
(262,785)
(27,581)
—
(290,366)
Foreign
currency
exchange
contracts
............................
—
(1,196,110)
—
(1,196,110)
Interest
rate
contracts
.......................................
(494,890)
(2,467,870)
—
(2,962,760)
Other
contracts
...........................................
—
(1,012)
—
(1,012)
$
(250,336)
$
(1,342,923)
$
—
$
(1,593,259)
Fair
Value
Hierarchy
as
of Period
End
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Global
Allocation
Portfolio
74
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
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/Liabilities
Opening
balance,
as
of
December
31,
2021
$
109,558
$
917,849
$
1,379,781
$
1,482,984
$
—
$
191,853
$
3,947,097
$
455
$
6,464
$
7,123
$
8,043,164
Transfers
into
Level
3
..............
—
—
—
19,938
—
—
—
—
—
—
19,938
Transfers
out
of
Level
3
.............
(109,558)
(5,365)
—
(184,093)
—
—
—
—
—
—
(299,016)
Other
(a)
........................
—
169,518
—
—
—
—
(169,518)
—
—
—
—
Accrued
discounts/premiums
..........
—
—
(6,343)
7,274
—
—
—
—
—
—
931
Net
realized
gain
.................
—
—
50
1,800
—
—
1,954
—
—
—
3,804
Net
change
in
unrealized
appreciation
(depreciation)
(b)(c)
...............
—
(231,672)
(365,775)
(113,980)
(2,655)
24,849
(801,924)
(455)
(6,464)
15,777
(1,482,299)
Purchases
......................
—
43,432
223,355
374,905
15,063
—
256,302
—
—
—
913,057
Sales
.........................
—
—
(3,368)
(221,780)
—
—
(5,130)
—
—
(4,004)
(234,282)
Closing
balance,
as
of
December
31,
2022
.
$
—
$
893,762
$
1,227,700
$
1,367,048
$
12,408
$
216,702
$
3,228,781
$
—
$
—
$
18,896
$
6,965,297
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
December
31,
2022
(c)
............
$
—
$
(227,445)
$
(365,775)
$
(113,928)
$
(2,655)
$
24,849
$
(801,924)
$
—
$
—
$
15,777
$
(1,471,101)
(a)
Certain
Level
3
investments
were
re-classified
between
Common
Stocks
and
Preferred
Securities.
(b)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(c)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
December
31,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of Period
End
(continued)
BlackRock
Global
Allocation
Portfolio
Consolidated
Schedule
of
Investments
75
Consolidated
Schedule
of
Investments
(continued)
December
31,
2022
See
notes
to
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end.
The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third-party
pricing
information
in
the
amount
of
$434,902.
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
(e)
............................
$
893,761
Market
Revenue
Multiple
2.25x
–
12.00x
6.23x
Volatility
51%
—
Time
to
Exit
1.4
years
—
Market
Adjustment
Multiple
0.50x
—
Corporate
Bonds
(b)
............................
1,057,000
Market
Revenue
Multiple
12.25x
—
Volatility
60%
60%
Income
Discount
Rate
12%
–
35%
18%
Floating
Rate
Loan
Interests
(c)
.....................
1,115,255
Income
Discount
Rate
6%
–
16%
12%
Other
Interests
..............................
216,702
Income
Discount
Rate
6%
–
7%
7%
Preferred
Stocks
(d)(e)
3,228,781
Market
Revenue
Multiple
0.21x
–
26.00x
12.07x
EBIDTAR
Multiple
6.50x
—
Volatility
50%
–
85%
65%
Time
to
Exit
1.5
–
5.0
years
2.8
years
Market
Adjustment
Multiple
0.50x
–
1.00x
0.87x
Gross
Profit
Multiple
32.00x
—
Recent
Transactions
(f)
—
Income
Discount
Rate
12%
—
Warrants
18,896
Market
Revenue
Multiple
6.75x
–
18.00x
12.41x
Volatility
40%
–
65%
62%
Time
to
Exit
0.5
–
4.7
years
4.7
years
Income
Discount
Rate
13%
—
$
6,530,395
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
For
the
period
end
December
31,
2022,
the
valuation
technique
for
investments
classified
as
Corporate
Bonds
amounting
to
$119,958
changed
to
a
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(c)
For
the
period
end
December
31,
2022,
the
valuation
technique
for
investments
classified
as
Floating
Rate
Loan
Interests
amounting
to
$194,730
changed
to
a
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(d)
For
the
period
end
December
31,
2022,
the
valuation
technique
for
investments
classified
as
Preferred
Stocks
amounting
to
$259,706
changed
to
a
Discount
Cash
Flow
approach.
The
investments
were
previously
valued
utilizing
a
recent
transaction.
The
change
was
due
to
consideration
of
the
information
that
was
available
at
the
time
the
investments
were
valued.
(e)
The
Fund
valued
certain
of
its
Level
3
Common
Stock
and
Preferred
Stock
using
recent
transaction
prices
as
the
best
approximation
of
fair
value.
The
value
of
Level
3
investments
obtained
using
recent
prior
transaction
prices,
for
which
inputs
are
unobservable,
is
$525,712
as
of
December
31,
2022.
(f)
For
the
period
end
December
31,
2022,
the
valuation
technique
for
certain
investments
classified
as
Preferred
Stock
used
recent
prior
transaction
prices
as
inputs
within
the
model
used
for
the
approximation
of
fair
value.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Government
Money
Market
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Bonds,
2.25%, 06/07/23
.................
USD
125
$
124,996
Federal
Farm
Credit
Bank
Discount
Notes,
4.20%, 03/16/23
(a)
................
295
292,380
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(b)
:
(SOFR
1
Day
+
0.03%),
4.33%
,
 01/12/23
..
945
944,998
(SOFR
1
Day
+
0.06%),
4.36%
,
 01/20/23
..
210
210,000
(SOFR
1
Day
+
0.04%),
4.34%
,
 03/10/23
..
560
560,016
(SOFR
1
Day
+
0.04%),
4.34%
,
 07/12/23
..
75
74,998
(SOFR
1
Day
+
0.05%),
4.35%
,
 07/20/23
..
825
825,000
(SOFR
1
Day
+
0.03%),
4.33%
,
 07/25/23
..
300
299,995
(SOFR
1
Day
+
0.05%),
4.35%
,
 08/22/23
..
580
580,000
(SOFR
1
Day
+
0.05%),
4.35%
,
 09/28/23
..
400
400,000
(SOFR
1
Day
+
0.05%),
4.34%
,
 10/16/23
..
640
640,000
(SOFR
1
Day
+
0.06%),
4.36%
,
 11/22/23
..
730
730,000
(SOFR
1
Day
+
0.06%),
4.35%
,
 01/10/24
..
35
35,000
(SOFR
1
Day
+
0.05%),
4.34%
,
 02/20/24
..
775
775,000
(SOFR
1
Day
+
0.05%),
4.35%
,
 05/09/24
..
470
470,000
(SOFR
1
Day
+
0.10%),
4.40%
,
 08/01/24
..
200
200,000
(SOFR
1
Day
+
0.09%),
4.39%
,
 08/26/24
..
800
800,000
Federal
Home
Loan
Bank
Bonds:
3.25%
,
 01/09/23
..................
955
954,996
3.41%
,
 02/10/23
..................
455
454,976
2.08%
,
 02/13/23
..................
725
725,000
3.38%
,
 09/01/23
..................
605
604,130
Federal
Home
Loan
Bank
Discount
Notes
(a)
:
4.17%
,
 03/08/23
..................
530
525,768
4.20%
,
 03/15/23
..................
695
688,757
Federal
Home
Loan
Bank
Variable
Rate
Notes
(b)
:
(SOFR
1
Day
+
0.01%),
4.31%
,
 01/04/23
..
2,300
2,300,000
(SOFR
1
Day
+
0.01%),
4.31%
,
 01/17/23
..
1,945
1,945,000
(SOFR
1
Day
+
0.01%),
4.31%
,
 01/25/23
..
3,135
3,135,000
(SOFR
1
Day
+
0.03%),
4.33%
,
 02/03/23
..
2,400
2,400,000
(SOFR
1
Day
+
0.04%),
4.34%
,
 02/13/23
..
1,525
1,525,000
(SOFR
1
Day
+
0.04%),
4.34%
,
 02/17/23
..
1,025
1,025,000
(SOFR
1
Day
+
0.02%),
4.31%
,
 03/02/23
..
1,685
1,685,000
(SOFR
1
Day
+
0.03%),
4.33%
,
 03/02/23
..
1,355
1,355,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(SOFR
1
Day
+
0.06%),
4.35%
,
 03/10/23
..
USD
635
$
635,000
(SOFR
1
Day
+
0.02%),
4.32%
,
 03/13/23
..
2,000
2,000,000
(SOFR
1
Day
+
0.01%),
4.31%
,
 03/23/23
..
1,200
1,200,000
(SOFR
1
Day
+
0.07%),
4.37%
,
 03/27/23
..
445
445,000
(SOFR
1
Day
+
0.07%),
4.37%
,
 03/28/23
..
160
160,000
(SOFR
1
Day
+
0.06%),
4.36%
,
 04/10/23
..
920
920,000
(SOFR
1
Day
+
0.06%),
4.36%
,
 04/18/23
..
2,090
2,090,000
(SOFR
1
Day
+
0.02%),
4.32%
,
 05/02/23
..
180
180,000
(SOFR
1
Day
+
0.09%),
4.39%
,
 05/23/23
..
610
610,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
37.8%
(Cost:
$35,526,010)
...............................
35,526,010
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(a)
:
2.44%, 01/12/23
..................
1,585
1,583,705
4.02%, 02/23/23
..................
1,215
1,209,579
4.02%, 03/16/23
..................
1,300
1,290,741
2.16%, 05/18/23
..................
390
386,883
U.S.
Treasury
Notes:
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.05%),
4.45%, 01/31/23
(b)
....
1,000
1,000,006
0.13%, 02/28/23
..................
1,950
1,944,202
2.63%, 02/28/23
..................
905
906,867
0.13%, 04/30/23
..................
120
119,218
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.03%),
4.43%, 07/31/23
(b)
....
800
800,014
Total
U.S.
Treasury
Obligations
—
9.8%
(Cost:
$9,241,215)
...............................
9,241,215
Total
Repurchase
Agreements
—
48.3%
(Cost:
$45,500,000)
...............................
45,500,000
Total
Investments
—
95.9%
(Cost:
$90,267,225
)
(c)
.............................
90,267,225
Other
Assets
Less
Liabilities
—
4.1%
....................
3,828,584
Net
Assets
—
100.0%
...............................
$
94,095,809
(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
77
Schedule
of
Investments
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4.30
%
12/30/22
01/03/23
$
9,000
$
9,000
$
9,004,300
U.S.
Government
Sponsored
Agency
Obligation,
2.99%,
due
07/18/34
.........
$
10,968,000
$
9,180,062
$
–
$
–
Barclays
Capital,
Inc.
.
4.47
(a)
12/30/22
02/07/23
1,000
1,000
1,004,842
U.S.
Government
Sponsored
Agency
Obligation,
5.00%,
due
12/20/52
.........
1,070,872
1,070,000
$
–
$
–
BNP
Paribas
SA
....
4.30
12/30/22
01/03/23
9,000
9,000
9,004,300
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
6.50%,
due
11/20/26
to
12/20/52
.........
53,826,079
9,180,010
$
–
$
–
JP
Morgan
Securities
LLC
...........
4.27
12/30/22
01/03/23
6,000
6,000
6,002,847
U.S.
Treasury
Obligations,
0.00%
to
2.75%,
due
02/23/23
to
08/15/42
.........
6,157,100
6,120,077
4.33
(a)
12/30/22
01/10/23
2,500
2,500
2,503,308
U.S.
Government
Sponsored
Agency
Obligations,
3.50%
to
4.00%,
due
02/15/42
to
11/20/49
.........
44,490,450
2,625,000
$
–
$
–
$
8,500
$
8,745,077
$
–
$
–
Mizuho
Securities
USA
LLC
...........
4.30
12/30/22
01/03/23
9,000
9,000
9,004,300
U.S.
Treasury
Obligations,
3.00%
to
6.00%,
due
02/15/26
to
05/15/42
.........
9,865,800
9,180,104
$
–
$
–
TD
Securities
USA
LLC
4.27
12/30/22
01/03/23
9,000
9,000
9,004,270
U.S.
Treasury
Obligations,
0.38%
to
3.00%,
due
01/15/23
to
08/15/29
.........
9,739,900
9,180,022
$
–
$
–
$
45,500
$
46,535,275
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
45,500,000
$
—
$
45,500,000
U.S.
Government
Sponsored
Agency
Obligati
ons
...................
—
35,526,010
—
35,526,010
U.S.
Treasury
Obligations
...................................
—
9,241,215
—
9,241,215
$
—
$
90,267,225
$
—
$
90,267,225
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The),
Class
A
(a)
.........
17
$
345
Chemicals
—
0.1%
Diversey
Holdings
Ltd.
(a)
..............
2,327
9,913
Element
Solutions,
Inc.
...............
922
16,771
26,684
Electrical
Equipment
—
0.1%
Ardagh
Metal
Packaging
SA
(Acquired
08/02/21,
cost
$25,124)
(a)(b)
..........
2,555
12,289
IT
Services
—
0.0%
(a)
Block,
Inc.,
Class
A
.................
58
3,645
Twilio,
Inc.,
Class
A
.................
29
1,420
5,065
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
1,656
1,739
Metals
&
Mining
—
0.1%
Constellium
SE,
Class
A
(a)
.............
1,837
21,732
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Cheniere
Energy,
Inc.
................
58
8,698
Chesapeake
Energy
Corp.
............
330
31,142
39,840
Road
&
Rail
—
0.0%
Uber
Technologies,
Inc.
(a)
.............
201
4,971
Software
—
0.1%
Informatica,
Inc.,
Class
A
(a)
............
702
11,436
Total
Common
Stocks
—
0.6%
(Cost:
$153,123)
................................
124,101
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
4.0%
Boeing
Co.
(The),
5.15%,
05/01/30
......
USD
105
102,442
Bombardier,
Inc.
(c)
7.50%,
03/15/25
.................
2
1,981
7.13%,
06/15/26
.................
99
96,051
7.88%,
04/15/27
.................
42
40,739
6.00%,
02/15/28
.................
35
32,365
BWX
Technologies,
Inc.
(c)
4.13%,
06/30/28
.................
10
8,987
4.13%,
04/15/29
.................
19
16,629
Huntington
Ingalls
Industries,
Inc.,
4.20%,
05/01/30
.....................
11
9,984
Spirit
AeroSystems,
Inc.
(c)
7.50%,
04/15/25
.................
2
1,976
9.38%,
11/30/29
.................
30
31,581
TransDigm,
Inc.
8.00%,
12/15/25
(c)
................
26
26,385
6.25%,
03/15/26
(c)
................
323
318,539
6.38%,
06/15/26
.................
5
4,865
7.50%,
03/15/27
.................
10
9,894
5.50%,
11/15/27
.................
17
15,964
4.63%,
01/15/29
.................
15
13,189
4.88%,
05/01/29
.................
25
21,806
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
...
35
35,613
788,990
Security
Par
(000)
Par
(000)
Value
Airlines
—
2.1%
Air
Canada,
3.88%,
08/15/26
(c)
.........
USD
41
$
36,315
Allegiant
Travel
Co.,
7.25%,
08/15/27
(c)
....
8
7,609
American
Airlines,
Inc.
(c)
11.75%,
07/15/25
................
68
72,937
5.50%,
04/20/26
.................
14
13,688
5.75%,
04/20/29
.................
64
58,271
Delta
Air
Lines,
Inc.
(c)
7.00%,
05/01/25
.................
13
13,285
4.75%,
10/20/28
.................
5
4,657
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(c)
...............
21
19,005
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
65
64,428
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(c)
................
14
14,437
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
4
3,625
Series
2020-1,
Class
A,
5.88%,
10/15/27
36
35,847
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
.................
35
32,443
4.63%,
04/15/29
.................
42
36,569
413,116
Auto
Components
—
1.7%
Clarios
Global
LP
(c)
6.75%,
05/15/25
.................
20
20,046
6.25%,
05/15/26
.................
57
55,718
8.50%,
05/15/27
.................
164
160,145
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
......
8
7,039
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
17
17,467
5.00%,
07/15/29
.................
9
7,507
5.63%,
04/30/33
.................
2
1,633
Icahn
Enterprises
LP
4.75%,
09/15/24
.................
13
12,464
6.25%,
05/15/26
.................
7
6,726
5.25%,
05/15/27
.................
40
36,624
4.38%,
02/01/29
.................
21
17,759
343,128
Automobiles
—
0.5%
Ford
Motor
Co.
4.35%,
12/08/26
.................
5
4,742
3.25%,
02/12/32
.................
46
34,497
6.10%,
08/19/32
.................
13
12,004
General
Motors
Co.,
5.40%,
10/15/29
....
42
40,080
91,323
Banks
—
0.3%
Banco
Espirito
Santo
SA,
4.75%,
01/15/18
(a)(d)(e)
EUR
100
12,845
Bank
of
America
Corp.,
(SOFR
1
Day
+
1.99%),
6.20%,
11/10/28
(f)
...............
USD
25
25,812
JPMorgan
Chase
&
Co.,
(SOFR
1
Day
+
2.58%),
5.72%,
09/14/33
(f)
..........
13
12,689
51,346
Building
Products
—
1.1%
(c)
Advanced
Drainage
Systems,
Inc.
5.00%,
09/30/27
.................
20
18,650
6.38%,
06/15/30
.................
31
30,121
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
.....................
14
12,847
JELD-WEN,
Inc.,
6.25%,
05/15/25
......
13
12,160
Masonite
International
Corp.
5.38%,
02/01/28
.................
8
7,397
3.50%,
02/15/30
.................
17
13,752
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%,
07/15/28
.................
7
6,216
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
9.75%,
07/15/28
.................
USD
7
$
6,467
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
.....................
55
49,209
Standard
Industries,
Inc.
5.00%,
02/15/27
.................
2
1,845
4.75%,
01/15/28
.................
2
1,800
4.38%,
07/15/30
.................
45
36,672
3.38%,
01/15/31
.................
19
14,297
Summit
Materials
LLC,
5.25%,
01/15/29
...
16
14,896
226,329
Capital
Markets
—
0.9%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
....................
10
10,050
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(c)
9
7,427
Blackstone
Holdings
Finance
Co.
LLC,
5.90%,
11/03/27
(c)
....................
39
39,292
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
(c)
................
5
4,960
3.25%,
03/15/27
.................
5
4,210
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
...............
19
16,260
MSCI,
Inc.
(c)
3.63%,
09/01/30
.................
14
11,637
3.63%,
11/01/31
.................
11
9,097
3.25%,
08/15/33
.................
14
10,812
Northern
Trust
Corp.,
6.13%,
11/02/32
....
14
14,762
Owl
Rock
Capital
Corp.
3.75%,
07/22/25
.................
5
4,619
3.40%,
07/15/26
.................
4
3,493
OWL
Rock
Core
Income
Corp.
5.50%,
03/21/25
.................
11
10,664
3.13%,
09/23/26
.................
3
2,553
7.75%,
09/16/27
(c)
................
21
20,932
170,768
Chemicals
—
2.3%
Ashland
LLC,
3.38%,
09/01/31
(c)
........
23
18,383
Avient
Corp.,
7.13%,
08/01/30
(c)
........
11
10,753
Celanese
US
Holdings
LLC,
6.17%,
07/15/27
15
14,795
Chemours
Co.
(The),
5.75%,
11/15/28
(c)
...
10
8,982
Diamond
BC
BV,
4.63%,
10/01/29
(c)
......
49
39,322
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
.
148
125,800
Gates
Global
LLC,
6.25%,
01/15/26
(c)
.....
32
30,880
HB
Fuller
Co.,
4.25%,
10/15/28
........
10
8,850
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
...
24
20,093
Ingevity
Corp.,
3.88%,
11/01/28
(c)
.......
9
7,739
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)(f)
20
14,000
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
..
9
7,435
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
20
17,812
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
.
4
3,870
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
8
6,112
4.38%,
02/01/32
.................
3
2,261
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
....................
43
35,260
WR
Grace
Holdings
LLC
(c)
4.88%,
06/15/27
.................
15
13,292
5.63%,
08/15/29
.................
81
65,389
451,028
Commercial
Services
&
Supplies
—
3.3%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
.................
2
1,701
4.88%,
07/15/32
.................
2
1,700
Allied
Universal
Holdco
LLC
(c)
9.75%,
07/15/27
.................
124
107,880
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
4.63%,
06/01/28
.................
USD
200
$
165,186
APi
Group
DE,
Inc.
(c)
4.13%,
07/15/29
.................
14
11,603
4.75%,
10/15/29
.................
8
6,935
APX
Group,
Inc.
(c)
6.75%,
02/15/27
.................
20
19,251
5.75%,
07/15/29
.................
22
18,220
Aramark
Services,
Inc.
(c)
5.00%,
04/01/25
.................
2
1,952
6.38%,
05/01/25
.................
17
16,791
5.00%,
02/01/28
.................
26
24,256
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
.....
4
3,927
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
.................
2
1,895
5.13%,
07/15/29
.................
11
10,202
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
................
12
9,831
5.00%,
09/01/30
.................
9
7,268
Garda
World
Security
Corp.,
4.63%,
02/15/27
(c)
14
12,362
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
.................
8
7,642
3.75%,
08/01/25
.................
6
5,670
5.13%,
12/15/26
.................
23
21,995
4.00%,
08/01/28
.................
38
32,490
3.50%,
09/01/28
.................
3
2,637
4.75%,
06/15/29
.................
23
20,131
4.38%,
08/15/29
.................
13
11,017
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(c)
....................
9
8,010
Madison
IAQ
LLC,
5.88%,
06/30/29
(c)
.....
22
15,079
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
.
14
13,195
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
.................
7
6,737
6.25%,
01/15/28
.................
29
26,395
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
.......
13
11,342
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
...
49
43,272
646,572
Communications
Equipment
—
0.8%
Ciena
Corp.,
4.00%,
01/31/30
(c)
........
8
7,041
CommScope
Technologies
LLC,
6.00%,
06/15/25
(c)
....................
42
38,220
CommScope,
Inc.
(c)
6.00%,
03/01/26
.................
8
7,383
8.25%,
03/01/27
.................
7
5,425
7.13%,
07/01/28
.................
9
6,434
4.75%,
09/01/29
.................
30
24,186
Nokia
OYJ,
6.63%,
05/15/39
..........
8
7,593
Viasat,
Inc.
(c)
5.63%,
09/15/25
.................
19
17,628
6.50%,
07/15/28
.................
18
13,504
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(c)
...
26
21,852
149,266
Construction
&
Engineering
—
0.2%
(c)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
28
24,281
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
11
9,575
MasTec,
Inc.,
4.50%,
08/15/28
.........
15
13,435
47,291
Consumer
Finance
—
1.9%
American
Express
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(f)(g)
..............
60
49,290
Discover
Financial
Services,
6.70%,
11/29/32
5
5,082
Ford
Motor
Credit
Co.
LLC,
4.39%,
01/08/26
200
186,292
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Global
Aircraft
Leasing
Co.
Ltd.
(c)(h)
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
....................
USD
21
$
17,222
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(f)
................
15
12,331
Navient
Corp.
7.25%,
09/25/23
.................
4
3,997
6.13%,
03/25/24
.................
6
5,878
5.88%,
10/25/24
.................
2
1,935
5.50%,
03/15/29
.................
11
8,976
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
10
9,607
7.13%,
03/15/26
.................
14
13,312
3.50%,
01/15/27
.................
7
5,796
6.63%,
01/15/28
.................
18
16,575
5.38%,
11/15/29
.................
11
8,997
4.00%,
09/15/30
.................
8
5,969
SLM
Corp.,
3.13%,
11/02/26
..........
14
11,906
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(c)
12
9,622
372,787
Containers
&
Packaging
—
2.6%
Ardagh
Metal
Packaging
Finance
USA
LLC,
4.00%,
09/01/29
(c)
...............
200
158,506
Ball
Corp.
2.88%,
08/15/30
.................
3
2,394
3.13%,
09/15/31
.................
22
17,669
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
.................
51
48,489
8.75%,
04/15/30
.................
29
24,823
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
4
4,118
Graphic
Packaging
International
LLC,
4.75%,
07/15/27
(c)
....................
9
8,471
LABL,
Inc.,
5.88%,
11/01/28
(c)
.........
20
17,425
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
...............
21
20,419
Sealed
Air
Corp.,
4.00%,
12/01/27
(c)
.....
24
21,771
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
....
5
4,626
Trivium
Packaging
Finance
BV,
8.50%,
08/15/27
(c)(i)
...................
200
183,505
512,216
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.00%,
01/15/28
.................
13
11,598
3.88%,
11/15/29
.................
4
3,270
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
11
9,865
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
5
4,043
28,776
Diversified
Consumer
Services
—
0.2%
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
..
3
2,948
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(c)
..
11
9,234
Service
Corp.
International
5.13%,
06/01/29
.................
2
1,875
4.00%,
05/15/31
.................
20
16,845
30,902
Diversified
Financial
Services
—
1.3%
(c)
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
.....................
16
12,482
Sabre
GLBL,
Inc.
9.25%,
04/15/25
.................
14
13,946
7.38%,
09/01/25
.................
21
20,182
11.25%,
12/15/27
................
7
7,208
Shift4
Payments
LLC,
4.63%,
11/01/26
....
51
48,184
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
(continued)
Verscend
Escrow
Corp.,
9.75%,
08/15/26
..
USD
165
$
161,652
263,654
Diversified
Telecommunication
Services
—
5.9%
Altice
France
Holding
SA,
10.50%,
05/15/27
(c)
200
152,500
CCO
Holdings
LLC
5.38%,
06/01/29
(c)
................
22
19,894
6.38%,
09/01/29
(c)
................
51
47,927
4.75%,
03/01/30
(c)
................
26
22,423
4.50%,
08/15/30
(c)
................
12
9,914
4.25%,
02/01/31
(c)
................
73
58,554
4.75%,
02/01/32
(c)
................
54
43,778
4.50%,
05/01/32
.................
19
15,124
4.50%,
06/01/33
(c)
................
28
21,482
4.25%,
01/15/34
(c)
................
55
40,593
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
....................
27
20,981
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
.................
28
26,000
5.00%,
05/01/28
.................
44
38,369
6.75%,
05/01/29
.................
28
23,163
6.00%,
01/15/30
.................
18
14,140
8.75%,
05/15/30
.................
22
22,369
Level
3
Financing,
Inc.
(c)
3.40%,
03/01/27
.................
28
23,660
4.63%,
09/15/27
.................
9
7,492
4.25%,
07/01/28
.................
21
16,542
3.63%,
01/15/29
.................
11
8,055
3.75%,
07/15/29
.................
41
29,494
3.88%,
11/15/29
.................
2
1,578
Lumen
Technologies,
Inc.
(c)
4.00%,
02/15/27
.................
64
54,237
4.50%,
01/15/29
.................
27
18,636
5.38%,
06/15/29
.................
5
3,599
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
64
65,909
8.75%,
03/15/32
.................
92
109,489
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
14
11,453
6.00%,
09/30/34
.................
29
21,915
7.20%,
07/18/36
.................
6
4,872
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
.................
145
107,093
6.13%,
03/01/28
.................
172
97,537
1,158,772
Electric
Utilities
—
0.8%
Edison
International
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(f)(g)
....................
15
12,539
6.95%,
11/15/29
.................
10
10,443
FirstEnergy
Corp.
2.65%,
03/01/30
.................
9
7,338
Series
B,
2.25%,
09/01/30
..........
2
1,587
Series
C,
3.40%,
03/01/50
..........
57
37,609
FirstEnergy
Transmission
LLC
(c)
5.45%,
07/15/44
.................
35
32,558
4.55%,
04/01/49
.................
15
12,137
NRG
Energy,
Inc.
5.75%,
01/15/28
.................
4
3,755
5.25%,
06/15/29
(c)
................
3
2,648
3.63%,
02/15/31
(c)
................
12
9,122
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
....................
22
19,726
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Vistra
Operations
Co.
LLC
(c)
5.50%,
09/01/26
.................
USD
2
$
1,927
5.00%,
07/31/27
.................
2
1,856
4.38%,
05/01/29
.................
4
3,447
156,692
Electrical
Equipment
—
0.3%
(c)
Sensata
Technologies
BV,
5.63%,
11/01/24
.
9
8,913
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
70
59,500
68,413
Electronic
Equipment,
Instruments
&
Components
—
0.6%
CDW
LLC
3.28%,
12/01/28
.................
9
7,706
3.25%,
02/15/29
.................
18
15,330
Coherent
Corp.,
5.00%,
12/15/29
(c)
......
49
42,259
Sensata
Technologies,
Inc.
(c)
4.38%,
02/15/30
.................
62
53,971
3.75%,
02/15/31
.................
8
6,581
125,847
Energy
Equipment
&
Services
—
1.3%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
.................
18
17,184
6.25%,
04/01/28
.................
42
38,430
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
........
16
15,956
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
.................
12
11,309
7.50%,
01/15/28
.................
18
16,468
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
28
26,701
7.38%,
05/15/27
(c)
................
28
27,124
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
.
2
1,862
Tervita
Corp.,
11.00%,
12/01/25
(c)
.......
7
7,525
Transocean,
Inc.,
11.50%,
01/30/27
(c)
.....
11
11,028
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
35
33,575
6.88%,
09/01/27
.................
20
18,700
Weatherford
International
Ltd.
(c)
11.00%,
12/01/24
................
2
2,040
6.50%,
09/15/28
.................
16
15,685
8.63%,
04/30/30
.................
21
20,166
263,753
Entertainment
—
1.3%
(c)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
.....................
50
28,990
Live
Nation
Entertainment,
Inc.
4.88%,
11/01/24
.................
3
2,905
6.50%,
05/15/27
.................
73
71,434
4.75%,
10/15/27
.................
40
35,613
3.75%,
01/15/28
.................
13
11,077
Warnermedia
Holdings,
Inc.
5.14%,
03/15/52
.................
84
61,065
5.39%,
03/15/62
.................
44
32,120
WMG
Acquisition
Corp.,
3.88%,
07/15/30
..
14
12,059
255,263
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
American
Tower
Corp.
2.90%,
01/15/30
.................
7
5,928
2.70%,
04/15/31
.................
6
4,884
4.05%,
03/15/32
.................
21
18,728
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
....................
14
11,701
Crown
Castle,
Inc.,
4.30%,
02/15/29
.....
10
9,443
Digital
Realty
Trust
LP,
5.55%,
01/15/28
...
5
5,033
Equinix,
Inc.,
3.90%,
04/15/32
.........
34
30,207
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
..
USD
11
$
9,096
GLP
Capital
LP,
3.25%,
01/15/32
.......
31
24,781
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(c)
...
16
13,901
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
......
15
12,461
Iron
Mountain,
Inc.
(c)
5.00%,
07/15/28
.................
2
1,796
5.25%,
07/15/30
.................
10
8,690
5.63%,
07/15/32
.................
4
3,467
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
43
32,791
3.50%,
03/15/31
.................
92
63,065
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
.
33
29,865
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
.................
11
9,797
4.00%,
09/15/29
.................
8
6,485
SBA
Communications
Corp.
3.88%,
02/15/27
.................
25
22,588
3.13%,
02/01/29
.................
43
35,754
Uniti
Group
LP,
4.75%,
04/15/28
(c)
.......
4
3,200
VICI
Properties
LP
5.63%,
05/01/24
(c)
................
4
3,961
3.50%,
02/15/25
(c)
................
9
8,485
4.63%,
06/15/25
(c)
................
2
1,918
4.50%,
09/01/26
(c)
................
2
1,882
4.25%,
12/01/26
(c)
................
7
6,530
4.50%,
01/15/28
(c)
................
7
6,424
3.88%,
02/15/29
(c)
................
3
2,629
4.63%,
12/01/29
(c)
................
28
25,480
4.13%,
08/15/30
(c)
................
25
21,879
5.13%,
05/15/32
.................
44
40,742
483,591
Food
&
Staples
Retailing
—
0.7%
(c)
Albertsons
Cos.,
Inc.
3.25%,
03/15/26
.................
18
16,417
5.88%,
02/15/28
.................
27
25,668
4.88%,
02/15/30
.................
15
13,387
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
.....................
38
32,932
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
6
5,765
US
Foods,
Inc.
6.25%,
04/15/25
.................
23
22,759
4.75%,
02/15/29
.................
27
23,974
4.63%,
06/01/30
.................
3
2,642
143,544
Food
Products
—
1.5%
Chobani
LLC
(c)
7.50%,
04/15/25
.................
89
86,664
4.63%,
11/15/28
.................
53
46,142
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(c)
.
39
38,123
JBS
USA
LUX
SA,
3.75%,
12/01/31
(c)
.....
26
21,239
Kraft
Heinz
Foods
Co.
4.88%,
10/01/49
.................
16
13,889
5.50%,
06/01/50
.................
23
21,981
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
.................
8
7,580
4.13%,
01/31/30
.................
24
21,197
4.38%,
01/31/32
.................
18
15,726
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(c)
...
14
10,955
Post
Holdings,
Inc.,
4.63%,
04/15/30
(c)
....
4
3,451
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
...
15
12,211
299,158
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
....................
USD
8
$
6,800
Health
Care
Equipment
&
Supplies
—
0.9%
Avantor
Funding,
Inc.
(c)
4.63%,
07/15/28
.................
26
23,625
3.88%,
11/01/29
.................
31
26,032
Embecta
Corp.,
6.75%,
02/15/30
(c)
......
6
5,415
Garden
Spinco
Corp.,
8.63%,
07/20/30
(c)
...
13
13,780
Medline
Borrower
LP
(c)
3.88%,
04/01/29
.................
19
15,313
5.25%,
10/01/29
.................
79
62,748
Teleflex,
Inc.
4.63%,
11/15/27
.................
2
1,906
4.25%,
06/01/28
(c)
................
33
30,124
178,943
Health
Care
Providers
&
Services
—
3.1%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
.................
5
4,743
5.00%,
04/15/29
.................
6
5,518
AdaptHealth
LLC
(c)
6.13%,
08/01/28
.................
6
5,500
5.13%,
03/01/30
.................
2
1,703
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
28
21,875
Cano
Health
LLC,
6.25%,
10/01/28
(c)
.....
8
4,840
Centene
Corp.
2.45%,
07/15/28
.................
26
21,945
3.00%,
10/15/30
.................
102
83,614
2.50%,
03/01/31
.................
84
65,728
2.63%,
08/01/31
.................
21
16,502
Community
Health
Systems,
Inc.
(c)
5.63%,
03/15/27
.................
22
18,864
6.00%,
01/15/29
.................
38
31,786
5.25%,
05/15/30
.................
21
15,835
4.75%,
02/15/31
.................
4
2,904
Encompass
Health
Corp.
4.50%,
02/01/28
.................
5
4,542
4.75%,
02/01/30
.................
39
34,247
4.63%,
04/01/31
.................
17
14,612
HCA,
Inc.,
4.63%,
03/15/52
(c)
..........
20
15,566
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
.....
32
27,965
Legacy
LifePoint
Health
LLC
(c)
6.75%,
04/15/25
.................
16
15,057
4.38%,
02/15/27
.................
5
4,229
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
.................
15
13,689
3.88%,
11/15/30
.................
7
5,932
3.88%,
05/15/32
.................
3
2,491
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
.
15
13,121
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
.................
22
21,276
10.00%,
04/15/27
................
22
22,385
Tenet
Healthcare
Corp.
(c)
4.63%,
09/01/24
.................
13
12,626
4.88%,
01/01/26
.................
38
35,934
6.25%,
02/01/27
.................
7
6,724
5.13%,
11/01/27
.................
16
14,884
4.63%,
06/15/28
.................
7
6,263
6.13%,
10/01/28
.................
17
15,220
4.25%,
06/01/29
.................
3
2,599
6.13%,
06/15/30
.................
27
25,726
616,445
Hotels,
Restaurants
&
Leisure
—
5.9%
1011778
BC
ULC
(c)
3.88%,
01/15/28
.................
5
4,473
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
4.38%,
01/15/28
.................
USD
26
$
23,281
4.00%,
10/15/30
.................
19
15,386
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
14
13,039
4.75%,
06/15/31
(c)
................
27
23,490
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
.....
16
14,161
Caesars
Entertainment,
Inc.
(c)
6.25%,
07/01/25
.................
61
59,272
8.13%,
07/01/27
.................
66
64,848
4.63%,
10/15/29
.................
59
48,015
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
....................
16
15,662
Carnival
Corp.
(c)
7.63%,
03/01/26
.................
10
7,926
5.75%,
03/01/27
.................
53
37,844
9.88%,
08/01/27
.................
21
19,845
4.00%,
08/01/28
.................
59
48,109
6.00%,
05/01/29
.................
39
25,989
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
....................
80
82,129
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
.....
15
14,135
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(c)
.
33
29,582
Cedar
Fair
LP
5.50%,
05/01/25
(c)
................
19
18,793
6.50%,
10/01/28
.................
5
4,838
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
.................
33
31,269
4.75%,
01/15/28
.................
18
16,108
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
.................
48
40,619
6.75%,
01/15/30
.................
2
1,613
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(c)
................
12
11,878
5.75%,
05/01/28
(c)
................
8
7,760
3.75%,
05/01/29
(c)
................
9
7,785
4.88%,
01/15/30
.................
19
17,218
4.00%,
05/01/31
(c)
................
3
2,510
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
4
3,807
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
....
16
15,960
Life
Time,
Inc.
(c)
5.75%,
01/15/26
.................
22
20,471
8.00%,
04/15/26
.................
17
15,257
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
23
20,865
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
17
12,685
MGM
Resorts
International,
6.00%,
03/15/23
10
9,965
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
....................
18
15,316
NCL
Corp.
Ltd.
(c)
5.88%,
03/15/26
.................
23
18,066
7.75%,
02/15/29
.................
5
3,763
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.....
11
8,120
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
.................
10
7,374
5.88%,
09/01/31
.................
10
7,074
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
.
15
13,326
Royal
Caribbean
Cruises
Ltd.
(c)
11.50%,
06/01/25
................
12
12,870
4.25%,
07/01/26
.................
6
4,850
5.50%,
08/31/26
.................
8
6,730
5.38%,
07/15/27
.................
12
9,717
11.63%,
08/15/27
................
13
13,055
5.50%,
04/01/28
.................
12
9,577
8.25%,
01/15/29
.................
13
13,063
9.25%,
01/15/29
.................
24
24,662
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Scientific
Games
International,
Inc.
(c)
8.63%,
07/01/25
.................
USD
18
$
18,363
7.00%,
05/15/28
.................
13
12,401
7.25%,
11/15/29
.................
14
13,440
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
13
13,089
Station
Casinos
LLC
(c)
4.50%,
02/15/28
.................
16
13,910
4.63%,
12/01/31
.................
21
16,846
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
.....
14
14,000
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
....................
5
4,025
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
....................
16
14,355
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
..
28
25,269
Wynn
Resorts
Finance
LLC
(c)
7.75%,
04/15/25
.................
17
16,906
5.13%,
10/01/29
.................
38
32,571
Yum!
Brands,
Inc.
5.38%,
04/01/32
.................
5
4,631
5.35%,
11/01/43
.................
2
1,645
1,175,601
Household
Durables
—
0.8%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
.................
7
6,159
4.63%,
08/01/29
.................
8
6,405
4.63%,
04/01/30
.................
8
6,421
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
.................
17
13,283
4.88%,
02/15/30
.................
15
11,695
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
13
11,156
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
....................
13
11,689
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
....................
20
19,200
KB
Home,
7.25%,
07/15/30
...........
5
4,858
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
.................
14
12,416
4.63%,
03/01/30
.................
11
8,915
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
4
3,761
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
26
15,066
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
.................
7
6,721
5.13%,
08/01/30
.................
5
4,331
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
.................
12
10,082
3.88%,
10/15/31
.................
9
7,065
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
..
5
4,529
163,752
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
18
14,786
4.13%,
04/30/31
(c)
................
16
13,245
Spectrum
Brands,
Inc.
(c)
5.00%,
10/01/29
.................
9
7,789
5.50%,
07/15/30
.................
3
2,647
38,467
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Calpine
Corp.
(c)
5.13%,
03/15/28
.................
34
30,338
5.00%,
02/01/31
.................
5
4,195
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
.................
15
13,844
3.75%,
01/15/32
.................
22
17,684
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
TransAlta
Corp.,
7.75%,
11/15/29
.......
USD
7
$
7,149
73,210
Insurance
—
3.2%
(c)
Acrisure
LLC,
6.00%,
08/01/29
.........
19
15,527
Alliant
Holdings
Intermediate
LLC
4.25%,
10/15/27
.................
103
92,250
6.75%,
10/15/27
.................
124
111,459
5.88%,
11/01/29
.................
119
97,865
AmWINS
Group,
Inc.,
4.88%,
06/30/29
....
22
18,659
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
..
22
21,073
HUB
International
Ltd.
7.00%,
05/01/26
.................
62
60,698
5.63%,
12/01/29
.................
3
2,620
Jones
Deslauriers
Insurance
Management,
Inc.,
10.50%,
12/15/30
............
17
16,743
NFP
Corp.
4.88%,
08/15/28
.................
82
69,806
6.88%,
08/15/28
.................
142
117,048
7.50%,
10/01/30
.................
8
7,523
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
10
8,659
639,930
Internet
&
Direct
Marketing
Retail
—
0.3%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
......
22
16,326
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
.................
5
4,732
3.50%,
03/01/29
.................
16
13,395
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
.................
15
13,372
4.13%,
08/01/30
.................
16
13,062
3.63%,
10/01/31
.................
9
6,902
67,789
IT
Services
—
1.9%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(c)
.
14
11,252
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
....
9
7,039
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
(c)
35
30,363
Block,
Inc.,
3.50%,
06/01/31
..........
118
94,155
Booz
Allen
Hamilton,
Inc.
(c)
3.88%,
09/01/28
.................
13
11,517
4.00%,
07/01/29
.................
19
16,723
Gartner,
Inc.
(c)
4.50%,
07/01/28
.................
13
12,120
3.63%,
06/15/29
.................
6
5,272
3.75%,
10/01/30
.................
6
5,172
Global
Payments,
Inc.
4.95%,
08/15/27
.................
10
9,700
3.20%,
08/15/29
.................
35
29,752
2.90%,
05/15/30
.................
39
31,955
5.40%,
08/15/32
.................
8
7,619
Northwest
Fiber
LLC
(c)
4.75%,
04/30/27
.................
20
17,597
6.00%,
02/15/28
.................
41
31,746
10.75%,
06/01/28
................
9
8,369
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(c)
.
15
15,026
Twilio,
Inc.,
3.88%,
03/15/31
..........
30
23,801
369,178
Leisure
Products
—
0.2%
Mattel,
Inc.
3.75%,
04/01/29
(c)
................
7
6,148
6.20%,
10/01/40
.................
14
12,084
5.45%,
11/01/41
.................
26
21,164
39,396
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
—
0.1%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
.................
USD
10
$
9,210
3.75%,
03/15/29
.................
3
2,653
4.00%,
03/15/31
.................
7
6,055
Syneos
Health,
Inc.,
3.63%,
01/15/29
....
9
7,167
25,085
Machinery
—
2.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
.
15
14,230
ATS
Corp.,
4.13%,
12/15/28
(c)
.........
9
7,765
Chart
Industries,
Inc.
(c)
7.50%,
01/01/30
.................
37
37,196
9.50%,
01/01/31
.................
6
6,153
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
16
15,520
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
..
11
9,033
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(h)
........
31
27,435
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
8
7,030
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
.....
9
4,770
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
....................
10
8,647
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
20
20,050
Terex
Corp.,
5.00%,
05/15/29
(c)
........
29
26,064
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
...
42
37,825
Titan
International,
Inc.,
7.00%,
04/30/28
..
7
6,609
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
200
177,508
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
.
17
14,477
420,312
Marine
—
0.1%
Seaspan
Corp.,
5.50%,
08/01/29
(c)
......
26
19,703
Media
—
5.5%
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
12
9,120
4.25%,
02/15/29
.................
10
6,231
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
12
10,470
Cable
One,
Inc.
0.00%,
03/15/26
(j)(k)
...............
5
3,927
1.13%,
03/15/28
(j)
................
17
12,631
4.00%,
11/15/30
(c)
................
25
19,618
Charter
Communications
Operating
LLC
4.40%,
04/01/33
.................
18
15,402
5.25%,
04/01/53
.................
16
12,350
5.50%,
04/01/63
.................
16
12,200
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
.................
102
88,383
7.75%,
04/15/28
.................
76
55,481
7.50%,
06/01/29
.................
97
71,224
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
....
30
22,581
CSC
Holdings
LLC
5.25%,
06/01/24
.................
26
24,206
6.50%,
02/01/29
(c)
................
200
163,500
Directv
Financing
LLC,
5.88%,
08/15/27
(c)
..
35
31,313
DISH
DBS
Corp.
5.25%,
12/01/26
(c)
................
80
67,387
5.75%,
12/01/28
(c)
................
35
27,934
5.13%,
06/01/29
.................
31
19,999
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
..
28
28,837
GCI
LLC,
4.75%,
10/15/28
(c)
..........
12
10,081
Lamar
Media
Corp.,
3.75%,
02/15/28
.....
2
1,790
Liberty
Broadband
Corp.
(c)(j)
1.25%,
09/30/50
.................
33
31,845
2.75%,
09/30/50
.................
66
64,281
Midcontinent
Communications,
5.38%,
08/15/27
(c)
....................
16
14,486
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
.................
USD
29
$
26,107
4.25%,
01/15/29
.................
16
13,276
4.63%,
03/15/30
.................
7
5,791
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
.................
29
21,306
6.50%,
09/15/28
.................
63
26,398
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
....................
40
29,987
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
.................
24
21,310
5.00%,
08/01/27
.................
26
24,033
4.00%,
07/15/28
.................
12
10,444
4.13%,
07/01/30
.................
9
7,427
3.88%,
09/01/31
.................
22
17,164
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
...
8
6,597
Univision
Communications,
Inc.
(c)
5.13%,
02/15/25
.................
11
10,476
6.63%,
06/01/27
.................
9
8,683
7.38%,
06/30/30
.................
15
14,336
Videotron
Ltd.,
3.63%,
06/15/29
(c)
.......
13
10,953
1,079,565
Metals
&
Mining
—
3.6%
Arconic
Corp.
(c)
6.00%,
05/15/25
.................
15
14,746
6.13%,
02/15/28
.................
45
42,222
ATI,
Inc.
5.88%,
12/01/27
.................
2
1,912
4.88%,
10/01/29
.................
8
7,070
5.13%,
10/01/31
.................
16
14,090
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
...
113
107,658
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
4
3,804
7.63%,
03/15/30
.................
21
21,050
Commercial
Metals
Co.
4.13%,
01/15/30
.................
5
4,424
4.38%,
03/15/32
.................
6
5,220
Constellium
SE,
5.88%,
02/15/26
(c)
......
250
240,817
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
....
14
11,279
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
.................
31
27,052
4.50%,
06/01/31
.................
31
24,916
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
......
39
34,225
Novelis
Corp.
(c)
3.25%,
11/15/26
.................
50
44,826
4.75%,
01/30/30
.................
66
58,513
3.88%,
08/15/31
.................
54
44,085
707,909
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
(c)
....................
6
5,250
Multiline
Retail
—
0.1%
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(c)
..
26
24,369
Oil,
Gas
&
Consumable
Fuels
—
12.9%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
...
46
45,630
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
.................
16
15,126
5.38%,
06/15/29
.................
17
15,542
Antero
Resources
Corp.,
7.63%,
02/01/29
(c)
.
6
6,033
Apache
Corp.
4.25%,
01/15/30
.................
15
13,273
5.10%,
09/01/40
.................
14
11,602
5.35%,
07/01/49
.................
11
8,887
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Ascent
Resources
Utica
Holdings
LLC
(c)
9.00%,
11/01/27
.................
USD
56
$
68,880
5.88%,
06/30/29
.................
46
41,015
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
................
3
2,857
5.85%,
11/15/43
.................
14
10,431
5.60%,
10/15/44
.................
8
5,842
Callon
Petroleum
Co.
6.38%,
07/01/26
.................
7
6,524
7.50%,
06/15/30
(c)
................
60
54,900
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
67
60,248
4.00%,
03/01/31
.................
58
49,379
3.25%,
01/31/32
.................
44
34,967
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
...
4
3,615
Chesapeake
Energy
Corp.
(c)
5.88%,
02/01/29
.................
1
947
6.75%,
04/15/29
.................
40
38,944
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
.................
25
24,384
6.38%,
06/15/26
.................
20
19,278
Civitas
Resources,
Inc.,
5.00%,
10/15/26
(c)
.
7
6,400
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
8
6,565
CNX
Resources
Corp.
(c)
6.00%,
01/15/29
.................
7
6,441
7.38%,
01/15/31
.................
14
13,419
Colgate
Energy
Partners
III
LLC
(c)
7.75%,
02/15/26
.................
37
35,892
5.88%,
07/01/29
.................
27
23,189
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
.................
39
35,197
5.88%,
01/15/30
.................
55
47,284
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(c)
....................
39
36,751
Crestwood
Midstream
Partners
LP
(c)
5.63%,
05/01/27
.................
12
11,160
6.00%,
02/01/29
.................
6
5,505
8.00%,
04/01/29
.................
5
4,975
CrownRock
LP,
5.63%,
10/15/25
(c)
.......
58
55,970
DCP
Midstream
Operating
LP
5.63%,
07/15/27
.................
4
3,968
6.45%,
11/03/36
(c)
................
13
12,739
6.75%,
09/15/37
(c)
................
20
20,160
Diamondback
Energy,
Inc.
6.25%,
03/15/33
.................
38
38,569
4.25%,
03/15/52
.................
15
10,975
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
.................
31
26,632
4.38%,
06/15/31
.................
20
16,778
Earthstone
Energy
Holdings
LLC,
8.00%,
04/15/27
(c)
....................
22
21,046
El
Paso
Natural
Gas
Co.
LLC,
3.50%,
02/15/32
(c)
....................
9
7,546
Energy
Transfer
LP
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(f)(g)
....................
53
45,580
5.55%,
02/15/28
.................
10
9,919
3.75%,
05/15/30
.................
56
49,375
5.75%,
02/15/33
.................
15
14,675
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
................
28
26,670
5.38%,
06/01/29
.................
23
21,282
6.50%,
09/01/30
(c)
................
16
15,835
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
EnLink
Midstream
Partners
LP
4.85%,
07/15/26
.................
USD
2
$
1,880
5.60%,
04/01/44
.................
22
18,145
5.05%,
04/01/45
.................
2
1,516
5.45%,
06/01/47
.................
2
1,606
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(c)
................
9
8,685
4.13%,
12/01/26
.................
5
4,447
6.50%,
07/01/27
(c)
................
30
28,673
4.50%,
01/15/29
(c)
................
3
2,520
7.50%,
06/01/30
(c)
................
6
5,781
4.75%,
01/15/31
(c)
................
22
17,985
Genesis
Energy
LP
6.50%,
10/01/25
.................
6
5,734
7.75%,
02/01/28
.................
14
12,887
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(c)
..
3
2,438
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
.
5
4,772
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
....................
20
17,098
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
.................
7
6,335
5.75%,
02/01/29
.................
10
8,901
6.00%,
04/15/30
.................
1
889
6.25%,
04/15/32
.................
1
863
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
.....
27
22,738
Kinder
Morgan,
Inc.,
4.80%,
02/01/33
....
24
22,251
Kinetik
Holdings
LP,
5.88%,
06/15/30
(c)
....
50
46,889
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
....................
2
1,920
Matador
Resources
Co.,
5.88%,
09/15/26
..
16
15,383
MPLX
LP,
4.95%,
03/14/52
...........
28
22,872
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
3
2,948
5.88%,
12/01/27
.................
4
3,849
6.13%,
12/01/42
(i)
................
3
2,340
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
.................
89
84,176
6.50%,
09/30/26
.................
83
77,082
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(c)
11
9,794
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
....
25
26,013
Northern
Oil
&
Gas,
Inc.,
8.13%,
03/01/28
(c)
.
84
80,656
NuStar
Logistics
LP
5.75%,
10/01/25
.................
12
11,536
6.00%,
06/01/26
.................
13
12,518
6.38%,
10/01/30
.................
2
1,849
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
4
4,076
5.88%,
09/01/25
.................
2
1,993
8.88%,
07/15/30
.................
7
7,903
6.63%,
09/01/30
.................
71
73,370
7.50%,
05/01/31
.................
10
10,685
6.45%,
09/15/36
.................
14
14,280
6.20%,
03/15/40
.................
37
36,208
6.60%,
03/15/46
.................
6
6,174
ONEOK,
Inc.,
4.35%,
03/15/29
.........
17
15,711
Parkland
Corp.,
5.88%,
07/15/27
(c)
......
23
21,839
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
2
1,989
Permian
Resources
Operating
LLC
(c)
5.38%,
01/15/26
.................
9
8,192
6.88%,
04/01/27
.................
20
18,845
Plains
All
American
Pipeline
LP
3.55%,
12/15/29
.................
10
8,671
3.80%,
09/15/30
.................
18
15,643
Range
Resources
Corp.
4.88%,
05/15/25
.................
5
4,750
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.75%,
02/15/30
(c)
................
USD
2
$
1,762
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
.
36
32,938
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
....................
2
1,795
Sabine
Pass
Liquefaction
LLC,
5.90%,
09/15/37
(c)
....................
10
10,007
SM
Energy
Co.
5.63%,
06/01/25
.................
5
4,800
6.75%,
09/15/26
.................
18
17,475
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
26
24,104
4.75%,
02/01/32
.................
11
9,400
Sunoco
LP
6.00%,
04/15/27
.................
6
5,908
5.88%,
03/15/28
.................
2
1,894
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
.................
3
2,801
5.50%,
01/15/28
.................
2
1,774
6.00%,
12/31/30
.................
2
1,729
6.00%,
09/01/31
.................
10
8,598
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(c)
79
73,478
Targa
Resources
Partners
LP,
6.88%,
01/15/29
33
33,263
TerraForm
Power
Operating
LLC,
4.75%,
01/15/30
(c)
....................
9
7,830
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
.................
69
60,375
4.13%,
08/15/31
.................
59
50,268
3.88%,
11/01/33
.................
120
98,028
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
..
11
10,038
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
3
2,740
5.45%,
04/01/44
.................
19
15,784
5.30%,
03/01/48
.................
19
15,622
5.50%,
08/15/48
.................
10
8,300
5.50%,
02/01/50
(i)
................
52
42,837
2,558,647
Personal
Products
—
0.1%
(c)
Coty,
Inc.,
4.75%,
01/15/29
...........
2
1,810
Prestige
Brands,
Inc.,
3.75%,
04/01/31
....
13
10,721
12,531
Pharmaceuticals
—
0.3%
Catalent
Pharma
Solutions,
Inc.
(c)
3.13%,
02/15/29
.................
33
26,276
3.50%,
04/01/30
.................
31
24,477
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(i)
4
3,806
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
.............
8
6,941
61,500
Professional
Services
—
0.7%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
8
6,846
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
42
32,223
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
76
65,038
KBR,
Inc.,
4.75%,
09/30/28
...........
20
17,666
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
14
12,950
134,723
Real
Estate
Management
&
Development
—
0.4%
(c)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
22
20,996
Howard
Hughes
Corp.
(The)
4.13%,
02/01/29
.................
35
29,312
4.38%,
02/01/31
.................
14
11,327
Realogy
Group
LLC
5.75%,
01/15/29
.................
25
18,910
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
5.25%,
04/15/30
.................
USD
10
$
7,295
87,840
Road
&
Rail
—
1.5%
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(c)
4
3,422
Hertz
Corp.
(The)
(c)
4.63%,
12/01/26
.................
10
8,375
5.00%,
12/01/29
.................
6
4,552
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
.
21
18,375
Uber
Technologies,
Inc.
7.50%,
05/15/25
(c)
................
52
51,962
0.00%,
12/15/25
(j)(k)
...............
27
22,741
8.00%,
11/01/26
(c)
................
15
15,052
7.50%,
09/15/27
(c)
................
32
32,022
6.25%,
01/15/28
(c)
................
30
28,800
4.50%,
08/15/29
(c)
................
69
60,117
Williams
Scotsman
International,
Inc.
(c)
6.13%,
06/15/25
.................
11
10,890
4.63%,
08/15/28
.................
25
22,562
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(c)
..
8
8,095
286,965
Semiconductors
&
Semiconductor
Equipment
—
1.2%
Broadcom,
Inc.
4.11%,
09/15/28
.................
9
8,370
4.15%,
11/15/30
.................
5
4,481
2.45%,
02/15/31
(c)
................
11
8,664
4.30%,
11/15/32
.................
22
19,389
2.60%,
02/15/33
(c)
................
13
9,758
3.42%,
04/15/33
(c)
................
25
20,043
Entegris
Escrow
Corp.,
4.75%,
04/15/29
(c)
..
113
103,049
Entegris,
Inc.
(c)
4.38%,
04/15/28
.................
11
9,727
3.63%,
05/01/29
.................
10
8,142
Marvell
Technology,
Inc.,
2.95%,
04/15/31
..
20
16,087
Qorvo,
Inc.,
4.38%,
10/15/29
..........
10
8,842
Synaptics,
Inc.,
4.00%,
06/15/29
(c)
.......
20
16,851
233,403
Software
—
4.8%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
...
20
19,375
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
98
72,219
Boxer
Parent
Co.,
Inc.
(c)
7.13%,
10/02/25
.................
11
10,698
9.13%,
03/01/26
.................
53
50,001
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
...
35
32,804
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
....
50
48,906
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
.................
73
63,247
4.88%,
07/01/29
.................
48
40,817
Cloud
Software
Group
Holdings,
Inc.,
6.50%,
03/31/29
(c)
....................
161
135,607
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
(c)
77
61,910
Consensus
Cloud
Solutions,
Inc.
(c)
6.00%,
10/15/26
.................
5
4,676
6.50%,
10/15/28
.................
6
5,519
Elastic
NV,
4.13%,
07/15/29
(c)
.........
30
24,231
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
......
19
17,243
Gen
Digital,
Inc.,
7.13%,
09/30/30
(c)
......
16
15,720
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
....
39
27,887
NCR
Corp.
(c)
5.00%,
10/01/28
.................
9
7,673
5.13%,
04/15/29
.................
10
8,363
6.13%,
09/01/29
.................
13
12,156
Open
Text
Corp.,
6.90%,
12/01/27
(c)
......
55
55,000
Oracle
Corp.
6.15%,
11/09/29
.................
10
10,380
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
2.95%,
04/01/30
.................
USD
6
$
5,116
2.88%,
03/25/31
.................
10
8,291
6.25%,
11/09/32
.................
24
25,119
6.90%,
11/09/52
.................
45
48,142
PTC,
Inc.
(c)
3.63%,
02/15/25
.................
4
3,810
4.00%,
02/15/28
.................
6
5,400
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
59
55,247
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
......
27
18,595
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
71
59,667
953,819
Specialty
Retail
—
1.9%
Arko
Corp.,
5.13%,
11/15/29
(c)
.........
14
10,993
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
9
7,924
4.75%,
03/01/30
.................
2
1,673
5.00%,
02/15/32
(c)
................
12
9,872
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
3
2,539
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
..
20
16,329
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
11
9,202
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(c)
....................
24
19,219
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(c)
.....
11
9,043
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
15
13,725
Penske
Automotive
Group,
Inc.
3.50%,
09/01/25
.................
30
27,841
3.75%,
06/15/29
(c)
................
6
4,870
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
...............
5
4,026
SRS
Distribution,
Inc.
(c)
4.63%,
07/01/28
.................
64
56,734
6.13%,
07/01/29
.................
39
31,532
6.00%,
12/01/29
.................
37
29,447
Staples,
Inc.,
7.50%,
04/15/26
(c)
........
26
22,378
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
..
87
75,256
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(h)
...........
20
17,290
369,893
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(c)
Crocs,
Inc.
4.25%,
03/15/29
.................
2
1,694
4.13%,
08/15/31
.................
25
20,374
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
8
6,529
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
18
14,286
William
Carter
Co.
(The),
5.63%,
03/15/27
..
19
18,225
61,108
Thrifts
&
Mortgage
Finance
—
0.6%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
...
39
38,273
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(c)
.
14
9,681
Ladder
Capital
Finance
Holdings
LLLP
(c)
4.25%,
02/01/27
.................
8
6,720
4.75%,
06/15/29
.................
4
3,230
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
16
14,753
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
.................
5
4,475
5.13%,
12/15/30
.................
8
6,179
5.75%,
11/15/31
.................
10
7,775
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(c)
..
34
29,143
120,229
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
—
1.2%
(c)
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
USD
10
$
8,310
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
4
3,761
9.75%,
08/01/27
.................
5
5,012
5.50%,
05/01/28
.................
15
12,797
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
9
6,738
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
.....................
2
1,704
Herc
Holdings,
Inc.,
5.50%,
07/15/27
.....
20
18,655
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
22
19,087
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
.....................
100
99,375
WESCO
Distribution,
Inc.
7.13%,
06/15/25
.................
6
6,075
7.25%,
06/15/28
.................
45
45,584
227,098
Wireless
Telecommunication
Services
—
0.1%
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(c)(f)(h)
........
16
4,850
Sprint
LLC,
7.63%,
03/01/26
..........
20
21,046
25,896
Total
Corporate
Bonds
—
92.5%
(Cost:
$20,556,586)
..............................
18,327,881
Shares
Shares
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(l)
.........................
1,300
95,719
Total
Investment
Companies
—
0.5%
(Cost:
$94,432)
................................
95,719
Beneficial
Interest
(000)
Other
Interests
(m)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)(d)
................
140
490
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
490
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
1.5%
Banks
—
0.8%
(f)(g)
Citigroup,
Inc.,
Series
Y,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
4.15%
.................
10
8,164
JPMorgan
Chase
&
Co.
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
......................
20
19,525
Series
FF,
(SOFR
1
Day
+
3.38%),
5.00%
71
64,960
Series
HH,
(SOFR
1
Day
+
3.13%),
4.60%
26
22,913
PNC
Financial
Services
Group,
Inc.
(The),
Series
V,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
6.20%
........................
20
19,545
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Wells
Fargo
&
Co.,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
.............
USD
35
$
30,634
165,741
Capital
Markets
—
0.5%
(f)(g)
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.....
59
47,049
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
70
63,699
110,748
Consumer
Finance
—
0.1%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
(f)
(g)
...........................
10
8,464
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)(f)(g)
.....................
17
15,469
Total
Preferred
Securities
—
1.5%
(Cost:
$338,693)
................................
300,422
Total
Long-Term
Investments
—
95.1%
(Cost:
$21,142,834)
..............................
18,848,613
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
(l)(n)
.................
378,880
$
378,880
Total
Short-Term
Securities
—
1.9%
(Cost:
$378,880)
................................
378,880
Total
Options
Purchased
—
0.1%
(Cost:
$9,966)
.................................
10,209
Total
Investments
Before
Options
Written
—
97.1%
(Cost:
$21,531,680
)
..............................
19,237,702
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(3,838))
.....................
(2,261)
Total
Investments
Net
of
Options
Written
—
97.1%
(Cost:
$21,527,842
)
..............................
19,235,441
Other
Assets
Less
Liabilities
—
2.9%
...................
574,484
Net
Assets
—
100.0%
..............................
$
19,809,925
(a)
Non-income
producing
security.
(b)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$12,289,
representing
0.06%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$25,124.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(g)
Perpetual
security
with
no
stated
maturity
date.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
Affiliate
of
the
Fund.
(m)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(n)
Annualized
7-day
yield
as
of
period
end.
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
89
Schedule
of
Investments
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
352,402
$
26,478
(a)
$
—
$
—
$
—
$
378,880
378,880
$
9,133
$
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
—
94,432
—
—
1,287
95,719
1,300
1,294
—
$
—
$
1,287
$
474,599
$
10,427
$
—
—
—
(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.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
90
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
U.S.
Treasury
10
Year
Note
...................................................
5
03/22/23
$
561
$
3,131
U.S.
Treasury
Ultra
Bond
....................................................
2
03/22/23
267
1,763
U.S.
Treasury
5
Year
Note
....................................................
3
03/31/23
323
441
$
5,335
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
SPDR
S&P
500
ETF
Trust
......................
17
01/20/23
USD
380.00
USD
650
$
10,209
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
SPDR
S&P
500
ETF
Trust
.......................
17
01/20/23
USD
360.00
USD
650
$
(2,261)
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
$
(90)
$
(119)
$
29
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
OTC
Swaps
.....................................................
$
—
$
(119)
$
29
$
—
$
—
Options
Written
...................................................
N/A
N/A
1,577
—
(2,261)
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
91
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
5,335
$
—
$
5,335
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
—
10,209
—
—
—
10,209
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
29
—
—
—
—
29
$
—
$
29
$
10,209
$
—
$
5,335
$
—
$
15,573
Liabilities
—
Derivative
Financial
Instruments
Options
written
Options
written
at
value
.....................
—
—
2,261
—
—
—
2,261
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
119
—
—
—
—
119
$
—
$
119
$
2,261
$
—
$
—
$
—
$
2,380
(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).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
December
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(1,761)
$
—
$
53,456
$
—
$
51,695
Forward
foreign
currency
exchange
contracts
....
—
—
—
(15,895)
—
—
(15,895)
Options
purchased
(a)
.....................
—
—
74,060
—
—
—
74,060
Options
written
........................
—
—
(38,085)
—
—
—
(38,085)
Swaps
..............................
—
(24,570)
—
—
—
—
(24,570)
$
—
$
(24,570)
$
34,214
$
(15,895)
$
53,456
$
—
$
47,205
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
5,335
$
—
$
5,335
Options
purchased
(b)
.....................
—
—
243
—
—
—
243
Options
written
........................
—
—
1,577
—
—
—
1,577
Swaps
..............................
—
(2,584)
—
—
—
—
(2,584)
$
—
$
(2,584)
$
1,820
$
—
$
5,335
$
—
$
4,571
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
short
.................................................................................
$
627,692
Forward
foreign
currency
exchange
contracts
Average
amounts
sold
—
in
USD
........................................................................................
$
312,424
Options
Average
value
of
option
contracts
purchased
................................................................................
$
3,484
Average
value
of
option
contracts
written
...................................................................................
$
878
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
83,750
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
High
Yield
Portfolio
92
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
4,605
$
—
Options
(a)
.........................................................................................
10,209
2,261
Swaps
—
OTC
(b)
.....................................................................................
29
119
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
14,843
$
2,380
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(14,814)
(2,261)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
29
$
119
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
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
................................
$
29
$
(29)
$
—
$
—
$
—
$
29
$
—
$
—
$
—
$
—
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
................................
119
$
(29)
$
—
$
—
90
$
119
$
(29)
$
—
$
—
$
90
(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.
BlackRock
High
Yield
Portfolio
Schedules
of
Investments
93
Schedule
of
Investments
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Building
Products
.......................................
$
345
$
—
$
—
$
345
Chemicals
............................................
26,684
—
—
26,684
Electrical
Equipment
.....................................
—
12,289
—
12,289
IT
Services
...........................................
5,065
—
—
5,065
Media
...............................................
1,739
—
—
1,739
Metals
&
Mining
........................................
21,732
—
—
21,732
Oil,
Gas
&
Consumable
Fuels
...............................
39,840
—
—
39,840
Road
&
Rail
...........................................
4,971
—
—
4,971
Software
.............................................
11,436
—
—
11,436
Corporate
Bonds
........................................
—
18,327,881
—
18,327,881
Investment
Companies
....................................
95,719
—
—
95,719
Other
Interests
..........................................
—
490
—
490
Capital
Trusts
...........................................
—
300,422
—
300,422
Short-Term
Securities
Money
Market
Funds
......................................
378,880
—
—
378,880
Options
Purchased
Equity
contracts
..........................................
10,209
—
—
10,209
$
596,620
$
18,641,082
$
—
$
19,237,702
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
29
$
—
$
29
Interest
rate
contracts
.......................................
5,335
—
—
5,335
Liabilities
Equity
contracts
...........................................
(2,261)
—
—
(2,261)
$
3,074
$
29
$
—
$
3,103
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
options
written.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
4.65%,
05/25/37
(a)
...
USD
44
$
7,721
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.48%),
4.87%,
05/25/35
(a)
................
53
46,126
BCMSC
Trust
(a)
Series
2000-A,
Class
A3,
7.83%,
06/15/30
49
7,036
Series
2000-A,
Class
A4,
8.29%,
06/15/30
35
5,362
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(LIBOR
USD
1
Month
+
1.73%),
6.11%,
08/25/34
...
1
574
Series
2007-HE2,
Class
22A,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
03/25/37
..
12
10,924
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
03/25/37
..
21
19,513
Series
2007-HE3,
Class
1A3,
(LIBOR
USD
1
Month
+
0.25%),
4.64%,
04/25/37
..
37
49,812
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
4.55%,
10/25/36
(a)
..........
33
31,440
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
4.59%,
05/25/37
..
141
96,599
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
4.66%,
05/25/37
..
64
43,868
Conseco
Finance
Corp.
Series
1998-8,
Class
A1,
6.28%,
09/01/30
2
1,642
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
6.82%,
11/15/32
(a)
..
13
14,639
Conseco
Finance
Securitizations
Corp.,
Series
2000-5,
Class
A6,
7.96%,
05/01/31
.....
37
11,520
Countrywide
Asset-Backed
Certificates,
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
4.61%,
12/25/25
(a)
.........
—
(b)
636
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2001-MH29,
Class
B1,
8.10%,
09/25/31
(a)
.....................
16
14,895
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.85%,
01/25/29
(c)
...................
2
2,814
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
2
2,731
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(d)
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
4.62%,
12/15/33
6
5,588
Series
2006-RES,
Class
5B1A,
(LIBOR
USD
1
Month
+
0.19%),
4.51%,
05/15/35
..
13
13,068
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
4.50%,
05/15/35
...
4
3,689
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
4.47%,
11/15/36
...
7
6,737
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
4.99%,
01/25/36
(a)
....
41
36,995
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.40%),
4.79%,
01/25/47
...
21
10,934
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
3.38%),
7.76%,
02/25/47
...
25
23,256
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
4.69%,
05/25/37
(a)
................
31
22,630
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
IXIS
Real
Estate
Capital
Trust,
Series
2007-
HE1,
Class
A4,
(LIBOR
USD
1
Month
+
0.23%),
4.62%,
05/25/37
(a)
..........
USD
623
$
157,502
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
52
51,113
Series
2002-A,
Class
C,
0.00%,
06/15/33
4
3,605
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-5,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
4.69%,
06/25/36
...
21
10,309
Series
2006-7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.32%),
4.71%,
08/25/36
...
13
5,622
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.48%),
4.87%,
05/25/37
(a)
18
13,519
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
4.99%,
12/25/34
(a)
78
67,948
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class
A4,
6.93%,
09/15/31
(a)
...
9
4,962
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
4.60%,
03/25/37
(a)
.
40
30,930
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(c)
...................
32
26,556
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(c)
...................
36
31,270
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
5.52%,
10/15/37
(a)(d)
...
11
10,427
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(c)
........
26
21,556
SG
Mortgage
Securities
Trust,
Series
2006-
FRE2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.32%),
4.71%,
07/25/36
(a)
..........
16
3,556
Total
Asset-Backed
Securities
—
0.2%
(Cost:
$1,150,885)
..............................
929,624
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.4%
BAE
Systems
plc
...................
1,424
14,708
Saab
AB,
Class
B
..................
11,323
446,212
Textron,
Inc.
......................
12,104
856,963
Thales
SA
........................
1,607
205,324
1,523,207
Air
Freight
&
Logistics
—
0.4%
Deutsche
Post
AG
(Registered)
.........
19,065
713,540
Expeditors
International
of
Washington,
Inc.
.
701
72,848
SF
Holding
Co.
Ltd.,
Class
A
...........
1,600
13,319
United
Parcel
Service,
Inc.,
Class
B
......
6,118
1,063,553
1,863,260
Airlines
—
0.0%
(e)
Deutsche
Lufthansa
AG
(Registered)
.....
5,567
45,889
Qantas
Airways
Ltd.
.................
30,241
122,407
168,296
Auto
Components
—
0.2%
Aisin
Corp.
.......................
400
10,606
BorgWarner,
Inc.
...................
7,188
289,317
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(d)
(f)
............................
18,800
78,499
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Auto
Components
(continued)
Hankook
Tire
&
Technology
Co.
Ltd.
(e)
.....
1,543
$
38,103
HL
Mando
Co.
Ltd.
(e)
.................
1,832
58,464
Hu
Lane
Associate,
Inc.
..............
19,000
89,009
Hyundai
Mobis
Co.
Ltd.
...............
273
43,303
Valeo
...........................
2,242
40,060
647,361
Automobiles
—
1.4%
Bayerische
Motoren
Werke
AG
.........
8,675
768,042
BYD
Co.
Ltd.,
Class
A
................
21,700
801,092
BYD
Co.
Ltd.,
Class
H
...............
11,000
269,874
Ford
Motor
Co.
....................
5,023
58,417
General
Motors
Co.
.................
5,983
201,268
Honda
Motor
Co.
Ltd.
................
29,900
681,989
Mazda
Motor
Corp.
.................
3,900
29,235
Mercedes-Benz
Group
AG
.............
27,940
1,827,135
Mitsubishi
Motors
Corp.
(e)
.............
8,600
32,659
Renault
SA
(e)
......................
1,195
39,875
Suzuki
Motor
Corp.
.................
2,800
89,677
Tesla,
Inc.
(e)
.......................
8,820
1,086,448
5,885,711
Banks
—
3.4%
ANZ
Group
Holdings
Ltd.
.............
12,645
203,697
Banco
Bilbao
Vizcaya
Argentaria
SA
......
127,188
766,088
Banco
Bradesco
SA
(e)
................
3,121
8,003
Banco
do
Brasil
SA
.................
9,761
63,166
Bancolombia
SA
...................
4,068
35,339
Bank
of
America
Corp.
...............
6,940
229,853
Bank
of
Nova
Scotia
(The)
(g)
...........
35,686
1,748,456
Bank
Polska
Kasa
Opieki
SA
...........
4,536
90,237
China
Merchants
Bank
Co.
Ltd.,
Class
H
...
56,500
312,663
Citigroup,
Inc.
.....................
39,339
1,779,303
Commonwealth
Bank
of
Australia
........
90
6,251
Credicorp
Ltd.
.....................
427
57,927
Erste
Group
Bank
AG
................
1,428
45,689
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
38,360
276,068
Japan
Post
Bank
Co.
Ltd.
.............
6,800
58,296
JPMorgan
Chase
&
Co.
..............
2,233
299,445
KakaoBank
Corp.
(e)
.................
294
5,720
KeyCorp
.........................
5,220
90,932
Mediobanca
Banca
di
Credito
Finanziario
SpA
12,941
124,351
National
Australia
Bank
Ltd.
............
38,855
788,897
Royal
Bank
of
Canada
...............
21,492
2,020,629
Societe
Generale
SA
................
24,627
617,735
SVB
Financial
Group
(e)
...............
330
75,946
Swedbank
AB,
Class
A
...............
669
11,379
Toronto-Dominion
Bank
(The)
..........
10,996
711,979
UniCredit
SpA
.....................
28,561
405,268
US
Bancorp
......................
35,401
1,543,838
Wells
Fargo
&
Co.
..................
3,192
131,798
Westpac
Banking
Corp.
..............
113,201
1,792,143
14,301,096
Beverages
—
1.8%
Ambev
SA
(e)
......................
119,554
327,662
Anadolu
Efes
Biracilik
ve
Malt
Sanayii
A/S
..
13,472
48,803
Arca
Continental
SAB
de
CV
...........
4,068
32,992
Brown-Forman
Corp.,
Class
B
..........
1,105
72,576
Carlsberg
A/S,
Class
B
...............
400
53,059
China
Resources
Beer
Holdings
Co.
Ltd.
...
6,000
41,734
Coca-Cola
Co.
(The)
................
42,553
2,706,796
Coca-Cola
Europacific
Partners
plc
.......
7,849
434,207
Coca-Cola
Femsa
SAB
de
CV
..........
18,940
128,191
Coca-Cola
Icecek
A/S
................
598
6,536
Davide
Campari-Milano
NV
............
20,641
209,554
Security
Shares
Shares
Value
Beverages
(continued)
Fomento
Economico
Mexicano
SAB
de
CV
.
3,009
$
23,525
Heineken
Holding
NV
................
110
8,495
PepsiCo,
Inc.
.....................
14,754
2,665,458
Pernod
Ricard
SA
..................
3,281
645,447
Suntory
Beverage
&
Food
Ltd.
..........
1,400
47,673
Tsingtao
Brewery
Co.
Ltd.,
Class
H
.......
2,000
19,694
7,472,402
Biotechnology
—
1.1%
AbbVie,
Inc.
......................
6,842
1,105,736
Amgen,
Inc.
......................
2,710
711,754
BeiGene
Ltd.
(e)
....................
900
15,275
Biogen,
Inc.
(e)
.....................
987
273,320
BioMarin
Pharmaceutical,
Inc.
(e)
.........
1,427
147,680
Celltrion,
Inc.
......................
427
54,554
CSL
Ltd.
.........................
1,405
273,967
Exelixis,
Inc.
(e)
.....................
6,295
100,972
Genmab
A/S
(e)
.....................
547
231,269
Gilead
Sciences,
Inc.
................
6,729
577,685
Incyte
Corp.
(e)
.....................
1,825
146,584
Innovent
Biologics,
Inc.
(d)(e)(f)
............
30,000
127,683
Legend
Biotech
Corp.,
ADR
(e)
...........
351
17,522
Moderna,
Inc.
(e)
....................
783
140,642
PharmaEngine,
Inc.
.................
4,000
16,250
Regeneron
Pharmaceuticals,
Inc.
(e)
.......
290
209,232
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(d)(e)(f)(g)
.......................
12,600
78,019
Vertex
Pharmaceuticals,
Inc.
(e)
..........
1,484
428,550
4,656,694
Building
Products
—
0.3%
Belimo
Holding
AG
(Registered)
.........
264
125,949
Johnson
Controls
International
plc
.......
7,125
456,000
Lixil
Corp.
........................
2,200
33,167
Owens
Corning
....................
6,160
525,448
TOTO
Ltd.
.......................
800
27,136
1,167,700
Capital
Markets
—
1.4%
B3
SA
-
Brasil
Bolsa
Balcao
............
3,736
9,420
Bank
of
New
York
Mellon
Corp.
(The)
.....
25,464
1,159,121
CME
Group,
Inc.,
Class
A
.............
1,992
334,975
Deutsche
Bank
AG
(Registered)
.........
9,318
104,749
Deutsche
Boerse
AG
................
625
107,619
Macquarie
Group
Ltd.
................
12,598
1,422,168
S&P
Global,
Inc.
...................
5,885
1,971,122
UBS
Group
AG
(Registered)
...........
45,150
839,168
5,948,342
Chemicals
—
0.9%
Allied
Supreme
Corp.
................
2,000
20,828
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
.
2,600
24,579
Croda
International
plc
...............
1,521
121,039
DuPont
de
Nemours,
Inc.
.............
3,224
221,263
Evonik
Industries
AG
................
347
6,619
Givaudan
SA
(Registered)
.............
222
679,965
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
....................
4,500
28,448
Koninklijke
DSM
NV
.................
1,292
158,651
LG
Chem
Ltd.
(e)
....................
964
460,338
Linde
plc
........................
159
51,863
Methanex
Corp.
....................
434
16,430
Mitsubishi
Gas
Chemical
Co.,
Inc.
.......
5,500
75,606
Nitto
Denko
Corp.
..................
7,000
403,163
Novozymes
A/S,
Class
B
..............
14,421
731,631
Shanghai
Putailai
New
Energy
Technology
Co.
Ltd.,
Class
A
....................
18,100
135,507
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Chemicals
(continued)
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
.......................
2,100
$
13,171
Sika
AG
(Registered)
................
147
35,339
Sumitomo
Chemical
Co.
Ltd.
...........
91,300
327,368
Wacker
Chemie
AG
.................
1,207
153,818
Yunnan
Energy
New
Material
Co.
Ltd.,
Class
A
400
7,574
Zhejiang
Yongtai
Technology
Co.
Ltd.,
Class
A
2,100
6,602
3,679,802
Commercial
Services
&
Supplies
—
0.1%
Tetra
Tech,
Inc.
....................
2,134
309,835
Communications
Equipment
—
0.4%
Accton
Technology
Corp.
.............
2,000
15,188
Arcadyan
Technology
Corp.
............
7,000
21,732
BYD
Electronic
International
Co.
Ltd.
......
5,000
15,978
Cisco
Systems,
Inc.
.................
23,993
1,143,026
Juniper
Networks,
Inc.
...............
6,273
200,485
Nokia
OYJ
.......................
22,854
106,173
Telefonaktiebolaget
LM
Ericsson,
Class
B
..
12,215
71,573
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
1,600
13,995
1,588,150
Construction
&
Engineering
—
0.7%
Ackermans
&
van
Haaren
NV
..........
2,967
509,236
AECOM
.........................
18,801
1,596,769
Bouygues
SA
.....................
5,006
150,139
COMSYS
Holdings
Corp.
.............
3,500
61,411
Daewoo
Engineering
&
Construction
Co.
Ltd.
(e)
10,563
35,013
Eiffage
SA
.......................
1,183
116,365
EXEO
Group,
Inc.
..................
6,600
112,151
JGC
Holdings
Corp.
.................
800
10,141
Kandenko
Co.
Ltd.
..................
800
5,225
Obayashi
Corp.
....................
9,200
69,493
Samsung
Engineering
Co.
Ltd.
(e)
.........
1,768
31,277
Shimizu
Corp.
.....................
14,400
76,837
Stantec,
Inc.
......................
325
15,573
Sweco
AB,
Class
B
.................
805
7,719
Toda
Corp.
.......................
1,400
7,508
Vinci
SA
.........................
2,790
278,127
3,082,984
Construction
Materials
—
0.1%
Holcim
AG
(e)(g)
.....................
4,539
234,954
Consumer
Finance
—
0.7%
Ally
Financial,
Inc.
..................
14,928
364,990
American
Express
Co.
...............
13,239
1,956,062
Lufax
Holding
Ltd.,
ADR
..............
2,005
3,890
Synchrony
Financial
.................
14,914
490,074
2,815,016
Containers
&
Packaging
—
0.1%
Berry
Global
Group,
Inc.
..............
242
14,624
WestRock
Co.
.....................
7,640
268,622
283,246
Distributors
—
0.0%
LKQ
Corp.
.......................
2,753
147,038
Diversified
Consumer
Services
—
0.1%
Benesse
Holdings,
Inc.
...............
3,200
48,653
H&R
Block,
Inc.
(g)
...................
6,518
237,972
New
Oriental
Education
&
Technology
Group,
Inc.
(e)
.........................
2,100
7,403
YDUQS
Participacoes
SA
.............
4,422
8,530
302,558
Security
Shares
Shares
Value
Diversified
Financial
Services
—
0.4%
Berkshire
Hathaway,
Inc.,
Class
B
(e)
......
3,804
$
1,175,056
FirstRand
Ltd.
(g)
....................
4,449
16,164
Groupe
Bruxelles
Lambert
NV
..........
1,948
155,680
Investor
AB,
Class
A
.................
1,611
29,972
Investor
AB,
Class
B
.................
17,942
324,767
1,701,639
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.
(g)
......................
32,496
598,251
Nippon
Telegraph
&
Telephone
Corp.
.....
51,500
1,468,703
Proximus
SADP
....................
15,942
153,918
United
Internet
AG
(Registered)
.........
750
15,124
2,235,996
Electric
Utilities
—
0.9%
Acciona
SA
.......................
1,001
184,216
Centrais
Eletricas
Brasileiras
SA
.........
1,288
10,245
Contact
Energy
Ltd.
.................
11,217
54,893
CPFL
Energia
SA
...................
26,929
169,396
Edison
International
(g)
................
22,155
1,409,501
Elia
Group
SA/NV
..................
494
70,228
Enel
SpA
........................
103,288
555,498
Energisa
SA
......................
2,497
20,972
Hydro
One
Ltd.
(d)(f)
..................
40,325
1,080,198
NextEra
Energy,
Inc.
................
749
62,616
SSE
plc
.........................
3,363
69,167
Terna
-
Rete
Elettrica
Nazionale
.........
2,178
16,085
3,703,015
Electrical
Equipment
—
0.7%
ABB
Ltd.
(Registered)
................
33,041
1,007,008
Bizlink
Holding,
Inc.
.................
24,000
184,287
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
15,700
888,624
Eaton
Corp.
plc
....................
1,460
229,147
Eve
Energy
Co.
Ltd.,
Class
A
...........
15,500
196,123
Gotion
High-tech
Co.
Ltd.,
Class
A
.......
4,900
20,341
Legrand
SA
......................
1,039
83,309
Schneider
Electric
SE
................
55
7,724
Signify
NV
(d)(f)
.....................
6,962
234,359
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
...
1,800
29,012
Sunwoda
Electronic
Co.
Ltd.,
Class
A
.....
19,500
59,421
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
400
23,746
2,963,101
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Chroma
ATE,
Inc.
...................
33,000
193,838
Delta
Electronics,
Inc.
................
47,000
435,690
E
Ink
Holdings,
Inc.
.................
18,000
94,261
Flex
Ltd.
(e)
........................
784
16,825
FLEXium
Interconnect,
Inc.
(e)
...........
41,000
130,209
Genius
Electronic
Optical
Co.
Ltd.
.......
4,000
43,372
Horiba
Ltd.
.......................
600
26,012
Keysight
Technologies,
Inc.
(e)
...........
184
31,477
KH
Vatec
Co.
Ltd.
..................
641
7,080
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
6,300
28,833
Omron
Corp.
......................
13,500
652,425
Shimadzu
Corp.
....................
500
14,155
Simplo
Technology
Co.
Ltd.
............
25,000
231,437
Sinbon
Electronics
Co.
Ltd.
............
2,000
17,866
Spectris
plc
.......................
5,310
192,364
Sunny
Optical
Technology
Group
Co.
Ltd.
..
900
10,614
TE
Connectivity
Ltd.
.................
2,228
255,774
Trimble,
Inc.
(e)
.....................
153
7,736
Wingtech
Technology
Co.
Ltd.,
Class
A
....
1,100
8,324
2,398,292
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.,
Class
A
............
8,685
$
256,468
Worley
Ltd.
.......................
1,787
18,228
274,696
Entertainment
—
0.0%
NetEase,
Inc.
.....................
1,000
14,504
Studio
Dragon
Corp.
(e)
...............
201
13,737
28,241
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.6%
Brixmor
Property
Group,
Inc.
...........
589
13,353
Equinix,
Inc.
......................
783
512,889
Klepierre
SA
(e)
.....................
2,607
60,171
Prologis,
Inc.
......................
11,641
1,312,290
SBA
Communications
Corp.,
Class
A
......
120
33,637
Segro
plc
........................
50,195
462,409
Simon
Property
Group,
Inc.
............
569
66,846
Stockland
(h)
.......................
30,687
75,578
Tritax
Big
Box
REIT
plc
...............
22,643
37,948
2,575,121
Food
&
Staples
Retailing
—
0.9%
BIM
Birlesik
Magazalar
A/S
............
7,506
54,853
Cia
Brasileira
de
Distribuicao
(e)
..........
7,489
23,263
Cosmos
Pharmaceutical
Corp.
..........
500
50,802
Costco
Wholesale
Corp.
..............
1,951
890,632
Lawson,
Inc.
......................
25,400
971,056
Migros
Ticaret
A/S
(e)
.................
21,802
170,781
Shoprite
Holdings
Ltd.
...............
3,282
43,508
Sundrug
Co.
Ltd.
...................
300
8,915
Tesco
plc
........................
3,397
9,154
Tsuruha
Holdings,
Inc.
...............
18,400
1,427,198
Walmart,
Inc.
......................
2,612
370,355
4,020,517
Food
Products
—
0.9%
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
......
300
7,014
BRF
SA
(e)
........................
1,755
2,705
Chocoladefabriken
Lindt
&
Spruengli
AG
...
25
254,751
General
Mills,
Inc.
..................
439
36,810
Kellogg
Co.
.......................
3,778
269,145
Marfrig
Global
Foods
SA
..............
27,242
43,392
Mondelez
International,
Inc.,
Class
A
......
29,101
1,939,582
Morinaga
Milk
Industry
Co.
Ltd.
.........
100
3,797
Nestle
SA
(Registered)
...............
180
20,792
Nissin
Foods
Holdings
Co.
Ltd.
.........
2,300
182,147
Nomad
Foods
Ltd.
(e)
.................
10,277
177,175
Sao
Martinho
SA
...................
12,912
64,432
Tyson
Foods,
Inc.,
Class
A
............
15,529
966,680
3,968,422
Health
Care
Equipment
&
Supplies
—
1.7%
Abbott
Laboratories
.................
15,723
1,726,228
Angelalign
Technology,
Inc.
(d)(f)
..........
400
6,255
Becton
Dickinson
and
Co.
.............
2,844
723,229
Boston
Scientific
Corp.
(e)
..............
39,526
1,828,868
Edwards
Lifesciences
Corp.
(e)
..........
8,485
633,066
Koninklijke
Philips
NV
................
6,262
94,226
Medtronic
plc
.....................
25,926
2,014,969
7,026,841
Health
Care
Providers
&
Services
—
1.5%
Alfresa
Holdings
Corp.
...............
600
7,627
Cigna
Corp.
......................
2,000
662,680
CVS
Health
Corp.
..................
10,008
932,646
Elevance
Health,
Inc.
................
1,684
863,841
Fleury
SA
(e)
.......................
25,397
74,898
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Qualicorp
Consultoria
e
Corretora
de
Seguros
SA
..........................
10,931
$
12,153
UnitedHealth
Group,
Inc.
..............
6,954
3,686,872
6,240,717
Health
Care
Technology
—
0.0%
Veeva
Systems,
Inc.,
Class
A
(e)
.........
48
7,746
Hotels,
Restaurants
&
Leisure
—
1.0%
Aristocrat
Leisure
Ltd.
................
65,144
1,342,345
Flight
Centre
Travel
Group
Ltd.
(e)
........
5,085
49,766
InterContinental
Hotels
Group
plc
........
2,610
149,759
McDonald's
Corp.
..................
2,981
785,583
Oriental
Land
Co.
Ltd.
...............
300
43,657
Starbucks
Corp.
(g)
..................
5,743
569,706
Travel
+
Leisure
Co.
.................
24,276
883,646
Trip.com
Group
Ltd.
(e)
................
550
18,969
Trip.com
Group
Ltd.,
ADR
(e)
............
4,785
164,604
Yum
China
Holdings,
Inc.
(g)
............
6,952
379,927
4,387,962
Household
Durables
—
0.2%
Barratt
Developments
plc
.............
64,397
307,579
Bellway
plc
.......................
1,445
33,045
Garmin
Ltd.
.......................
2,030
187,349
Whirlpool
Corp.
(g)
...................
1,694
239,633
767,606
Household
Products
—
0.5%
Colgate-Palmolive
Co.
...............
23,830
1,877,566
Procter
&
Gamble
Co.
(The)
...........
1,200
181,872
2,059,438
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Atlantica
Sustainable
Infrastructure
plc
(g)
...
3,586
92,877
Clearway
Energy,
Inc.,
Class
C
.........
1,270
40,475
Drax
Group
plc
....................
19,545
165,789
299,141
Industrial
Conglomerates
—
1.2%
3M
Co.
..........................
14,897
1,786,448
AG
Anadolu
Grubu
Holding
A/S
.........
1,394
8,227
Doosan
Co.
Ltd.
(e)
..................
515
33,870
General
Electric
Co.
.................
14,303
1,198,448
Siemens
AG
(Registered)
.............
13,664
1,883,600
Smiths
Group
plc
...................
16,668
319,894
Toshiba
Corp.
.....................
1,600
55,599
5,286,086
Insurance
—
1.8%
AIA
Group
Ltd.
....................
201,200
2,221,930
Aon
plc,
Class
A
...................
3,552
1,066,097
AXA
SA
.........................
6,696
186,521
Brighthouse
Financial,
Inc.
(e)
...........
1,420
72,803
Direct
Line
Insurance
Group
plc
.........
25,231
67,250
Helvetia
Holding
AG
(Registered)
........
114
13,265
Manulife
Financial
Corp.
..............
77,214
1,377,192
Marsh
&
McLennan
Cos.,
Inc.
..........
8,501
1,406,746
Meritz
Fire
&
Marine
Insurance
Co.
Ltd.
(e)
...
174
6,889
MetLife,
Inc.
......................
12,929
935,672
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
.......................
48,000
315,348
T&D
Holdings,
Inc.
..................
600
8,589
7,678,302
Interactive
Media
&
Services
—
2.0%
AfreecaTV
Co.
Ltd.
(e)
................
355
20,060
Alphabet,
Inc.,
Class
A
(e)
..............
31,962
2,820,007
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Alphabet,
Inc.,
Class
C
(e)
..............
23,366
$
2,073,265
Auto
Trader
Group
plc
(d)(f)
.............
44,293
275,828
Baidu,
Inc.,
Class
A
(e)
................
23,400
333,701
Joyy,
Inc.,
ADR
....................
1,094
34,560
Kakao
Corp.
......................
3,103
132,175
Kuaishou
Technology
(d)(e)(f)
.............
14,300
128,547
Meta
Platforms,
Inc.,
Class
A
(e)
..........
8,174
983,659
NAVER
Corp.
.....................
1,047
148,905
Scout24
SE
(d)(f)
....................
2,828
142,344
Tencent
Holdings
Ltd.
................
35,200
1,492,493
8,585,544
Internet
&
Direct
Marketing
Retail
—
1.3%
Alibaba
Group
Holding
Ltd.
(e)
...........
90,400
991,951
Amazon.com,
Inc.
(e)
.................
35,954
3,020,136
Coupang,
Inc.
(e)
....................
8,298
122,064
eBay,
Inc.
........................
17,609
730,245
JD.com,
Inc.,
Class
A
................
7,950
221,937
Meituan
(d)(e)(f)
......................
12,600
279,164
ZOZO,
Inc.
.......................
300
7,409
5,372,906
IT
Services
—
2.3%
Accenture
plc,
Class
A
...............
8,617
2,299,360
Capgemini
SE
.....................
301
50,320
Cognizant
Technology
Solutions
Corp.,
Class
A
29,310
1,676,239
DXC
Technology
Co.
(e)
...............
346
9,169
EPAM
Systems,
Inc.
(e)
................
234
76,691
Gartner,
Inc.
(e)
.....................
3,737
1,256,155
Mastercard,
Inc.,
Class
A
..............
3,902
1,356,843
Nomura
Research
Institute
Ltd.
.........
7,100
168,795
Otsuka
Corp.
.....................
1,900
59,889
Paychex,
Inc.
.....................
848
97,995
PayPal
Holdings,
Inc.
(e)
...............
5,455
388,505
Visa,
Inc.,
Class
A
(g)
.................
11,695
2,429,753
9,869,714
Leisure
Products
—
0.0%
Sega
Sammy
Holdings,
Inc.
............
12,900
194,783
Life
Sciences
Tools
&
Services
—
1.2%
Agilent
Technologies,
Inc.
.............
11,337
1,696,582
Danaher
Corp.
....................
8,384
2,225,281
Mettler-Toledo
International,
Inc.
(e)
.......
23
33,245
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(d)(f)
....
1,500
10,307
Thermo
Fisher
Scientific,
Inc.
...........
1,741
958,751
WuXi
AppTec
Co.
Ltd.,
Class
H
(d)(f)
.......
9,800
102,827
Wuxi
Biologics
Cayman,
Inc.
(d)(e)(f)
........
24,000
181,774
5,208,767
Machinery
—
0.6%
Amada
Co.
Ltd.
....................
79,100
615,980
ANDRITZ
AG
.....................
8,679
496,804
DMG
Mori
Co.
Ltd.
..................
900
11,918
Ebara
Corp.
......................
1,900
67,683
Hiwin
Technologies
Corp.
.............
2,000
11,838
Otis
Worldwide
Corp.
................
837
65,545
Rational
AG
......................
32
19,002
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
...........................
900
9,020
Spirax-Sarco
Engineering
plc
...........
381
48,665
Turk
Traktor
ve
Ziraat
Makineleri
A/S
......
322
11,337
Valmet
OYJ
(g)
.....................
7,754
209,317
Wartsila
OYJ
Abp
...................
13,113
110,570
Xylem,
Inc.
.......................
4,789
529,520
Security
Shares
Shares
Value
Machinery
(continued)
Yaskawa
Electric
Corp.
...............
7,500
$
239,291
2,446,490
Marine
—
0.2%
AP
Moller
-
Maersk
A/S,
Class
A
.........
85
187,328
AP
Moller
-
Maersk
A/S,
Class
B
.........
311
696,206
Evergreen
Marine
Corp.
Taiwan
Ltd.
(e)
.....
8,000
42,282
Kuehne
+
Nagel
International
AG
(Registered)
(g)
65
15,111
Orient
Overseas
International
Ltd.
.......
1,500
27,035
967,962
Media
—
0.7%
Comcast
Corp.,
Class
A
..............
25,815
902,751
Fox
Corp.,
Class
A
..................
53,340
1,619,936
Fox
Corp.,
Class
B
..................
12,143
345,468
Fuji
Media
Holdings,
Inc.
..............
1,400
11,387
ProSiebenSat.1
Media
SE
.............
5,106
45,290
2,924,832
Metals
&
Mining
—
0.9%
Anglo
American
plc
.................
33,730
1,321,767
APERAM
SA
......................
420
13,320
ArcelorMittal
SA
....................
8,312
219,288
Aurubis
AG
.......................
224
18,234
Dowa
Holdings
Co.
Ltd.
..............
1,200
37,868
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
...
28,600
286,466
Grupo
Mexico
SAB
de
CV
.............
2,097
7,393
Newmont
Corp.
....................
2,839
134,001
Nippon
Steel
Corp.
..................
1,800
31,232
Outokumpu
OYJ
...................
3,846
19,519
POSCO
Holdings,
Inc.
...............
557
121,901
Southern
Copper
Corp.
...............
290
17,513
thyssenkrupp
AG
(e)
..................
70,874
430,386
Tibet
Summit
Resources
Co.
Ltd.,
Class
A
(e)
.
20,000
66,091
Wheaton
Precious
Metals
Corp.
.........
22,225
868,318
Yamato
Kogyo
Co.
Ltd.
...............
300
10,218
Youngy
Co.
Ltd.,
Class
A
(e)
............
1,200
16,905
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
..
9,500
76,020
3,696,440
Multiline
Retail
—
0.0%
J
Front
Retailing
Co.
Ltd.
..............
900
8,168
Poya
International
Co.
Ltd.
............
1,000
16,191
Shinsegae,
Inc.
....................
196
34,266
58,625
Multi-Utilities
—
0.2%
Engie
SA
........................
56,596
809,667
Oil,
Gas
&
Consumable
Fuels
—
3.0%
ARC
Resources
Ltd.
.................
22,065
297,405
Birchcliff
Energy
Ltd.
................
2,454
17,091
BP
plc
..........................
47,702
275,238
Chevron
Corp.
.....................
17,087
3,066,946
ConocoPhillips
....................
60
7,080
Cosmo
Energy
Holdings
Co.
Ltd.
........
200
5,294
Crescent
Point
Energy
Corp.
...........
49,122
350,457
Enerplus
Corp.
....................
8,775
154,891
EOG
Resources,
Inc.
................
8,189
1,060,639
EQT
Corp.
.......................
1,529
51,726
Equinor
ASA
......................
26,074
937,107
Exxon
Mobil
Corp.
..................
20,281
2,236,994
Gibson
Energy,
Inc.
.................
1,047
18,280
Inpex
Corp.
.......................
16,500
177,299
Marathon
Oil
Corp.
..................
14,857
402,179
Marathon
Petroleum
Corp.
............
14,261
1,659,838
NuVista
Energy
Ltd.
(e)
................
754
6,950
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Ovintiv,
Inc.
.......................
763
$
38,635
Parex
Resources,
Inc.
...............
3,000
44,646
Petroleo
Brasileiro
SA
................
16,682
88,648
Shell
plc
.........................
252
7,104
SK
Innovation
Co.
Ltd.
(e)
..............
997
121,800
TC
Energy
Corp.
(g)
..................
8,918
355,534
Tourmaline
Oil
Corp.
.................
9,050
456,644
Tsakos
Energy
Navigation
Ltd.
..........
337
5,705
Turkiye
Petrol
Rafinerileri
A/S
(e)(g)
........
5,352
151,679
Valero
Energy
Corp.
.................
1,703
216,043
Var
Energi
ASA
....................
13,549
46,776
Williams
Cos.,
Inc.
(The)
..............
11,067
364,104
12,622,732
Paper
&
Forest
Products
—
0.0%
Stora
Enso
OYJ,
Class
R
.............
564
7,952
West
Fraser
Timber
Co.
Ltd.
...........
1,458
105,280
113,232
Personal
Products
—
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
964
239,178
LG
H&H
Co.
Ltd.
(e)
..................
38
21,872
L'Oreal
SA
.......................
143
51,208
Natura
&
Co.
Holding
SA
..............
3,188
6,952
Pola
Orbis
Holdings,
Inc.
..............
2,900
40,814
Unilever
plc
.......................
22,368
1,129,312
1,489,336
Pharmaceuticals
—
2.6%
Astellas
Pharma,
Inc.
................
25,500
387,744
AstraZeneca
plc
...................
55
7,442
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
...........................
300
6,404
Bristol-Myers
Squibb
Co.
..............
23,305
1,676,795
Eli
Lilly
&
Co.
.....................
1,422
520,224
GSK
plc
.........................
15,078
260,597
H
Lundbeck
A/S
....................
2,344
8,778
Johnson
&
Johnson
.................
17,697
3,126,175
Novartis
AG
(Registered)
.............
21,506
1,946,238
Novo
Nordisk
A/S,
Class
B
............
8,644
1,173,990
Ono
Pharmaceutical
Co.
Ltd.
...........
1,300
30,386
Pfizer,
Inc.
.......................
26,378
1,351,609
Roche
Holding
AG
..................
321
124,386
Santen
Pharmaceutical
Co.
Ltd.
.........
4,200
34,223
Teva
Pharmaceutical
Industries
Ltd.
(e)
.....
2,373
21,883
Teva
Pharmaceutical
Industries
Ltd.,
ADR
(e)
.
13,407
122,272
10,799,146
Professional
Services
—
0.6%
Experian
plc
......................
32,533
1,101,839
ManpowerGroup,
Inc.
................
3,621
301,303
Randstad
NV
.....................
696
42,527
Recruit
Holdings
Co.
Ltd.
.............
4,000
125,208
Robert
Half
International,
Inc.
...........
4,261
314,590
Teleperformance
...................
432
103,276
Wolters
Kluwer
NV
..................
6,739
705,137
2,693,880
Real
Estate
Management
&
Development
—
0.5%
Alony
Hetz
Properties
&
Investments
Ltd.
...
996
10,150
China
Resources
Land
Ltd.
............
28,000
127,382
City
Developments
Ltd.
(g)
..............
14,800
90,980
Country
Garden
Services
Holdings
Co.
Ltd.
.
23,000
56,422
Daiwa
House
Industry
Co.
Ltd.
..........
11,900
274,132
Jones
Lang
LaSalle,
Inc.
(e)
.............
517
82,394
LEG
Immobilien
SE
.................
971
63,328
Longfor
Group
Holdings
Ltd.
(d)
..........
2,500
7,693
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Mitsubishi
Estate
Co.
Ltd.
.............
24,400
$
316,067
Mitsui
Fudosan
Co.
Ltd.
..............
50,200
917,504
Nomura
Real
Estate
Holdings,
Inc.
.......
10,300
220,243
Sun
Hung
Kai
Properties
Ltd.
...........
6,500
88,786
Tokyo
Tatemono
Co.
Ltd.
..............
1,700
20,581
Zillow
Group,
Inc.,
Class
A
(e)
...........
162
5,056
2,280,718
Road
&
Rail
—
0.0%
Localiza
Rent
a
Car
SA
(e)
.............
2,219
22,192
Movida
Participacoes
SA
..............
1,958
2,832
Sankyu,
Inc.
......................
300
10,976
36,000
Semiconductors
&
Semiconductor
Equipment
—
2.1%
Analog
Devices,
Inc.
.................
12,092
1,983,451
ASML
Holding
NV
..................
1,238
675,022
ASPEED
Technology,
Inc.
.............
1,000
54,589
Cirrus
Logic,
Inc.
(e)
..................
528
39,325
Formosa
Sumco
Technology
Corp.
.......
9,000
39,645
Foxsemicon
Integrated
Technology,
Inc.
....
3,000
17,351
Global
Unichip
Corp.
................
11,000
227,453
Intel
Corp.
.......................
54,920
1,451,535
JA
Solar
Technology
Co.
Ltd.,
Class
A
.....
13,000
112,495
Kinsus
Interconnect
Technology
Corp.
.....
10,000
33,810
Koh
Young
Technology,
Inc.
(e)
...........
432
4,382
MediaTek,
Inc.
.....................
3,000
60,657
Nova
Ltd.
(e)
.......................
64
5,168
NVIDIA
Corp.
.....................
4,814
703,518
NXP
Semiconductors
NV
.............
2,236
353,355
Parade
Technologies
Ltd.
.............
1,000
25,057
QUALCOMM,
Inc.
..................
2,198
241,648
Realtek
Semiconductor
Corp.
..........
14,000
127,316
RichWave
Technology
Corp.
...........
5,000
18,190
Silergy
Corp.
......................
1,000
14,125
Sino-American
Silicon
Products,
Inc.
......
15,000
67,874
StarPower
Semiconductor
Ltd.,
Class
A
....
700
33,261
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
92,000
1,336,159
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.,
Class
A
.........
10,600
57,468
Teradyne,
Inc.
.....................
1,051
91,805
Texas
Instruments,
Inc.
...............
5,994
990,329
United
Microelectronics
Corp.
(e)
.........
1,000
1,314
8,766,302
Software
—
3.4%
Adobe,
Inc.
(e)
......................
6,581
2,214,704
Cadence
Design
Systems,
Inc.
(e)
........
1,514
243,209
HubSpot,
Inc.
(e)
....................
446
128,952
Manhattan
Associates,
Inc.
(e)
...........
345
41,883
Microsoft
Corp.
....................
36,499
8,753,190
Nemetschek
SE
....................
919
46,985
Palo
Alto
Networks,
Inc.
(e)
.............
4,484
625,697
Salesforce,
Inc.
(e)
...................
9,470
1,255,627
ServiceNow,
Inc.
(e)
..................
1,091
423,603
Workday,
Inc.,
Class
A
(e)
..............
3,151
527,257
14,261,107
Specialty
Retail
—
1.4%
Best
Buy
Co.,
Inc.
..................
9,140
733,119
Dogus
Otomotiv
Servis
ve
Ticaret
A/S
.....
1,052
11,066
Fast
Retailing
Co.
Ltd.
...............
2,000
1,217,067
Foschini
Group
Ltd.
(The)
.............
2,038
11,998
Home
Depot,
Inc.
(The)
..............
8,503
2,685,758
Lowe's
Cos.,
Inc.
...................
4,294
855,537
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Ulta
Beauty,
Inc.
(e)
..................
1,302
$
610,729
6,125,274
Technology
Hardware,
Storage
&
Peripherals
—
3.0%
Advantech
Co.
Ltd.
.................
1,000
10,707
Apple,
Inc.
.......................
76,392
9,925,613
Dell
Technologies,
Inc.,
Class
C
.........
6,857
275,788
Hewlett
Packard
Enterprise
Co.
.........
66,175
1,056,153
HP,
Inc.
.........................
31,510
846,674
Ricoh
Co.
Ltd.
.....................
3,600
27,400
Samsung
Electronics
Co.
Ltd.
..........
14,454
634,433
Wiwynn
Corp.
.....................
2,000
51,731
12,828,499
Textiles,
Apparel
&
Luxury
Goods
—
1.1%
adidas
AG
.......................
3,471
470,412
ANTA
Sports
Products
Ltd.
............
21,400
278,345
Burberry
Group
plc
..................
2,641
64,208
Fulgent
Sun
International
Holding
Co.
Ltd.
..
6,000
29,576
Hermes
International
................
575
890,015
Kering
SA
........................
2,639
1,343,061
Li
Ning
Co.
Ltd.
....................
8,500
73,092
Lululemon
Athletica,
Inc.
(e)
.............
2,160
692,021
Makalot
Industrial
Co.
Ltd.
.............
30,000
226,881
Mavi
Giyim
Sanayi
ve
Ticaret
A/S,
Class
B
(d)(f)
1,800
12,732
Moncler
SpA
......................
3,794
201,601
Ralph
Lauren
Corp.,
Class
A
(g)
..........
126
13,314
Swatch
Group
AG
(The)
..............
1,242
353,002
4,648,260
Thrifts
&
Mortgage
Finance
—
0.0%
Radian
Group,
Inc.
..................
652
12,434
Trading
Companies
&
Distributors
—
0.2%
IMCD
NV
........................
1,166
166,787
Mitsubishi
Corp.
....................
13,500
438,275
Sumitomo
Corp.
...................
15,000
249,346
Travis
Perkins
plc
..................
611
6,532
860,940
Transportation
Infrastructure
—
0.0%
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e)
....................
272
11,015
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
(g)
.........................
891
6,851
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
3,415
48,965
Kamigumi
Co.
Ltd.
..................
5,000
101,790
168,621
Water
Utilities
—
0.1%
United
Utilities
Group
plc
..............
29,314
350,254
Wireless
Telecommunication
Services
—
0.3%
Freenet
AG
.......................
9,127
198,460
MTN
Group
Ltd.
....................
26,195
195,644
SK
Telecom
Co.
Ltd.
.................
6,355
238,401
SoftBank
Corp.
....................
12,000
135,764
SoftBank
Group
Corp.
...............
5,100
215,694
Tele2
AB,
Class
B
..................
37,470
305,674
1,289,637
Total
Common
Stocks
—
55.2%
(Cost:
$241,870,918)
.............................
233,182,633
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Air
Freight
&
Logistics
—
0.1%
United
Parcel
Service,
Inc.
4.45%,
04/01/30
.................
USD
390
$
383,877
6.20%,
01/15/38
.................
15
16,584
400,461
Airlines
—
0.0%
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
69
68,276
Series
2016-1,
Class
B,
5.25%,
01/15/24
41
39,882
Series
2017-1,
Class
B,
4.95%,
02/15/25
14
13,572
Series
2019-1,
Class
B,
3.85%,
02/15/28
57
48,062
United
Airlines
Pass-Through
Trust,
Series
2019-2,
Class
B,
3.50%,
05/01/28
.....
31
27,086
196,878
Automobiles
—
0.1%
Honda
Motor
Co.
Ltd.,
2.53%,
03/10/27
...
280
255,813
Banks
—
4.2%
Banco
Santander
SA
2.75%,
05/28/25
.................
200
187,178
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.00%),
4.18%,
03/24/28
(a)
..............
400
371,006
Bank
of
America
Corp.
7.25%,
10/15/25
.................
38
39,669
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
...................
269
254,167
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
...................
34
32,418
(SOFR
1
Day
+
1.15%),
1.32%,
06/19/26
(a)
186
167,492
(SOFR
1
Day
+
1.01%),
1.20%,
10/24/26
(a)
131
116,463
(SOFR
1
Day
+
0.96%),
1.73%,
07/22/27
(a)
390
341,685
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(a)
...................
78
72,783
(SOFR
1
Day
+
1.05%),
2.55%,
02/04/28
(a)
379
336,623
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
...................
89
82,360
(SOFR
1
Day
+
1.58%),
4.38%,
04/27/28
(a)
240
229,517
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
(a)
...................
39
35,903
(SOFR
1
Day
+
1.99%),
6.20%,
11/10/28
(a)
210
216,819
(SOFR
1
Day
+
1.06%),
2.09%,
06/14/29
(a)
335
281,900
(LIBOR
USD
3
Month
+
1.31%),
4.27%,
07/23/29
(a)
...................
145
135,213
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
...................
107
97,181
(LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/30
(a)
...................
58
48,521
(SOFR
1
Day
+
2.16%),
5.02%,
07/22/33
(a)
430
408,239
Bank
of
Montreal,
1.25%,
09/15/26
......
450
393,194
Bank
of
Nova
Scotia
(The)
1.05%,
03/02/26
.................
490
433,268
1.30%,
09/15/26
.................
500
436,741
2.95%,
03/11/27
.................
500
461,354
Barclays
plc
(a)
(SOFR
1
Day
+
2.71%),
2.85%,
05/07/26
370
343,813
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%),
2.28%,
11/24/27
...............
230
198,807
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%),
7.44%,
11/02/33
...............
270
282,906
Citigroup,
Inc.
4.40%,
06/10/25
.................
94
92,261
(SOFR
1
Day
+
0.69%),
2.01%,
01/25/26
(a)
538
498,601
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
101
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(SOFR
1
Day
+
1.28%),
3.07%,
02/24/28
(a)
USD
460
$
414,703
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
(a)
...................
266
244,291
(LIBOR
USD
3
Month
+
1.19%),
4.08%,
04/23/29
(a)
...................
16
14,723
HSBC
Holdings
plc
(a)
(SOFR
1
Day
+
1.43%),
3.00%,
03/10/26
370
347,754
(SOFR
1
Day
+
1.29%),
1.59%,
05/24/27
490
422,484
(SOFR
1
Day
+
1.10%),
2.25%,
11/22/27
570
493,646
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
....................
301
277,108
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.70%
(i)
.....................
200
158,478
(SOFR
1
Day
+
1.19%),
2.80%,
05/24/32
490
379,103
ING
Groep
NV,
(SOFR
1
Day
+
1.83%),
4.02%,
03/28/28
(a)
....................
470
439,488
JPMorgan
Chase
&
Co.
(3
Month
CME
Term
SOFR
+
1.59%),
2.01%,
03/13/26
(a)
..............
278
257,305
(SOFR
1
Day
+
1.85%),
2.08%,
04/22/26
(a)
25
23,207
2.95%,
10/01/26
.................
80
74,610
(SOFR
1
Day
+
0.80%),
1.05%,
11/19/26
(a)
180
158,767
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
...................
127
118,655
(SOFR
1
Day
+
1.17%),
2.95%,
02/24/28
(a)
266
240,623
(SOFR
1
Day
+
1.89%),
2.18%,
06/01/28
(a)
6
5,246
(SOFR
1
Day
+
1.99%),
4.85%,
07/25/28
(a)
590
575,122
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
...................
13
12,212
(SOFR
1
Day
+
2.58%),
5.72%,
09/14/33
(a)
650
634,435
Lloyds
Banking
Group
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
2.44%,
02/05/26
...............
730
679,649
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.80%),
3.75%,
03/18/28
...............
360
332,319
(LIBOR
USD
3
Month
+
1.21%),
3.57%,
11/07/28
....................
240
215,831
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%,
07/17/25
.................
200
181,618
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%),
1.54%,
07/20/27
(a)
..............
490
424,800
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%),
2.34%,
01/19/28
(a)
..............
380
334,470
Mizuho
Financial
Group,
Inc.
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
2.65%,
05/22/26
...............
460
426,709
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%),
1.55%,
07/09/27
...............
500
435,573
NatWest
Group
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.64%,
06/14/27
...............
640
553,895
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.27%),
5.52%,
09/30/28
...............
650
641,993
Royal
Bank
of
Canada,
0.88%,
01/20/26
...
390
346,255
Santander
UK
Group
Holdings
plc,
(SOFR
1
Day
+
0.79%),
1.09%,
03/15/25
(a)
......
237
221,433
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Sumitomo
Mitsui
Financial
Group,
Inc.,
3.78%,
03/09/26
.....................
USD
116
$
111,576
Toronto-Dominion
Bank
(The)
Series
FXD,
1.95%,
01/12/27
........
470
418,780
3.20%,
03/10/32
.................
400
344,387
Washington
Mutual
Escrow
Bonds
(e)(j)
0.00%,
12/31/49
.................
100
1,000
0.00%,
12/31/49
(k)
................
400
—
17,558,330
Beverages
—
1.1%
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.00%,
04/13/28
.....................
343
326,456
Coca-Cola
Co.
(The)
2.25%,
01/05/32
.................
290
243,246
3.00%,
03/05/51
.................
940
683,497
Coca-Cola
Femsa
SAB
de
CV,
1.85%,
09/01/32
490
368,511
Diageo
Capital
plc
1.38%,
09/29/25
.................
470
430,944
2.00%,
04/29/30
.................
780
640,679
5.50%,
01/24/33
.................
350
366,191
Keurig
Dr
Pepper,
Inc.
2.25%,
03/15/31
.................
400
321,219
4.05%,
04/15/32
.................
470
427,536
PepsiCo,
Inc.
3.60%,
02/18/28
.................
240
229,782
4.20%,
07/18/52
.................
670
609,955
4,648,016
Biotechnology
—
0.6%
AbbVie,
Inc.,
2.95%,
11/21/26
.........
180
167,397
Amgen,
Inc.
2.20%,
02/21/27
.................
200
179,433
3.00%,
02/22/29
.................
270
239,085
4.20%,
02/22/52
.................
15
11,895
4.88%,
03/01/53
.................
30
26,606
Regeneron
Pharmaceuticals,
Inc.,
1.75%,
09/15/30
.....................
2,440
1,884,577
2,508,993
Building
Products
—
0.2%
Carrier
Global
Corp.,
2.24%,
02/15/25
....
10
9,419
Johnson
Controls
International
plc
3.90%,
02/14/26
.................
870
844,824
2.00%,
09/16/31
.................
100
78,935
Owens
Corning,
3.40%,
08/15/26
.......
110
102,688
1,035,866
Capital
Markets
—
2.0%
Ares
Capital
Corp.,
2.88%,
06/15/27
.....
145
122,891
Blackstone
Private
Credit
Fund,
4.00%,
01/15/29
.....................
129
106,428
Deutsche
Bank
AG
1.69%,
03/19/26
.................
300
268,846
(SOFR
1
Day
+
1.32%),
2.55%,
01/07/28
(a)
150
127,507
FactSet
Research
Systems,
Inc.
2.90%,
03/01/27
.................
790
717,134
3.45%,
03/01/32
.................
60
50,304
FS
KKR
Capital
Corp.,
2.63%,
01/15/27
...
196
163,628
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
1
Day
+
0.51%),
0.66%,
09/10/24
(a)
21
20,203
3.75%,
02/25/26
.................
37
35,615
3.50%,
11/16/26
.................
27
25,309
(SOFR
1
Day
+
0.80%),
1.43%,
03/09/27
(a)
565
495,453
(SOFR
1
Day
+
0.82%),
1.54%,
09/10/27
(a)
1,640
1,414,709
(SOFR
1
Day
+
1.11%),
2.64%,
02/24/28
(a)
886
788,882
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
...................
206
191,401
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(SOFR
1
Day
+
1.28%),
2.62%,
04/22/32
(a)
USD
66
$
52,634
Moody's
Corp.,
3.25%,
01/15/28
........
69
63,602
Morgan
Stanley
(SOFR
1
Day
+
1.15%),
2.72%,
07/22/25
(a)
57
54,493
(SOFR
1
Day
+
1.67%),
4.68%,
07/17/26
(a)
325
319,428
3.13%,
07/27/26
.................
4
3,731
3.63%,
01/20/27
.................
281
264,987
(SOFR
1
Day
+
0.88%),
1.59%,
05/04/27
(a)
96
84,214
(SOFR
1
Day
+
0.86%),
1.51%,
07/20/27
(a)
81
70,291
(SOFR
1
Day
+
1.00%),
2.48%,
01/21/28
(a)
280
248,795
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(a)
...................
35
32,104
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
...................
407
372,712
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
...................
357
332,261
(SOFR
1
Day
+
1.14%),
2.70%,
01/22/31
(a)
355
293,353
(SOFR
1
Day
+
1.03%),
1.79%,
02/13/32
(a)
130
97,703
(SOFR
1
Day
+
1.02%),
1.93%,
04/28/32
(a)
24
18,109
(SOFR
1
Day
+
1.20%),
2.51%,
10/20/32
(a)
56
43,823
(SOFR
1
Day
+
2.08%),
4.89%,
07/20/33
(a)
310
291,252
Morgan
Stanley
Domestic
Holdings,
Inc.,
3.80%,
08/24/27
................
62
58,327
Nasdaq,
Inc.,
1.65%,
01/15/31
.........
470
359,301
Nomura
Holdings,
Inc.,
3.00%,
01/22/32
...
344
269,887
Prospect
Capital
Corp.,
3.36%,
11/15/26
...
105
87,044
S&P
Global,
Inc.
(d)
2.45%,
03/01/27
.................
280
255,722
4.75%,
08/01/28
.................
125
123,540
2.90%,
03/01/32
.................
210
179,120
3.90%,
03/01/62
.................
3
2,316
8,507,059
Chemicals
—
0.0%
Dow
Chemical
Co.
(The),
2.10%,
11/15/30
.
39
31,340
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
.
148
145,536
176,876
Commercial
Services
&
Supplies
—
0.1%
RELX
Capital,
Inc.
3.50%,
03/16/23
.................
115
114,535
4.00%,
03/18/29
.................
108
100,018
3.00%,
05/22/30
.................
3
2,557
Republic
Services,
Inc.
2.90%,
07/01/26
.................
42
39,123
3.95%,
05/15/28
.................
47
44,644
2.30%,
03/01/30
.................
20
16,739
1.75%,
02/15/32
.................
100
76,767
394,383
Communications
Equipment
—
0.2%
Motorola
Solutions,
Inc.
4.60%,
05/23/29
.................
162
154,180
2.30%,
11/15/30
.................
610
476,991
2.75%,
05/24/31
.................
130
103,941
735,112
Construction
&
Engineering
—
0.1%
Quanta
Services,
Inc.,
2.90%,
10/01/30
...
420
345,333
Consumer
Finance
—
0.2%
American
Express
Co.,
2.55%,
03/04/27
...
199
181,031
General
Motors
Financial
Co.,
Inc.,
3.70%,
05/09/23
.....................
16
15,921
Synchrony
Financial
4.50%,
07/23/25
.................
2
1,917
3.70%,
08/04/26
.................
22
20,238
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Toyota
Motor
Credit
Corp.
3.05%,
03/22/27
.................
USD
270
$
251,734
1.90%,
04/06/28
.................
290
252,150
722,991
Distributors
—
0.0%
Genuine
Parts
Co.,
1.75%,
02/01/25
.....
150
140,051
Diversified
Financial
Services
—
0.2%
Block
Financial
LLC,
3.88%,
08/15/30
....
420
367,458
National
Rural
Utilities
Cooperative
Finance
Corp.
1.00%,
06/15/26
.................
590
519,385
1.65%,
06/15/31
.................
40
30,380
917,223
Diversified
Telecommunication
Services
—
0.2%
Koninklijke
KPN
NV,
8.38%,
10/01/30
....
140
156,327
Lumen
Technologies,
Inc.,
5.38%,
06/15/29
(d)
360
259,176
Verizon
Communications,
Inc.
4.13%,
03/16/27
.................
96
93,498
2.10%,
03/22/28
.................
53
45,997
4.33%,
09/21/28
.................
115
110,571
2.85%,
09/03/41
.................
50
34,410
699,979
Electric
Utilities
—
0.5%
Avangrid,
Inc.
3.20%,
04/15/25
.................
620
592,493
3.80%,
06/01/29
.................
140
127,217
Baltimore
Gas
&
Electric
Co.,
2.25%,
06/15/31
18
14,581
Eversource
Energy
Series
U,
1.40%,
08/15/26
..........
60
52,652
2.90%,
03/01/27
.................
270
248,588
3.38%,
03/01/32
.................
220
191,513
Exelon
Corp.
2.75%,
03/15/27
(d)
................
19
17,425
5.10%,
06/15/45
.................
10
9,299
4.10%,
03/15/52
(d)
................
7
5,593
NSTAR
Electric
Co.
3.25%,
05/15/29
.................
280
254,815
3.95%,
04/01/30
.................
300
282,013
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
.................
80
75,288
2.05%,
08/01/50
.................
31
17,274
Southern
California
Edison
Co.
Series
E,
3.70%,
08/01/25
..........
26
25,154
Series
20C,
1.20%,
02/01/26
........
60
53,206
Series
A,
4.20%,
03/01/29
..........
33
31,386
1,998,497
Electronic
Equipment,
Instruments
&
Components
—
0.4%
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/01/27
15
13,539
CDW
LLC,
3.57%,
12/01/31
..........
66
54,386
Flex
Ltd.,
3.75%,
02/01/26
...........
290
272,836
Keysight
Technologies,
Inc.
4.60%,
04/06/27
.................
620
601,577
3.00%,
10/30/29
.................
720
623,985
1,566,323
Energy
Equipment
&
Services
—
0.0%
CGG
SA,
8.75%,
04/01/27
(d)
..........
200
159,879
Entertainment
—
0.1%
Electronic
Arts,
Inc.
4.80%,
03/01/26
.................
250
249,135
1.85%,
02/15/31
.................
122
95,891
345,026
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
103
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.5%
Alexandria
Real
Estate
Equities,
Inc.,
2.95%,
03/15/34
.....................
USD
24
$
19,452
American
Tower
Corp.
5.00%,
02/15/24
.................
15
14,945
2.95%,
01/15/25
.................
8
7,630
1.30%,
09/15/25
.................
190
171,508
1.60%,
04/15/26
.................
26
23,116
1.45%,
09/15/26
.................
200
174,509
Crown
Castle,
Inc.
3.70%,
06/15/26
.................
50
47,542
1.05%,
07/15/26
.................
218
188,353
Equinix,
Inc.
1.00%,
09/15/25
.................
151
135,035
1.45%,
05/15/26
.................
160
140,661
Iron
Mountain,
Inc.,
5.25%,
07/15/30
(d)
....
200
173,800
Life
Storage
LP,
3.88%,
12/15/27
.......
150
138,792
Realty
Income
Corp.
3.00%,
01/15/27
.................
5
4,622
3.25%,
01/15/31
.................
40
34,687
Uniti
Group
LP,
6.50%,
02/15/29
(d)
.......
490
324,625
VICI
Properties
LP
5.63%,
05/01/24
(d)
................
62
61,396
4.50%,
09/01/26
(d)
................
18
16,939
5.75%,
02/01/27
(d)
................
30
29,243
5.13%,
05/15/32
.................
280
259,266
Welltower,
Inc.,
4.00%,
06/01/25
........
300
292,212
Weyerhaeuser
Co.,
3.38%,
03/09/33
.....
20
16,715
2,275,048
Food
Products
—
1.0%
Bunge
Ltd.
Finance
Corp.
1.63%,
08/17/25
.................
380
346,040
3.75%,
09/25/27
.................
360
336,154
2.75%,
05/14/31
.................
480
393,946
Campbell
Soup
Co.,
4.15%,
03/15/28
....
170
162,346
General
Mills,
Inc.
3.20%,
02/10/27
.................
350
330,685
2.25%,
10/14/31
.................
1,100
884,615
Kellogg
Co.
3.40%,
11/15/27
.................
190
176,687
4.30%,
05/15/28
.................
850
824,741
2.10%,
06/01/30
.................
300
243,907
Unilever
Capital
Corp.,
1.75%,
08/12/31
...
600
471,433
4,170,554
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
5.75%,
05/20/27
...
250
232,342
ONE
Gas,
Inc.,
4.25%,
09/01/32
........
45
42,610
Southwest
Gas
Corp.,
4.05%,
03/15/32
...
160
140,491
415,443
Health
Care
Equipment
&
Supplies
—
0.1%
Abbott
Laboratories,
4.90%,
11/30/46
.....
360
350,977
Health
Care
Providers
&
Services
—
0.9%
Cigna
Corp.
4.38%,
10/15/28
.................
200
192,887
3.40%,
03/15/51
.................
370
262,980
Elevance
Health,
Inc.
3.65%,
12/01/27
.................
260
245,156
4.10%,
03/01/28
.................
53
50,791
HCA,
Inc.,
3.13%,
03/15/27
(d)
..........
160
145,468
Humana,
Inc.
4.50%,
04/01/25
.................
16
15,805
1.35%,
02/03/27
.................
490
423,652
3.70%,
03/23/29
.................
360
329,594
4.88%,
04/01/30
.................
57
55,866
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Laboratory
Corp.
of
America
Holdings,
1.55%,
06/01/26
.....................
USD
40
$
35,427
Quest
Diagnostics,
Inc.,
3.45%,
06/01/26
..
100
95,368
UnitedHealth
Group,
Inc.
5.30%,
02/15/30
.................
350
360,654
4.20%,
05/15/32
.................
1,500
1,423,898
5.88%,
02/15/53
.................
60
64,786
3,702,332
Hotels,
Restaurants
&
Leisure
—
0.0%
Starbucks
Corp.,
2.00%,
03/12/27
.......
250
223,355
Household
Products
—
0.0%
Colgate-Palmolive
Co.,
3.25%,
08/15/32
...
15
13,537
Industrial
Conglomerates
—
0.2%
3M
Co.,
3.05%,
04/15/30
............
410
359,951
Trane
Technologies
Luxembourg
Finance
SA,
3.80%,
03/21/29
................
560
515,410
875,361
Insurance
—
1.0%
Alleghany
Corp.,
3.63%,
05/15/30
.......
920
853,241
Ambac
Assurance
Corp.,
5.10%
(d)(i)
......
5
6,768
Arthur
J
Gallagher
&
Co.,
3.50%,
05/20/51
.
330
230,246
Hanover
Insurance
Group,
Inc.
(The),
4.50%,
04/15/26
.....................
1,030
1,007,779
Manulife
Financial
Corp.,
4.15%,
03/04/26
..
340
331,097
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
.................
816
788,165
2.25%,
11/15/30
.................
541
442,902
Progressive
Corp.
(The),
2.50%,
03/15/27
..
180
165,712
Trinity
Acquisition
plc,
4.40%,
03/15/26
....
20
19,400
Unum
Group,
4.13%,
06/15/51
.........
270
183,966
Willis
North
America,
Inc.,
2.95%,
09/15/29
.
190
159,715
4,188,991
Internet
&
Direct
Marketing
Retail
—
0.0%
eBay,
Inc.,
1.40%,
05/10/26
..........
87
77,149
IT
Services
—
0.8%
Automatic
Data
Processing,
Inc.,
1.70%,
05/15/28
.....................
1,510
1,310,798
CGI,
Inc.,
2.30%,
09/14/31
...........
520
394,833
Cogent
Communications
Group,
Inc.,
7.00%,
06/15/27
(d)
....................
250
244,982
Fidelity
National
Information
Services,
Inc.,
1.65%,
03/01/28
................
58
48,015
Gartner,
Inc.,
4.50%,
07/01/28
(d)
........
185
172,481
International
Business
Machines
Corp.
2.20%,
02/09/27
.................
280
251,583
4.40%,
07/27/32
.................
500
477,031
5.88%,
11/29/32
.................
22
23,470
4.00%,
06/20/42
.................
2
1,657
Mastercard,
Inc.
3.30%,
03/26/27
.................
100
95,238
2.00%,
11/18/31
.................
390
313,099
PayPal
Holdings,
Inc.,
2.65%,
10/01/26
...
14
12,925
VeriSign,
Inc.,
2.70%,
06/15/31
........
180
146,595
3,492,707
Life
Sciences
Tools
&
Services
—
0.3%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
.................
545
506,877
2.10%,
06/04/30
.................
97
78,486
2.30%,
03/12/31
.................
820
661,204
1,246,567
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Machinery
—
0.4%
Cummins,
Inc.
0.75%,
09/01/25
.................
USD
190
$
171,307
1.50%,
09/01/30
.................
420
329,382
Deere
&
Co.,
3.75%,
04/15/50
.........
17
14,345
IDEX
Corp.,
2.63%,
06/15/31
..........
980
811,244
Otis
Worldwide
Corp.,
2.57%,
02/15/30
...
23
19,324
Wabash
National
Corp.,
4.50%,
10/15/28
(d)
.
200
170,317
1,515,919
Media
—
0.1%
Interpublic
Group
of
Cos.,
Inc.
(The)
4.20%,
04/15/24
.................
15
14,720
4.65%,
10/01/28
.................
170
162,655
2.40%,
03/01/31
.................
32
25,258
Sirius
XM
Radio,
Inc.,
5.50%,
07/01/29
(d)
...
250
228,195
430,828
Metals
&
Mining
—
0.3%
Mineral
Resources
Ltd.,
8.50%,
05/01/30
(d)
.
250
253,382
Reliance
Steel
&
Aluminum
Co.
1.30%,
08/15/25
.................
190
171,660
2.15%,
08/15/30
.................
530
417,356
Steel
Dynamics,
Inc.
2.80%,
12/15/24
.................
35
33,246
2.40%,
06/15/25
.................
330
309,435
1,185,079
Multi-Utilities
—
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
3.80%,
05/15/28
.................
100
94,958
Series
20A,
3.35%,
04/01/30
........
430
386,726
2.40%,
06/15/31
.................
290
237,080
718,764
Oil,
Gas
&
Consumable
Fuels
—
0.8%
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
76
76,462
5.13%,
06/30/27
.................
275
271,680
3.70%,
11/15/29
.................
970
876,803
EQT
Corp.,
7.00%,
02/01/30
(c)
.........
430
445,962
Kinder
Morgan
Energy
Partners
LP
7.50%,
11/15/40
.................
16
17,448
5.00%,
08/15/42
.................
20
17,119
Kinder
Morgan,
Inc.,
4.80%,
02/01/33
....
67
62,117
MPLX
LP,
2.65%,
08/15/30
...........
361
292,553
ONEOK,
Inc.
5.85%,
01/15/26
.................
330
333,952
6.35%,
01/15/31
.................
540
548,610
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(d)
..
365
333,093
3,275,799
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC
1.75%,
09/30/25
(d)
................
22
20,095
0.95%,
05/15/26
(d)
................
10
8,758
7.75%,
11/15/29
.................
20
22,696
Louisiana-Pacific
Corp.,
3.63%,
03/15/29
(d)
.
200
172,769
224,318
Pharmaceuticals
—
0.7%
Astrazeneca
Finance
LLC
1.20%,
05/28/26
.................
380
338,318
1.75%,
05/28/28
.................
390
334,755
2.25%,
05/28/31
.................
280
232,905
Bristol-Myers
Squibb
Co.,
2.95%,
03/15/32
.
200
173,994
Jazz
Securities
DAC,
4.38%,
01/15/29
(d)
...
200
178,230
Johnson
&
Johnson,
2.25%,
09/01/50
....
370
228,952
Merck
&
Co.,
Inc.
2.15%,
12/10/31
.................
420
342,969
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
2.45%,
06/24/50
.................
USD
30
$
18,952
2.75%,
12/10/51
.................
19
12,695
Novartis
Capital
Corp.,
2.20%,
08/14/30
...
855
727,208
Zoetis,
Inc.
4.50%,
11/13/25
.................
370
368,626
3.00%,
09/12/27
.................
110
101,694
2.00%,
05/15/30
.................
70
56,807
3,116,105
Professional
Services
—
0.3%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(d)
..
285
243,886
ASGN,
Inc.,
4.63%,
05/15/28
(d)
.........
465
420,918
Thomson
Reuters
Corp.,
3.35%,
05/15/26
..
530
501,383
1,166,187
Real
Estate
Management
&
Development
—
0.0%
CBRE
Services,
Inc.,
4.88%,
03/01/26
....
170
167,833
Road
&
Rail
—
0.1%
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
160
148,660
Penske
Truck
Leasing
Co.
LP
(d)
4.25%,
01/17/23
.................
40
39,987
2.70%,
03/14/23
.................
50
49,734
238,381
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Broadcom
Corp.,
3.88%,
01/15/27
......
129
122,020
Broadcom,
Inc.
4.15%,
04/15/32
(d)
................
350
307,250
4.30%,
11/15/32
.................
210
185,082
Lam
Research
Corp.,
3.75%,
03/15/26
....
56
54,293
NVIDIA
Corp.
3.20%,
09/16/26
.................
752
714,322
1.55%,
06/15/28
.................
190
162,235
2.00%,
06/15/31
.................
590
472,545
3.50%,
04/01/50
.................
50
37,738
3.70%,
04/01/60
.................
180
132,749
NXP
BV
3.88%,
06/18/26
.................
25
23,836
4.30%,
06/18/29
.................
172
159,369
3.40%,
05/01/30
.................
70
60,169
2.50%,
05/11/31
.................
189
148,814
Texas
Instruments,
Inc.
1.90%,
09/15/31
.................
97
78,497
3.65%,
08/16/32
.................
1,020
945,102
3,604,021
Software
—
1.0%
Adobe,
Inc.,
2.30%,
02/01/30
..........
1,010
861,195
Autodesk,
Inc.
3.50%,
06/15/27
.................
81
75,878
2.40%,
12/15/31
.................
54
43,137
Intuit,
Inc.
1.35%,
07/15/27
.................
860
743,795
1.65%,
07/15/30
.................
1,060
850,021
Roper
Technologies,
Inc.,
1.75%,
02/15/31
.
26
20,030
Salesforce,
Inc.,
3.05%,
07/15/61
.......
10
6,350
ServiceNow,
Inc.,
1.40%,
09/01/30
......
850
650,264
VMware,
Inc.
1.80%,
08/15/28
.................
1,154
942,334
4.70%,
05/15/30
.................
72
66,975
2.20%,
08/15/31
.................
193
146,461
4,406,440
Specialty
Retail
—
0.3%
Home
Depot,
Inc.
(The)
2.88%,
04/15/27
.................
110
102,598
1.50%,
09/15/28
.................
300
255,057
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
105
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
1.38%,
03/15/31
.................
USD
31
$
24,015
1.88%,
09/15/31
.................
400
319,639
4.50%,
12/06/48
.................
17
15,415
Lowe's
Cos.,
Inc.
4.00%,
04/15/25
.................
170
166,689
3.35%,
04/01/27
.................
450
422,444
3.65%,
04/05/29
.................
93
85,926
1,391,783
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
3.95%,
08/08/52
.................
305
259,157
4.10%,
08/08/62
.................
40
33,249
292,406
Thrifts
&
Mortgage
Finance
—
0.1%
BPCE
SA,
2.70%,
10/01/29
(d)
..........
274
228,959
Wireless
Telecommunication
Services
—
0.1%
Rogers
Communications,
Inc.,
3.80%,
03/15/32
(d)
....................
140
120,814
T-Mobile
USA,
Inc.
5.65%,
01/15/53
.................
310
300,046
5.80%,
09/15/62
.................
75
72,558
493,418
Total
Corporate
Bonds
—
20.5%
(Cost:
$93,372,015)
..............................
86,801,350
Floating
Rate
Loan
Interests
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A,
(LIBOR
USD
3
Month
+
3.75%),
0.00%
,
 02/21/23
(a)(k)
...............
7
133
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$7,000)
.................................
133
Shares
Shares
Investment
Companies
iShares
MSCI
India
ETF
(g)(l)
............
66,538
2,777,296
Total
Investment
Companies
—
0.7%
(Cost:
$3,054,964)
..............................
2,777,296
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.2%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
4.74%,
06/25/35
(a)
..
41
35,042
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
....................
19
10,131
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.46%),
4.85%,
11/25/36
(a)
.
23
19,450
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
4.67%,
04/25/47
(a)
.
21
18,066
Series
2007-OA3,
Class
2A2,
(LIBOR
USD
1
Month
+
0.36%),
4.75%,
04/25/47
(a)
.
1
83
Series
2007-OA8,
Class
2A1,
(LIBOR
USD
1
Month
+
0.36%),
4.75%,
06/25/47
(a)
.
13
9,287
Series
2007-OH2,
Class
A2A,
(LIBOR
USD
1
Month
+
0.48%),
4.87%,
08/25/47
(a)
.
6
4,902
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
American
Home
Mortgage
Assets
Trust,
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
2.99%,
10/25/46
(a)
..........
USD
45
$
31,058
APS
Resecuritization
Trust
(a)(d)
Series
2016-1,
Class
1MZ,
3.02%,
07/31/57
138
54,321
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
7.24%,
09/27/46
...
22
21,831
Banc
of
America
Funding
Trust,
Series
2014-
R2,
Class
1C,
0.00%,
11/26/36
(a)(d)
.....
54
13,651
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
4.67%,
08/25/36
(a)
.........
12
12,023
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
.......
269
120,585
Citicorp
Mortgage
Securities
Trust,
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
....
23
17,610
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(d)
.....................
109
43,163
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
5.74%,
11/25/35
(a)
.....................
18
4,461
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A11,
7.00%,
08/25/37
(a)
........
24
12,967
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.34%),
4.73%,
08/25/47
(a)
...
82
69,457
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
4.05%,
03/25/36
(a)
..........
5
4,573
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
.........
1
1,239
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-AR19,
Class
3A1,
3.37%,
09/25/37
(a)
28
18,365
JPMorgan
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A4,
(LIBOR
USD
1
Month
+
0.42%),
4.81%,
03/25/37
(a)
.........
33
28,889
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(d)
.
36
33,658
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
4.81%,
06/25/37
(a)
.....................
4
3,907
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.33%,
04/25/36
(a)
.....................
8
4,602
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
06/25/36
(a)
...
11
9,156
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
33
30,024
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(c)
...................
42
36,048
668,549
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(d)
Bayview
Commercial
Asset
Trust
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
4.84%,
01/25/36
...
15
13,847
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.68%),
5.06%,
01/25/36
...
11
10,331
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
4.93%,
04/25/36
...
USD
7
$
5,871
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.38%),
4.76%,
10/25/36
...
9
7,968
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.45%),
4.84%,
10/25/36
...
9
7,984
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
4.64%,
03/25/37
......................
3
2,692
48,693
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
One
Market
Plaza
Trust,
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
(a)(d)
.......
1,000
29
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(d)(m)
...
38
5,563
Total
Non-Agency
Mortgage-Backed
Securities
—
0.2%
(Cost:
$891,200)
................................
722,834
Beneficial
Interest
(000)
Other
Interests
(n)
Capital
Markets
—
0.0%
(j)(k)
Lehman
Brothers
Holdings,
Inc.
(e)
........
620
—
Lehman
Brothers
Holdings,
Inc.
.........
250
—
Total
Other
Interests
—
0.0%
(Cost:
$6)
....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.3%
Airlines
—
0.0%
Azul
SA
(Preference)
................
26,852
55,577
Automobiles
—
0.0%
Bayerische
Motoren
Werke
AG
(Preference)
1,486
125,406
Banks
—
0.1%
Banco
Bradesco
SA
(Preference)
........
99,872
286,764
Bancolombia
SA
(Preference)
..........
11,335
78,204
Itau
Unibanco
Holding
SA
(Preference)
....
6,859
32,524
397,492
Chemicals
—
0.1%
Fuchs
Petrolub
SE
(Preference)
.........
336
11,745
Sociedad
Quimica
y
Minera
de
Chile
SA
(Preference)
....................
5,904
476,829
488,574
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Petroleo
Brasileiro
SA
(Preference)
.......
53,942
250,171
Total
Preferred
Securities
—
0.3%
(Cost:
$1,575,731)
..............................
1,317,220
Security
Shares
Shares
Value
Rights
Road
&
Rail
—
0.0%
Localiza
Rent
a
Car
SA(Expires
01/31/23,
Strike
Price
BRL
42.25)
(e)
...........
9
$
18
Total
Rights
—
0.0%
(Cost:
$—)
....................................
18
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
7.7%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
..........
USD
163
153,469
3.00%, 09/01/27
-
12/01/46
..........
272
252,569
3.50%, 04/01/31
-
01/01/48
..........
422
400,094
4.00%, 08/01/40
-
12/01/45
..........
66
63,751
4.50%, 02/01/39
-
04/01/49
..........
487
481,607
5.00%, 10/01/41
-
11/01/48
..........
95
95,987
5.50%, 06/01/41
.................
44
45,492
6.00%, 01/01/34
.................
32
32,202
Federal
National
Mortgage
Association,
4.00%, 01/01/41
.................
5
4,469
Government
National
Mortgage
Association
2.00%, 08/20/50
-
04/20/52
..........
3,632
3,049,580
2.00%, 01/15/53
(o)
................
663
555,652
2.50%, 07/20/51
-
07/20/52
..........
5,265
4,565,282
2.50%, 01/15/53
(o)
................
725
628,110
3.00%, 02/15/45
-
09/20/52
..........
3,260
2,911,194
3.00%, 01/15/53
(o)
................
770
685,855
3.50%, 01/15/42
-
02/20/52
..........
1,194
1,114,694
3.50%, 01/15/53
(o)
................
711
653,135
4.00%, 04/20/39
-
12/20/47
..........
213
205,328
4.00%, 01/15/53
(o)
................
694
656,592
4.50%, 12/20/39
-
04/20/50
..........
281
277,775
4.50%, 01/15/53
(o)
................
172
166,825
5.00%, 12/15/38
-
07/20/42
..........
60
61,358
5.00%, 01/15/53
(o)
................
275
272,451
7.50%, 03/15/32
.................
1
1,336
Uniform
Mortgage-Backed
Securities
2.00%, 10/01/31
-
02/01/52
..........
3,884
3,211,854
2.00%, 01/25/38
-
01/25/53
(o)
.........
550
481,499
2.50%, 09/01/27
-
02/01/52
..........
2,021
1,783,103
2.50%, 01/25/38
-
01/25/53
(o)
.........
350
306,535
3.00%, 04/01/29
-
03/01/52
..........
2,099
1,921,407
3.50%, 08/01/30
-
01/01/51
..........
2,723
2,525,915
3.50%, 01/25/38
(o)
................
61
58,352
4.00%, 10/01/33
-
01/01/51
..........
1,350
1,300,663
4.00%, 01/25/38
-
01/25/53
(o)
.........
250
235,339
4.50%, 02/01/25
-
05/01/49
..........
2,277
2,249,511
4.50%, 01/25/53
(o)
................
75
72,169
5.00%, 09/01/35
-
05/01/49
..........
173
174,851
5.00%, 01/25/53
(o)
................
200
197,044
5.50%, 02/01/35
-
04/01/41
..........
280
288,667
6.00%, 12/01/27
-
06/01/41
..........
163
169,127
6.50%, 05/01/40
.................
45
47,236
Total
U.S.
Government
Sponsored
Agency
Securities
—
7.7%
(Cost:
$35,227,065)
..............................
32,358,079
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
107
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
.................
USD
66
$
67,975
4.50%, 08/15/39
.................
82
86,949
4.38%, 11/15/39
.................
82
85,501
1.13%, 05/15/40
-
08/15/40
..........
694
432,665
1.38%, 11/15/40
.................
347
225,591
2.25%, 05/15/41
-
02/15/52
..........
13,000
9,209,179
2.38%, 02/15/42
.................
4,000
3,054,062
3.13%, 02/15/43
.................
332
283,238
2.88%, 05/15/43
-
11/15/46
..........
597
483,324
3.63%, 08/15/43
.................
332
305,207
3.75%, 11/15/43
.................
332
311,172
2.50%, 02/15/45
.................
593
446,441
3.00%, 02/15/47
.................
1,500
1,227,832
1.63%, 11/15/50
.................
3
1,785
1.88%, 11/15/51
.................
1,000
633,359
U.S.
Treasury
Notes
1.50%, 01/15/23
-
02/15/30
..........
615
611,165
0.50%, 05/31/27
.................
129
110,597
2.25%, 08/15/27
.................
798
738,181
1.25%, 03/31/28
-
09/30/28
..........
1,047
909,160
2.88%, 08/15/28
.................
188
177,036
3.13%, 11/15/28
.................
363
346,225
1.75%, 01/31/29
-
11/15/29
..........
1,239
1,080,134
2.63%, 02/15/29
.................
63
58,226
1.88%, 02/28/29
-
02/15/32
..........
12,352
10,786,863
2.38%, 05/15/29
.................
7,063
6,420,709
1.63%, 08/15/29
-
05/15/31
..........
492
420,916
1.13%, 02/15/31
.................
179
145,892
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.38%, 11/15/31
.................
USD
3
$
2,442
Total
U.S.
Treasury
Obligations
—
9.1%
(Cost:
$46,318,305)
..............................
38,661,826
Total
Long-Term
Investments
—
93.9%
(Cost:
$423,468,089)
.............................
396,751,013
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
7.0%
(l)(p)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
...................
21,365,821
21,365,821
SL
Liquidity
Series,
LLC,
Money
Market
Series,
4.49%
(q)
.......................
8,142,628
8,141,813
Total
Money
Market
Funds
—
7.0%
(Cost:
$29,506,919)
..............................
29,507,634
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
1.4%
U.S.
Treasury
Bills
,
4.28%, 03/16/23
(r)
.....
6,000
5,950,242
Total
U.S.
Treasury
Obligations
—
1.4%
(Cost:
$5,947,756)
..............................
5,950,242
Total
Short-Term
Securities
—
8.4%
(Cost:
$35,454,675)
..............................
35,457,876
Total
Investments
—
102.3%
(Cost:
$458,922,764
)
.............................
432,208,889
Liabilities
in
Excess
of
Other
Assets
—
(2.3)%
............
(9,686,143)
Net
Assets
—
100.0%
..............................
$
422,522,746
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rounds
to
less
than
1,000.
(c)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(d)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(e)
Non-income
producing
security.
(f)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(k)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(l)
Affiliate
of
the
Fund.
(m)
Zero-coupon
bond.
(n)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(o)
Represents
or
includes
a
TBA
transaction.
(p)
Annualized
7-day
yield
as
of
period
end.
(q)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(r)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
108
Schedule
of
Investments
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
46,127,397
$
—
$
(24,761,576)
(a)
$
—
$
—
$
21,365,821
21,365,821
$
503,829
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
8,980,617
—
(835,848)
(a)
(3,671)
715
8,141,813
8,142,628
45,912
(b)
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
(c)
...
31,424,619
—
(30,479,991)
(1,059,012)
114,384
—
—
177,060
—
iShares
MSCI
China
A
ETF
(c)
...
—
1,331,211
(1,087,072)
(244,139)
—
—
—
2,380
—
iShares
MSCI
India
ETF
......
—
3,054,964
—
—
(277,668)
2,777,296
66,538
—
—
iShares
MSCI
Taiwan
ETF
(c)
....
—
6,042,426
(4,982,533)
(1,059,893)
—
—
—
—
—
$
(2,366,715)
$
(162,569)
$
32,284,930
$
729,181
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
109
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P/TSX
60
Index
.........................................................
3
03/16/23
$
518
$
(18,299)
MSCI
EAFE
E-Mini
Index
....................................................
6
03/17/23
585
(13,596)
MSCI
Emerging
Markets
E-Mini
Index
............................................
6
03/17/23
288
(3,666)
S&P
500
E-Mini
Index
......................................................
51
03/17/23
9,846
(328,540)
U.S.
Treasury
10
Year
Note
...................................................
15
03/22/23
1,682
(28,493)
U.S.
Treasury
Long
Bond
....................................................
6
03/22/23
748
(9,311)
(401,905)
Short
Contracts
MSCI
EAFE
E-Mini
Index
....................................................
17
03/17/23
1,657
39,087
MSCI
Emerging
Markets
E-Mini
Index
............................................
14
03/17/23
672
17,804
S&P
500
E-Mini
ESG
Index
...................................................
23
03/17/23
3,884
161,062
U.S.
Treasury
10
Year
Note
...................................................
35
03/22/23
3,925
16,253
U.S.
Treasury
Ultra
Bond
....................................................
33
03/22/23
4,407
79,077
U.S.
Treasury
2
Year
Note
....................................................
55
03/31/23
11,275
(7,809)
U.S.
Treasury
5
Year
Note
....................................................
21
03/31/23
2,264
1,935
307,409
$
(94,496)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
122,043
GBP
99,100
Deutsche
Bank
AG
03/15/23
$
2,027
USD
119,853
EUR
113,000
Standard
Chartered
Bank
03/15/23
(1,695)
USD
1,270,745
JPY
168,903,000
Bank
of
America
NA
03/15/23
(28,490)
(30,185)
$
(28,158)
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
.....................
5.00
%
Quarterly
12/20/27
USD
4,707
$
(34,602)
$
212,325
$
(246,927)
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
SOFR
plus
0.09%
Quarterly
MSCI
ACWI
ESG
Universal
Index
Quarterly
BNP
Paribas
SA
04/11/23
USD
19,835
$
2,030,788
$
—
$
2,030,788
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
110
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.06
%
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)
..........................................................
$
212,325
$
—
$
—
$
(246,927)
OTC
Swaps
...................................................................
—
—
2,030,788
—
(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
ap
preciation
on
futures
contracts
(a)
......
$
—
$
—
$
217,953
$
—
$
97,265
$
—
$
315,218
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
2,027
—
—
2,027
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
2,030,788
—
—
—
2,030,788
$
—
$
—
$
2,248,741
$
2,027
$
97,265
$
—
$
2,348,033
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
de
preciation
on
futures
contracts
(a)
......
$
—
$
—
$
364,101
$
—
$
45,613
$
—
$
409,714
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
30,185
—
—
30,185
Swaps
—
centrally
cleared
Unrealized
deprecia
tion
on
centrally
cleared
swaps
(a)
.
—
246,927
—
—
—
—
246,927
$
—
$
246,927
$
364,101
$
30,185
$
45,613
$
—
$
686,826
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
December
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
124,611
$
—
$
2,055,669
$
—
$
2,180,280
Forward
foreign
currency
exchange
contracts
....
—
—
—
43,565
—
—
43,565
Options
purchased
(a)
.....................
—
—
—
(120,940)
74,257
—
(46,683)
Options
written
........................
—
—
—
57,843
(89,864)
—
(32,021)
Swaps
..............................
—
356,746
(5,561,504)
—
(145,057)
(588,809)
(5,938,624)
$
—
$
356,746
$
(5,436,893)
$
(19,532)
$
1,895,005
$
(588,809)
$
(3,793,483)
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
111
Schedule
of
Investments
(continued)
December
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(410,607)
$
—
$
25,521
$
—
$
(385,086)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(56,607)
—
—
(56,607)
Options
purchased
(b)
.....................
—
—
—
7,052
1,582
—
8,634
Options
written
........................
—
—
—
19,670
(4,541)
—
15,129
Swaps
..............................
—
(243,768)
2,030,788
—
(32,079)
128,619
1,883,560
$
—
$
(243,768)
$
1,620,181
$
(29,885)
$
(9,517)
$
128,619
$
1,465,630
(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
..................................................................................
$
35,972,667
Average
notional
value
of
contracts
—
short
.................................................................................
$
31,295,320
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
1,766,938
Average
amounts
sold
—
in
USD
........................................................................................
$
576,676
Options
Average
value
of
option
contracts
purchased
................................................................................
$
—
(a)
Average
value
of
option
contracts
written
...................................................................................
$
—
(a)
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
—
(a)
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
—
(a)
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
4,403,287
Average
notional
value
—
sell
protection
...................................................................................
$
2,806,250
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
—
(a)
Average
notional
value
—
receives
fixed
rate
................................................................................
$
—
(a)
Inflation
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
—
(a)
Average
notional
value
—
receives
fixed
rate
................................................................................
$
—
(a)
Total
return
swaps
Average
notional
value
...............................................................................................
$
16,646,580
(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
....................................................................................
$
65,074
$
19,255
Forward
foreign
currency
exchange
contracts
.................................................................
2,027
30,185
Swaps
—
centrally
cleared
..............................................................................
—
32,723
Swaps
—
OTC
(a)
.....................................................................................
2,030,788
—
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
2,097,889
$
82,163
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(65,074)
(51,978)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
2,032,815
$
30,185
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statements
of
Assets
and
Liabilities.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
112
Schedule
of
Investments
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
BNP
Paribas
SA
.................................
$
2,030,788
$
—
$
—
$
(2,030,788)
$
—
Deutsche
Bank
AG
...............................
2,027
—
—
—
2,027
$
2,032,815
$
—
$
—
$
(2,030,788)
$
2,027
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
(d)(e)
Bank
of
America
NA
..............................
$
28,490
$
—
$
—
$
—
$
28,490
Standard
Chartered
Bank
...........................
1,695
—
—
—
1,695
$
30,185
$
—
$
—
$
—
$
30,185
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
929,624
$
—
$
929,624
Common
Stocks
Aerospace
&
Defense
....................................
856,963
666,244
—
1,523,207
Air
Freight
&
Logistics
....................................
1,136,401
726,859
—
1,863,260
Airlines
..............................................
—
168,296
—
168,296
Auto
Components
......................................
289,317
358,044
—
647,361
Automobiles
..........................................
1,346,133
4,539,578
—
5,885,711
Banks
...............................................
9,169,871
5,131,225
—
14,301,096
Beverages
...........................................
6,119,084
1,353,318
—
7,472,402
Biotechnology
.........................................
3,859,677
797,017
—
4,656,694
Building
Products
.......................................
981,448
186,252
—
1,167,700
Capital
Markets
........................................
3,465,218
2,483,124
—
5,948,342
Chemicals
............................................
289,556
3,390,246
—
3,679,802
Commercial
Services
&
Supplies
.............................
309,835
—
—
309,835
Communications
Equipment
................................
1,343,511
244,639
—
1,588,150
Construction
&
Engineering
................................
1,612,342
1,470,642
—
3,082,984
Construction
Materials
....................................
—
234,954
—
234,954
Consumer
Finance
......................................
2,815,016
—
—
2,815,016
Containers
&
Packaging
..................................
283,246
—
—
283,246
Distributors
...........................................
147,038
—
—
147,038
Diversified
Consumer
Services
..............................
237,972
64,586
—
302,558
Diversified
Financial
Services
...............................
1,175,056
526,583
—
1,701,639
Diversified
Telecommunication
Services
........................
598,251
1,637,745
—
2,235,996
Electric
Utilities
........................................
2,552,315
1,150,700
—
3,703,015
Electrical
Equipment
.....................................
229,147
2,733,954
—
2,963,101
BlackRock
Sustainable
Balanced
Portfolio
Schedules
of
Investments
113
Schedule
of
Investments
(continued)
December
31,
2022
Level
1
Level
2
Level
3
Total
Electronic
Equipment,
Instruments
&
Components
.................
$
311,812
$
2,086,480
$
—
$
2,398,292
Energy
Equipment
&
Services
..............................
256,468
18,228
—
274,696
Entertainment
.........................................
—
28,241
—
28,241
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
1,939,015
636,106
—
2,575,121
Food
&
Staples
Retailing
..................................
1,431,768
2,588,749
—
4,020,517
Food
Products
.........................................
3,389,392
579,030
—
3,968,422
Health
Care
Equipment
&
Supplies
...........................
6,926,360
100,481
—
7,026,841
Health
Care
Providers
&
Services
............................
6,146,039
94,678
—
6,240,717
Health
Care
Technology
..................................
7,746
—
—
7,746
Hotels,
Restaurants
&
Leisure
..............................
2,783,466
1,604,496
—
4,387,962
Household
Durables
.....................................
426,982
340,624
—
767,606
Household
Products
.....................................
2,059,438
—
—
2,059,438
Independent
Power
and
Renewable
Electricity
Producers
............
133,352
165,789
—
299,141
Industrial
Conglomerates
..................................
2,984,896
2,301,190
—
5,286,086
Insurance
............................................
4,858,510
2,819,792
—
7,678,302
Interactive
Media
&
Services
...............................
5,911,491
2,674,053
—
8,585,544
Internet
&
Direct
Marketing
Retail
............................
3,872,445
1,500,461
—
5,372,906
IT
Services
...........................................
9,590,710
279,004
—
9,869,714
Leisure
Products
.......................................
—
194,783
—
194,783
Life
Sciences
Tools
&
Services
..............................
4,913,859
294,908
—
5,208,767
Machinery
............................................
595,065
1,851,425
—
2,446,490
Marine
..............................................
—
967,962
—
967,962
Media
...............................................
2,868,155
56,677
—
2,924,832
Metals
&
Mining
........................................
1,027,225
2,669,215
—
3,696,440
Multiline
Retail
.........................................
—
58,625
—
58,625
Multi-Utilities
..........................................
—
809,667
—
809,667
Oil,
Gas
&
Consumable
Fuels
...............................
10,811,787
1,810,945
—
12,622,732
Paper
&
Forest
Products
..................................
105,280
7,952
—
113,232
Personal
Products
......................................
239,178
1,250,158
—
1,489,336
Pharmaceuticals
.......................................
6,797,075
4,002,071
—
10,799,146
Professional
Services
....................................
615,893
2,077,987
—
2,693,880
Real
Estate
Management
&
Development
.......................
87,450
2,193,268
—
2,280,718
Road
&
Rail
...........................................
—
36,000
—
36,000
Semiconductors
&
Semiconductor
Equipment
....................
5,854,966
2,911,336
—
8,766,302
Software
.............................................
14,214,122
46,985
—
14,261,107
Specialty
Retail
........................................
4,885,143
1,240,131
—
6,125,274
Technology
Hardware,
Storage
&
Peripherals
....................
12,104,228
724,271
—
12,828,499
Textiles,
Apparel
&
Luxury
Goods
............................
705,335
3,942,925
—
4,648,260
Thrifts
&
Mortgage
Finance
................................
12,434
—
—
12,434
Trading
Companies
&
Distributors
............................
—
860,940
—
860,940
Transportation
Infrastructure
...............................
55,816
112,805
—
168,621
Water
Utilities
.........................................
—
350,254
—
350,254
Wireless
Telecommunication
Services
.........................
—
1,289,637
—
1,289,637
Corporate
Bonds
Air
Freight
&
Logistics
....................................
—
400,461
—
400,461
Airlines
..............................................
—
196,878
—
196,878
Automobiles
..........................................
—
255,813
—
255,813
Banks
...............................................
—
17,558,330
—
17,558,330
Beverages
...........................................
—
4,648,016
—
4,648,016
Biotechnology
.........................................
—
2,508,993
—
2,508,993
Building
Products
.......................................
—
1,035,866
—
1,035,866
Capital
Markets
........................................
—
8,507,059
—
8,507,059
Chemicals
............................................
—
176,876
—
176,876
Commercial
Services
&
Supplies
.............................
—
394,383
—
394,383
Communications
Equipment
................................
—
735,112
—
735,112
Construction
&
Engineering
................................
—
345,333
—
345,333
Consumer
Finance
......................................
—
722,991
—
722,991
Distributors
...........................................
—
140,051
—
140,051
Diversified
Financial
Services
...............................
—
917,223
—
917,223
Diversified
Telecommunication
Services
........................
—
699,979
—
699,979
Electric
Utilities
........................................
—
1,998,497
—
1,998,497
Electronic
Equipment,
Instruments
&
Components
.................
—
1,566,323
—
1,566,323
Energy
Equipment
&
Services
..............................
—
159,879
—
159,879
Entertainment
.........................................
—
345,026
—
345,026
Fair
Value
Hierarchy
as
of Period
End
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Sustainable
Balanced
Portfolio
114
Schedule
of
Investments
(continued)
December
31,
2022
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
$
—
$
2,275,048
$
—
$
2,275,048
Food
Products
.........................................
—
4,170,554
—
4,170,554
Gas
Utilities
...........................................
—
415,443
—
415,443
Health
Care
Equipment
&
Supplies
...........................
—
350,977
—
350,977
Health
Care
Providers
&
Services
............................
—
3,702,332
—
3,702,332
Hotels,
Restaurants
&
Leisure
..............................
—
223,355
—
223,355
Household
Products
.....................................
—
13,537
—
13,537
Industrial
Conglomerates
..................................
—
875,361
—
875,361
Insurance
............................................
—
4,188,991
—
4,188,991
Internet
&
Direct
Marketing
Retail
............................
—
77,149
—
77,149
IT
Services
...........................................
—
3,492,707
—
3,492,707
Life
Sciences
Tools
&
Services
..............................
—
1,246,567
—
1,246,567
Machinery
............................................
—
1,515,919
—
1,515,919
Media
...............................................
—
430,828
—
430,828
Metals
&
Mining
........................................
—
1,185,079
—
1,185,079
Multi-Utilities
..........................................
—
718,764
—
718,764
Oil,
Gas
&
Consumable
Fuels
...............................
—
3,275,799
—
3,275,799
Paper
&
Forest
Products
..................................
—
224,318
—
224,318
Pharmaceuticals
.......................................
—
3,116,105
—
3,116,105
Professional
Services
....................................
—
1,166,187
—
1,166,187
Real
Estate
Management
&
Development
.......................
—
167,833
—
167,833
Road
&
Rail
...........................................
—
238,381
—
238,381
Semiconductors
&
Semiconductor
Equipment
....................
—
3,604,021
—
3,604,021
Software
.............................................
—
4,406,440
—
4,406,440
Specialty
Retail
........................................
—
1,391,783
—
1,391,783
Technology
Hardware,
Storage
&
Peripherals
....................
—
292,406
—
292,406
Thrifts
&
Mortgage
Finance
................................
—
228,959
—
228,959
Wireless
Telecommunication
Services
.........................
—
493,418
—
493,418
Floating
Rate
Loan
Interests
.................................
—
—
133
133
Investment
Companies
....................................
2,777,296
—
—
2,777,296
Non-Agency
Mortgage-Backed
Securities
........................
—
722,834
—
722,834
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
1,317,220
—
1,317,220
Rights
................................................
18
—
—
18
U.S.
Government
Sponsored
Agency
Securities
....................
—
32,358,079
—
32,358,079
U.S.
Treasury
Obligations
...................................
—
38,661,826
—
38,661,826
Short-Term
Securities
Money
Market
Funds
......................................
21,365,821
—
—
21,365,821
U.S.
Treasury
Obligations
...................................
—
5,950,242
—
5,950,242
$
181,883,433
$
242,183,510
$
133
$
424,067,076
Investments
valued
at
NAV
(a)
......................................
8,141,813
$
—
$
432,208,889
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
217,953
$
2,030,788
$
—
$
2,248,741
Foreign
currency
exchange
contracts
............................
—
2,027
—
2,027
Interest
rate
contracts
.......................................
97,265
—
—
97,265
Liabilities
Credit
contracts
...........................................
—
(246,927)
—
(246,927)
Equity
contracts
...........................................
(364,101)
—
—
(364,101)
Foreign
currency
exchange
contracts
............................
—
(30,185)
—
(30,185)
Interest
rate
contracts
.......................................
(45,613)
—
—
(45,613)
$
(94,496)
$
1,755,703
$
—
$
1,661,207
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
115
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
5.27%,
04/20/31
(a)(b)
....................
USD
396
$
388,524
Total
Asset-Backed
Securities
—
1.1%
(Cost:
$395,847)
................................
388,524
Floating
Rate
Loan
Interests
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.,
0.00%
,
 12/31/23
(c)(d)
...............
697
—
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$4)
....................................
—
Foreign
Government
Obligations
Mexico
—
0.1%
United
Mexican
States
5.75%,
03/05/26
.................
MXN
2
6,957
7.50%,
06/03/27
.................
2
9,665
8.50%,
11/18/38
.................
2
9,723
26,345
Romania
—
0.0%
Romania
Government
Bond
(e)
2.13%,
03/07/28
.................
EUR
2
1,779
2.88%,
05/26/28
.................
1
924
2,703
Total
Foreign
Government
Obligations
—
0.1%
(Cost:
$28,925)
................................
29,048
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
3.6%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
5.12%,
09/15/34
(a)(b)
.........
USD
121
117,950
BFLD
Trust,
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
5.47%,
10/15/35
(a)(b)
128
121,606
BPR
Trust,
Series
2021-TY,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
5.37%,
09/15/38
(a)(b)
131
123,413
BX
Trust
(a)(b)
Series
2021-MFM1,
Class
C,
(LIBOR
USD
1
Month
+
1.20%),
5.52%,
01/15/34
...
30
28,588
Series
2021-VIEW,
Class
A,
(LIBOR
USD
1
Month
+
1.28%),
5.60%,
06/15/36
...
50
47,563
CFK
Trust,
Series
2020-MF2,
Class
B,
2.79%,
03/15/39
(b)
.....................
140
120,061
Commercial
Mortgage
Trust,
Series
2017-
COR2,
Class
AM,
3.80%,
09/10/50
.....
19
17,289
CSAIL
Commercial
Mortgage
Trust,
Series
2018-CX11,
Class
A5,
4.03%,
04/15/51
(a)
.
42
39,143
CSMC
Trust,
Series
2021-BHAR,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
5.47%,
11/15/38
(a)(b)
....................
146
139,189
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.44%,
07/10/39
(a)(b)
....
101
76,200
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
5.69%,
10/15/33
(a)(b)
....................
100
94,682
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
B,
4.62%,
07/15/51
34
30,070
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
5.22%,
07/15/35
(b)
..
130
127,388
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(LIBOR
USD
1
Month
+
1.20%),
5.52%,
05/15/31
(a)(b)
...
USD
140
$
131,574
1,214,716
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
4,565
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.62%,
10/15/53
..........
1,012
77,828
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA,
1.55%,
06/15/52
..
1,525
109,251
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.47%,
10/15/52
......
971
68,175
259,819
Total
Non-Agency
Mortgage-Backed
Securities
—
4.3%
(Cost:
$1,626,167)
..............................
1,474,535
Beneficial
Interest
(000)
Other
Interests
(f)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)(c)
.......
697
—
Total
Other
Interests
—
0.0%
(Cost:
$4)
....................................
—
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
1.2%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
.
400
396,553
Collateralized
Mortgage
Obligations
—
0.3%
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
.....
66
62,678
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.73%, 07/20/39
(a)
.............
47
48,516
111,194
Interest
Only
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association
Series
2020-32,
4.00%, 05/25/50
......
82
15,646
Series
2020-32,
Class
PI,
4.00%, 05/25/50
92
17,682
Government
National
Mortgage
Association
Series
2020-115,
Class
IM,
3.50%, 08/20/50
117
16,740
Series
2020-146,
Class
DI,
2.50%, 10/20/50
139
17,963
Series
2020-162,
Class
TI,
2.50%, 10/20/50
281
35,908
Series
2020-175,
Class
DI,
2.50%, 11/20/50
74
9,187
Series
2020-185,
Class
MI,
2.50%, 12/20/50
158
21,333
134,459
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.6%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K105,
Class
X1,
1.52%, 01/25/30
.
551
45,671
Series
K116,
Class
X1,
1.43%, 07/25/30
.
100
8,018
Series
K119,
Class
X1,
0.93%, 09/25/30
.
149
8,068
Series
K120,
Class
X1,
1.04%, 10/25/30
.
734
43,989
Series
K122,
Class
X1,
0.88%, 11/25/30
.
218
11,344
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.81%, 01/25/58
..........
USD
223
$
29,802
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2002-83,
0.00%, 10/16/42
(c)
.....
198
—
Series
2003-17,
0.00%, 03/16/43
(c)
.....
171
—
Series
2003-109,
0.00%, 11/16/43
.....
301
12
Series
2016-22,
0.72%, 11/16/55
......
1,099
26,727
Series
2016-151,
0.85%, 06/16/58
.....
382
13,863
Series
2017-30,
0.58%, 08/16/58
......
193
5,358
Series
2017-61,
0.75%, 05/16/59
......
149
5,699
198,551
Mortgage-Backed
Securities
—
57.2%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 03/01/30
-
04/01/31
..........
78
73,365
3.00%, 09/01/27
-
12/01/46
..........
136
126,527
3.50%, 04/01/31
-
01/01/48
..........
184
176,217
4.00%, 08/01/40
-
12/01/45
..........
26
25,405
4.50%, 02/01/39
-
07/01/47
..........
87
86,305
5.00%, 11/01/41
.................
38
38,236
5.50%, 06/01/41
.................
44
45,492
8.00%, 08/01/30
-
06/01/31
..........
1
1,147
Federal
National
Mortgage
Association
3.50%, 11/01/46
.................
77
70,695
4.00%, 01/01/41
.................
2
2,110
Government
National
Mortgage
Association
2.00%, 08/20/50
-
02/20/51
..........
680
573,288
2.00%, 01/15/53
(g)
................
201
167,986
2.50%, 04/20/51
-
07/20/52
..........
1,003
870,202
3.00%, 02/15/45
-
12/20/51
..........
554
496,454
3.00%, 01/15/53
(g)
................
67
59,553
3.50%, 01/15/42
-
04/20/48
..........
514
478,937
3.50%, 01/15/53
(g)
................
81
74,408
4.00%, 10/20/40
-
06/20/50
..........
920
877,882
4.00%, 01/15/53
(g)
................
20
18,922
4.50%, 12/20/39
-
08/20/50
..........
342
339,694
4.50%, 01/15/53
(g)
................
84
81,473
5.00%, 07/15/39
-
07/20/44
..........
29
29,237
5.00%, 01/15/53
(g)
................
123
121,860
Uniform
Mortgage-Backed
Securities
1.50%, 01/25/38
(g)
................
184
159,277
1.50%, 11/01/41
-
11/01/51
..........
810
652,752
2.00%, 10/01/31
-
03/01/52
..........
4,356
3,583,261
2.00%, 01/25/38
-
01/25/53
(g)
.........
1,114
944,721
2.50%, 04/01/30
-
03/01/52
..........
3,279
2,835,311
2.50%, 01/25/38
-
01/25/53
(g)
.........
452
385,613
3.00%, 04/01/29
-
08/01/52
..........
1,945
1,759,649
3.00%, 01/25/38
-
01/25/53
(g)
.........
118
103,589
3.50%, 08/01/30
-
09/01/52
..........
1,097
1,014,733
3.50%, 01/25/38
-
01/25/53
(g)
.........
110
100,396
4.00%, 09/01/33
-
10/01/51
..........
929
887,484
4.00%, 01/25/53
(g)
................
53
49,696
4.50%, 06/01/26
-
08/01/52
..........
399
391,407
4.50%, 01/25/53
-
02/25/53
(g)
.........
347
333,899
5.00%, 02/01/35
-
12/01/43
..........
90
91,647
5.00%, 01/25/53
(g)
................
292
287,685
5.50%, 09/01/36
-
09/01/39
..........
120
123,308
5.50%, 01/25/53
-
02/25/53
(g)
.........
778
779,971
6.00%, 04/01/35
-
09/01/40
..........
93
96,747
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
6.50%, 05/01/40
.................
USD
19
$
20,281
19,436,822
Total
U.S.
Government
Sponsored
Agency
Securities
—
59.7%
(Cost:
$22,091,067)
..............................
20,277,579
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
.................
160
164,788
4.50%, 08/15/39
.................
160
169,656
4.38%, 11/15/39
.................
160
166,831
3.13%, 02/15/43
.................
610
520,406
2.88%, 05/15/43
-
11/15/46
..........
1,200
970,650
3.63%, 08/15/43
.................
610
560,771
3.75%, 11/15/43
.................
610
571,732
3.00%, 02/15/48
.................
590
483,593
2.25%, 08/15/49
.................
727
511,058
1.63%, 11/15/50
.................
105
62,475
U.S.
Treasury
Notes
2.75%, 05/31/23
.................
1,180
1,171,242
2.00%, 02/15/25
.................
1,470
1,398,682
2.13%, 05/15/25
.................
1,290
1,225,853
1.50%, 08/15/26
(h)
................
1,700
1,549,523
2.25%, 08/15/27
.................
1,180
1,091,546
2.88%, 08/15/28
.................
350
329,588
3.13%, 11/15/28
.................
350
333,826
1.63%, 08/15/29
.................
125
108,472
Total
U.S.
Treasury
Obligations
—
33.5%
(Cost:
$12,937,922)
..............................
11,390,692
Total
Long-Term
Investments
—
98.7%
(Cost:
$37,079,936)
..............................
33,560,378
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
3.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
(i)(j)
..................
1,014,150
1,014,150
Total
Money
Market
Funds
—
3.0%
(Cost:
$1,014,150)
..............................
1,014,150
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
9.7%
Federal
Home
Loan
Bank
Discount
Notes,
3.88%, 01/13/23
(k)
...............
3,300
3,296,082
Total
U.S.
Government
Sponsored
Agency
Securities
—
9.7%
(Cost:
$3,295,743)
..............................
3,296,082
Total
Short-Term
Securities
—
12.7%
(Cost:
$4,309,893)
..............................
4,310,232
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
111.4%
(Cost:
$41,389,829
)
..............................
37,870,610
Total
Options
Written
—
(0.2)%
(Premium
Received
—
$(65,894))
....................
(75,036)
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
117
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
(g)
Mortgage-Backed
Securities
—
(12.0)%
Government
National
Mortgage
Association
2.00%
,
 01/15/53
.................
USD
(40)
$
(33,514)
2.50%
,
 01/15/53
.................
(190)
(164,868)
3.00%
,
 01/15/53
.................
(33)
(29,376)
Uniform
Mortgage-Backed
Securities
1.50%
,
 01/25/38
-
01/25/53
..........
(84)
(67,362)
2.00%
,
 01/25/38
-
02/25/53
..........
(1,324)
(1,080,444)
2.50%
,
 01/25/38
-
02/25/53
..........
(866)
(734,836)
3.00%
,
 01/25/38
-
01/25/53
..........
(355)
(316,249)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.50%
,
 01/25/38
-
02/25/53
..........
USD
(414)
$
(376,546)
4.00%
,
 01/25/53
-
02/25/53
..........
(262)
(245,675)
4.50%
,
 01/25/53
.................
(252)
(242,007)
5.50%
,
 01/25/53
-
02/25/53
..........
(778)
(779,970)
Total
TBA
Sale
Commitments
—
(12.0)%
(Proceeds:
$(4,101,318))
..........................
(4,070,847)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
99.2%
(Cost:
$37,222,617
)
..............................
33,724,727
Other
Assets
Less
Liabilities
—
0.8%
...................
261,638
Net
Assets
—
100.0%
..............................
$
33,986,365
(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)
Fixed
rate.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(g)
Represents
or
includes
a
TBA
transaction.
(h)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(i)
Annualized
7-day
yield
as
of
period
end.
(j)
Affiliate
of
the
Fund.
(k)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
9,926,837
$
—
$
(8,912,687)
(a)
$
—
$
—
$
1,014,150
1,014,150
$
16,496
$
—
—
—
(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.
Reverse
Repurchase
Agreements
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
Type
of
Non-Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
the
Agreements
Nomura
Securities
International,
Inc.
.....
4.38
%
12/30/22
01/03/23  
$
1,561,875
$
1,562,255
U.S.
Treasury
Obligations
Overnight
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
118
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
...................................................
25
03/22/23
$
2,804
$
(33,632)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
6
03/22/23
707
(7,805)
U.S.
Treasury
Ultra
Bond
....................................................
5
03/22/23
668
(5,087)
U.S.
Treasury
2
Year
Note
....................................................
2
03/31/23
410
(1,924)
U.S.
Treasury
5
Year
Note
....................................................
27
03/31/23
2,911
(10,595)
(59,043)
Short
Contracts
U.S.
Treasury
Long
Bond
....................................................
8
03/22/23
998
22,725
$
(36,318)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
10,000
USD
6,725
Morgan
Stanley
&
Co.
International
plc
01/12/23
$
86
EUR
10,000
USD
10,396
HSBC
Bank
plc
01/12/23
315
JPY
1,372,905
USD
10,000
Bank
of
New
York
Mellon
01/12/23
472
JPY
1,358,932
USD
10,000
Barclays
Bank
plc
01/12/23
366
MXN
198,695
USD
10,000
Morgan
Stanley
&
Co.
International
plc
01/12/23
181
ZAR
170,679
USD
10,000
Barclays
Bank
plc
01/12/23
38
USD
10,487
MXN
206,000
Citibank
NA
02/21/23
11
USD
7,050
MXN
136,930
Deutsche
Bank
AG
02/21/23
87
1,556
USD
10,654
EUR
10,000
HSBC
Bank
plc
01/12/23
(56)
USD
12,024
GBP
10,000
Royal
Bank
of
Canada
01/12/23
(68)
USD
10,000
JPY
1,344,425
Royal
Bank
of
Canada
01/12/23
(255)
USD
6,349
NZD
10,000
HSBC
Bank
plc
01/12/23
(2)
USD
10,000
ZAR
172,358
Barclays
Bank
plc
01/12/23
(137)
USD
2,862
EUR
2,666
Deutsche
Bank
AG
02/21/23
(1)
USD
9,556
MXN
191,416
JPMorgan
Chase
Bank
NA
02/21/23
(178)
USD
17,601
CAD
24,000
BNP
Paribas
SA
03/15/23
(134)
(831)
$
725
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
5
Year
Note
.......................
1
01/27/23
USD
108.25
USD
100
$
(484)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
2.10%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
03/17/23
2.10
%
USD
300
$
(92)
10-Year
Interest
Rate
Swap
(a)
2.60%
Semi-Annual
1
day
SOFR
Annual
Bank
of
America
NA
04/12/23
2.60
USD
200
(533)
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
119
Schedule
of
Investments
(continued)
December
31,
2022
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
3.13%
Semi-Annual
1
day
SOFR
Annual
Deutsche
Bank
AG
06/14/23
3.13
%
USD
300
$
(4,612)
(5,237)
Put
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.10%
Semi-Annual
Bank
of
America
NA
03/17/23
2.10
USD
300
(35,846)
2-Year
Interest
Rate
Swap
(a)
.
1
day
SOFR
Annual
4.75%
Semi-Annual
Barclays
Bank
plc
04/11/23
4.75
USD
1,500
(3,499)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
2.60%
Semi-Annual
Bank
of
America
NA
04/12/23
2.60
USD
200
(16,015)
10-Year
Interest
Rate
Swap
(a)
1
day
SOFR
Annual
3.13%
Semi-Annual
Deutsche
Bank
AG
06/14/23
3.13
USD
300
(13,955)
(69,315)
$
(74,552)
(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)
28
day
MXIBTIIE
Monthly
10.17%
Monthly
N/A
09/14/23
MXN
484
$
(152)
$
—
$
(152)
28
day
MXIBTIIE
Monthly
10.30%
Monthly
N/A
09/18/23
MXN
386
(102)
—
(102)
6.15%
Annual
3
month
WIBOR
Quarterly
04/11/23
(a)
04/11/24
PLN
70
149
—
149
3.13%
Annual
1
day
SOFR
Annual
N/A
06/14/24
USD
700
14,404
—
14,404
2.22%
Annual
6
month
EURIBOR
Semi-Annual
N/A
09/12/24
EUR
19
302
5
297
3.63%
Annual
1
day
SOFR
Annual
N/A
09/13/24
USD
400
6,329
—
6,329
3.58%
Annual
1
day
SOFR
Annual
N/A
09/13/24
USD
600
10,069
—
10,069
4.16%
Annual
1
day
SOFR
Annual
N/A
09/23/24
USD
900
5,427
—
5,427
4.32%
Annual
1
day
SOFR
Annual
N/A
09/27/24
USD
900
2,714
—
2,714
1
day
SOFR
Annual
3.66%
Annual
N/A
10/17/24
USD
1,100
(17,496)
—
(17,496)
1
day
SOFR
Annual
3.45%
Annual
N/A
11/08/24
USD
1,300
(26,097)
—
(26,097)
1
day
SOFR
Annual
3.75%
Annual
N/A
11/21/24
USD
1,400
(19,931)
—
(19,931)
4.22%
Annual
1
day
SOFR
Annual
N/A
12/15/24
USD
400
1,957
—
1,957
1
day
SOFR
Annual
4.17%
Annual
N/A
12/15/24
USD
1,600
(9,485)
—
(9,485)
6.87%
Annual
6
month
WIBOR
Semi-Annual
N/A
09/29/27
PLN
12
(68)
—
(68)
6.99%
Annual
6
month
WIBOR
Semi-Annual
N/A
09/30/27
PLN
17
(116)
—
(116)
5.99%
Annual
6
month
WIBOR
Semi-Annual
03/15/23
(a)
03/15/28
PLN
14
14
—
14
5.92%
Annual
6
month
WIBOR
Semi-Annual
03/15/23
(a)
03/15/28
PLN
45
74
—
74
5.67%
Annual
6
month
WIBOR
Semi-Annual
03/15/23
(a)
03/15/28
PLN
15
59
—
59
2.16%
Annual
1
day
SOFR
Annual
N/A
04/01/32
USD
200
21,974
—
21,974
6
month
EURIBOR
Semi-Annual
2.44%
Annual
07/14/27
(a)
07/14/32
EUR
10
(304)
—
(304)
1
day
SOFR
Annual
3.64%
Annual
N/A
09/28/32
USD
200
1,269
395
874
$
(9,010)
$
400
$
(9,410)
(a)
Forward
swap.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
United
Mexican
States
......
1.00
%
Quarterly
Bank
of
America
NA
12/20/27
USD
4
$
53
$
46
$
7
$
–
$
–
$
–
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
120
Schedule
of
Investments
(continued)
December
31,
2022
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
BZDIOVER
At
Termination
13.97%
At
Termination
Citibank
NA
01/02/24
BRL
48
$
45
$
—
$
45
1
day
BZDIOVER
At
Termination
13.98%
At
Termination
Citibank
NA
01/02/24
BRL
46
43
—
43
1
day
BZDIOVER
At
Termination
14.49%
At
Termination
Goldman
Sachs
International
01/02/24
BRL
50
94
—
94
1
day
BZDIOVER
At
Termination
11.65%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
24
(118)
—
(118)
1
day
BZDIOVER
At
Termination
11.69%
At
Termination
Citibank
NA
01/02/25
BRL
33
(158)
—
(158)
$
(94)
$
—
$
(94)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.06
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
10.77
3
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
7.02
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
2.69
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
7.04
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)
...........................................
$
400
$
—
$
64,341
$
(73,751)
$
—
OTC
Swaps
.....................................................
46
—
189
(276)
—
Options
Written
...................................................
N/A
N/A
27,766
(36,908)
(75,036)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statements
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
121
Schedule
of
Investments
(continued)
December
31,
2022
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
22,725
$
—
$
22,725
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,556
—
—
1,556
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
64,341
—
64,341
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
53
—
—
182
—
235
$
—
$
53
$
—
$
1,556
$
87,248
$
—
$
88,857
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
—
—
59,043
—
59,043
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
831
—
—
831
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
75,036
—
75,036
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
73,751
—
73,751
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
276
—
276
$
—
$
—
$
—
$
831
$
208,106
$
—
$
208,937
(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.
For
the
period
ended
December
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(295,137)
$
—
$
(295,137)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(6,874)
—
—
(6,874)
Options
purchased
(a)
....................
—
—
—
(17,812)
41,961
—
24,149
Options
written
........................
—
—
—
363
217,879
—
218,242
Swaps
..............................
—
112
—
—
(383,413)
(125,068)
(508,369)
$
—
$
112
$
—
$
(24,323)
$
(418,710)
$
(125,068)
$
(567,989)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
—
$
—
$
(23,745)
$
—
$
(23,745)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(3,005)
—
—
(3,005)
Options
purchased
(b)
....................
—
—
—
2,059
1,384
—
3,443
Options
written
........................
—
—
—
—
(50,250)
—
(50,250)
Swaps
..............................
—
7
—
—
(8,450)
30,474
22,031
$
—
$
7
$
—
$
(946)
$
(81,061)
$
30,474
$
(51,526)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
122
Schedule
of
Investments
(continued)
December
31,
2022
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
6,431,761
Average
notional
value
of
contracts
—
short
.................................................................................
$
2,505,739
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
170,744
Average
amounts
sold
—
in
USD
........................................................................................
$
35,907
Options
Average
value
of
option
contracts
purchased
................................................................................
$
2,948
Average
value
of
option
contracts
written
...................................................................................
$
258
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
2,351,650
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
12,736,321
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
3,500
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
3,571,958
Average
notional
value
—
receives
fixed
rate
................................................................................
$
9,917,533
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
401,675
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
1,279
$
17,076
Forward
foreign
currency
exchange
contracts
.................................................................
1,556
831
Options
..........................................................................................
—
75,036
Swaps
—
centrally
cleared
..............................................................................
—
1,235
Swaps
—
OTC
(a)
....................................................................................
235
276
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
3,070
$
94,454
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(1,279)
(18,795)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,791
$
75,659
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
53
$
(53)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
472
—
—
—
472
Barclays
Bank
plc
................................
404
(404)
—
—
—
Citibank
NA
....................................
99
(99)
—
—
—
Deutsche
Bank
AG
...............................
87
(87)
—
—
—
Goldman
Sachs
International
........................
94
—
—
—
94
HSBC
Bank
plc
..................................
315
(58)
—
—
257
Morgan
Stanley
&
Co.
International
plc
..................
267
—
—
—
267
$
1,791
$
(701)
$
—
$
—
$
1,090
BlackRock
U.S.
Government
Bond
Portfolio
Schedules
of
Investments
123
Schedule
of
Investments
(continued)
December
31,
2022
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(d)
Bank
of
America
NA
..............................
$
52,486
$
(53)
$
—
$
—
$
52,433
Barclays
Bank
plc
................................
3,636
(404)
—
—
3,232
BNP
Paribas
SA
.................................
134
—
—
—
134
Citibank
NA
....................................
158
(99)
—
—
59
Deutsche
Bank
AG
...............................
18,568
(87)
—
—
18,481
HSBC
Bank
plc
..................................
58
(58)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
296
—
—
—
296
Royal
Bank
of
Canada
.............................
323
—
—
—
323
$
75,659
$
(701)
$
—
$
—
$
74,958
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
Portfolio
124
Schedule
of
Investments
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
388,524
$
—
$
388,524
Floating
Rate
Loan
Interests
.................................
—
—
—
—
Foreign
Government
Obligations
..............................
—
29,048
—
29,048
Non-Agency
Mortgage-Backed
Securities
........................
—
1,474,535
—
1,474,535
Other
Interests
..........................................
—
—
—
—
U.S.
Government
Sponsored
Agency
Securities
....................
—
20,277,579
—
20,277,579
U.S.
Treasury
Obligations
...................................
—
11,390,692
—
11,390,692
Short-Term
Securities
Money
Market
Funds
......................................
1,014,150
—
—
1,014,150
U.S.
Government
Sponsored
Agency
Securities
....................
—
3,296,082
—
3,296,082
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(4,070,847)
—
(4,070,847)
$
1,014,150
$
32,785,613
$
—
$
33,799,763
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
7
$
—
$
7
Foreign
currency
exchange
contracts
............................
—
1,556
—
1,556
Interest
rate
contracts
.......................................
22,725
64,523
—
87,248
Liabilities
Foreign
currency
exchange
contracts
............................
—
(831)
—
(831)
Interest
rate
contracts
.......................................
(59,527)
(148,579)
—
(208,106)
$
(36,802)
$
(83,324)
$
—
$
(120,126)
(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.
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
or
face
value,
including
accrued
interest,
for
financial
statement
purposes.
As
of
period
end,
reverse
repurchase
agreements
of
$1,
562,255
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
Statements
of
Assets
and
Liabilities

December
31,
2022
125
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................
$
164,247,783‌
$
155,680,916‌
$
152,459,623‌
$
44,767,225‌
Investments,
at
value
—
affiliated
(d)
............................................
3,245,731‌
5,093,186‌
8,462,375‌
—‌
Cash  
...............................................................
—‌
—‌
—‌
3,695,553‌
Cash
held
for
investments
sold
short
...........................................
—‌
—‌
541,789‌
—‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
....................................
—‌
—‌
60,000‌
—‌
Futures
contracts
......................................................
118,000‌
—‌
741,000‌
—‌
Centrally
cleared
swaps
..................................................
—‌
—‌
318,000‌
—‌
Foreign
currency,
at
value
(e)
.................................................
—‌
—‌
53,141‌
—‌
Repurchase
agreements,
at
value
(f)
............................................
—‌
—‌
—‌
45,500,000‌
Receivables:
–‌
–‌
–‌
–‌
Investments
sold
......................................................
764,859‌
18,446‌
27,447‌
—‌
Securities
lending
income
—
affiliated
........................................
728‌
881‌
1,563‌
—‌
TBA
sale
commitments
..................................................
—‌
—‌
4,720,561‌
—‌
Capital
shares
sold
.....................................................
—‌
—‌
109,908‌
6,645‌
Dividends
—
unaffiliated
.................................................
200,056‌
7,070‌
78,022‌
—‌
Dividends
—
affiliated
...................................................
5,129‌
2,213‌
13,629‌
—‌
Interest
—
unaffiliated
...................................................
—‌
—‌
240,461‌
224,554‌
From
the
Manager
.....................................................
—‌
—‌
191‌
—‌
Variation
margin
on
futures
contracts
.........................................
—‌
—‌
90,797‌
—‌
Swap
premiums
paid
.....................................................
—‌
—‌
4,630‌
—‌
Unrealized
appreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
—‌
672,751‌
—‌
OTC
swaps
..........................................................
—‌
—‌
18,872‌
—‌
Prepaid
expenses
.......................................................
3,087‌
2,799‌
1,935‌
1,763‌
Other
assets
...........................................................
—‌
—‌
—‌
18,991‌
Total
assets
...........................................................
168,585,373‌
160,805,511‌
168,616,695‌
94,214,731‌
LIABILITIES
Investments
sold
short,
at
value
(g)
.............................................
—‌
—‌
157,321‌
—‌
Due
to
broker
..........................................................
—‌
—‌
151,870‌
—‌
Collateral
on
securities
loaned
...............................................
1,565,107‌
4,783,255‌
4,094,974‌
—‌
Options
written,
at
value
(h)
..................................................
—‌
—‌
1,343,541‌
—‌
TBA
sale
commitments,
at
value
(i)
.............................................
—‌
—‌
4,695,905‌
—‌
Payables:
–‌
–‌
–‌
–‌
Investments
purchased
..................................................
758,060‌
—‌
11,399,209‌
—‌
Swaps  
............................................................
—‌
—‌
45,690‌
—‌
Accounting
services
fees
.................................................
27,795‌
27,864‌
105,057‌
12,677‌
Capital
shares
redeemed
.................................................
2,799‌
3,970‌
2,637‌
1,596‌
Custodian
fees
........................................................
15,934‌
5,696‌
346,367‌
5,174‌
Deferred
foreign
capital
gain
tax
............................................
—‌
—‌
4,673‌
—‌
Investment
advisory
fees
.................................................
54,982‌
52,624‌
10,739‌
30,729‌
Directors'
and
Officer's
fees
...............................................
393‌
405‌
468‌
214‌
Printing
and
postage
fees
................................................
5,149‌
16,478‌
17,572‌
16,850‌
Professional
fees
......................................................
39,651‌
44,131‌
61,790‌
36,886‌
Registration
fees
......................................................
—‌
—‌
—‌
2,933‌
Transfer
agent
fees
....................................................
66,410‌
74,908‌
63,188‌
11,806‌
Other
accrued
expenses
.................................................
—‌
391‌
20,711‌
57‌
Variation
margin
on
futures
contracts
.........................................
5,728‌
—‌
96,525‌
—‌
Variation
margin
on
centrally
cleared
swaps
....................................
—‌
—‌
14,883‌
—‌
Swap
premiums
received
..................................................
—‌
—‌
259‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................
—‌
—‌
1,179,506‌
—‌
OTC
swaps
..........................................................
—‌
—‌
141,936‌
—‌
Total
liabilities
..........................................................
2,542,008‌
5,009,722‌
23,954,821‌
118,922‌
NET
ASSETS
..........................................................
$
166,043,365‌
$
155,795,789‌
$
144,661,874‌
$
94,095,809‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
126
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
169,679,725‌
$
144,351,766‌
$
151,502,449‌
$
94,093,758‌
Accumulated
earnings
(loss)
................................................
(3,636,360‌)
11,444,023‌
(6,840,575‌)
2,051‌
NET
ASSETS
..........................................................
$
166,043,365‌
$
155,795,789‌
$
144,661,874‌
$
94,095,809‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
..........................................
$
166,795,544‌
$
144,053,901‌
$
154,882,858‌
$
44,767,225‌
(c)
  Securities
loaned,
at
value
................................................
$
1,514,198‌
$
4,643,534‌
$
3,975,457‌
$
—‌
(d)
  Investments,
at
cost
—
affiliated
............................................
$
3,245,623‌
$
5,093,005‌
$
8,563,970‌
$
—‌
(e)
  Foreign
currency,
at
cost
.................................................
$
—‌
$
—‌
$
51,923‌
$
—‌
(f)
  Repurchase
agreements,
at
cost
...........................................
$
—‌
$
—‌
$
—‌
$
45,500,000‌
(g)
  Proceeds
received
from
short
sales
.........................................
$
—‌
$
—‌
$
141,335‌
$
—‌
(h)
  Premiums
received
....................................................
$
—‌
$
—‌
$
782,268‌
$
—‌
(i)
  Proceeds
from
TBA
sale
commitments
........................................
$
—‌
$
—‌
$
4,720,561‌
$
—‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2022
127
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
NET
ASSET
VALUE
Class
I
Net
assets
.............................................................
$
166,043,365‌
$
155,795,789‌
$
144,661,874‌
$
94,095,809‌
Shares
outstanding
......................................................
7,960,716‌
4,852,299‌
10,527,650‌
94,093,764‌
Net
asset
value
.........................................................
$
20.86‌
$
32.11‌
$
13.74‌
$
1.00‌
Shares
authorized
.......................................................
100
million
100
million
100
million
2.0
billion
Par
value
.............................................................
$
0.10‌
$
0.10‌
$
0.10‌
$
0.10‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
128
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................................
$
18,763,103‌
$
399,923,959‌
$
36,856,460‌
Investments,
at
value
—
affiliated
(c)
............................................................
474,599‌
32,284,930‌
1,014,150‌
Cash  
...............................................................................
1,153‌
—‌
—‌
Cash
pledged:
Futures
contracts
......................................................................
29,000‌
667,000‌
129,000‌
Centrally
cleared
swaps
..................................................................
—‌
314,000‌
33,000‌
Foreign
currency,
at
value
(d)
.................................................................
433,585‌
1,130,487‌
120,116‌
Receivables:
–‌
–‌
–‌
Investments
sold
......................................................................
3,862‌
629,620‌
1,192,538‌
Securities
lending
income
—
affiliated
........................................................
—‌
3,186‌
—‌
Swaps  
............................................................................
—‌
14‌
—‌
TBA
sale
commitments
..................................................................
—‌
—‌
4,101,318‌
Capital
shares
sold
.....................................................................
—‌
—‌
91‌
Dividends
—
unaffiliated
.................................................................
—‌
288,858‌
—‌
Dividends
—
affiliated
...................................................................
1,324‌
78,693‌
2,286‌
Interest
—
unaffiliated
...................................................................
324,810‌
1,203,479‌
177,985‌
From
the
Manager
.....................................................................
—‌
—‌
19,125‌
Due
from
broker
.......................................................................
—‌
520,000‌
—‌
Variation
margin
on
futures
contracts
.........................................................
4,605‌
65,074‌
1,279‌
Swap
premiums
paid
.....................................................................
—‌
—‌
46‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
2,027‌
1,556‌
OTC
swaps
..........................................................................
29‌
2,030,788‌
189‌
Prepaid
expenses
.......................................................................
1,131‌
4,031‌
773‌
Total
assets
...........................................................................
20,037,201‌
439,146,146‌
43,649,912‌
LIABILITIES
Bank
overdraft
..........................................................................
—‌
8,633‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
—‌
2,820,000‌
—‌
Collateral
on
securities
loaned
...............................................................
—‌
8,151,853‌
—‌
Options
written,
at
value
(e)
..................................................................
2,261‌
—‌
75,036‌
TBA
sale
commitments,
at
value
(f)
.............................................................
—‌
—‌
4,070,847‌
Reverse
repurchase
agreements,
at
value
.......................................................
—‌
—‌
1,562,255‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
5,846‌
5,079,589‌
3,721,275‌
Accounting
services
fees
.................................................................
24,421‌
39,682‌
46,804‌
Capital
shares
redeemed
.................................................................
353‌
9,092‌
582‌
Custodian
fees
........................................................................
7,764‌
62,380‌
8,548‌
Income
dividend
distributions
..............................................................
95,456‌
—‌
69,630‌
Investment
advisory
fees
.................................................................
—‌
110,267‌
—‌
Directors'
and
Officer's
fees
...............................................................
696‌
969‌
50‌
Printing
and
postage
fees
................................................................
1,562‌
20,625‌
2,123‌
Professional
fees
......................................................................
43,521‌
48,871‌
60,536‌
Registration
fees
......................................................................
—‌
—‌
229‌
To
the
Manager
.......................................................................
34,645‌
—‌
—‌
Transfer
agent
fees
....................................................................
9,501‌
168,550‌
16,329‌
Other
accrued
expenses
.................................................................
1,131‌
20,726‌
9,885‌
Variation
margin
on
futures
contracts
.........................................................
—‌
19,255‌
17,076‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
32,723‌
1,235‌
Swap
premiums
received
..................................................................
119‌
—‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
30,185‌
831‌
OTC
swaps
..........................................................................
—‌
—‌
276‌
Total
liabilities
..........................................................................
227,276‌
16,623,400‌
9,663,547‌
NET
ASSETS
..........................................................................
$
19,809,925‌
$
422,522,746‌
$
33,986,365‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2022
129
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
24,342,546‌
$
451,040,442‌
$
40,859,629‌
Accumulated
loss
.......................................................................
(4,532,621‌)
(28,517,696‌)
(6,873,264‌)
NET
ASSETS
..........................................................................
$
19,809,925‌
$
422,522,746‌
$
33,986,365‌
(a)
  Investments,
at
cost
—
unaffiliated
..........................................................
$
21,058,368‌
$
426,360,881‌
$
40,375,679‌
(b)
  Securities
loaned,
at
value
................................................................
$
—‌
$
7,813,496‌
$
—‌
(c)
  Investments,
at
cost
—
affiliated
............................................................
$
473,312‌
$
32,561,883‌
$
1,014,150‌
(d)
  Foreign
currency,
at
cost
.................................................................
$
429,775‌
$
1,119,951‌
$
120,130‌
(e)
  Premiums
received
....................................................................
$
3,838‌
$
—‌
$
65,894‌
(f)
  Proceeds
from
TBA
sale
commitments
........................................................
$
—‌
$
—‌
$
4,101,318‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
130
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
NET
ASSET
VALUE
Class
I
Net
assets
............................................................................
$
19,809,925‌
$
422,522,746‌
$
33,986,365‌
Shares
outstanding
.....................................................................
4,188,885‌
30,715,119‌
3,539,970‌
Net
asset
value
........................................................................
$
4.73‌
$
13.76‌
$
9.60‌
Shares
authorized
......................................................................
100
million
300
million
100
million
Par
value
............................................................................
$
0.0001‌
$
0.10‌
$
0.0001‌
Statements
of
Operations

Year
Ended
December
31,
2022
131
Financial
Statements
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
3,041,080‌
$
1,359,734‌
$
1,878,129‌
$
—‌
Dividends
—
affiliated
...................................................
22,692‌
42,464‌
229,568‌
—‌
Interest
—
unaffiliated
...................................................
—‌
—‌
1,539,559‌
1,573,595‌
Securities
lending
income
—
affiliated
—
net
...................................
12,833‌
7,821‌
19,753‌
—‌
Foreign
taxes
withheld
..................................................
(226‌)
(36,063‌)
(97,076‌)
—‌
Total
investment
income
...................................................
3,076,379‌
1,373,956‌
3,569,933‌
1,573,595‌
EXPENSES
Investment
advisory
....................................................
703,371‌
723,749‌
602,348‌
367,744‌
Transfer
agent
........................................................
253,184‌
264,034‌
235,812‌
4,999‌
Professional
.........................................................
60,530‌
63,530‌
105,476‌
57,324‌
Accounting
services
....................................................
56,002‌
56,576‌
214,773‌
37,709‌
Custodian
...........................................................
30,673‌
11,374‌
403,373‌
10,032‌
Printing
and
postage
...................................................
12,682‌
12,460‌
14,653‌
15,272‌
Directors
and
Officer
...................................................
6,881‌
6,879‌
6,719‌
6,112‌
Registration
.........................................................
490‌
490‌
490‌
490‌
Miscellaneous
........................................................
4,765‌
4,925‌
42,695‌
2,319‌
Total
expenses
excluding
dividend
expense
......................................
1,128,578‌
1,144,017‌
1,626,339‌
502,001‌
Dividend
expense
—
unaffiliated
............................................
—‌
—‌
5,128‌
—‌
Total
expenses
.........................................................
1,128,578‌
1,144,017‌
1,631,467‌
502,001‌
Less:
–‌
–‌
–‌
–‌
Transfer
agent
fees
reimbursed
by
the
Manager
.................................
(195,632‌)
(181,897‌)
(230,811‌)
—‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(1,332‌)
(1,738‌)
(481,248‌)
(115,403‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................
931,614‌
960,382‌
919,408‌
386,598‌
Net
investment
income
....................................................
2,144,765‌
413,574‌
2,650,525‌
1,186,997‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(47,246,214‌)
$
(100,844,444‌)
$
(32,216,801‌)
$
1,506‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(b)
............................................
$
(476,740‌)
$
9,242,270‌
$
(506,945‌)
$
1,505‌
Investments
—
affiliated
...............................................
(2,665‌)
329‌
(462,146‌)
—‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
—‌
—‌
10‌
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
—‌
(1,362,753‌)
—‌
Foreign
currency
transactions
...........................................
(83‌)
(4,172‌)
369,119‌
—‌
Futures
contracts
....................................................
(414,782‌)
—‌
(531,080‌)
—‌
Options
written
.....................................................
—‌
—‌
1,148,427‌
—‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
110,823‌
—‌
Swaps  
..........................................................
—‌
—‌
1,837,339‌
—‌
(894,270‌)
9,238,427‌
602,794‌
1,505‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(c)
............................................
(46,281,183‌)
(110,083,288‌)
(31,416,328‌)
—‌
Investments
—
affiliated
...............................................
108‌
181‌
(72,817‌)
—‌
Forward
foreign
currency
exchange
contracts
.................................
—‌
—‌
(438,130‌)
—‌
Foreign
currency
translations
............................................
—‌
236‌
(7,470‌)
—‌
Futures
contracts
....................................................
(70,869‌)
—‌
259,618‌
—‌
Options
written
.....................................................
—‌
—‌
(770,546‌)
—‌
Short
sales
—
unaffiliated
..............................................
—‌
—‌
25,276‌
—‌
Swaps  
..........................................................
—‌
—‌
(392,278‌)
—‌
Unfunded
floating
rate
loan
interests
.......................................
—‌
—‌
(455‌)
—‌
Unfunded
SPAC
PIPE
commitments
.......................................
—‌
—‌
(6,464‌)
—‌
(46,351,944‌)
(110,082,871‌)
(32,819,594‌)
—‌
Net
realized
and
unrealized
gain
(loss)
.........................................
(47,246,214‌)
(100,844,444‌)
(32,216,800‌)
1,505‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
(45,101,449‌)
$
(100,430,870‌)
$
(29,566,275‌)
$
1,188,502‌
(a)
  Consolidated
Statement
of
Operations.
(b)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
.................
$
—‌
$
—‌
$
(4,271‌)
$
—‌
(c)
Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
..............................
$
—‌
$
—‌
$
1,253‌
$
—‌
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
132
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
BlackRock
U.S.
Government
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
14,507‌
$
5,143,906‌
$
—‌
Dividends
—
affiliated
...................................................................
10,427‌
683,269‌
16,496‌
Interest
—
unaffiliated
...................................................................
1,214,316‌
4,865,489‌
857,593‌
Securities
lending
income
—
affiliated
—
net
...................................................
—‌
45,912‌
—‌
Foreign
taxes
withheld
..................................................................
—‌
(237,189‌)
—‌
Total
investment
income
...................................................................
1,239,250‌
10,501,387‌
874,089‌
EXPENSES
Investment
advisory
....................................................................
80,703‌
1,729,127‌
149,007‌
Professional
.........................................................................
58,068‌
127,088‌
74,468‌
Accounting
services
....................................................................
53,560‌
93,508‌
86,362‌
Transfer
agent
........................................................................
34,525‌
640,743‌
59,590‌
Printing
and
postage
...................................................................
15,329‌
5,588‌
29,373‌
Custodian
...........................................................................
15,158‌
111,438‌
10,090‌
Registration
.........................................................................
490‌
490‌
—‌
Directors
and
Officer
...................................................................
—‌
9,004‌
776‌
Miscellaneous
........................................................................
11,931‌
53,145‌
16,343‌
Total
expenses
excluding
interest
expense
.......................................................
269,764‌
2,770,131‌
426,009‌
Interest
expense
......................................................................
—‌
62,412‌
18,943‌
Total
expenses
.........................................................................
269,764‌
2,832,543‌
444,952‌
Less:
–‌
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(132,804‌)
(65,042‌)
(173,410‌)
Transfer
agent
fees
reimbursed
by
the
Manager
.................................................
(29,526‌)
(479,102‌)
(54,415‌)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................
107,434‌
2,288,399‌
217,127‌
Net
investment
income
....................................................................
1,131,816‌
8,212,988‌
656,962‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(3,864,938‌)
$
(93,355,044‌)
$
(6,465,324‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
(760,875‌)
$
(1,713,288‌)
$
(1,395,686‌)
Investments
—
affiliated
...............................................................
—‌
(2,366,715‌)
—‌
Borrowed
bonds
....................................................................
—‌
1,085,146‌
—‌
Forward
foreign
currency
exchange
contracts
.................................................
(15,895‌)
43,565‌
(6,874‌)
Foreign
currency
transactions
...........................................................
(15,754‌)
70,212‌
(7,944‌)
Futures
contracts
....................................................................
51,695‌
2,180,280‌
(295,137‌)
Options
written
.....................................................................
(38,085‌)
(32,021‌)
218,242‌
Swaps  
..........................................................................
(24,570‌)
(5,938,624‌)
(508,369‌)
(803,484‌)
(6,671,445‌)
(1,995,768‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
(3,066,633‌)
(87,662,263‌)
(4,410,305‌)
Investments
—
affiliated
...............................................................
1,287‌
(162,569‌)
—‌
Borrowed
bonds
....................................................................
—‌
(259,223‌)
—‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(56,607‌)
(3,005‌)
Foreign
currency
translations
............................................................
(244‌)
(56,543‌)
(4,284‌)
Futures
contracts
....................................................................
5,335‌
(385,086‌)
(23,745‌)
Options
written
.....................................................................
1,577‌
15,129‌
(50,250‌)
Swaps  
..........................................................................
(2,584‌)
1,883,560‌
22,031‌
Unfunded
floating
rate
loan
interests
.......................................................
(192‌)
3‌
—‌
(3,061,454‌)
(86,683,599‌)
(4,469,558‌)
Net
realized
and
unrealized
loss
..............................................................
(3,864,938‌)
(93,355,044‌)
(6,465,326‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................
$
(2,733,122‌)
$
(85,142,056‌)
$
(5,808,364‌)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

133
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
Portfolio
BlackRock
Capital
Appreciation
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/22
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
2,144,765‌
$
1,831,908‌
$
413,574‌
$
(57,008‌)
Net
realized
gain
(loss)
....................................................
(894,270‌)
43,291,860‌
9,238,427‌
45,159,886‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(46,351,944‌)
8,571,732‌
(110,082,871‌)
5,534,661‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(45,101,449‌)
53,695,500‌
(100,430,870‌)
50,637,539‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(7,571,720‌)
(43,635,511‌)
(16,908,540‌)
(44,528,696‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(13,944,593‌)
26,435,080‌
(2,946,214‌)
22,732,717‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(66,617,762‌)
36,495,069‌
(120,285,624‌)
28,841,560‌
Beginning
of
year
..........................................................
232,661,127‌
196,166,058‌
276,081,413‌
247,239,853‌
End
of
year
..............................................................
$
166,043,365‌
$
232,661,127‌
$
155,795,789‌
$
276,081,413‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
134
See
notes
to
financial
statements.
BlackRock
Global
Allocation
Portfolio
(a)
BlackRock
Government
Money
Market
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/22
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
2,650,525‌
$
2,695,523‌
$
1,186,997‌
$
9‌
Net
realized
gain
........................................................
602,794‌
20,745,910‌
1,505‌
1,926‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(32,819,594‌)
(10,174,034‌)
—‌
—‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(29,566,275‌)
13,267,399‌
1,188,502‌
1,935‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
From
net
investment
income
and
net
realized
gain
..................................
(4,558,257‌)
(23,965,189‌)
(1,186,997‌)
(6,685‌)
Return
of
capital
.........................................................
(246,211‌)
—‌
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(4,804,468‌)
(23,965,189‌)
(1,186,997‌)
(6,685‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(13,467,077‌)
2,656,095‌
(9,691,484‌)
(5,124,383‌)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(47,837,820‌)
(8,041,695‌)
(9,689,979‌)
(5,129,133‌)
Beginning
of
year
..........................................................
192,499,694‌
200,541,389‌
103,785,788‌
108,914,921‌
End
of
year
..............................................................
$
144,661,874‌
$
192,499,694‌
$
94,095,809‌
$
103,785,788‌
(a)
Consolidated
Statements
of
Changes
in
Net
Assets.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
135
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Portfolio
BlackRock
Sustainable
Balanced
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/22
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
1,131,816‌
$
1,327,659‌
$
8,212,988‌
$
5,788,138‌
Net
realized
gain
(loss)
....................................................
(803,484‌)
846,289‌
(6,671,445‌)
76,096,787‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
(3,061,454‌)
(615,086‌)
(86,683,599‌)
714,655‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(2,733,122‌)
1,558,862‌
(85,142,056‌)
82,599,580‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
inc
ome
and
net
realized
gain
..................................
(1,119,738‌)
(1,327,555‌)
(8,697,965‌)
(83,358,664‌)
Return
of
capital
.........................................................
(41,567‌)
(12,493‌)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(1,161,305‌)
(1,340,048‌)
(8,697,965‌)
(83,358,664‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(1,147,111‌)
(4,286,279‌)
(35,720,713‌)
29,071,679‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(5,041,538‌)
(4,067,465‌)
(129,560,734‌)
28,312,595‌
Beginning
of
year
..........................................................
24,851,463‌
28,918,928‌
552,083,480‌
523,770,885‌
End
of
year
..............................................................
$
19,809,925‌
$
24,851,463‌
$
422,522,746‌
$
552,083,480‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
136
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
656,962‌
$
386,863‌
Net
realized
gain
(loss)
..................................................................................
(1,995,768‌)
69,867‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(4,469,558‌)
(1,144,429‌)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(5,808,364‌)
(687,699‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(686,867‌)
(591,044‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.......................................................
(7,162,533‌)
(4,852,345‌)
NET
ASSETS
Total
decrease
in
net
assets
................................................................................
(13,657,764‌)
(6,131,088‌)
Beginning
of
year
........................................................................................
47,644,129‌
53,775,217‌
End
of
year
............................................................................................
$
33,986,365‌
$
47,644,129‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
137
Financial
Highlights
BlackRock
Advantage
Large
Cap
Core
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
................................
$
27.24
‌
$
26.14
‌
$
23.90
‌
$
19.76
‌
$
24.31
‌
Net
investment
income
(a)
.......................................
0.26
‌
0.25
‌
0.28
‌
0.35
‌
0.38
(b)
Net
realized
and
unrealized
gain
(loss)
..............................
(5.69
)
6.98
‌
4.43
‌
5.38
‌
(1.62
)
Net
increase
(decrease)
from
investment
operations
......................
(5.43
)
7.23
‌
4.71
‌
5.73
‌
(1.24
)
Distributions
(c)
–
–
–
–
–
From
net
investment
income
....................................
(0.27
)
(0.25
)
(0.34
)
(0.34
)
(0.39
)
From
net
realized
gain
.........................................
(0.68
)
(5.88
)
(2.13
)
(1.25
)
(2.92
)
Total
distributions
.............................................
(0.95
)
(6.13
)
(2.47
)
(1.59
)
(3.31
)
Net
asset
value,
end
of
year
.....................................
$
20.86
‌
$
27.24
‌
$
26.14
‌
$
23.90
‌
$
19.76
‌
Total
Return
(d)
(19.89)%
—
—
—
—
Based
on
net
asset
value
........................................
(19.89
)%
28.43
%
19.99
%
29.09
%
(5.11
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................................
0.60
%
0.57
%
0.59
%
0.60
%
0.63
%
Total
expenses
after
fees
waived
and/or
reimbursed
......................
0.50
%
0.47
%
0.49
%
0.50
%
0.50
%
Net
investment
income
..........................................
1.14
%
0.85
%
1.18
%
1.52
%
1.51
%
(b)
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
166,043
‌
$
232,661
‌
$
196,166
‌
$
188,907
‌
$
161,413
‌
Portfolio
turnover
rate
...........................................
117
%
116
%
124
%
131
%
151
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.01
per
share
and
0.06%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
138
BlackRock
Capital
Appreciation
Portfolio
Class
I
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
.................................
$
57.19
‌
$
56.30
‌
$
43.39
‌
$
36.63
‌
$
40.56
‌
Net
investment
income
(loss)
(a)
...................................
0.09
‌
(0.01
)
(0.00
)
(b)
0.06
‌
0.15
(c)
Net
realized
and
unrealized
gain
(loss)
..............................
(21.45
)
11.61
‌
17.32
‌
11.86
‌
0.83
‌
Net
increase
(decrease)
from
investment
operations
......................
(21.36
)
11.60
‌
17.32
‌
11.92
‌
0.98
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
....................................
(0.09
)
(0.02
)
(0.01
)
(0.05
)
(0.14
)
From
net
realized
gain
.........................................
(3.63
)
(10.69
)
(4.40
)
(5.11
)
(4.77
)
Total
distributions
.............................................
(3.72
)
(10.71
)
(4.41
)
(5.16
)
(4.91
)
Net
asset
value,
end
of
year
.....................................
$
32.11
‌
$
57.19
‌
$
56.30
‌
$
43.39
‌
$
36.63
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
(37.59
)%
21.22
%
40.16
%
32.79
%
2.42
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................................
0.59
%
0.57
%
0.59
%
0.58
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
......................
0.50
%
0.47
%
0.49
%
0.48
%
0.49
%
Net
investment
income
(loss)
.....................................
0.21
%
(0.02
)%
(0.01
)%
0.13
%
0.33
%
(c)
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
155,796
‌
$
276,081
‌
$
247,240
‌
$
195,938
‌
$
162,866
‌
Portfolio
turnover
rate
...........................................
63
%
41
%
38
%
42
%
45
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.10
per
share
and
0.22%,
respectively,
resulting
from
a
non-recurring
dividend.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
139
Financial
Highlights
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
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
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
.................................
$
16.85
‌
$
17.96
‌
$
16.03
‌
$
14.20
‌
$
16.42
‌
Net
investment
income
(b)
........................................
0.24
‌
0.25
‌
0.18
‌
0.27
‌
0.27
‌
Net
realized
and
unrealized
gain
(loss)
...............................
(2.89
)
0.97
‌
3.15
‌
2.28
‌
(1.44
)
Net
increase
(decrease)
from
investment
operations
.......................
(2.65
)
1.22
‌
3.33
‌
2.55
‌
(1.17
)
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.....................................
—
‌
(0.22
)
(0.26
)
(0.24
)
(0.24
)
From
net
realized
gain
..........................................
(0.44
)
(2.11
)
(1.14
)
(0.48
)
(0.81
)
Return
of
capital
..............................................
(0.02
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
..............................................
(0.46
)
(2.33
)
(1.40
)
(0.72
)
(1.05
)
Net
asset
value,
end
of
year
......................................
$
13.74
‌
$
16.85
‌
$
17.96
‌
$
16.03
‌
$
14.20
‌
Total
Return
(d)
(15.73)%
—
—
—
—
Based
on
net
asset
value
.........................................
(15.73
)%
6.79
%
20.95
%
18.05
%
(7.27
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................................
1.02
%
0.87
%
0.83
%
0.79
%
0.78
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.57
%
0.58
%
0.58
%
0.57
%
0.58
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense
and
broker
fees
and
expenses
on
short
sales
..............
0.57
%
0.57
%
0.57
%
0.57
%
0.57
%
Net
investment
income
...........................................
1.65
%
1.34
%
1.08
%
1.72
%
1.67
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
144,662
‌
$
192,500
‌
$
200,541
‌
$
185,582
‌
$
173,983
‌
Portfolio
turnover
rate
(f)
...........................................
114
%
134
%
159
%
207
%
145
%
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...........................................
105%
123%
158%
207%
145%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
140
BlackRock
Government
Money
Market
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
..................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
.........................................
0.0121
‌
0.0000
(a)
0.0026
‌
0.0177
‌
0.0139
‌
Net
realized
gain
.............................................
0.0003
‌
0.0001
‌
0.0000
(a)
0.0000
(a)
0.0000
(a)
Net
increase
from
investment
operations
...............................
0.0124
‌
0.0001
‌
0.0026
‌
0.0177
‌
0.0139
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.0124
)
(0.0001
)
(0.0026
)
(0.0177
)
(0.0139
)
From
net
realized
gain
..........................................
(0.0000
)
(c)
(0.0000
)
(
c
)
(0.0000
)
(c)
(0.0000
)
(c)
—
‌
Total
distributions
..............................................
(0.0124
)
(0.0001
)
(0.0026
)
(0.0177
)
(0.0139
)
Net
asset
value,
end
of
year
......................................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
.........................................
1.26
%
0.01
%
0.26
%
1.78
%
1.41
%
Ratios
to
Average
Net
Assets
Total
expenses
................................................
0.51
%
0.50
%
0.62
%
0.62
%
0.64
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.40
%
0.08
%
0.33
%
0.50
%
0.50
%
Net
investment
income
..........................................
1.21
%
0.00
%
(e)
0.28
%
1.77
%
1.41
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
94,096
‌
$
103,786
‌
$
108,915
‌
$
112,454
‌
$
131,361
‌
(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%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
141
Financial
Highlights
BlackRock
High
Yield
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
...............................
$
5.59
‌
$
5.54
‌
$
5.43
‌
$
5.00
‌
$
5.42
‌
Net
investment
income
(a)
......................................
0.26
‌
0.27
‌
0.29
‌
0.31
‌
0.30
‌
Net
realized
and
unrealized
gain
(loss)
.............................
(0.85
)
0.05
‌
0.11
‌
0.43
‌
(0.42
)
Net
increase
(decrease)
from
investment
operations
.....................
(0.59
)
0.32
‌
0.40
‌
0.74
‌
(0.12
)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
...................................
(0.26
)
(0.27
)
(0.29
)
(0.31
)
(0.30
)
Return
of
capital
............................................
(0.01
)
(0.00
)
(c)
—
‌
—
‌
(0.00
)
(c)
Total
distributions
............................................
(0.27
)
(0.27
)
(0.29
)
(0.31
)
(0.30
)
Net
asset
value,
end
of
year
....................................
$
4.73
‌
$
5.59
‌
$
5.54
‌
$
5.43
‌
$
5.00
‌
Total
Return
(d)
(10.64)%
5.93%
7.80%
15.04%
(2.31)%
Based
on
net
asset
value
.......................................
(10.64
)%
5.93
%
7.80
%
15.04
%
(2.31
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..............................................
1.26
%
1.46
%
1.27
%
1.15
%
1.98
%
Total
expenses
after
fees
waived
and/or
reimbursed
.....................
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
.........................................
5.27
%
4.83
%
5.48
%
5.76
%
5.66
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.....................................
$
19,810
‌
$
24,851
‌
$
28,919
‌
$
30,673
‌
$
27,068
‌
Portfolio
turnover
rate
..........................................
55
%
55
%
89
%
74
%
67
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
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.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
BlackRock
Annual
Report
to
Shareholders
142
(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:
BlackRock
Sustainable
Balanced
Portfolio
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
.................................
$
16.67
‌
$
16.79
‌
$
15.86
‌
$
13.97
‌
$
15.81
‌
Net
investment
income
(a)
........................................
0.26
‌
0.19
‌
0.25
‌
0.33
‌
0.32
‌
Net
realized
and
unrealized
gain
(loss)
...............................
(2.89
)
2.59
‌
2.23
‌
2.75
‌
(0.73
)
Net
increase
(decrease)
from
investment
operations
.......................
(2.63
)
2.78
‌
2.48
‌
3.08
‌
(0.41
)
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.....................................
(0.13
)
(0.19
)
(0.29
)
(0.33
)
(0.31
)
From
net
realized
gain
..........................................
(0.15
)
(2.71
)
(1.26
)
(0.86
)
(1.12
)
Total
distributions
..............................................
(0.28
)
(2.90
)
(1.55
)
(1.19
)
(1.43
)
Net
asset
value,
end
of
year
......................................
$
13.76
‌
$
16.67
‌
$
16.79
‌
$
15.86
‌
$
13.97
‌
Total
Return
(c)
(15.76)%
—
—
—
—
Based
on
net
asset
value
.........................................
(15.76
)%
16.65
%
15.75
%
22.06
%
(2.66
)%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
................................................
0.62
%
0.59
%
0.61
%
0.63
%
0.64
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.50
%
0.49
%
0.50
%
0.52
%
0.52
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
..
0.48
%
0.48
%
0.48
%
0.49
%
0.49
%
Net
investment
income
...........................................
1.78
%
1.08
%
1.56
%
2.08
%
1.98
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
422,523
‌
$
552,083
‌
$
523,771
‌
$
500,622
‌
$
453,030
‌
Portfolio
turnover
rate
(e)
...........................................
229
%
343
%
345
%
320
%
280
%
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...........................................
187%
218%
238%
228%
211%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
143
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
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
year
.................................
$
11.22
‌
$
11.51
‌
$
11.01
‌
$
10.58
‌
$
10.80
‌
Net
investment
income
(a)
........................................
0.17
‌
0.09
‌
0.20
‌
0.27
‌
0.25
‌
Net
realized
and
unrealized
gain
(loss)
...............................
(1.61
)
(0.25
)
0.53
‌
0.44
‌
(0.17
)
Net
increase
(decrease)
from
investment
operations
.......................
(1.44
)
(0.16
)
0.73
‌
0.71
‌
0.08
‌
Distributions
from
net
investment
incom
e
(b)
...........................
(0.18
)
(0.13
)
(0.23
)
(0.28
)
(0.30
)
Net
asset
value,
end
of
year
......................................
$
9.60
‌
$
11.22
‌
$
11.51
‌
$
11.01
‌
$
10.58
‌
Total
Return
(c)
(12.90)%
(1.36)%
6.64%
6.78%
0.77%
Based
on
net
asset
value
.........................................
(12.90
)%
(1.36
)%
6.64
%
6.78
%
0.77
%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
................................................
1.12
%
0.84
%
1.02
%
1.47
%
1.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......................
0.55
%
0.50
%
0.59
%
1.02
%
0.86
%
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
...........................................
1.66
%
0.78
%
1.71
%
2.45
%
2.39
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
33,986
‌
$
47,644
‌
$
53,775
‌
$
54,333
‌
$
53,941
‌
Portfolio
turnover
rate
(e)
...........................................
569
%
722
%
629
%
658
%
728
%
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...........................................
339%
383%
386%
425%
434%
Notes
to
Financial
Statements
2022
BlackRock
Annual
Report
to
Shareholders
144
1.
ORGANIZATION 
BlackRock
Series
Fund,
Inc.
(“Series
Fund”)
and
BlackRock
Series
Fund
II,
Inc.
(“Series
Fund
II”
and
together
with
Series
Fund,
the
“Companies”
and
each,
a
“Company”)
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
open-end
management
investment
companies.
Each
Company
is
organized
as
a
Maryland
corporation
and
is
comprised
of
the
separate
portfolios
indicated
below.
Series
Fund
is
comprised
of
5
separate
portfolios
and
Series
Fund
II
is
comprised
of
2
separate
portfolios.
The
following
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
The
Funds
offer
shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. 
Advantage
Large
Cap
Core,
Capital
Appreciation,
Global
Allocation,
Government
Money
Market
and
Sustainable
Balanced,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”)
or
its
affiliates,
are
included
in
a
complex
of
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
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
Government
Money
Market
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act. The
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in the
Fund's
weekly
liquid
assets.
On
November
9,
2021,
the
Board
of
Directors
of
Series
Fund
approved
a
proposal
to
change
the
name
of
BlackRock
Balanced
Capital
Portfolio
to
BlackRock
Sustainable
Balanced
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy
and
process.
These
changes
became
effective
on
April
8,
2022.
On
September
8,
2022,
the
Board
of
Directors
of
the
Company
approved
a
proposal
to
close
U.S.
Government
Bond
to
purchases
and
thereafter
to
liquidate
the
Fund.
Accordingly,
effective
on
April
21,
2023,
the
Fund
will
no
longer
accept
purchase
orders.
On
or
about
April
28,
2023,
(the
“Liquidation
Date”),
all
of
the
assets
of
the
Fund
will
be
liquidated
completely,
the
shares
of
any
interest
holders
on
the
Liquidation
Date
will
be
redeemed
at
the
net
asset
value
(“NAV”)
per
share
and
the
Fund
will
then
be
terminated.
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
of
Global
Allocation
 include
the
accounts
of
BlackRock
Cayman
Global
Allocation
Portfolio
I,
Ltd.
(the
“Cayman
Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
Global
Allocation
 and
primarily
invests
in
commodity-related
instruments
and
other
derivatives
.
The
Cayman
Subsidiary
enables 
Global
Allocation
to
hold
these
commodity-related
instruments
and
satisfy
regulated
investment
company
tax
requirements.
Global
Allocation
 may
invest
up
to
25%
of
its
total
assets
in
the
Cayman
Subsidiary.
The
net
assets
of
the
Cayman
Subsidiary
as
of
period
end
were
$5,049,646
,
which
is
3.5%
 of
Global
Allocation's
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated
.
 The
Cayman
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
Global
Allocation
,
except
that
the
Cayman
Subsidiary
may
invest
without
limitation
in
commodity-related
instruments. 
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed
(the
"trade
dates").
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income and
capital
gain
distributions,
if
any,
are recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value. Dividends
from
foreign
securities
where
the
ex-
dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities
and
payment-in-kind
interest,
are
recognized
daily
on
an
accrual
basis.
For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Fund
Name
Company
Herein
Referred
To
As
Diversification
Classification
BlackRock
Advantage
Large
Cap
Core
Portfolio
...................
Series
Fund
Advantage
Large
Cap
Core
Diversified
BlackRock
Capital
Appreciation
Portfolio
........................
Series
Fund
Capital
Appreciation
Diversified
BlackRock
Global
Allocation
Portfolio
..........................
Series
Fund
Global
Allocation
Diversified
BlackRock
Government
Money
Market
Portfolio
...................
Series
Fund
Government
Money
Market
Diversified
BlackRock
High
Yield
Portfolio
...............................
Series
Fund
II
High
Yield
Diversified
BlackRock
Sustainable
Balanced
Portfolio
.......................
Series
Fund
Sustainable
Balanced
Diversified
BlackRock
U.S.
Government
Bond
Portfolio
......................
Series
Fund
II
U.S.
Government
Bond
Diversified
Notes
to
Financial
Statements
(continued)
145
Notes
to
Financial
Statements
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
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,
2022
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions: 
For
Government
Money
Market,
High
Yield
and
U.S.
Government
Bond, distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
For
Advantage
Large
Cap
Core,
Capital
Appreciation
,
Global
Allocation
and
Sustainable
Balanced,
distributions
from
net
investment
income
are
declared
and
paid
at
least
annually.
For
each
Fund,
distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
portion
of
distributions,
if
any,
that
exceeds
a
fund's
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.  
Net
income
and
realized
gains
from
investments
held
by
the
Cayman
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes. If
a
net
loss
is
realized
by
the
Cayman
Subsidiary
in
any
taxable
year,
the
loss
will
generally
not
be
available
to
offset
the
Fund’s
ordinary
income
and/or
capital
gains
for
that
year.  
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Directors
of
Series
Fund
II,
the
directors
who
are
not
“interested
persons”
of
High
Yield
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. Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Trustee
and
Officer
expense
on
the
Statements
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to a
Fund
are
charged
to
that
Fund.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Global
Allocation
has
an
arrangement
with
its
custodian
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
Global
Allocation
may
incur
charges
on
overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund's
(except
Government
Money
Market
’s
) investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price a
fund would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
.
The
Boards
of
Directors
of
the
Companies
(each
a
"Board"
and
together
the
"Boards")
have
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
U.S.
GAAP
defines
fair
value
as
the
price
Government
Money
Market
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Government
Money
Market
’
s
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
Government
Money
Market
seeks
to
maintain
its
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)
2022
BlackRock
Annual
Report
to
Shareholders
146
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
(except
Government
Money
Market
’s
)
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published NAV.
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Notes
to
Financial
Statements
(continued)
147
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
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
December
31,
2022,
certain
investments
of
the
Funds
were
fair
valued
using
NAV as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy. 
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
148
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Inflation-Indexed
Bonds:
Inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
according
to
the
rate
of
inflation.
If
the
index
measuring
inflation
rises
or
falls,
the
principal
value
of
inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
will
be
adjusted
upward
or
downward,
and
consequently
the
interest
payable
on
these
securities
(calculated
with
respect
to
a
larger
or
smaller
principal
amount)
will
be
increased
or
reduced,
respectively.
Any
upward
or
downward
adjustment
in
the
principal
amount
of
an
inflation-indexed
bond
is
included
as
interest
income
in
the
Statements
of
Operations,
even
though
investors
do
not
receive
their
principal
until
maturity.
Repayment
of
the
original
bond
principal
upon
maturity
(as
adjusted
for
inflation)
is
guaranteed
in
the
case
of
U.S.
Treasury
inflation-indexed
bonds.
For
bonds
that
do
not
provide
a
similar
guarantee,
the
adjusted
principal
value
of
the
bond
repaid
at
maturity
may
be
less
than
the
original
principal.
With
regard
to
municipal
inflation-indexed
bonds
and
certain
corporate
inflation-indexed
bonds,
the
inflation
adjustment
is
typically
reflected
in
the
semi-annual
coupon
payment.
As
a
result,
the
principal
value
of
municipal
inflation-
indexed
bonds
and
such
corporate
inflation-indexed
bonds
does
not
adjust
according
to
the
rate
of
inflation.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
Stripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
Notes
to
Financial
Statements
(continued)
149
Notes
to
Financial
Statements
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
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.
Forward
Commitments,
When-Issued
and
Delayed
Delivery
Securities
:
The
Funds
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made. The
Funds
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement, the
Funds
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
a
fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis, the
Funds
assume
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty, the
Funds'
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Commitments:
Commitments
are
agreements
to
acquire
an
investment
at
a
future
date
(subject
to
conditions)
in
connection
with
a
potential
public
or
non-public
offering. 
Such
agreements
may
obligate a
fund
to
make
future
cash
payments. As
of
December
31,
2022
,
Global
Allocation
had
outstanding
commitments
of
$220,287.
These
commitments
are
not
included
in
the
net
assets
of
Global
Allocation
as
of
December
31,
2022
.
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
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
150
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,
2022,
the
average
daily
amount
of
reverse
repurchase
agreements
outstanding and
the
weighted
average
interest
rate
for
the
U.S.
Government
Bond
were
$807,415
and
2.81%,
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.
As
of
period
end,
the
following
table
is
a
summary
of
a
Fund’s
open
reverse
repurchase
agreements
by
counterparty
which
are
subject
to
offset
under
an
MRA
on
a
net
basis:
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
Counterparty
Reverse
Repurchase
Agreements
Fair
Value
of
Non-Cash
Collateral
Pledged
Including
Accrued
Interest
(a)
(a)
Cash
Collateral
Pledged/Received
Net
Amount
(b)
(b)
U.S.
Government
Bond
Nomura
Securities
International,
Inc.
..............
$
(1,562,255‌)
$
1,559,155‌
$
—‌
$
(3,100‌)
(a)
Collateral
with
a
value
of
$1,559,155
has
been
pledged
in
connection
with
open
reverse
repurchase
agreements.
(b)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Notes
to
Financial
Statements
(continued)
151
Notes
to
Financial
Statements
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,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
152
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
As
of
period
end,
the
following
tables
are
a
summary
of
the
Funds’
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Advantage
Large
Cap
Core
Barclays
Capital,
Inc.
..........................
$
47,734‌
$
(47,734‌)
$
—‌
$
—‌
Credit
Suisse
Securities
(USA)
LLC
................
148,899‌
(148,899‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
563,048‌
(563,048‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
28,464‌
(28,464‌)
—‌
—‌
Jefferies
LLC
...............................
451,713‌
(451,713‌)
—‌
—‌
Morgan
Stanley
..............................
174,720‌
(174,720‌)
—‌
—‌
National
Financial
Services
LLC
...................
99,620‌
(99,620‌)
—‌
—‌
$
1,514,198‌
$
(1,514,198‌)
$
—‌
$
—‌
Capital
Appreciation
Barclays
Capital,
Inc.
..........................
2,375,289‌
(2,375,289‌)
—‌
—‌
Morgan
Stanley
..............................
1,868,020‌
(1,868,020‌)
—‌
—‌
SG
Americas
Securities
LLC
.....................
13,920‌
(13,920‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
....................
386,305‌
(386,305‌)
—‌
—‌
$
4,643,534‌
$
(4,643,534‌)
$
—‌
$
—‌
Global
Allocation
Barclays
Capital,
Inc.
..........................
160,305‌
(160,305‌)
—‌
—‌
BofA
Securities,
Inc.
...........................
1,367‌
(1,367‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
....................
746,362‌
(746,362‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
159,548‌
(159,548‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
709,459‌
(709,459‌)
—‌
—‌
Jefferies
LLC
...............................
221,984‌
(221,984‌)
—‌
—‌
Morgan
Stanley
..............................
1,923,107‌
(1,923,107‌)
—‌
—‌
National
Financial
Services
LLC
...................
53,325‌
(53,325‌)
—‌
—‌
$
3,975,457‌
$
(3,975,457‌)
$
—‌
$
—‌
Sustainable
Balanced
BofA
Securities,
Inc.
...........................
2,005,440‌
(2,005,440‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
....................
1,987,646‌
(1,987,646‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
................
8,829‌
(8,829‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
3,372,835‌
(3,372,835‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
102,251‌
(102,251‌)
—‌
—‌
Morgan
Stanley
..............................
209,163‌
(190,314‌)
—‌
18,849‌
SG
Americas
Securities
LLC
.....................
67,529‌
(67,529‌)
—‌
—‌
Toronto-Dominion
Bank
........................
59,803‌
(59,803‌)
—‌
—‌
$
7,813,496‌
$
(7,794,647‌)
$
—‌
$
18,849‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
these
tables.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
December
31,
2022.
Additional
collateral
is
delivered
to
the
Funds
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(continued)
153
Notes
to
Financial
Statements
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statements
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
a
put
option,
cash
is
segregated
in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
swaptions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Interest
rate
caps
and
floors
—
Interest
rate
caps
and
floors
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
(interest
rate
risk
and/or
other
risk).
Caps
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate
indexes
exceed
a
specified
rate,
or
“cap.”
Floors
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate
indexes
fall
below
a
specified
rate,
or
“floor.”
The
maximum
potential
amount
of
future
payments
that
a
Fund
would
be
required
to
make
under
an
interest
rate
cap
would
be
the
notional
amount
times
the
percentage
increase
in
interest
rates
determined
by
the
difference
between
the
interest
rate
index
current
value
and
the
value
at
the
time
the
cap
was
entered
into.
Foreign
currency
options
– The
Funds
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
Barrier
options
– The
Funds
may
purchase
and
write
a
variety
of
options
with
non-standard
payout
structures
or
other
features
(“barrier
options”)
that
are
generally
traded
OTC.
The
Funds
may
invest
in
various
types
of
barrier
options,
including
down-and-out
options,
down-and-in
options,
double
no-touch
options,
one-touch
options,
instant
one-touch
options,
up-and-out
options
and
up-and-in
options.
Down-and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Down-and-in
options
expire
worthless
to
the
purchaser
unless
the
price
of
the
underlying
instrument
falls
below
a
specific
barrier
price
level
prior
to
the
expiration
date.
Double
no-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
does
not
reach
or
surpass
predetermined
barrier
price
levels
prior
to
the
option’s
expiration
date.
One-touch
options
and
instant
one-touch
options
provide
the
purchaser
an
agreed-upon
payout
if
the
price
of
the
underlying
instrument
reaches
or
surpasses
predetermined
barrier
price
levels
prior
to
the
expiration
date.
Up-
and-out
options
expire
worthless
to
the
purchaser
if
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level
prior
to
the
expiration
date.
Up-and-in
options
can
only
be
exercised
when
the
price
of
the
underlying
instrument
increases
beyond
a
predetermined
barrier
price
level.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
154
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Funds
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
each
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Funds
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Funds
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Notes
to
Financial
Statements
(continued)
155
Notes
to
Financial
Statements
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
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
F
unds,
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
Cayman
Subsidiary.
The
Manager
does
not
receive
separate
compensation
from
the
Cayman
Subsidiary
for
providing
investment
management
or
administrative
services.
However,
Global
Allocation pays
the
Manager
based
on
the
Fund’s
net
assets,
which
includes
the
assets
of
the
Cayman
Subsidiary.
With
respect
to
each
of
High
Yield
and
U.S.
Government
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BlackRock
International
Limited
(“BIL”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
each
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
With
respect
to
Sustainable
Balanced,
the
Manager
entered
into
separate
sub-advisory
agreements
with
BIL
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
Sustainable
Balanced
for
which
BIL
or
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Sustainable
Balanced
to
the
Manager.
Average
Daily
Net
Assets
of
the
Seven
Combined
Funds
Investment
Advisory
Fees
First
$250
million
.......................................................................................................
0.50%
$250
million
-
$300
million
.................................................................................................
0.45
$300
million
-
$400
million
................................................................................................
0.40
$400
million
-
$800
million
.................................................................................................
0.35
Greater
than
$800
million
.................................................................................................
0.30
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
156
With
respect
to
Global
Allocation,
the
Manager
entered
into
a
sub-advisory
agreement
with
BSL,
an
affiliate
of
the
Manager.
The
Manager
pays
BSL
for
services
it
provides
for
that
portion
of
Global
Allocation
for
which
BSL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Global
Allocation
to
the
Manager.
Distribution
Fees:
The
Company
,
on behalf
of
each
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Transfer
Agent:
On
behalf
of
each
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Funds
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizatio
ns
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations.
F
or
the
year
ended
December
31,
2022
,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to
each
Fund
(other
than
Government
Money
Market),
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
December
31,
2022,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
(other
than
Government
Money
Market’s)
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
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,
2022,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
these
arrangements
were
as
follows:
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:
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
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
December
31,
2022,
expense
reimbursements
were
as
follows: 
Fund
Name
Fees
waived
by
the
Manager
Advantage
Large
Cap
Core
..............................................................................................
$
919‌
Capital
Appreciation
...................................................................................................
1,738‌
Global
Allocation
.....................................................................................................
9,306‌
High
Yield
..........................................................................................................
411‌
Sustainable
Balanced
..................................................................................................
23,879‌
U.S.
Government
Bond
.................................................................................................
1,421‌
Fund
Name
Fees
Waived
by
the
Manager
Global
Allocation
.........................................................................................................
$
5,018‌
High
Yield
..............................................................................................................
153‌
Sustainable
Balanced
......................................................................................................
13,691‌
Fund
Name
Advantage
Large
Cap
Core
...........................................................................................
0.04‌
%
Capital
Appreciation
................................................................................................
0.04‌
Global
Allocation
..................................................................................................
0.04‌
Government
Money
Market
...........................................................................................
0.02‌
High
Yield
.......................................................................................................
0.05‌
Sustainable
Balanced
...............................................................................................
0.04‌
U.S.
Government
Bond
..............................................................................................
0.05‌
Fund
Name
Advantage
Large
Cap
Core
..................................................................................................
$
173
,
27
4‌
Capital
Appreciation
.......................................................................................................
181
,
897‌
Global
Allocation
.........................................................................................................
1
6
6,709‌
High
Yield
..............................................................................................................
18
,
78
7‌
Sustainable
Balanced
......................................................................................................
451
,6
29‌
U.S.
Government
Bond
.....................................................................................................
34
,
81
9‌
Notes
to
Financial
Statements
(continued)
157
Notes
to
Financial
Statements
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023.
The
contractual
agreement
may
be
terminated,
with
respect
to
each
Fund,
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
year
ended
December
31,
2022,
the
following
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
by
the
Manager
in
the
Statements
of
Operations:
.
The
Manager
has
also
voluntarily
agreed
to
waive
a
portion
of
its
investment
advisory
fees
and/or
reimburse
operating
expenses
to
enable
Government
Money
Market
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statements
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
reimbursed
by
the
Manager.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
year
ended
December
31,
2022,
fees
waived
and/or
reimbursed
by
the
Manager
were
$102,288,
for
Government
Money
Market.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
Advantage
Large
Cap
Core,
Capital
Appreciation
and
Sustainable
Balanced
retain
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Advantage
Large
Cap
Core,
Capital
Appreciation
and
Sustainable
Balanced,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Fund
Name
Advantage
Large
Cap
Core
...................................................................................................
0.50‌%
Capital
Appreciation
........................................................................................................
0.57‌
Global
Allocation
..........................................................................................................
0.57‌
Government
Money
Market
...................................................................................................
0.50‌
High
Yield
...............................................................................................................
0.50‌
Sustainable
Balanced
.......................................................................................................
0.50‌
U.S.
Government
Bond
......................................................................................................
0.50‌
Fund
Name
Fees
Waived
and/or
reimbursed
by
the
Manager
Advantage
Large
Cap
Core
..................................................................................................
$
413‌
Global
Allocation
.........................................................................................................
466,924‌
Government
Money
Market
..................................................................................................
13,115‌
High
Yield
..............................................................................................................
132,240‌
Sustainable
Balanced
......................................................................................................
27,472‌
U.S.
Government
Bond
.....................................................................................................
171,989‌
Fund
Name
Transfer
agent
fees
reimbursed
by
the
Manager
Advantage
Large
Cap
Core
..................................................................................................
$
22,358‌
Global
Allocation
.........................................................................................................
64,102‌
High
Yield
..............................................................................................................
10,739‌
Sustainable
Balanced
......................................................................................................
27,473‌
U.S.
Government
Bond
.....................................................................................................
19,596‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
158
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,
2022, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Boards. 
During
the year
ended
December
31,
2022,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Companies are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Companies'
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common directors.
For
the
year
ended
December
31,
2022,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the year ended
December
31,
2022,
purchases
and
sales
of
investments,
including
paydowns,
mortgage
dollar
rolls
and
excluding
short-term
securities,
were
as
follows:
For
the year ended
December
31,
2022,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follows:
Fund
Name
Amounts
Advantage
Large
Cap
Core
..................................................................................................
$
2,966‌
Capital
Appreciation
.......................................................................................................
1,803‌
Global
Allocation
.........................................................................................................
3,884‌
Sustainable
Balanced
......................................................................................................
10,778‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Advantage
Large
Cap
Core
...............................................................
$
15,510,174‌
$
12,840,573‌
$
(272,842‌)
High
Yield
...........................................................................
61,207‌
160,630‌
(16,732‌)
Sustainable
Balanced
...................................................................
22,513,593‌
15,417,216‌
(371,676‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Advantage
Large
Cap
Core
...............................................
$
—‌
$
—‌
$
218,143,459‌
$
237,601,077‌
Capital
Appreciation
....................................................
—‌
—‌
121,323,446‌
140,670,417‌
Global
Allocation
......................................................
26,481,246‌
20,169,472‌
129,414,853‌
161,149,823‌
High
Yield
...........................................................
—‌
—‌
11,334,277‌
12,216,619‌
Sustainable
Balanced
...................................................
42,956,438‌
29,699,355‌
952,929,593‌
1,020,807,517‌
U.S.
Government
Bond
..................................................
17,142,510‌
22,371,418‌
207,737,804‌
212,801,758‌
Fund
Name
Purchases
Sales
Global
Allocation
......................................................................................
$
12,525,408‌
$
12,532,144‌
Sustainable
Balanced
...................................................................................
178,893,115‌
179,135,743‌
U.S.
Government
Bond
..................................................................................
91,022,147‌
91,105,054‌
Notes
to
Financial
Statements
(continued)
159
Notes
to
Financial
Statements
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
December
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
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,
permanent
differences
attributable
to
income
recognized
from
the
Fund's
wholly-owned
subsidiary
were reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows: 
Fund
Name
Paid-In
Capital
Accumulated
Earnings
(Loss)
Global
Allocation
...........................................................................
$
(7,270‌)
$
7,270‌
—‌
Fund
Name
Year
Ended
12/31/22
Year
Ended
12/31/21
Advantage
Large
Cap
Core
Ordinary
income
...........................................................................................
$
3,891,451‌
$
25,213,689‌
Long-term
capital
gains
......................................................................................
3,680,269‌
18,421,822‌
$
7,571,720‌
$
43,635,511‌
Capital
Appreciation
Ordinary
income
...........................................................................................
$
537,564‌
$
70,588‌
Long-term
capital
gains
......................................................................................
16,370,976‌
44,458,108‌
$
16,908,540‌
$
44,528,696‌
Global
Allocation
Ordinary
income
...........................................................................................
$
4,558,257‌
$
21,492,972‌
Long-term
capital
gains
......................................................................................
—‌
2,472,217‌
Return
of
capital
...........................................................................................
246,211‌
—‌
$
4,804,468‌
$
23,965,189‌
Government
Money
Market
Ordinary
income
...........................................................................................
$
1,186,997‌
$
6,685‌
High
Yield
Ordinary
income
...........................................................................................
$
1,119,738‌
$
1,327,555‌
Return
of
capital
...........................................................................................
41,567‌
12,493‌
$
1,161,305‌
$
1,340,048‌
Sustainable
Balanced
Ordinary
income
...........................................................................................
$
5,964,872‌
$
45,490,631‌
Long-term
capital
gains
......................................................................................
2,733,093‌
37,868,033‌
$
8,697,965‌
$
83,358,664‌
U.S.
Government
Bond
Ordinary
income
...........................................................................................
$
686,867‌
$
591,044‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
160
As
of
December
31,
2022,
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,
amortization
and
accretion
methods
of
premiums
and
discounts
on
fixed
income
securities,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures,
options,
and
foreign
currency
exchange
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements,
the
characterization
of
corporate
actions,
the
accrual
of
income
on
securities
in
default,
the
classification
of
investments,
and
investment
in
a
wholly
owned
subsidiary.
(c)
The
Fund
has
elected
to
defer
certain
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
As
of
December
31,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Companies,
on
behalf
of
each
Fund
(except
for
Government
Money
Market),
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), are
a
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y) 0.80%
per
annum.
The
agreement
expires
in
April
2023
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year ended
December
31,
2022,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk
:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer's
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
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
.........................
$
—‌
$
—‌
$
—‌
$
(2,825,366‌)
$
(810,994‌)
$
(3,636,360‌)
Capital
Appreciation
..............................
—‌
150,713‌
—‌
11,293,310‌
—‌
11,444,023‌
Global
Allocation
................................
—‌
—‌
—‌
(5,795,235‌)
(1,045,340‌)
(6,840,575‌)
Government
Money
Market
.........................
2,051‌
—‌
—‌
—‌
—‌
2,051‌
High
Yield
.....................................
—‌
—‌
(2,089,063‌)
(2,443,558‌)
—‌
(4,532,621‌)
Sustainable
Balanced
.............................
827,553‌
—‌
—‌
(27,841,465‌)
(1,503,784‌)
(28,517,696‌)
U.S.
Government
Bond
............................
—‌
—‌
(3,274,755‌)
(3,598,509‌)
—‌
(6,873,264‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Large
Cap
Core
..........................................
$
170,364,725‌
$
12,090,098‌
$
(14,961,309‌)
$
(2,871,211‌)
Capital
Appreciation
...............................................
149,513,252‌
27,389,572‌
(16,128,758‌)
11,260,814‌
Global
Allocation
..................................................
164,925,964‌
12,681,857‌
(17,160,234‌)
(4,478,377‌)
High
Yield
......................................................
21,592,805‌
83,423‌
(2,435,145‌)
(2,351,722‌)
Sustainable
Balanced
..............................................
459,869,143‌
11,329,204‌
(39,247,493‌)
(27,918,289‌)
U.S.
Government
Bond
.............................................
41,428,013‌
141,075‌
(3,680,443‌)
(3,539,368‌)
Notes
to
Financial
Statements
(continued)
161
Notes
to
Financial
Statements
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
each
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds. 
Concentration
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
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
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
162
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
certain
Funds'
performance.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
LIBOR.
Although
many
LIBOR
rates
ceased to
be
published
or
no
longer
are representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain. 
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
Year
Ended
12/31/22
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
Large
Cap
Core
Shares
sold
78,770‌
$
1,841,676‌
71,502‌
$
2,125,015‌
Shares
issued
in
reinvestment
of
distributions
........................
365,617‌
7,571,720‌
1,619,780‌
43,635,511‌
Shares
redeemed
(1,023,998‌)
(23,357,989‌)
(655,840‌)
(19,325,446‌)
(579,611‌)
$
(13,944,593‌)
1,035,442‌
$
26,435,080‌
Capital
Appreciation
Shares
sold
47,901‌
$
1,867,854‌
38,342‌
$
2,387,063‌
Shares
issued
in
reinvestment
of
distributions
........................
494,946‌
16,908,540‌
786,980‌
44,528,696‌
Shares
redeemed
(517,622‌)
(21,722,608‌)
(389,754‌)
(24,183,042‌)
25,225‌
$
(2,946,214‌)
435,568‌
$
22,732,717‌
Global
Allocation
Shares
sold
59,670‌
$
899,232‌
88,373‌
$
1,655,174‌
Shares
issued
in
reinvestment
of
distributions
........................
350,636‌
4,804,468‌
1,404,207‌
23,965,189‌
Shares
redeemed
(1,308,329‌)
(19,170,777‌)
(1,230,719‌)
(22,964,268‌)
(898,023‌)
$
(13,467,077‌)
261,861‌
$
2,656,095‌
Government
Money
Market
Shares
sold
59,765,270‌
$
59,765,270‌
72,065,083‌
$
72,065,083‌
Shares
issued
in
reinvestment
of
distributions
........................
1,205,982‌
1,205,982‌
6,685‌
6,685‌
Shares
redeemed
(70,662,736‌)
(70,662,736‌)
(77,196,151‌)
(77,196,151‌)
(9,691,484‌)
$
(9,691,484‌)
(5,124,383‌)
$
(5,124,383‌)
High
Yield
Shares
sold
844,847‌
$
4,211,698‌
138,883‌
$
775,080‌
Shares
issued
in
reinvestment
of
distributions
........................
231,925‌
1,161,305‌
244,607‌
1,364,196‌
Shares
redeemed
(1,334,338‌)
(6,520,114‌)
(1,156,560‌)
(6,425,555‌)
(257,566‌)
$
(1,147,111‌)
(773,070‌)
$
(4,286,279‌)
Sustainable
Balanced
Shares
sold
185,922‌
$
2,641,248‌
199,339‌
$
3,639,248‌
Shares
issued
in
reinvestment
of
distributions
........................
632,250‌
8,697,965‌
4,951,025‌
83,358,664‌
Shares
redeemed
(3,223,979‌)
(47,059,926‌)
(3,233,467‌)
(57,926,233‌)
(2,405,807‌)
$
(35,720,713‌)
1,916,897‌
$
29,071,679‌
Notes
to
Financial
Statements
(continued)
163
Notes
to
Financial
Statements
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
12/31/22
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
U.S.
Government
Bond
Shares
sold
145,173‌
$
1,487,687‌
343,025‌
$
3,878,541‌
Shares
issued
in
reinvestment
of
distributions
........................
64,113‌
648,921‌
54,428‌
616,199‌
Shares
redeemed
(914,298‌)
(9,299,141‌)
(825,371‌)
(9,347,085‌)
(705,012‌)
$
(7,162,533‌)
(427,918‌)
$
(4,852,345‌)
Report
of
Independent
Registered
Public
Accounting
Firm
2022
BlackRock
Annual
Report
to
Shareholders
164
To
the
Shareholders
of
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Sustainable
Balanced
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,
2022,
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
Sustainable
Balanced
Portfolio
(formerly
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,
2022,
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,
2022,
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,
2022,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
February
14,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Statement
Regarding
Liquidity
Risk
Management
Program
165
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
Sustainable
Balanced
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
Funds,
on
behalf
of
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Sustainable
Balanced
Portfolio,
BlackRock
Capital
Appreciation
Portfolio
and
BlackRock
Global
Allocation
Portfolio,
met
on
November
8-9,
2022
and
the
Board
of
Series
Funds
II,
on
behalf
of
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio,
met
on
November
10-11,
2022
(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,
2021
through
September
30,
2022
(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.
A
fund’s
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
utilized
for
liquidity
classifications.
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
each
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,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
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
classification
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
2022
BlackRock
Annual
Report
to
Shareholders
166
BlackRock
Series
Fund,
Inc.
Independent
Directors
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
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
5
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.
28
RICs
consisting
of
164
Portfolios
None
Susan
J.
Carter
1956
Director
(Since
2019)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
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;
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;
Investment
Committee
Member,
Tostan
since
2021.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
Portfolios
None
Lena
G.
Goldberg
1949
Director
(Since
2016)
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
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.
28
RICs
consisting
of
164
Portfolios
None
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.
28
RICs
consisting
of
164
Portfolios
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021;
GrafTech
International
Ltd.
(materials
manufacturing);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Sealed
Air
Corp.
(packaging)
from
2015
to
2021
Cynthia
A.
Montgomery
1952
Director
(Since
2019)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
164
Portfolios
None
Director
and
Officer
Information
(continued)
167
Director
and
Officer
Information
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
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
5
Years
Donald
C.
Opatrny
1952
Director
(Since
2015)
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
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.
28
RICs
consisting
of
164
Portfolios
None
Independent
Directors
(a)
(continued)
Director
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
168
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:
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
5
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
5
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.
98
RICs
consisting
of
266
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.
100
RICs
consisting
of
268
Portfolios
None
Director
and
Officer
Information
(continued)
169
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
5
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,
2022,
Joseph
P.
Platt
retired
as
a
Director
of
the
Company.
Director
and
Officer
Information
2022
BlackRock
Annual
Report
to
Shareholders
170
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
5
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
5
Years
R.
Glenn
Hubbard
1958
Chair
of
the
Board
(Since
2022)
Director
(Since
2019)
Dean,
Columbia
Business
School
from
2004
to
2019;
Faculty
member,
Columbia
Business
School
since
1988.
70
RICs
consisting
of
102
Portfolios
ADP
(data
and
information
services)
from
2004
to
2020;
Metropolitan
Life
Insurance
Company
(insurance)
TotalEnergies
SE
(multi-energy)
W.
Carl
Kester
(d)
1951
Vice
Chair
of
the
Board
(Since
2022)
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.
72
RICs
consisting
of
104
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.
70
RICs
consisting
of
102
Portfolios
Unum
(insurance);
The
Hanover
Insurance
Group
(Board
Chair);
Huntsman
Corporation
(Lead
Independent
Director
and
non
Executive
Vice
Chair
of
the
Board)
(chemical
products)
Frank
J.
Fabozzi
(d)
1948
Director
(Since
2019)
Editor
of
The
Journal
of
Portfolio
Management
since
1986;
Professor
of
Finance,
EDHEC
Business
School
(France)
from
2011
to
2022;
Professor
of
Practice,
Johns
Hopkins
University
since
2021;
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;
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.
72
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.
70
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.
70
RICs
consisting
of
102
Portfolios
The
Boeing
Company
(airplane
manufacturer)
J.
Phillip
Holloman
1955
Director
(Since
2021)
President
and
Chief
Operating
Officer,
Cintas
Corporation
from
2008
to
2018.
70
RICs
consisting
of
102
Portfolios
PulteGroup,
Inc.
(home
construction);
Rockwell
Automation
Inc.
(industrial
automation)
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.
72
RICs
consisting
of
104
Portfolios
PennyMac
Mortgage
Investment
Trust
Director
and
Officer
Information
(continued)
171
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:
Frank
J.
Fabozzi,
1988;
R.
Glenn
Hubbard,
2004;
and
W.
Carl
Kester,
1995.
Certain
other
Independent
Directors
became
members
of
the
boards
of
the
closed-end
funds
in
the
Fixed-Income
Complex
as
follows:
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
5
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
5
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.
98
RICs
consisting
of
266
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.
100
RICs
consisting
of
268
Portfolios
None
Director
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
172
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
5
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
May
31,
2022,
Karen
P.
Robards
retired
as
a
Director
of
the
Company.
Additional
Information
173
Additional
Information
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.
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.
Additional
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
174
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(b)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodians
JPMorgan
Chase
Bank,
N.A.
(c)
New
York,
NY
10179
Brown
Brothers
Harriman
&
Co.
(d)
Boston,
MA
02109
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
(e)
New
York,
NY
10019
Willkie
Farr
&
Gallagher
LLP
(f)
New
York,
NY
10019
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
High
Yield
Portfolio,
BlackRock
Sustainable
Balanced
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
(b)
For
BlackRock
Global
Allocation
Portfolio
and
BlackRock
Sustainable
Balanced
Portfolio.
(c)
For
all
Funds
except
BlackRock
Global
Allocation
Portfolio.
(d)
For
BlackRock
Global
Allocation
Portfolio.
(e)
For
BlackRock
Advantage
Large
Cap
Core
Portfolio,
BlackRock
Capital
Appreciation
Portfolio,
BlackRock
Global
Allocation
Portfolio,
BlackRock
Government
Money
Market
Portfolio
and
BlackRock
Sustainable
Balanced
Portfolio.
(f)
For
BlackRock
High
Yield
Portfolio
and
BlackRock
U.S.
Government
Bond
Portfolio.
Glossary
of
Terms
Used
in
this
Report
175
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
NYRS
New
York
Registered
Shares
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
authorized
for
distribution
only
to
Policyowners
of
certain
variable
life
insurance
policies,
which
are
funded
by
shares
of
BlackRock
Series
Fund,
Inc.
and
BlackRock
Series
Fund
II,
Inc.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
or
the
policies.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Performance
information
used
throughout
this
report
does
not
include
insurance-related
fees
and
expenses.
An
investment
in
BlackRock
Government
Money
Market
Portfolio
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
Government
agency.
BlackRock
Government
Money
Market
Portfolio's
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Portfolio.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance,
call
(800)
626-1960.
BlackRock
Government
Money
Market
Portfolio's
current
7-day
yield
more
closely
reflects
the
current
earnings
of
the
Portfolio
than
the
total
returns
quoted.
Although
BlackRock
Government
Money
Market
Portfolio
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so
and
it
is
possible
to
lose
money
by
investing
in
the
Portfolio.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Please
see
the
Fund’s
prospectus
for
a
description
of
risks
associated
with
global
investments.
Series8-12/22-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
 
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
$29,580
$29,290
$44
$210
$14,900
$9,800
$431
$0
BlackRock U.S. Government Bond Portfolio
$38,658
$38,279
$44
$210
$14,900
$14,900
$431
$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
$2,098,000
$2,032,000
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 $2,098,000 and $2,032,000 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
$15,375
$10,010
BlackRock U.S. Government Bond Portfolio
$15,375
$15,110
 
              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
$2,098,000
$2,032,000
 
              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.
               (i) – Not Applicable
               (j) – Not Applicable
 
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 14, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Series Fund II, Inc.  
 
Date: February 14, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Series Fund II, Inc.  
 
Date: February 14, 2023

 
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 14, 2023
/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 14, 2023
/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, 2022 (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 14, 2023
/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, 2022 (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 14, 2023
/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.