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

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., 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

DECEMBER

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

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

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

December

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

in

the

first

half

of

the

year

before

stalling

between

3%

and

4%

in

the

second

half.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies

and

small-capitalization

U.S.

stocks

also

advanced.

Meanwhile,

international

developed

market

equities

and

emerging

market

stocks

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

ended

2023

where

it

began

despite

an

eventful

year

that

saw

significant

moves

in

bond

markets.

Overall,

U.S.

Treasuries

gained

as

investors

began

to

anticipate

looser

financial

conditions.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

four

times

during

the

12-month

period,

but

paused

its

tightening

in

the

second

half

of

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

interest

rate

cuts,

as

reflected

in

the

recent

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

We

believe

developed

market

equities

have

priced

in

an

optimistic

scenario

for

rate

cuts,

which

we

view

as

premature,

so

we

prefer

an

underweight

stance

in

the

near

term.

Nevertheless,

we

are

overweight

on

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

mortgage-backed

securities,

and

hard-currency

emerging

market

bonds.

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,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.04%

26.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.18

16.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

5.88

18.24

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.71

9.83

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.70

5.02

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.11

2.83

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

3.37

5.53

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

3.63

6.40

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.65

13.44

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Fund

Summary

........................................................................................................

4

The

Benefits

and

Risks

of

Leveraging

..........................................................................................

21

Disclosure

of

Expenses

...................................................................................................

21

Derivative

Financial

Instruments

.............................................................................................

21

Financial

Statements:

Schedules

of

Investments

...............................................................................................

22

Statements

of

Assets

and

Liabilities

.........................................................................................

112

Statements

of

Operations

................................................................................................

118

Statements

of

Changes

in

Net

Assets

........................................................................................

120

Financial

Highlights

.....................................................................................................

123

Notes

to

Financial

Statements

...............................................................................................

129

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

147

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

148

Director

and

Officer

Information

..............................................................................................

149

Additional

Information

....................................................................................................

156

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

158

Fund

Summary

as

of

December

31,

2023

2023

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,

2023,

the

Fund

underperformed

its

benchmark,

the

Russell

1000

®

Index.

What

factors

influenced

performance?

Sentiment-

and

macro-related

measures

were

the

largest

detractors

during

the

reporting

period.

Positioning

in

the

healthcare

sector

hurt

performance

in

the

second

quarter

of

2023

by

incorrectly

assessing

merger

and

acquisition

activity

and

drug

trial

outcomes.

Text-based

measures

that

gather

sentiment

from

conference

calls

struggled

in

life

sciences

and

pharmaceutical

companies.

Additionally,

trend

measures

that

gauge

sentiment

from

mobile

app

usage

detracted

in

industrials.

Measures

capturing

bond

market

sentiment

and

evaluating

default

expectations

also

detracted

by

unsuccessfully

positioning

the

portfolio

for

volatility

in

the

fixed-income

markets.

Macro-related

insights

also

detracted,

as

they

struggled

to

capture

evolving

market

dynamics.

An

insight

capturing

investor

interest

at

the

industry

level

led

to

an

unsuccessful

overweight

in

consumer

discretionary

stocks.

Although

the

Fund

underperformed,

certain

stock

selection

measures

provided

ballast.

Fundamental

valuation

measures

benefited

from

an

uptrend

in

interest

rates

that

broadly

rewarded

value

styles.

Insights

looking

at

company

sales,

cash

flows,

and

external

financing

levels

also

worked

well

throughout

the

period.

Insights

favoring

companies

that

invest

in

research

and

development

drove

successful

positioning

in

communication

services

companies,

contributing

to

performance.

Macro-related

insights

also

contributed

positively

by

correctly

positioning

the

portfolio

to

capitalize

on

changing

market

themes.

In

particular,

text-based

measures

driving

top-

down

industry

positioning

from

news

stories,

as

well

as

an

insight

identifying

companies

likely

to

benefit

from

the

emerging

artificial

intelligence

(“AI”)

theme,

helped

results.

These

measures

drove

a

successful

overweight

to

information

technology

stocks

that

benefitted

from

the

AI-led

market

rally.

Describe

recent

portfolio

activity.

The

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

performance

drivers,

while

adding

several

new

signals

to

the

existing

set

of

stock

selection

insights.

The

Fund

built

upon

its

alternative

data

capabilities

with

enhanced

data

sets

to

capture

informed

investor

positioning

and

identify

emerging

trends.

Further,

the

Fund

expanded

its

employee-related

measures

by

adding

an

insight

that

identifies

organizations

at

risk

for

emerging

labor

disputes.

During

the

banking

crisis

in

March

2023,

the

Fund

added

a

new

bank

quality

insight

to

identify

firms

with

less

exposure

to

uninsured

deposits

and

commercial

real

estate.

The

Fund

developed

a

signal

to

identify

firms

exposed

to

the

AI

ecosystem,

and

it

added

a

new

version

of

the

broker

sentiment

signal

to

capture

sentiment

by

using

a

large

language

model.

The

Fund

developed

new

insights

related

to

company

managements

that

evaluate

language

complexity

and

potential

misdirection

used

by

management

in

company

calls,

as

well

as

looking

at

the

turnover

and

overall

instability

of

executive

teams.

Describe

portfolio

positioning

at

period

end.

The

Fund

maintained

a

largely

sector-neutral

positioning.

It

had

slight

overweights

in

the

consumer

discretionary

and

healthcare

sectors

and

small

underweights

in

financials

and

materials.

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,

2023

(continued)

5

Fund

Summary

BlackRock

Advantage

Large

Cap

Core

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.

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

Russell

1000

®

Index

represents

approximately

93%

of

the

U.S.

market.

Average

Annual

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Advantage

Large

Cap

Core

Portfolio

........................................................

25.41‌%

14.85‌%

11.28‌%

Russell

1000

®

Index

..........................................................................

26.53‌

15.52‌

11.80‌

(a)

Average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-

related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Large

Cap

Core

Portfolio.”

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Advantage

Large

Cap

Core

Portfolio

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,084.60‌

$

2.63‌

$

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

..............................

28.4‌

%

Health

Care

.....................................

13.3‌

Financials

.......................................

12.4‌

Consumer

Discretionary

.............................

11.8‌

Communication

Services

.............................

9.2‌

Industrials

.......................................

8.5‌

Consumer

Staples

.................................

5.8‌

Energy

.........................................

3.1‌

Real

Estate

......................................

2.6‌

Utilities

.........................................

2.0‌

Materials

.......................................

1.9‌

Short-Term

Securities

...............................

2.6‌

Liabilities

in

Excess

of

Other

Assets

.....................

(1.6‌)

(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,

2023

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,

2023,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Growth

Index

and

the

broad-market

S&P

500®

Index.

The

following

discussion

of

relative

performance

pertains

to

the

Russell

1000

®

Growth

Index.

What

factors

influenced

performance?

The

largest

contributors

to

the

Fund’s

relative

performance

over

the

period

included

security

selection

in

the

information

technology

(“IT”)

sector

along

with

positioning

in

consumer

staples

and

industrials.

In

IT,

an

overweight

position

in

Nvidia

Corporation

in

the

semiconductors

&

semiconductor

equipment

industry

proved

beneficial.

In

consumer

staples

a

lack

of

exposure

to

the

beverages

sub-sector

was

additive.

Lastly,

in

industrials,

an

overweight

to

the

aerospace

and

defense

industry

contributed

to

performance,

most

notably

holdings

of

TransDigm

Group,

Inc.

The

largest

detractors

from

relative

performance

included

stock

selection

in

the

communication

services

sector

along

with

positioning

in

the

financials

sector

and

the

textiles,

apparel

and

luxury

goods

sub-sector

within

consumer

discretionary.

In

communication

services,

security

selection

in

interactive

media

&

services,

specifically

an

underweight

position

in

Meta

Platforms,

Inc.,

detracted

from

relative

performance.

In

the

financials

sector

an

overweight

position

in

Visa,

Inc.

detracted

from

relative

performance.

Lastly,

an

overweight

position

in

Nike,

Inc.

within

textiles,

apparel

&

luxury

goods

weighed

on

relative

performance.

Describe

recent

portfolio

activity.

During

the

period,

the

most

notable

increase

in

the

Fund’s

sector

weightings

was

to

IT,

particularly

within

the

semiconductors

and

semiconductor

equipment

industry.

Exposure

to

communication

services

increased

as

well.

Conversely,

the

Fund's

exposure

to

the

healthcare

sector

decreased

the

most,

due

to

a

reduced

allocation

to

the

life

sciences

tools

and

services

industry.

Exposure

to

the

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

financials

sector,

followed

by

healthcare

and

information

technology.

The

Fund’s

largest

underweight

position

was

in

consumer

staples,

followed

by

consumer

discretionary

and

communication

services.

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,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

8

BlackRock

Capital

Appreciation

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

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.

Average

Annual

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Capital

Appreciation

Portfolio

.............................................................

49.60‌%

16.07‌%

12.96‌%

S&P

500

®

Index

.............................................................................

26.29‌

15.69‌

12.03‌

Russell

1000

®

Growth

Index

....................................................................

42.68‌

19.50‌

14.86‌

(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,

2023

(continued)

9

Fund

Summary

BlackRock

Capital

Appreciation

Portfolio

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,116.90‌

$

2.72‌

$

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

..............................

45.4‌

%

Health

Care

.....................................

13.9‌

Consumer

Discretionary

.............................

13.4‌

Financials

.......................................

11.4‌

Communication

Services

.............................

9.2‌

Industrials

.......................................

4.2‌

Materials

.......................................

1.1‌

Energy

.........................................

0.8‌

Real

Estate

......................................

0.6‌

Short-Term

Securities

...............................

6.5‌

Liabilities

in

Excess

of

Other

Assets

.....................

(6.5‌)

(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,

2023

2023

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,

2023,

the

Fund

underperformed

its

reference

benchmark,

which

is

comprised

of

the

S&P

500

®

Index

(36%),

FTSE

World

(ex

U.S.)

Index

(24%),

ICE

BofA

Current

5-Year

U.S.

Treasury

Index

(24%)

and

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(16%)

(the

“Reference

Benchmark”),

as

well

as

the

broad-based

all-equity

benchmark,

the

FTSE

World

Index.

The

Fund

invests

in

both

equities

and

bonds;

therefore,

Fund

management

believes

that

the

Reference

Benchmark

provides

a

more

accurate

representation

of

the

Fund’s

composition

and

a

more

comparable

means

for

measurement.

The

following

discussion

of

relative

performance

pertains

to

the

Reference

Benchmark.

The

following

commentary

(including

referenced

allocation

percentages)

is

based

on

the

economic

exposures

of

the

Fund,

which

reflect

adjustments

for

futures,

swaps

and

options

(except

with

respect

to

fixed

income

securities)

and

convertible

bonds

and

may

vary

relative

to

the

market

value.

What

factors

influenced

performance?

Within

equities,

security

selection

within

information

technology,

industrials,

consumer

discretionary,

communication

services

and

materials

weighed

on

relative

performance,

as

did

tactical

short

positioning

within

U.S.

index

futures

implemented

to

help

manage

the

overall

beta

(market

sensitivity)

of

the

portfolio.

An

overweight

to

the

energy

sector

also

detracted.

Within

fixed

income,

exposure

to

agency

mortgage-backed

securities

negatively

impacted

performance.

Exposure

to

gold-related

securities

and

exposure

to

cash

and

cash

equivalents

detracted

as

well.

The

largest

contributor

to

performance

was

the

Fund’s

management

of

duration

(and

corresponding

interest

rate

sensitivity)

via

tactical

positioning

along

the

U.S.

yield

curve

and

exposure

to

short-term

European

interest

rates.

Credit

exposure,

most

notably

an

allocation

to

high

yield

corporate

bonds,

was

additive

as

well.

Within

equities,

security

selection

within

healthcare

positively

impacted

performance,

although

this

contribution

was

partially

offset

by

an

overweight

to

the

sector.

Underweight

allocations

to

the

consumer

staples

and

real

estate

sectors

also

contributed

to

performance

over

the

period.

The

Fund

used

derivatives,

which

may

include

options,

futures,

swaps

and

forward

contracts

both

to

seek

to

enhance

returns

of

the

Fund

and

to

hedge

(or

protect)

against

adverse

movements

in

currency

exchange

rates,

interest

rates

and

movements

in

the

securities

markets.

During

the

period,

the

Fund’s

use

of

derivatives,

in

aggregate,

contributed

to

performance.

The

Fund’s

cash

position

had

no

material

impact

on

performance.

Describe

recent

portfolio

activity.

Over

the

12-month

period,

the

Fund’s

overall

equity

exposure

increased

from

53%

to

68%

of

net

assets.

The

Fund

increased

its

equity

exposure

broadly

across

regions,

with

the

largest

additions

in

the

United

States

and

Japan,

although

exposure

to

Germany

was

trimmed.

From

a

sector

perspective,

the

Fund

increased

exposure

to

information

technology,

financials,

industrials,

consumer

discretionary,

consumer

staples

and

communication

services,

and

reduced

exposure

to

energy

and

materials.

The

Fund’s

allocation

to

fixed

income

decreased

from

32%

to

29%

of

net

assets.

Within

fixed

income,

the

Fund

increased

exposure

to

both

developed

non-U.S.

and

emerging

market

sovereign

debt,

as

well

as

to

high

yield

corporate

bonds.

The

Fund

decreased

exposure

to

investment

grade

corporate

bonds,

securitized

assets

and

U.S.

interest

rates.

The

Fund’s

total

portfolio

duration

was

tactically

managed

over

the

period

and

ended

the

period

at

2.0

years,

slightly

above

where

it

began

the

year.

The

Fund’s

allocation

to

commodity-related

securities

increased

to

slightly

less

than

1%

of

net

assets.

Describe

portfolio

positioning

at

period

end.

Relative

to

its

Reference

Benchmark,

the

Fund

was

overweight

equities

and

underweight

fixed

income,

with

modest

exposure

to

commodity-related

assets

and

cash

equivalents.

Within

equities,

the

Fund

was

overweight

information

technology,

consumer

discretionary,

healthcare,

industrials,

energy,

communication

services

and

financials,

and

underweight

real

estate

and

materials.

The

Fund’s

largest

regional

overweights

were

to

the

United

States

and,

to

a

lesser

extent,

Japan.

The

largest

regional

underweights

were

to

Australia

and,

to

a

lesser

extent,

select

emerging

market

countries.

Within

fixed

income,

the

Fund

was

underweight

developed

market

government

bonds

and

overweight

corporate

bonds,

securitized

debt

and

bank

loans.

The

total

portfolio

duration

was

2.0

vs.

the

Reference

Benchmark

duration

of

2.4

(total

portfolio

duration

assumes

equity

duration

of

0).

From

a

currency

perspective,

the

Fund

was

overweight

the

Japanese

yen

and

Swiss

franc

and

underweight

the

euro

and

U.S.

dollar.

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,

2023

(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

...............................................................

13.25‌%

7.79‌%

5.02‌%

FTSE

World

Index

...........................................................................

24.18‌

1

2.

98‌

8

.

87‌

Reference

Benchmark

........................................................................

15.69‌

7.69‌

5.76‌

U.S.

Stocks:

S&P

500

®

Index

(b)

...................................................................

26.29‌

15.69‌

12.03‌

Non

U.S.

Stocks:

FTSE

World

(ex

U.S.)

Index

(

c

)

.......................................................

19.18‌

9.00‌

4.97‌

U.S.

Bonds:

ICE

BofA

Current

5-Year

U.S.

Treasury

Index

(

d

)

..............................................

3.73‌

0.64‌

1.03‌

Non

U.S.

Bonds:

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(

e

)

....................................

5

.

83‌

(

2.

77‌)

(1

.

26‌)

(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,

2023

(continued)

2023

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

(07/01/23)

Ending

Account

Value

(12/31/23)

Including

Dividend

Expense

(a)

Excluding

Dividend

Expense

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Dividend

Expense

Excluding

Dividend

Expense

$

1,000.00‌

$

1,055.70‌

$

2.95‌

$

2.95‌

$

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

...........................

6

4

.

8‌%

1

.

2‌%

6

6

.

0‌%

Japan

................................

4.7‌

—‌

4.7‌

United

Kingdom

..........................

4.4‌

—‌

4.4‌

Netherlands

............................

3.1‌

—‌

3.1‌

France

................................

2.

8‌

—‌

2.

8‌

Spain

.................................

2.

5‌

—‌

2.

5‌

Germany

..............................

1.

9‌

—‌

1.

9‌

China

.................................

1.

7‌

—‌

1.

7‌

Canada

...............................

1.

7‌

—‌

1.

7‌

Italy

..................................

1.

3‌

—‌

1.

3‌

Other

(b)

................................

9

.

9‌

—‌

9

.

9‌

Total

.................................

9

8

.

8‌%

1

.

2‌%

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,

2023

13

Money

Market

Overview

Market

Review 

During

the

period

ended

December

31,

2023,

economic

conditions

in

the

United

States

remained

tight

throughout

most

of

the

year.

2023

began

with

a

heightened

sense

of

uncertainty

surrounding

the

health

of

regional

banks,

worries

about

the

U.S.

debt

ceiling

and

sustained

concerns

regarding

geopolitical

risks.

Several

key

barometers

indicated

that

the

Fed

needed

to

continue

their

path

of

tightening

monetary

policy:

unemployment

started

the

year

at

3.4%

(and

loosened

slightly

but

remained

strong,

ending

the

year

at

3.7%)

and

the

consumer

price

index

(“CPI”)

started

the

year

at

6.4%

but

decreased

to

3.4%

by

the

end

of

December

2023.

This

was

largely

due

to

Fed

intervention.

Recession

fears

began

to

fade

as

growth

and

labor

remained

supportive

of

a

“soft-landing”

narrative.

At

the

end

of

the

second

and

third

quarters

of

2023,

real

gross

domestic

product

(“GDP”)

increased

at

an

annual

rate

of

2.4%

and

2.9%,

respectively.

The

strength

of

the

labor

market

and

inflation

in

the

U.S.

prompted

the

Fed

to

begin

a

series

of

aggressive

rate

hikes

starting

in

2022.

These

rate

hikes

continued

throughout

the

first

half

of

2023,

with

the

Fed

delivering

another

100

basis

points

(or

1.00%)

of

hikes

by

July

2023

in

an

effort

to

stem

spiraling

price

pressures,

with

that

month’s

CPI

print

coming

in

at

3.5%.

After

hiking

rates

in

July

2023,

the

Fed

left

rates

unchanged

as

inflation

showed

signs

of

moderating.

In

a

statement

released

in

conjunction

with

the

December

2023

Federal

Open

Market

Committee

(the

“FOMC”

or

“Committee”)

meeting,

the

Committee

reiterated

that

inflation

“remains

elevated”

while

adding

that

it

has

“eased

over

the

past

year.”

The

statement

was

also

modified

to

acknowledge

that

“growth

of

economic

activity

has

slowed

from

its

strong

pace

in

the

third

quarter.”

The

Summary

of

Economic

Projections

(“SEP”)

for

December

2023

also

reflected

a

slightly

lower

core

inflation

forecast

for

2025,

relative

to

the

September

2023

forecasts.

Core

inflation

is

projected

to

return

to

the

FOMC’s

2.00%

target

by

year-end

2026.

Additionally,

the

Committee

again

noted

it

will

continue

reducing

its

holdings

of

Treasury

securities,

agency

debt

and

agency

mortgage-backed

securities

as

delineated

in

its

Plans

for

Reducing

the

Size

of

the

Federal

Reserve’s

Balance

Sheet

released

in

conjunction

with

the

May

4,

2022

FOMC

meeting.

Since

reaching

the

U.S.

debt

ceiling

resolution

in

June

2023,

over

$2.2

trillion

of

T-bill

supply

came

to

market,

with

issuance

skewed

towards

the

shortest

maturities.

T-bill

valuations

remain

contained

while

Treasury

note

yields

have

widened

relative

to

overnight

index

swaps

as

markets

react

to

supply

expectations.

While

eligible

funds

continued

to

utilize

the

Fed’s

reverse

repurchase

agreement

(“RRP”)

throughout

the

period,

average

daily

utilization

of

the

Fed’s

RRP

facility

decreased

in

2023

to

$1.75

trillion

per

day

and

to

only

$989

billion

per

day

for

the

last

quarter.

However,

on

December

29,

2023,

RRP

balances

jumped

by

$300

billion

to

$1.0

trillion.

The

secured

overnight

financing

rate

(“SOFR”)—a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities—

started

the

year

at

4.31%

and

rose

in

line

with

rate

hikes

delivered

by

the

FOMC.

SOFR

closed

2023

at

5.38%

and

averaged

5.00%

for

the

year.

The

Top

90-Day

US

Commercial

Paper

Placed

index,

which

started

the

year

at

4.60%,

trended

upward

in

2023,

ending

the

year

at

5.37%.

The

index

peaked

at

5.56%

in

October

2023.

Industry-wide,

institutional

money

market

mutual

funds

(“MMFs”)

experienced

net

inflows

of

approximately

$1.1

trillion

during

the

year.

Of

this,

assets

of

institutional

government,

prime

and

municipal

MMFs

experienced

$856

billion,

$281

billion

and

$11

billion

of

inflows,

respectively.

Portfolio

Review 

The

prevailing

investment

themes

in

2023

included

the

tightening

of

monetary

policy

by

the

FOMC

and

other

central

banks,

concerns

around

the

regional

banking

sector,

rising

inflation

and

geopolitical

concerns.

Yields

across

the

balance

of

the

Treasury

curve

rose

as

the

Fed

delivered

rate

hikes

in

an

effort

to

quell

inflation.

Since

the

beginning

of

this

rate

hiking

cycle,

we

have

preferred

a

below-neutral

duration

profile

across

our

government

funds.

With

respect

to

adding

duration,

we

are

now

targeting

a

slightly

above

neutral

stance

and

view

fixed

rate

extensions

as

providing

fairly

attractive

valuation

points

now

that

a

more

stable

macro-economic

environment

has

developed.

Despite

economic

developments

indicating

that

the

U.S.

economy

remains

resilient,

which

underpinned

market

expectations

of

a

soft

landing,

markets

pulled

forward

the

probability

of

interest

rate

cuts

in

2024

with

more

than

a

60%

chance

of

25bps

cut

in

March

2024

and

approximately

140bps

of

cuts

in

total

by

the

end

of

the

year.

Outlook

FOMC

rate

policy

bias

has

shifted

toward

a

more

balanced

approach

by

remaining

restrictive

enough

to

put

continued

downward

pressure

on

inflation

while

providing

support

to

the

economy

should

it

be

required

to

maintain

positive

economic

growth.

Fed

RRP

balances

are

expected

to

drain

through

2024,

as

investors

who

favored

overnight

repo

as

an

alternative

to

short-dated

government

securities

continue

to

rotate

into

new

Treasury

supply

and

dealer

repo

as

their

rates

remain

more

attractive,

in

our

opinion.

Net

new

T-Bill

supply

is

expected

to

pick-up

in

the

first

quarter

of

2024.

Demand,

in

our

view,

will

be

driven

by

investor’s

assessment

of

future

monetary

policy

actions

and

prevailing

valuations.

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,

2023

2023

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

.....

4.94‌

%

4.94‌

%

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

U.S.

Treasury

Obligations

..............................

37.2‌

%

Repurchase

Agreements

...............................

34.0‌

U.S.

Government

Sponsored

Agency

Obligations

..............

23.7‌

Other

Assets

Less

Liabilities

............................

5.1‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,024.60‌

$

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).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Fund

Summary

as

of

December

31,

2023

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,

2023,

the

Fund

underperformed

its

benchmark,

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index.

What

factors

influenced

performance?

In

sector

terms,

an

underweight

allocation

to

retailers

and

security

selection

within

both

telecommunications-wireless

and

finance

companies

detracted

from

relative

performance.

The

Fund’s

cash

position

also

weighed

on

performance

in

a

strong

market

for

high

yield.

On

the

upside,

high-yield

corporate

bonds

experienced

strong

positive

returns

during

the

period,

as

credit

sentiment

was

supported

by

continued

declines

in

inflation

and

resilient

economic

data.

In

sector

terms,

security

selection

within

technology,

metals

and

mining

and

chemicals

contributed

positively

to

performance

relative

to

the

benchmark.

By

credit

quality,

the

Fund’s

underweight

allocation

to

BB-rated

issuers

and

security

selection

within

B-rated

issuers

was

additive.

Describe

recent

portfolio

activity.

While

key

positioning

themes

have

remained

broadly

consistent,

the

Fund

tactically

navigated

sector-

and

issuer-level

positioning

to

take

advantage

of

market

opportunities.

In

this

vein,

the

Fund

reduced

exposure

to

investment

grade

corporate

bonds

throughout

the

period

as

more

interesting

relative

value

opportunities

developed

within

the

high

yield

market.

The

Fund

also

increased

its

position

in

B-rated

credits

and

decreased

its

position

in

BB-rated

credits.

Describe

portfolio

positioning

at

period

end.

Within

the

Fund’s

core

allocation

to

high

yield

corporate

bonds,

the

Fund

was

underweight

BB-rated

credits

and

overweight

B-rated

credits.

The

Fund

also

held

a

slight

overweight

to

CCC-rated

issues

while

maintaining

an

underweight

to

the

highest

yielding,

most

stressed

issuers

within

that

ratings

segment.

The

Fund

continued

to

hold

a

tactical

allocation

to

investment

grade

corporate

bonds.

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,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

16

BlackRock

High

Yield

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

primarily

in

non-investment

grade

bonds

with

maturities

of

ten

years

or

less.

The

Fund

normally

invests

at

least

80%

of

its

assets

in

high

yield

bonds.

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

issuers

that

meet

the

following

criteria:

at

least

$150

million

par

value

outstanding;

maximum

credit

rating

of

Ba1;

at

least

one

year

to

maturity;

and

no

issuer

represents

more

than

2%

of

the

index.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yield

(b)

Unsubsidized

30-Day

Yield

(b)

1

Year

5

Years

10

Years

BlackRock

High

Yield

Portfolio

.........................................

7.09‌%

6.02‌%

12.80‌%

5.77‌%

4.49‌%

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

................

—‌

—‌

13.44‌

5.35‌

4.59‌

(a)

Average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend/payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Series

Fund,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Fund

Summary

as

of

December

31,

2023

(continued)

17

Fund

Summary

BlackRock

High

Yield

Portfolio

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,071.70‌

$

2.87‌

$

1,000.00‌

$

1,022.43‌

$

2.80‌

0.55‌%

(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

.............................................

1.0‌

%

BBB/Baa

.......................................

4.8‌

BB/Ba

.........................................

41.8‌

B

............................................

40.9‌

CCC/

Caa

.......................................

8.8‌

NR

...........................................

2.7‌

(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,

2023

2023

BlackRock

Annual

Report

to

Shareholders

18

BlackRock

Sustainable

Balanced

Portfolio

Investment

Objective

BlackRock

Sustainable

Balanced

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

high

total

investment

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2023,

the

Fund

outperformed

its

blended

reference

benchmark

(60%

MSCI

All

Country

World

Index/

40%

Bloomberg

U.S.

Aggregate

Bond

Index).

What

factors

influenced

performance?

The

Fund’s

tactical

asset

allocation

positioning

contributed

to

performance.

An

overweight

in

U.S.

equities

was

a

large

contributor,

as

the

market

rallied

on

indications

of

an

end

to

the

Fed’s

hiking

cycle

and

continued

strength

in

U.S.

economic

growth.

An

overweight

in

Japanese

stocks

contributed,

as

well.

Currency

positioning

also

helped

performance,

primarily

as

a

result

of

a

short

position

in

the

U.S.

dollar

against

a

basket

of

developed

market

currencies.

Security

selection

strategies

further

contributed

to

the

Fund’s

return

in

2023.

In

equities,

performance

was

driven

by

thematic

insights

that

evaluate

enthusiasm

about

artificial

intelligence,

as

well

as

sentiment

measures

that

assess

broker

sentiment

and

informed

investor

positioning.

Selection

in

mortgage-backed

securities

was

the

largest

contributor

in

fixed

income.

Overweights

in

select

technology

issuers

also

helped

results.

On

the

other

hand,

an

underweight

to

duration

(interest

rate

sensitivity)

detracted.

While

this

aspect

of

the

Fund’s

positioning

was

a

positive

when

bonds

were

selling

off

in

the

first

ten

months

of

the

period,

the

benefit

was

offset

by

the

adverse

effect

of

being

underweight

once

the

market

began

to

rally

in

November

and

December

2023.

Fundamental

measures

detracted

from

performance

in

equities,

as

valuation

insights

ran

against

the

market’s

preference

for

growth

stocks.

Environmental,

social

and

governance

(“ESG”)

insights,

particularly

those

related

to

green

patent

issuance,

input

efficiency,

and

human

capital

measures,

also

detracted.

In

fixed

income,

an

underweight

in

the

communication

services

sector

pressured

results.

An

underweight

in

electric

utility

companies

(which

screen

poorly

on

ESG

metrics

due

to

carbon

emissions)

also

detracted

at

a

time

in

which

these

defensive

issuers

outperformed.

The

Fund

held

derivatives

as

a

part

of

its

investment

strategy.

The

portfolio

management

team

uses

derivatives

as

a

means

to

manage

risk

and/or

take

outright

views

on

equities

and

interest

rates.

The

use

of

derivatives

was

a

modest

contributor

to

performance.

Describe

recent

portfolio

activity.

The

Fund

entered

2023

with

an

overweight

in

equities

(achieved

through

an

overweight

in

the

United

States),

as

well

as

an

underweight

in

U.S.

duration.

It

maintained

this

broad

positioning

over

the

remainder

of

the

period.

The

investment

adviser

increased

the

extent

of

the

Fund’s

duration

underweight

in

July

2023,

largely

by

expanding

its

underweight

at

the

long

end

of

the

U.S.

yield

curve.

This

shift

reflected

the

possibility

that

fiscal

concerns

would

prompt

investors

to

demand

higher

yields

on

long-dated

bonds.

The

Fund

added

the

duration

underweight

again

in

December

2023

once

the

market

began

to

price

in

a

greater

number

of

interest

rate

cuts

for

2024

than

the

investment

adviser

believed

was

warranted.

The

investment

adviser

added

to

the

Fund’s

underweight

in

the

U.S.

dollar

versus

a

basket

of

developed

market

currencies.

The

Fed

indicated

a

preference

for

supporting

nominal

growth

and

fiscal

spending

over

raising

rates

to

achieve

consistent

price

stability,

which

the

investment

adviser

believed

would

be

a

negative

for

the

U.S.

dollar.

In

equities,

the

Fund

maintained

a

preference

for

technology

stocks

due

in

part

to

the

increasing

enthusiasm

surrounding

artificial

intelligence.

The

investment

adviser

also

had

a

positive

view

on

the

consumer

discretionary

and

industrials

sectors.

The

investment

adviser

employed

a

defensive

approach

in

fixed

income,

with

a

tilt

toward

higher-

quality

sectors

such

as

technology,

banking,

insurance,

and

consumer

staples.

Describe

portfolio

positioning

at

period

end.

The

Fund

had

a

pro-cyclical

posture,

with

an

overweight

in

equities

and

an

underweight

in

bonds.

This

positioning

reflected

the

investment

adviser’s

belief

that

global

growth

would

remain

resilient

and

financial

conditions

had

further

to

tighten.

U.S.

inflation

had

fallen

since

its

peak

in

2022

but,

in

the

investment

adviser’s

view,

the

market

was

not

appropriately

factoring

in

the

possibility

that

inflation

could

remain

elevated.

The

Fund

was

overweight

in

the

euro,

Canadian

dollar,

and

Australian

dollar

versus

the

U.S.

dollar

on

the

view

that

the

Fed

would

have

to

support

the

government’s

increased

financing

needs.

In

equities,

the

Fund

was

overweight

in

the

technology,

consumer

discretionary,

and

industrials

sectors.

In

fixed

income,

the

investment

adviser

maintained

overweight

positions

in

investment-grade

and

high

yield

corporate

bonds.

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,

2023

(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

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(c)

A

customized

weighted

index

comprised

of

the

returns

of

the

MSCI

All

Country

World

Index

(60%)

and

Bloomberg

U.S.

Aggregate

Bond

Index

(40%).

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

Average

Annual

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Sustainable

Balanced

Portfolio

............................................................

16.56‌%

10.11‌%

8.15‌%

60%

MSCI

All

Country

World

Index/40%

Bloomberg

U.S.

Aggregate

Bond

Index

...............................

15.37‌

7.67‌

5.68‌

MSCI

All

Country

World

Index

...................................................................

22.20‌

11.72‌

7.93‌

Bloomberg

U.S.

Aggregate

Bond

Index

............................................................

5.53‌

1.10‌

1.81‌

(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,

2023

(continued)

2023

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

(07/01/23)

Ending

Account

Value

(12/31/23)

Including

Interest

Expense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

$

1,000.00‌

$

1,058.70‌

$

2.65‌

$

2.59‌

$

1,000.00‌

$

1,022.63‌

$

2.60‌

$

1,022.68‌

$

2.55‌

0.51‌%

0.50‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Common

Stocks

...................................

58.4‌

%

Corporate

Bonds

...................................

19.7‌

U.S.

Treasury

Obligations

.............................

11.1‌

U.S.

Government

Sponsored

Agency

Securities

..............

8.1‌

Investment

Companies

...............................

2.1‌

Preferred

Securities

.................................

0.3‌

Asset-Backed

Securities

..............................

0.2‌

Non-Agency

Mortgage-Backed

Securities

..................

0.1‌

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.

The

Benefits

and

Risks

of

Leveraging

21

The

Benefits

and

Risks

of

Leveraging

/

Disclosure

Of

Expenses

/

Derivative

Financial

Instruments

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Funds

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

each

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

each

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments, each

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to each

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in each

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

a

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Funds

had

not

used

leverage.  

Furthermore,

the

value

of

each

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

each

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

each

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

a

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

each

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of a

Fund’s

shares

than

if the

Fund

were

not

leveraged.

In

addition,

each

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit a

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

Each

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

each

Fund’s

shareholders

and

may

reduce

income.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees

and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

December

31,

2023

BlackRock

Advantage

Large

Cap

Core

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.3%

Lockheed

Martin

Corp.

...............

5,536

$

2,509,137

Air

Freight

&

Logistics

—

0.3%

United

Parcel

Service,

Inc.,

Class

B

......

3,784

594,958

Automobiles

—

2.0%

General

Motors

Co.

.................

62,021

2,227,794

Tesla,

Inc.

(a)

.......................

5,952

1,478,953

3,706,747

Banks

—

2.2%

Bank

of

America

Corp.

...............

57,162

1,924,644

Citizens

Financial

Group,

Inc.

..........

20,873

691,731

First

Citizens

BancShares,

Inc.,

Class

A

....

36

51,083

First

Horizon

Corp.

..................

3,885

55,012

KeyCorp

.........................

62,728

903,283

Regions

Financial

Corp.

..............

21,823

422,930

4,048,683

Beverages

—

2.4%

Coca-Cola

Co.

(The)

................

36,171

2,131,557

PepsiCo,

Inc.

.....................

13,939

2,367,400

4,498,957

Biotechnology

—

4.1%

AbbVie,

Inc.

......................

9,658

1,496,700

Amgen,

Inc.

......................

9,467

2,726,685

Exelixis,

Inc.

(a)

.....................

26,842

643,940

Gilead

Sciences,

Inc.

................

5,091

412,422

Incyte

Corp.

(a)

.....................

22,190

1,393,310

Neurocrine

Biosciences,

Inc.

(a)

..........

4,945

651,553

Regeneron

Pharmaceuticals,

Inc.

(a)

.......

262

230,112

United

Therapeutics

Corp.

(a)

............

866

190,425

7,745,147

Broadline

Retail

—

4.2%

Amazon.com,

Inc.

(a)

.................

51,527

7,829,012

Building

Products

—

1.1%

A

O

Smith

Corp.

...................

14,996

1,236,270

Johnson

Controls

International

plc

.......

6,817

392,932

Owens

Corning

....................

2,935

435,055

2,064,257

Capital

Markets

—

2.5%

Invesco

Ltd.

......................

57,541

1,026,531

Moody's

Corp.

.....................

5,713

2,231,269

Nasdaq,

Inc.

......................

24,044

1,397,918

SEI

Investments

Co.

.................

1,561

99,202

4,754,920

Chemicals

—

1.5%

Ecolab,

Inc.

......................

7,566

1,500,716

LyondellBasell

Industries

NV,

Class

A

.....

6,780

644,642

PPG

Industries,

Inc.

.................

3,900

583,245

2,728,603

Commercial

Services

&

Supplies

—

0.6%

Cintas

Corp.

(b)

.....................

1,940

1,169,160

Communications

Equipment

—

0.0%

Ciena

Corp.

(a)

.....................

652

29,347

Construction

&

Engineering

—

1.2%

AECOM

.........................

6,369

588,687

EMCOR

Group,

Inc.

.................

2,270

489,026

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Valmont

Industries,

Inc.

...............

5,177

$

1,208,881

2,286,594

Consumer

Staples

Distribution

&

Retail

—

0.7%

Sysco

Corp.

......................

9,174

670,895

Target

Corp.

......................

394

56,113

Walmart,

Inc.

......................

3,895

614,047

1,341,055

Electric

Utilities

—

1.1%

Edison

International

.................

573

40,964

Evergy,

Inc.

.......................

7,799

407,108

IDACORP,

Inc.

(b)

...................

599

58,894

OGE

Energy

Corp.

..................

19,394

677,432

Portland

General

Electric

Co.

...........

2,667

115,588

PPL

Corp.

.......................

25,171

682,134

1,982,120

Electrical

Equipment

—

0.8%

AMETEK,

Inc.

.....................

3,779

623,119

Rockwell

Automation,

Inc.

.............

2,707

840,470

1,463,589

Electronic

Equipment,

Instruments

&

Components

—

0.9%

TE

Connectivity

Ltd.

.................

12,691

1,783,086

Energy

Equipment

&

Services

—

0.0%

Baker

Hughes

Co.,

Class

A

............

2,218

75,811

Entertainment

—

0.8%

Electronic

Arts,

Inc.

.................

5,617

768,462

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(a)

......................

11,517

727,068

Warner

Bros

Discovery,

Inc.

(a)

..........

3,580

40,740

1,536,270

Financial

Services

—

4.7%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

2,247

801,415

Block,

Inc.,

Class

A

(a)

................

14,659

1,133,873

Fidelity

National

Information

Services,

Inc.

..

2,356

141,525

Mastercard,

Inc.,

Class

A

..............

8,568

3,654,338

Visa,

Inc.,

Class

A

(b)

.................

12,137

3,159,868

8,891,019

Food

Products

—

1.6%

Archer-Daniels-Midland

Co.

(b)

...........

22,045

1,592,090

Hershey

Co.

(The)

..................

7,496

1,397,554

2,989,644

Gas

Utilities

—

0.0%

New

Jersey

Resources

Corp.

...........

1,371

61,119

Ground

Transportation

—

0.3%

CSX

Corp.

.......................

984

34,115

JB

Hunt

Transport

Services,

Inc.

........

668

133,426

Old

Dominion

Freight

Line,

Inc.

.........

756

306,430

Saia,

Inc.

(a)

.......................

273

119,634

593,605

Health

Care

Equipment

&

Supplies

—

3.1%

Abbott

Laboratories

.................

5,651

622,005

Align

Technology,

Inc.

(a)

...............

191

52,334

Dexcom,

Inc.

(a)

....................

824

102,250

Edwards

Lifesciences

Corp.

(a)

..........

5,463

416,554

Enovis

Corp.

(a)

.....................

753

42,183

Hologic,

Inc.

(a)

.....................

1,815

129,682

Medtronic

plc

.....................

30,058

2,476,178

Novocure

Ltd.

(a)

....................

15,822

236,222

ResMed,

Inc.

.....................

1,581

271,964

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Stryker

Corp.

.....................

5,269

$

1,577,855

5,927,227

Health

Care

Providers

&

Services

—

1.8%

Cencora,

Inc.

.....................

3,347

687,407

Cigna

Group

(The)

..................

987

295,557

Elevance

Health,

Inc.

................

5,049

2,380,906

UnitedHealth

Group,

Inc.

..............

27

14,215

3,378,085

Health

Care

Technology

—

0.7%

(a)

Teladoc

Health,

Inc.

(b)

................

49,548

1,067,760

Veeva

Systems,

Inc.,

Class

A

...........

1,210

232,949

1,300,709

Hotels,

Restaurants

&

Leisure

—

1.2%

Booking

Holdings,

Inc.

(a)

..............

165

585,291

Boyd

Gaming

Corp.

.................

10,625

665,231

Caesars

Entertainment,

Inc.

(a)

..........

957

44,864

McDonald's

Corp.

..................

917

271,900

Starbucks

Corp.

....................

562

53,958

Travel

+

Leisure

Co.

.................

18,001

703,659

2,324,903

Household

Durables

—

0.5%

DR

Horton,

Inc.

....................

2,992

454,724

Leggett

&

Platt,

Inc.

.................

21,076

551,559

1,006,283

Household

Products

—

1.2%

Kimberly-Clark

Corp.

................

17,586

2,136,875

Procter

&

Gamble

Co.

(The)

...........

211

30,920

2,167,795

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

AES

Corp.

(The)

...................

50,003

962,558

Industrial

REITs

—

0.1%

First

Industrial

Realty

Trust,

Inc.

.........

2,013

106,025

Insurance

—

3.0%

Marsh

&

McLennan

Cos.,

Inc.

..........

8,734

1,654,831

MetLife,

Inc.

......................

17,181

1,136,180

Reinsurance

Group

of

America,

Inc.

......

6,254

1,011,772

Travelers

Cos.,

Inc.

(The)

.............

6,779

1,291,332

WR

Berkley

Corp.

..................

7,756

548,504

5,642,619

Interactive

Media

&

Services

—

7.1%

(a)

Alphabet,

Inc.,

Class

A

...............

40,130

5,605,760

Alphabet,

Inc.,

Class

C

...............

21,315

3,003,923

Meta

Platforms,

Inc.,

Class

A

...........

13,212

4,676,519

13,286,202

IT

Services

—

0.1%

Amdocs

Ltd.

......................

1,108

97,382

Okta,

Inc.,

Class

A

(a)

.................

510

46,170

143,552

Life

Sciences

Tools

&

Services

—

0.8%

Agilent

Technologies,

Inc.

.............

9,406

1,307,716

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

89

28,737

Mettler-Toledo

International,

Inc.

(a)

.......

19

23,046

West

Pharmaceutical

Services,

Inc.

......

461

162,328

1,521,827

Machinery

—

2.6%

CNH

Industrial

NV

..................

7,333

89,316

Flowserve

Corp.

...................

6,506

268,177

Illinois

Tool

Works,

Inc.

...............

2,013

527,285

Security

Shares

Shares

Value

Machinery

(continued)

Oshkosh

Corp.

....................

20,161

$

2,185,654

Otis

Worldwide

Corp.

................

4,291

383,916

Snap-on,

Inc.

.....................

1,971

569,304

Xylem,

Inc.

.......................

8,087

924,829

4,948,481

Media

—

1.3%

Comcast

Corp.,

Class

A

..............

22,926

1,005,305

Fox

Corp.,

Class

A

..................

39,112

1,160,453

Fox

Corp.,

Class

B

..................

762

21,070

Liberty

Media

Corp.-Liberty

SiriusXM

(a)

....

9,575

275,568

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

332

9,542

2,471,938

Metals

&

Mining

—

0.3%

Nucor

Corp.

......................

3,303

574,854

Multi-Utilities

—

0.4%

CMS

Energy

Corp.

..................

14,011

813,619

Office

REITs

—

0.1%

Highwoods

Properties,

Inc.

(b)

...........

3,909

89,751

Oil,

Gas

&

Consumable

Fuels

—

3.1%

Chevron

Corp.

(b)

...................

3,405

507,890

ConocoPhillips

....................

3,311

384,308

Devon

Energy

Corp.

.................

22,554

1,021,696

EOG

Resources,

Inc.

................

10,228

1,237,077

Exxon

Mobil

Corp.

..................

6,762

676,065

Marathon

Petroleum

Corp.

............

8,968

1,330,492

Pioneer

Natural

Resources

Co.

.........

989

222,406

Valero

Energy

Corp.

.................

3,211

417,430

5,797,364

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

...............

2,615

185,220

Pharmaceuticals

—

2.8%

Bristol-Myers

Squibb

Co.

..............

32,854

1,685,739

Eli

Lilly

&

Co.

.....................

3,609

2,103,758

Merck

&

Co.,

Inc.

...................

3,245

353,770

Pfizer,

Inc.

.......................

32,664

940,397

Zoetis,

Inc.,

Class

A

.................

542

106,974

5,190,638

Residential

REITs

—

2.0%

Apartment

Income

REIT

Corp.

..........

3,067

106,517

Camden

Property

Trust

...............

19,747

1,960,679

Equity

Residential

..................

28,705

1,755,598

3,822,794

Retail

REITs

—

0.1%

Kimco

Realty

Corp.

.................

7,702

164,130

Semiconductors

&

Semiconductor

Equipment

—

7.7%

Applied

Materials,

Inc.

(b)

..............

15,673

2,540,123

Cirrus

Logic,

Inc.

(a)

..................

804

66,885

Intel

Corp.

.......................

22,447

1,127,962

Lam

Research

Corp.

................

678

531,050

MaxLinear,

Inc.

(a)

...................

7,665

182,197

Micron

Technology,

Inc.

...............

2,890

246,633

NVIDIA

Corp.

.....................

14,401

7,131,663

QUALCOMM,

Inc.

..................

18,357

2,654,973

14,481,486

Software

—

11.7%

Adobe,

Inc.

(a)

......................

4,319

2,576,715

Autodesk,

Inc.

(a)

....................

1,256

305,811

Fortinet,

Inc.

(a)

.....................

6,682

391,097

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Advantage

Large

Cap

Core

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Software

(continued)

Manhattan

Associates,

Inc.

(a)

...........

8,920

$

1,920,654

Microsoft

Corp.

....................

37,196

13,987,184

Oracle

Corp.

......................

10,150

1,070,115

Salesforce,

Inc.

(a)

...................

5,623

1,479,636

ServiceNow,

Inc.

(a)

..................

399

281,890

22,013,102

Specialized

REITs

—

0.4%

Equinix,

Inc.

......................

209

168,327

Public

Storage

.....................

1,948

594,140

762,467

Specialty

Retail

—

3.1%

AutoNation,

Inc.

(a)

...................

6,210

932,618

Best

Buy

Co.,

Inc.

(b)

.................

17,583

1,376,397

Home

Depot,

Inc.

(The)

..............

1,557

539,579

Penske

Automotive

Group,

Inc.

(b)

........

2,484

398,707

TJX

Cos.,

Inc.

(The)

.................

26,488

2,484,839

Wayfair,

Inc.,

Class

A

(a)

...............

3,209

197,995

5,930,135

Technology

Hardware,

Storage

&

Peripherals

—

8.0%

Apple,

Inc.

.......................

69,320

13,346,180

Dell

Technologies,

Inc.,

Class

C

.........

4,265

326,272

Hewlett

Packard

Enterprise

Co.

.........

85,642

1,454,201

15,126,653

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Skechers

USA,

Inc.,

Class

A

(a)

..........

22,445

$

1,399,221

Trading

Companies

&

Distributors

—

0.2%

WW

Grainger,

Inc.

..................

424

351,365

Total

Long-Term

Investments

—

99.0%

(Cost:

$157,046,556)

.............................

186,573,843

Short-Term

Securities

Money

Market

Funds

—

2.6%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

...................

1,533,477

1,533,477

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.58%

(e)

.......................

3,430,247

3,431,619

Total

Short-Term

Securities

—

2.6%

(Cost:

$4,965,031)

..............................

4,965,096

Total

Investments

—

101.6%

(Cost:

$162,011,587

)

.............................

191,538,939

Liabilities

in

Excess

of

Other

Assets

—

(1.6)%

............

(3,044,785)

Net

Assets

—

100.0%

..............................

$

188,494,154

(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.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

1,693,555

$

—

$

(160,078)

(a)

$

—

$

—

$

1,533,477

1,533,477

$

77,995

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

.........

1,552,176

1,877,256

(a)

—

2,230

(43)

3,431,619

3,430,247

32,446

(b)

—

$

2,230

$

(43)

$

4,965,096

$

110,441

$

—

—

—

(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.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

25

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

8

03/15/24

$

1,928

$

43,504

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

43,504

$

—

$

—

$

—

$

43,504

(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,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

214,054

$

—

$

—

$

—

$

214,054

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

77,964

$

—

$

—

$

—

$

77,964

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,882,941

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

186,573,843

$

—

$

—

$

186,573,843

Short-Term

Securities

Money

Market

Funds

......................................

1,533,477

—

—

1,533,477

$

188,107,320

$

—

$

—

$

188,107,320

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Advantage

Large

Cap

Core

Portfolio

26

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Investments

valued

at

NAV

(a)

......................................

3,431,619

$

191,538,939

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

...........................................

$

43,504

$

—

$

—

$

43,504

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

December

31,

2023

BlackRock

Capital

Appreciation

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

TransDigm

Group,

Inc.

...............

4,393

$

4,443,959

Automobiles

—

2.8%

Tesla,

Inc.

(a)

.......................

24,262

6,028,622

Broadline

Retail

—

8.4%

Amazon.com,

Inc.

(a)

.................

118,223

17,962,803

Capital

Markets

—

5.5%

Blackstone,

Inc.,

Class

A

..............

23,022

3,014,040

MSCI,

Inc.

.......................

8,138

4,603,260

S&P

Global,

Inc.

...................

9,411

4,145,734

11,763,034

Chemicals

—

1.1%

Sherwin-Williams

Co.

(The)

............

7,821

2,439,370

Commercial

Services

&

Supplies

—

2.1%

Copart,

Inc.

(a)

.....................

57,265

2,805,985

Waste

Connections,

Inc.

(b)

.............

11,487

1,714,664

4,520,649

Entertainment

—

2.5%

Netflix,

Inc.

(a)

......................

10,767

5,242,237

Financial

Services

—

5.8%

Mastercard,

Inc.,

Class

A

..............

8,721

3,719,594

Visa,

Inc.,

Class

A

(b)

.................

33,521

8,727,192

12,446,786

Health

Care

Equipment

&

Supplies

—

4.6%

(a)

Align

Technology,

Inc.

................

4,071

1,115,454

Boston

Scientific

Corp.

...............

35,544

2,054,799

IDEXX

Laboratories,

Inc.

..............

4,666

2,589,863

Intuitive

Surgical,

Inc.

................

11,921

4,021,668

9,781,784

Health

Care

Providers

&

Services

—

2.6%

UnitedHealth

Group,

Inc.

..............

10,515

5,535,832

Hotels,

Restaurants

&

Leisure

—

0.3%

Chipotle

Mexican

Grill,

Inc.

(a)

...........

234

535,149

Interactive

Media

&

Services

—

5.9%

(a)

Alphabet,

Inc.,

Class

A

...............

66,903

9,345,680

Meta

Platforms,

Inc.,

Class

A

...........

9,236

3,269,175

12,614,855

IT

Services

—

1.8%

(a)

MongoDB,

Inc.,

Class

A

..............

2,687

1,098,580

Shopify,

Inc.,

Class

A

................

35,334

2,752,519

3,851,099

Life

Sciences

Tools

&

Services

—

3.0%

Danaher

Corp.

....................

13,501

3,123,321

Thermo

Fisher

Scientific,

Inc.

...........

6,015

3,192,702

6,316,023

Oil,

Gas

&

Consumable

Fuels

—

0.8%

Cheniere

Energy,

Inc.

................

9,403

1,605,186

Pharmaceuticals

—

3.7%

Eli

Lilly

&

Co.

.....................

10,176

5,931,794

Zoetis,

Inc.,

Class

A

.................

9,780

1,930,278

7,862,072

Real

Estate

Management

&

Development

—

0.6%

CoStar

Group,

Inc.

(a)

.................

15,065

1,316,530

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

14.5%

ASML

Holding

NV

(Registered),

ADR

.....

8,680

$

6,570,066

Broadcom,

Inc.

....................

7,349

8,203,321

KLA

Corp.

(b)

......................

5,067

2,945,447

NVIDIA

Corp.

.....................

26,480

13,113,426

30,832,260

Software

—

20.7%

Cadence

Design

Systems,

Inc.

(a)

........

16,491

4,491,654

Intuit,

Inc.

(b)

.......................

15,417

9,636,087

Microsoft

Corp.

....................

53,042

19,945,914

Palo

Alto

Networks,

Inc.

(a)

.............

9,858

2,906,927

Roper

Technologies,

Inc.

..............

6,535

3,562,686

ServiceNow,

Inc.

(a)

..................

4,991

3,526,091

44,069,359

Specialty

Retail

—

0.6%

Ross

Stores,

Inc.

...................

8,461

1,170,918

Technology

Hardware,

Storage

&

Peripherals

—

8.4%

Apple,

Inc.

.......................

92,940

17,893,738

Textiles,

Apparel

&

Luxury

Goods

—

1.4%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

3,606

2,930,009

Total

Common

Stocks

—

99.2%

(Cost:

$133,145,863)

.............................

211,162,274

Preferred

Securities

Preferred

Stocks

—

0.8%

IT

Services

—

0.8%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$1,124,560)

(a)(c)(d)

..............

10,263

1,674,887

Total

Preferred

Securities

—

0.8%

(Cost:

$1,124,560)

..............................

1,674,887

Total

Long-Term

Investments

—

100.0%

(Cost:

$134,270,423)

.............................

212,837,161

Short-Term

Securities

Money

Market

Funds

—

6.5%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

...................

316,443

316,443

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.58%

(g)

.......................

13,571,791

13,577,219

Total

Short-Term

Securities

—

6.5%

(Cost:

$13,893,976)

..............................

13,893,662

Total

Investments

—

106.5%

(Cost:

$148,164,399

)

.............................

226,730,823

Liabilities

in

Excess

of

Other

Assets

—

(6.5)%

............

(13,783,389)

Net

Assets

—

100.0%

..............................

$

212,947,434

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Capital

Appreciation

Portfolio

28

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,674,887,

representing

0.79%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,124,560.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

310,134

$

6,309

(a)

$

—

$

—

$

—

$

316,443

316,443

$

13,532

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

.........

4,783,052

8,793,801

(a)

—

861

(495)

13,577,219

13,571,791

14,773

(b)

—

$

861

$

(495)

$

13,893,662

$

28,305

$

—

—

—

(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.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Capital

Appreciation

Portfolio

Schedule

of

Investments

29

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

4,443,959

$

—

$

—

$

4,443,959

Automobiles

..........................................

6,028,622

—

—

6,028,622

Broadline

Retail

........................................

17,962,803

—

—

17,962,803

Capital

Markets

........................................

11,763,034

—

—

11,763,034

Chemicals

............................................

2,439,370

—

—

2,439,370

Commercial

Services

&

Supplies

.............................

4,520,649

—

—

4,520,649

Entertainment

.........................................

5,242,237

—

—

5,242,237

Financial

Services

......................................

12,446,786

—

—

12,446,786

Health

Care

Equipment

&

Supplies

...........................

9,781,784

—

—

9,781,784

Health

Care

Providers

&

Services

............................

5,535,832

—

—

5,535,832

Hotels,

Restaurants

&

Leisure

..............................

535,149

—

—

535,149

Interactive

Media

&

Services

...............................

12,614,855

—

—

12,614,855

IT

Services

...........................................

3,851,099

—

—

3,851,099

Life

Sciences

Tools

&

Services

..............................

6,316,023

—

—

6,316,023

Oil,

Gas

&

Consumable

Fuels

...............................

1,605,186

—

—

1,605,186

Pharmaceuticals

.......................................

7,862,072

—

—

7,862,072

Real

Estate

Management

&

Development

.......................

1,316,530

—

—

1,316,530

Semiconductors

&

Semiconductor

Equipment

....................

30,832,260

—

—

30,832,260

Software

.............................................

44,069,359

—

—

44,069,359

Specialty

Retail

........................................

1,170,918

—

—

1,170,918

Technology

Hardware,

Storage

&

Peripherals

....................

17,893,738

—

—

17,893,738

Textiles,

Apparel

&

Luxury

Goods

............................

—

2,930,009

—

2,930,009

Preferred

Securities

.......................................

—

—

1,674,887

1,674,887

Short-Term

Securities

Money

Market

Funds

......................................

316,443

—

—

316,443

$

208,548,708

$

2,930,009

$

1,674,887

$

213,153,604

Investments

valued

at

NAV

(a)

......................................

13,577,219

$

226,730,823

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Capital

Appreciation

Portfolio

30

See

notes

to

financial

statements.

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/Liabilities

Opening

balance,

as

of

December

31,

2022

...................................................................................

$

1,691,414

$

1,691,414

Transfers

into

Level

3

.................................................................................................

—

—

Transfers

out

of

Level

3

................................................................................................

—

—

Accrued

discounts/premiums

.............................................................................................

—

—

Net

realized

gain

....................................................................................................

—

—

Net

change

in

unrealized

depreciation

(a)(b)

.....................................................................................

(16,527)

(16,527)

Purchases

.........................................................................................................

—

—

Sales

............................................................................................................

—

—

Closing

balance,

as

of

December

31,

2023

....................................................................................

$

1,674,887

$

1,674,887

Net

change

in

unrealized

depreciation

on

investments

still

held

at

December

31,

2023

(b)

.......................................................

$

(16,527)

$

(16,527)

(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,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Consolidated

Schedule

of

Investments

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.3%

(a)(b)

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.21%,

05/15/37

.

USD

100

$

98,477

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.33%,

04/20/34

.................

250

250,027

Voya

CLO

Ltd.,

Series

2017-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.30%),

6.72%,

04/20/34

.......

150

149,658

498,162

Ireland

—

0.1%

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.32%,

01/15/32

(b)(c)

EUR

100

108,561

United

States

—

0.7%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

+

0.56%),

5.94%,

05/25/36

(b)

.....

USD

16

15,145

Ajax

Mortgage

Loan

Trust,

Series

2021-

E,

Class

A1,

1.74%,

12/25/60

(a)(b)

.

160

139,221

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

22

16,758

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(a)

................

61

59,484

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

6.51%,

04/15/60

(b)

66

63,260

Series

2021-DA,

Class

C,

3.48%,

04/15/60

...............

110

97,334

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

D,

4.93%,

04/20/62

...............

100

83,225

Series

2021-BA,

Class

C,

3.57%,

04/20/62

...............

100

81,654

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

................

32

31,210

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(d)

200

176,760

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

4.75%

Floor

+

4.86%),

10.23%,

10/15/41

(a)(b)

...

119

125,325

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

C,

2.99%,

01/15/53

(a)

................

144

122,757

1,012,133

Total

Asset-Backed

Securities

—

1.1%

(Cost:

$1,746,026)

..............................

1,618,856

Security

Shares

Shares

Value

Common

Stocks

Australia

—

0.6%

ANZ

Group

Holdings

Ltd.

........

2,096

$

37,032

BHP

Group

Ltd.

...............

3,625

123,847

Glencore

plc

.................

68,590

412,298

Macquarie

Group

Ltd.

...........

223

27,916

Medibank

Pvt

Ltd.

.............

10,422

25,302

Metcash

Ltd.

.................

2,230

5,305

Northern

Star

Resources

Ltd.

......

3,068

28,465

Pilbara

Minerals

Ltd.

(e)

..........

3,014

8,090

Qantas

Airways

Ltd.

(f)

...........

2,968

10,872

Quintis

HoldCo

Pty.

Ltd.

(d)(f)

.......

218,994

1

South32

Ltd.

.................

5,319

12,030

Wesfarmers

Ltd.

..............

1,131

43,983

WiseTech

Global

Ltd.

...........

152

7,791

Woolworths

Group

Ltd.

..........

2,778

70,478

813,410

Belgium

—

0.0%

Ackermans

&

van

Haaren

NV

.....

10

1,755

KBC

Group

NV

...............

384

24,921

UCB

SA

....................

35

3,051

29,727

Brazil

—

0.2%

Ambev

SA

..................

20,159

56,820

B3

SA

-

Brasil

Bolsa

Balcao

.......

31,354

93,488

Cielo

SA

....................

36,293

34,979

Cosan

SA

...................

688

2,720

Embraer

SA

(f)

................

4,671

21,541

Lojas

Renner

SA

..............

14,118

50,397

Magazine

Luiza

SA

(f)

...........

77,475

34,445

MercadoLibre,

Inc.

(f)

............

16

25,145

Telefonica

Brasil

SA

............

1,011

11,097

TIM

SA

....................

1,228

4,527

Vale

SA

....................

1,371

21,768

356,927

Canada

—

1.2%

Brookfield

Corp.,

Class

A

.........

160

6,418

Cameco

Corp.

................

6,671

287,520

Canadian

National

Railway

Co.

....

478

60,081

Canadian

Natural

Resources

Ltd.

...

347

22,734

Enbridge,

Inc.

................

16,340

588,218

Franco-Nevada

Corp.

...........

672

74,434

George

Weston

Ltd.

............

166

20,608

Loblaw

Cos.

Ltd.

..............

34

3,292

Metro,

Inc.

..................

1,074

55,595

National

Bank

of

Canada

(e)

.......

404

30,794

Pembina

Pipeline

Corp.

.........

1,901

65,449

Power

Corp.

of

Canada

.........

504

14,412

Royal

Bank

of

Canada

..........

264

26,698

Shopify,

Inc.,

Class

A

(f)

..........

1,061

82,603

Suncor

Energy,

Inc.

............

13,162

421,665

1,760,521

Cayman

Islands

—

0.0%

Teya

Services

Ltd.,

Series

C,

(Acquired

11/16/21,

cost

$73,809)

(d)(f)(g)

....

38

16,408

China

—

1.2%

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

......................

1,300

2,889

Alibaba

Group

Holding

Ltd.

.......

5,300

51,052

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

100

1,523

Baidu,

Inc.,

Class

A

(f)

...........

3,050

45,402

BOC

Hong

Kong

Holdings

Ltd.

.....

1,000

2,716

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

China

(continued)

BYD

Co.

Ltd.,

Class

H

..........

22,479

$

620,075

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................

3,500

12,175

China

Tower

Corp.

Ltd.,

Class

H

(a)(c)

.

56,000

5,886

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

...............

7,500

171,844

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

..................

7,183

15,230

Haidilao

International

Holding

Ltd.

(a)(c)

13,000

24,251

Hundsun

Technologies,

Inc.,

Class

A

.

500

2,017

JD.com,

Inc.,

Class

A

...........

4,254

61,441

Kindstar

Globalgene

Technology,

Inc.

(a)

(c)(d)(f)

....................

55,500

11,941

Li

Auto,

Inc.,

Class

A

(f)

...........

3,400

63,703

Meituan,

Class

B

(a)(c)(f)

...........

1,730

18,163

Nongfu

Spring

Co.

Ltd.,

Class

H

(a)(c)

..

1,200

6,944

Oppein

Home

Group,

Inc.,

Class

A

..

200

1,954

PetroChina

Co.

Ltd.,

Class

A

......

32,400

32,092

PetroChina

Co.

Ltd.,

Class

H

......

20,000

13,216

Prosus

NV

..................

4,063

121,037

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

............

2,500

5,445

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

............

400

12,959

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

....

300

12,244

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

..................

1,653

32,094

SITC

International

Holdings

Co.

Ltd.

.

5,000

8,630

Tencent

Holdings

Ltd.

...........

7,500

283,162

Trip.com

Group

Ltd.

(f)

...........

450

16,154

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

(f)

..............

200

1,892

Want

Want

China

Holdings

Ltd.

....

5,000

3,022

Wilmar

International

Ltd.

.........

3,100

8,374

Yum

China

Holdings,

Inc.

........

605

25,670

Zhongji

Innolight

Co.

Ltd.,

Class

A

..

1,300

20,540

1,715,737

Denmark

—

0.4%

AP

Moller

-

Maersk

A/S,

Class

B

....

20

36,000

H

Lundbeck

A/S,

Class

B

........

337

1,636

Novo

Nordisk

A/S,

Class

B

.......

5,092

527,690

Orsted

A/S

(a)(c)

................

485

26,887

592,213

Finland

—

0.1%

Elisa

OYJ

...................

966

44,651

Kone

OYJ,

Class

B

............

597

29,862

74,513

France

—

2.3%

Accor

SA

...................

4,132

158,157

AXA

SA

....................

2,992

97,708

BNP

Paribas

SA

..............

7,397

513,690

Bollore

SE

..................

675

4,224

Carrefour

SA

.................

629

11,520

Cie

de

Saint-Gobain

SA

.........

6,374

470,065

Dassault

Systemes

SE

..........

915

44,787

EssilorLuxottica

SA

............

2,534

508,824

Hermes

International

SCA

........

47

99,899

Kering

SA

...................

421

186,460

La

Francaise

des

Jeux

SAEM

(a)(c)

...

693

25,173

L'Oreal

SA

..................

183

91,226

LVMH

Moet

Hennessy

Louis

Vuitton

SE

783

636,217

SCOR

SE

...................

330

9,669

Security

Shares

Shares

Value

France

(continued)

Societe

Generale

SA

...........

1,006

$

26,765

Teleperformance

SE

............

79

11,566

TotalEnergies

SE

..............

3,351

227,865

Vinci

SA

....................

1,833

230,674

Vivendi

SE

..................

163

1,745

3,356,234

Germany

—

1.1%

BASF

SE

...................

445

23,962

Bayer

AG

(Registered)

..........

780

28,941

Bayerische

Motoren

Werke

AG

....

958

106,598

Carl

Zeiss

Meditec

AG

..........

121

13,171

Commerzbank

AG

.............

9,424

112,012

Deutsche

Lufthansa

AG

(Registered)

(f)

5,127

45,580

Mercedes-Benz

Group

AG

........

3,927

270,955

Merck

KGaA

.................

250

39,804

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

63

26,133

Rational

AG

.................

4

3,087

RWE

AG

...................

726

33,042

SAP

SE

....................

692

106,514

SAP

SE,

ADR

................

500

77,295

Scout24

SE

(a)(c)

...............

106

7,495

Siemens

AG

(Registered)

........

3,208

601,851

Symrise

AG

.................

470

51,651

thyssenkrupp

AG

..............

4,216

29,328

Zalando

SE

(a)(c)(f)

...............

2,022

47,870

1,625,289

Hong

Kong

—

0.3%

AIA

Group

Ltd.

...............

35,000

304,601

ASMPT

Ltd.

.................

1,000

9,536

Hang

Seng

Bank

Ltd.

...........

400

4,670

Hongkong

Land

Holdings

Ltd.

.....

1,500

5,217

MTR

Corp.

Ltd.

...............

2,000

7,763

Orient

Overseas

International

Ltd.

..

1,500

20,949

Prudential

plc

................

2,418

27,281

380,017

India

—

0.2%

Bajaj

Auto

Ltd.

................

97

7,921

Bharat

Petroleum

Corp.

Ltd.

......

1,974

10,691

Eicher

Motors

Ltd.

.............

121

6,022

HCL

Technologies

Ltd.

..........

194

3,414

HDFC

Bank

Ltd.

..............

8,759

179,350

Indian

Oil

Corp.

Ltd.

............

4,444

6,931

Kotak

Mahindra

Bank

Ltd.

........

293

6,713

Tata

Consultancy

Services

Ltd.

....

24

1,093

Think

&

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$67,547)

(d)(f)(g)

....

45

9,436

231,571

Indonesia

—

0.0%

Bank

Central

Asia

Tbk.

PT

........

38,100

23,268

Bank

Mandiri

Persero

Tbk.

PT

.....

36,800

14,456

37,724

Ireland

—

0.0%

Kingspan

Group

plc

............

766

66,202

Israel

—

0.3%

Nice

Ltd.,

ADR

(e)(f)

..............

2,146

428,148

Italy

—

0.8%

Coca-Cola

HBC

AG

............

895

26,280

Enel

SpA

...................

3,089

22,982

Ferrari

NV

..................

648

218,769

FinecoBank

Banca

Fineco

SpA

....

1,067

16,052

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Italy

(continued)

Intesa

Sanpaolo

SpA

...........

179,393

$

524,975

Snam

SpA

..................

3,584

18,439

UniCredit

SpA

................

14,467

393,932

1,221,429

Japan

—

4.3%

AGC,

Inc.

...................

100

3,706

Alfresa

Holdings

Corp.

..........

400

6,791

ANA

Holdings,

Inc.

(f)

............

600

12,999

Astellas

Pharma,

Inc.

...........

2,750

32,706

BayCurrent

Consulting,

Inc.

.......

700

24,504

Bridgestone

Corp.

(e)

............

700

28,911

Chugai

Pharmaceutical

Co.

Ltd.

....

200

7,556

Daikin

Industries

Ltd.

...........

500

81,110

FANUC

Corp.

................

13,600

399,148

FUJIFILM

Holdings

Corp.

........

2,500

149,824

GS

Yuasa

Corp.

..............

400

5,613

Heiwa

Corp.

.................

200

2,974

Honda

Motor

Co.

Ltd.

...........

25,800

266,133

Hoya

Corp.

..................

2,659

331,150

Ito

En

Ltd.

...................

200

6,072

Japan

Airlines

Co.

Ltd.

..........

25,900

508,807

Jeol

Ltd.

....................

100

4,372

JFE

Holdings,

Inc.

.............

1,100

17,018

Kakaku.com,

Inc.

..............

1,000

12,355

Kamigumi

Co.

Ltd.

.............

200

4,766

Kansai

Paint

Co.

Ltd.

...........

600

10,231

Kawasaki

Heavy

Industries

Ltd.

....

600

13,223

Kewpie

Corp.

................

200

3,525

Keyence

Corp.

...............

1,381

606,751

Kobe

Steel

Ltd.

...............

1,100

14,178

Koei

Tecmo

Holdings

Co.

Ltd.

.....

200

2,278

Komatsu

Ltd.

................

8,100

210,789

Kose

Corp.

..................

2,000

149,491

Kusuri

no

Aoki

Holdings

Co.

Ltd.

...

100

2,271

Kyushu

Railway

Co.

............

1,300

28,614

Lixil

Corp.

...................

1,500

18,697

M3,

Inc.

....................

700

11,552

Makita

Corp.

.................

800

22,004

Mani,

Inc.

...................

200

3,019

Marubeni

Corp.

...............

1,500

23,617

Mazda

Motor

Corp.

............

1,700

18,171

Medipal

Holdings

Corp.

..........

100

1,619

MEIJI

Holdings

Co.

Ltd.

.........

200

4,751

Mitsubishi

Electric

Corp.

.........

2,300

32,531

Mitsubishi

Motors

Corp.

.........

5,900

18,674

Mitsubishi

UFJ

Financial

Group,

Inc.

.

80,900

694,295

Mitsui

&

Co.

Ltd.

..............

9,000

337,176

Mitsui

OSK

Lines

Ltd.

...........

500

15,985

Mizuho

Financial

Group,

Inc.

......

1,700

28,998

Money

Forward,

Inc.

(f)

...........

200

6,107

NET

One

Systems

Co.

Ltd.

.......

500

8,514

Nichirei

Corp.

................

100

2,465

Nidec

Corp.

.................

1,600

64,491

Nihon

M&A

Center

Holdings,

Inc.

...

1,900

10,456

Nintendo

Co.

Ltd.

..............

1,100

57,237

Nippon

Paint

Holdings

Co.

Ltd.

.....

7,400

59,691

Nippon

Steel

Corp.

.............

1,400

31,981

Nippon

Yusen

KK

..............

1,200

37,060

Nomura

Research

Institute

Ltd.

....

2,400

69,703

Oracle

Corp.

Japan

............

100

7,698

Otsuka

Corp.

................

800

32,924

Panasonic

Holdings

Corp.

........

4,300

42,345

Pigeon

Corp.

.................

800

9,200

Rakus

Co.

Ltd.

...............

3,000

55,365

Resorttrust,

Inc.

...............

200

3,463

Security

Shares

Shares

Value

Japan

(continued)

Santen

Pharmaceutical

Co.

Ltd.

....

300

$

2,985

Sega

Sammy

Holdings,

Inc.

.......

500

6,981

Sekisui

House

Ltd.

.............

700

15,516

Shin-Etsu

Chemical

Co.

Ltd.

......

1,600

66,917

Shiseido

Co.

Ltd.

..............

4,500

135,641

Skylark

Holdings

Co.

Ltd.

........

300

4,389

SMC

Corp.

..................

700

374,455

Sojitz

Corp.

..................

1,300

29,288

Sompo

Holdings,

Inc.

...........

500

24,464

Stanley

Electric

Co.

Ltd.

.........

300

5,628

Sumitomo

Mitsui

Financial

Group,

Inc.

800

38,928

Sumitomo

Rubber

Industries

Ltd.

...

300

3,249

Suzuken

Co.

Ltd.

..............

100

3,307

Sysmex

Corp.

................

5,400

300,189

Takeda

Pharmaceutical

Co.

Ltd.

....

2,000

57,356

Tokyo

Electron

Ltd.

............

900

159,966

TOTO

Ltd.

..................

600

15,762

Toyota

Motor

Corp.

............

23,600

432,440

Yakult

Honsha

Co.

Ltd.

..........

100

2,245

ZOZO,

Inc.

..................

1,900

42,881

6,400,242

Jordan

—

0.0%

Hikma

Pharmaceuticals

plc

.......

253

5,765

Luxembourg

—

0.0%

ArcelorMittal

SA

...............

1,457

41,350

Macau

—

0.0%

(f)

Sands

China

Ltd.

..............

5,627

16,470

Wynn

Macau

Ltd.

..............

56,533

46,564

63,034

Mexico

—

0.1%

Fibra

Uno

Administracion

SA

de

CV

.

11,108

19,951

Fomento

Economico

Mexicano

SAB

de

CV

.....................

1,637

21,349

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

................

204

2,158

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

.............

535

15,721

Southern

Copper

Corp.

(e)

.........

106

9,124

Wal-Mart

de

Mexico

SAB

de

CV

....

8,897

37,404

105,707

Netherlands

—

2.4%

ABN

AMRO

Bank

NV,

CVA

(a)(c)

.....

6,117

91,991

Adyen

NV

(a)(c)(f)

................

231

298,207

ASML

Holding

NV

.............

1,563

1,179,889

BE

Semiconductor

Industries

NV

...

220

33,215

ING

Groep

NV

................

33,403

500,863

Koninklijke

Ahold

Delhaize

NV

.....

4,704

135,341

Koninklijke

Vopak

NV

...........

1,237

41,629

Shell

plc

....................

27,470

903,853

Shell

plc,

ADR

................

5,206

342,555

Wolters

Kluwer

NV

.............

111

15,792

3,543,335

Norway

—

0.1%

Equinor

ASA

.................

2,210

70,039

Norsk

Hydro

ASA

..............

1,442

9,693

79,732

Peru

—

0.0%

Credicorp

Ltd.

................

46

6,897

Poland

—

0.0%

Powszechny

Zaklad

Ubezpieczen

SA

1,171

14,066

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

................

28

$

2,119

Saudi

Arabian

Oil

Co.

(a)(c)

.........

255

2,245

Saudi

Telecom

Co.

.............

840

9,067

13,431

Singapore

—

0.0%

Genting

Singapore

Ltd.

..........

4,200

3,181

NetLink

NBN

Trust

(c)

............

3,100

1,973

Oversea-Chinese

Banking

Corp.

Ltd.

800

7,872

Seatrium

Ltd.

(f)

................

37,962

3,390

Singapore

Technologies

Engineering

Ltd.

.....................

2,200

6,478

Singapore

Telecommunications

Ltd.

.

6,300

11,794

STMicroelectronics

NV

..........

656

32,904

Venture

Corp.

Ltd.

.............

500

5,152

72,744

South

Africa

—

0.0%

Anglo

American

Platinum

Ltd.

.....

179

9,395

Anglo

American

plc

............

626

15,667

Capitec

Bank

Holdings

Ltd.

.......

171

19,079

Kumba

Iron

Ore

Ltd.

............

636

21,318

65,459

South

Korea

—

0.6%

Amorepacific

Corp.

(f)

............

1,439

161,426

Fila

Holdings

Corp.

............

164

4,905

GS

Engineering

&

Construction

Corp.

(f)

711

8,273

Hana

Financial

Group,

Inc.

.......

269

9,024

Hanwha

Aerospace

Co.

Ltd.

(f)

......

297

28,652

HD

Hyundai

Infracore

Co.

Ltd.

(f)

....

6,239

39,175

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

(f)

....................

90

2,159

Hyundai

Motor

Co.

.............

163

25,641

KB

Financial

Group,

Inc.

.........

2,433

101,509

Kia

Corp.

(f)

..................

358

27,685

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(f)

.........

24

2,245

Meritz

Financial

Group,

Inc.

(f)

......

644

29,464

NCSoft

Corp.

(f)

................

160

29,759

Samsung

C&T

Corp.

(f)

...........

293

29,390

Samsung

Electronics

Co.

Ltd.

.....

1,088

66,038

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(f)

....................

112

22,818

Samsung

SDI

Co.

Ltd.

(f)

.........

85

30,948

SK

Hynix,

Inc.

................

2,836

309,515

928,626

Spain

—

0.5%

Aena

SME

SA

(a)(c)

..............

41

7,442

Banco

Santander

SA

...........

14,371

60,109

Cellnex

Telecom

SA

(a)(c)

..........

16,763

660,010

Endesa

SA

..................

354

7,222

Industria

de

Diseno

Textil

SA

......

1,054

45,990

Repsol

SA

..................

745

11,051

791,824

Sweden

—

0.4%

Assa

Abloy

AB,

Class

B

.........

6,974

200,985

Atlas

Copco

AB,

Class

A

.........

2,969

51,159

Evolution

AB

(a)(c)

...............

437

52,051

Industrivarden

AB,

Class

A

.......

354

11,574

Nibe

Industrier

AB,

Class

B

.......

1,031

7,240

SKF

AB,

Class

B

..............

4,130

82,768

SSAB

AB,

Class

A

.............

533

4,060

SSAB

AB,

Class

B

.............

3,326

25,465

Security

Shares

Shares

Value

Sweden

(continued)

Telia

Co.

AB

.................

22,542

$

57,514

Trelleborg

AB,

Class

B

..........

736

24,703

Volvo

Car

AB,

Class

B

(f)

.........

3,844

12,467

529,986

Switzerland

—

0.9%

Alcon,

Inc.

..................

5,920

463,157

Barry

Callebaut

AG

(Registered)

....

3

5,065

Clariant

AG

(Registered)

.........

1,998

29,520

Flughafen

Zurich

AG

(Registered)

...

16

3,343

Geberit

AG

(Registered)

.........

4

2,568

Julius

Baer

Group

Ltd.

..........

591

33,154

Kuehne

+

Nagel

International

AG

(Registered)

...............

286

98,698

Novartis

AG

(Registered)

........

2,172

219,395

PSP

Swiss

Property

AG

(Registered)

45

6,291

Sika

AG

(Registered)

...........

176

57,389

Swiss

Prime

Site

AG

(Registered)

...

34

3,633

UBS

Group

AG

(Registered)

......

11,288

350,623

1,272,836

Taiwan

—

0.7%

Acer,

Inc.

...................

13,000

22,747

ASE

Technology

Holding

Co.

Ltd.

...

3,000

13,147

Asustek

Computer,

Inc.

..........

3,000

47,745

Chunghwa

Telecom

Co.

Ltd.

......

2,000

7,825

Compal

Electronics,

Inc.

.........

36,000

46,631

Eva

Airways

Corp.

.............

46,000

47,074

Far

EasTone

Telecommunications

Co.

Ltd.

.....................

3,000

7,802

Lite-On

Technology

Corp.

........

6,000

22,783

MediaTek,

Inc.

................

1,000

33,020

Novatek

Microelectronics

Corp.

....

1,000

16,819

Quanta

Computer,

Inc.

..........

15,000

109,206

Taiwan

Mobile

Co.

Ltd.

..........

2,000

6,424

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

30,000

575,147

Wistron

Corp.

................

6,000

19,195

975,565

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(f)

.............

8,338

—

United

Kingdom

—

2.2%

AstraZeneca

plc

..............

3,530

476,162

AstraZeneca

plc,

ADR

..........

2,972

200,164

Auto

Trader

Group

plc

(a)(c)

........

6,083

55,882

BAE

Systems

plc

..............

45,368

642,183

BP

plc

.....................

5,552

32,913

British

American

Tobacco

plc

......

804

23,524

Burberry

Group

plc

.............

2,919

52,650

CNH

Industrial

NV

.............

3,156

38,702

Compass

Group

plc

............

7,564

206,976

Direct

Line

Insurance

Group

plc

(f)

...

5,648

13,080

Genius

Sports

Ltd.

(f)

............

5,166

31,926

Kingfisher

plc

................

4,422

13,701

Legal

&

General

Group

plc

.......

3,363

10,747

London

Stock

Exchange

Group

plc

..

1,006

118,921

NatWest

Group

plc

.............

10,201

28,414

Pearson

plc

.................

3,469

42,609

RELX

plc

...................

8,573

340,124

Rightmove

plc

................

632

4,646

Spirax-Sarco

Engineering

plc

......

1,136

151,992

Tesco

plc

...................

5,620

20,820

Unilever

plc

..................

15,278

739,624

3,245,760

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

—

39.6%

3M

Co.

.....................

1,038

$

113,474

Abbott

Laboratories

............

5,056

556,514

AbbVie,

Inc.

.................

534

82,754

Adobe,

Inc.

(f)

.................

224

133,638

Advanced

Micro

Devices,

Inc.

(f)

....

3,836

565,465

AES

Corp.

(The)

..............

2,322

44,698

Air

Products

&

Chemicals,

Inc.

.....

1,593

436,163

Aiven,

Inc.

(d)(f)

................

647

52,096

Albemarle

Corp.

..............

1,097

158,495

Allegion

plc

..................

40

5,068

Alphabet,

Inc.,

Class

C

(f)(h)

........

13,743

1,936,801

Altria

Group,

Inc.

..............

226

9,117

Amazon.com,

Inc.

(f)(h)

...........

14,710

2,235,037

American

Airlines

Group,

Inc.

(e)(f)

....

970

13,328

American

Express

Co.

..........

240

44,962

American

Tower

Corp.

..........

2,282

492,638

American

Water

Works

Co.,

Inc.

....

945

124,731

Amgen,

Inc.

.................

101

29,090

ANSYS,

Inc.

(f)

................

709

257,282

Aon

plc,

Class

A

..............

222

64,606

APA

Corp.

..................

269

9,652

Apple,

Inc.

..................

13,738

2,644,977

Applied

Materials,

Inc.

..........

3,161

512,303

Aptiv

plc

(f)

...................

2,657

238,386

Archer-Daniels-Midland

Co.

.......

3,811

275,230

Assurant,

Inc.

................

93

15,670

Astra

Space,

Inc.,

Class

A

(f)

.......

390

889

AT&T,

Inc.

...................

9,710

162,934

Atlassian

Corp.,

Class

A

(f)

........

190

45,193

Autodesk,

Inc.

(f)

...............

695

169,219

Ball

Corp.

...................

180

10,354

Baxter

International,

Inc.

.........

265

10,245

Berkshire

Hathaway,

Inc.,

Class

B

(f)

..

202

72,045

Block,

Inc.,

Class

A

(f)

............

1,178

91,118

Booking

Holdings,

Inc.

(f)

.........

72

255,400

Boston

Scientific

Corp.

(f)(h)

........

13,242

765,520

Boyd

Gaming

Corp.

............

62

3,882

Broadcom,

Inc.

...............

94

104,928

Bunge

Global

SA

..............

3,614

364,833

Cadence

Design

Systems,

Inc.

(f)

....

1,320

359,528

California

Resources

Corp.

(e)

......

634

34,667

Campbell

Soup

Co.

............

40

1,729

Capital

One

Financial

Corp.

.......

477

62,544

Cardinal

Health,

Inc.

............

104

10,483

Caterpillar,

Inc.

...............

87

25,723

Centene

Corp.

(f)

...............

1,612

119,627

CF

Industries

Holdings,

Inc.

.......

4,432

352,344

CH

Robinson

Worldwide,

Inc.

.....

370

31,964

Charles

Schwab

Corp.

(The)

......

858

59,030

Charter

Communications,

Inc.,

Class

A

(e)(f)

....................

691

268,578

Cheniere

Energy,

Inc.

...........

370

63,163

Chesapeake

Energy

Corp.

(e)

......

119

9,156

Chevron

Corp.

................

2,541

379,016

Chubb

Ltd.

..................

2,492

563,192

Cigna

Group

(The)

.............

53

15,871

Cisco

Systems,

Inc.

............

793

40,062

Citigroup,

Inc.

................

1,770

91,049

Clorox

Co.

(The)

..............

266

37,929

CME

Group,

Inc.,

Class

A

........

164

34,538

Coca-Cola

Co.

(The)

...........

1,235

72,779

Colgate-Palmolive

Co.

..........

221

17,616

Comcast

Corp.,

Class

A

.........

7,329

321,377

Comerica,

Inc.

................

104

5,804

ConocoPhillips

...............

5,047

585,805

Security

Shares

Shares

Value

United

States

(continued)

Costco

Wholesale

Corp.

.........

986

$

650,839

Coterra

Energy,

Inc.

............

820

20,926

CRH

plc

....................

4,675

321,730

Crowdstrike

Holdings,

Inc.,

Class

A

(f)

.

1,026

261,958

Crown

Holdings,

Inc.

...........

153

14,090

Crown

PropTech

Acquisitions

(d)(f)

....

1,464

469

Crown

PropTech

Acquisitions

(d)(f)

....

317

—

Crown

PropTech

Acquisitions,

Class

A

(f)

845

8,999

CSL

Ltd.

....................

326

63,553

Customers

Bancorp,

Inc.

(f)

........

41

2,362

Datadog,

Inc.,

Class

A

(f)

.........

2,761

335,130

Davidson

Kempner

Merchant

Co-Invest

Fund

LP,

(Acquired

04/07/21,

cost

$36,787)

(f)(g)(i)

...............

—

(j)

182,182

Deere

&

Co.

.................

26

10,397

Dell

Technologies,

Inc.,

Class

C

....

650

49,725

Delta

Air

Lines,

Inc.

............

5,316

213,863

Dexcom,

Inc.

(f)

................

1,958

242,968

Diamondback

Energy,

Inc.

........

83

12,872

DR

Horton,

Inc.

...............

775

117,784

eBay,

Inc.

...................

1,115

48,636

Ecolab,

Inc.

.................

102

20,232

Edison

International

............

909

64,984

Edwards

Lifesciences

Corp.

(f)

......

3,082

235,002

Electronic

Arts,

Inc.

............

331

45,284

Element

Solutions,

Inc.

..........

1,362

31,517

Eli

Lilly

&

Co.

................

1,082

630,719

Enterprise

Products

Partners

LP

(e)

..

1,399

36,864

EOG

Resources,

Inc.

...........

886

107,162

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$189,750)

(d)(f)(g)

..........

330

202,339

Equinix,

Inc.

.................

85

68,458

Equity

Residential

.............

367

22,446

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

148

21,645

Eversource

Energy

............

1,001

61,782

Experian

plc

.................

681

27,782

Exxon

Mobil

Corp.

.............

163

16,297

F5,

Inc.

(f)

....................

1,603

286,905

Fair

Isaac

Corp.

(f)

..............

47

54,708

Fanatics

Holdings,

Inc.,

Class

A,

(Acquired

08/17/22,

cost

$301,006)

(d)

(f)(g)

.....................

4,437

327,273

Farmers

Business

Network,

Inc.

(d)(f)

..

2,421

9,490

Fastenal

Co.

.................

627

40,611

Ferguson

plc

.................

139

26,622

First

Citizens

BancShares,

Inc.,

Class

A

9

12,771

Floor

&

Decor

Holdings,

Inc.,

Class

A

(f)

1,480

165,109

Ford

Motor

Co.

...............

4,423

53,916

Fortinet,

Inc.

(f)

................

4,319

252,791

Fortive

Corp.

.................

7,495

551,857

Franklin

Resources,

Inc.

.........

3,039

90,532

Freeport-McMoRan,

Inc.

.........

9,849

419,272

General

Dynamics

Corp.

.........

368

95,559

General

Motors

Co.

............

3,971

142,638

Gilead

Sciences,

Inc.

...........

1,282

103,855

Golden

Entertainment,

Inc.

.......

109

4,352

Goldman

Sachs

Group,

Inc.

(The)

..

94

36,262

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$179,056)

(d)(f)(g)

....

67,553

68,904

Green

Plains,

Inc.

(f)

............

1,170

29,507

GSK

plc

....................

1,584

29,255

Hartford

Financial

Services

Group,

Inc.

(The)

....................

621

49,916

HawkEye

360,

Inc.

(d)(f)

...........

4,447

41,980

HCA

Healthcare,

Inc.

...........

228

61,715

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Healthpeak

Properties,

Inc.

.......

3,164

$

62,647

Hewlett

Packard

Enterprise

Co.

....

649

11,020

Hilton

Worldwide

Holdings,

Inc.

....

1,154

210,132

Holcim

AG

..................

720

56,550

Home

Depot,

Inc.

(The)

.........

163

56,488

Hormel

Foods

Corp.

............

86

2,761

Humana,

Inc.

................

1,989

910,584

iHeartMedia,

Inc.,

Class

A

(f)

.......

60

160

Illinois

Tool

Works,

Inc.

..........

75

19,645

Incyte

Corp.

(f)

................

282

17,707

Informatica,

Inc.,

Class

A

(f)

........

2,371

67,313

Ingersoll

Rand,

Inc.

............

8,912

689,254

Insulet

Corp.

(f)

................

474

102,849

Intel

Corp.

..................

1,537

77,234

International

Paper

Co.

..........

2,610

94,351

Intuit,

Inc.

...................

357

223,136

Intuitive

Surgical,

Inc.

(f)

..........

1,322

445,990

Invesco

Ltd.

.................

4,549

81,154

J

M

Smucker

Co.

(The)

..........

669

84,548

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(d)(f)(g)

........

6,968

—

Johnson

&

Johnson

............

2,865

449,060

Johnson

Controls

International

plc

..

283

16,312

JPMorgan

Chase

&

Co.

.........

6,591

1,121,129

Juniper

Networks,

Inc.

..........

80

2,358

Kellanova

...................

133

7,436

Kenvue,

Inc.

.................

10,004

215,386

Keysight

Technologies,

Inc.

(f)

......

670

106,590

Kimberly-Clark

Corp.

...........

631

76,673

Kinder

Morgan,

Inc.

............

70

1,235

KLA

Corp.

...................

432

251,122

Lam

Research

Corp.

...........

137

107,307

Las

Vegas

Sands

Corp.

.........

2,011

98,961

Latch,

Inc.

(f)

..................

4,082

2,735

Leidos

Holdings,

Inc.

...........

183

19,808

Lennar

Corp.,

Class

A

...........

1,027

153,064

Liberty

Media

Corp.-Liberty

Live,

Class

A

(f)

......................

927

33,882

Liberty

Media

Corp.-Liberty

Live,

Class

C

(f)

.....................

887

33,165

Linde

plc

...................

173

71,053

Lions

Gate

Entertainment

Corp.,

Class

A

(f)

......................

2,412

26,291

LKQ

Corp.

..................

9,031

431,591

Lockheed

Martin

Corp.

..........

1,173

531,651

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$16,643)

(d)(f)(g)

..............

1,457

3,395

LPL

Financial

Holdings,

Inc.

.......

1,863

424,056

Lululemon

Athletica,

Inc.

(f)

........

37

18,918

M/I

Homes,

Inc.

(f)

..............

390

53,719

Marathon

Oil

Corp.

.............

762

18,410

Marathon

Petroleum

Corp.

.......

455

67,504

MarketAxess

Holdings,

Inc.

.......

204

59,741

Marsh

&

McLennan

Cos.,

Inc.

(h)

....

4,258

806,763

Marvell

Technology,

Inc.

.........

925

55,787

Masco

Corp.

.................

1,704

114,134

Masimo

Corp.

(f)

...............

578

67,747

Mastercard,

Inc.,

Class

A

.........

2,726

1,162,666

Match

Group,

Inc.

(f)

............

319

11,643

McCormick

&

Co.,

Inc.

(Non-Voting)

.

971

66,436

McDonald's

Corp.

(h)

............

1,936

574,043

McKesson

Corp.

..............

75

34,723

Merck

&

Co.,

Inc.

..............

7,395

806,203

Meta

Platforms,

Inc.,

Class

A

(f)

.....

901

318,918

MetLife,

Inc.

.................

777

51,383

Security

Shares

Shares

Value

United

States

(continued)

Mettler-Toledo

International,

Inc.

(f)

...

98

$

118,870

MGM

Resorts

International

(f)

......

4,401

196,637

Microchip

Technology,

Inc.

........

82

7,395

Micron

Technology,

Inc.

..........

5,588

476,880

Microsoft

Corp.

(h)

..............

10,874

4,089,059

Mirion

Technologies,

Inc.,

Class

A

(f)

..

20,100

206,025

Mirion

Technologies,

Inc.,

Class

A

(f)

..

1,997

20,469

Molson

Coors

Beverage

Co.,

Class

B

31

1,898

Moody's

Corp.

................

33

12,888

Morgan

Stanley

...............

777

72,455

Mr

Cooper

Group,

Inc.

(f)

.........

798

51,966

MSCI,

Inc.

..................

185

104,645

Nasdaq,

Inc.

.................

1,576

91,629

Nestle

SA

(Registered)

..........

9,928

1,150,853

Netflix,

Inc.

(f)

.................

211

102,732

NextEra

Energy,

Inc.

...........

7,684

466,726

NIKE,

Inc.,

Class

B

............

1,040

112,913

Northrop

Grumman

Corp.

........

1,635

765,409

Nucor

Corp.

.................

315

54,823

NVIDIA

Corp.

................

2,355

1,166,243

Omnicom

Group,

Inc.

...........

132

11,419

Opendoor

Technologies,

Inc.

(f)

.....

5,720

25,626

O'Reilly

Automotive,

Inc.

(f)

........

2

1,900

PACCAR,

Inc.

................

611

59,664

Packaging

Corp.

of

America

......

60

9,775

Palo

Alto

Networks,

Inc.

(f)

........

944

278,367

Park

Hotels

&

Resorts,

Inc.

.......

810

12,393

Paycom

Software,

Inc.

..........

399

82,481

Peloton

Interactive,

Inc.,

Class

A

(f)

...

4,129

25,146

PepsiCo,

Inc.

................

791

134,343

Pfizer,

Inc.

..................

11,276

324,636

Phillips

66

...................

271

36,081

Playstudios,

Inc.

(f)

.............

6,121

16,588

Progressive

Corp.

(The)

.........

4,021

640,465

Prologis,

Inc.

.................

892

118,904

QUALCOMM,

Inc.

.............

309

44,691

Regeneron

Pharmaceuticals,

Inc.

(f)

..

24

21,079

ResMed,

Inc.

................

395

67,948

Roche

Holding

AG

.............

1,048

304,647

Rockwell

Automation,

Inc.

........

1,357

421,321

Rollins,

Inc.

..................

2,333

101,882

Roper

Technologies,

Inc.

.........

10

5,452

Royal

Caribbean

Cruises

Ltd.

(f)

.....

683

88,442

RXO,

Inc.

(f)

..................

413

9,606

S&P

Global,

Inc.

..............

579

255,061

Salesforce,

Inc.

(f)

..............

2,632

692,584

Sanofi

SA

...................

2,089

207,590

Sarcos

Technology

&

Robotics

Corp.

(f)

115

83

Sarcos

Technology

&

Robotics

Corp.

(f)

4,596

3,315

Sarcos

Technology

&

Robotics

Corp.

(f)

228

164

Schlumberger

NV

.............

2,246

116,882

Schneider

Electric

SE

...........

136

27,378

Seagate

Technology

Holdings

plc

...

536

45,758

Sempra

....................

10,801

807,159

Skyworks

Solutions,

Inc.

.........

417

46,879

Snap-on,

Inc.

................

19

5,488

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$7,945)

(d)(f)(g)

............

529

4,602

Sonder

Holdings,

Inc.,

Class

A

(f)

....

317

1,075

Space

Exploration

Technologies

Corp.,

Class

A,

(Acquired

08/21/23,

cost

$65,367)

(d)(f)(g)

..............

807

65,367

Space

Exploration

Technologies

Corp.,

Class

C,

(Acquired

08/21/23,

cost

$70,227)

(d)(f)(g)

..............

867

70,227

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Starbucks

Corp.

...............

2,731

$

262,203

Sun

Country

Airlines

Holdings,

Inc.

(f)

.

7,468

117,472

Synchrony

Financial

............

3,441

131,412

T.

Rowe

Price

Group,

Inc.

........

448

48,245

Tapestry,

Inc.

.................

1,486

54,700

TE

Connectivity

Ltd.

............

2,309

324,415

Teleflex,

Inc.

.................

88

21,942

Tesla,

Inc.

(f)(h)

.................

666

165,488

Texas

Capital

Bancshares,

Inc.

(f)

....

140

9,048

Thermo

Fisher

Scientific,

Inc.

(h)

.....

1,375

729,836

TJX

Cos.,

Inc.

(The)

............

6,057

568,207

TransDigm

Group,

Inc.

..........

118

119,369

Transocean

Ltd.

(f)

..............

9,067

57,575

Travelers

Cos.,

Inc.

(The)

........

288

54,861

Uber

Technologies,

Inc.

(f)

.........

880

54,182

United

Airlines

Holdings,

Inc.

(f)

.....

5,122

211,334

United

Parcel

Service,

Inc.,

Class

B

.

2,104

330,812

UnitedHealth

Group,

Inc.

.........

1,842

969,758

Universal

Health

Services,

Inc.,

Class

B

194

29,573

Valero

Energy

Corp.

............

3,099

402,870

Veralto

Corp.

(e)

...............

3,518

289,391

VeriSign,

Inc.

(f)

................

783

161,267

Verisk

Analytics,

Inc.

............

742

177,234

Verizon

Communications,

Inc.

.....

3,502

132,025

Vertex

Pharmaceuticals,

Inc.

(f)

.....

104

42,317

Viatris,

Inc.

..................

1,963

21,259

VICI

Properties,

Inc.

............

1,600

51,008

Visa,

Inc.,

Class

A

(e)

............

1,344

349,910

Vulcan

Materials

Co.

...........

1,470

333,705

Walmart,

Inc.

.................

4,574

721,091

Walt

Disney

Co.

(The)

(f)

..........

6,636

599,164

WEC

Energy

Group,

Inc.

.........

394

33,163

Wells

Fargo

&

Co.

.............

9,527

468,919

Williams

Cos.,

Inc.

(The)

.........

240

8,359

Willis

Towers

Watson

plc

.........

226

54,511

Workday,

Inc.,

Class

A

(f)

.........

15

4,141

Wynn

Resorts

Ltd.

.............

198

18,040

Xcel

Energy,

Inc.

..............

401

24,826

Yum!

Brands,

Inc.

.............

27

3,528

Zoetis,

Inc.,

Class

A

............

919

181,383

Zscaler,

Inc.

(f)

................

777

172,152

58,439,304

Total

Common

Stocks

—

60.5%

(Cost:

$80,423,916)

..............................

89,301,733

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Australia

—

0.3%

Mineral

Resources

Ltd.,

9.25%

,

10/01/28

(a)

................

USD

19

20,212

Oceana

Australian

Fixed

Income

Trust

(d)

12.00%,

07/31/25

...........

AUD

32

21,780

12.50%,

07/31/26

...........

47

32,047

12.50%,

07/31/27

...........

79

53,905

Quintis

Australia

Pty.

Ltd.

(a)(d)(k)

13.51%,

(13.51%

Cash

or

8.00%

PIK),

10/01/26

...........

USD

463

283,479

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

414

—

411,423

Security

Par

(000)

Par

(000)

Value

Austria

—

0.1%

ams-OSRAM

AG

2.13%,

11/03/27

(c)(l)

..........

EUR

100

$

86,798

10.50%,

03/30/29

(a)

..........

100

119,751

206,549

Canada

—

0.3%

Garda

World

Security

Corp.

(a)

9.50%,

11/01/27

............

USD

10

10,082

7.75%,

02/15/28

............

7

7,242

HR

Ottawa

LP,

11.00%

,

03/31/31

(a)

..

386

403,021

Rogers

Communications,

Inc.,

3.80%

,

03/15/32

.................

16

14,724

435,069

China

—

0.1%

NXP

BV

4.40%,

06/01/27

............

37

36,531

3.40%,

05/01/30

............

16

14,678

5.00%,

01/15/33

............

30

29,968

RKPF

Overseas

2019

A

Ltd.,

5.90%

,

03/05/25

(c)

................

200

106,174

187,351

France

—

0.2%

(c)

Forvia

SE,

2.75%

,

02/15/27

.......

EUR

100

105,491

Iliad

Holding

SASU,

5.63%

,

10/15/28

100

110,667

216,158

Germany

—

0.4%

Adler

Pelzer

Holding

GmbH,

9.50%

,

04/01/27

(a)

................

144

158,177

APCOA

Parking

Holdings

GmbH,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.96%

,

01/15/27

(a)(b)

....

102

112,396

Douglas

GmbH,

6.00%

,

04/08/26

(c)

..

100

108,970

Kirk

Beauty

SUN

GmbH,

8.25%

,

(8.25%

Cash

or

17.25%

PIK),

10/01/26

(c)(k)

...............

100

106,862

Mercedes-Benz

International

Finance

BV,

1.38%

,

06/26/26

(c)

........

28

29,670

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

................

100

106,730

Volkswagen

Financial

Services

AG,

0.88%

,

01/31/28

(c)

...........

31

30,952

653,757

India

—

0.1%

REI

Agro

Ltd.

(f)(l)(m)

5.50%,

11/13/14

(a)

...........

USD

220

1,100

5.50%,

11/13/14

(c)(d)

..........

152

—

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(c)

................

200

189,813

190,913

Israel

—

0.2%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

3.75%,

05/09/27

............

EUR

100

106,349

7.38%,

09/15/29

............

100

120,575

226,924

Italy

—

0.4%

Azzurra

Aeroporti

SpA,

2.13%

,

05/30/24

(c)

................

129

140,829

Cerved

Group

SpA,

(3-mo.

EURIBOR

at

5.25%

Floor

+

5.25%),

9.18%

,

02/15/29

(a)(b)

...............

100

106,675

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Forno

d'Asolo

SpA,

(3-mo.

EURIBOR

at

5.50%

Floor

+

5.50%),

9.43%

,

04/30/27

(a)(b)

...............

EUR

178

$

177,344

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

100

105,327

530,175

Luxembourg

—

0.2%

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

100

66,234

Matterhorn

Telecom

SA,

3.13%

,

09/15/26

(c)

................

101

107,735

Sani/Ikos

Financial

Holdings

1

SARL,

5.63%

,

12/15/26

(a)

...........

100

103,992

277,961

Netherlands

—

0.1%

Sigma

Holdco

BV,

5.75%

,

05/15/26

(c)

100

98,592

Thailand

—

0.1%

Kasikornbank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

5.28%

(b)

(c)(n)

.....................

USD

200

191,250

Turkey

—

0.0%

Bio

City

Development

Co.

BV,

8.00%

,

07/06/24

(a)(d)(f)(l)(m)

............

800

34,000

United

Arab

Emirates

—

0.0%

Shelf

Drilling

North

Sea

Holdings

Ltd.,

10.25%

,

10/31/25

(a)

..........

30

30,000

United

Kingdom

—

1.4%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$67,920)

(d)

(g)

......................

GBP

55

68,035

BCP

V

Modular

Services

Finance

II

plc

4.75%,

11/30/28

(c)

...........

EUR

100

101,976

6.13%,

11/30/28

(a)

...........

GBP

100

113,763

BCP

V

Modular

Services

Finance

plc,

6.75%

,

11/30/29

(a)

...........

EUR

128

115,848

Bellis

Acquisition

Co.

plc,

3.25%

,

02/16/26

(c)

................

GBP

200

236,043

Boparan

Finance

plc,

7.63%

,

11/30/25

(c)

100

112,807

BP

Capital

Markets

plc,

2.52%

,

04/07/28

(c)

................

EUR

100

108,291

Connect

Finco

SARL,

6.75%

,

10/01/26

(a)

................

USD

200

198,802

Deuce

Finco

plc

5.50%,

06/15/27

(a)

...........

GBP

100

118,580

5.50%,

06/15/27

(c)

...........

100

118,581

eG

Global

Finance

plc,

11.00%

,

11/30/28

(a)

................

EUR

100

117,295

HSBC

Holdings

plc,

(3-mo.

EURIBOR

+

1.45%),

3.02%

,

06/15/27

(b)(c)

....

100

108,998

Kane

Bidco

Ltd.,

5.00%

,

02/15/27

(a)

.

100

105,455

National

Grid

plc,

0.16%

,

01/20/28

(c)

.

100

97,749

Punch

Finance

plc,

6.13%

,

06/30/26

(c)

GBP

100

118,383

Virgin

Media

Secured

Finance

plc,

5.00%

,

04/15/27

(c)

...........

100

123,914

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

100

117,122

2,081,642

United

States

—

4.5%

Affinity

Interactive,

6.88%

,

12/15/27

(a)

USD

13

11,586

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

18

17,612

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Alteryx,

Inc.,

8.75%

,

03/15/28

(a)

....

USD

10

$

10,644

American

Tower

Corp.

0.45%,

01/15/27

............

EUR

100

100,950

5.25%,

07/15/28

............

USD

72

73,129

Amgen,

Inc.

5.15%,

03/02/28

............

99

101,351

2.30%,

02/25/31

............

16

13,687

2.00%,

01/15/32

............

16

13,119

3.35%,

02/22/32

............

49

44,776

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

................

15

15,187

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%

,

09/01/28

(c)

.......

EUR

100

97,748

Bank

of

America

Corp.

(b)

(3-mo.

CME

Term

SOFR

+

1.25%),

2.50%,

02/13/31

..........

USD

37

31,772

(1-day

SOFR

+

2.15%),

2.59%,

04/29/31

...............

26

22,407

(1-day

SOFR

+

1.53%),

1.90%,

07/23/31

...............

8

6,544

(1-day

SOFR

+

1.37%),

1.92%,

10/24/31

...............

23

18,673

Bausch

&

Lomb

Escrow

Corp.,

8.38%

,

10/01/28

(a)

................

8

8,440

Becton

Dickinson

&

Co.,

3.70%

,

06/06/27

.................

37

35,855

Becton

Dickinson

Euro

Finance

SARL,

3.55%

,

09/13/29

............

EUR

100

112,647

Big

River

Steel

LLC,

6.63%

,

01/31/29

(a)

USD

29

29,568

Broadcom

Corp.,

3.88%

,

01/15/27

..

23

22,446

Broadcom,

Inc.

1.95%,

02/15/28

(a)

...........

42

37,676

4.15%,

11/15/30

............

16

15,283

2.45%,

02/15/31

(a)

...........

17

14,536

Calumet

Specialty

Products

Partners

LP,

9.75%

,

07/15/28

(a)

.........

54

53,639

Carrols

Restaurant

Group,

Inc.,

5.88%

,

07/01/29

(a)

................

15

13,247

Churchill

Downs,

Inc.,

5.75%

,

04/01/30

(a)

................

17

16,575

Citigroup,

Inc.

(b)

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%,

03/20/30

..........

8

7,591

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

...............

30

26,023

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

...............

33

28,189

(1-day

SOFR

+

1.17%),

2.56%,

05/01/32

...............

22

18,355

Civitas

Resources,

Inc.

(a)

5.00%,

10/15/26

............

30

29,094

8.38%,

07/01/28

............

73

76,208

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

............

30

28,573

9.00%,

09/30/29

............

7

6,653

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%

,

04/15/30

(a)

...........

20

18,647

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

................

24

19,560

Concentrix

Corp.,

6.65%

,

08/02/26

..

25

25,625

Coty,

Inc.

3.88%,

04/15/26

(c)

...........

EUR

100

109,965

6.63%,

07/15/30

(a)

...........

USD

7

7,191

Crown

Castle,

Inc.,

2.90%

,

03/15/27

.

26

24,314

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CSC

Holdings

LLC,

5.25%

,

06/01/24

.

USD

92

$

90,059

Dell

International

LLC

4.00%,

07/15/24

............

22

21,807

5.25%,

02/01/28

............

29

29,721

DISH

DBS

Corp.,

5.88%

,

11/15/24

..

18

16,880

DISH

Network

Corp.,

0.00%

,

12/15/25

(l)

(o)

......................

33

20,460

Edison

International,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%

,

06/15/54

(b)

................

5

5,038

Elevance

Health,

Inc.,

3.65%

,

12/01/27

82

79,539

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

............

5

5,152

7.50%,

06/01/30

............

10

10,750

Equinix,

Inc.,

1.55%

,

03/15/28

.....

34

29,825

EquipmentShare.com,

Inc.,

9.00%

,

05/15/28

(a)

................

118

121,404

Evergy,

Inc.,

4.50%

,

12/15/27

(a)(l)

....

6

6,159

FLYR,

Inc.

(d)

(1-mo.

CME

Term

SOFR

+

at

0

.

50

%

Floor

+

5.00%),

8.00%,

05/10/27

(b)

..............

50

46,359

8.00%,

08/10/27

............

102

116,482

Fortrea

Holdings,

Inc.,

7.50%

,

07/01/30

(a)

................

5

5,135

FREED

Corp.,

12.00%

,

11/30/28

(d)

..

438

424,860

FreeWire

Technologies,

Inc.,

(3-mo.

CME

Term

SOFR

+

11.00%),

16.39%

,

04/26/25

(b)(d)

.........

66

69,244

Frontier

Communications

Holdings

LLC

(a)

5.88%,

10/15/27

............

30

28,983

8.75%,

05/15/30

............

57

58,637

8.63%,

03/15/31

............

55

56,078

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

.................

66

63,847

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

.................

45

42,750

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

................

3

2,820

GCI

LLC,

4.75%

,

10/15/28

(a)

......

12

11,010

General

Mills,

Inc.,

0.13%

,

11/15/25

.

EUR

100

104,207

Goldman

Sachs

Group,

Inc.

(The),

0.25%

,

01/26/28

(c)

...........

32

31,278

GoTo

Group,

Inc.,

5.50%

,

09/01/27

(a)

.

USD

35

16,929

GrafTech

Global

Enterprises,

Inc.,

9.88%

,

12/15/28

(a)

...........

6

4,627

HCA,

Inc.

5.63%,

09/01/28

............

40

40,935

3.50%,

09/01/30

............

42

38,074

Homes

by

WestBay

LLC,

9.50%

,

04/30/27

(d)

................

146

137,970

JPMorgan

Chase

&

Co.

(b)

Series

KK,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.65%

(n)

...

6

5,491

(1-day

SOFR

+

1.57%),

6.09%,

10/23/29

...............

26

27,337

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(d)

................

325

315,672

Lessen,

Inc.,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)(b)(d)

..

151

137,956

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Level

3

Financing,

Inc.,

4.63%

,

09/15/27

(a)

................

USD

51

$

30,600

LGI

Homes,

Inc.,

8.75%

,

12/15/28

(a)

.

59

62,761

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(l)

................

27

1,350

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

142

106,230

Lowe's

Cos.,

Inc.,

2.63%

,

04/01/31

..

16

14,001

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

08/15/26

(a)

........

137

139,422

Morgan

Stanley

(b)

(3-mo.

EURIBOR

+

0.83%),

1.34%,

10/23/26

...............

EUR

100

105,901

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%,

01/24/29

..........

USD

41

39,101

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

...............

3

2,623

(1-day

SOFR

+

1.18%),

2.24%,

07/21/32

...............

9

7,346

Nationstar

Mortgage

Holdings,

Inc.

(a)

6.00%,

01/15/27

............

5

4,963

5.50%,

08/15/28

............

35

33,655

5.13%,

12/15/30

............

31

28,028

NCR

Atleos

Escrow

Corp.,

9.50%

,

04/01/29

(a)

................

30

31,875

Netflix,

Inc.

3.63%,

05/15/27

............

EUR

100

111,647

4.88%,

04/15/28

............

USD

29

29,388

New

Home

Co.,

Inc.

(The),

8.25%

,

10/15/27

(a)(p)

...............

17

15,852

Nexstar

Media,

Inc.,

4.75%

,

11/01/28

(a)

15

13,822

Northern

States

Power

Co.,

4.50%

,

06/01/52

.................

35

32,170

NRG

Energy,

Inc.,

7.00%

,

03/15/33

(a)

5

5,285

Olympus

Water

US

Holding

Corp.,

9.75%

,

11/15/28

(a)

...........

200

212,279

Oncor

Electric

Delivery

Co.

LLC,

4.10%

,

11/15/48

............

21

18,030

ONEOK

Partners

LP,

4.90%

,

03/15/25

79

78,540

Oracle

Corp.

2.30%,

03/25/28

............

40

36,447

2.95%,

04/01/30

............

26

23,466

2.88%,

03/25/31

............

58

51,379

Paramount

Global

7.88%,

07/30/30

............

10

10,839

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%,

03/30/62

(b)

...

39

35,100

PennyMac

Financial

Services,

Inc.,

7.88%

,

12/15/29

(a)

...........

21

21,617

Permian

Resources

Operating

LLC

(a)

8.00%,

04/15/27

............

37

38,353

7.00%,

01/15/32

............

15

15,475

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.75%

,

05/19/33

............

19

19,043

PG&E

Corp.,

4.25%

,

12/01/27

(a)(l)

...

22

23,056

Pitney

Bowes,

Inc.,

6.88%

,

03/15/27

(a)

89

83,121

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

................

17

14,833

Rain

Carbon,

Inc.,

12.25%

,

09/01/29

(a)

5

4,888

Rand

Parent

LLC,

8.50%

,

02/15/30

(a)

67

64,074

RingCentral,

Inc.,

8.50%

,

08/15/30

(a)

.

65

66,463

Sabre

GLBL,

Inc.

(a)

9.25%,

04/15/25

............

7

6,720

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

8.63%,

06/01/27

............

USD

60

$

54,601

11.25%,

12/15/27

...........

46

45,196

Seagate

HDD

Cayman

8.25%,

12/15/29

(a)

...........

51

55,005

8.50%,

07/15/31

(a)

...........

29

31,474

9.63%,

12/01/32

............

45

51,457

Service

Properties

Trust

4.50%,

03/15/25

............

16

15,620

7.50%,

09/15/25

............

23

23,256

8.63%,

11/15/31

(a)

...........

46

48,182

Sitio

Royalties

Operating

Partnership

LP,

7.88%

,

11/01/28

(a)

.........

22

22,797

Sonder

Holdings

Inc.,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

14.61%

,

01/19/27

(b)(d)

.........

155

134,837

Southern

California

Edison

Co.,

5.30%

,

03/01/28

.................

36

36,948

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

............

40

43,771

9.75%,

11/15/30

............

89

95,673

Stem,

Inc.,

0.50%

,

12/01/28

(a)(l)

.....

6

3,047

Tapestry,

Inc.,

7.35%

,

11/27/28

.....

25

26,225

Tenneco,

Inc.,

8.00%

,

11/17/28

(a)

...

43

36,711

T-Mobile

USA,

Inc.

4.95%,

03/15/28

............

25

25,336

3.50%,

04/15/31

............

24

21,940

2.70%,

03/15/32

............

38

32,384

Transocean

Titan

Financing

Ltd.,

8.38%

,

02/01/28

(a)

...........

12

12,450

Transocean,

Inc.,

8.75%

,

02/15/30

(a)

.

11

11,910

Uber

Technologies,

Inc.,

Series

2028,

0.88%

,

12/01/28

(a)(l)

..........

115

125,063

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

38

38,525

Univision

Communications,

Inc.,

8.00%

,

08/15/28

(a)

................

25

25,790

Viasat,

Inc.,

5.63%

,

04/15/27

(a)

.....

48

46,440

Vistra

Operations

Co.

LLC

(a)

5.63%,

02/15/27

............

79

77,925

7.75%,

10/15/31

............

35

36,351

Wells

Fargo

&

Co.

1.50%,

05/24/27

(c)

...........

EUR

100

103,588

(1-day

SOFR

+

1.98%),

4.81%,

07/25/28

(b)

..............

USD

59

58,567

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

................

61

59,748

6,629,120

Total

Corporate

Bonds

—

8.4%

(Cost:

$14,189,429)

..............................

12,400,884

Fixed

Rate

Loan

Interests

United

States

—

0.1%

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan,

10.00%

,

 04/01/26

(d)

..

125

119,248

Total

Fixed

Rate

Loan

Interests

—

0.1%

(Cost:

$123,820)

................................

119,248

Security

Par

(000)

Pa

r

(

000)

Value

Floating

Rate

Loan

Interests

France

—

0.2%

Babilou

Family,

Facility

Term

Loan,

(3-mo.

EURIBOR

+

4.00%),

7.91%

,

 11/17/27

(b)

...........

EUR

214

$

235,721

Jersey,

Channel

Islands

—

0.1%

(b)(d)

Vita

Global

FinCo

Ltd.,

Additional

Facility

Term

Loan,

(6-mo.

SONIA

+

7.00%),

12.19%

,

 07/06/27

......

GBP

38

46,263

Vita

Global

FinCo

Ltd.,

Facility

Term

Loan

B,

(6-mo.

EURIBOR

+

7.00%),

10.95%

,

 07/06/27

...........

EUR

64

66,603

112,866

Netherlands

—

0.4%

(b)

Cypher

Bidco

BV,

Facility

Term

Loan

B,

(6-mo.

EURIBOR

+

4.50%),

8.60%

,

 01/01/28

(d)

...........

154

160,595

Sigma

Holdco

BV,

Facility

Term

Loan,

(6-mo.

SONIA

+

5.75%),

10.96%

-

10.98%

,

 01/02/28

...........

GBP

109

131,739

Ziggo

BV,

Facility

Term

Loan

H,

(6-mo.

EURIBOR

+

3.00%),

6.93%

,

 01/31/29

............

EUR

311

333,803

626,137

United

Kingdom

—

0.0%

Market

Bidco

Ltd.,

Facility

Term

Loan

B1,

11/04/27

(b)(q)

.............

50

52,308

United

States

—

1.0%

(b)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.75%),

10.22%

,

 02/02/26

....

USD

73

67,214

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.60%),

10.81%

,

 02/01/30

.

86

84,355

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.50%

,

 12/30/27

...........

13

12,770

Avaya,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

10.00%),

0.00%

,

 12/15/27

(d)

.....

4

—

City

Brewing

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

9.16%

,

 04/05/28

............

18

13,867

DirecTV

Financing

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.65%

,

 08/02/27

.

38

38,302

DRI

Holding,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.25%),

10.71%

,

 12/21/28

(d)

28

25,034

DS

Parent,

Inc.,

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.75%),

11.21%

,

 12/10/28

......

40

39,538

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.11%

,

 09/03/30

78

77,863

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.79%

,

 12/29/27

32

28,190

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Galaxy

Universal

LLC,

Term

Loan,

(3-

mo.

SONIA

at

1.00%

Floor

+

5.75%),

11.28%

,

 11/12/26

(d)

..........

USD

197

$

193,517

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.75%),

10.28%

,

 08/31/27

...........

92

60,530

Green

Plains

Operating

Co.

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

8.00%),

13.52%

,

 07/20/26

(d)

.....

113

108,711

Helios

Service

Partners

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.50%),

12.15%

,

 03/19/27

(d)

..........

4

3,740

Helios

Service

Partners

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.25%),

11.86%

,

 03/19/27

(d)

..........

20

19,510

Helios

Service

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.13%

-

12.17%

,

 03/19/27

(d)

..........

17

16,743

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.89%

,

 03/19/27

(d)

.....

20

19,813

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

5.50%),

11.15%

,

 10/25/28

(d)

..........

21

16,464

J&J

Ventures

Gaming

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.61%

,

 04/26/28

..

35

34,389

Jack

Ohio

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.22%

,

 10/04/28

.

16

15,391

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.00%),

11.54%

,

 12/22/26

...........

15

14,709

Level

3

Financing,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.22%

,

 03/01/27

............

25

23,714

Maverick

Gaming

LLC,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

7.50%),

13.15%

,

 09/03/26

...........

26

18,960

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.01%

Cap

+

6.00%),

11.45%

,

 01/24/30

.

4

3,200

Nieslsen

Consumer,

Inc.,

Term

Loan,

(1-mo.

EURIBOR

+

6.50%),

10.34%

,

 03/06/28

...........

EUR

224

244,984

Orion

Group

HoldCo

LLC,

Delayed

Draw

Term

Loan

(d)

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.61%, 03/19/27

USD

37

37,387

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.6

1

%, 03/19/27

6

6,255

Orion

Group

HoldCo

LLC,

Term

Loan

(d)

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.00%),

11.61%, 03/19/27

3

3,198

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

6.00%),

11.6

1

%, 03/19/27

1

625

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Quartz

AcquireCo

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.86%

,

 06/28/30

(d)

...........

USD

32

$

32,000

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.22%

,

 04/27/28

...........

44

32,687

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.75%),

13.22%

,

 04/27/29

...........

50

30,250

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.35%

,

 11/22/29

.......

75

75,544

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46%

-

9.47%

,

 03/16/27

............

57

56,598

Signal

Parent,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.96%

,

 04/03/28

......

34

30,515

Vaco

Holdings

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.43%

,

 01/21/29

......

32

31,815

Xerox

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%

,

 11/15/29

............

17

16,979

1,535,361

Total

Floating

Rate

Loan

Interests

—

1.7%

(Cost:

$2,667,389)

..............................

2,562,393

Foreign

Government

Obligations

Argentina

—

0.2%

Argentine

Republic

(The)

1.00%,

07/09/29

............

30

11,694

0.75%,

07/09/30

(p)

...........

295

117,990

3.62%,

07/09/35

(p)

...........

331

111,932

4.25%,

01/09/38

(p)

...........

119

46,876

288,492

Brazil

—

0.4%

Federative

Republic

of

Brazil

10.00%,

01/01/25

...........

BRL

1

184,970

10.00%,

01/01/27

...........

2

437,671

622,641

Colombia

—

0.2%

Republic

of

Colombia

5.75%,

11/03/27

............

COP

196,300

44,816

6.00%,

04/28/28

............

687,300

156,153

7.00%,

03/26/31

............

558,800

124,317

325,286

Czech

Republic

—

0.2%

Czech

Republic

2.75%,

07/23/29

............

CZK

4,140

175,576

5.00%,

09/30/30

............

3,440

165,154

340,730

Hungary

—

0.1%

Hungary

Government

Bond,

6.75%

,

10/22/28

.................

HUF

30,430

90,969

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.4%

Republic

of

Indonesia

5.50%,

04/15/26

............

IDR

523,000

$

33,322

8.38%,

09/15/26

............

824,000

56,139

7.00%,

05/15/27

............

2,411,000

159,486

8.25%,

05/15/36

............

2,362,000

173,733

7.13%,

06/15/38

............

3,161,000

214,744

637,424

Mexico

—

0.1%

United

Mexican

States

8.50%,

03/01/29

............

MXN

7

39,919

7.50%,

05/26/33

............

28

150,477

8.50%,

11/18/38

............

5

30,613

221,009

Poland

—

0.4%

Republic

of

Poland

2.50%,

07/25/26

............

PLN

1,017

243,449

2.75%,

10/25/29

............

1,213

275,367

518,816

South

Africa

—

0.4%

Republic

of

South

Africa

10.50%,

12/21/26

...........

ZAR

4,672

267,289

8.00%,

01/31/30

............

1,869

93,991

7.00%,

02/28/31

............

1,796

82,233

9.00%,

01/31/40

............

2,023

86,170

8.75%,

01/31/44

............

835

33,816

563,499

Spain

—

1.8%

Bonos

y

Obligaciones

del

Estado

(a)(c)

2.55%,

10/31/32

............

EUR

1,896

2,041,767

3.15%,

04/30/33

............

119

133,545

3.90%,

07/30/39

............

176

205,782

2.90%,

10/31/46

............

173

172,512

3.45%,

07/30/66

............

140

144,105

2,697,711

United

Kingdom

—

0.4%

U.K.

Treasury

Bonds

(c)

3.75%,

10/22/53

............

GBP

146

173,517

0.50%,

10/22/61

............

804

346,616

520,133

Total

Foreign

Government

Obligations

—

4.6%

(Cost:

$6,845,263)

..............................

6,826,710

Shares

Shares

Investment

Companies

Invesco

Municipal

Opportunity

Trust

.

703

6,756

Invesco

Municipal

Trust

.........

699

6,661

Invesco

QQQ

Trust

1,

Series

1

(e)

....

1,800

737,136

Invesco

Quality

Municipal

Income

Trust

692

6,581

Invesco

S&P

500

Equal

Weight

ETF

.

2,011

317,336

Invesco

Trust

for

Investment

Grade

Municipals

................

688

6,804

Invesco

Value

Municipal

Income

Trust

689

8,082

iShares

0-5

Year

TIPS

Bond

ETF

(r)

..

1,425

140,491

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(e)(r)

.......

872

96,496

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(e)(h)(r)

........

17,203

1,532,099

iShares

Latin

America

40

ETF

(r)

....

2,948

85,669

iShares

MSCI

Brazil

ETF

(e)(r)

......

3,320

116,067

Security

Shares

Shares

Value

iShares

MSCI

Emerging

Markets

ETF

(e)

(r)

.......................

429

$

17,250

iShares

Russell

Mid-Cap

Growth

ETF

(e)

(r)

.......................

377

39,381

Nuveen

Municipal

Value

Fund,

Inc.

..

1,146

9,856

SPDR

Bloomberg

High

Yield

Bond

ETF

(e)

...................

599

56,743

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

(e)

...............

8,227

208,555

VanEck

Semiconductor

ETF

(e)

.....

442

77,292

Total

Investment

Companies

—

2.4%

(Cost:

$3,299,605)

..............................

3,469,255

Par

(000)

Pa

r

(

000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.4%

United

States

—

0.4%

(a)(b)

Federal

Home

Loan

Mortgage

Corp.

STACR

Trust

Variable

Rate

Notes,

Series

2022-DNA1,

Class

B1,

(SOFR

30

day

Average

+

3.40%),

8.74%,

01/25/42

............

USD

17

16,932

JP

Morgan

Mortgage

Trust

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

314

256,604

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

188

164,171

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

78

50,597

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.91%,

10/25/39

.......

96

95,804

584,108

Commercial

Mortgage-Backed

Securities

—

1.7%

Bermuda

—

0.1%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.61%,

01/19/37

(a)(b)

...............

100

98,385

Cayman

Islands

—

0.0%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.37%

Floor

+

3.37%),

8.73%,

12/15/34

(a)(b)

100

93,671

United

States

—

1.6%

BANK,

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

............

17

16,392

Beast

Mortgage

Trust

(a)(b)

Series

2021-SSCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

0.86%),

6.23%,

04/15/36

...

15

14,708

Series

2021-SSCP,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.58%,

04/15/36

...

27

26,085

Series

2021-SSCP,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.46%),

6.83%,

04/15/36

...

37

35,711

Series

2021-SSCP,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.71%),

7.08%,

04/15/36

...

33

31,590

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SSCP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.21%),

7.58%,

04/15/36

...

USD

37

$

34,930

Series

2021-SSCP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.01%),

8.38%,

04/15/36

...

24

22,708

Series

2021-SSCP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.91%),

9.28%,

04/15/36

...

39

36,344

Series

2021-SSCP,

Class

H,

(1-mo.

CME

Term

SOFR

at

4.90%

Floor

+

5.02%),

10.38%,

04/15/36

..

18

16,738

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

A5,

2.58%,

04/15/54

.................

46

36,758

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2019-XL,

Class

J,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.76%),

8.13%,

10/15/36

...

85

83,613

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.28%,

06/15/38

...

99

94,624

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.28%,

05/15/38

...

76

71,595

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

7.72%,

10/15/38

...

95

90,965

BX

Trust

(a)(b)

Series

2019-OC11,

Class

D,

3.94%,

12/09/41

...............

64

55,703

Series

2019-OC11,

Class

E,

3.94%,

12/09/41

...............

89

75,335

Series

2021-ARIA,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.72%,

10/15/36

...

100

94,477

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

01/15/34

...

15

14,789

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

01/15/34

...

31

29,678

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

10

8,250

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

..................

16

15,019

Commercial

Mortgage

Trust,

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

.................

29

28,163

CSAIL

Commercial

Mortgage

Trust,

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

.................

94

79,189

DBGS

Mortgage

Trust,

Series

2018-

BIOD,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.30%),

7.66%,

05/15/35

(a)(b)

..........

91

88,661

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

07/15/38

...

190

187,074

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.33%,

07/15/38

...

95

93,417

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

3.05%),

8.41%,

11/15/36

(a)(b)

....

USD

100

$

96,887

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

36

29,526

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

35

32,690

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.56%),

7.93%,

04/15/38

...

60

58,038

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.06%),

8.43%,

04/15/38

...

20

19,343

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.54%,

09/15/39

...

14

14,030

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.00%

Floor

+

4.11%),

9.48%,

11/15/38

...

121

117,478

Series

2021-MDLN,

Class

G,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.36%),

10.73%,

11/15/38

..

130

124,714

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

7.58%,

04/15/38

(a)(b)

....

144

141,563

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C24,

Class

C,

(1-mo.

LIBOR

USD

+

0.00%),

4.32%,

05/15/48

(b)

..............

10

8,748

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

...............

27

25,639

Morgan

Stanley

Capital

I

Trust

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)(b)

.............

17

14,846

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

...............

29

25,086

SREIT

Trust

(a)(b)

Series

2021-MFP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.63%

Floor

+

2.74%),

8.10%,

11/15/38

...

96

91,150

Series

2021-MFP2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.62%

Floor

+

2.73%),

8.09%,

11/15/36

...

100

95,231

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

7.40%,

07/15/36

(a)(b)

25

24,309

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

10

8,763

Wells

Fargo

Commercial

Mortgage

Trust

(b)

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

30

28,330

Series

2017-C38,

Class

C,

3.90%,

07/15/50

...............

10

8,738

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2017-C41,

Class

B,

4.19%,

11/15/50

...............

USD

10

$

8,776

2,356,401

Total

Non-Agency

Mortgage-Backed

Securities

—

2.1%

(Cost:

$3,403,764)

..............................

3,132,565

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

Capital

Markets

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(d)(f)(s)

.............

166

145,153

Total

Other

Interests

—

0.1%

(Cost:

$167,154)

..................................

145,153

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

0.0%

United

States

—

0.0%

(b)(n)

Citigroup,

Inc.,

Series

Y

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

6

5,150

USB

Capital

IX

,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

1.28%),

6.68%

...................

31

24,606

29,756

Total

Capital

Trusts

—

0.0%  

(Cost:

$33,877)

................................

29,756

Shares

Shares

Preferred

Stocks

—

2.2%

Brazil

—

0.2%

Cia

Energetica

de

Minas

Gerais

(Preference)

...............

14,550

34,267

Gerdau

SA

(Preference)

.........

4,421

21,312

Neon

Payments

Ltd.

(d)(f)

..........

319

184,280

239,859

China

—

0.3%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$269,333)

(d)(f)(g)

....

2,458

401,137

Germany

—

0.2%

Dr.

Ing

h

c

F

Porsche

AG

(Preference)

1,601

141,011

FUCHS

SE

(Preference)

.........

77

3,426

Porsche

Automobil

Holding

SE

(Preference)

...............

196

10,016

Volkswagen

AG

(Preference)

......

343

42,277

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$159,572)

(d)(f)(g)

..........

30

111,571

308,301

Security

Shares

Shares

Value

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F,

(Acquired

12/11/20,

cost

$103,322)

(d)

(f)(g)

.....................

32

$

6,710

Israel

—

0.1%

(d)(f)(g)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$89,710)

14,760

81,180

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$84,498)

11,985

69,873

151,053

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$26,894)

(d)(f)

(g)

......................

228

—

United

Kingdom

—

0.0%

10X

Future

Technologies

Holdings

Ltd.,

Series

D

(d)(f)

................

4,842

81,283

United

States

—

1.4%

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

07/30/21,

cost

$127,466)

(d)

(f)(g)

.....................

236

50,506

Caresyntax,

Inc.,

Series

C-2

(d)(f)

....

510

49,939

Caresyntax,

Inc.,

Series

C-3

(d)(f)

....

73

6,059

Databricks,

Inc.,

Series

F,

(Acquired

02/01/21,

cost

$88,431)

(d)(f)(g)

....

6,177

477,235

Databricks,

Inc.,

Series

G,

(Acquired

10/22/19,

cost

$102,873)

(d)(f)(g)

...

1,740

134,432

Dream

Finders

Homes,

Inc.,

9.00%

(d)

285

270,394

Exo

Imaging,

Inc.,

Series

C,

(Acquired

06/24/21,

cost

$62,470)

(d)(f)(g)

....

10,664

28,153

GM

Cruise

Holdings

LLC,

Series

G,

(Acquired

03/25/21,

cost

$76,178)

(d)(f)

(g)

......................

2,891

35,241

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$93,611)

(d)(f)(g)

....

51,330

132,945

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$20,218)

(d)(f)(g)

....

3,376

8,744

Lessen

Holdings,

Inc.,

Series

B

(d)(f)

..

8,296

53,970

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$85,987)

(d)(f)(g)

....

10,057

98,056

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$19,100)

(d)(f)(g)

....

955

11,059

Lookout,

Inc.,

Series

F,

(Acquired

09/19/14,

cost

$243,061)

(d)(f)(g)

...

21,278

95,113

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$54,841)

(d)(f)(g)

....

2,388

30,208

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$48,256)

(d)(f)(g)

....

70

—

Noodle

Partners,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$73,361)

(d)(f)

(g)

......................

8,220

38,059

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$40,179)

(d)(f)(g)

....

1,532

43,539

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$68,894)

(d)(f)

(g)

......................

3,017

60,400

SambaNova

Systems,

Inc.,

Series

C,

(Acquired

02/19/20,

cost

$91,575)

(d)(f)

(g)

......................

1,720

109,874

SambaNova

Systems,

Inc.,

Series

D,

(Acquired

04/09/21,

cost

$52,640)

(d)(f)

(g)

......................

554

35,389

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$28,447)

(d)(f)(g)

....

1,894

16,478

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$72,377)

(d)(f)(g)

..............

12,134

$

38,707

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$9,855)

(d)(f)(g)

...............

1,487

4,922

Verge

Genomics,

Series

B,

(Acquired

11/05/21,

cost

$65,876)

(d)(f)(g)

....

12,367

80,014

Verge

Genomics,

Series

C,

(Acquired

09/06/23,

cost

$10,528)

(d)(f)(g)

....

1,464

10,541

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$43,198)

(d)(f)

(g)

......................

14,803

48,258

Volato

Group,

Inc.,

Class

A,

(Acquired

12/03/23,

cost

$4)

(d)(f)(g)

........

807

3,252

Wells

Fargo

&

Co.,

Series

L,

7.50%

(l)(n)

46

54,999

Zero

Mass

Water,

Inc.,

Series

C-1,

(Acquired

05/07/20,

cost

$70,353)

(d)(f)

(g)

......................

4,463

85,824

Zero

Mass

Water,

Inc.,

Series

D,

(Acquired

07/05/22,

cost

$13,149)

(d)(f)

(g)

......................

321

9,360

2,121,670

Total

Preferred

Stocks

—

2.2%  

(Cost:

$3,436,072)

..............................

3,310,013

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(3-mo.

CME

Term

SOFR

+

6.63%),

12.02%, 10/30/40

(b)

(e)

......................

3,609

103,001

Total

Trust

Preferreds

—

0.1%  

(Cost:

$98,904)

................................

103,001

Total

Preferred

Securities

—

2.3%

(Cost:

$3,568,853)

..............................

3,442,770

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2021-DNA2,

Class

B2,

(SOFR

30

day

Average

+

6.00%),

11.34%, 08/25/33

(a)(b)

.........

USD

17

18,950

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)

...........

13

12,668

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

Series

K109,

Class

X1,

1.58%

,

 04/25/30

........

117

9,141

Series

K116,

Class

X1,

1.42%

,

 07/25/30

........

99

7,125

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

K120,

Class

X1,

1.04%

,

 10/25/30

........

USD

393

$

21,113

Series

KL06,

Class

XFX,

1.36%

,

 12/25/29

........

100

5,501

Series

KW09,

Class

X1,

0.80%

,

 05/25/29

........

458

14,630

57,510

Mortgage-Backed

Securities

—

3.8%

Uniform

Mortgage-Backed

Securities

(t)

3.50%

,

 01/25/54

..........

3,850

3,531,476

4.50%

,

 01/25/54

..........

2,118

2,052,705

5,584,181

Total

U.S.

Government

Sponsored

Agency

Securities

—

3.9%  

(Cost:

$5,518,697)

..............................

5,673,309

U.S.

Treasury

Obligations

U.S.

Treasury

Inflation

Linked

Notes

0.13%, 04/15/27

............

198

186,345

0.63%, 07/15/32

(u)

...........

631

576,481

U.S.

Treasury

Notes

4.25%, 12/31/24

(h)(i)

..........

4,608

4,583,805

4.00%, 12/15/25

............

1,017

1,011,557

4.63%, 09/30/28

............

546

563,162

Total

U.S.

Treasury

Obligations

—

4.7%

(Cost:

$6,904,317)

..............................

6,921,350

Shares

Shares

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

1

Share

for

1

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(f)

..................

718

488

Israel

—

0.0%

(f)

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(d)(g)

.........

845

2,400

Innovid

Corp.

(Issued/Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

...................

375

11

2,411

United

Kingdom

—

0.0%

10X

Future

Technologies

Holdings

Ltd.

(Issued/Exercisable

12/19/23,

1

Share

for

1

Warrant,

Expires

11/17/30,

Strike

Price

GBP

0.01)

(d)

5,834

10,857

United

States

—

0.0%

(f)

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20,

1

Share

for

1

Warrant,

Expires

06/03/26,

Strike

Price

USD

11.50)

...................

1,986

1

Caresyntax,

Inc.

(Issued/Exercisable

06/14/23,

1

Share

for

1

Warrant,

Expires

06/21/33,

Strike

Price

USD

0.01)

(d)

...................

57

5,581

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

............

1,268

$

—

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(d)

..........

2,120

33

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

...................

1,130

340

FLYR,

Inc.

(Issued/Exercisable

05/10/22,

1

Share

for

1

Warrant,

Expires

05/10/32,

Strike

Price

USD

3.95)

(d)

...................

264

1,515

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

05/03/22,

1

Share

for

1

Warrant,

Expires

04/26/29,

Strike

Price

USD

3.35)

(d)

...........

6,478

—

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

03/31/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(d)

...........

341

21

FreeWire

Technologies,

Inc.

(Issued/

Exercisable

04/27/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

3.35)

(d)

...........

6,819

409

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

...................

572

2,780

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

...................

1,441

7,003

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(d)

..................

229

575

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

938

19

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

...................

840

—

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

............

2,348

3

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

1,681

32

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

10

Sarcos

Technology

&

Robotics

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

724

4

Security

Shares

Shares

Value

United

States

(continued)

Sonder

Holdings,

Inc.

(Issued/

Exercisable

01/19/22,

1

Share

for

1

Warrant,

Expires

11/19/26,

Strike

Price

USD

12.50)

(d)

..........

2,205

$

—

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$0)

(Issued/

Exercisable

10/14/22,

1

Share

for

1

Warrant,

Expires

10/07/32,

Strike

Price

USD

0.01)

(d)(g)

..........

1,825

5,146

Volato

Group,

Inc.,

(Acquired

12/03/23,

cost

$2,017)

(Issued/Exercisable

12/04/23,

1

Share

for

1

Warrant,

Expires

12/03/28,

Strike

Price

USD

11.50)

(d)(g)

.................

2,017

183

23,655

Total

Warrants

—

0.0%

(Cost:

$25,506)

................................

37,411

Total

Long-Term

Investments

—

91.9%

(Cost:

$128,883,739)

.............................

135,651,637

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Commercial

Paper

—

0.2%

Societe

Generale

SA,

5.70%

,

03/06/24

(v)

................

USD

263

260,271

Total

Commercial

Paper

—

0.2%

(Cost:

$260,441)

................................

260,271

Foreign

Government

Obligations

—

1.0%

Brazil

-

0.9%

Federative

Republic

of

Brazil

Treasury

Bills

(v)

11.57%,

04/01/24

...........

BRL

2

389,263

10.20%,

07/01/24

...........

4

865,891

1,255,154

Mexico

-

0.1%

United

Mexican

States

Treasury

Bills,

11.26%

,

10/03/24

(v)

..........

MXN

276

149,886

Total

Foreign

Government

Obligations

—

1.0%

(Cost:

$1,342,479)

..............................

1,405,040

Shares

Shares

Money

Market

Funds

—

10.2%

(r)(w)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

......

11,764,105

11,764,105

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.58%

(x)

.............

3,261,514

3,262,819

Total

Money

Market

Funds

—

10.2%

(Cost:

$15,026,972)

..............................

15,026,924

Total

Short-Term

Securities

—

11.4%

(Cost:

$16,629,892)

..............................

16,692,235

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Total

Options

Purchased

—

0.7%

(Cost:

$848,166

)

................................

$

1,002,669

Total

Investments

Before

Options

Written,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

104.0%

(Cost:

$146,361,797)

.............................

153,346,541

Total

Options

Written

—

(0.2)%

(Premiums

Received

—

$(271,363))

..................

(255,432)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

Uniform

Mortgage-Backed

Securities,

3.50%, 01/25/54

(t)

...........

USD

(1,560)

(1,431,106)

Total

TBA

Sale

Commitments

—

(1.0)%

(Proceeds:

$(1,428,615))

..........................

(1,431,106)

Security

Shares

Shares

Value

Investments

Sold

Short

Common

Stocks

United

States

—

(0.2)%

Marriott

International,

Inc.,

Class

A

..

(282)

$

(63,594)

Snowflake,

Inc.,

Class

A

(f)

........

(1,101)

(219,099)

(282,693)

Total

Common

Stocks

—

(0.2)%

(Proceeds:

$(236,761))

...........................

(282,693)

Total

Investments

Sold

Short

—

(0.2)%

(Proceeds:

$(236,761)

)

...........................

(282,693)

Total

Investments

Net

of

Options

Written,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

102.6%

(Cost:

$144,425,058)

.............................

151,377,310

Liabilities

in

Excess

of

Other

Assets

—

(2.6)%

............

(3,838,265)

Net

Assets

—

100.0%

..............................

$

147,539,045

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Non-income

producing

security.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$3,382,677,

representing

2.29%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$3,474,331.

(h)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(i)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(j)

Investment

does

not

issue

shares.

(k)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(l)

Convertible

security.

(m)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(n)

Perpetual

security

with

no

stated

maturity

date.

(o)

Zero-coupon

bond.

(p)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(q)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(r)

Affiliate

of

the

Fund.

(s)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(t)

Represents

or

includes

a

TBA

transaction.

(u)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(v)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(w)

Annualized

7-day

yield

as

of

period

end.

(x)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

48

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

2,362,835

$

9,401,270

(a)

$

—

$

—

$

—

$

11,764,105

11,764,105

$

411,558

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

.........

4,093,307

—

(831,767)

(a)

1,544

(265)

3,262,819

3,261,514

15,798

(b)

—

iShares

0-5

Year

TIPS

Bond

ETF

................

138,168

—

—

—

2,323

140,491

1,425

3,988

—

iShares

Biotechnology

ETF

(c)

.

20,087

—

(19,806)

2,426

(2,707)

—

—

11

—

iShares

China

Large-Cap

ETF

(c)

170,847

255,008

(452,985)

(4,683)

31,813

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

195,561

—

(199,755)

4,792

(598)

—

—

3,081

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

—

1,619,464

(1,501,977)

(22,317)

1,326

96,496

872

12,281

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

................

1,304,970

264,002

(99,878)

(4,024)

67,029

1,532,099

17,203

76,078

—

iShares

Latin

America

40

ETF

67,480

—

—

—

18,189

85,669

2,948

3,947

—

iShares

MSCI

Brazil

ETF

...

92,861

—

—

—

23,206

116,067

3,320

6,564

—

iShares

MSCI

Emerging

Markets

ETF

..........

16,259

—

—

—

991

17,250

429

454

—

iShares

Russell

Mid-Cap

Growth

ETF

..........

—

35,947

—

—

3,434

39,381

377

126

—

$

(22,262)

$

144,741

$

17,054,377

$

533,886

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

49

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

...............................................................

68

03/07/24

$

8,954

$

48,418

Euro-BTP

...............................................................

3

03/07/24

395

12,579

Euro-Bund

..............................................................

19

03/07/24

2,878

77,864

Euro-OAT

...............................................................

6

03/07/24

871

25,845

SGX

Nikkei

225

Index

.......................................................

10

03/07/24

2,364

43,319

Australia

10-Year

Bond

......................................................

26

03/15/24

2,067

57,339

EURO

STOXX

Banks

Price

Index

...............................................

15

03/15/24

99

(832)

MSCI

Emerging

Markets

E-Mini

Index

............................................

3

03/15/24

155

6,785

Russell

2000

E-Mini

Index

....................................................

2

03/15/24

205

14,166

S&P

500

E-Mini

Index

.......................................................

11

03/15/24

2,651

51,842

U.S.

Treasury

Long

Bond

.....................................................

9

03/19/24

1,124

81,573

U.S.

Treasury

Ultra

Bond

.....................................................

14

03/19/24

1,870

98,204

Long

Gilt

................................................................

4

03/26/24

523

33,100

U.S.

Treasury

5-Year

Note

....................................................

309

03/28/24

33,611

645,778

1,195,980

Short

Contracts

Euro-Buxl

...............................................................

1

03/07/24

156

(11,810)

Euro-Schatz

.............................................................

4

03/07/24

470

(1,900)

Japan

10-Year

Bond

........................................................

3

03/13/24

3,121

(18,306)

EURO

STOXX

50

Index

.....................................................

7

03/15/24

352

2,853

FTSE

100

Index

...........................................................

1

03/15/24

99

(1,700)

NASDAQ

100

E-Mini

Index

...................................................

13

03/15/24

4,426

(149,524)

U.S.

Treasury

10-Year

Note

...................................................

55

03/19/24

6,209

(175,598)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

142

03/19/24

16,758

(729,466)

U.S.

Treasury

2-Year

Note

....................................................

186

03/28/24

38,300

(307,076)

(1,392,527)

$

(196,547)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

JPY

3,730,701

USD

26,000

JPMorgan

Chase

Bank

NA

01/22/24

$

540

ILS

922,198

USD

234,716

Citibank

NA

01/29/24

20,133

COP

283,159,000

USD

69,797

Citibank

NA

01/31/24

2,816

AUD

112,690

USD

74,155

Bank

of

New

York

Mellon

03/14/24

2,805

CLP

69,401,020

USD

78,446

Goldman

Sachs

International

03/14/24

8

COP

211,375,000

USD

51,998

Citibank

NA

03/14/24

1,772

EUR

47,000

GBP

40,804

BNP

Paribas

SA

03/14/24

5

HUF

17,936,000

USD

50,347

Citibank

NA

03/14/24

935

HUF

28,117,845

USD

78,546

Deutsche

Bank

AG

03/14/24

1,847

IDR

396,060,500

USD

25,643

Citibank

NA

03/14/24

79

INR

7,889,000

USD

94,349

JPMorgan

Chase

Bank

NA

03/14/24

152

KRW

198,688,974

USD

152,037

Citibank

NA

03/14/24

2,035

MYR

724,982

USD

155,860

Barclays

Bank

plc

03/14/24

3,093

NOK

258,926

EUR

21,992

Barclays

Bank

plc

03/14/24

1,179

NOK

529,013

EUR

47,000

BNP

Paribas

SA

03/14/24

118

NOK

23,651

EUR

2,008

Citibank

NA

03/14/24

108

RON

230,000

USD

49,733

Deutsche

Bank

AG

03/14/24

1,257

THB

10,206,319

USD

287,656

Barclays

Bank

plc

03/14/24

13,226

USD

24,959

CLP

22,035,000

Citibank

NA

03/14/24

50

AUD

3,676,183

USD

2,468,055

State

Street

Bank

and

Trust

Co.

03/20/24

42,942

BRL

2,443,628

EUR

445,576

UBS

AG

03/20/24

5,946

CAD

2,364,813

USD

1,765,825

Bank

of

New

York

Mellon

03/20/24

20,764

CHF

2,064,132

USD

2,406,267

UBS

AG

03/20/24

67,667

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

50

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

DKK

3,705,590

USD

548,929

HSBC

Bank

plc

03/20/24

$

2,015

EUR

991,821

USD

1,094,128

Bank

of

New

York

Mellon

03/20/24

4,206

EUR

250,000

USD

273,467

JPMorgan

Chase

Bank

NA

03/20/24

3,381

EUR

416,805

USD

451,735

Morgan

Stanley

&

Co.

International

plc

03/20/24

9,831

MXN

8,559,370

EUR

443,947

Citibank

NA

03/20/24

6,106

MXN

2,318,219

USD

132,662

Citibank

NA

03/20/24

2,143

NOK

7,271,385

CHF

594,549

HSBC

Bank

plc

03/20/24

4,339

NZD

123,715

USD

76,760

State

Street

Bank

and

Trust

Co.

03/20/24

1,462

SEK

4,951,846

USD

485,399

Barclays

Bank

plc

03/20/24

7,064

SGD

367,019

USD

277,466

State

Street

Bank

and

Trust

Co.

03/20/24

1,628

THB

4,826,126

EUR

127,819

Citibank

NA

03/20/24

800

TWD

15,635,470

USD

509,299

Morgan

Stanley

&

Co.

International

plc

03/20/24

8,671

USD

607,278

GBP

475,896

Deutsche

Bank

AG

03/20/24

445

ZAR

6,139,708

EUR

301,011

Citibank

NA

03/20/24

38

ZAR

5,719,145

USD

309,561

Citibank

NA

03/20/24

978

JPY

16,916,793

USD

120,992

HSBC

Bank

plc

03/21/24

469

JPY

894,476,488

USD

6,397,064

Morgan

Stanley

&

Co.

International

plc

03/21/24

25,202

COP

392,555,000

USD

89,441

BNP

Paribas

SA

05/17/24

9,185

COP

272,186,711

USD

63,905

Barclays

Bank

plc

08/15/24

3,346

COP

699,908,687

USD

161,862

BNP

Paribas

SA

08/15/24

11,069

291,855

USD

66,889

COP

272,186,711

Barclays

Bank

plc

01/09/24

(3,264)

USD

169,322

COP

699,908,687

BNP

Paribas

SA

01/09/24

(11,072)

USD

26,000

TWD

809,640

Citibank

NA

01/22/24

(609)

USD

159,660

ILS

609,420

JPMorgan

Chase

Bank

NA

01/29/24

(8,754)

USD

82,086

ILS

312,779

Toronto

Dominion

Bank

01/29/24

(4,351)

USD

96,803

COP

392,555,000

Citibank

NA

02/20/24

(3,494)

EUR

24,000

NOK

273,568

Barclays

Bank

plc

03/14/24

(399)

USD

320,236

BRL

1,599,952

Goldman

Sachs

International

03/14/24

(6,875)

USD

317,080

COP

1,288,961,334

Citibank

NA

03/14/24

(10,800)

USD

237,745

CZK

5,395,247

Barclays

Bank

plc

03/14/24

(3,040)

USD

326,306

IDR

5,115,144,289

UBS

AG

03/14/24

(5,897)

USD

86,189

MXN

1,523,552

Barclays

Bank

plc

03/14/24

(2,493)

USD

32,672

PLN

131,764

Citibank

NA

03/14/24

(783)

USD

127,789

PLN

513,631

HSBC

Bank

plc

03/14/24

(2,623)

USD

278,661

ZAR

5,349,536

State

Street

Bank

and

Trust

Co.

03/14/24

(11,967)

CNY

4,384,033

USD

619,074

UBS

AG

03/20/24

(504)

GBP

239,086

EUR

276,600

Barclays

Bank

plc

03/20/24

(1,437)

GBP

706,570

USD

901,759

UBS

AG

03/20/24

(785)

HUF

54,365,616

USD

155,913

Barclays

Bank

plc

03/20/24

(550)

KRW

707,340,902

USD

550,053

BNP

Paribas

SA

03/20/24

(1,373)

PLN

932,408

USD

237,336

BNP

Paribas

SA

03/20/24

(619)

USD

405,102

BRL

2,009,835

Citibank

NA

03/20/24

(5,622)

USD

279,086

EUR

253,006

UBS

AG

03/20/24

(1,090)

USD

1,327,546

HKD

10,351,803

Barclays

Bank

plc

03/20/24

(513)

USD

139,444

IDR

2,158,558,912

BNP

Paribas

SA

03/20/24

(739)

USD

162,559

INR

13,581,014

Citibank

NA

03/20/24

(62)

USD

586,011

NOK

6,155,353

Deutsche

Bank

AG

03/20/24

(20,880)

JPY

135,805,521

EUR

880,479

HSBC

Bank

plc

03/21/24

(3)

USD

354,362

BRL

1,844,111

JPMorgan

Chase

Bank

NA

04/02/24

(22,122)

TRY

201,400

USD

5,168

Barclays

Bank

plc

12/04/24

(105)

TRY

1,407,786

USD

36,204

Goldman

Sachs

International

12/04/24

(815)

(133,640)

$

158,215

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

51

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

Up

and

In

Morgan

Stanley

&

Co.

International

plc

03/07/24

CNH

7.70

CNH

8.25

USD

1,788

$

136

Put

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

02/06/24

KRW

1,290.00

KRW

1,240.00

USD

404

1,638

EUR

Currency

...............

One-Touch

Deutsche

Bank

AG

02/09/24

USD

1.07

USD

1.07

EUR

31

2,711

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

02/27/24

CNH

7.10

CNH

6.95

USD

389

655

EUR

Currency

...............

One-Touch

Goldman

Sachs

International

03/13/24

USD

1.02

USD

1.02

EUR

28

297

EUR

Currency

...............

One-Touch

Bank

of

America

NA

03/27/24

USD

1.05

USD

1.05

EUR

6

442

5,743

$

5,879

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

......................

85

01/05/24

USD

476.00

USD

4,040

$

18,615

SPDR

S&P

500

ETF

Trust

......................

38

01/12/24

USD

476.00

USD

1,806

14,497

Alphabet,

Inc.

..............................

10

01/19/24

USD

137.50

USD

141

5,225

Alphabet,

Inc.

..............................

15

01/19/24

USD

142.50

USD

211

3,509

Amazon.com,

Inc.

...........................

10

01/19/24

USD

155.00

USD

152

2,170

Amazon.com,

Inc.

...........................

19

01/19/24

USD

150.00

USD

289

8,930

Apple,

Inc.

................................

11

01/19/24

USD

200.00

USD

212

754

Apple,

Inc.

................................

15

01/19/24

USD

195.00

USD

289

3,164

Applied

Materials,

Inc.

........................

10

01/19/24

USD

165.00

USD

162

3,125

Applied

Materials,

Inc.

........................

26

01/19/24

USD

160.00

USD

421

14,820

Charles

Schwab

Corp.

(The)

....................

27

01/19/24

USD

65.00

USD

186

12,758

Cheniere

Energy,

Inc.

.........................

8

01/19/24

USD

180.00

USD

137

640

Chevron

Corp.

.............................

9

01/19/24

USD

155.00

USD

134

873

Chevron

Corp.

.............................

28

01/19/24

USD

150.00

USD

418

7,504

ConocoPhillips

.............................

4

01/19/24

USD

120.00

USD

46

424

ConocoPhillips

.............................

20

01/19/24

USD

125.00

USD

232

550

Costco

Wholesale

Corp.

.......................

2

01/19/24

USD

625.00

USD

132

6,310

Costco

Wholesale

Corp.

.......................

2

01/19/24

USD

605.00

USD

132

11,640

Datadog,

Inc.

..............................

3

01/19/24

USD

120.00

USD

36

1,343

Delta

Air

Lines,

Inc.

..........................

5

01/19/24

USD

42.00

USD

20

373

Delta

Air

Lines,

Inc.

..........................

9

01/19/24

USD

38.00

USD

36

2,610

Delta

Air

Lines,

Inc.

..........................

32

01/19/24

USD

35.00

USD

129

17,360

Dynatrace,

Inc.

.............................

13

01/19/24

USD

50.00

USD

71

6,110

General

Dynamics

Corp.

.......................

2

01/19/24

USD

260.00

USD

52

650

Hilton

Worldwide

Holdings,

Inc.

..................

2

01/19/24

USD

170.00

USD

36

2,720

Humana,

Inc.

..............................

3

01/19/24

USD

505.00

USD

137

203

Intuitive

Surgical,

Inc.

.........................

1

01/19/24

USD

320.00

USD

34

2,155

Invesco

QQQ

Trust

Series

1

....................

8

01/19/24

USD

394.78

USD

328

13,636

Invesco

QQQ

Trust

Series

1

....................

64

01/19/24

USD

409.78

USD

2,621

36,736

Invesco

S&P

500

Equal

Weight

ETF

...............

45

01/19/24

USD

160.00

USD

710

4,950

Lockheed

Martin

Corp.

........................

1

01/19/24

USD

450.00

USD

45

879

Lockheed

Martin

Corp.

........................

5

01/19/24

USD

460.00

USD

227

1,824

Mastercard,

Inc.

............................

2

01/19/24

USD

420.00

USD

85

2,080

McDonald's

Corp.

...........................

1

01/19/24

USD

285.00

USD

30

1,298

Meta

Platforms,

Inc.

..........................

2

01/19/24

USD

345.00

USD

71

2,920

Micron

Technology,

Inc.

.......................

4

01/19/24

USD

80.00

USD

34

2,430

Microsoft

Corp.

.............................

4

01/19/24

USD

365.00

USD

150

5,840

Microsoft

Corp.

.............................

7

01/19/24

USD

380.00

USD

263

3,552

Microsoft

Corp.

.............................

8

01/19/24

USD

385.00

USD

301

2,579

Nice

Ltd.

.................................

2

01/19/24

USD

200.00

USD

40

1,130

Nice

Ltd.

.................................

5

01/19/24

USD

210.00

USD

100

1,025

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

52

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Northrop

Grumman

Corp.

......................

1

01/19/24

USD

480.00

USD

47

$

370

NVIDIA

Corp.

..............................

1

01/19/24

USD

490.00

USD

50

1,840

NVIDIA

Corp.

..............................

5

01/19/24

USD

540.00

USD

248

1,327

NVIDIA

Corp.

..............................

6

01/19/24

USD

520.00

USD

297

3,719

NVIDIA

Corp.

..............................

10

01/19/24

USD

505.00

USD

495

11,050

Paramount

Global

...........................

10

01/19/24

USD

17.50

USD

15

200

Pfizer,

Inc.

................................

24

01/19/24

USD

47.00

USD

69

48

Pfizer,

Inc.

................................

40

01/19/24

USD

50.00

USD

115

60

Sabre

Corp.

...............................

5

01/19/24

USD

7.00

USD

2

10

Sabre

Corp.

...............................

6

01/19/24

USD

6.00

USD

3

21

Sabre

Corp.

...............................

10

01/19/24

USD

5.50

USD

4

50

Sabre

Corp.

...............................

11

01/19/24

USD

5.00

USD

5

88

Salesforce,

Inc.

.............................

2

01/19/24

USD

260.00

USD

53

1,439

Salesforce,

Inc.

.............................

6

01/19/24

USD

270.00

USD

158

1,517

Shell

plc

..................................

5

01/19/24

USD

67.50

USD

33

250

SPDR

Gold

Shares

(a)

.........................

241

01/19/24

USD

195.00

USD

4,607

32,656

SPDR

S&P

500

ETF

Trust

......................

8

01/19/24

USD

455.00

USD

380

17,648

SPDR

S&P

500

ETF

Trust

......................

19

01/19/24

USD

481.00

USD

903

4,883

Tesla,

Inc.

.................................

2

01/19/24

USD

260.00

USD

50

1,249

Tesla,

Inc.

.................................

6

01/19/24

USD

250.00

USD

149

6,105

T-Mobile

US,

Inc.

............................

35

01/19/24

USD

155.00

USD

561

22,925

Uber

Technologies,

Inc.

.......................

41

01/19/24

USD

62.50

USD

252

5,843

United

Airlines

Holdings,

Inc.

....................

9

01/19/24

USD

42.00

USD

37

1,085

UnitedHealth

Group,

Inc.

.......................

1

01/19/24

USD

560.00

USD

53

141

Valero

Energy

Corp.

..........................

3

01/19/24

USD

130.00

USD

39

1,118

Viasat,

Inc.

................................

5

01/19/24

USD

35.00

USD

14

100

Walmart,

Inc.

..............................

4

01/19/24

USD

160.00

USD

63

532

Walt

Disney

Co.

(The)

........................

15

01/19/24

USD

90.00

USD

135

3,277

Walt

Disney

Co.

(The)

........................

17

01/19/24

USD

100.00

USD

153

264

Wynn

Resorts

Ltd.

...........................

9

01/19/24

USD

90.00

USD

82

3,060

Wynn

Resorts

Ltd.

...........................

13

01/19/24

USD

95.00

USD

118

1,645

Advanced

Micro

Devices,

Inc.

...................

5

02/16/24

USD

150.00

USD

74

4,325

Advanced

Micro

Devices,

Inc.

...................

13

02/16/24

USD

130.00

USD

192

27,333

Advanced

Micro

Devices,

Inc.

...................

16

02/16/24

USD

140.00

USD

236

22,320

Alphabet,

Inc.

..............................

16

02/16/24

USD

145.00

USD

225

7,040

Amazon.com,

Inc.

...........................

23

02/16/24

USD

160.00

USD

349

9,775

Amazon.com,

Inc.

...........................

27

02/16/24

USD

165.00

USD

410

7,466

Apple,

Inc.

................................

10

02/16/24

USD

205.00

USD

193

1,640

Applied

Materials,

Inc.

........................

4

02/16/24

USD

165.00

USD

65

2,690

Autodesk,

Inc.

..............................

12

02/16/24

USD

250.00

USD

292

7,740

Boston

Scientific

Corp.

........................

13

02/16/24

USD

57.50

USD

75

2,990

Chevron

Corp.

.............................

9

02/16/24

USD

150.00

USD

134

4,545

ConocoPhillips

.............................

17

02/16/24

USD

125.00

USD

197

2,397

Datadog,

Inc.

..............................

4

02/16/24

USD

130.00

USD

49

1,830

Delta

Air

Lines,

Inc.

..........................

28

02/16/24

USD

44.00

USD

113

2,072

Humana,

Inc.

..............................

8

02/16/24

USD

555.00

USD

366

820

Intel

Corp.

................................

27

02/16/24

USD

55.00

USD

136

3,146

Intuitive

Surgical,

Inc.

.........................

2

02/16/24

USD

355.00

USD

67

2,000

Intuitive

Surgical,

Inc.

.........................

6

02/16/24

USD

340.00

USD

202

9,840

iShares

China

Large-Cap

ETF

...................

144

02/16/24

USD

26.00

USD

346

5,832

iShares

China

Large-Cap

ETF

...................

238

02/16/24

USD

27.00

USD

572

5,593

JPMorgan

Chase

&

Co.

.......................

28

02/16/24

USD

175.00

USD

476

6,944

KLA

Corp.

................................

1

02/16/24

USD

610.00

USD

58

1,660

Mastercard,

Inc.

............................

3

02/16/24

USD

445.00

USD

128

1,500

Meta

Platforms,

Inc.

..........................

6

02/16/24

USD

380.00

USD

212

6,045

Micron

Technology,

Inc.

.......................

1

02/16/24

USD

90.00

USD

9

194

Micron

Technology,

Inc.

.......................

8

02/16/24

USD

87.50

USD

68

2,296

Micron

Technology,

Inc.

.......................

10

02/16/24

USD

85.00

USD

85

4,100

Microsoft

Corp.

.............................

10

02/16/24

USD

390.00

USD

376

8,550

Nice

Ltd.

.................................

2

02/16/24

USD

210.00

USD

40

1,240

NVIDIA

Corp.

..............................

2

02/16/24

USD

520.00

USD

99

3,190

Oracle

Corp.

...............................

10

02/16/24

USD

110.00

USD

105

1,650

Salesforce,

Inc.

.............................

2

02/16/24

USD

280.00

USD

53

599

Spirit

AeroSystems

Holdings,

Inc.

.................

4

02/16/24

USD

35.00

USD

13

490

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

53

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Tesla,

Inc.

.................................

2

02/16/24

USD

275.00

USD

50

$

1,685

Tesla,

Inc.

.................................

7

02/16/24

USD

280.00

USD

174

5,023

Uber

Technologies,

Inc.

.......................

34

02/16/24

USD

70.00

USD

209

3,434

UBS

Group

AG

.............................

55

02/16/24

USD

30.00

USD

170

10,560

UnitedHealth

Group,

Inc.

.......................

5

02/16/24

USD

610.00

USD

263

170

VanEck

Semiconductor

ETF

....................

6

02/16/24

USD

177.00

USD

105

3,270

Visa,

Inc.

.................................

3

02/16/24

USD

270.00

USD

78

1,020

Walmart,

Inc.

..............................

9

02/16/24

USD

155.00

USD

142

5,175

Wells

Fargo

&

Co.

...........................

13

02/16/24

USD

52.50

USD

64

728

Wells

Fargo

&

Co.

...........................

54

02/16/24

USD

47.50

USD

266

14,958

Charles

Schwab

Corp.

(The)

....................

15

03/15/24

USD

65.00

USD

103

9,638

iShares

China

Large-Cap

ETF

...................

215

03/15/24

USD

24.85

USD

517

22,253

Norfolk

Southern

Corp.

........................

3

03/15/24

USD

230.00

USD

71

4,380

Oracle

Corp.

...............................

10

03/15/24

USD

110.00

USD

105

3,525

610,102

Put

Carnival

Corp.

..............................

6

01/19/24

USD

9.00

USD

11

18

Carvana

Co.

...............................

6

01/19/24

USD

15.00

USD

32

9

Frontier

Communications

Parent,

Inc.

..............

5

01/19/24

USD

20.00

USD

13

50

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

11

01/19/24

USD

73.00

USD

85

72

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

78

01/19/24

USD

77.00

USD

604

1,872

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

138

01/19/24

USD

108.00

USD

1,527

2,001

iShares

Russell

2000

ETF

......................

3

01/19/24

USD

165.00

USD

60

23

Paramount

Global

...........................

5

01/19/24

USD

10.00

USD

7

8

Ford

Motor

Co.

.............................

9

03/15/24

USD

9.00

USD

11

50

Ford

Motor

Co.

.............................

14

03/15/24

USD

8.00

USD

17

42

4,145

$

614,247

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

TOPIX

Bank

Index

........

BNP

Paribas

SA

57,840

01/12/24

JPY

286.63

JPY

14,483

$

1

TOPIX

Bank

Index

........

Goldman

Sachs

International

96,362

01/12/24

JPY

286.49

JPY

24,128

2

TOPIX

Bank

Index

........

JPMorgan

Chase

Bank

NA

38,598

01/12/24

JPY

286.56

JPY

9,665

1

USD

Currency

...........

HSBC

Bank

plc

—

08/21/24

CNH

8.50

USD

3,847

723

727

Put

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/04/24

USD

1.06

EUR

1,441

1

EUR

Currency

...........

Deutsche

Bank

AG

—

01/12/24

USD

1.07

EUR

2,023

102

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/30/24

JPY

144.00

USD

371

10,787

EUR

Currency

...........

Citibank

NA

—

02/13/24

USD

1.07

EUR

1,947

2,628

13,518

$

14,245

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Payout

at

expiry

if

S&P

500

<=

4,663.22

and

US

2-Year

swap

>=

4.42

..................

UBS

AG

26,704

03/01/24

USD

124,527

$

868

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

54

OTC

Dual

Binary

Options

Purchased

(continued)

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Payout

at

expiry

if

USDJPY

<

137.00

and

USDCNH

>

7.20

............................

Deutsche

Bank

AG

46,281

03/07/24

USD

6,340

$

1,548

Payout

at

expiry

if

S&P

500

<=

4,666.87

and

US

2-Year

swap

>=

4.37

..................

UBS

AG

13,352

03/15/24

USD

62,312

539

Payout

at

expiry

if

USDJPY

>

154.25

and

10-Year

JPY

TONAR

>

1.25

...................

Bank

of

America

NA

21,400

04/08/24

USD

3,301

109

Payout

at

expiry

if

USDJPY

>

154.25

and

10-Year

JPY

TONAR

>

1.27

...................

Bank

of

America

NA

21,400

05/08/24

USD

3,301

182

$

3,246

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

Quarterly

JPMorgan

Chase

Bank

NA

02/21/24

USD

100.50

USD

130

$

124

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

Quarterly

Goldman

Sachs

International

01/17/24

USD

101.00

USD

210

66

$

190

(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

4.00%

Semi-Annual

Goldman

Sachs

International

01/10/24

4.00

%

USD

739

$

31,178

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

01/12/24

4.00

USD

213

9,062

2Yx2Y

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Citibank

NA

01/23/24

4.00

USD

1,832

29,141

2Yx2Y

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.87%

Annual

Deutsche

Bank

AG

02/01/24

3.87

USD

1,845

25,259

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.45%

Annual

JPMorgan

Chase

Bank

NA

02/06/24

3.45

USD

1,215

14,511

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

4.45%

At

Termination

Citibank

NA

02/12/24

4.45

USD

15,590

13,235

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

JPMorgan

Chase

Bank

NA

03/01/24

3.00

EUR

1,180

39,796

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.18%

Annual

JPMorgan

Chase

Bank

NA

03/18/24

3.18

EUR

970

42,177

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.65%

Semi-Annual

Nomura

International

plc

03/18/24

3.65

USD

762

20,620

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.20%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/28/24

4.20

USD

5,649

53,070

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.67%

Semi-Annual

Citibank

NA

05/28/24

3.67

USD

972

34,976

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/24/24

4.00

USD

2,972

47,858

360,883

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

55

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

2-Year

Interest

Rate

Swap

(a)

.

1.00%

Annual

1-day

TONAR

Annual

Deutsche

Bank

AG

11/18/24

1.00

%

JPY

381,215

$

3,979

$

364,862

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Amazon.com,

Inc.

............................

10

01/19/24

USD

165.00

USD

152

$

(289)

Applied

Materials,

Inc.

.........................

26

01/19/24

USD

175.00

USD

421

(1,911)

Hilton

Worldwide

Holdings,

Inc.

...................

2

01/19/24

USD

180.00

USD

36

(940)

Invesco

QQQ

Trust

Series

1

.....................

8

01/19/24

USD

419.78

USD

328

(1,419)

Invesco

QQQ

Trust

Series

1

.....................

57

01/19/24

USD

423.78

USD

2,334

(5,814)

Lockheed

Martin

Corp.

.........................

1

01/19/24

USD

470.00

USD

45

(127)

Mastercard,

Inc.

.............................

2

01/19/24

USD

430.00

USD

85

(879)

Microsoft

Corp.

..............................

4

01/19/24

USD

390.00

USD

150

(771)

Nice

Ltd.

..................................

5

01/19/24

USD

230.00

USD

100

(1,175)

Paramount

Global

............................

10

01/19/24

USD

25.00

USD

15

(24)

SPDR

Gold

Shares

(a)

..........................

241

01/19/24

USD

205.00

USD

4,607

(6,507)

T-Mobile

US,

Inc.

.............................

35

01/19/24

USD

165.00

USD

561

(3,098)

Uber

Technologies,

Inc.

........................

41

01/19/24

USD

70.00

USD

252

(533)

United

Airlines

Holdings,

Inc.

.....................

9

01/19/24

USD

45.00

USD

37

(360)

Valero

Energy

Corp.

...........................

3

01/19/24

USD

140.00

USD

39

(212)

Advanced

Micro

Devices,

Inc.

....................

16

02/16/24

USD

160.00

USD

236

(7,960)

Advanced

Micro

Devices,

Inc.

....................

17

02/16/24

USD

145.00

USD

251

(18,870)

Alphabet,

Inc.

...............................

10

02/16/24

USD

150.00

USD

141

(2,675)

ConocoPhillips

..............................

4

02/16/24

USD

130.00

USD

46

(268)

Datadog,

Inc.

...............................

3

02/16/24

USD

140.00

USD

36

(656)

Intuitive

Surgical,

Inc.

..........................

1

02/16/24

USD

350.00

USD

34

(1,190)

iShares

China

Large-Cap

ETF

....................

144

02/16/24

USD

28.00

USD

346

(2,016)

iShares

China

Large-Cap

ETF

....................

238

02/16/24

USD

30.00

USD

572

(2,142)

McDonald's

Corp.

............................

1

02/16/24

USD

300.00

USD

30

(588)

Microsoft

Corp.

..............................

4

02/16/24

USD

420.00

USD

150

(760)

Nice

Ltd.

..................................

2

02/16/24

USD

220.00

USD

40

(660)

Northrop

Grumman

Corp.

.......................

1

02/16/24

USD

510.00

USD

47

(275)

NVIDIA

Corp.

...............................

1

02/16/24

USD

550.00

USD

50

(785)

Tesla,

Inc.

..................................

2

02/16/24

USD

310.00

USD

50

(564)

UnitedHealth

Group,

Inc.

........................

1

02/16/24

USD

590.00

USD

53

(118)

Walmart,

Inc.

...............................

4

02/16/24

USD

170.00

USD

63

(172)

iShares

China

Large-Cap

ETF

....................

215

03/15/24

USD

28.85

USD

517

(4,623)

(68,381)

Put

Applied

Materials,

Inc.

.........................

10

01/19/24

USD

140.00

USD

162

(200)

Cheniere

Energy,

Inc.

..........................

8

01/19/24

USD

160.00

USD

137

(440)

Chevron

Corp.

..............................

11

01/19/24

USD

135.00

USD

164

(171)

ConocoPhillips

..............................

6

01/19/24

USD

110.00

USD

70

(372)

Humana,

Inc.

...............................

3

01/19/24

USD

445.00

USD

137

(1,320)

Invesco

QQQ

Trust

Series

1

.....................

5

01/19/24

USD

354.78

USD

205

(73)

Invesco

S&P

500

Equal

Weight

ETF

................

45

01/19/24

USD

150.00

USD

710

(900)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

78

01/19/24

USD

75.00

USD

604

(546)

Walt

Disney

Co.

(The)

.........................

32

01/19/24

USD

85.00

USD

289

(1,008)

Advanced

Micro

Devices,

Inc.

....................

8

02/16/24

USD

120.00

USD

118

(916)

Amazon.com,

Inc.

............................

5

02/16/24

USD

140.00

USD

76

(1,303)

Amazon.com,

Inc.

............................

7

02/16/24

USD

130.00

USD

106

(742)

Amazon.com,

Inc.

............................

11

02/16/24

USD

135.00

USD

167

(1,837)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

56

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Chevron

Corp.

..............................

9

02/16/24

USD

130.00

USD

134

$

(531)

ConocoPhillips

..............................

17

02/16/24

USD

110.00

USD

197

(3,732)

Delta

Air

Lines,

Inc.

...........................

28

02/16/24

USD

35.00

USD

113

(1,162)

Humana,

Inc.

...............................

4

02/16/24

USD

455.00

USD

183

(6,000)

Intel

Corp.

.................................

27

02/16/24

USD

45.00

USD

136

(2,214)

JPMorgan

Chase

&

Co.

........................

16

02/16/24

USD

155.00

USD

272

(1,288)

Meta

Platforms,

Inc.

...........................

6

02/16/24

USD

315.00

USD

212

(3,315)

Micron

Technology,

Inc.

........................

5

02/16/24

USD

80.00

USD

43

(713)

Micron

Technology,

Inc.

........................

10

02/16/24

USD

75.00

USD

85

(595)

Oracle

Corp.

................................

10

02/16/24

USD

97.50

USD

105

(880)

Tesla,

Inc.

..................................

4

02/16/24

USD

210.00

USD

99

(1,640)

UBS

Group

AG

..............................

55

02/16/24

USD

27.50

USD

170

(1,485)

UnitedHealth

Group,

Inc.

........................

2

02/16/24

USD

500.00

USD

105

(1,110)

VanEck

Semiconductor

ETF

.....................

6

02/16/24

USD

145.00

USD

105

(231)

Walmart,

Inc.

...............................

9

02/16/24

USD

145.00

USD

142

(432)

Wells

Fargo

&

Co.

............................

54

02/16/24

USD

40.00

USD

266

(648)

Norfolk

Southern

Corp.

.........................

3

03/15/24

USD

200.00

USD

71

(383)

Oracle

Corp.

................................

10

03/15/24

USD

95.00

USD

105

(1,475)

(37,662)

$

(106,043)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

TOPIX

Bank

Index

...........

BNP

Paribas

SA

57,840

01/12/24

JPY

313.92

JPY

14,483

$

–

TOPIX

Bank

Index

...........

Goldman

Sachs

International

96,362

01/12/24

JPY

313.77

JPY

24,128

–

TOPIX

Bank

Index

...........

JPMorgan

Chase

Bank

NA

38,598

01/12/24

JPY

313.85

JPY

9,665

–

–

Put

EUR

Currency

..............

Deutsche

Bank

AG

—

01/12/24

USD

1.05

EUR

2,023

(5)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

01/30/24

JPY

136.00

USD

743

(2,769)

EUR

Currency

..............

Citibank

NA

—

02/13/24

USD

1.05

EUR

1,947

(669)

(3,443)

$

(3,443)

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

2Yx2Y

Interest

Rate

Swap

(a)

.

3.45%

Annual

1-day

SOFR

Annual

Citibank

NA

01/23/24

3.45

%

USD

1,832

$

(12,273)

2Yx2Y

Interest

Rate

Swap

(a)

.

3.27%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

02/01/24

3.27

USD

1,845

(8,604)

1-Year

Interest

Rate

Swap

(a)

.

3.75%

At

Termination

1-day

SOFR

At

Termination

Citibank

NA

02/12/24

3.75

USD

11,692

(1,143)

5-Year

Interest

Rate

Swap

(a)

.

2.50%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/01/24

2.50

EUR

1,180

(15,273)

5-Year

Interest

Rate

Swap

(a)

.

2.68%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/18/24

2.68

EUR

970

(20,452)

10-Year

Interest

Rate

Swap

(a)

3.15%

Semi-Annual

1-day

SOFR

Annual

Nomura

International

plc

03/18/24

3.15

USD

762

(6,089)

2-Year

Interest

Rate

Swap

(a)

.

3.80%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

03/28/24

3.80

USD

5,649

(28,402)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

57

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)

.

3.30%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/24/24

3.30

%

USD

2,972

$

(25,370)

(117,606)

Put

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.15%

Semi-Annual

JPMorgan

Chase

Bank

NA

01/12/24

5.15

USD

3,278

—

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.45%

Annual

JPMorgan

Chase

Bank

NA

03/01/24

3.45

EUR

1,180

(303)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.58%

Annual

JPMorgan

Chase

Bank

NA

03/18/24

3.58

EUR

970

(271)

2-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

4.05%

Annual

BNP

Paribas

SA

03/18/24

4.05

EUR

1,360

(52)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.79%

Semi-Annual

JPMorgan

Chase

Bank

NA

03/27/24

3.79

USD

2,691

(13,269)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.50%

Annual

Goldman

Sachs

International

05/06/24

4.50

USD

1,923

(1,656)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.42%

Semi-Annual

Citibank

NA

05/28/24

4.42

USD

972

(3,214)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

3.40%

Annual

JPMorgan

Chase

Bank

NA

05/30/24

3.40

EUR

1,915

(2,733)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/24/24

5.00

USD

1,486

(1,175)

2-Year

Interest

Rate

Swap

(a)

.

1-day

TONAR

Annual

1.50%

Annual

Deutsche

Bank

AG

11/18/24

1.50

JPY

381,215

(2,232)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

11/21/24

5.00

USD

3,827

(3,435)

(28,340)

$

(145,946)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Avis

Budget

Car

Rental

LLC

............

5.00

%

Quarterly

12/20/26

USD

90

$

(7,192)

$

(7,725)

$

533

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1.00

Quarterly

12/20/27

USD

49

(942)

(55)

(887)

$

(8,134)

$

(7,780)

$

(354)

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.V2

..

5.00

%

Quarterly

12/20/27

BB-

EUR

328

$

36,561

$

(8,886)

$

45,447

Markit

CDX

North

American

High

Yield

Index

Series

39.V3

...........

5.00

Quarterly

12/20/27

BB-

USD

151

9,389

6

9,383

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5.00

Quarterly

12/20/28

B+

USD

212

12,676

6,400

6,276

$

58,626

$

(2,480)

$

61,106

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

58

(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

4.68%

Monthly

N/A

02/27/24

MXN

5,196

$

(4,820)

$

—

$

(4,820)

28-day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

5,196

(4,690)

—

(4,690)

1-day

SONIA

At

Termination

3.22%

At

Termination

N/A

04/03/24

GBP

7,439

(175,040)

—

(175,040)

2.47%

At

Termination

1-day

SONIA

At

Termination

N/A

04/03/24

GBP

3,719

122,694

—

122,694

6-mo.

EURIBOR

Semi-Annual

1.75%

At

Termination

N/A

05/04/24

EUR

10,529

(34,274)

—

(34,274)

1.00%

At

Termination

6-mo.

EURIBOR

Semi-Annual

N/A

05/04/24

EUR

5,265

60,376

—

60,376

1-day

SONIA

At

Termination

4.26%

At

Termination

N/A

09/06/24

GBP

1,943

(20,825)

—

(20,825)

1-day

SOFR

At

Termination

5.45%

At

Termination

N/A

10/02/24

USD

24,066

79,481

717

78,764

10.94%

Monthly

28-day

MXIBTIIE

Monthly

N/A

12/04/24

MXN

7,365

(114)

—

(114)

28-day

MXIBTIIE

Monthly

9.79%

Monthly

N/A

02/04/25

MXN

10,972

(6,643)

—

(6,643)

28-day

MXIBTIIE

Monthly

9.80%

Monthly

N/A

02/04/25

MXN

10,972

(6,537)

—

(6,537)

28-day

MXIBTIIE

Monthly

10.84%

Monthly

N/A

09/25/25

MXN

4,900

4,065

—

4,065

1-day

SOFR

Annual

5.00%

Annual

N/A

10/02/25

USD

8,856

107,204

1,257

105,947

4.10%

Annual

6-mo.

PRIBOR

Semi-Annual

03/20/24

(a)

03/20/26

CZK

3,226

(581)

—

(581)

28-day

MXIBTIIE

Monthly

6.48%

Monthly

N/A

08/12/26

MXN

4,339

(17,619)

—

(17,619)

28-day

MXIBTIIE

Monthly

6.47%

Monthly

N/A

08/13/26

MXN

5,959

(24,258)

—

(24,258)

28-day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/14/26

MXN

4,857

(20,085)

—

(20,085)

28-day

MXIBTIIE

Monthly

6.44%

Monthly

N/A

08/14/26

MXN

2,947

(12,082)

—

(12,082)

28-day

MXIBTIIE

Monthly

6.42%

Monthly

N/A

08/17/26

MXN

4,376

(17,972)

—

(17,972)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

N/A

09/20/26

KRW

245,230

1,273

—

1,273

1-day

SOFR

Annual

4.69%

Annual

N/A

10/02/26

USD

1,372

28,314

283

28,031

1-day

SOFR

At

Termination

4.17%

At

Termination

10/23/25

(a)

10/23/26

USD

1,474

14,602

—

14,602

1-day

SOFR

At

Termination

4.21%

At

Termination

10/27/25

(a)

10/27/26

USD

2,945

30,324

—

30,324

1-day

SOFR

Annual

3.47%

Annual

03/10/25

(a)

03/10/27

USD

742

4,222

—

4,222

1-day

SOFR

Annual

3.30%

Annual

10/23/25

(a)

10/23/27

USD

538

1,941

—

1,941

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

767

15,185

—

15,185

1-day

SOFR

Annual

3.92%

Annual

11/03/25

(a)

11/03/27

USD

363

5,356

—

5,356

1-day

SOFR

Annual

3.95%

Annual

11/03/25

(a)

11/03/27

USD

363

5,551

—

5,551

1-day

SOFR

Annual

3.99%

Annual

11/03/25

(a)

11/03/27

USD

726

11,558

—

11,558

1-day

SOFR

Annual

4.00%

Annual

11/03/25

(a)

11/03/27

USD

1,475

23,839

(1,844)

25,683

1-day

SOFR

Annual

3.86%

Annual

11/10/25

(a)

11/10/27

USD

1,524

20,881

—

20,881

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

6,479

21,539

—

21,539

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

490

34,848

—

34,848

28-day

MXIBTIIE

Monthly

9.13%

Monthly

N/A

08/15/28

MXN

7,754

8,421

—

8,421

1-day

SOFR

Annual

4.42%

Annual

N/A

10/02/28

USD

2,192

77,313

475

76,838

1-day

SOFR

Annual

4.40%

Annual

N/A

10/31/28

USD

1,005

36,044

—

36,044

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

463

18,277

—

18,277

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

464

18,470

—

18,470

1-day

SOFR

Annual

3.25%

Annual

12/15/26

(a)

12/15/28

USD

1,637

2,144

—

2,144

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

762

152,966

—

152,966

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

576

1,317

—

1,317

1-day

SOFR

Annual

3.14%

Annual

05/12/28

(a)

05/12/33

USD

1,045

(10,017)

—

(10,017)

28-day

MXIBTIIE

Monthly

8.17%

Monthly

N/A

06/10/33

MXN

7,419

(9,016)

—

(9,016)

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

2,161

6,279

—

6,279

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

1,080

3,144

—

3,144

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

1,080

3,227

—

3,227

1-day

SOFR

Annual

4.31%

Annual

N/A

09/29/33

USD

9,964

650,630

684

649,946

4.40%

Annual

1-day

SOFR

Annual

N/A

11/01/33

USD

853

(63,417)

—

(63,417)

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

374

(1,658)

—

(1,658)

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

118

(12,262)

77

(12,339)

4.03%

Annual

1-day

SOFR

Annual

N/A

09/29/53

USD

3,470

(438,666)

981

(439,647)

1-day

SOFR

Annual

4.00%

Annual

N/A

11/03/53

USD

397

49,158

—

49,158

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

397

(23,041)

—

(23,041)

$

717,026

$

2,630

$

714,396

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

59

(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

$

1,754

$

—

$

1,754

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Pitney

Bowes,

Inc.

.........

1.00

%

Quarterly

Barclays

Bank

plc

06/20/24

USD

5

$

16

$

157

$

(141)

Staples,

Inc.

.............

5.00

Quarterly

Barclays

Bank

plc

06/20/24

USD

5

25

138

(113)

American

Airlines

Group,

Inc.

..

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

5

(145)

(57)

(88)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Citibank

NA

06/20/25

USD

10

369

1,288

(919)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

5

184

769

(585)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

10

(215)

137

(352)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

7

(161)

110

(271)

General

Electric

Co.

........

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

7

(161)

110

(271)

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

10

(166)

110

(276)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

10

1,912

2,122

(210)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

10

1,912

2,065

(153)

Xerox

Corp.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

10

582

930

(348)

Credit

Suisse

Group

Finance

Guernsey

Ltd.

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

40

(593)

1,233

(1,826)

Paramount

Global

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

3

79

132

(53)

Paramount

Global

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

3

74

123

(49)

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

15

340

595

(255)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

30

(416)

617

(1,033)

Republic

of

Panama

........

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

5

137

157

(20)

Republic

of

Panama

........

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

5

137

168

(31)

Southwest

Airlines

Co.

......

1.00

Quarterly

Citibank

NA

12/20/28

USD

45

(161)

345

(506)

Xerox

Corp.

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

5

438

603

(165)

$

–

$

–

$

–

$

4,187

$

11,852

$

(7,665)

$

–

$

–

$

–

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)

12.62%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/02/24

BRL

6,328

$

26

$

—

$

26

1-day

BZDIOVER

At

Termination

13.15%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

3,325

21,998

—

21,998

1-day

BZDIOVER

At

Termination

13.18%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

3,323

22,384

—

22,384

1-day

BZDIOVER

At

Termination

13.22%

At

Termination

Citibank

NA

01/02/25

BRL

1,748

12,054

—

12,054

1-day

BZDIOVER

At

Termination

9.39%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

2,166

(33,060)

—

(33,060)

1-day

BZDIOVER

At

Termination

9.42%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

2,362

(35,505)

—

(35,505)

10.18%

At

Termination

1-day

IBR

At

Termination

Citibank

NA

06/20/25

COP

471,381

(417)

—

(417)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

60

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

11.27%

At

Termination

BNP

Paribas

SA

01/02/26

BRL

262

$

1,274

$

—

$

1,274

1-day

BZDIOVER

At

Termination

11.56%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

197

1,230

—

1,230

1-day

BZDIOVER

At

Termination

11.76%

At

Termination

Citibank

NA

01/02/26

BRL

150

1,099

—

1,099

1-day

BZDIOVER

At

Termination

11.78%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/26

BRL

157

1,161

—

1,161

1-day

BZDIOVER

At

Termination

11.82%

At

Termination

Barclays

Bank

plc

01/02/26

BRL

260

1,992

—

1,992

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/26

BRL

276

2,129

—

2,129

1-day

BZDIOVER

At

Termination

10.03%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

967

87

—

87

1-day

BZDIOVER

At

Termination

10.03%

At

Termination

JPMorgan

Chase

Bank

NA

01/04/27

BRL

1,050

459

—

459

1-day

BZDIOVER

At

Termination

10.10%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,028

545

—

545

1-day

BZDIOVER

At

Termination

10.12%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,370

917

—

917

1-day

BZDIOVER

At

Termination

10.12%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

1,314

903

—

903

1-day

BZDIOVER

At

Termination

10.12%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

7

5

—

5

1-day

BZDIOVER

At

Termination

10.32%

At

Termination

Barclays

Bank

plc

01/04/27

BRL

2,154

5,439

—

5,439

1-day

BZDIOVER

At

Termination

9.95%

At

Termination

Citibank

NA

01/04/27

BRL

1,052

(75)

—

(75)

1-day

BZDIOVER

At

Termination

9.97%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,081

33

—

33

1-day

BZDIOVER

At

Termination

9.99%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/04/27

BRL

1,051

210

—

210

$

4,888

$

—

$

4,888

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

03/15/24

USD

66

$

88

$

—

$

88

1-day

SOFR

minus

0.10%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

3

4,279

—

4,279

1-day

SOFR

minus

0.13%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Goldman

Sachs

International

03/15/24

USD

5

1,768

—

1,768

1-day

SOFR

minus

0.13%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

5

1,768

—

1,768

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

61

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

minus

0.25%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/15/24

USD

7

$

2,366

$

—

$

2,366

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/15/24

USD

4

5,724

—

5,724

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/15/24

USD

3

4,129

—

4,129

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

3

4,283

—

4,283

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

1.70%

At

Termination

BNP

Paribas

SA

03/15/24

USD

1

(275)

—

(275)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

1.70%

At

Termination

JPMorgan

Chase

Bank

NA

03/15/24

USD

2

(297)

—

(297)

$

23,833

$

—

$

23,833

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Citibank

NA

(b)

02/26/24

$

(2,975,221)

$

(6,786)

(c)

$

(2,990,296)

2.0

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/24

(2,472,226)

(162,384)

(e)

(2,648,910)

1.7

$

(169,170)

$

(5,639,206)

(b)

(d)

Range:

100

basis

points

15-700

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

CitiBank

NA

(c)

Amount

includes

$8,289

of

net

dividends

and

financing

fees.

(d)

JPMChase

(e)

Amount

includes

$14,300

of

net

dividends

and

financing

fees.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

62

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

period

end,

termination

date

February

26,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

States

Dollar

General

Corp.

.......

1

$

136

(0.0)

%

Reference

Entity

—

Short

Common

Stocks

Australia

Origin

Energy

Ltd.

.........

(585)

(3,376)

0.1

Belgium

D'ieteren

Group

..........

(15)

(2,934)

0.1

Brazil

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

.............

(1,906)

(29,151)

1.0

Prio

SA

................

(182)

(1,715)

0.0

(30,866)

Canada

Brookfield

Asset

Management

Ltd.,

Class

A

..........

(215)

(8,635)

0.3

Imperial

Oil

Ltd.

..........

(286)

(16,291)

0.6

Restaurant

Brands

International,

Inc.

.................

(276)

(21,565)

0.7

Teck

Resources

Ltd.,

Class

B

.

(62)

(2,621)

0.1

(49,112)

China

Alibaba

Health

Information

Technology

Ltd.

........

(2,000)

(1,087)

0.0

China

Overseas

Land

&

Investment

Ltd.

........

(4,500)

(7,939)

0.3

China

Vanke

Co.

Ltd.,

Class

H

(2,635)

(2,439)

0.1

CSPC

Pharmaceutical

Group

Ltd.

................

(20,000)

(18,614)

0.6

Lenovo

Group

Ltd.

........

(4,000)

(5,598)

0.2

XPeng,

Inc.,

Class

A

.......

(7,400)

(53,905)

1.8

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

.......

(2,000)

(5,713)

0.2

ZTE

Corp.,

Class

H

........

(800)

(1,788)

0.1

(97,083)

Finland

Metso

OYJ

..............

(522)

(5,299)

0.2

Germany

HelloFresh

SE

...........

(40)

(631)

0.0

Vonovia

SE

.............

(1,352)

(42,482)

1.4

(43,113)

Italy

Nexi

SpA

...............

(1,289)

(10,561)

0.4

Telecom

Italia

SpA

........

(187,935)

(61,038)

2.0

(71,599)

Japan

Ajinomoto

Co.,

Inc.

........

(300)

(11,548)

0.4

Daiichi

Sankyo

Co.

Ltd.

.....

(100)

(2,738)

0.1

Hino

Motors

Ltd.

..........

(600)

(1,965)

0.1

Kansai

Electric

Power

Co.,

Inc.

(The)

...............

(200)

(2,654)

0.1

Kawasaki

Kisen

Kaisha

Ltd.

..

(100)

(4,280)

0.1

Lasertec

Corp.

...........

(400)

(105,011)

3.5

MatsukiyoCocokara

&

Co.

...

(1,700)

(30,046)

1.0

Shares

Value

%

of

Basket

Value

Japan

(continued)

Mercari,

Inc.

.............

(100)

$

(1,847)

0.1

%

Mitsubishi

Corp.

..........

(300)

(4,779)

0.2

Olympus

Corp.

...........

(800)

(11,547)

0.4

Open

House

Group

Co.

Ltd.

..

(100)

(2,958)

0.1

Recruit

Holdings

Co.

Ltd.

....

(500)

(20,905)

0.7

Renesas

Electronics

Corp.

...

(100)

(1,788)

0.0

Sony

Group

Corp.

.........

(100)

(9,463)

0.3

SUMCO

Corp.

...........

(4,500)

(67,316)

2.2

Suzuki

Motor

Corp.

........

(100)

(4,262)

0.1

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

..............

(200)

(12,222)

0.4

Tokai

Carbon

Co.

Ltd.

......

(300)

(2,176)

0.1

Yokogawa

Electric

Corp.

....

(100)

(1,901)

0.1

(299,406)

Mexico

America

Movil

SAB

de

CV

...

(45,390)

(42,073)

1.4

Netherlands

ASR

Nederland

NV

........

(62)

(2,929)

0.1

Heineken

Holding

NV

......

(576)

(48,772)

1.6

Heineken

NV

............

(162)

(16,459)

0.6

Koninklijke

Philips

NV

......

(1,580)

(36,976)

1.2

(105,136)

Norway

Aker

BP

ASA

............

(320)

(9,295)

0.3

Salmar

ASA

.............

(573)

(32,091)

1.1

(41,386)

Poland

InPost

SA

..............

(30)

(415)

0.0

KGHM

Polska

Miedz

SA

.....

(95)

(2,963)

0.1

LPP

SA

................

(1)

(4,115)

0.2

(7,493)

South

Korea

Kakao

Corp.

.............

(677)

(28,400)

1.0

LG

Chem

Ltd.

............

(8)

(3,077)

0.1

LG

Energy

Solution

Ltd.

.....

(128)

(42,242)

1.4

POSCO

Future

M

Co.

Ltd.

...

(100)

(27,618)

0.9

(101,337)

Sweden

Beijer

Ref

AB

............

(510)

(6,844)

0.2

Electrolux

AB,

Class

B

......

(346)

(3,717)

0.1

EQT

AB

................

(233)

(6,597)

0.2

Fastighets

AB

Balder,

Class

B

.

(2,509)

(17,793)

0.6

Sagax

AB,

Class

B

........

(173)

(4,762)

0.2

Skanska

AB,

Class

B

.......

(152)

(2,754)

0.1

(42,467)

Switzerland

Avolta

AG

..............

(91)

(3,583)

0.1

Baloise

Holding

AG

(Registered)

(116)

(18,187)

0.6

DSM-Firmenich

AG

........

(52)

(5,288)

0.2

Givaudan

SA

(Registered)

...

(5)

(20,734)

0.7

Helvetia

Holding

AG

(Registered)

...........

(24)

(3,309)

0.1

Partners

Group

Holding

AG

..

(2)

(2,892)

0.1

SIG

Group

AG

...........

(2,371)

(54,607)

1.8

Straumann

Holding

AG

(Registered)

...........

(112)

(18,099)

0.6

Swiss

Life

Holding

AG

(Registered)

...........

(114)

(79,225)

2.7

(205,924)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

63

Shares

Value

%

of

Basket

Value

Taiwan

Chailease

Holding

Co.

Ltd.

...

(1,000)

$

(6,284)

0.2

%

United

Kingdom

Rentokil

Initial

plc

.........

(1,176)

(6,628)

0.2

United

States

Airbnb,

Inc.,

Class

A

.......

(856)

(116,536)

3.9

Alaska

Air

Group,

Inc.

......

(51)

(1,993)

0.1

Apollo

Global

Management,

Inc.

(254)

(23,670)

0.8

Arista

Networks,

Inc.

.......

(49)

(11,540)

0.4

Blackstone,

Inc.

..........

(226)

(29,588)

1.0

Broadridge

Financial

Solutions,

Inc.

.................

(1)

(206)

0.0

Carnival

Corp.

...........

(74)

(1,372)

0.0

CDW

Corp.

.............

(12)

(2,728)

0.1

Celanese

Corp.

..........

(909)

(141,231)

4.7

Cencora,

Inc.

............

(99)

(20,333)

0.7

Charles

River

Laboratories

International,

Inc.

.......

(21)

(4,964)

0.2

Church

&

Dwight

Co.,

Inc.

...

(89)

(8,416)

0.3

Constellation

Energy

Corp.

...

(410)

(47,925)

1.6

CoStar

Group,

Inc.

........

(339)

(29,625)

1.0

Discover

Financial

Services

..

(17)

(1,911)

0.1

Enphase

Energy,

Inc.

.......

(333)

(44,003)

1.5

EQT

Corp.

..............

(833)

(32,204)

1.1

Etsy,

Inc.

...............

(15)

(1,216)

0.0

GE

HealthCare

Technologies,

Inc.

.................

(494)

(38,196)

1.3

Gen

Digital,

Inc.

..........

(1,928)

(43,997)

1.5

Generac

Holdings,

Inc.

.....

(127)

(16,413)

0.5

Global

Payments,

Inc.

......

(76)

(9,652)

0.3

Haleon

plc

..............

(8,488)

(34,752)

1.1

Hasbro,

Inc.

.............

(798)

(40,746)

1.4

Illumina,

Inc.

............

(203)

(28,266)

0.9

Iron

Mountain,

Inc.

........

(92)

(6,438)

0.2

KKR

&

Co.,

Inc.

..........

(260)

(21,541)

0.7

Lamb

Weston

Holdings,

Inc.

..

(814)

(87,985)

2.9

Lowe's

Cos.,

Inc.

.........

(404)

(89,910)

3.0

Norwegian

Cruise

Line

Holdings

Ltd.

................

(125)

(2,505)

0.1

ON

Semiconductor

Corp.

....

(685)

(57,218)

1.9

ONEOK,

Inc.

............

(52)

(3,651)

0.1

Paramount

Global,

Class

B

...

(3,978)

(58,835)

2.0

Quanta

Services,

Inc.

......

(61)

(13,164)

0.4

Ralph

Lauren

Corp.

........

(77)

(11,103)

0.4

Realty

Income

Corp.

.......

(81)

(4,651)

0.1

Revvity,

Inc.

.............

(57)

(6,231)

0.2

Southwest

Airlines

Co.

......

(5,148)

(148,674)

5.0

Take-Two

Interactive

Software,

Inc.

.................

(910)

(146,464)

4.9

Tractor

Supply

Co.

........

(154)

(33,115)

1.1

Trimble,

Inc.

.............

(48)

(2,554)

0.1

Tyson

Foods,

Inc.,

Class

A

...

(400)

(21,500)

0.7

United

Rentals,

Inc.

........

(6)

(3,440)

0.1

Walgreens

Boots

Alliance,

Inc.

(1,483)

(38,721)

1.3

Waste

Management,

Inc.

....

(557)

(99,759)

3.3

Waters

Corp.

............

(363)

(119,510)

4.0

Western

Digital

Corp.

.......

(740)

(38,754)

1.3

Xylem,

Inc.

..............

(644)

(73,648)

2.5

Zebra

Technologies

Corp.,

Class

A

..................

(8)

(2,187)

0.1

(1,823,041)

Shares

Value

%

of

Basket

Value

Preferred

Securities

Germany

Sartorius

AG

(Preference)

...

(16)

$

(5,875)

0.2

%

Total

Reference

Entity

—

Short

............

(2,990,432)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(2,990,296)

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,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

Australia

AGL

Energy

Ltd.

..........

(363)

(2,346)

0.1

Computershare

Ltd.

........

(4,156)

(69,220)

2.6

Endeavour

Group

Ltd.

......

(812)

(2,884)

0.1

Evolution

Mining

Ltd.

.......

(747)

(2,010)

0.1

Goodman

Group

..........

(327)

(5,630)

0.2

IDP

Education

Ltd.

........

(324)

(4,420)

0.2

Lendlease

Corp.

Ltd.

.......

(988)

(5,029)

0.2

Lynas

Rare

Earths

Ltd.

.....

(9,935)

(48,495)

1.8

Mineral

Resources

Ltd.

.....

(1,357)

(64,639)

2.4

NEXTDC

Ltd.

............

(257)

(2,400)

0.1

Origin

Energy

Ltd.

.........

(28)

(162)

0.0

Pro

Medicus

Ltd.

..........

(56)

(3,654)

0.1

Santos

Ltd.

.............

(248)

(1,289)

0.1

Suncorp

Group

Ltd.

........

(486)

(4,602)

0.2

(216,780)

Belgium

D'ieteren

Group

..........

(71)

(13,889)

0.5

Brazil

Banco

BTG

Pactual

SA

.....

(180)

(1,399)

0.0

BRF

SA

................

(1,461)

(4,081)

0.2

Hapvida

Participacoes

e

Investimentos

SA

.......

(127,069)

(116,319)

4.4

Localiza

Rent

a

Car

SA

.....

(6,735)

(87,903)

3.3

(209,702)

Canada

Power

Corp.

of

Canada

.....

(191)

(5,462)

0.2

Restaurant

Brands

International,

Inc.

.................

(91)

(7,110)

0.3

(12,572)

China

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(20,000)

(8,482)

0.3

Flat

Glass

Group

Co.

Ltd.,

Class

H

..................

(6,000)

(10,127)

0.4

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

..........

(800)

(3,896)

0.2

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..........

(18,000)

(21,420)

0.8

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

..............

(7,500)

(14,230)

0.5

Xiaomi

Corp.,

Class

B

......

(23,400)

(46,857)

1.8

XPeng,

Inc.,

Class

A

.......

(400)

(2,914)

0.1

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

.......

(400)

(1,143)

0.0

(109,069)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

64

Shares

Value

%

of

Basket

Value

Finland

Metso

OYJ

..............

(1,299)

$

(13,187)

0.5

%

France

Sartorius

Stedim

Biotech

....

(287)

(76,107)

2.9

Germany

HelloFresh

SE

...........

(2,035)

(32,085)

1.2

HOCHTIEF

AG

...........

(13)

(1,440)

0.0

(33,525)

Hong

Kong

Sino

Biopharmaceutical

Ltd.

..

(15,000)

(6,673)

0.2

Italy

Telecom

Italia

SpA

........

(15,273)

(4,960)

0.2

Japan

Advantest

Corp.

..........

(1,400)

(47,174)

1.8

Fujitsu

General

Ltd.

........

(100)

(1,642)

0.1

Lasertec

Corp.

...........

(100)

(26,253)

1.0

Mercari,

Inc.

.............

(1,700)

(31,395)

1.2

Nikon

Corp.

.............

(2,500)

(24,676)

0.9

Olympus

Corp.

...........

(5,100)

(73,615)

2.8

ORIX

Corp.

.............

(400)

(7,512)

0.3

Park24

Co.

Ltd.

..........

(200)

(2,556)

0.1

Rakuten

Group,

Inc.

.......

(16,200)

(72,225)

2.7

SBI

Holdings,

Inc.

.........

(600)

(13,466)

0.5

Socionext,

Inc.

...........

(500)

(9,040)

0.3

Square

Enix

Holdings

Co.

Ltd.

.

(500)

(17,925)

0.7

(327,479)

Luxembourg

Reinet

Investments

SCA

....

(188)

(4,792)

0.2

Netherlands

Koninklijke

Philips

NV

......

(1)

(23)

0.0

Poland

Bank

Polska

Kasa

Opieki

SA

.

(80)

(3,093)

0.1

InPost

SA

..............

(2,189)

(30,308)

1.2

ORLEN

SA

.............

(228)

(3,796)

0.1

(37,197)

Singapore

Sea

Ltd.,

ADR,

Class

A

.....

(786)

(31,833)

1.2

South

Africa

Growthpoint

Properties

Ltd.

..

(3,004)

(1,918)

0.1

Harmony

Gold

Mining

Co.

Ltd.

(457)

(2,977)

0.1

Sasol

Ltd.

..............

(184)

(1,854)

0.1

(6,749)

South

Korea

Delivery

Hero

SE

.........

(407)

(11,202)

0.4

Kakao

Corp.

.............

(88)

(3,692)

0.1

LG

Electronics,

Inc.

........

(17)

(1,337)

0.1

Lotte

Energy

Materials

Corp.

..

(173)

(5,616)

0.2

POSCO

Future

M

Co.

Ltd.

...

(150)

(41,427)

1.6

POSCO

Holdings,

Inc.

......

(85)

(32,682)

1.2

SK,

Inc.

................

(13)

(1,789)

0.1

(97,745)

Sweden

Beijer

Ref

AB

............

(627)

(8,414)

0.3

Securitas

AB,

Class

B

......

(344)

(3,372)

0.1

(11,786)

Shares

Value

%

of

Basket

Value

Switzerland

Bachem

Holding

AG

.......

(418)

$

(32,370)

1.2

%

Baloise

Holding

AG

(Registered)

(38)

(5,958)

0.2

DSM-Firmenich

AG

........

(310)

(31,525)

1.2

Tecan

Group

AG

(Registered)

.

(73)

(29,865)

1.2

(99,718)

United

Kingdom

Centrica

plc

.............

(2,296)

(4,116)

0.2

Ocado

Group

plc

.........

(3,348)

(32,342)

1.2

(36,458)

United

States

Air

Transport

Services

Group,

Inc.

.................

(187)

(3,293)

0.1

Airbnb,

Inc.,

Class

A

.......

(65)

(8,849)

0.3

Atlantic

Union

Bankshares

Corp.

(240)

(8,770)

0.3

Avery

Dennison

Corp.

......

(208)

(42,049)

1.6

Bank

of

Hawaii

Corp.

.......

(214)

(15,506)

0.6

Banner

Corp.

............

(96)

(5,142)

0.2

Boston

Properties,

Inc.

......

(712)

(49,961)

1.9

Brandywine

Realty

Trust

....

(41)

(221)

0.0

Celanese

Corp.

..........

(98)

(15,226)

0.6

Charles

River

Laboratories

International,

Inc.

.......

(456)

(107,798)

4.1

Church

&

Dwight

Co.,

Inc.

...

(69)

(6,525)

0.2

Columbia

Banking

System,

Inc.

(185)

(4,936)

0.2

Community

Bank

System,

Inc.

.

(223)

(11,621)

0.4

Cullen/Frost

Bankers,

Inc.

...

(40)

(4,340)

0.2

CVB

Financial

Corp.

.......

(576)

(11,629)

0.4

Darden

Restaurants,

Inc.

....

(18)

(2,957)

0.1

Dollar

General

Corp.

.......

(715)

(97,204)

3.7

Enphase

Energy,

Inc.

.......

(29)

(3,832)

0.1

EPAM

Systems,

Inc.

.......

(88)

(26,166)

1.0

First

BanCorp

............

(133)

(4,922)

0.2

Frontier

Communications

Parent,

Inc.

.................

(293)

(7,425)

0.3

Glacier

Bancorp,

Inc.

.......

(260)

(10,743)

0.4

Global

Payments,

Inc.

......

(40)

(5,080)

0.2

Independent

Bank

Group,

Inc.

.

(280)

(14,246)

0.5

International

Business

Machines

Corp.

...............

(220)

(35,981)

1.4

Iron

Mountain,

Inc.

........

(345)

(24,143)

0.9

KKR

&

Co.,

Inc.

..........

(73)

(6,048)

0.2

Lakeland

Bancorp,

Inc.

.....

(326)

(4,822)

0.2

Lamb

Weston

Holdings,

Inc.

..

(124)

(13,403)

0.5

NRG

Energy,

Inc.

.........

(41)

(2,120)

0.1

OceanFirst

Financial

Corp.

...

(268)

(4,652)

0.2

Old

National

Bancorp

......

(473)

(7,989)

0.3

ON

Semiconductor

Corp.

....

(43)

(3,592)

0.1

Pool

Corp.

..............

(19)

(7,575)

0.3

Provident

Financial

Services,

Inc.

.................

(274)

(4,940)

0.2

Ralph

Lauren

Corp.

........

(20)

(2,884)

0.1

Raymond

James

Financial,

Inc.

(68)

(7,582)

0.3

Revvity,

Inc.

.............

(786)

(85,918)

3.2

Sabre

Corp.

.............

(1,239)

(5,452)

0.2

Sandy

Spring

Bancorp,

Inc.

..

(192)

(5,230)

0.2

Simmons

First

National

Corp.,

Class

A

..............

(330)

(6,547)

0.3

Simon

Property

Group,

Inc.

..

(20)

(2,853)

0.1

SouthState

Corp.

.........

(100)

(8,445)

0.3

STERIS

plc

.............

(116)

(25,503)

1.0

Valley

National

Bancorp

.....

(1,752)

(19,027)

0.7

VF

Corp.

...............

(4,051)

(76,159)

2.9

WaFd,

Inc.

..............

(416)

(13,711)

0.5

Walgreens

Boots

Alliance,

Inc.

(226)

(5,901)

0.2

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

65

Shares

Value

%

of

Basket

Value

United

States

(continued)

WesBanco,

Inc.

..........

(156)

$

(4,894)

0.2

%

WSFS

Financial

Corp.

......

(118)

(5,420)

0.2

(859,232)

Preferred

Securities

Brazil

Alpargatas

SA

(Preference)

..

(1,409)

(2,945)

0.1

Germany

Sartorius

AG

(Preference)

...

(157)

(57,653)

2.2

Rights

Brazil

Localiza

Rent

a

Car

SA

.....

(24)

(96)

0.0

Shares

Value

%

of

Basket

Value

Investment

Companies

United

States

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

(1,882)

$

(145,648)

5.5

%

SPDR

S&P

Regional

Banking

ETF

................

(319)

(16,725)

0.6

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(2,662)

(216,367)

8.2

(378,740)

Total

Reference

Entity

—

Short

............

(2,648,910)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(2,648,910)

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

0.04

%

1-day

ESTR

.........................................

Euro

Short-Term

Rate

3.88

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

12.05

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.34

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

5.19

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

(0.04)

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.83

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8.40

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3.86

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

6.43

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)

............................................

$

10,880

$

(18,510)

$

1,682,464

$

(905,562)

$

—

OTC

Swaps

.....................................................

11,909

(57)

98,350

(246,464)

—

Options

Written

...................................................

N/A

N/A

120,717

(104,786)

(255,432)

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

66

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)

......

$

—

$

—

$

118,965

$

—

$

1,080,700

$

—

$

1,199,665

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

291,855

—

—

291,855

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

190

614,251

20,120

364,862

3,246

(d)

1,002,669

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

61,639

—

—

1,619,071

1,754

1,682,464

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

11,909

24,405

—

73,945

—

110,259

$

—

$

73,738

$

757,621

$

311,975

$

3,138,578

$

5,000

$

4,286,912

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

152,056

$

—

$

1,244,156

$

—

$

1,396,212

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

133,640

—

—

133,640

Options

written

(b)

Options

written

at

value

.....................

—

—

106,043

3,443

145,946

—

255,432

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

887

—

—

904,675

—

905,562

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

7,722

169,742

—

69,057

—

246,521

$

—

$

8,609

$

427,841

$

137,083

$

2,363,834

$

—

$

2,937,367

(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.

For

the

period

ended

December

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(819,379)

$

—

$

988,078

$

—

$

168,699

Forward

foreign

currency

exchange

contracts

....

—

—

—

(501,874)

—

—

(501,874)

Options

purchased

(a)

.....................

—

(22,018)

(485,312)

(48,533)

(285,846)

—

(841,709)

Options

written

........................

—

3,448

868,559

40,956

640,525

—

1,553,488

Swaps

..............................

—

(1,808)

(401,593)

—

(1,028,507)

3,226

(1,428,682)

$

—

$

(20,378)

$

(837,725)

$

(509,451)

$

314,250

$

3,226

$

(1,050,078)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(271,571)

$

—

$

1,279

$

—

$

(270,292)

Forward

foreign

currency

exchange

contracts

....

—

—

—

664,970

—

—

664,970

Options

purchased

(b)

.....................

—

130

388,614

(51,131)

(51,011)

(5,399)

281,203

Options

written

........................

—

—

(80,447)

(2,837)

660,488

—

577,204

Swaps

..............................

—

32,344

(137,617)

—

548,003

2,766

445,496

$

—

$

32,474

$

(101,021)

$

611,002

$

1,158,759

$

(2,633)

$

1,698,581

(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.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

67

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

..................................................................................

$

34,583,433

Average

notional

value

of

contracts

—

short

.................................................................................

$

50,881,225

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

12,713,579

Average

amounts

sold

—

in

USD

........................................................................................

$

26,484,077

Options

Average

value

of

option

contracts

purchased

................................................................................

$

505,216

Average

value

of

option

contracts

written

...................................................................................

$

201,140

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

25,625,453

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

63,286,873

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

553,496

Average

notional

value

—

sell

protection

...................................................................................

$

549,247

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

28,681,763

Average

notional

value

—

receives

fixed

rate

................................................................................

$

101,473,727

Inflation

swaps

Average

notional

value

—

receives

fixed

rate

................................................................................

$

119,265

Total

return

swaps

Average

notional

value

...............................................................................................

$

4,021,447

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

80,948

$

142,304

Forward

foreign

currency

exchange

contracts

.................................................................

291,855

133,640

Options

(a)(b)

........................................................................................

1,002,669

255,432

Swaps

—

centrally

cleared

..............................................................................

—

31,288

Swaps

—

OTC

(c)

.....................................................................................

110,259

246,521

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

1,485,731

$

809,185

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(695,195)

(279,635)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

790,536

$

529,550

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

68

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.

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

..............................

$

5,988

$

(210)

$

—

$

—

$

5,778

Bank

of

New

York

Mellon

...........................

27,775

—

—

—

27,775

Barclays

Bank

plc

................................

39,341

(12,330)

—

—

27,011

BNP

Paribas

SA

.................................

34,976

(14,406)

—

—

20,570

Citibank

NA

....................................

132,873

(47,372)

—

—

85,501

Deutsche

Bank

AG

...............................

37,148

(31,721)

—

—

5,427

Goldman

Sachs

International

........................

34,911

(9,962)

—

—

24,949

HSBC

Bank

plc

..................................

7,546

(2,626)

—

—

4,920

JPMorgan

Chase

Bank

NA

..........................

281,770

(281,770)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

46,536

(894)

—

—

45,642

Nomura

International

plc

...........................

20,620

(6,089)

—

—

14,531

State

Street

Bank

and

Trust

Co.

......................

46,032

(11,967)

—

—

34,065

UBS

AG

......................................

75,020

(8,276)

—

—

66,744

$

790,536

$

(427,623)

$

—

$

—

$

362,913

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(d)

Bank

of

America

NA

..............................

$

210

$

(210)

$

—

$

—

$

—

Barclays

Bank

plc

................................

12,330

(12,330)

—

—

—

BNP

Paribas

SA

.................................

14,406

(14,406)

—

—

—

Citibank

NA

....................................

47,372

(47,372)

—

—

—

Deutsche

Bank

AG

...............................

31,721

(31,721)

—

—

—

Goldman

Sachs

International

........................

9,962

(9,962)

—

—

—

HSBC

Bank

plc

..................................

2,626

(2,626)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

379,346

(281,770)

—

—

97,576

Morgan

Stanley

&

Co.

International

plc

..................

894

(894)

—

—

—

Nomura

International

plc

...........................

6,089

(6,089)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

11,967

(11,967)

—

—

—

Toronto

Dominion

Bank

............................

4,351

—

—

—

4,351

UBS

AG

......................................

8,276

(8,276)

—

—

—

$

529,550

$

(427,623)

$

—

$

—

$

101,927

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Net

amount

may

be

offset

further

by

the

options

receivable/payable

on

the

Statements

of

Assets

and

Liabilities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

........................................

$

—

$

498,162

$

—

$

498,162

Ireland

..............................................

—

108,561

—

108,561

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

69

Level

1

Level

2

Level

3

Total

United

States

..........................................

$

—

$

835,373

$

176,760

$

1,012,133

Common

Stocks

Australia

.............................................

—

813,409

1

813,410

Belgium

.............................................

—

29,727

—

29,727

Brazil

...............................................

25,145

331,782

—

356,927

Canada

.............................................

1,760,521

—

—

1,760,521

Cayman

Islands

........................................

—

—

16,408

16,408

China

...............................................

149,729

1,554,067

11,941

1,715,737

Denmark

.............................................

—

592,213

—

592,213

Finland

..............................................

44,651

29,862

—

74,513

France

..............................................

—

3,356,234

—

3,356,234

Germany

............................................

77,295

1,547,994

—

1,625,289

Hong

Kong

...........................................

—

380,017

—

380,017

India

...............................................

—

222,135

9,436

231,571

Indonesia

............................................

—

37,724

—

37,724

Ireland

..............................................

—

66,202

—

66,202

Israel

...............................................

428,148

—

—

428,148

Italy

................................................

—

1,221,429

—

1,221,429

Japan

...............................................

—

6,400,242

—

6,400,242

Jordan

..............................................

—

5,765

—

5,765

Luxembourg

..........................................

—

41,350

—

41,350

Macau

..............................................

—

63,034

—

63,034

Mexico

..............................................

105,707

—

—

105,707

Netherlands

...........................................

342,555

3,200,780

—

3,543,335

Norway

..............................................

—

79,732

—

79,732

Peru

................................................

6,897

—

—

6,897

Poland

..............................................

—

14,066

—

14,066

Saudi

Arabia

..........................................

—

13,431

—

13,431

Singapore

............................................

—

72,744

—

72,744

South

Africa

...........................................

—

65,459

—

65,459

South

Korea

..........................................

—

928,626

—

928,626

Spain

...............................................

—

791,824

—

791,824

Sweden

.............................................

—

529,986

—

529,986

Switzerland

...........................................

—

1,272,836

—

1,272,836

Taiwan

..............................................

—

975,565

—

975,565

United

Arab

Emirates

....................................

—

—

—

—

United

Kingdom

........................................

874,273

2,371,487

—

3,245,760

United

States

..........................................

54,964,310

2,446,670

846,142

58,257,122

Corporate

Bonds

Australia

.............................................

—

20,212

391,211

411,423

Austria

..............................................

—

206,549

—

206,549

Canada

.............................................

—

435,069

—

435,069

China

...............................................

—

187,351

—

187,351

France

..............................................

—

216,158

—

216,158

Germany

............................................

—

653,757

—

653,757

India

...............................................

—

190,913

—

190,913

Israel

...............................................

—

226,924

—

226,924

Italy

................................................

—

530,175

—

530,175

Luxembourg

..........................................

—

277,961

—

277,961

Netherlands

...........................................

—

98,592

—

98,592

Thailand

.............................................

—

191,250

—

191,250

Turkey

..............................................

—

—

34,000

34,000

United

Arab

Emirates

....................................

—

30,000

—

30,000

United

Kingdom

........................................

—

2,013,607

68,035

2,081,642

United

States

..........................................

—

5,245,740

1,383,380

6,629,120

Fixed

Rate

Loan

Interests

..................................

—

—

119,248

119,248

Floating

Rate

Loan

Interests

France

..............................................

—

235,721

—

235,721

Jersey,

Channel

Islands

...................................

—

—

112,866

112,866

Netherlands

...........................................

—

465,542

160,595

626,137

United

Kingdom

........................................

—

52,308

—

52,308

United

States

..........................................

—

1,052,364

482,997

1,535,361

Foreign

Government

Obligations

..............................

—

6,826,710

—

6,826,710

Investment

Companies

....................................

3,469,255

—

—

3,469,255

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

70

Level

1

Level

2

Level

3

Total

Non-Agency

Mortgage-Backed

Securities

........................

$

—

$

3,132,565

$

—

$

3,132,565

Other

Interests

..........................................

—

—

145,153

145,153

Preferred

Securities

Brazil

...............................................

—

55,579

184,280

239,859

China

...............................................

—

—

401,137

401,137

Germany

............................................

—

196,730

111,571

308,301

India

...............................................

—

—

6,710

6,710

Israel

...............................................

—

—

151,053

151,053

Sweden

.............................................

—

—

—

—

United

Kingdom

........................................

—

—

81,283

81,283

United

States

..........................................

158,000

29,756

2,066,671

2,254,427

U.S.

Government

Sponsored

Agency

Securities

....................

—

5,673,309

—

5,673,309

U.S.

Treasury

Obligations

...................................

—

6,921,350

—

6,921,350

Warrants

..............................................

901

7

36,503

37,411

Short-Term

Securities

Commercial

Paper

.......................................

—

260,271

—

260,271

Foreign

Government

Obligations

..............................

—

1,405,040

—

1,405,040

Money

Market

Funds

......................................

11,764,105

—

—

11,764,105

Options

Purchased

Credit

contracts

..........................................

—

190

—

190

Equity

contracts

..........................................

614,247

4

—

614,251

Foreign

currency

exchange

contracts

...........................

—

20,120

—

20,120

Interest

rate

contracts

......................................

—

364,862

—

364,862

Other

contracts

..........................................

—

3,246

—

3,246

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

22

22

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(1,431,106)

—

(1,431,106)

Investment

Sold

Short

Common

Stocks

.........................................

(282,693)

—

—

(282,693)

$

74,503,046

$

66,687,314

$

6,997,403

$

148,187,763

Investments

valued

at

NAV

(b)

......................................

3,445,001

$

151,632,764

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

61,639

$

—

$

61,639

Equity

contracts

...........................................

72,793

70,577

—

143,370

Foreign

currency

exchange

contracts

............................

—

291,855

—

291,855

Interest

rate

contracts

.......................................

1,080,700

1,693,016

—

2,773,716

Other

contracts

...........................................

—

1,754

—

1,754

Liabilities

Credit

contracts

...........................................

—

(8,552)

—

(8,552)

Equity

contracts

...........................................

(255,567)

(172,274)

—

(427,841)

Foreign

currency

exchange

contracts

............................

—

(137,083)

—

(137,083)

Interest

rate

contracts

.......................................

(1,244,156)

(1,119,678)

—

(2,363,834)

$

(346,230)

$

681,254

$

—

$

335,024

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

71

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

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Options

Purchased

Other

Interests

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2022

.....................

$

—

$

893,762

$

1,227,700

$

—

$

1,367,048

$

12,408

$

216,702

$

3,228,781

$

—

$

18,896

$

6,965,297

Transfers

into

Level

3

............

—

20,289

—

—

29,720

—

—

—

—

—

50,009

Transfers

out

of

Level

3

...........

—

—

—

—

(15,479)

—

—

—

—

—

(15,479)

Other

(a)

......................

170,699

—

(28,135)

194,173

(336,737)

—

—

—

—

Accrued

discounts/premiums

........

—

—

(9,509)

1,061

4,945

—

—

—

—

—

(3,503)

Net

realized

gain

(loss)

...........

—

(1)

4,413

891

(44,095)

(15,063)

—

—

—

—

(53,855)

Net

change

in

unrealized

appreciation

(depreciation)

(b)(c)

.............

6,061

(304,690)

(244,293)

6,280

52,243

2,655

(71,549)

(208,152)

22

6,750

(754,673)

Purchases

....................

—

291,215

1,085,523

—

138,793

—

—

162,935

—

12,874

1,691,340

Sales

.......................

—

(16,647)

(159,073)

(83,157)

(439,980)

—

—

(180,859)

—

(2,017)

(881,733)

Closing

balance,

as

of

December

31,

2023

$

176,760

$

883,928

$

1,876,626

$

119,248

$

756,458

$

—

$

145,153

$

3,002,705

$

22

$

36,503

$

6,997,403

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2023

(c)

.........

$

6,061

$

(315,107)

$

(247,444)

$

6,280

$

8,285

$

—

$

(71,549)

$

(166,964)

$

22

$

13,980

$

(766,436)

(a)

Certain

Level

3

investments

were

re-classified

between

Asset-Backed

Securities,

Corporate

Bonds,

Fixed

Rate

Loan

Interests

and

Floating

Rate

Loan

Interests.

(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,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2023

BlackRock

Annual

Report

to

Shareholders

Consolidated

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Global

Allocation

Portfolio

72

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

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

$96,318.

A

significant

change

in

the

third-party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset

Backed

Securities

........................

$

176,760

Income

Discount

Rate

9%

—

Common

Stocks

.............................

871,987

Market

Revenue

Multiple

1.00x

–

22.00x

5.63x

Volatility

30%

–

80%

76%

Time

to

Exit

0.3

–

3.0

years

2.8

years

EBITDA

Multiple

10.72x

—

Gross

Profit

Multiple

15.00x

—

Income

Discount

Rate

18%

—

Corporate

Bonds

.............................

1,876,626

Income

Discount

Rate

12%

–

56%

18%

Estimated

Recovery

Value

40%

—

Fixed

Rate

Loan

Interests

........................

119,248

Income

Discount

Rate

13%

—

Floating

Rate

Loan

Interests

......................

682,960

Income

Discount

Rate

7%

–

15%

11%

Other

Interests

..............................

145,153

Income

Discount

Rate

8%

–

10%

9%

Preferred

Stocks

(b)

............................

3,002,705

Market

Revenue

Multiple

1.00x

–

31.00x

15.05x

EBIDTAR

Multiple

8.75x

—

Volatility

30%

–

88%

62%

Time

to

Exit

0.1

–

5.0

years

2.4

years

Market

Adjustment

Multiple

1.20x

—

Gross

Profit

Multiple

28.25x

—

Direct

Profit

Multiple

4.50x

—

Income

Discount

Rate

11%

—

Warrants

..................................

25,646

Market

Revenue

Multiple

4.22x

–

31.00x

12.04x

Volatility

36%

–

88%

72%

Time

to

Exit

0.1

–

3.0

years

2.8

years

Income

Discount

Rate

26%

—

$

6,901,085

(b)

For

the

period

end

December

31,

2023,

the

valuation

technique

for

certain

investments

classified

as

Preferred

Stocks

used

recent

prior

transaction

prices

as

inputs

within

the

model

used

for

the

approximation

of

fair

value.

Schedule

of

Investments

December

31,

2023

BlackRock

Government

Money

Market

Portfolio

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Bonds,

5.13%, 12/04/24

.................

USD

168

$

167,937

Federal

Farm

Credit

Bank

Discount

Notes,

4.95%, 09/19/24

(a)

................

275

264,633

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(1-day

SOFR

+

0.06%),

5.46%

,

 01/10/24

..

35

35,000

(1-day

SOFR

+

0.05%),

5.45%

,

 02/20/24

..

775

775,000

(1-day

SOFR

+

0.05%),

5.45%

,

 05/09/24

..

470

470,000

(1-day

SOFR

+

0.10%),

5.50%

,

 08/01/24

..

200

200,000

(1-day

SOFR

+

0.09%),

5.49%

,

 08/26/24

..

800

800,000

(1-day

SOFR

+

0.09%),

5.48%

,

 09/23/24

..

380

380,000

(1-day

SOFR

+

0.17%),

5.57%

,

 01/23/25

..

510

510,000

(1-day

SOFR

+

0.14%),

5.54%

,

 05/27/25

..

700

700,000

Federal

Home

Loan

Bank

Bonds:

5.45%

,

 03/08/24

..................

310

309,964

5.53%

,

 01/08/25

..................

465

465,000

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

5.29%

,

 01/04/24

..................

680

679,702

5.37%

,

 02/02/24

..................

325

323,648

5.37%

,

 02/05/24

..................

100

99,490

5.38%

,

 02/09/24

..................

1,470

1,462,089

5.38%

,

 02/15/24

..................

355

352,639

5.28%

,

 03/01/24

..................

210

208,140

5.28%

,

 04/15/24

..................

390

383,971

5.25%

,

 06/10/24

..................

2,090

2,040,929

5.26%

,

 06/17/24

..................

100

97,552

5.05%

,

 08/02/24

..................

305

295,826

4.95%

,

 09/03/24

..................

128

123,762

4.92%

,

 11/01/24

..................

1,101

1,054,174

4.92%

,

 11/04/24

..................

128

122,623

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(1-day

SOFR

+

0.03%),

5.43%

,

 01/03/24

..

1,300

1,300,000

(1-day

SOFR

+

0.03%),

5.43%

,

 01/04/24

..

600

600,000

(1-day

SOFR

+

0.04%),

5.43%

,

 01/19/24

..

1,765

1,765,000

(1-day

SOFR

+

0.04%),

5.44%

,

 01/23/24

..

685

685,000

(1-day

SOFR

+

0.08%),

5.48%

,

 01/24/24

..

1,500

1,500,000

(1-day

SOFR

+

0.04%),

5.43%

,

 01/26/24

..

1,640

1,640,000

(1-day

SOFR

+

0.04%),

5.44%

,

 01/29/24

..

500

500,000

(1-day

SOFR

+

0.04%),

5.43%

,

 02/05/24

..

400

400,004

(1-day

SOFR

+

0.04%),

5.44%

,

 02/20/24

..

3,005

3,005,000

(1-day

SOFR

+

0.05%),

5.45%

,

 03/25/24

..

915

915,000

(1-day

SOFR

+

0.07%),

5.47%

,

 07/12/24

..

165

165,000

(1-day

SOFR

+

0.11%),

5.51%

,

 10/28/24

..

500

500,007

(1-day

SOFR

+

0.16%),

5.56%

,

 07/21/25

..

940

940,000

(1-day

SOFR

+

0.20%),

5.60%

,

 11/13/25

..

690

690,000

Federal

National

Mortgage

Association,

2.63%, 09/06/24

.................

450

441,434

Total

U.S.

Government

Sponsored

Agency

Obligations

—

23.7%

(Cost:

$27,368,524)

...............................

27,368,524

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(a)

:

5.29%, 01/02/24

..................

USD

3,288

$

3,287,517

1.77%, 01/04/24

..................

800

799,649

3.67%, 01/11/24

..................

1,120

1,118,359

4.29%, 01/18/24

..................

5,230

5,216,903

4.57%, 01/25/24

..................

185

184,348

4.72%, 01/30/24

..................

3,245

3,231,229

4.83%, 02/06/24

..................

680

676,362

4.85%, 02/08/24

..................

137

136,236

4.92%, 02/13/24

..................

5,137

5,104,493

4.97%, 02/22/24

..................

215

213,358

5.04%, 02/29/24

..................

451

446,847

5.00%, 03/05/24

..................

230

227,817

5.04%, 03/12/24

..................

723

715,470

5.12%, 04/04/24

..................

1,240

1,222,710

5.17%, 04/16/24

..................

319

314,100

5.15%, 04/18/24

..................

770

757,676

5.15%, 05/09/24

..................

2,122

2,082,004

5.13%, 05/16/24

..................

2,555

2,504,133

5.13%, 05/23/24

..................

3,120

3,055,183

5.12%, 06/13/24

..................

709

692,839

5.12%, 06/20/24

..................

1,757

1,713,807

4.85%, 09/05/24

..................

400

385,809

4.76%, 10/31/24

..................

193

184,700

U.S.

Treasury

Notes

(b)

:

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.26%, 04/30/24

......

1,170

1,169,787

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.04%),

5.37%, 07/31/24

.....

3,000

3,000,557

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

5.47%, 10/31/24

.....

860

860,538

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.20%),

5.53%, 01/31/25

.....

900

900,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.13%),

5.46%, 07/31/25

.....

2,345

2,344,653

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.17%),

5.50%, 10/31/25

.....

401

400,774

Total

U.S.

Treasury

Obligations

—

37.2%

(Cost:

$42,947,858)

...............................

42,947,858

Total

Repurchase

Agreements

—

34.0%

(Cost:

$39,250,000)

...............................

39,250,000

Total

Investments

—

94.9%

(Cost:

$109,566,382

)

(c)

.............................

109,566,382

Other

Assets

Less

Liabilities

—

5.1%

....................

5,935,841

Net

Assets

—

100.0%

...............................

$

115,502,223

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Government

Money

Market

Portfolio

74

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

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

5.34

%

12/29/23

01/02/24

$

9,000

$

9,000,000

$

9,005,340

U.S.

Government

Sponsored

Agency

Obligations,

3.99%

to

4.50%,

due

06/20/33

to

08/20/40

.........

$

11,429,628

$

9,180,000

–

–

Barclays

Capital,

Inc.

.

5.47

(a)

12/29/23

02/06/24

1,000

1,000,000

1,005,926

U.S.

Government

Sponsored

Agency

Obligation,

6.50%,

due

09/20/53

.........

997,553

1,020,001

–

–

BNP

Paribas

SA

....

5.35

12/29/23

01/02/24

9,000

9,000,000

9,005,350

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.84%,

due

07/15/26

to

11/20/63

.

71,319,099

9,180,665

–

–

JP

Morgan

Securities

LLC

...........

5.33

12/29/23

01/02/24

6,000

6,000,000

6,003,553

U.S.

Treasury

Obligations,

2.88%

to

3.13%,

due

04/30/25

to

11/15/28

.........

6,307,100

6,120,073

–

–

Mizuho

Securities

USA

LLC

...........

5.35

12/29/23

01/02/24

9,250

9,250,000

9,255,499

U.S.

Treasury

Obligation,

3.63%,

due

05/15/53

.........

10,062,500

9,435,082

–

–

TD

Securities

USA

LLC

5.33

12/29/23

01/02/24

5,000

5,000,000

5,002,961

U.S.

Treasury

Obligations,

0.88%

to

3.25%,

due

08/31/24

to

09/30/26

.........

5,315,800

5,100,013

–

–

$

39,250,000

$

40,035,834

–

–

(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

...................................

$

—

$

39,250,000

$

—

$

39,250,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

27,368,524

—

27,368,524

U.S.

Treasury

Obligations

...................................

—

42,947,858

—

42,947,858

$

—

$

109,566,382

$

—

$

109,566,382

Schedule

of

Investments

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Capital

Markets

—

0.0%

Ardagh

MP

USA,

Inc.,

(Acquired

08/02/21,

cost

$25,124)

(a)(b)

....................

2,555

$

9,964

Chemicals

—

0.1%

Element

Solutions,

Inc.

...............

629

14,555

Financial

Services

—

0.0%

Block,

Inc.,

Class

A

(a)

................

58

4,486

Ground

Transportation

—

0.1%

Uber

Technologies,

Inc.

(a)

.............

201

12,376

Hotels,

Restaurants

&

Leisure

—

0.0%

Aramark

.........................

205

5,760

IT

Services

—

0.0%

Twilio,

Inc.,

Class

A

(a)

................

29

2,200

Metals

&

Mining

—

0.2%

Constellium

SE,

Class

A

(a)

.............

1,837

36,667

Oil,

Gas

&

Consumable

Fuels

—

0.0%

NGL

Energy

Partners

LP

(a)

.............

1,229

6,846

Pharmaceuticals

—

0.1%

Catalent,

Inc.

(a)

....................

353

15,860

Software

—

0.1%

Informatica,

Inc.,

Class

A

(a)

............

702

19,930

Total

Common

Stocks

—

0.6%

(Cost:

$127,809)

................................

128,644

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

2.7%

(c)

Bombardier,

Inc.

7.13%,

06/15/26

.................

USD

61

60,715

7.88%,

04/15/27

.................

13

13,002

6.00%,

02/15/28

.................

36

35,074

7.50%,

02/01/29

.................

18

18,299

8.75%,

11/15/30

.................

30

31,941

BWX

Technologies,

Inc.

4.13%,

06/30/28

.................

10

9,273

4.13%,

04/15/29

.................

19

17,337

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

.....................

3

2,808

Spirit

AeroSystems,

Inc.

9.38%,

11/30/29

.................

42

45,960

9.75%,

11/15/30

.................

32

34,399

TransDigm,

Inc.

6.25%,

03/15/26

.................

32

31,945

6.75%,

08/15/28

.................

141

144,255

7.13%,

12/01/31

.................

67

70,210

Triumph

Group,

Inc.,

9.00%,

03/15/28

....

69

73,371

588,589

Air

Freight

&

Logistics

—

0.1%

GN

Bondco

LLC,

9.50%,

10/15/31

(c)

.....

24

23,431

Automobile

Components

—

2.0%

Clarios

Global

LP

(c)

6.75%,

05/15/25

.................

28

28,246

6.25%,

05/15/26

.................

38

38,050

8.50%,

05/15/27

.................

163

163,568

6.75%,

05/15/28

.................

58

59,173

Dealer

Tire

LLC,

8.00%,

02/01/28

(c)

......

8

7,920

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

.................

USD

9

$

8,503

5.63%,

04/30/33

.................

2

1,793

Icahn

Enterprises

LP

4.75%,

09/15/24

.................

13

12,921

6.25%,

05/15/26

.................

10

9,541

5.25%,

05/15/27

.................

61

54,792

9.75%,

01/15/29

(c)

................

20

20,404

4.38%,

02/01/29

.................

22

18,371

Tenneco,

Inc.,

8.00%,

11/17/28

(c)

.......

12

10,245

433,527

Automobiles

—

0.1%

Ford

Motor

Co.

3.25%,

02/12/32

.................

8

6,653

6.10%,

08/19/32

.................

22

22,177

28,830

Banks

—

0.5%

Banco

Espirito

Santo

SA,

4.75%,

01/15/18

(a)(d)(e)

EUR

100

28,703

Citigroup,

Inc.

(f)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.21%),

7.63%

(g)

.....................

USD

15

15,317

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

30

31,043

Wells

Fargo

&

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.61%),

7.63%

(f)(g)

...............

29

30,430

105,493

Broadline

Retail

—

0.7%

(c)

ANGI

Group

LLC,

3.88%,

08/15/28

......

17

14,357

Go

Daddy

Operating

Co.

LLC

5.25%,

12/01/27

.................

5

4,900

3.50%,

03/01/29

.................

16

14,491

LCM

Investments

Holdings

II

LLC

4.88%,

05/01/29

.................

28

26,009

8.25%,

08/01/31

.................

17

17,743

Match

Group

Holdings

II

LLC

4.63%,

06/01/28

.................

15

14,362

4.13%,

08/01/30

.................

31

28,130

3.63%,

10/01/31

.................

26

22,465

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

...

10

9,609

152,066

Building

Products

—

1.2%

(c)

Advanced

Drainage

Systems,

Inc.

5.00%,

09/30/27

.................

27

26,055

6.38%,

06/15/30

.................

25

25,187

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

.....................

14

14,211

JELD-WEN,

Inc.,

4.63%,

12/15/25

......

18

17,415

Masonite

International

Corp.

5.38%,

02/01/28

.................

8

7,680

3.50%,

02/15/30

.................

17

14,736

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%,

07/15/28

.................

21

20,032

9.75%,

07/15/28

.................

7

7,000

Standard

Industries,

Inc.

5.00%,

02/15/27

.................

2

1,950

4.75%,

01/15/28

.................

5

4,814

4.38%,

07/15/30

.................

73

67,042

3.38%,

01/15/31

.................

20

17,205

Summit

Materials

LLC

5.25%,

01/15/29

.................

3

2,903

7.25%,

01/15/31

.................

30

31,611

257,841

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

—

0.6%

AG

TTMT

Escrow

Issuer

LLC,

8.63%,

09/30/27

(c)

....................

USD

10

$

10,514

Ares

Capital

Corp.,

7.00%,

01/15/27

.....

10

10,286

Aretec

Group,

Inc.,

10.00%,

08/15/30

(c)

....

10

10,626

Blackstone

Private

Credit

Fund

7.05%,

09/29/25

.................

5

5,088

3.25%,

03/15/27

.................

5

4,587

Blue

Owl

Capital

Corp.

3.75%,

07/22/25

.................

5

4,789

3.40%,

07/15/26

.................

4

3,719

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(c)

9

9,272

Blue

Owl

Credit

Income

Corp.

5.50%,

03/21/25

.................

11

10,844

3.13%,

09/23/26

.................

3

2,740

7.75%,

09/16/27

.................

21

21,652

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(c)

...............

19

17,948

Northern

Trust

Corp.,

6.13%,

11/02/32

....

8

8,591

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/28

(c)

....................

10

10,533

131,189

Chemicals

—

2.0%

Ashland,

Inc.,

3.38%,

09/01/31

(c)

........

15

12,929

Avient

Corp.,

7.13%,

08/01/30

(c)

........

9

9,362

Celanese

US

Holdings

LLC,

6.70%,

11/15/33

8

8,677

Chemours

Co.

(The)

(c)

5.75%,

11/15/28

.................

21

20,002

4.63%,

11/15/29

.................

5

4,390

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

.

139

127,968

Gates

Global

LLC,

6.25%,

01/15/26

(c)

.....

19

18,905

HB

Fuller

Co.,

4.25%,

10/15/28

........

10

9,351

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

...

22

21,036

Ingevity

Corp.,

3.88%,

11/01/28

(c)

.......

9

8,060

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(c)

.

21

15,646

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(c)

..

11

9,302

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

20

19,234

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(c)

.

2

1,982

Scotts

Miracle-Gro

Co.

(The)

4.50%,

10/15/29

.................

2

1,777

4.00%,

04/01/31

.................

6

5,091

4.38%,

02/01/32

.................

10

8,450

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(c)

....................

44

38,170

WR

Grace

Holdings

LLC

(c)

4.88%,

06/15/27

.................

15

14,432

5.63%,

08/15/29

.................

74

65,117

7.38%,

03/01/31

.................

24

24,007

443,888

Commercial

Services

&

Supplies

—

4.2%

ADT

Security

Corp.

(The)

(c)

4.13%,

08/01/29

.................

2

1,840

4.88%,

07/15/32

.................

16

14,800

Allied

Universal

Holdco

LLC

(c)

9.75%,

07/15/27

.................

104

101,909

4.63%,

06/01/28

.................

200

181,819

APi

Group

DE,

Inc.

(c)

4.13%,

07/15/29

.................

14

12,739

4.75%,

10/15/29

.................

8

7,515

APX

Group,

Inc.

(c)

6.75%,

02/15/27

.................

14

13,965

5.75%,

07/15/29

.................

22

20,510

Aramark

Services,

Inc.,

5.00%,

02/01/28

(c)

..

50

48,502

Clean

Harbors,

Inc.

(c)

4.88%,

07/15/27

.................

2

1,960

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

5.13%,

07/15/29

.................

USD

11

$

10,515

6.38%,

02/01/31

.................

7

7,112

Covanta

Holding

Corp.

4.88%,

12/01/29

(c)

................

12

10,484

5.00%,

09/01/30

.................

9

7,661

Garda

World

Security

Corp.

(c)

4.63%,

02/15/27

.................

30

28,926

9.50%,

11/01/27

.................

8

8,065

7.75%,

02/15/28

.................

41

42,419

6.00%,

06/01/29

.................

3

2,689

GFL

Environmental,

Inc.

(c)

4.25%,

06/01/25

.................

10

9,852

3.75%,

08/01/25

.................

16

15,626

4.00%,

08/01/28

.................

38

35,127

4.38%,

08/15/29

.................

37

34,147

6.75%,

01/15/31

.................

43

44,302

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(c)

....................

9

8,986

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(c)

.

23

21,447

Prime

Security

Services

Borrower

LLC

(c)

5.75%,

04/15/26

.................

16

16,087

6.25%,

01/15/28

.................

68

67,603

Stericycle,

Inc.,

3.88%,

01/15/29

(c)

.......

9

8,166

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

...

79

76,038

Williams

Scotsman,

Inc.

(c)

6.13%,

06/15/25

.................

11

11,022

4.63%,

08/15/28

.................

12

11,334

7.38%,

10/01/31

.................

27

28,316

911,483

Communications

Equipment

—

0.6%

(c)

CommScope

Technologies

LLC,

6.00%,

06/15/25

.....................

23

18,745

CommScope,

Inc.

6.00%,

03/01/26

.................

33

29,419

4.75%,

09/01/29

.................

6

4,028

Viasat,

Inc.

5.63%,

09/15/25

.................

31

30,226

5.63%,

04/15/27

.................

26

25,155

7.50%,

05/30/31

.................

4

3,140

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

....

15

13,132

123,845

Construction

&

Engineering

—

0.9%

(c)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

40

37,255

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

.....................

122

129,019

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

11

10,207

MasTec,

Inc.,

4.50%,

08/15/28

.........

4

3,756

Pike

Corp.,

8.63%,

01/31/31

..........

6

6,305

186,542

Construction

Materials

—

0.4%

Smyrna

Ready

Mix

Concrete

LLC

(c)

6.00%,

11/01/28

.................

42

41,352

8.88%,

11/15/31

.................

45

47,303

88,655

Consumer

Finance

—

1.2%

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(c)

....................

9

9,330

Capital

One

Financial

Corp.,

(1-day

SOFR

+

2.86%),

6.38%,

06/08/34

(f)

..........

10

10,292

Global

Aircraft

Leasing

Co.

Ltd.

(c)(h)

Series

2021,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(f)

................

15

13,637

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

....................

21

19,545

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Macquarie

Airfinance

Holdings

Ltd.

(c)

8.38%,

05/01/28

.................

USD

6

$

6,284

8.13%,

03/30/29

.................

12

12,543

Navient

Corp.

5.50%,

03/15/29

.................

11

10,144

9.38%,

07/25/30

.................

18

18,858

OneMain

Finance

Corp.

7.13%,

03/15/26

.................

22

22,414

3.50%,

01/15/27

.................

7

6,478

6.63%,

01/15/28

.................

8

8,076

9.00%,

01/15/29

.................

27

28,545

5.38%,

11/15/29

.................

37

34,647

7.88%,

03/15/30

.................

25

25,734

4.00%,

09/15/30

.................

17

14,548

SLM

Corp.,

3.13%,

11/02/26

..........

14

13,054

254,129

Consumer

Staples

Distribution

&

Retail

—

1.0%

Albertsons

Cos.,

Inc.

(c)

3.25%,

03/15/26

.................

17

16,040

4.63%,

01/15/27

.................

4

3,889

5.88%,

02/15/28

.................

27

27,018

6.50%,

02/15/28

.................

10

10,119

3.50%,

03/15/29

.................

30

27,239

4.88%,

02/15/30

.................

21

20,104

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(c)

....................

37

33,936

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(c)

6

4,857

US

Foods,

Inc.

(c)

6.88%,

09/15/28

.................

13

13,382

4.75%,

02/15/29

.................

27

25,643

4.63%,

06/01/30

.................

3

2,796

7.25%,

01/15/32

.................

15

15,641

Walgreens

Boots

Alliance,

Inc.

3.20%,

04/15/30

.................

2

1,760

4.80%,

11/18/44

.................

9

7,499

4.10%,

04/15/50

.................

9

6,536

216,459

Containers

&

Packaging

—

1.9%

Ball

Corp.

6.00%,

06/15/29

.................

14

14,296

3.13%,

09/15/31

.................

15

12,933

Clydesdale

Acquisition

Holdings,

Inc.

(c)

6.63%,

04/15/29

.................

24

23,606

8.75%,

04/15/30

.................

47

43,821

Graphic

Packaging

International

LLC,

4.75%,

07/15/27

(c)

....................

9

8,730

LABL,

Inc.

(c)

5.88%,

11/01/28

.................

17

15,403

9.50%,

11/01/28

.................

30

30,300

Mauser

Packaging

Solutions

Holding

Co.

(c)

7.88%,

08/15/26

.................

207

210,660

9.25%,

04/15/27

.................

4

3,926

Owens-Brockway

Glass

Container,

Inc.

(c)

6.63%,

05/13/27

.................

3

3,000

7.25%,

05/15/31

.................

12

12,167

Sealed

Air

Corp.

(c)

4.00%,

12/01/27

.................

13

12,201

6.13%,

02/01/28

.................

11

11,095

5.00%,

04/15/29

.................

3

2,901

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(c)

7

7,490

412,529

Security

Par

(000)

Par

(000)

Value

Distributors

—

0.2%

(c)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

.............

USD

4

$

3,566

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

24

23,142

Resideo

Funding,

Inc.,

4.00%,

09/01/29

...

5

4,363

Ritchie

Bros

Holdings,

Inc.,

6.75%,

03/15/28

5

5,148

36,219

Diversified

Consumer

Services

—

1.1%

Graham

Holdings

Co.,

5.75%,

06/01/26

(c)

..

3

2,982

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(c)

..

11

9,948

Service

Corp.

International

5.13%,

06/01/29

.................

2

1,960

4.00%,

05/15/31

.................

28

25,074

Sotheby's,

7.38%,

10/15/27

(c)

..........

200

192,879

232,843

Diversified

REITs

—

0.7%

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(c)

..

7

5,849

HAT

Holdings

I

LLC

(c)

3.38%,

06/15/26

.................

16

15,038

8.00%,

06/15/27

.................

7

7,289

Highwoods

Realty

LP,

7.65%,

02/01/34

...

5

5,394

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(c)

......

22

20,152

MPT

Operating

Partnership

LP

4.63%,

08/01/29

.................

19

13,662

3.50%,

03/15/31

.................

61

38,139

VICI

Properties

LP

(c)

4.63%,

12/01/29

.................

28

26,383

4.13%,

08/15/30

.................

25

22,773

154,679

Diversified

Telecommunication

Services

—

4.8%

CCO

Holdings

LLC

(c)

5.00%,

02/01/28

.................

34

32,531

5.38%,

06/01/29

.................

22

20,737

6.38%,

09/01/29

.................

51

50,294

4.75%,

03/01/30

.................

20

18,275

4.50%,

08/15/30

.................

5

4,507

4.25%,

02/01/31

.................

36

31,462

7.38%,

03/01/31

.................

138

141,638

4.75%,

02/01/32

.................

8

7,056

4.25%,

01/15/34

.................

29

23,566

Frontier

Communications

Holdings

LLC

(c)

5.88%,

10/15/27

.................

10

9,661

5.00%,

05/01/28

.................

49

45,285

8.75%,

05/15/30

.................

105

108,014

8.63%,

03/15/31

.................

5

5,098

Level

3

Financing,

Inc.

(c)

3.40%,

03/01/27

.................

59

56,640

4.63%,

09/15/27

.................

68

40,800

3.63%,

01/15/29

.................

7

3,570

11.00%,

11/15/29

(i)

...............

41

40,660

10.50%,

05/15/30

................

62

60,121

Lumen

Technologies,

Inc.,

4.00%,

02/15/27

(c)

32

20,652

Telecom

Italia

Capital

SA

6.38%,

11/15/33

.................

13

12,715

6.00%,

09/30/34

.................

34

32,289

7.20%,

07/18/36

.................

13

13,050

7.72%,

06/04/38

.................

2

2,037

Uniti

Group

LP,

10.50%,

02/15/28

(c)

......

55

55,759

Zayo

Group

Holdings,

Inc.

(c)

4.00%,

03/01/27

.................

208

166,769

6.13%,

03/01/28

.................

65

47,740

1,050,926

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

—

0.9%

FirstEnergy

Corp.,

2.65%,

03/01/30

......

USD

4

$

3,456

NextEra

Energy

Operating

Partners

LP

(c)

3.88%,

10/15/26

.................

5

4,761

7.25%,

01/15/29

.................

11

11,516

NRG

Energy,

Inc.

5.75%,

01/15/28

.................

4

3,985

7.00%,

03/15/33

(c)

................

15

15,855

Pacific

Gas

&

Electric

Co.,

6.95%,

03/15/34

.

30

32,952

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

....................

18

17,025

PG&E

Corp.,

4.25%,

12/01/27

(c)(j)

.......

54

56,592

Vistra

Operations

Co.

LLC

(c)

5.50%,

09/01/26

.................

2

1,975

5.00%,

07/31/27

.................

2

1,947

7.75%,

10/15/31

.................

32

33,235

6.95%,

10/15/33

.................

15

15,786

199,085

Electrical

Equipment

—

0.6%

(c)

Regal

Rexnord

Corp.

6.05%,

04/15/28

.................

29

29,356

6.30%,

02/15/30

.................

15

15,389

6.40%,

04/15/33

.................

10

10,423

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

74

69,428

124,596

Electronic

Equipment,

Instruments

&

Components

—

0.5%

(c)

Coherent

Corp.,

5.00%,

12/15/29

.......

35

33,241

Sensata

Technologies,

Inc.

4.38%,

02/15/30

.................

74

68,632

3.75%,

02/15/31

.................

17

14,973

116,846

Energy

Equipment

&

Services

—

4.4%

Archrock

Partners

LP

(c)

6.88%,

04/01/27

.................

27

27,068

6.25%,

04/01/28

.................

42

41,370

Enerflex

Ltd.,

9.00%,

10/15/27

(c)

........

16

15,434

Nabors

Industries

Ltd.

(c)

7.25%,

01/15/26

.................

12

11,534

7.50%,

01/15/28

.................

17

14,701

Nabors

Industries,

Inc.

5.75%,

02/01/25

.................

49

48,984

7.38%,

05/15/27

(c)

................

2

1,959

9.13%,

01/31/30

(c)

................

18

18,073

Noble

Finance

II

LLC,

8.00%,

04/15/30

(c)

...

20

20,811

Oceaneering

International,

Inc.,

6.00%,

02/01/28

(c)

....................

5

4,846

Patterson-UTI

Energy,

Inc.,

7.15%,

10/01/33

10

10,594

Precision

Drilling

Corp.,

6.88%,

01/15/29

(c)

.

5

4,822

Tervita

Corp.,

11.00%,

12/01/25

(c)

.......

7

7,350

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(c)

.

9

9,135

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(c)

....................

8

8,300

Transocean,

Inc.

(c)

7.50%,

01/15/26

.................

36

35,369

11.50%,

01/30/27

................

37

38,665

8.00%,

02/01/27

.................

22

21,450

8.75%,

02/15/30

.................

67

70,469

USA

Compression

Partners

LP

6.88%,

04/01/26

.................

51

50,785

6.88%,

09/01/27

.................

26

25,692

Valaris

Ltd.,

8.38%,

04/30/30

(c)

.........

50

51,227

Venture

Global

LNG,

Inc.

(c)

8.13%,

06/01/28

.................

57

57,564

9.50%,

02/01/29

.................

137

144,969

8.38%,

06/01/31

.................

89

88,954

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

9.88%,

02/01/32

.................

USD

66

$

68,748

Weatherford

International

Ltd.

(c)

6.50%,

09/15/28

.................

11

11,383

8.63%,

04/30/30

.................

40

41,762

952,018

Entertainment

—

0.6%

(c)

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

.....................

16

11,969

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/24

.................

3

2,973

5.63%,

03/15/26

.................

6

5,945

6.50%,

05/15/27

.................

77

78,349

4.75%,

10/15/27

.................

24

23,012

3.75%,

01/15/28

.................

13

12,124

Playtika

Holding

Corp.,

4.25%,

03/15/29

...

5

4,363

138,735

Financial

Services

—

3.9%

Block,

Inc.

2.75%,

06/01/26

.................

73

68,841

3.50%,

06/01/31

.................

85

75,476

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(c)

...

33

32,898

Freedom

Mortgage

Corp.

(c)

12.00%,

10/01/28

................

7

7,645

12.25%,

10/01/30

................

7

7,684

GGAM

Finance

Ltd.

(c)

7.75%,

05/15/26

.................

3

3,045

8.00%,

02/15/27

.................

29

29,726

8.00%,

06/15/28

.................

7

7,242

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

16

15,575

Nationstar

Mortgage

Holdings,

Inc.

(c)

5.00%,

02/01/26

.................

88

86,060

6.00%,

01/15/27

.................

5

4,963

5.13%,

12/15/30

.................

11

9,945

5.75%,

11/15/31

.................

12

11,189

NCR

Atleos

Escrow

Corp.,

9.50%,

04/01/29

(c)

16

17,000

PennyMac

Financial

Services,

Inc.,

7.88%,

12/15/29

(c)

....................

18

18,529

Permian

Resources

Operating

LLC

(c)

5.38%,

01/15/26

.................

9

8,880

7.75%,

02/15/26

.................

41

41,711

6.88%,

04/01/27

.................

22

21,985

8.00%,

04/15/27

.................

17

17,622

5.88%,

07/01/29

.................

40

38,998

9.88%,

07/15/31

.................

21

23,336

7.00%,

01/15/32

.................

22

22,697

Rocket

Mortgage

LLC

(c)

2.88%,

10/15/26

.................

61

56,272

3.88%,

03/01/31

.................

15

13,192

4.00%,

10/15/33

.................

5

4,248

Shift4

Payments

LLC,

4.63%,

11/01/26

(c)

...

61

59,317

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(c)

.

140

140,984

845,060

Food

Products

—

1.3%

(c)

B&G

Foods,

Inc.,

8.00%,

09/15/28

......

8

8,401

Chobani

LLC

7.50%,

04/15/25

.................

96

95,520

4.63%,

11/15/28

.................

70

65,437

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

..

45

45,033

Lamb

Weston

Holdings,

Inc.

4.88%,

05/15/28

.................

8

7,824

4.13%,

01/31/30

.................

24

22,126

4.38%,

01/31/32

.................

25

22,807

Post

Holdings,

Inc.

4.63%,

04/15/30

.................

4

3,679

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

4.50%,

09/15/31

.................

USD

4

$

3,585

Simmons

Foods,

Inc.,

4.63%,

03/01/29

...

13

11,247

285,659

Gas

Utilities

—

0.2%

(c)

AmeriGas

Partners

LP,

9.38%,

06/01/28

...

19

19,621

Howard

Midstream

Energy

Partners

LLC,

8.88%,

07/15/28

................

17

17,842

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

.....................

8

7,253

44,716

Ground

Transportation

—

0.8%

Avis

Budget

Car

Rental

LLC,

8.00%,

02/15/31

(c)

15

14,979

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(c)

.

21

19,417

RXO,

Inc.,

7.50%,

11/15/27

(c)

..........

6

6,191

Uber

Technologies,

Inc.

0.00%,

12/15/25

(j)(k)

...............

27

27,455

8.00%,

11/01/26

(c)

................

12

12,223

7.50%,

09/15/27

(c)

................

22

22,784

4.50%,

08/15/29

(c)

................

73

69,639

172,688

Health

Care

Equipment

&

Supplies

—

1.6%

Avantor

Funding,

Inc.

(c)

4.63%,

07/15/28

.................

33

31,894

3.88%,

11/01/29

.................

33

29,968

Bausch

&

Lomb

Escrow

Corp.,

8.38%,

10/01/28

(c)

....................

98

103,384

Garden

Spinco

Corp.,

8.63%,

07/20/30

(c)

...

13

13,886

Medline

Borrower

LP

(c)

3.88%,

04/01/29

.................

27

24,412

5.25%,

10/01/29

.................

141

132,903

Teleflex,

Inc.

4.63%,

11/15/27

.................

2

1,944

4.25%,

06/01/28

(c)

................

10

9,478

347,869

Health

Care

Providers

&

Services

—

2.7%

Acadia

Healthcare

Co.,

Inc.

(c)

5.50%,

07/01/28

.................

5

4,924

5.00%,

04/15/29

.................

6

5,760

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(c)

30

26,110

Community

Health

Systems,

Inc.

(c)

5.63%,

03/15/27

.................

16

14,866

6.00%,

01/15/29

.................

35

31,505

5.25%,

05/15/30

.................

46

38,472

4.75%,

02/15/31

.................

46

36,162

Encompass

Health

Corp.

4.50%,

02/01/28

.................

5

4,784

4.75%,

02/01/30

.................

26

24,485

4.63%,

04/01/31

.................

23

21,164

HealthEquity,

Inc.,

4.50%,

10/01/29

(c)

.....

42

38,997

Legacy

LifePoint

Health

LLC,

4.38%,

02/15/27

(c)

....................

9

8,309

LifePoint

Health,

Inc.

(c)

9.88%,

08/15/30

.................

22

22,233

11.00%,

10/15/30

................

28

29,488

ModivCare,

Inc.,

5.88%,

11/15/25

(c)

......

29

28,638

Molina

Healthcare,

Inc.

(c)

4.38%,

06/15/28

.................

18

17,024

3.88%,

11/15/30

.................

7

6,292

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(c)

.

15

13,556

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(c)

....................

2

1,950

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(c)

...............

6

5,953

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Surgery

Center

Holdings,

Inc.

(c)

6.75%,

07/01/25

.................

USD

22

$

21,502

10.00%,

04/15/27

................

12

12,120

Tenet

Healthcare

Corp.

4.88%,

01/01/26

.................

17

16,808

6.25%,

02/01/27

.................

5

5,025

5.13%,

11/01/27

.................

18

17,596

4.63%,

06/15/28

.................

7

6,680

6.13%,

10/01/28

.................

27

26,924

6.13%,

06/15/30

.................

14

14,155

6.75%,

05/15/31

(c)

................

73

74,610

576,092

Health

Care

Technology

—

0.9%

(c)

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

.

175

158,756

IQVIA,

Inc.,

6.25%,

02/01/29

..........

30

31,318

190,074

Hotel

&

Resort

REITs

—

1.0%

RHP

Hotel

Properties

LP

4.75%,

10/15/27

.................

52

50,226

7.25%,

07/15/28

(c)

................

48

49,905

4.50%,

02/15/29

(c)

................

16

14,881

RLJ

Lodging

Trust

LP

(c)

3.75%,

07/01/26

.................

11

10,422

4.00%,

09/15/29

.................

8

7,189

Service

Properties

Trust

7.50%,

09/15/25

.................

9

9,100

8.63%,

11/15/31

(c)

................

71

74,368

216,091

Hotels,

Restaurants

&

Leisure

—

7.6%

1011778

BC

ULC

(c)

3.88%,

01/15/28

.................

11

10,392

4.38%,

01/15/28

.................

15

14,326

4.00%,

10/15/30

.................

41

36,773

Boyd

Gaming

Corp.

4.75%,

12/01/27

.................

12

11,545

4.75%,

06/15/31

(c)

................

23

21,110

Boyne

USA,

Inc.,

4.75%,

05/15/29

(c)

.....

18

16,927

Caesars

Entertainment,

Inc.

(c)

6.25%,

07/01/25

.................

14

14,038

8.13%,

07/01/27

.................

72

73,807

4.63%,

10/15/29

.................

48

43,296

7.00%,

02/15/30

.................

90

92,290

Carnival

Corp.

(c)

7.63%,

03/01/26

.................

14

14,253

5.75%,

03/01/27

.................

59

57,551

4.00%,

08/01/28

.................

11

10,227

6.00%,

05/01/29

.................

55

52,921

7.00%,

08/15/29

.................

11

11,486

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(c)

....................

170

185,031

CCM

Merger,

Inc.,

6.38%,

05/01/26

(c)

.....

9

8,775

Cedar

Fair

LP

5.50%,

05/01/25

(c)

................

6

5,970

5.38%,

04/15/27

.................

6

5,870

6.50%,

10/01/28

.................

5

4,962

Churchill

Downs,

Inc.

(c)

5.50%,

04/01/27

.................

17

16,822

4.75%,

01/15/28

.................

28

26,835

5.75%,

04/01/30

.................

70

68,249

6.75%,

05/01/31

.................

47

47,702

Fertitta

Entertainment

LLC

(c)

4.63%,

01/15/29

.................

16

14,518

6.75%,

01/15/30

.................

2

1,756

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

GLP

Capital

LP

3.25%,

01/15/32

.................

USD

31

$

26,172

6.75%,

12/01/33

.................

15

16,182

Hilton

Domestic

Operating

Co.,

Inc.

5.75%,

05/01/28

(c)

................

15

15,006

3.75%,

05/01/29

(c)

................

9

8,344

4.88%,

01/15/30

.................

12

11,630

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

4

3,940

Life

Time,

Inc.,

8.00%,

04/15/26

(c)

.......

19

19,173

Light

&

Wonder

International,

Inc.

(c)

7.00%,

05/15/28

.................

13

13,132

7.25%,

11/15/29

.................

14

14,335

7.50%,

09/01/31

.................

22

22,947

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(c)

....................

17

17,577

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(c)

23

22,885

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(c)

17

14,639

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(c)

....................

11

10,230

NCL

Corp.

Ltd.

(c)

5.88%,

03/15/26

.................

27

26,383

8.38%,

02/01/28

.................

9

9,530

8.13%,

01/15/29

.................

8

8,357

7.75%,

02/15/29

.................

13

13,079

NCL

Finance

Ltd.,

6.13%,

03/15/28

(c)

.....

11

10,530

Ontario

Gaming

GTA

LP,

8.00%,

08/01/30

(c)

.

11

11,344

Premier

Entertainment

Sub

LLC

(c)

5.63%,

09/01/29

.................

10

8,000

5.88%,

09/01/31

.................

10

7,800

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(c)

....................

9

9,605

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(c)

.

15

14,297

Royal

Caribbean

Cruises

Ltd.

(c)

4.25%,

07/01/26

.................

6

5,795

5.50%,

08/31/26

.................

11

10,892

5.38%,

07/15/27

.................

12

11,879

5.50%,

04/01/28

.................

16

15,796

8.25%,

01/15/29

.................

13

13,773

9.25%,

01/15/29

.................

16

17,210

7.25%,

01/15/30

.................

19

19,843

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(c)

....................

18

17,018

Six

Flags

Entertainment

Corp.,

7.25%,

05/15/31

(c)

....................

80

80,246

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(c)

9

9,039

Station

Casinos

LLC

(c)

4.50%,

02/15/28

.................

16

15,085

4.63%,

12/01/31

.................

28

25,247

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(c)

.....

12

11,940

Viking

Cruises

Ltd.

(c)

5.88%,

09/15/27

.................

16

15,440

7.00%,

02/15/29

.................

3

2,974

9.13%,

07/15/31

.................

54

57,543

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(c)

....................

10

9,750

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

....................

16

14,962

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(c)

..

28

27,247

Wynn

Resorts

Finance

LLC

(c)

5.13%,

10/01/29

.................

49

46,246

7.13%,

02/15/31

.................

26

27,077

1,657,551

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.8%

Ashton

Woods

USA

LLC

(c)

6.63%,

01/15/28

.................

USD

7

$

6,793

4.63%,

08/01/29

.................

8

7,114

4.63%,

04/01/30

.................

8

7,166

Brookfield

Residential

Properties,

Inc.

(c)

5.00%,

06/15/29

.................

17

15,090

4.88%,

02/15/30

.................

15

13,191

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(c)

13

12,862

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(c)

8

8,455

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(c)

....................

13

12,610

KB

Home,

7.25%,

07/15/30

...........

5

5,176

LGI

Homes,

Inc.,

8.75%,

12/15/28

(c)

......

8

8,510

Mattamy

Group

Corp.

(c)

5.25%,

12/15/27

.................

14

13,611

4.63%,

03/01/30

.................

11

10,194

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(c)

11

7,906

Taylor

Morrison

Communities,

Inc.

(c)

5.88%,

06/15/27

.................

9

9,045

5.13%,

08/01/30

.................

5

4,837

Tempur

Sealy

International,

Inc.

(c)

4.00%,

04/15/29

.................

19

17,160

3.88%,

10/15/31

.................

4

3,382

TRI

Pointe

Homes,

Inc.,

5.70%,

06/15/28

..

5

4,931

168,033

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

.................

13

11,824

4.13%,

04/30/31

(c)

................

16

14,141

Spectrum

Brands,

Inc.

(c)

5.00%,

10/01/29

.................

9

8,587

5.50%,

07/15/30

.................

3

2,911

37,463

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Calpine

Corp.

(c)

5.13%,

03/15/28

.................

34

32,598

5.00%,

02/01/31

.................

8

7,334

Clearway

Energy

Operating

LLC

(c)

4.75%,

03/15/28

.................

15

14,451

3.75%,

01/15/32

.................

27

23,456

NextEra

Energy

Partners

LP

(c)(j)

0.00%,

11/15/25

(k)

................

12

10,482

2.50%,

06/15/26

.................

12

10,752

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(c)

9

9,563

TransAlta

Corp.,

7.75%,

11/15/29

.......

7

7,434

116,070

Industrial

Conglomerates

—

1.0%

Emerald

Debt

Merger

Sub

LLC,

6.63%,

12/15/30

(c)

....................

202

206,317

Insurance

—

4.2%

(c)

Acrisure

LLC,

6.00%,

08/01/29

.........

11

9,995

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/27

.................

98

94,183

6.75%,

10/15/27

.................

143

142,494

6.75%,

04/15/28

.................

36

36,829

5.88%,

11/01/29

.................

89

84,327

7.00%,

01/15/31

.................

32

33,756

AmWINS

Group,

Inc.,

4.88%,

06/30/29

....

29

26,484

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

..

20

20,201

HUB

International

Ltd.

7.00%,

05/01/26

.................

37

37,143

7.25%,

06/15/30

.................

125

132,029

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

03/15/30

.................

USD

34

$

35,704

10.50%,

12/15/30

................

17

17,916

NFP

Corp.

4.88%,

08/15/28

.................

39

38,596

6.88%,

08/15/28

.................

136

138,258

7.50%,

10/01/30

.................

8

8,514

8.50%,

10/01/31

.................

13

14,091

Ryan

Specialty

LLC,

4.38%,

02/01/30

....

12

11,130

USI,

Inc.,

7.50%,

01/15/32

...........

30

30,714

912,364

IT

Services

—

1.7%

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(c)

.

14

12,197

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(c)

....

9

8,151

Booz

Allen

Hamilton,

Inc.,

4.00%,

07/01/29

(c)

13

12,183

Central

Parent

LLC,

8.00%,

06/15/29

(c)

....

38

39,663

Gartner,

Inc.,

4.50%,

07/01/28

(c)

........

8

7,587

GTCR

W-2

Merger

Sub

LLC,

7.50%,

01/15/31

(c)

200

211,344

Newfold

Digital

Holdings

Group,

Inc.,

11.75%,

10/15/28

(c)

....................

6

6,454

Northwest

Fiber

LLC,

4.75%,

04/30/27

(c)

...

20

19,100

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(c)

..

2

1,961

Twilio,

Inc.

3.63%,

03/15/29

.................

12

10,948

3.88%,

03/15/31

.................

34

30,277

359,865

Leisure

Products

—

0.1%

Acushnet

Co.,

7.38%,

10/15/28

(c)

.......

6

6,260

Mattel,

Inc.

6.20%,

10/01/40

.................

14

13,542

5.45%,

11/01/41

.................

13

11,707

31,509

Life

Sciences

Tools

&

Services

—

0.5%

(c)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

.................

12

11,422

4.00%,

03/15/31

.................

2

1,807

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

...

13

13,351

Star

Parent,

Inc.,

9.00%,

10/01/30

.......

86

90,631

117,211

Machinery

—

2.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(c)

.

15

14,946

ATS

Corp.,

4.13%,

12/15/28

(c)

.........

9

8,278

Chart

Industries,

Inc.

(c)

7.50%,

01/01/30

.................

68

71,077

9.50%,

01/01/31

.................

6

6,517

Enpro,

Inc.,

5.75%,

10/15/26

..........

16

15,837

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(c)

....................

6

4,628

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(h)

........

31

30,864

Madison

IAQ

LLC,

5.88%,

06/30/29

(c)

.....

34

29,957

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(c)

3

2,733

OT

Merger

Corp.,

7.88%,

10/15/29

(c)

.....

9

5,391

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(c)

....................

10

9,254

Terex

Corp.,

5.00%,

05/15/29

(c)

........

29

27,333

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(c)

...

48

48,302

Titan

International,

Inc.,

7.00%,

04/30/28

..

7

7,003

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(c)

200

196,471

Wabash

National

Corp.,

4.50%,

10/15/28

(c)

.

17

15,339

493,930

Security

Par

(000)

Par

(000)

Value

Media

—

4.9%

AMC

Networks,

Inc.,

4.75%,

08/01/25

....

USD

12

$

11,686

Cable

One,

Inc.

0.00%,

03/15/26

(j)(k)

...............

5

4,243

1.13%,

03/15/28

(j)

................

17

12,877

4.00%,

11/15/30

(c)

................

22

17,812

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

5.13%,

08/15/27

.................

30

28,638

7.75%,

04/15/28

.................

15

12,933

9.00%,

09/15/28

.................

111

115,825

7.50%,

06/01/29

.................

50

41,573

CMG

Media

Corp.,

8.88%,

12/15/27

(c)

....

20

15,862

CSC

Holdings

LLC,

6.50%,

02/01/29

(c)

....

200

176,520

DirecTV

Financing

LLC,

5.88%,

08/15/27

(c)

.

50

46,979

DISH

DBS

Corp.

5.25%,

12/01/26

(c)

................

46

39,410

5.13%,

06/01/29

.................

22

11,339

DISH

Network

Corp.,

11.75%,

11/15/27

(c)

..

75

78,289

GCI

LLC,

4.75%,

10/15/28

(c)

..........

12

11,010

Gray

Television,

Inc.

(c)

5.88%,

07/15/26

.................

10

9,727

7.00%,

05/15/27

.................

18

17,109

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

.....................

8

7,040

Midcontinent

Communications,

5.38%,

08/15/27

(c)

....................

16

15,595

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(c)

....

7

6,769

Outfront

Media

Capital

LLC

(c)

5.00%,

08/15/27

.................

35

33,831

4.25%,

01/15/29

.................

25

22,559

4.63%,

03/15/30

.................

6

5,349

7.38%,

02/15/31

.................

18

18,903

Radiate

Holdco

LLC

(c)

4.50%,

09/15/26

.................

24

18,305

6.50%,

09/15/28

.................

44

21,559

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(c)

....................

3

2,115

Sirius

XM

Radio,

Inc.

(c)

3.13%,

09/01/26

.................

27

25,371

5.00%,

08/01/27

.................

78

75,348

4.00%,

07/15/28

.................

4

3,699

Stagwell

Global

LLC,

5.63%,

08/15/29

(c)

...

8

7,358

TEGNA,

Inc.,

4.75%,

03/15/26

(c)

........

2

1,945

Univision

Communications,

Inc.

(c)

6.63%,

06/01/27

.................

5

4,986

8.00%,

08/15/28

.................

61

62,929

7.38%,

06/30/30

.................

13

12,963

Videotron

Ltd.,

3.63%,

06/15/29

(c)

.......

5

4,538

Warnermedia

Holdings,

Inc.

5.14%,

03/15/52

.................

36

30,901

5.39%,

03/15/62

.................

21

17,984

1,051,879

Metals

&

Mining

—

2.4%

Arsenal

AIC

Parent

LLC,

8.00%,

10/01/30

(c)

.

30

31,301

ATI,

Inc.

5.88%,

12/01/27

.................

24

23,651

4.88%,

10/01/29

.................

8

7,455

7.25%,

08/15/30

.................

36

37,454

5.13%,

10/01/31

.................

21

19,478

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

...

77

78,507

Carpenter

Technology

Corp.

6.38%,

07/15/28

.................

6

5,977

7.63%,

03/15/30

.................

23

23,717

ERO

Copper

Corp.,

6.50%,

02/15/30

(c)

....

18

15,881

Kaiser

Aluminum

Corp.

(c)

4.63%,

03/01/28

.................

29

26,820

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

4.50%,

06/01/31

.................

USD

30

$

25,861

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(c)

.

5

5,319

New

Gold,

Inc.,

7.50%,

07/15/27

(c)

......

41

41,364

Novelis

Corp.

(c)

3.25%,

11/15/26

.................

63

59,308

4.75%,

01/30/30

.................

85

79,938

3.88%,

08/15/31

.................

36

31,725

513,756

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Ladder

Capital

Finance

Holdings

LLLP

(c)

5.25%,

10/01/25

.................

3

2,959

4.25%,

02/01/27

.................

8

7,538

4.75%,

06/15/29

.................

4

3,607

14,104

Oil,

Gas

&

Consumable

Fuels

—

8.0%

Aethon

United

BR

LP,

8.25%,

02/15/26

(c)

...

37

37,185

Antero

Midstream

Partners

LP

(c)

5.75%,

03/01/27

.................

16

15,876

5.38%,

06/15/29

.................

17

16,343

Antero

Resources

Corp.,

7.63%,

02/01/29

(c)

.

6

6,157

Apache

Corp.,

5.35%,

07/01/49

........

9

7,483

Ascent

Resources

Utica

Holdings

LLC

(c)

9.00%,

11/01/27

.................

36

45,360

8.25%,

12/31/28

.................

58

58,337

5.88%,

06/30/29

.................

34

31,632

Baytex

Energy

Corp.,

8.50%,

04/30/30

(c)

...

17

17,593

Buckeye

Partners

LP

5.85%,

11/15/43

.................

8

6,481

5.60%,

10/15/44

.................

8

6,155

Callon

Petroleum

Co.

6.38%,

07/01/26

.................

12

11,943

8.00%,

08/01/28

(c)

................

59

60,255

7.50%,

06/15/30

(c)

................

50

50,426

Chesapeake

Energy

Corp.

(c)

5.88%,

02/01/29

.................

1

980

6.75%,

04/15/29

.................

36

36,335

CITGO

Petroleum

Corp.

(c)

7.00%,

06/15/25

.................

25

24,959

6.38%,

06/15/26

.................

20

19,934

8.38%,

01/15/29

.................

33

33,935

Civitas

Resources,

Inc.

(c)

8.38%,

07/01/28

.................

53

55,329

8.63%,

11/01/30

.................

25

26,518

8.75%,

07/01/31

.................

85

90,487

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(c)

11

9,878

CNX

Resources

Corp.,

7.38%,

01/15/31

(c)

..

7

7,049

Comstock

Resources,

Inc.

(c)

6.75%,

03/01/29

.................

25

22,863

5.88%,

01/15/30

.................

51

44,232

Crescent

Energy

Finance

LLC

(c)

7.25%,

05/01/26

.................

44

44,272

9.25%,

02/15/28

.................

39

40,465

CrownRock

LP,

5.00%,

05/01/29

(c)

.......

2

1,950

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(c)

15

15,339

DT

Midstream,

Inc.

(c)

4.13%,

06/15/29

.................

19

17,480

4.38%,

06/15/31

.................

12

10,824

Enbridge,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.43%),

8.50%,

01/15/84

(f)

...............

13

13,827

Energy

Transfer

LP

(c)

6.00%,

02/01/29

.................

7

7,063

7.38%,

02/01/31

.................

6

6,306

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

EnLink

Midstream

LLC

5.63%,

01/15/28

(c)

................

USD

24

$

23,728

5.38%,

06/01/29

.................

19

18,591

6.50%,

09/01/30

(c)

................

13

13,273

EnLink

Midstream

Partners

LP,

5.60%,

04/01/44

.....................

20

17,406

EQM

Midstream

Partners

LP

4.13%,

12/01/26

.................

5

4,830

4.50%,

01/15/29

(c)

................

3

2,834

7.50%,

06/01/30

(c)

................

6

6,450

4.75%,

01/15/31

(c)

................

11

10,237

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

06/01/27

(c)

....................

7

7,261

Genesis

Energy

LP

7.75%,

02/01/28

.................

4

4,014

8.25%,

01/15/29

.................

12

12,348

8.88%,

04/15/30

.................

9

9,306

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(c)

..

3

2,527

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(c)

.

5

4,970

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(c)

....................

13

11,960

Hilcorp

Energy

I

LP

(c)

6.25%,

11/01/28

.................

7

6,973

5.75%,

02/01/29

.................

13

12,554

6.00%,

04/15/30

.................

1

970

8.38%,

11/01/33

.................

70

74,161

ITT

Holdings

LLC,

6.50%,

08/01/29

(c)

.....

27

23,885

Kinetik

Holdings

LP

(c)

6.63%,

12/15/28

.................

6

6,113

5.88%,

06/15/30

.................

17

16,678

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(c)

....................

2

1,950

Matador

Resources

Co.

5.88%,

09/15/26

.................

16

15,867

6.88%,

04/15/28

(c)

................

21

21,301

Murphy

Oil

Corp.

5.88%,

12/01/27

.................

3

2,985

5.88%,

12/01/42

(l)

................

3

2,650

New

Fortress

Energy,

Inc.,

6.75%,

09/15/25

(c)

32

31,745

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(c)

22

22,220

Northern

Oil

&

Gas,

Inc.

(c)

8.13%,

03/01/28

.................

79

79,987

8.75%,

06/15/31

.................

20

20,832

NuStar

Logistics

LP

5.75%,

10/01/25

.................

6

5,962

6.00%,

06/01/26

.................

13

12,977

6.38%,

10/01/30

.................

2

2,004

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(c)

..

13

13,239

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(c)

.

35

33,079

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(c)

....................

2

1,912

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(c)

...............

25

25,906

SM

Energy

Co.

6.75%,

09/15/26

.................

10

9,974

6.50%,

07/15/28

.................

6

6,003

Southwestern

Energy

Co.,

5.38%,

02/01/29

.

16

15,614

Sunoco

LP

6.00%,

04/15/27

.................

6

6,005

5.88%,

03/15/28

.................

2

1,998

7.00%,

09/15/28

(c)

................

13

13,413

Tallgrass

Energy

Partners

LP

(c)

6.00%,

03/01/27

.................

3

2,933

5.50%,

01/15/28

.................

5

4,725

6.00%,

09/01/31

.................

4

3,700

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Venture

Global

Calcasieu

Pass

LLC

(c)

3.88%,

08/15/29

.................

USD

63

$

57,160

4.13%,

08/15/31

.................

9

7,929

3.88%,

11/01/33

.................

37

31,356

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(c)

..

7

6,720

Vital

Energy,

Inc.

10.13%,

01/15/28

................

18

18,496

9.75%,

10/15/30

.................

22

22,807

Western

Midstream

Operating

LP

5.45%,

04/01/44

.................

10

9,053

5.30%,

03/01/48

.................

19

16,534

5.50%,

08/15/48

.................

10

8,918

5.25%,

02/01/50

(l)

................

14

12,552

1,742,826

Passenger

Airlines

—

0.8%

Air

Canada,

3.88%,

08/15/26

(c)

.........

18

17,197

American

Airlines,

Inc.

(c)

5.75%,

04/20/29

.................

39

38,341

8.50%,

05/15/29

.................

31

32,736

Spirit

Loyalty

Cayman

Ltd.

8.00%,

09/20/25

(c)

................

9

6,739

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

01/15/26

.....

3

2,945

United

Airlines,

Inc.,

4.63%,

04/15/29

(c)

....

70

65,466

VistaJet

Malta

Finance

plc

(c)

7.88%,

05/01/27

.................

9

7,741

6.38%,

02/01/30

.................

12

8,380

179,545

Personal

Care

Products

—

0.1%

(c)

Coty,

Inc.

4.75%,

01/15/29

.................

2

1,908

6.63%,

07/15/30

.................

17

17,464

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

10

8,742

28,114

Pharmaceuticals

—

0.6%

1375209

BC

Ltd.,

9.00%,

01/30/28

(c)

.....

14

13,651

Catalent

Pharma

Solutions,

Inc.

(c)

5.00%,

07/15/27

.................

14

13,526

3.13%,

02/15/29

.................

39

34,130

3.50%,

04/01/30

.................

16

13,919

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.15%,

10/01/26

.............

60

55,463

130,689

Professional

Services

—

0.8%

(c)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

...

8

7,215

CoreLogic,

Inc.,

4.50%,

05/01/28

.......

89

77,965

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

69

64,365

KBR,

Inc.,

4.75%,

09/30/28

...........

20

18,535

Science

Applications

International

Corp.,

4.88%,

04/01/28

................

14

13,335

181,415

Real

Estate

Management

&

Development

—

0.4%

Anywhere

Real

Estate

Group

LLC

Series

AI,

7.00%,

04/15/30

..........

23

21,395

7.00%,

04/15/30

(c)

................

11

10,144

Cushman

&

Wakefield

US

Borrower

LLC

(c)

6.75%,

05/15/28

.................

22

21,890

8.88%,

09/01/31

.................

10

10,598

Howard

Hughes

Corp.

(The)

(c)

4.13%,

02/01/29

.................

25

22,292

4.38%,

02/01/31

.................

11

9,540

95,859

Security

Par

(000)

Par

(000)

Value

Retail

REITs

—

0.1%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(c)

....................

USD

12

$

10,800

Semiconductors

&

Semiconductor

Equipment

—

0.7%

(c)

Entegris

Escrow

Corp.

4.75%,

04/15/29

.................

121

116,573

5.95%,

06/15/30

.................

21

20,875

Synaptics,

Inc.,

4.00%,

06/15/29

........

15

13,455

150,903

Software

—

5.1%

Alteryx,

Inc.,

8.75%,

03/15/28

(c)

........

15

15,966

Boxer

Parent

Co.,

Inc.

(c)

7.13%,

10/02/25

.................

11

11,059

9.13%,

03/01/26

.................

59

58,870

Camelot

Finance

SA,

4.50%,

11/01/26

(c)

...

39

38,080

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(c)

.

22

22,888

Central

Parent,

Inc.,

7.25%,

06/15/29

(c)

....

61

62,211

Clarivate

Science

Holdings

Corp.

(c)

3.88%,

07/01/28

.................

73

68,831

4.88%,

07/01/29

.................

73

68,499

Cloud

Software

Group,

Inc.

(c)

6.50%,

03/31/29

.................

237

225,729

9.00%,

09/30/29

.................

122

115,955

Consensus

Cloud

Solutions,

Inc.

(c)

6.00%,

10/15/26

.................

5

4,754

6.50%,

10/15/28

.................

6

5,443

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

2

1,807

Elastic

NV,

4.13%,

07/15/29

(c)

.........

30

27,547

Fair

Isaac

Corp.,

4.00%,

06/15/28

(c)

......

19

17,981

McAfee

Corp.,

7.38%,

02/15/30

(c)

.......

80

73,060

MicroStrategy,

Inc.,

6.13%,

06/15/28

(c)

....

39

37,836

Open

Text

Corp.,

6.90%,

12/01/27

(c)

......

57

59,260

Sabre

GLBL,

Inc.,

8.63%,

06/01/27

(c)

.....

34

30,941

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(c)

67

66,044

Veritas

US,

Inc.,

7.50%,

09/01/25

(c)

......

27

22,290

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(c)

69

62,583

1,097,634

Specialized

REITs

—

0.6%

Iron

Mountain,

Inc.,

7.00%,

02/15/29

(c)

....

70

71,951

SBA

Communications

Corp.

3.88%,

02/15/27

.................

27

25,929

3.13%,

02/01/29

.................

43

38,635

136,515

Specialty

Retail

—

1.2%

Arko

Corp.,

5.13%,

11/15/29

(c)

.........

10

8,653

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

.................

9

8,548

4.75%,

03/01/30

.................

2

1,867

5.00%,

02/15/32

(c)

................

9

8,179

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(c)

..

31

28,300

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

11

10,410

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

15

14,212

Penske

Automotive

Group,

Inc.,

3.50%,

09/01/25

.....................

30

29,105

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(c)

...............

5

4,904

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

..

125

121,001

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(c)(h)

...........

20

19,907

255,086

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Seagate

HDD

Cayman

(c)

8.25%,

12/15/29

.................

32

34,513

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

8.50%,

07/15/31

.................

USD

32

$

34,730

69,243

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

(c)

Crocs,

Inc.,

4.13%,

08/15/31

..........

16

13,539

Hanesbrands,

Inc.,

4.88%,

05/15/26

.....

7

6,752

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

....

8

7,218

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.....

46

39,829

William

Carter

Co.

(The),

5.63%,

03/15/27

..

19

18,762

86,100

Trading

Companies

&

Distributors

—

2.4%

(c)

Aircastle

Ltd.,

6.50%,

07/18/28

.........

8

8,158

Beacon

Roofing

Supply,

Inc.

4.13%,

05/15/29

.................

10

9,117

6.50%,

08/01/30

.................

17

17,382

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/25

.................

45

44,856

9.75%,

08/01/27

.................

19

19,760

5.50%,

05/01/28

.................

47

45,197

7.88%,

12/01/30

.................

45

46,880

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

.....................

7

6,294

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

.....................

2

1,819

Herc

Holdings,

Inc.,

5.50%,

07/15/27

.....

38

37,518

Imola

Merger

Corp.,

4.75%,

05/15/29

.....

15

14,251

SRS

Distribution,

Inc.

4.63%,

07/01/28

.................

51

48,384

6.13%,

07/01/29

.................

42

39,817

6.00%,

12/01/29

.................

55

51,282

United

Rentals

North

America,

Inc.,

6.00%,

12/15/29

.....................

105

106,603

WESCO

Distribution,

Inc.

7.13%,

06/15/25

.................

6

6,044

7.25%,

06/15/28

.................

25

25,695

529,057

Total

Corporate

Bonds

—

94.1%

(Cost:

$20,538,002)

..............................

20,416,530

Shares

Shares

Investment

Companies

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(m)

........................

5,700

441,123

Total

Investment

Companies

—

2.0%

(Cost:

$420,670)

................................

441,123

Beneficial

Interest

(000)

Other

Interests

(n)

Capital

Markets

—

0.0%

(a)(d)

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

...................

110

110

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

...................

30

30

Total

Other

Interests

—

0.0%

(Cost:

$—)

....................................

140

Security

Par

(000)

Pa

r

(

000)

Value

Preferred

Securities

Capital

Trusts

—

1.1%

Banks

—

0.3%

(f)(g)

Citigroup,

Inc.,

Series

Y,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

..................

USD

10

$

8,582

JPMorgan

Chase

&

Co.,

Series

Q,

(3-mo.

CME

Term

SOFR

+

3.51%),

8.89%

........

20

20,117

PNC

Financial

Services

Group,

Inc.

(The)

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20%

......................

20

19,445

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

......................

17

15,847

63,991

Capital

Markets

—

0.3%

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.22%),

4.95%

(f)(g)

...

70

66,841

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70%

(f)(g)

10

9,235

Electric

Utilities

—

0.2%

(f)(g)

Edison

International,

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00%

...........

19

17,691

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(c)

................

29

30,191

47,882

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00%

(c)(f)(g)

.....................

17

16,745

Oil,

Gas

&

Consumable

Fuels

—

0.2%

Energy

Transfer

LP,

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50%

(f)(g)

.........

35

33,260

Total

Preferred

Securities

—

1.1%

(Cost:

$246,172)

................................

237,954

Total

Long-Term

Investments

—

97.8%

(Cost:

$21,332,653)

..............................

21,224,391

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

1.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(m)(o)

.................

258,917

258,917

Total

Short-Term

Securities

—

1.2%

(Cost:

$258,917)

................................

258,917

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Total

Options

Purchased

—

0.0%

(

Cost:

$3,947

)

.................................

$

2,195

Total

Investments

Before

Options

Written

—

99.0%

(Cost:

$21,595,517

)

..............................

21,485,503

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(1,180))

.....................

(583)

Total

Investments

Net

of

Options

Written

—

99.0%

(Cost:

$21,594,337

)

..............................

21,484,920

Other

Assets

Less

Liabilities

—

1.0%

...................

221,312

Net

Assets

—

100.0%

..............................

$

21,706,232

(a)

Non-income

producing

security.

(b)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$9,964,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$25,124.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

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)

When-issued

security.

(j)

Convertible

security.

(k)

Zero-coupon

bond.

(l)

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.

(m)

Affiliate

of

the

Fund.

(n)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(o)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

378,880

$

—

$

(119,963)

(a)

$

—

$

—

$

258,917

258,917

$

16,616

$

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

95,719

326,238

—

—

19,166

441,123

5,700

8,956

—

$

—

$

19,166

$

700,040

$

25,572

$

—

—

—

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

86

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

5-Year

Note

....................................................

1

03/28/24

$

109

$

2,467

Short

Contracts

U.S.

Treasury

Ultra

Bond

.....................................................

1

03/19/24

134

(12,001)

$

(9,534)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

404,000

USD

440,238

Toronto

Dominion

Bank

01/03/24

$

5,758

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SPDR

S&P

500

ETF

Trust

......................

5

01/19/24

USD

465.00

USD

238

$

697

SPDR

S&P

500

ETF

Trust

......................

5

02/16/24

USD

460.00

USD

238

1,498

$

2,195

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

SPDR

S&P

500

ETF

Trust

.......................

6

01/19/24

USD

445.00

USD

285

$

(183)

SPDR

S&P

500

ETF

Trust

.......................

5

02/16/24

USD

430.00

USD

238

(400)

$

(583)

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)

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5.00

%

Quarterly

12/20/28

B+

USD

198

$

11,825

$

2,200

$

9,625

(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.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

87

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

2,200

$

—

$

9,625

$

—

$

—

Options

Written

...................................................

N/A

N/A

597

—

(583)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

2,467

$

—

$

2,467

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

5,758

—

—

5,758

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

2,195

—

—

—

2,195

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

9,625

—

—

—

—

9,625

$

—

$

9,625

$

2,195

$

5,758

$

2,467

$

—

$

20,045

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

12,001

$

—

$

12,001

Options

written

Options

written

at

value

.....................

—

—

583

—

—

—

583

$

—

$

—

$

583

$

—

$

12,001

$

—

$

12,584

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

December

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(16,270)

$

—

$

11,631

$

—

$

(4,639)

Forward

foreign

currency

exchange

contracts

....

—

—

—

15,735

—

—

15,735

Options

purchased

(a)

.....................

—

—

(29,501)

—

—

—

(29,501)

Options

written

........................

—

—

14,780

—

—

—

14,780

Swaps

..............................

—

6,639

—

—

—

—

6,639

$

—

$

6,639

$

(30,991)

$

15,735

$

11,631

$

—

$

3,014

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

—

$

—

$

(14,869)

$

—

$

(14,869)

Forward

foreign

currency

exchange

contracts

....

—

—

—

5,758

—

—

5,758

Options

purchased

(b)

.....................

—

—

(1,995)

—

—

—

(1,995)

Options

written

........................

—

—

(980)

—

—

—

(980)

Swaps

..............................

—

9,596

—

—

—

—

9,596

$

—

$

9,596

$

(2,975)

$

5,758

$

(14,869)

$

—

$

(2,490)

(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.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

88

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

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.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

53,525

Average

notional

value

of

contracts

—

short

.................................................................................

$

388,333

Forward

foreign

currency

exchange

contracts

Average

amounts

sold

—

in

USD

........................................................................................

$

328,446

Options

Average

value

of

option

contracts

purchased

................................................................................

$

2,269

Average

value

of

option

contracts

written

...................................................................................

$

599

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

$

149,239

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

617

$

5

Forward

foreign

currency

exchange

contracts

.................................................................

5,758

—

Options

(a)

.........................................................................................

2,195

583

Swaps

—

centrally

cleared

..............................................................................

—

285

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

8,570

$

873

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(2,812)

(873)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

5,758

$

—

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(a)(b)

Toronto

Dominion

Bank

............................

$

5,758

$

—

$

—

$

—

$

5,758

(a)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Capital

Markets

........................................

$

—

$

9,964

$

—

$

9,964

Chemicals

............................................

14,555

—

—

14,555

Financial

Services

......................................

4,486

—

—

4,486

Ground

Transportation

...................................

12,376

—

—

12,376

Hotels,

Restaurants

&

Leisure

..............................

5,760

—

—

5,760

IT

Services

...........................................

2,200

—

—

2,200

Metals

&

Mining

........................................

36,667

—

—

36,667

Oil,

Gas

&

Consumable

Fuels

...............................

6,846

—

—

6,846

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

89

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Pharmaceuticals

.......................................

$

15,860

$

—

$

—

$

15,860

Software

.............................................

19,930

—

—

19,930

Corporate

Bonds

........................................

—

20,416,530

—

20,416,530

Investment

Companies

....................................

441,123

—

—

441,123

Other

Interests

..........................................

—

140

—

140

Preferred

Securities

.......................................

—

237,954

—

237,954

Short-Term

Securities

Money

Market

Funds

......................................

258,917

—

—

258,917

Options

Purchased

Equity

contracts

..........................................

2,195

—

—

2,195

$

820,915

$

20,664,588

$

—

$

21,485,503

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

9,625

$

—

$

9,625

Foreign

currency

exchange

contracts

............................

—

5,758

—

5,758

Interest

rate

contracts

.......................................

2,467

—

—

2,467

Liabilities

Equity

contracts

...........................................

(583)

—

—

(583)

Interest

rate

contracts

.......................................

(12,001)

—

—

(12,001)

$

(10,117)

$

15,383

$

—

$

5,266

(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.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

5.73%,

05/25/37

(a)

................

USD

43

$

7,240

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

05/25/35

(a)

.....

50

37,483

BCMSC

Trust

(a)

Series

2000-A,

Class

A3,

7.83%,

06/15/30

49

5,649

Series

2000-A,

Class

A4,

8.29%,

06/15/30

35

4,305

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

7.20%,

08/25/34

...............

—

(b)

296

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

...............

11

9,630

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

...............

15

14,155

Series

2007-HE3,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.72%,

04/25/37

...............

28

41,943

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

5.63%,

10/25/36

(a)

................

25

24,462

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.67%,

05/25/37

...............

133

86,358

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

5.74%,

05/25/37

...............

60

39,208

Conseco

Finance

Securitizations

Corp.,

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.....

36

9,884

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

5.69%,

12/25/25

(a)

.....................

—

(b)

562

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

.....................

11

10,795

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.53%,

01/25/29

(c)

...................

1

2,485

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

2

1,923

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust,

Series

2006-RES,

Class

4Q1B,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

and

16.00%

Cap

+

0.41%),

5.78%,

12/15/33

(a)(d)

...............

1

1,121

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.66%,

05/15/35

.........

2

2,344

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

5.63%,

11/15/36

..........

5

4,881

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

01/25/36

(a)

.....................

41

36,338

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.87%,

01/25/47

...............

USD

20

$

10,043

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

8.85%,

02/25/47

...............

25

23,911

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

05/25/37

(a)

.....

29

22,413

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

5.70%,

05/25/37

(a)

608

140,464

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

37

36,819

Series

2002-A,

Class

C,

0.00%,

06/15/33

3

3,102

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

06/25/36

....................

20

9,303

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

08/25/36

....................

13

5,026

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

05/25/37

(a)

................

17

12,545

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

12/25/34

(a)

................

78

70,181

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

...

8

4,116

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.68%,

03/25/37

(a)

..............

40

32,220

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(c)

...................

29

24,405

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(c)

...................

33

28,820

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.68%,

10/15/37

(a)(d)

.........

7

6,681

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(c)

........

25

21,866

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

07/25/36

(a)

16

3,277

Total

Asset-Backed

Securities

—

0.2%

(Cost:

$1,061,862)

..............................

796,254

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.6%

BAE

Systems

plc

...................

22,999

325,550

CAE,

Inc.

(e)

.......................

3,785

81,696

Curtiss-Wright

Corp.

.................

3,404

758,377

Dassault

Aviation

SA

................

194

38,437

Embraer

SA

(e)

.....................

9,038

41,681

Kongsberg

Gruppen

ASA

.............

1,193

54,617

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Aerospace

&

Defense

(continued)

RTX

Corp.

(f)

......................

4,137

$

348,087

Saab

AB,

Class

B

..................

7,802

470,177

Textron,

Inc.

......................

5,362

431,212

Thales

SA

........................

229

33,909

Woodward,

Inc.

....................

517

70,379

2,654,122

Air

Freight

&

Logistics

—

0.2%

CJ

Logistics

Corp.

(e)

.................

3,199

315,089

DSV

A/S

.........................

1,324

232,636

Nippon

Express

Holdings,

Inc.

..........

2,400

136,176

683,901

Automobile

Components

—

0.1%

Adient

plc

(e)

.......................

1,484

53,958

Apollo

Tyres

Ltd.

...................

2,766

15,088

Hankook

Tire

&

Technology

Co.

Ltd.

(e)

.....

1,543

54,232

HL

Mando

Co.

Ltd.

(e)

.................

1,832

55,732

Hyundai

Mobis

Co.

Ltd.

...............

215

39,391

Lear

Corp.

.......................

1,003

141,634

Magna

International,

Inc.

..............

309

18,257

Valeo

SE

........................

1,631

25,208

Visteon

Corp.

(e)

....................

37

4,621

408,121

Automobiles

—

1.7%

BYD

Co.

Ltd.,

Class

A

................

56,800

1,578,462

BYD

Co.

Ltd.,

Class

H

...............

2,000

55,169

General

Motors

Co.

.................

49,582

1,780,985

Mercedes-Benz

Group

AG

.............

25,706

1,773,659

NIO,

Inc.,

Class

A

(e)(f)

................

2,150

19,622

Tesla,

Inc.

(e)

.......................

9,422

2,341,179

7,549,076

Banks

—

4.2%

ABN

AMRO

Bank

NV,

CVA

(d)(g)

..........

9,813

147,573

AU

Small

Finance

Bank

Ltd.

(d)(g)

.........

719

6,797

Banco

Bilbao

Vizcaya

Argentaria

SA

......

106,666

972,182

Banco

Bradesco

SA

.................

3,121

9,807

Bancolombia

SA

...................

4,068

34,851

Bank

Hapoalim

BM

.................

4,609

41,405

Bank

of

America

Corp.

...............

88,790

2,989,559

Bank

of

Nova

Scotia

(The)

(f)

............

13,834

673,403

Bank

Polska

Kasa

Opieki

SA

...........

4,536

175,376

BAWAG

Group

AG

(d)(g)

...............

6,866

363,356

Canadian

Imperial

Bank

of

Commerce

(f)

....

19,695

948,297

China

Merchants

Bank

Co.

Ltd.,

Class

H

...

45,000

156,534

Citigroup,

Inc.

.....................

34,515

1,775,452

Credit

Agricole

SA

..................

12,049

171,296

DBS

Group

Holdings

Ltd.

.............

6,900

174,493

DNB

Bank

ASA

....................

52,668

1,119,787

Erste

Group

Bank

AG

................

2,621

106,163

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

29,067

292,878

HDFC

Bank

Ltd.

...................

12,234

250,504

ICICI

Bank

Ltd.

....................

3,196

38,192

IndusInd

Bank

Ltd.

..................

4,995

95,880

ING

Groep

NV

.....................

149,963

2,248,627

JPMorgan

Chase

&

Co.

..............

1,977

336,288

KakaoBank

Corp.

(e)

.................

564

12,419

Mediobanca

Banca

di

Credito

Finanziario

SpA

12,504

154,947

Mitsubishi

UFJ

Financial

Group,

Inc.

......

76,200

653,959

Mizuho

Financial

Group,

Inc.

...........

85,800

1,463,561

Societe

Generale

SA

................

20,928

556,796

Standard

Chartered

plc

...............

5,429

46,071

State

Bank

of

India

..................

1,666

12,843

Sumitomo

Mitsui

Financial

Group,

Inc.

.....

400

19,464

Swedbank

AB,

Class

A

...............

65,665

1,327,593

Security

Shares

Shares

Value

Banks

(continued)

UniCredit

SpA

.....................

33,375

$

908,791

Wells

Fargo

&

Co.

..................

2,992

147,266

18,432,410

Beverages

—

1.5%

Ambev

SA

.......................

105,544

297,486

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

Class

A

.......................

24,240

113,103

China

Resources

Beer

Holdings

Co.

Ltd.

...

2,000

8,776

Coca-Cola

Co.

(The)

................

42,064

2,478,831

Coca-Cola

Femsa

SAB

de

CV

..........

10,556

100,226

Coca-Cola

Icecek

A/S

................

598

10,634

Kirin

Holdings

Co.

Ltd.

...............

27,100

396,748

Molson

Coors

Beverage

Co.,

Class

B

.....

1,741

106,567

PepsiCo,

Inc.

.....................

14,377

2,441,790

Pernod

Ricard

SA

..................

2,894

511,433

Tsingtao

Brewery

Co.

Ltd.,

Class

H

.......

2,000

13,439

United

Spirits

Ltd.

..................

713

9,570

6,488,603

Biotechnology

—

1.0%

AbbVie,

Inc.

......................

7,686

1,191,099

Alkermes

plc

(e)

.....................

283

7,850

Amgen,

Inc.

......................

2,517

724,946

BeiGene

Ltd.

(e)

....................

1,300

18,127

Biogen,

Inc.

(e)

.....................

61

15,785

BioMarin

Pharmaceutical,

Inc.

(e)

.........

231

22,273

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

1,730

16,251

Celltrion,

Inc.

......................

427

66,679

CSL

Ltd.

.........................

1,158

225,751

Exact

Sciences

Corp.

(e)

...............

527

38,988

Genmab

A/S

(e)

.....................

658

209,805

Gilead

Sciences,

Inc.

................

3,951

320,071

Hugel,

Inc.

(e)

......................

69

7,984

Incyte

Corp.

(e)

.....................

2,842

178,449

Innovent

Biologics,

Inc.

(d)(e)(g)

...........

24,000

131,435

Moderna,

Inc.

(e)

....................

1,230

122,324

Mural

Oncology

plc

(e)

................

28

166

Neurocrine

Biosciences,

Inc.

(e)

..........

1,471

193,819

Regeneron

Pharmaceuticals,

Inc.

(e)

.......

266

233,625

Seegene,

Inc.

.....................

308

5,460

Vertex

Pharmaceuticals,

Inc.

(e)

..........

1,306

531,398

4,262,285

Broadline

Retail

—

2.2%

Alibaba

Group

Holding

Ltd.

............

102,200

984,446

Amazon.com,

Inc.

(e)

.................

48,723

7,402,973

Dollarama,

Inc.

....................

94

6,774

eBay,

Inc.

........................

20,415

890,502

JD.com,

Inc.,

Class

A

................

21,700

313,415

MercadoLibre,

Inc.

(e)

.................

52

81,720

Poya

International

Co.

Ltd.

............

1,010

18,148

Prosus

NV

.......................

533

15,878

Shinsegae,

Inc.

(e)

...................

196

26,580

9,740,436

Building

Products

—

0.0%

Owens

Corning

....................

180

26,681

Capital

Markets

—

1.4%

Central

Depository

Services

India

Ltd.

(g)

....

385

8,435

Invesco

Ltd.

......................

3,994

71,253

Macquarie

Group

Ltd.

................

10,598

1,326,677

Moody's

Corp.

.....................

5,134

2,005,135

MSCI,

Inc.

.......................

325

183,836

S&P

Global,

Inc.

...................

5,543

2,441,802

T.

Rowe

Price

Group,

Inc.

.............

134

14,431

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

XP,

Inc.,

Class

A

...................

10,735

$

279,861

6,331,430

Chemicals

—

0.6%

Asian

Paints

Ltd.

...................

2,947

120,434

Axalta

Coating

Systems

Ltd.

(e)

..........

402

13,656

BASF

SE

........................

1,672

90,032

Ecolab,

Inc.

......................

627

124,365

Hanwha

Solutions

Corp.

(e)

.............

504

15,319

Johnson

Matthey

plc

................

353

7,635

KCC

Corp.

.......................

276

48,743

LG

Chem

Ltd.

(e)

....................

2,077

798,863

LyondellBasell

Industries

NV,

Class

A

.....

1,360

129,309

Nitto

Denko

Corp.

..................

100

7,463

Novozymes

A/S,

Class

B

(f)

.............

11,558

635,382

Nutrien

Ltd.

.......................

2,050

115,492

Orica

Ltd.

........................

7,035

76,472

Pidilite

Industries

Ltd.

................

397

12,946

PPG

Industries,

Inc.

.................

877

131,155

Sumitomo

Chemical

Co.

Ltd.

...........

52,900

128,586

Supreme

Industries

Ltd.

..............

241

13,151

Syensqo

SA

(e)

.....................

1,802

187,513

UPL

Ltd.

.........................

1,756

12,385

Yara

International

ASA

...............

3,466

123,135

2,792,036

Commercial

Services

&

Supplies

—

0.1%

Tetra

Tech,

Inc.

....................

3,576

596,942

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

.............

2,000

33,993

Arcadyan

Technology

Corp.

............

7,000

38,818

BYD

Electronic

International

Co.

Ltd.

......

5,000

23,444

Ciena

Corp.

(e)

.....................

949

42,714

Zhongji

Innolight

Co.

Ltd.,

Class

A

.......

2,900

45,821

ZTE

Corp.,

Class

A

.................

79,900

296,808

481,598

Construction

&

Engineering

—

0.8%

AECOM

.........................

18,754

1,733,432

Daewoo

Engineering

&

Construction

Co.

Ltd.

(e)

10,563

33,899

Eiffage

SA

.......................

2,397

257,320

EMCOR

Group,

Inc.

.................

2,514

541,591

JGC

Holdings

Corp.

.................

1,700

19,565

Samsung

Engineering

Co.

Ltd.

(e)

.........

1,768

39,606

Stantec,

Inc.

......................

7,384

592,815

Worley

Ltd.

.......................

17,257

205,699

WSP

Global,

Inc.

...................

586

82,143

3,506,070

Construction

Materials

—

0.0%

James

Hardie

Industries

plc,

CDI

(e)

.......

1,047

40,368

Consumer

Finance

—

0.7%

American

Express

Co.

...............

12,902

2,417,061

Bajaj

Finance

Ltd.

..................

175

15,398

Capital

One

Financial

Corp.

............

126

16,521

Cholamandalam

Investment

and

Finance

Co.

Ltd.

..........................

724

10,951

Synchrony

Financial

.................

17,882

682,914

3,142,845

Consumer

Staples

Distribution

&

Retail

—

0.7%

Aeon

Co.

Ltd.

.....................

3,800

84,795

Avenue

Supermarts

Ltd.

(d)(e)(g)

...........

144

7,063

BGF

retail

Co.

Ltd.

(e)

.................

58

5,891

BIM

Birlesik

Magazalar

A/S

............

4,858

49,547

Cia

Brasileira

de

Distribuicao

(e)

..........

9,257

7,967

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Empire

Co.

Ltd.,

Class

A

..............

3,235

$

85,572

Lawson,

Inc.

......................

13,300

686,978

Migros

Ticaret

A/S

..................

27,560

313,301

Shoprite

Holdings

Ltd.

...............

2,901

43,620

Sysco

Corp.

......................

634

46,365

Target

Corp.

......................

8,789

1,251,729

Tesco

plc

........................

82,238

304,669

Tsuruha

Holdings,

Inc.

...............

2,100

192,239

Wal-Mart

de

Mexico

SAB

de

CV

.........

1,455

6,117

3,085,853

Containers

&

Packaging

—

0.0%

AptarGroup,

Inc.

...................

875

108,167

Diversified

Consumer

Services

—

0.0%

YDUQS

Participacoes

SA

.............

31,295

144,375

Diversified

Telecommunication

Services

—

0.2%

Deutsche

Telekom

AG

(Registered)

......

23,014

553,333

Nippon

Telegraph

&

Telephone

Corp.

.....

94,100

114,904

Tata

Communications

Ltd.

.............

305

6,486

Telefonica

Brasil

SA

.................

917

10,065

684,788

Electric

Utilities

—

0.8%

Acciona

SA

.......................

938

138,115

CPFL

Energia

SA

...................

26,623

210,521

Enel

SpA

........................

296,870

2,208,657

Energisa

SA

......................

2,497

27,840

Iberdrola

SA

......................

57,886

759,278

NextEra

Energy,

Inc.

................

1,355

82,303

Orsted

A/S

(d)(g)

.....................

2,556

141,696

Terna

-

Rete

Elettrica

Nazionale

.........

1,977

16,493

Verbund

AG

......................

140

12,974

3,597,877

Electrical

Equipment

—

0.6%

ABB

Ltd.

(Registered)

................

50,564

2,244,949

Bizlink

Holding,

Inc.

.................

5,954

51,727

Nidec

Corp.

......................

2,300

92,706

Nordex

SE

(e)

......................

8,850

101,554

Rockwell

Automation,

Inc.

.............

25

7,762

Signify

NV

(d)(g)

.....................

4,183

140,282

2,638,980

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Chroma

ATE,

Inc.

...................

29,000

200,782

Cognex

Corp.

.....................

129

5,384

Delta

Electronics,

Inc.

................

41,000

418,136

FLEXium

Interconnect,

Inc.

............

14,000

40,254

Keysight

Technologies,

Inc.

(e)

...........

916

145,726

Samsung

SDI

Co.

Ltd.

(e)

..............

443

161,292

Sinbon

Electronics

Co.

Ltd.

............

2,000

19,466

Spectris

plc

.......................

5,455

262,390

TE

Connectivity

Ltd.

.................

9,363

1,315,502

2,568,932

Entertainment

—

0.5%

Bilibili,

Inc.,

Class

Z

(e)

................

5,380

65,339

Electronic

Arts,

Inc.

.................

4,083

558,595

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C

(e)

......................

187

11,805

Live

Nation

Entertainment,

Inc.

(e)

........

249

23,307

NCSoft

Corp.

(e)

....................

88

16,367

NetEase,

Inc.

.....................

1,000

18,042

Netflix,

Inc.

(e)

......................

86

41,872

Nintendo

Co.

Ltd.

...................

11,100

577,576

Roku,

Inc.,

Class

A

(e)

................

1,544

141,523

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Entertainment

(continued)

Spotify

Technology

SA

(e)

..............

3,032

$

569,743

Studio

Dragon

Corp.

(e)

...............

201

8,028

Toho

Co.

Ltd.

.....................

4,500

151,921

2,184,118

Financial

Services

—

1.6%

Bajaj

Finserv

Ltd.

...................

1,240

25,103

Berkshire

Hathaway,

Inc.,

Class

B

(e)

......

3,570

1,273,276

Block,

Inc.,

Class

A

(e)

................

26,102

2,018,990

FirstRand

Ltd.

.....................

4,449

17,849

Groupe

Bruxelles

Lambert

NV

..........

4,708

370,769

Mastercard,

Inc.,

Class

A

..............

7,833

3,340,853

Sofina

SA

........................

240

59,838

Visa,

Inc.,

Class

A

(f)

.................

630

164,020

Worldline

SA

(d)(e)(g)

..................

955

16,607

7,287,305

Food

Products

—

1.1%

General

Mills,

Inc.

..................

25,315

1,649,019

Hershey

Co.

(The)

..................

571

106,457

McCormick

&

Co.,

Inc.

(Non-Voting)

......

342

23,400

MEIJI

Holdings

Co.

Ltd.

..............

600

14,252

Mondelez

International,

Inc.,

Class

A

......

441

31,942

Nestle

SA

(Registered)

...............

27,251

3,158,933

Nisshin

Seifun

Group,

Inc.

.............

1,200

16,161

Sao

Martinho

SA

...................

8,355

50,279

5,050,443

Gas

Utilities

—

0.1%

ENN

Energy

Holdings

Ltd.

.............

1,900

14,031

Gujarat

Gas

Ltd.

...................

3,876

21,483

UGI

Corp.

(f)

.......................

17,239

424,079

459,593

Ground

Transportation

—

0.0%

Grab

Holdings

Ltd.,

Class

A

(e)

...........

9,608

32,379

Localiza

Rent

a

Car

SA

...............

11,660

152,182

184,561

Health

Care

Equipment

&

Supplies

—

0.9%

Align

Technology,

Inc.

(e)

...............

121

33,154

Boston

Scientific

Corp.

(e)

..............

11,182

646,431

Cochlear

Ltd.

.....................

691

140,581

Dexcom,

Inc.

(e)

....................

230

28,541

Edwards

Lifesciences

Corp.

(e)

..........

5,683

433,329

Hologic,

Inc.

(e)

.....................

94

6,716

Intuitive

Surgical,

Inc.

(e)

...............

436

147,089

Medtronic

plc

.....................

28,520

2,349,478

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

....................

800

32,650

3,817,969

Health

Care

Providers

&

Services

—

0.8%

Cencora,

Inc.

.....................

1,079

221,605

Centene

Corp.

(e)

...................

280

20,779

Dr

Lal

PathLabs

Ltd.

(d)(g)

..............

394

12,200

Elevance

Health,

Inc.

................

3,065

1,445,331

McKesson

Corp.

...................

430

199,081

UnitedHealth

Group,

Inc.

..............

3,433

1,807,372

3,706,368

Health

Care

Technology

—

0.0%

M3,

Inc.

.........................

500

8,251

Veeva

Systems,

Inc.,

Class

A

(e)

.........

98

18,867

27,118

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

—

1.4%

Alsea

SAB

de

CV

(e)

.................

1,559

$

5,908

Aristocrat

Leisure

Ltd.

................

36,811

1,022,740

Booking

Holdings,

Inc.

(e)

..............

725

2,571,735

Boyd

Gaming

Corp.

.................

226

14,150

Just

Eat

Takeaway.com

NV

(d)(e)(g)

.........

1,765

26,911

MakeMyTrip

Ltd.

(e)(f)

.................

6,566

308,471

McDonald's

Corp.

(f)

..................

4,850

1,438,073

Meituan,

Class

B

(d)(e)(g)

................

56,120

589,191

Oriental

Land

Co.

Ltd.

...............

900

33,451

Trip.com

Group

Ltd.

(e)

................

5,007

179,742

Yum

China

Holdings,

Inc.

.............

1,476

62,627

Yum!

Brands,

Inc.

..................

702

91,723

6,344,722

Household

Durables

—

0.3%

Barratt

Developments

plc

.............

37,305

267,235

Dixon

Technologies

India

Ltd.

(g)

.........

156

12,302

DR

Horton,

Inc.

....................

443

67,327

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

...........................

80,100

361,902

Lennar

Corp.,

Class

A

................

1,176

175,271

Nikon

Corp.

......................

4,900

48,365

Panasonic

Holdings

Corp.

.............

26,100

257,022

Sekisui

House

Ltd.

..................

4,300

95,315

Taylor

Morrison

Home

Corp.

(e)

..........

536

28,595

1,313,334

Household

Products

—

0.2%

Colgate-Palmolive

Co.

...............

12,787

1,019,252

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Drax

Group

plc

....................

18,825

117,505

ReNew

Energy

Global

plc,

Class

A

(e)

......

5,007

38,354

155,859

Industrial

Conglomerates

—

2.1%

3M

Co.

..........................

12,648

1,382,679

Doosan

Co.

Ltd.

(e)

..................

515

37,385

General

Electric

Co.

.................

18,829

2,403,145

Honeywell

International,

Inc.

...........

11,601

2,432,846

Siemens

AG

(Registered)

.............

13,706

2,571,373

Siemens

Ltd.

......................

208

10,054

Smiths

Group

plc

...................

23,278

522,485

9,359,967

Industrial

REITs

—

0.3%

Prologis,

Inc.

......................

4,522

602,783

Segro

plc

........................

42,294

476,960

Tritax

Big

Box

REIT

plc

...............

22,643

48,589

1,128,332

Insurance

—

1.6%

AIA

Group

Ltd.

....................

175,200

1,524,745

AXA

SA

.........................

5,939

193,947

Direct

Line

Insurance

Group

plc

(e)

........

25,231

58,430

Manulife

Financial

Corp.

..............

22,875

505,475

Marsh

&

McLennan

Cos.,

Inc.

..........

2,930

555,147

Max

Financial

Services

Ltd.

(e)

...........

662

7,587

MetLife,

Inc.

......................

28,583

1,890,194

NN

Group

NV

.....................

15,285

604,076

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

.......................

91,500

414,248

Prudential

Financial,

Inc.

..............

2,522

261,557

Reinsurance

Group

of

America,

Inc.

......

162

26,208

Travelers

Cos.,

Inc.

(The)

.............

5,679

1,081,793

7,123,407

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

2.6%

AfreecaTV

Co.

Ltd.

(e)

................

355

$

23,484

Alphabet,

Inc.,

Class

A

(e)

..............

26,422

3,690,889

Alphabet,

Inc.,

Class

C

(e)

..............

24,707

3,481,958

Auto

Trader

Group

plc

(d)(g)

.............

57,866

531,594

Baidu,

Inc.,

Class

A

(e)

................

21,150

314,837

Joyy,

Inc.,

ADR

....................

690

27,393

Kuaishou

Technology

(d)(e)(g)

.............

13,700

93,218

Meta

Platforms,

Inc.,

Class

A

(e)

..........

4,481

1,586,095

NAVER

Corp.

.....................

973

168,349

Scout24

SE

(d)(g)

....................

899

63,569

Tencent

Holdings

Ltd.

................

45,700

1,725,398

11,706,784

IT

Services

—

0.8%

Accenture

plc,

Class

A

...............

4,139

1,452,416

Amdocs

Ltd.

......................

291

25,576

Coforge

Ltd.

......................

135

10,168

Infosys

Ltd.

.......................

3,725

68,952

Shopify,

Inc.,

Class

A

(e)

...............

10,704

833,346

VeriSign,

Inc.

(e)

....................

5,382

1,108,477

Wix.com

Ltd.

(e)

.....................

208

25,588

3,524,523

Leisure

Products

—

0.1%

Sega

Sammy

Holdings,

Inc.

............

21,700

302,957

Life

Sciences

Tools

&

Services

—

0.6%

Agilent

Technologies,

Inc.

.............

15,668

2,178,322

Bio-Rad

Laboratories,

Inc.,

Class

A

(e)

......

20

6,458

Illumina,

Inc.

(e)

.....................

598

83,266

Mettler-Toledo

International,

Inc.

(e)

.......

89

107,953

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(d)(g)

....

2,250

4,562

Syngene

International

Ltd.

(d)(g)

..........

595

5,013

WuXi

AppTec

Co.

Ltd.,

Class

H

(d)(g)

.......

7,100

72,335

2,457,909

Machinery

—

0.6%

Amada

Co.

Ltd.

....................

58,700

610,191

CNH

Industrial

NV

..................

975

11,875

Cummins

India

Ltd.

.................

4,622

109,024

Graco,

Inc.

(f)

......................

1,938

168,141

Kone

OYJ,

Class

B

.................

492

24,610

Oshkosh

Corp.

....................

3,692

400,250

Otis

Worldwide

Corp.

................

13,457

1,203,998

Turk

Traktor

ve

Ziraat

Makineleri

A/S

......

603

14,569

Wartsila

OYJ

Abp

...................

19,872

288,808

Weir

Group

plc

(The)

................

300

7,209

2,838,675

Marine

Transportation

—

0.4%

Evergreen

Marine

Corp.

Taiwan

Ltd.

......

3,000

14,005

Kuehne

+

Nagel

International

AG

(Registered)

4,479

1,545,689

1,559,694

Media

—

0.1%

Cable

One,

Inc.

....................

25

13,915

Fox

Corp.,

Class

A

..................

6,446

191,253

Fox

Corp.,

Class

B

..................

11,348

313,772

MultiChoice

Group

(e)

.................

1,516

6,714

Paramount

Global,

Class

B

(f)

...........

5,166

76,405

602,059

Metals

&

Mining

—

1.2%

Alcoa

Corp.

.......................

3,947

134,198

Anglo

American

plc

.................

29,186

740,297

Antofagasta

plc

....................

856

18,303

APL

Apollo

Tubes

Ltd.

...............

1,130

20,856

ArcelorMittal

SA

....................

51,581

1,463,870

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Franco-Nevada

Corp.

................

72

$

7,975

Norsk

Hydro

ASA

...................

10,816

72,701

POSCO

Holdings,

Inc.

...............

489

188,016

Rio

Tinto

plc

......................

2,660

197,854

Southern

Copper

Corp.

(f)

..............

2,327

200,285

thyssenkrupp

AG

...................

49,609

345,102

Wheaton

Precious

Metals

Corp.

.........

37,542

1,852,097

5,241,554

Multi-Utilities

—

0.2%

Engie

SA

........................

50,731

893,693

Oil,

Gas

&

Consumable

Fuels

—

2.5%

BP

plc

..........................

42,068

249,382

Chevron

Corp.

.....................

8,456

1,261,297

ConocoPhillips

(f)

....................

21,556

2,502,005

Cosan

SA

........................

14,819

58,583

Crescent

Point

Energy

Corp.

...........

11,296

78,344

Enbridge,

Inc.

.....................

62,810

2,261,075

ENEOS

Holdings,

Inc.

...............

32,900

130,489

EOG

Resources,

Inc.

................

1,194

144,414

Equinor

ASA

......................

9,955

315,493

Exxon

Mobil

Corp.

..................

6,392

639,072

Keyera

Corp.

(f)

.....................

8,046

194,493

Marathon

Oil

Corp.

..................

2,937

70,958

Marathon

Petroleum

Corp.

............

5,642

837,047

Parkland

Corp.

....................

4,811

155,072

Pembina

Pipeline

Corp.

..............

1,748

60,182

Petroleo

Brasileiro

SA

................

6,008

48,049

Repsol

SA

.......................

934

13,855

Shell

plc

.........................

252

8,249

SK

Innovation

Co.

Ltd.

(e)

..............

896

96,963

S-Oil

Corp.

.......................

101

5,439

Ultrapar

Participacoes

SA

.............

7,086

38,411

Valero

Energy

Corp.

.................

14,436

1,876,680

11,045,552

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

...............

93

6,587

West

Fraser

Timber

Co.

Ltd.

...........

430

36,787

43,374

Passenger

Airlines

—

0.1%

Alaska

Air

Group,

Inc.

(e)

...............

578

22,583

Delta

Air

Lines,

Inc.

.................

2,800

112,644

easyJet

plc

(e)

......................

3,447

22,362

Singapore

Airlines

Ltd.

...............

91,200

452,838

United

Airlines

Holdings,

Inc.

(e)

..........

813

33,544

643,971

Personal

Care

Products

—

0.1%

Amorepacific

Group

(e)

................

693

15,682

LG

H&H

Co.

Ltd.

(e)

..................

74

20,327

Natura

&

Co.

Holding

SA

(e)

............

11,644

39,854

Shiseido

Co.

Ltd.

...................

1,300

39,185

Unilever

plc

.......................

9,548

462,229

577,277

Pharmaceuticals

—

3.3%

Alkem

Laboratories

Ltd.

..............

570

35,621

Astellas

Pharma,

Inc.

................

80,700

959,787

AstraZeneca

plc

...................

2,501

337,360

Bristol-Myers

Squibb

Co.

..............

22,985

1,179,360

Daiichi

Sankyo

Co.

Ltd.

...............

5,300

145,097

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

.........

3,600

24,905

Eli

Lilly

&

Co.

.....................

3,108

1,811,715

GSK

plc

.........................

13,293

245,511

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Johnson

&

Johnson

.................

19,158

$

3,002,825

Kyowa

Kirin

Co.

Ltd.

.................

400

6,712

Merck

&

Co.,

Inc.

...................

13,316

1,451,710

Nippon

Shinyaku

Co.

Ltd.

.............

1,000

35,374

Novartis

AG

(Registered)

.............

16,823

1,699,300

Novo

Nordisk

A/S,

Class

B

............

22,496

2,331,287

Otsuka

Holdings

Co.

Ltd.

.............

11,000

411,367

Pfizer,

Inc.

.......................

27,681

796,936

Shionogi

&

Co.

Ltd.

.................

3,400

163,635

UCB

SA

.........................

720

62,764

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

....

1,100

7,589

Zydus

Lifesciences

Ltd.

..............

7,751

64,168

14,773,023

Professional

Services

—

0.7%

Computer

Age

Management

Services

Ltd.

..

223

7,100

ExlService

Holdings,

Inc.

(e)

............

569

17,553

Experian

plc

......................

28,683

1,170,133

Genpact

Ltd.

......................

11,177

387,953

KBR,

Inc.

........................

7,414

410,810

Paychex,

Inc.

.....................

2,144

255,372

Recruit

Holdings

Co.

Ltd.

.............

17,600

735,876

2,984,797

Real

Estate

Management

&

Development

—

0.7%

China

Resources

Land

Ltd.

............

26,000

93,289

FirstService

Corp.

..................

925

149,844

Jones

Lang

LaSalle,

Inc.

(e)

.............

90

16,998

Lendlease

Corp.

Ltd.

(h)

...............

3,124

15,902

Mitsubishi

Estate

Co.

Ltd.

.............

16,100

220,700

Mitsui

Fudosan

Co.

Ltd.

..............

69,400

1,696,810

Nomura

Real

Estate

Holdings,

Inc.

.......

10,000

262,405

Tokyo

Tatemono

Co.

Ltd.

..............

2,000

29,865

Wharf

Real

Estate

Investment

Co.

Ltd.

....

7,000

23,663

Zillow

Group,

Inc.,

Class

C

(e)

...........

8,312

480,932

2,990,408

Residential

REITs

—

0.1%

Camden

Property

Trust

...............

3,611

358,536

Retail

REITs

—

0.0%

Brixmor

Property

Group,

Inc.

...........

297

6,911

Klepierre

SA

......................

1,224

33,416

40,327

Semiconductors

&

Semiconductor

Equipment

—

3.8%

3peak,

Inc.,

Class

A

.................

409

8,400

Applied

Materials,

Inc.

...............

15,902

2,577,237

ASPEED

Technology,

Inc.

.............

1,000

101,301

Broadcom,

Inc.

....................

434

484,452

Cirrus

Logic,

Inc.

(e)

..................

398

33,110

First

Solar,

Inc.

(e)

...................

174

29,977

Global

Unichip

Corp.

................

2,000

113,048

Intel

Corp.

.......................

8,420

423,105

JA

Solar

Technology

Co.

Ltd.,

Class

A

.....

13,780

40,088

KLA

Corp.

........................

1,386

805,682

Lam

Research

Corp.

................

208

162,918

Lattice

Semiconductor

Corp.

(e)

..........

148

10,210

MediaTek,

Inc.

.....................

11,000

363,219

Micron

Technology,

Inc.

...............

964

82,268

NVIDIA

Corp.

.....................

12,192

6,037,722

Parade

Technologies

Ltd.

.............

1,000

38,980

Phison

Electronics

Corp.

..............

7,000

118,320

QUALCOMM,

Inc.

..................

19,074

2,758,673

Realtek

Semiconductor

Corp.

..........

14,000

214,689

RichWave

Technology

Corp.

(e)

..........

3,000

17,938

Risen

Energy

Co.

Ltd.,

Class

A

..........

2,900

7,187

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

.......................

4,900

$

50,886

Silergy

Corp.

......................

1,000

16,231

Sino-American

Silicon

Products,

Inc.

......

19,000

121,103

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

400

7,270

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

95,000

1,821,297

Teradyne,

Inc.

.....................

105

11,395

Tokyo

Electron

Ltd.

.................

1,800

319,932

Win

Semiconductors

Corp.

............

2,000

10,334

16,786,972

Software

—

4.9%

Adobe,

Inc.

(e)

......................

4,749

2,833,253

Atlassian

Corp.,

Class

A

(e)

.............

145

34,490

Autodesk,

Inc.

(e)

....................

73

17,774

Birlasoft

Ltd.

......................

14,208

122,962

Box,

Inc.,

Class

A

(e)

.................

3,372

86,357

Cadence

Design

Systems,

Inc.

(e)

........

6,865

1,869,820

Guidewire

Software,

Inc.

(e)

.............

280

30,531

KPIT

Technologies

Ltd.

...............

863

15,683

Manhattan

Associates,

Inc.

(e)

...........

6,710

1,444,797

Microsoft

Corp.

....................

32,233

12,120,897

Monday.com

Ltd.

(e)

..................

36

6,761

Nice

Ltd.

(e)

.......................

35

6,961

Nutanix,

Inc.,

Class

A

(e)

...............

2,780

132,578

Salesforce,

Inc.

(e)

...................

1,370

360,502

SAP

SE

.........................

15,144

2,330,989

ServiceNow,

Inc.

(e)

..................

10

7,065

Splunk,

Inc.

(e)

.....................

619

94,305

Teradata

Corp.

(e)

...................

773

33,633

TOTVS

SA

(e)

......................

2,320

15,971

Workday,

Inc.,

Class

A

(e)

..............

681

187,997

21,753,326

Specialized

REITs

—

0.3%

American

Tower

Corp.

...............

1,211

261,430

Equinix,

Inc.

......................

202

162,689

Weyerhaeuser

Co.

..................

25,601

890,147

1,314,266

Specialty

Retail

—

1.1%

Best

Buy

Co.,

Inc.

..................

23,993

1,878,172

Fast

Retailing

Co.

Ltd.

...............

600

148,367

Home

Depot,

Inc.

(The)

..............

1,216

421,405

Industria

de

Diseno

Textil

SA

...........

21,774

950,088

Lojas

Renner

SA

...................

2,016

7,197

TJX

Cos.,

Inc.

(The)

.................

13,993

1,312,683

Trent

Ltd.

........................

421

15,447

Zalando

SE

(d)(e)(g)

...................

392

9,280

ZOZO,

Inc.

.......................

2,700

60,937

4,803,576

Technology

Hardware,

Storage

&

Peripherals

—

3.7%

Advantech

Co.

Ltd.

.................

1,099

13,299

Apple,

Inc.

.......................

70,145

13,505,017

Dell

Technologies,

Inc.,

Class

C

.........

3,707

283,586

Hewlett

Packard

Enterprise

Co.

.........

38,331

650,860

HP,

Inc.

.........................

68,020

2,046,722

Pure

Storage,

Inc.,

Class

A

(e)

...........

1,643

58,589

16,558,073

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

adidas

AG

.......................

173

35,155

ANTA

Sports

Products

Ltd.

............

17,400

169,116

Burberry

Group

plc

..................

2,641

47,636

Deckers

Outdoor

Corp.

(e)

..............

432

288,762

Hermes

International

SCA

.............

476

1,011,745

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Lululemon

Athletica,

Inc.

(e)

.............

2,860

$

1,462,289

Makalot

Industrial

Co.

Ltd.

.............

26,000

299,863

Mavi

Giyim

Sanayi

ve

Ticaret

A/S,

Class

B

(d)(g)

3,600

14,232

Moncler

SpA

......................

1,877

115,566

Titan

Co.

Ltd.

.....................

388

17,125

3,461,489

Trading

Companies

&

Distributors

—

0.0%

Mitsubishi

Corp.

....................

2,100

33,452

Mitsui

&

Co.

Ltd.

...................

100

3,746

37,198

Transportation

Infrastructure

—

0.1%

Flughafen

Zurich

AG

(Registered)

........

950

198,498

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

..........................

2,799

29,602

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

.......................

2,688

47,148

275,248

Water

Utilities

—

0.1%

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

..........................

40,434

170,079

United

Utilities

Group

plc

..............

25,841

349,067

519,146

Wireless

Telecommunication

Services

—

0.2%

MTN

Group

Ltd.

....................

23,837

150,508

SK

Telecom

Co.

Ltd.

.................

6,970

270,784

SoftBank

Corp.

....................

10,900

135,833

SoftBank

Group

Corp.

...............

3,900

172,140

729,265

Total

Common

Stocks

—

58.1%

(Cost:

$228,394,123)

.............................

257,951,916

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.0%

Rolls-Royce

plc,

5.75%,

10/15/27

(d)

......

USD

75

75,129

Air

Freight

&

Logistics

—

0.0%

GN

Bondco

LLC,

9.50%,

10/15/31

(d)

.....

64

62,483

Automobile

Components

—

0.1%

(d)

Allison

Transmission,

Inc.,

5.88%,

06/01/29

.

173

172,381

JB

Poindexter

&

Co.,

Inc.,

8.75%,

12/15/31

.

50

51,000

223,381

Automobiles

—

0.1%

Honda

Motor

Co.

Ltd.,

2.53%,

03/10/27

...

280

264,234

Banks

—

3.8%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.70%),

6.14%,

09/14/28

(a)

....................

600

616,284

Banco

Santander

SA

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

4.18%,

03/24/28

(a)

...................

400

384,936

5.59%,

08/08/28

.................

400

407,852

6.61%,

11/07/28

.................

400

425,790

2.96%,

03/25/31

.................

400

343,646

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

3.23%,

11/22/32

(a)

...................

200

167,476

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

6.92%,

08/08/33

.................

USD

200

$

213,133

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.84%),

3.82%,

01/20/28

....................

78

74,941

(1-day

SOFR

+

1.05%),

2.55%,

02/04/28

379

351,081

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%,

04/24/28

....................

89

84,987

(1-day

SOFR

+

1.58%),

4.38%,

04/27/28

240

234,552

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%,

07/21/28

....................

39

36,991

(1-day

SOFR

+

1.99%),

6.20%,

11/10/28

210

219,060

(1-day

SOFR

+

1.06%),

2.09%,

06/14/29

315

277,615

Bank

of

Montreal

5.20%,

02/01/28

.................

360

366,715

(5-Year

USD

Swap

Semi

+

1.43%),

3.80%,

12/15/32

(a)

...................

220

202,382

BPCE

SA,

2.70%,

10/01/29

(d)

..........

274

241,615

Citigroup,

Inc.

(a)

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

460

433,447

(3-mo.

CME

Term

SOFR

+

1.65%),

3.67%,

07/24/28

....................

266

253,506

(3-mo.

CME

Term

SOFR

+

1.45%),

4.08%,

04/23/29

....................

16

15,399

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

510

442,384

(1-day

SOFR

+

1.94%),

3.79%,

03/17/33

310

278,798

Fifth

Third

Bancorp,

(1-day

SOFR

+

2.34%),

6.34%,

07/27/29

(a)

...............

30

31,235

HSBC

Holdings

plc

(a)

(1-day

SOFR

+

1.29%),

1.59%,

05/24/27

490

449,418

(1-day

SOFR

+

1.10%),

2.25%,

11/22/27

370

339,612

(3-mo.

CME

Term

SOFR

+

1.80%),

4.58%,

06/19/29

....................

301

291,852

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

4.70%

(i)

.....................

200

162,889

(1-day

SOFR

+

1.19%),

2.80%,

05/24/32

920

768,026

ING

Groep

NV,

(1-day

SOFR

+

1.83%),

4.02%,

03/28/28

(a)

....................

470

455,827

JPMorgan

Chase

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.60%),

3.78%,

02/01/28

....................

127

122,667

(1-day

SOFR

+

1.17%),

2.95%,

02/24/28

266

250,263

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

6

5,488

(1-day

SOFR

+

1.99%),

4.85%,

07/25/28

590

590,171

(3-mo.

CME

Term

SOFR

+

1.59%),

4.45%,

12/05/29

....................

13

12,740

(1-day

SOFR

+

2.58%),

5.72%,

09/14/33

650

672,555

(1-day

SOFR

+

1.85%),

5.35%,

06/01/34

170

172,420

Mitsubishi

UFJ

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.83%),

2.34%,

01/19/28

(a)

....................

380

351,615

Mizuho

Financial

Group,

Inc.

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.75%),

1.55%,

07/09/27

....................

500

456,905

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

5.67%,

09/13/33

....................

210

216,765

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

5.75%,

07/06/34

....................

670

693,162

Royal

Bank

of

Canada,

5.20%,

08/01/28

...

420

428,077

Santander

Holdings

USA,

Inc.

(a)

(1-day

SOFR

+

2.36%),

6.50%,

03/09/29

780

805,798

(1-day

SOFR

+

2.70%),

6.57%,

06/12/29

250

257,834

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

3.28%),

7.66%,

11/09/31

USD

320

$

346,273

Santander

UK

Group

Holdings

plc,

(1-day

SOFR

+

2.60%),

6.53%,

01/10/29

(a)

....

240

248,314

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%,

01/13/28

.................

200

204,699

5.71%,

01/13/30

.................

200

207,645

5.85%,

07/13/30

.................

400

418,312

5.77%,

01/13/33

.................

510

538,927

5.78%,

07/13/33

.................

590

625,157

Toronto-Dominion

Bank

(The),

Series

FXD,

1.95%,

01/12/27

................

370

341,808

UniCredit

SpA,

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(a)(d)

.........

190

195,336

Washington

Mutual

Escrow

Bonds

(e)(j)(k)

0.00%,

11/06/09

.................

100

1,000

0.00%,

09/29/17

.................

400

—

16,735,380

Beverages

—

0.9%

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.00%,

04/13/28

.....................

343

338,784

Coca-Cola

Co.

(The)

2.25%,

01/05/32

.................

290

252,955

3.00%,

03/05/51

.................

1,460

1,102,565

2.50%,

03/15/51

.................

220

147,699

Diageo

Capital

plc

2.00%,

04/29/30

.................

780

673,646

2.13%,

04/29/32

.................

270

225,238

5.50%,

01/24/33

.................

1,030

1,096,395

3,837,282

Biotechnology

—

0.4%

Amgen,

Inc.,

2.20%,

02/21/27

.........

200

185,966

Gilead

Sciences,

Inc.

5.25%,

10/15/33

.................

160

166,763

5.55%,

10/15/53

.................

530

574,262

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

.....................

1,160

953,762

1,880,753

Broadline

Retail

—

0.0%

Macy's

Retail

Holdings

LLC,

5.88%,

04/01/29

(d)

86

82,554

Building

Products

—

0.7%

Carrier

Global

Corp.,

3.38%,

04/05/40

....

300

241,367

Fortune

Brands

Innovations,

Inc.

4.00%,

03/25/32

.................

370

344,645

5.88%,

06/01/33

.................

570

595,508

Owens

Corning

3.40%,

08/15/26

.................

110

106,011

4.30%,

07/15/47

.................

410

358,917

Trane

Technologies

Financing

Ltd.,

3.80%,

03/21/29

.....................

1,280

1,238,784

2,885,232

Capital

Markets

—

1.5%

Ares

Capital

Corp.

7.00%,

01/15/27

.................

260

267,435

2.88%,

06/15/27

.................

145

132,480

Bank

of

New

York

Mellon

Corp.

(The),

(1-day

SOFR

+

1.51%),

4.71%,

02/01/34

(a)

....

180

176,062

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

.....................

129

117,440

FactSet

Research

Systems,

Inc.

2.90%,

03/01/27

.................

790

739,701

3.45%,

03/01/32

.................

37

33,135

FS

KKR

Capital

Corp.

2.63%,

01/15/27

.................

125

112,198

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.13%,

10/12/28

.................

USD

330

$

287,591

Goldman

Sachs

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.11%),

2.64%,

02/24/28

886

821,330

(3-mo.

CME

Term

SOFR

+

1.77%),

3.69%,

06/05/28

....................

206

196,820

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

440

361,516

Moody's

Corp.,

3.25%,

01/15/28

........

69

65,844

Morgan

Stanley

3.63%,

01/20/27

.................

281

272,426

(1-day

SOFR

+

1.00%),

2.48%,

01/21/28

(a)

280

259,891

3.59%,

07/22/28

(a)

................

35

33,412

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%,

01/24/29

(a)

...................

407

388,149

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

(a)

410

412,343

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%,

01/23/30

(a)

...................

357

347,710

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

(a)

295

257,882

(1-day

SOFR

+

1.02%),

1.93%,

04/28/32

(a)

24

19,299

(1-day

SOFR

+

1.20%),

2.51%,

10/20/32

(a)

56

46,370

(1-day

SOFR

+

2.08%),

4.89%,

07/20/33

(a)

240

234,017

(1-day

SOFR

+

1.87%),

5.25%,

04/21/34

(a)

470

469,952

Nasdaq,

Inc.,

5.55%,

02/15/34

.........

125

129,856

S&P

Global,

Inc.

2.45%,

03/01/27

.................

280

264,027

4.75%,

08/01/28

.................

125

127,106

5.25%,

09/15/33

(d)

................

115

120,315

3.90%,

03/01/62

.................

3

2,508

6,696,815

Chemicals

—

0.1%

Chemours

Co.

(The),

5.75%,

11/15/28

(d)

...

34

32,385

Ecolab,

Inc.,

2.70%,

12/15/51

.........

210

142,119

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

.....................

50

39,808

Nufarm

Australia

Ltd.,

5.00%,

01/27/30

(d)

...

91

84,400

Superior

Plus

LP,

4.50%,

03/15/29

(d)

.....

21

19,473

Tronox,

Inc.,

4.63%,

03/15/29

(d)

........

8

7,086

325,271

Commercial

Services

&

Supplies

—

0.0%

APX

Group,

Inc.,

5.75%,

07/15/29

(d)

......

28

26,103

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(d)

....................

161

160,061

Steelcase,

Inc.,

5.13%,

01/18/29

.......

18

17,060

203,224

Communications

Equipment

—

0.2%

Motorola

Solutions,

Inc.

2.30%,

11/15/30

.................

510

430,622

2.75%,

05/24/31

.................

440

376,068

5.60%,

06/01/32

.................

240

247,586

1,054,276

Construction

&

Engineering

—

0.2%

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(d)

....................

20

21,151

Quanta

Services,

Inc.,

2.90%,

10/01/30

...

1,190

1,044,191

1,065,342

Construction

Materials

—

0.0%

(d)

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28

.....................

30

30,750

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31

.....................

50

52,559

83,309

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.3%

Ally

Financial,

Inc.,

(1-day

SOFR

+

2.82%),

6.85%,

01/03/30

(a)

...............

USD

135

$

138,698

American

Express

Co.

2.55%,

03/04/27

.................

199

186,427

(1-day

SOFR

+

1.28%),

5.28%,

07/27/29

(a)

290

296,019

(1-day

SOFR

+

1.84%),

5.04%,

05/01/34

(a)

130

129,774

(1-day

SOFR

+

1.93%),

5.63%,

07/28/34

(a)

50

51,666

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(d)

....................

40

41,467

Credit

Acceptance

Corp.,

9.25%,

12/15/28

(d)

40

42,638

goeasy

Ltd.,

9.25%,

12/01/28

(d)

........

25

26,699

Macquarie

Airfinance

Holdings

Ltd.,

8.13%,

03/30/29

(d)

....................

20

20,904

OneMain

Finance

Corp.

7.13%,

03/15/26

.................

47

47,883

6.63%,

01/15/28

.................

48

48,458

9.00%,

01/15/29

.................

178

188,187

1,218,820

Containers

&

Packaging

—

0.0%

Mauser

Packaging

Solutions

Holding

Co.

(d)

7.88%,

08/15/26

.................

62

63,096

9.25%,

04/15/27

.................

17

16,687

79,783

Diversified

REITs

—

0.2%

Digital

Realty

Trust

LP,

5.55%,

01/15/28

...

820

835,322

Essential

Properties

LP,

2.95%,

07/15/31

..

170

133,686

969,008

Diversified

Telecommunication

Services

—

0.2%

CCO

Holdings

LLC

(d)

5.13%,

05/01/27

.................

83

80,192

5.38%,

06/01/29

.................

86

81,063

6.38%,

09/01/29

.................

81

79,879

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(d)

....................

8

6,920

Frontier

Communications

Holdings

LLC

(d)

6.75%,

05/01/29

.................

94

84,055

8.63%,

03/15/31

.................

79

80,549

Koninklijke

KPN

NV,

8.38%,

10/01/30

....

140

164,749

Level

3

Financing,

Inc.

(d)

11.00%,

11/15/29

(l)

...............

8

8,120

10.50%,

05/15/30

................

36

34,909

Uniti

Group

LP

(d)

10.50%,

02/15/28

................

127

128,753

6.50%,

02/15/29

.................

46

33,196

782,385

Electric

Utilities

—

0.7%

Avangrid,

Inc.

3.20%,

04/15/25

.................

500

485,651

3.80%,

06/01/29

.................

140

131,972

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

18

15,326

Commonwealth

Edison

Co.,

4.90%,

02/01/33

460

465,453

Eversource

Energy

Series

U,

1.40%,

08/15/26

..........

60

54,706

2.90%,

03/01/27

.................

270

255,604

3.38%,

03/01/32

.................

220

194,684

Exelon

Corp.

2.75%,

03/15/27

.................

19

17,893

5.10%,

06/15/45

.................

10

9,495

4.10%,

03/15/52

.................

7

5,659

NSTAR

Electric

Co.

3.25%,

05/15/29

.................

280

263,411

3.95%,

04/01/30

.................

250

238,439

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Public

Service

Electric

&

Gas

Co.

3.65%,

09/01/28

.................

USD

80

$

77,119

5.20%,

08/01/33

.................

650

674,579

2.05%,

08/01/50

.................

31

17,952

2,907,943

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/01/27

15

14,251

CDW

LLC,

3.57%,

12/01/31

..........

66

58,497

Keysight

Technologies,

Inc.

4.60%,

04/06/27

.................

620

617,883

3.00%,

10/30/29

.................

170

154,522

Vontier

Corp.,

2.95%,

04/01/31

........

440

370,237

1,215,390

Energy

Equipment

&

Services

—

0.1%

(d)

CGG

SA,

8.75%,

04/01/27

...........

200

182,176

Valaris

Ltd.,

8.38%,

04/30/30

..........

10

10,245

Venture

Global

LNG,

Inc.

8.13%,

06/01/28

.................

15

15,149

9.50%,

02/01/29

.................

56

59,257

8.38%,

06/01/31

.................

15

14,992

9.88%,

02/01/32

.................

153

159,371

441,190

Entertainment

—

0.0%

Electronic

Arts,

Inc.,

1.85%,

02/15/31

.....

122

101,808

Financial

Services

—

0.3%

Burford

Capital

Global

Finance

LLC

(d)

6.88%,

04/15/30

.................

10

9,651

9.25%,

07/01/31

.................

5

5,314

Fidelity

National

Information

Services,

Inc.,

1.65%,

03/01/28

................

58

51,711

Fiserv,

Inc.

5.45%,

03/02/28

.................

130

133,881

5.60%,

03/02/33

.................

275

287,065

Freedom

Mortgage

Corp.

(d)

12.00%,

10/01/28

................

20

21,842

12.25%,

10/01/30

................

30

32,933

GGAM

Finance

Ltd.,

8.00%,

02/15/27

(d)

...

25

25,626

Mastercard,

Inc.

3.30%,

03/26/27

.................

100

96,972

2.00%,

11/18/31

.................

390

328,936

Nationstar

Mortgage

Holdings,

Inc.

(d)

5.00%,

02/01/26

.................

5

4,890

6.00%,

01/15/27

.................

80

79,400

5.13%,

12/15/30

.................

177

160,031

NCR

Atleos

Escrow

Corp.,

9.50%,

04/01/29

(d)

40

42,500

PennyMac

Financial

Services,

Inc.,

7.88%,

12/15/29

(d)

....................

10

10,294

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(d)

....................

59

55,856

Visa,

Inc.,

3.65%,

09/15/47

...........

180

151,912

1,498,814

Food

Products

—

0.4%

Bunge

Ltd.

Finance

Corp.,

2.75%,

05/14/31

.

880

765,928

Kellanova

3.40%,

11/15/27

.................

190

182,659

4.30%,

05/15/28

.................

460

455,367

Unilever

Capital

Corp.,

1.75%,

08/12/31

...

600

497,998

1,901,952

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP

5.75%,

05/20/27

.................

175

170,192

9.38%,

06/01/28

(d)

................

30

30,980

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

ONE

Gas,

Inc.,

4.25%,

09/01/32

........

USD

45

$

43,157

244,329

Ground

Transportation

—

0.3%

Canadian

National

Railway

Co.,

3.85%,

08/05/32

.....................

160

152,224

Ryder

System,

Inc.

5.65%,

03/01/28

.................

25

25,749

6.30%,

12/01/28

.................

310

328,683

6.60%,

12/01/33

.................

660

731,741

XPO,

Inc.,

7.13%,

02/01/32

(d)

..........

15

15,481

1,253,878

Health

Care

Equipment

&

Supplies

—

0.3%

Bausch

&

Lomb

Escrow

Corp.,

8.38%,

10/01/28

(d)

....................

35

36,923

DH

Europe

Finance

II

SARL,

2.60%,

11/15/29

1,360

1,230,916

Zimmer

Biomet

Holdings,

Inc.,

5.35%,

12/01/28

40

41,210

1,309,049

Health

Care

Providers

&

Services

—

1.4%

Cencora,

Inc.

2.70%,

03/15/31

.................

590

517,461

4.30%,

12/15/47

.................

340

304,539

DaVita,

Inc.,

4.63%,

06/01/30

(d)

........

283

246,888

Elevance

Health,

Inc.

3.65%,

12/01/27

.................

260

252,196

4.10%,

03/01/28

.................

53

52,223

Encompass

Health

Corp.,

4.75%,

02/01/30

.

68

64,038

HCA,

Inc.

3.13%,

03/15/27

.................

160

151,669

5.20%,

06/01/28

.................

170

171,744

3.63%,

03/15/32

.................

338

302,231

4.63%,

03/15/52

.................

160

136,066

5.90%,

06/01/53

.................

260

266,514

Heartland

Dental

LLC,

10.50%,

04/30/28

(d)

.

30

31,126

Humana,

Inc.

1.35%,

02/03/27

.................

490

441,915

3.70%,

03/23/29

.................

360

345,819

4.88%,

04/01/30

.................

57

57,756

Laboratory

Corp.

of

America

Holdings,

1.55%,

06/01/26

.....................

40

36,960

Tenet

Healthcare

Corp.,

6.13%,

10/01/28

..

195

194,448

UnitedHealth

Group,

Inc.

5.30%,

02/15/30

.................

350

366,251

4.20%,

05/15/32

.................

1,500

1,467,789

4.50%,

04/15/33

.................

90

89,428

5.88%,

02/15/53

.................

60

67,955

5.05%,

04/15/53

.................

420

424,274

5,989,290

Health

Care

REITs

—

0.1%

Welltower

OP

LLC,

4.00%,

06/01/25

.....

300

294,588

Health

Care

Technology

—

0.2%

IQVIA,

Inc.

(d)

5.70%,

05/15/28

.................

800

814,848

6.25%,

02/01/29

.................

25

26,099

840,947

Hotels,

Restaurants

&

Leisure

—

0.2%

(d)

Churchill

Downs,

Inc.,

6.75%,

05/01/31

...

161

163,404

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

5.00%,

06/01/29

................

91

83,952

NCL

Corp.

Ltd.

5.88%,

03/15/26

.................

83

81,104

8.13%,

01/15/29

.................

20

20,891

7.75%,

02/15/29

.................

123

123,745

NCL

Finance

Ltd.,

6.13%,

03/15/28

......

129

123,483

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

.....................

USD

25

$

26,680

Viking

Cruises

Ltd.

7.00%,

02/15/29

.................

65

64,441

9.13%,

07/15/31

.................

30

31,968

719,668

Household

Durables

—

0.2%

MDC

Holdings,

Inc.,

3.97%,

08/06/61

.....

100

65,128

NVR,

Inc.,

3.00%,

05/15/30

...........

620

552,378

PulteGroup,

Inc.,

5.00%,

01/15/27

.......

470

472,260

Tempur

Sealy

International,

Inc.,

3.88%,

10/15/31

(d)

....................

5

4,227

1,093,993

Industrial

Conglomerates

—

0.2%

3M

Co.,

2.38%,

08/26/29

............

370

327,443

Pentair

Finance

SARL

4.50%,

07/01/29

.................

450

432,405

5.90%,

07/15/32

.................

190

197,260

957,108

Insurance

—

0.4%

Ambac

Assurance

Corp.,

5.10%

(d)(i)

......

5

6,285

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

03/15/29

.................

816

811,944

2.25%,

11/15/30

.................

541

465,670

5.45%,

03/15/53

.................

270

282,246

5.70%,

09/15/53

.................

290

315,144

NFP

Corp.

(d)

6.88%,

08/15/28

.................

35

35,581

8.50%,

10/01/31

.................

30

32,517

1,949,387

IT

Services

—

0.3%

CGI,

Inc.,

2.30%,

09/14/31

...........

520

425,142

Cogent

Communications

Group,

Inc.,

7.00%,

06/15/27

(d)

....................

250

251,250

International

Business

Machines

Corp.

2.20%,

02/09/27

.................

280

260,655

4.40%,

07/27/32

.................

130

127,703

VeriSign,

Inc.,

2.70%,

06/15/31

........

180

154,272

VT

Topco,

Inc.,

8.50%,

08/15/30

(d)

.......

25

26,009

1,245,031

Life

Sciences

Tools

&

Services

—

0.0%

(d)

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

...

6

6,162

Star

Parent,

Inc.,

9.00%,

10/01/30

.......

10

10,538

16,700

Machinery

—

0.1%

Cummins,

Inc.,

1.50%,

09/01/30

........

420

350,252

Ingersoll

Rand,

Inc.

5.40%,

08/14/28

.................

75

77,283

5.70%,

08/14/33

.................

30

31,740

Otis

Worldwide

Corp.,

2.57%,

02/15/30

...

23

20,452

Wabash

National

Corp.,

4.50%,

10/15/28

(d)

.

94

84,818

564,545

Media

—

0.1%

Cable

One,

Inc.,

4.00%,

11/15/30

(d)

......

20

16,193

DirecTV

Financing

LLC,

5.88%,

08/15/27

(d)

.

259

243,350

EquipmentShare.com,

Inc.,

9.00%,

05/15/28

(d)

20

20,577

Interpublic

Group

of

Cos.,

Inc.

(The),

2.40%,

03/01/31

.....................

32

27,037

Nexstar

Media,

Inc.,

4.75%,

11/01/28

(d)

....

33

30,409

Paramount

Global,

4.20%,

05/19/32

.....

45

40,162

Sirius

XM

Radio,

Inc.,

5.50%,

07/01/29

(d)

...

84

81,214

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Univision

Communications,

Inc.,

8.00%,

08/15/28

(d)

....................

USD

50

$

51,581

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(d)

....

75

62,727

573,250

Metals

&

Mining

—

0.3%

Arsenal

AIC

Parent

LLC,

8.00%,

10/01/30

(d)

.

20

20,867

FMG

Resources

August

2006

Pty.

Ltd.

(d)

5.88%,

04/15/30

.................

247

244,731

6.13%,

04/15/32

.................

115

115,828

Mineral

Resources

Ltd.

(d)

9.25%,

10/01/28

.................

25

26,594

8.50%,

05/01/30

.................

250

260,582

Reliance

Steel

&

Aluminum

Co.,

2.15%,

08/15/30

.....................

370

312,287

Steel

Dynamics,

Inc.

2.80%,

12/15/24

.................

35

34,131

2.40%,

06/15/25

.................

330

316,240

Taseko

Mines

Ltd.,

7.00%,

02/15/26

(d)

....

7

6,634

1,337,894

Oil,

Gas

&

Consumable

Fuels

—

0.5%

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

06/30/27

.....................

30

30,146

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

...

830

810,187

CNX

Resources

Corp.,

6.00%,

01/15/29

(d)

..

43

41,221

Enbridge,

Inc.,

6.20%,

11/15/30

........

25

26,750

Hilcorp

Energy

I

LP

(d)

6.00%,

04/15/30

.................

84

81,464

8.38%,

11/01/33

.................

77

81,577

Kinder

Morgan

Energy

Partners

LP

7.50%,

11/15/40

.................

16

18,041

5.00%,

08/15/42

.................

20

18,002

ONEOK,

Inc.

5.85%,

01/15/26

.................

330

334,786

6.35%,

01/15/31

.................

380

405,837

7.15%,

01/15/51

.................

120

137,491

Targa

Resources

Corp.,

6.15%,

03/01/29

..

110

115,027

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(d)

..

176

168,968

2,269,497

Passenger

Airlines

—

0.0%

American

Airlines

Pass-Through

Trust

Series

2016-1,

Class

B,

5.25%,

01/15/24

36

35,980

Series

2017-1,

Class

B,

4.95%,

02/15/25

12

11,559

Series

2019-1,

Class

B,

3.85%,

02/15/28

50

44,674

American

Airlines,

Inc.,

8.50%,

05/15/29

(d)

..

31

32,736

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

B,

3.50%,

05/01/28

.....

26

23,742

United

Airlines,

Inc.,

4.38%,

04/15/26

(d)

....

17

16,565

165,256

Pharmaceuticals

—

0.5%

Bausch

Health

Cos.,

Inc.

(d)

6.13%,

02/01/27

.................

136

91,800

11.00%,

09/30/28

................

73

53,070

Jazz

Securities

DAC,

4.38%,

01/15/29

(d)

...

200

186,283

Merck

&

Co.,

Inc.

2.15%,

12/10/31

.................

370

315,887

2.45%,

06/24/50

.................

30

19,780

2.75%,

12/10/51

.................

19

13,060

5.00%,

05/17/53

.................

85

87,397

Novartis

Capital

Corp.,

2.20%,

08/14/30

...

855

752,701

Zoetis,

Inc.

3.00%,

09/12/27

.................

110

104,332

2.00%,

05/15/30

.................

800

688,855

2,313,165

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.,

1.70%,

05/15/28

.....................

USD

1,510

$

1,362,020

Real

Estate

Management

&

Development

—

0.2%

CBRE

Services,

Inc.

4.88%,

03/01/26

.................

170

170,077

5.95%,

08/15/34

.................

500

525,281

Greystar

Real

Estate

Partners

LLC,

7.75%,

09/01/30

(d)

....................

15

15,712

Howard

Hughes

Corp.

(The),

5.38%,

08/01/28

(d)

90

86,501

797,571

Semiconductors

&

Semiconductor

Equipment

—

1.2%

Broadcom,

Inc.,

3.75%,

02/15/51

(d)

......

740

581,760

Intel

Corp.,

4.88%,

02/10/28

..........

440

447,339

Lam

Research

Corp.,

1.90%,

06/15/30

....

1,050

902,722

NVIDIA

Corp.

1.55%,

06/15/28

.................

190

170,124

2.00%,

06/15/31

.................

870

745,697

3.50%,

04/01/50

.................

50

41,721

3.70%,

04/01/60

.................

480

401,969

NXP

BV

3.88%,

06/18/26

.................

25

24,376

4.30%,

06/18/29

.................

172

166,809

3.40%,

05/01/30

.................

70

64,216

2.50%,

05/11/31

.................

189

160,130

Texas

Instruments,

Inc.

1.90%,

09/15/31

.................

97

82,789

3.65%,

08/16/32

.................

1,020

969,316

4.90%,

03/14/33

.................

220

228,440

TSMC

Arizona

Corp.,

3.25%,

10/25/51

....

220

173,435

5,160,843

Software

—

1.2%

Adobe,

Inc.,

2.30%,

02/01/30

..........

1,010

904,759

Autodesk,

Inc.

3.50%,

06/15/27

.................

81

78,623

2.40%,

12/15/31

.................

54

46,201

Cloud

Software

Group,

Inc.

(d)

6.50%,

03/31/29

.................

86

81,910

9.00%,

09/30/29

.................

52

49,423

Intuit,

Inc.

1.35%,

07/15/27

.................

860

775,104

1.65%,

07/15/30

.................

1,060

890,452

5.20%,

09/15/33

.................

90

94,220

5.50%,

09/15/53

.................

30

32,808

MicroStrategy,

Inc.,

6.13%,

06/15/28

(d)

....

33

32,015

Oracle

Corp.

5.55%,

02/06/53

.................

115

115,032

4.10%,

03/25/61

.................

160

121,903

Roper

Technologies,

Inc.,

1.75%,

02/15/31

.

26

21,415

Sabre

GLBL,

Inc.,

11.25%,

12/15/27

(d)

....

46

45,196

Salesforce,

Inc.,

3.05%,

07/15/61

.......

10

7,015

ServiceNow,

Inc.,

1.40%,

09/01/30

......

850

698,780

VMware

LLC

1.80%,

08/15/28

.................

784

687,358

2.20%,

08/15/31

.................

150

124,292

Workday,

Inc.,

3.80%,

04/01/32

........

500

465,561

5,272,067

Specialized

REITs

—

0.4%

American

Tower

Corp.

1.45%,

09/15/26

.................

120

109,330

5.80%,

11/15/28

.................

10

10,388

5.65%,

03/15/33

.................

330

342,931

Crown

Castle,

Inc.

5.60%,

06/01/29

.................

410

419,229

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

5.80%,

03/01/34

.................

USD

470

$

486,450

Equinix,

Inc.

1.00%,

09/15/25

.................

151

140,862

1.45%,

05/15/26

.................

160

147,817

Iron

Mountain,

Inc.

(d)

7.00%,

02/15/29

.................

91

93,537

5.25%,

07/15/30

.................

200

190,381

1,940,925

Specialty

Retail

—

0.3%

Bath

&

Body

Works,

Inc.

6.95%,

03/01/33

.................

50

49,972

6.88%,

11/01/35

.................

83

84,040

Foot

Locker,

Inc.,

4.00%,

10/01/29

(d)

.....

45

37,237

Gap,

Inc.

(The),

3.63%,

10/01/29

(d)

......

15

12,825

Home

Depot,

Inc.

(The)

1.50%,

09/15/28

.................

300

265,954

1.38%,

03/15/31

.................

31

25,327

1.88%,

09/15/31

.................

400

334,639

4.50%,

12/06/48

.................

17

16,028

3.35%,

04/15/50

.................

240

186,540

Lowe's

Cos.,

Inc.

3.35%,

04/01/27

.................

450

433,435

3.65%,

04/05/29

.................

93

89,638

1,535,635

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Seagate

HDD

Cayman

8.25%,

12/15/29

(d)

................

72

77,654

9.63%,

12/01/32

.................

212

242,422

Western

Digital

Corp.,

4.75%,

02/15/26

...

83

81,424

Xerox

Holdings

Corp.,

5.50%,

08/15/28

(d)

..

96

86,631

488,131

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Tapestry,

Inc.

7.35%,

11/27/28

.................

120

125,879

7.70%,

11/27/30

.................

80

84,217

210,096

Trading

Companies

&

Distributors

—

0.0%

Fortress

Transportation

&

Infrastructure

Investors

LLC,

7.88%,

12/01/30

(d)

.....

30

31,253

Transportation

Infrastructure

—

0.1%

Triton

Container

International

Ltd.,

3.25%,

03/15/32

.....................

320

257,898

Wireless

Telecommunication

Services

—

0.0%

Vodafone

Group

plc,

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%,

04/04/79

(a)

........

100

103,100

Total

Corporate

Bonds

—

19.6%

(Cost:

$87,080,294)

..............................

86,888,872

Shares

Shares

Investment

Companies

iShares

Russell

1000

Value

ETF

(m)

.......

55,212

9,123,783

Total

Investment

Companies

—

2.0%

(Cost:

$8,730,480)

..............................

9,123,783

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

5.42%

Cap

+

0.46%),

5.42%,

06/25/35

(a)

....

USD

36

$

30,144

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

....................

19

9,274

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.93%,

11/25/36

(a)

..............

23

18,565

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

04/25/47

(a)

..............

19

16,975

Series

2007-OA3,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

04/25/47

(a)

..............

1

50

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

06/25/47

(a)

..............

11

8,607

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

and

10.00%

Cap

+

0.59%),

5.95%,

08/25/47

(a)

....

5

4,120

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

5.95%,

10/25/46

(a)

42

28,477

APS

Resecuritization

Trust

(a)(d)

Series

2016-1,

Class

1MZ,

3.03%,

07/31/57

142

56,505

Series

2016-3,

Class

3A,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.32%,

09/27/46

....................

7

7,240

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(d)

.....

51

15,354

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

11.00%

Cap

+

0.39%),

5.75%,

08/25/36

(a)

..........

10

10,079

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

.......

266

112,034

Citicorp

Mortgage

Securities

Trust,

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

....

22

17,518

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(d)

.....................

109

43,959

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

and

6.25%

Cap

+

1.46%),

6.25%,

11/25/35

(a)

.

18

4,254

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

........

23

11,778

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

08/25/47

(a)

................

78

69,421

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

7.01%,

03/25/36

(a)

................

5

3,953

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

.........

1

985

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.69%,

09/25/37

(a)

27

18,128

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

JPMorgan

Alternative

Loan

Trust,

Series

2007-

A1,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

11.50%

Cap

+

0.53%),

5.89%,

03/25/37

(a)

................

USD

29

$

26,690

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(d)

.

30

28,718

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

6.31%,

06/25/37

(a)

................

4

3,306

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.81%,

04/25/36

(a)

.....................

7

3,785

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.85%,

06/25/36

(a)

.........

11

9,072

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

32

28,362

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(c)

...................

38

32,217

619,570

Commercial

Mortgage-Backed

Securities

—

0.0%

Bayview

Commercial

Asset

Trust

(a)(d)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.92%,

01/25/36

....................

13

11,548

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.79%),

6.15%,

01/25/36

...............

9

8,718

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

6.01%,

04/25/36

....................

6

5,328

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.49%),

5.85%,

10/25/36

....................

7

6,281

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.56%),

5.92%,

10/25/36

...

7

6,295

38,170

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(a)(d)(k)

......

1,000

—

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(d)(n)

...

37

4,305

Total

Non-Agency

Mortgage-Backed

Securities

—

0.1%

(Cost:

$838,381)

................................

662,045

Beneficial

Interest

(000)

Other

Interests

(o)

Capital

Markets

—

0.0%

(e)(j)(k)

Lehman

Brothers

Holdings,

Capital

Trust

VII

.

130

—

Lehman

Brothers

Holdings,

Inc.

.........

490

—

Total

Other

Interests

—

0.0%

(Cost:

$6)

....................................

—

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

0.3%

Banks

—

0.1%

Banco

Bradesco

SA

(Preference)

........

46,174

$

160,641

Bancolombia

SA

(Preference)

..........

11,335

87,296

247,937

Chemicals

—

0.1%

Braskem

SA

(Preference),

Series

A

(e)

.....

96,263

422,948

Electrical

Equipment

—

0.1%

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference)

....................

4,687

280,805

Metals

&

Mining

—

0.0%

Gerdau

SA

(Preference)

..............

12,523

60,369

Passenger

Airlines

—

0.0%

Azul

SA

(Preference)

(e)

...............

46,327

149,370

Total

Preferred

Securities

—

0.3%

(Cost:

$1,371,152)

..............................

1,161,429

Rights

Ground

Transportation

—

0.0%

Localiza

Rent

a

Car

SA

(Expires

02/05/24,

Strike

Price

BRL

45.35)

(e)

...........

41

163

Total

Rights

—

0.0%

(Cost:

$—)

....................................

163

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

8.0%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 01/01/29

-

04/01/31

..........

USD

128

121,340

3.00%, 09/01/27

-

12/01/46

..........

230

215,177

3.50%, 04/01/31

-

01/01/48

..........

365

347,855

4.00%, 08/01/40

-

12/01/45

..........

58

56,369

4.50%, 02/01/39

-

04/01/49

..........

430

427,093

5.00%, 10/01/41

-

11/01/48

..........

86

87,115

5.50%, 06/01/41

.................

39

39,910

6.00%, 01/01/34

.................

29

29,577

Federal

National

Mortgage

Association,

4.00%, 01/01/41

.................

4

4,141

Government

National

Mortgage

Association

2.00%, 08/20/50

-

04/20/52

..........

3,357

2,840,494

2.00%, 01/15/54

(p)

................

2,388

2,021,854

2.50%, 07/20/51

-

07/20/52

..........

4,958

4,335,547

3.00%, 02/15/45

-

09/20/52

..........

3,303

2,996,243

3.50%, 01/15/42

-

02/20/52

..........

1,074

1,011,546

4.00%, 04/20/39

-

12/20/47

..........

191

185,755

4.00%, 01/15/54

(p)

................

644

614,820

4.50%, 12/20/39

-

04/20/50

..........

252

249,613

5.00%, 12/15/38

-

04/20/53

..........

125

124,914

5.00%, 01/15/54

(p)

................

200

198,594

5.50%, 12/20/52

-

07/20/53

..........

225

226,419

5.50%, 01/15/54

(p)

................

425

428,056

6.00%, 09/20/53

-

10/20/53

..........

121

123,428

6.00%, 01/15/54

(p)

................

125

127,095

6.50%, 01/15/54

(p)

................

250

255,908

7.50%, 03/15/32

.................

1

1,104

Uniform

Mortgage-Backed

Securities

2.00%, 10/01/31

-

02/01/52

..........

3,601

3,005,170

2.00%, 01/25/39

(p)

................

1,250

1,120,508

2.50%, 09/01/27

-

02/01/52

..........

1,804

1,599,266

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

2.50%, 01/25/39

-

01/25/54

(p)

.........

USD

700

$

620,129

3.00%, 04/01/29

-

03/01/52

..........

1,840

1,695,820

3.50%, 08/01/30

-

01/01/51

..........

2,441

2,276,331

3.50%, 01/25/39

(p)

................

61

58,720

4.00%, 10/01/33

-

01/01/51

..........

1,202

1,163,490

4.00%, 01/25/39

-

01/25/54

(p)

.........

375

359,956

4.50%, 02/01/25

-

08/01/53

..........

2,044

2,023,690

4.50%, 01/25/54

(p)

................

50

48,465

5.00%, 09/01/35

-

05/01/49

..........

146

148,045

5.00%, 01/25/54

(p)

................

3,850

3,808,793

5.50%, 02/01/35

-

04/01/41

..........

232

238,696

6.00%, 12/01/27

-

09/01/53

..........

327

337,230

6.00%, 01/25/54

(p)

................

125

126,914

6.50%, 05/01/40

.................

40

41,800

Total

U.S.

Government

Sponsored

Agency

Securities

—

8.0%

(Cost:

$37,909,818)

..............................

35,742,990

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25%, 05/15/39

.................

66

67,985

4.50%, 08/15/39

.................

382

404,234

4.38%, 11/15/39

.................

82

85,418

1.13%, 05/15/40

-

08/15/40

..........

694

445,109

1.38%, 11/15/40

.................

347

230,226

2.25%, 05/15/41

-

02/15/52

..........

13,000

9,217,070

2.38%, 02/15/42

.................

4,000

3,069,062

3.13%, 02/15/43

.................

332

283,782

2.88%, 05/15/43

-

11/15/46

..........

597

484,735

3.63%, 08/15/43

.................

332

305,220

3.75%, 11/15/43

.................

332

310,264

2.50%, 02/15/45

.................

593

449,035

3.00%, 02/15/47

.................

1,500

1,226,309

1.63%, 11/15/50

.................

3

1,787

1.88%, 11/15/51

.................

1,000

632,188

U.S.

Treasury

Notes

0.25%, 09/30/25

.................

6,000

5,587,500

5.00%, 10/31/25

.................

4,500

4,551,328

4.00%, 12/15/25

.................

200

198,930

0.50%, 05/31/27

.................

129

114,860

2.25%, 08/15/27

.................

798

752,614

1.25%, 03/31/28

-

09/30/28

..........

1,047

937,990

2.88%, 08/15/28

.................

188

179,915

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

3.13%, 11/15/28

.................

USD

363

$

350,664

1.75%, 01/31/29

-

11/15/29

..........

1,239

1,105,797

2.63%, 02/15/29

.................

63

59,313

1.88%, 02/28/29

-

02/15/32

..........

12,352

11,006,310

2.38%, 05/15/29

.................

7,063

6,546,518

1.63%, 08/15/29

-

05/15/31

..........

492

430,556

1.50%, 02/15/30

.................

23

20,038

1.13%, 02/15/31

.................

179

149,416

1.38%, 11/15/31

.................

3

2,491

Total

U.S.

Treasury

Obligations

—

11.1%

(Cost:

$56,334,425)

..............................

49,206,664

Total

Long-Term

Investments

—

99.4%

(Cost:

$421,720,541)

.............................

441,534,116

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

2.5%

(m)(q)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

...................

6,692,438

6,692,438

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.58%

(r)

.......................

4,492,805

4,494,602

Total

Money

Market

Funds

—

2.5%

(Cost:

$11,187,266)

..............................

11,187,040

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

0.1%

U.S.

Treasury

Bills

,

5.30%, 02/20/24

(s)

.....

500

496,414

Total

U.S.

Treasury

Obligations

—

0.1%

(Cost:

$496,346)

................................

496,414

Total

Short-Term

Securities

—

2.6%

(Cost:

$11,683,612)

..............................

11,683,454

Total

Investments

—

102.0%

(Cost:

$433,404,153

)

.............................

453,217,570

Liabilities

in

Excess

of

Other

Assets

—

(2.0)%

............

(8,883,925)

Net

Assets

—

100.0%

..............................

$

444,333,645

(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)

All

or

a

portion

of

this

security

is

on

loan.

(g)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(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)

When-issued

security.

(m)

Affiliate

of

the

Fund.

(n)

Zero-coupon

bond.

(o)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(p)

Represents

or

includes

a

TBA

transaction.

(q)

Annualized

7-day

yield

as

of

period

end.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

104

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(r)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(s)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

21,365,821

$

—

$

(14,673,383)

(a)

$

—

$

—

$

6,692,438

6,692,438

$

590,348

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

.........

8,141,813

—

(3,650,381)

(a)

4,111

(941)

4,494,602

4,492,805

30,989

(b)

—

iShares

MSCI

India

ETF

(c)

...

2,777,296

502,980

(3,218,243)

(339,701)

277,668

—

—

—

—

iShares

Russell

1000

Value

ETF

................

—

8,730,480

—

—

393,303

9,123,783

55,212

184,305

—

$

(335,590)

$

670,030

$

20,310,823

$

805,642

$

—

—

—

(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.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

105

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

STOXX

50

Index

.....................................................

89

03/15/24

$

4,472

$

(19,774)

MSCI

EAFE

E-Mini

Index

.....................................................

5

03/15/24

563

17,869

MSCI

Emerging

Markets

E-Mini

Index

............................................

5

03/15/24

258

10,983

S&P

500

E-Mini

Index

.......................................................

6

03/15/24

1,446

48,000

U.S.

Treasury

10-Year

Note

...................................................

36

03/19/24

4,064

131,715

U.S.

Treasury

Long

Bond

.....................................................

43

03/19/24

5,372

389,440

U.S.

Treasury

2-Year

Note

....................................................

120

03/28/24

24,710

165,937

744,170

Short

Contracts

S&P/TSX

60

Index

.........................................................

2

03/14/24

384

(12,865)

MSCI

EAFE

E-Mini

Index

.....................................................

38

03/15/24

4,280

(174,640)

MSCI

Emerging

Markets

E-Mini

Index

............................................

40

03/15/24

2,067

(105,371)

S&P

500

E-Mini

Index

.......................................................

34

03/15/24

8,194

(298,182)

U.S.

Treasury

10-Year

Note

...................................................

137

03/19/24

15,466

(316,674)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

41

03/19/24

4,839

(176,247)

U.S.

Treasury

Long

Bond

.....................................................

75

03/19/24

9,370

(681,500)

U.S.

Treasury

Ultra

Bond

.....................................................

56

03/19/24

7,481

(480,176)

U.S.

Treasury

5-Year

Note

....................................................

101

03/28/24

10,986

(214,480)

(2,460,135)

$

(1,715,965)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

6,552,354

USD

4,416,778

BNP

Paribas

SA

03/20/24

$

58,771

AUD

6,616,796

USD

4,429,463

Canadian

Imperial

Bank

of

Commerce

03/20/24

90,104

CAD

5,860,654

USD

4,345,736

BNP

Paribas

SA

03/20/24

81,920

EUR

7,594,727

USD

8,304,758

Citibank

NA

03/20/24

105,572

336,367

USD

123,558

EUR

113,000

Deutsche

Bank

AG

03/20/24

(1,577)

USD

126,049

GBP

99,100

Deutsche

Bank

AG

03/20/24

(317)

USD

1,170,275

JPY

168,903,000

BNP

Paribas

SA

03/21/24

(42,434)

(44,328)

$

292,039

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

Investment

Grade

Index

Series

41.V1

................

1.00

%

Quarterly

12/20/28

USD

23,400

$

(460,393)

$

(320,989)

$

(139,404)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

106

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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)

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5.00

%

Quarterly

12/20/28

B+

USD

5,569

$

332,575

$

219,179

$

113,396

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

minus

0.02%

.........

Quarterly

MSCI

ACWI

ESG

Universal

Index

Quarterly

BNP

Paribas

SA

04/03/24

USD

23,768

$

2,931,371

$

—

$

2,931,371

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.34

%

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)

..........................................................

$

219,179

$

(320,989)

$

113,396

$

(139,404)

OTC

Swaps

...................................................................

—

—

2,931,371

—

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

76,852

$

—

$

687,092

$

—

$

763,944

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

336,367

—

—

336,367

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

113,396

—

—

—

—

113,396

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

2,931,371

—

—

—

2,931,371

$

—

$

113,396

$

3,008,223

$

336,367

$

687,092

$

—

$

4,145,078

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

107

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

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

610,832

$

—

$

1,869,077

$

—

$

2,479,909

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

44,328

—

—

44,328

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

139,404

—

—

—

—

139,404

$

—

$

139,404

$

610,832

$

44,328

$

1,869,077

$

—

$

2,663,641

(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,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(213,675)

$

—

$

2,414,235

$

—

$

2,200,560

Forward

foreign

currency

exchange

contracts

....

—

—

—

236,592

—

—

236,592

Swaps

..............................

—

(718,293)

2,875,148

—

—

—

2,156,855

$

—

$

(718,293)

$

2,661,473

$

236,592

$

2,414,235

$

—

$

4,594,007

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(387,832)

$

—

$

(1,233,637)

$

—

$

(1,621,469)

Forward

foreign

currency

exchange

contracts

....

—

—

—

320,197

—

—

320,197

Swaps

..............................

—

220,919

900,583

—

—

—

1,121,502

$

—

$

220,919

$

512,751

$

320,197

$

(1,233,637)

$

—

$

(179,770)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

27,122,510

Average

notional

value

of

contracts

—

short

.................................................................................

$

53,357,532

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

1,449,082

Average

amounts

sold

—

in

USD

........................................................................................

$

15,822,970

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

17,325,000

Average

notional

value

—

sell

protection

...................................................................................

$

1,392,188

Total

return

swaps

Average

notional

value

...............................................................................................

$

23,893,540

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

84,031

$

18,899

Forward

foreign

currency

exchange

contracts

.................................................................

336,367

44,328

Swaps

—

centrally

cleared

..............................................................................

5,367

—

Swaps

—

OTC

(a)

.....................................................................................

2,931,371

—

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

3,357,136

$

63,227

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(89,398)

(18,899)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

3,267,738

$

44,328

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

108

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

.................................

$

3,072,062

$

(42,434)

$

—

$

(2,730,000)

$

299,628

Canadian

Imperial

Bank

of

Commerce

..................

90,104

—

—

—

90,104

Citibank

NA

....................................

105,572

—

—

—

105,572

$

3,267,738

$

(42,434)

$

—

$

(2,730,000)

$

495,304

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)(e)

BNP

Paribas

SA

.................................

$

42,434

$

(42,434)

$

—

$

—

$

—

Deutsche

Bank

AG

...............................

1,894

—

—

—

1,894

$

44,328

$

(42,434)

$

—

$

—

$

1,894

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(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

...................................

$

—

$

796,254

$

—

$

796,254

Common

Stocks

Aerospace

&

Defense

....................................

2,015,301

638,821

—

2,654,122

Air

Freight

&

Logistics

....................................

—

683,901

—

683,901

Automobile

Components

..................................

218,470

189,651

—

408,121

Automobiles

..........................................

4,122,164

3,426,912

—

7,549,076

Banks

...............................................

7,197,994

11,234,416

—

18,432,410

Beverages

...........................................

5,240,517

1,248,086

—

6,488,603

Biotechnology

.........................................

3,580,793

681,492

—

4,262,285

Broadline

Retail

........................................

8,397,847

1,342,589

—

9,740,436

Building

Products

.......................................

26,681

—

—

26,681

Capital

Markets

........................................

4,996,318

1,335,112

—

6,331,430

Chemicals

............................................

701,490

2,090,546

—

2,792,036

Commercial

Services

&

Supplies

.............................

596,942

—

—

596,942

Communications

Equipment

................................

42,714

438,884

—

481,598

Construction

&

Engineering

................................

2,949,981

556,089

—

3,506,070

Construction

Materials

....................................

—

40,368

—

40,368

Consumer

Finance

......................................

3,116,496

26,349

—

3,142,845

Consumer

Staples

Distribution

&

Retail

........................

2,433,682

652,171

—

3,085,853

Containers

&

Packaging

..................................

108,167

—

—

108,167

Diversified

Consumer

Services

..............................

—

144,375

—

144,375

Diversified

Telecommunication

Services

........................

—

684,788

—

684,788

Electric

Utilities

........................................

82,303

3,515,574

—

3,597,877

Electrical

Equipment

.....................................

7,762

2,631,218

—

2,638,980

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

109

Level

1

Level

2

Level

3

Total

Electronic

Equipment,

Instruments

&

Components

.................

$

1,466,612

$

1,102,320

$

—

$

2,568,932

Entertainment

.........................................

1,346,845

837,273

—

2,184,118

Financial

Services

......................................

6,797,139

490,166

—

7,287,305

Food

Products

.........................................

1,810,818

3,239,625

—

5,050,443

Gas

Utilities

...........................................

424,079

35,514

—

459,593

Ground

Transportation

...................................

32,379

152,182

—

184,561

Health

Care

Equipment

&

Supplies

...........................

3,644,738

173,231

—

3,817,969

Health

Care

Providers

&

Services

............................

3,694,168

12,200

—

3,706,368

Health

Care

Technology

..................................

18,867

8,251

—

27,118

Hotels,

Restaurants

&

Leisure

..............................

4,492,687

1,852,035

—

6,344,722

Household

Durables

.....................................

271,193

1,042,141

—

1,313,334

Household

Products

.....................................

1,019,252

—

—

1,019,252

Independent

Power

and

Renewable

Electricity

Producers

............

155,859

—

—

155,859

Industrial

Conglomerates

..................................

6,218,670

3,141,297

—

9,359,967

Industrial

REITs

........................................

602,783

525,549

—

1,128,332

Insurance

............................................

4,320,374

2,803,033

—

7,123,407

Interactive

Media

&

Services

...............................

8,786,335

2,920,449

—

11,706,784

IT

Services

...........................................

3,445,403

79,120

—

3,524,523

Leisure

Products

.......................................

—

302,957

—

302,957

Life

Sciences

Tools

&

Services

..............................

2,375,999

81,910

—

2,457,909

Machinery

............................................

1,798,833

1,039,842

—

2,838,675

Marine

Transportation

....................................

—

1,559,694

—

1,559,694

Media

...............................................

602,059

—

—

602,059

Metals

&

Mining

........................................

2,194,555

3,046,999

—

5,241,554

Multi-Utilities

..........................................

—

893,693

—

893,693

Oil,

Gas

&

Consumable

Fuels

...............................

10,080,639

964,913

—

11,045,552

Paper

&

Forest

Products

..................................

43,374

—

—

43,374

Passenger

Airlines

......................................

168,771

475,200

—

643,971

Personal

Care

Products

..................................

—

577,277

—

577,277

Pharmaceuticals

.......................................

8,242,546

6,530,477

—

14,773,023

Professional

Services

....................................

1,071,688

1,913,109

—

2,984,797

Real

Estate

Management

&

Development

.......................

647,774

2,342,634

—

2,990,408

Residential

REITs

.......................................

358,536

—

—

358,536

Retail

REITs

..........................................

6,911

33,416

—

40,327

Semiconductors

&

Semiconductor

Equipment

....................

13,416,749

3,370,223

—

16,786,972

Software

.............................................

19,260,760

2,492,566

—

21,753,326

Specialized

REITs

......................................

1,314,266

—

—

1,314,266

Specialty

Retail

........................................

3,612,260

1,191,316

—

4,803,576

Technology

Hardware,

Storage

&

Peripherals

....................

16,544,774

13,299

—

16,558,073

Textiles,

Apparel

&

Luxury

Goods

............................

1,765,283

1,696,206

—

3,461,489

Trading

Companies

&

Distributors

............................

—

37,198

—

37,198

Transportation

Infrastructure

...............................

76,750

198,498

—

275,248

Water

Utilities

.........................................

—

519,146

—

519,146

Wireless

Telecommunication

Services

.........................

150,508

578,757

—

729,265

Corporate

Bonds

Aerospace

&

Defense

....................................

—

75,129

—

75,129

Air

Freight

&

Logistics

....................................

—

62,483

—

62,483

Automobile

Components

..................................

—

223,381

—

223,381

Automobiles

..........................................

—

264,234

—

264,234

Banks

...............................................

—

16,734,380

1,000

16,735,380

Beverages

...........................................

—

3,837,282

—

3,837,282

Biotechnology

.........................................

—

1,880,753

—

1,880,753

Broadline

Retail

........................................

—

82,554

—

82,554

Building

Products

.......................................

—

2,885,232

—

2,885,232

Capital

Markets

........................................

—

6,696,815

—

6,696,815

Chemicals

............................................

—

325,271

—

325,271

Commercial

Services

&

Supplies

.............................

—

203,224

—

203,224

Communications

Equipment

................................

—

1,054,276

—

1,054,276

Construction

&

Engineering

................................

—

1,065,342

—

1,065,342

Construction

Materials

....................................

—

83,309

—

83,309

Consumer

Finance

......................................

—

1,218,820

—

1,218,820

Containers

&

Packaging

..................................

—

79,783

—

79,783

Diversified

REITs

.......................................

—

969,008

—

969,008

Diversified

Telecommunication

Services

........................

—

782,385

—

782,385

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

110

Level

1

Level

2

Level

3

Total

Electric

Utilities

........................................

$

—

$

2,907,943

$

—

$

2,907,943

Electronic

Equipment,

Instruments

&

Components

.................

—

1,215,390

—

1,215,390

Energy

Equipment

&

Services

..............................

—

441,190

—

441,190

Entertainment

.........................................

—

101,808

—

101,808

Financial

Services

......................................

—

1,498,814

—

1,498,814

Food

Products

.........................................

—

1,901,952

—

1,901,952

Gas

Utilities

...........................................

—

244,329

—

244,329

Ground

Transportation

...................................

—

1,253,878

—

1,253,878

Health

Care

Equipment

&

Supplies

...........................

—

1,309,049

—

1,309,049

Health

Care

Providers

&

Services

............................

—

5,989,290

—

5,989,290

Health

Care

REITs

......................................

—

294,588

—

294,588

Health

Care

Technology

..................................

—

840,947

—

840,947

Hotels,

Restaurants

&

Leisure

..............................

—

719,668

—

719,668

Household

Durables

.....................................

—

1,093,993

—

1,093,993

Industrial

Conglomerates

..................................

—

957,108

—

957,108

Insurance

............................................

—

1,949,387

—

1,949,387

IT

Services

...........................................

—

1,245,031

—

1,245,031

Life

Sciences

Tools

&

Services

..............................

—

16,700

—

16,700

Machinery

............................................

—

564,545

—

564,545

Media

...............................................

—

573,250

—

573,250

Metals

&

Mining

........................................

—

1,337,894

—

1,337,894

Oil,

Gas

&

Consumable

Fuels

...............................

—

2,269,497

—

2,269,497

Passenger

Airlines

......................................

—

165,256

—

165,256

Pharmaceuticals

.......................................

—

2,313,165

—

2,313,165

Professional

Services

....................................

—

1,362,020

—

1,362,020

Real

Estate

Management

&

Development

.......................

—

797,571

—

797,571

Semiconductors

&

Semiconductor

Equipment

....................

—

5,160,843

—

5,160,843

Software

.............................................

—

5,272,067

—

5,272,067

Specialized

REITs

......................................

—

1,940,925

—

1,940,925

Specialty

Retail

........................................

—

1,535,635

—

1,535,635

Technology

Hardware,

Storage

&

Peripherals

....................

—

488,131

—

488,131

Textiles,

Apparel

&

Luxury

Goods

............................

—

210,096

—

210,096

Trading

Companies

&

Distributors

............................

—

31,253

—

31,253

Transportation

Infrastructure

...............................

—

257,898

—

257,898

Wireless

Telecommunication

Services

.........................

—

103,100

—

103,100

Investment

Companies

....................................

9,123,783

—

—

9,123,783

Non-Agency

Mortgage-Backed

Securities

........................

—

662,045

—

662,045

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

1,161,429

—

1,161,429

Rights

................................................

163

—

—

163

U.S.

Government

Sponsored

Agency

Securities

....................

—

35,742,990

—

35,742,990

U.S.

Treasury

Obligations

...................................

—

49,206,664

—

49,206,664

Short-Term

Securities

Money

Market

Funds

......................................

6,692,438

—

—

6,692,438

U.S.

Treasury

Obligations

...................................

—

496,414

—

496,414

$

193,933,242

$

254,788,726

$

1,000

$

448,722,968

Investments

valued

at

NAV

(a)

......................................

4,494,602

$

453,217,570

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

113,396

$

—

$

113,396

Equity

contracts

...........................................

76,852

2,931,371

—

3,008,223

Foreign

currency

exchange

contracts

............................

—

336,367

—

336,367

Interest

rate

contracts

.......................................

687,092

—

—

687,092

Liabilities

Credit

contracts

...........................................

—

(139,404)

—

(139,404)

Equity

contracts

...........................................

(591,058)

(19,774)

—

(610,832)

Foreign

currency

exchange

contracts

............................

—

(44,328)

—

(44,328)

Interest

rate

contracts

.......................................

(1,869,077)

—

—

(1,869,077)

$

(1,696,191)

$

3,177,628

$

—

$

1,481,437

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

111

See

notes

to

financial

statements.

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

112

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

.........................................

$

186,573,843‌

$

212,837,161‌

$

136,292,164‌

$

70,316,382‌

Investments,

at

value

—

affiliated

(d)

............................................

4,965,096‌

13,893,662‌

17,054,377‌

—‌

Cash  

...............................................................

20,685‌

653‌

83,737‌

6,045,815‌

Cash

held

for

investments

sold

short

...........................................

—‌

—‌

585,155‌

—‌

Cash

pledged:

Collateral

—

exchange-traded

options

written

....................................

—‌

—‌

60,000‌

—‌

Futures

contracts

......................................................

96,000‌

—‌

1,013,000‌

—‌

Centrally

cleared

swaps

..................................................

—‌

—‌

991,000‌

—‌

Foreign

currency,

at

value

(e)

.................................................

—‌

—‌

483,895‌

—‌

Repurchase

agreements,

at

value

(f)

............................................

—‌

—‌

—‌

39,250,000‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

1,958,866‌

—‌

737,402‌

—‌

Options

written

........................................................

—‌

—‌

789‌

—‌

Securities

lending

income

—

affiliated

........................................

1,581‌

2,328‌

1,027‌

—‌

TBA

sale

commitments

..................................................

—‌

—‌

1,428,615‌

—‌

Capital

shares

sold

.....................................................

—‌

—‌

446‌

7,552‌

Dividends

—

unaffiliated

.................................................

182,461‌

9,256‌

95,209‌

—‌

Dividends

—

affiliated

...................................................

7,361‌

1,290‌

45,369‌

—‌

Interest

—

unaffiliated

...................................................

—‌

—‌

443,558‌

269,600‌

From

the

Manager

.....................................................

—‌

—‌

129‌

—‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

80,948‌

—‌

Swap

premiums

paid

.....................................................

—‌

—‌

11,909‌

—‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

291,855‌

—‌

OTC

swaps

..........................................................

—‌

—‌

98,350‌

—‌

Unfunded

floating

rate

loan

interests

.........................................

—‌

—‌

22‌

—‌

Prepaid

expenses

.......................................................

1,106‌

1,183‌

1,046‌

1,185‌

Other

assets

...........................................................

—‌

—‌

—‌

15,581‌

Total

assets

...........................................................

193,806,999‌

226,745,533‌

159,800,002‌

115,906,115‌

LIABILITIES

Investments

sold

short,

at

value

(g)

.............................................

—‌

—‌

282,693‌

—‌

Collateral

on

securities

loaned

...............................................

3,442,363‌

13,577,057‌

3,263,208‌

—‌

Options

written,

at

value

(h)

..................................................

—‌

—‌

255,432‌

—‌

TBA

sale

commitments,

at

value

(i)

.............................................

—‌

—‌

1,431,106‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

1,653,856‌

—‌

5,694,164‌

243,989‌

Swaps  

............................................................

—‌

—‌

402,388‌

—‌

Accounting

services

fees

.................................................

18,065‌

18,345‌

57,681‌

12,417‌

Capital

shares

redeemed

.................................................

3,308‌

3,760‌

1,891‌

39,755‌

Custodian

fees

........................................................

15,981‌

4,668‌

106,807‌

1,803‌

Deferred

foreign

capital

gain

tax

............................................

—‌

—‌

1,891‌

—‌

Interest

expense

......................................................

—‌

—‌

15,999‌

—‌

Investment

advisory

fees

.................................................

58,607‌

67,359‌

7,095‌

33,732‌

Directors'

and

Officer's

fees

...............................................

685‌

663‌

669‌

414‌

Professional

fees

......................................................

39,808‌

42,975‌

69,607‌

39,784‌

Registration

fees

......................................................

17‌

17‌

17‌

2,933‌

Transfer

agent

fees

....................................................

63,721‌

76,334‌

78,148‌

21,168‌

Other

accrued

expenses

.................................................

11,431‌

6,921‌

38,408‌

7,897‌

Variation

margin

on

futures

contracts

.........................................

5,003‌

—‌

142,304‌

—‌

Variation

margin

on

centrally

cleared

swaps

....................................

—‌

—‌

31,288‌

—‌

Swap

premiums

received

..................................................

—‌

—‌

57‌

—‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

133,640‌

—‌

OTC

swaps

..........................................................

—‌

—‌

246,464‌

—‌

Total

liabilities

..........................................................

5,312,845‌

13,798,099‌

12,260,957‌

403,892‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

188,494,154‌

$

212,947,434‌

$

147,539,045‌

$

115,502,223‌

See

notes

to

financial

statements.

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

113

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

157,121,840‌

$

132,774,738‌

$

140,633,410‌

$

115,497,740‌

Accumulated

earnings

....................................................

31,372,314‌

80,172,696‌

6,905,635‌

4,48

3‌

NET

ASSETS

..........................................................

$

188,494,154‌

$

212,947,434‌

$

147,539,045‌

$

115,502,223‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

.......................................

$

157,046,556‌

$

134,270,423‌

$

129,350,566‌

$

70,316,382‌

(c)

  Securities

loaned,

at

value

............................................

$

3,351,340‌

$

13,288,070‌

$

3,176,581‌

$

—‌

(d)

  Investments,

at

cost

—

affiliated

.........................................

$

4,965,031‌

$

13,893,976‌

$

17,011,231‌

$

—‌

(e)

  Foreign

currency,

at

cost

.............................................

$

—‌

$

—‌

$

482,478‌

$

—‌

(f)

  Repurchase

agreements,

at

cost

........................................

$

—‌

$

—‌

$

—‌

$

39,250,000‌

(g)

  Proceeds

received

from

short

sales

......................................

$

—‌

$

—‌

$

236,761‌

$

—‌

(h)

  Premiums

received

.................................................

$

—‌

$

—‌

$

271,363‌

$

—‌

(i)

  Proceeds

received

from

TBA

sale

commitments

...............................

$

—‌

$

—‌

$

1,428,615‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

114

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

NET

ASSET

VALUE

Net

assets

.........................................................

$

188,494,154‌

$

212,947,434‌

$

147,539,045‌

$

115,502,223‌

Shares

outstanding

..................................................

7,403,385‌

4,547,828‌

9,759,596‌

115,497,746‌

Net

asset

value

.....................................................

$

25.46‌

$

46.82‌

$

15.12‌

$

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,

2023

115

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

20,785,463‌

$

432,906,747‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

700,040‌

20,310,823‌

Cash  

..............................................................................................

5,469‌

—‌

Cash

pledged:

Futures

contracts

.....................................................................................

6,000‌

2,113,000‌

Centrally

cleared

swaps

.................................................................................

17,000‌

245,000‌

Foreign

currency,

at

value

(d)

................................................................................

1,496‌

482,996‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

1,595‌

Capital

shares

sold

....................................................................................

30,665‌

—‌

Dividends

—

unaffiliated

................................................................................

—‌

416,554‌

Dividends

—

affiliated

..................................................................................

1,304‌

43,453‌

Interest

—

unaffiliated

..................................................................................

357,939‌

1,463,477‌

From

the

Manager

....................................................................................

25,597‌

—‌

Due

from

broker

......................................................................................

—‌

520,000‌

Variation

margin

on

futures

contracts

........................................................................

617‌

84,031‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

—‌

5,367‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

5,758‌

336,367‌

OTC

swaps

.........................................................................................

—‌

2,931,371‌

Prepaid

expenses

......................................................................................

410‌

2,887‌

Total

assets

..........................................................................................

21,937,758‌

461,863,668‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

—‌

2,730,000‌

Collateral

on

securities

loaned

..............................................................................

—‌

4,501,471‌

Options

written,

at

value

(e)

.................................................................................

583‌

—‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

40,669‌

9,690,389‌

Accounting

services

fees

................................................................................

15,591‌

22,223‌

Proxy

fees

..........................................................................................

4,812‌

—‌

Capital

shares

redeemed

................................................................................

175‌

30,415‌

Custodian

fees

.......................................................................................

4,471‌

59,737‌

Deferred

foreign

capital

gain

tax

...........................................................................

—‌

21,608‌

Income

dividend

distributions

.............................................................................

108,105‌

—‌

Investment

advisory

fees

................................................................................

—‌

137,904‌

Directors'

and

Officer's

fees

..............................................................................

370‌

1,349‌

Professional

fees

.....................................................................................

44,537‌

100,671‌

Registration

fees

.....................................................................................

17‌

17‌

Transfer

agent

fees

...................................................................................

9,684‌

160,786‌

Other

accrued

expenses

................................................................................

2,222‌

10,226‌

Variation

margin

on

futures

contracts

........................................................................

5‌

18,899‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

285‌

—‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

44,328‌

Total

liabilities

.........................................................................................

231,526‌

17,530,023‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

21,706,232‌

$

444,333,645‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

116

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

25,068,585‌

$

421,139,665‌

Accumulated

earnings

(loss)

...............................................................................

(3,362,353‌)

23,193,980‌

NET

ASSETS

.........................................................................................

$

21,706,232‌

$

444,333,645‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

20,915,930‌

$

413,486,407‌

(b)

  Securities

loaned,

at

value

........................................................................

$

—‌

$

4,387,602‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

679,587‌

$

19,917,746‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

1,470‌

$

479,668‌

(e)

  Premiums

received

.............................................................................

$

1,180‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

117

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

NET

ASSET

VALUE

Net

assets

.........................................................................................

$

21,706,232‌

$

444,333,645‌

Shares

outstanding

..................................................................................

4,333,741‌

28,650,909‌

Net

asset

value

.....................................................................................

$

5.01‌

$

15.51‌

Shares

authorized

...................................................................................

100

million

300

million

Par

value

.........................................................................................

$

0.0001‌

$

0.10‌

Statements

of

Operations

Year

Ended

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

118

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

2,565,876‌

$

1,312,773‌

$

1,675,179‌

$

—‌

Dividends

—

affiliated

...................................................

77,995‌

13,532‌

518,088‌

—‌

Interest

—

unaffiliated

...................................................

4,662‌

62‌

2,505,439‌

5,470,663‌

Securities

lending

income

—

affiliated

—

net

...................................

32,446‌

14,773‌

15,798‌

—‌

Foreign

taxes

withheld

..................................................

(542‌)

(29,198‌)

(104,352‌)

—‌

Foreign

withholding

tax

claims

.............................................

—‌

—‌

1,036‌

—‌

Total

investment

income

...................................................

2,680,437‌

1,311,942‌

4,611,188‌

5,470,663‌

EXPENSES

Investment

advisory

....................................................

671,183‌

714,773‌

549,734‌

409,438‌

Transfer

agent

........................................................

232,228‌

252,102‌

227,838‌

170,058‌

Professional

.........................................................

66,971‌

66,757‌

114,366‌

69,980‌

Accounting

services

....................................................

53,994‌

54,435‌

151,333‌

37,237‌

Custodian

...........................................................

39,199‌

10,878‌

237,557‌

9,974‌

Printing

and

postage

...................................................

32,617‌

19,304‌

18,908‌

18,298‌

Directors

and

Officer

...................................................

7,820‌

7,813‌

7,529‌

7,256‌

Registration

.........................................................

727‌

727‌

727‌

628‌

Pricing

.............................................................

—‌

58‌

86,074‌

—‌

Miscellaneous

........................................................

5,126‌

4,655‌

58,974‌

5,663‌

Total

expenses

excluding

dividend

expense

and

interest

expense

.......................

1,109,865‌

1,131,502‌

1,453,040‌

728,532‌

Dividend

expense

—

unaffiliated

............................................

—‌

—‌

2,533‌

—‌

Interest

expense

......................................................

—‌

225‌

—‌

—‌

Total

expenses

.........................................................

1,109,865‌

1,131,727‌

1,455,573‌

728,532‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(10,246‌)

(200‌)

(408,018‌)

(26,259‌)

Transfer

agent

fees

reimbursed

by

the

Manager

.................................

(219,003‌)

(172,069‌)

(222,838‌)

(165,057‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

880,616‌

959,458‌

824,717‌

537,216‌

Net

investment

income

....................................................

1,799,821‌

352,484‌

3,786,471‌

4,933,447‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

38,199,945‌

$

73,737,281‌

$

14,143,662‌

$

324‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

............................................

$

5,830,692‌

$

6,798,490‌

$

3,474,078‌

$

324‌

Investments

—

affiliated

...............................................

2,230‌

861‌

(22,262‌)

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

(501,874‌)

—‌

Foreign

currency

transactions

...........................................

—‌

(1,572‌)

5,559‌

—‌

Futures

contracts

....................................................

214,054‌

—‌

168,699‌

—‌

Options

written

.....................................................

—‌

—‌

1,553,488‌

—‌

Short

sales

—

unaffiliated

..............................................

—‌

—‌

16,695‌

—‌

Swaps  

..........................................................

—‌

—‌

(1,428,682‌)

—‌

6,046,976‌

6,797,779‌

3,265,701‌

324‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

............................................

32,075,048‌

66,939,723‌

9,340,469‌

—‌

Investments

—

affiliated

...............................................

(43‌)

(495‌)

144,741‌

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

664,970‌

—‌

Foreign

currency

translations

............................................

—‌

274‌

5,296‌

—‌

Futures

contracts

....................................................

77,964‌

—‌

(270,292‌)

—‌

Options

written

.....................................................

—‌

—‌

577,204‌

—‌

Short

sales

—

unaffiliated

..............................................

—‌

—‌

(29,946‌)

—‌

Swaps  

..........................................................

—‌

—‌

445,496‌

—‌

Unfunded

floating

rate

loan

interests

.......................................

—‌

—‌

22‌

—‌

32,152,969‌

66,939,502‌

10,877,960‌

—‌

Net

realized

and

unrealized

gain

.............................................

38,199,945‌

73,737,281‌

14,143,661‌

324‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

39,999,766‌

$

74,089,765‌

$

17,930,132‌

$

4,933,771‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

.................

$

—‌

$

—‌

$

(986‌)

$

—‌

(c)

Net

of

reduction

in

deferred

foreign

capital

gain

tax

of

..............................

$

—‌

$

—‌

$

2,782‌

$

—‌

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

December

31,

2023

119

Financial

Statements

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

77‌

$

5,595,833‌

Dividends

—

affiliated

..................................................................................

25,572‌

774,653‌

Interest

—

unaffiliated

..................................................................................

1,373,770‌

6,404,216‌

Securities

lending

income

—

affiliated

—

net

..................................................................

—‌

30,989‌

Foreign

taxes

withheld

.................................................................................

—‌

(366,508‌)

Total

investment

income

..................................................................................

1,399,419‌

12,439,183‌

EXPENSES

Investment

advisory

...................................................................................

78,981‌

1,646,572‌

Professional

........................................................................................

71,701‌

131,211‌

Accounting

services

...................................................................................

46,931‌

62,580‌

Printing

and

postage

..................................................................................

41,258‌

39,883‌

Transfer

agent

.......................................................................................

32,982‌

590,554‌

Custodian

..........................................................................................

12,433‌

145,686‌

Pricing

............................................................................................

5,302‌

20,663‌

Directors

and

Officer

..................................................................................

869‌

9,745‌

Registration

........................................................................................

727‌

727‌

Miscellaneous

.......................................................................................

10,020‌

32,891‌

Total

expenses

excluding

interest

expense

......................................................................

301,204‌

2,680,512‌

Interest

expense

.....................................................................................

—‌

25,945‌

Total

expenses

........................................................................................

301,204‌

2,706,457‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(164,113‌)

(38,062‌)

Transfer

agent

fees

reimbursed

by

the

Manager

................................................................

(27,981‌)

(483,293‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

109,110‌

2,185,102‌

Net

investment

income

...................................................................................

1,290,309‌

10,254,081‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

1,191,246‌

$

56,179,112‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

...........................................................................

$

(1,010,393‌)

$

5,592,225‌

Investments

—

affiliated

..............................................................................

—‌

(335,590‌)

Forward

foreign

currency

exchange

contracts

................................................................

15,735‌

236,592‌

Foreign

currency

transactions

..........................................................................

(10,562‌)

(17,676‌)

Futures

contracts

...................................................................................

(4,639‌)

2,200,560‌

Options

written

....................................................................................

14,780‌

—‌

Swaps  

.........................................................................................

6,639‌

2,156,855‌

(988,440‌)

9,832,966‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

...........................................................................

2,164,798‌

45,835,654‌

Investments

—

affiliated

..............................................................................

19,166‌

670,030‌

Forward

foreign

currency

exchange

contracts

................................................................

5,758‌

320,197‌

Foreign

currency

translations

...........................................................................

(3,783‌)

20,232‌

Futures

contracts

...................................................................................

(14,869‌)

(1,621,469‌)

Options

written

....................................................................................

(980‌)

—‌

Swaps  

.........................................................................................

9,596‌

1,121,502‌

2,179,686‌

46,346,146‌

Net

realized

and

unrealized

gain

............................................................................

1,191,246‌

56,179,112‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

2,481,555‌

$

66,433,193‌

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

—‌

$

(270‌)

(c)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

.............................................................

$

—‌

$

(21,608‌)

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

to

Shareholders

120

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

1,799,821‌

$

2,144,765‌

$

352,484‌

$

413,574‌

Net

realized

gain

(loss)

............................................

6,046,976‌

(894,270‌)

6,797,779‌

9,238,427‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

32,152,969‌

(46,351,944‌)

66,939,502‌

(110,082,871‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

39,999,766‌

(45,101,449‌)

74,089,765‌

(100,430,870‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(4,991,092‌)

(7,571,720‌)

(5,361,092‌)

(16,908,540‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................

(12,557,885‌)

(13,944,593‌)

(11,577,028‌)

(2,946,214‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

22,450,789‌

(66,617,762‌)

57,151,645‌

(120,285,624‌)

Beginning

of

year

..................................................

166,043,365‌

232,661,127‌

155,795,789‌

276,081,413‌

End

of

year

......................................................

$

188,494,154‌

$

166,043,365‌

$

212,947,434‌

$

155,795,789‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

121

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

3,786,471‌

$

2,650,525‌

$

4,933,447‌

$

1,186,997‌

Net

realized

gain

................................................

3,265,701‌

602,794‌

324‌

1,505‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

10,877,960‌

(32,819,594‌)

—‌

—‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

17,930,132‌

(29,566,275‌)

4,933,771‌

1,188,502‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

.........................

(4,183,933‌)

(4,558,257‌)

(4,931,339‌)

(1,186,997‌)

Return

of

capital:

................................................

—‌

(246,211‌)

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(4,183,933‌)

(4,804,468‌)

(4,931,339‌)

(1,186,997‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(10,869,028‌)

(13,467,077‌)

21,403,982‌

(9,691,484‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

2,877,171‌

(47,837,820‌)

21,406,414‌

(9,689,979‌)

Beginning

of

year

..................................................

144,661,874‌

192,499,694‌

94,095,809‌

103,785,788‌

End

of

year

......................................................

$

147,539,045‌

$

144,661,874‌

$

115,502,223‌

$

94,095,809‌

(a)

Consolidated

Statements

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

122

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

1,290,309‌

$

1,131,816‌

$

10,254,081‌

$

8,212,988‌

Net

realized

gain

(loss)

............................................

(988,440‌)

(803,484‌)

9,832,966‌

(6,671,445‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

2,179,686‌

(3,061,454‌)

46,346,146‌

(86,683,599‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

2,481,555‌

(2,733,122‌)

66,433,193‌

(85,142,056‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income

and

net

realized

gain:

.........................

(1,311,289‌)

(1,119,738‌)

(14,721,517‌)

(8,697,965‌)

Return

of

capital:

................................................

—‌

(41,567‌)

—‌

—‌

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(1,311,289‌)

(1,161,305‌)

(14,721,517‌)

(8,697,965‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

726,041‌

(1,147,111‌)

(29,900,777‌)

(35,720,713‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

1,896,307‌

(5,041,538‌)

21,810,899‌

(129,560,734‌)

Beginning

of

year

..................................................

19,809,925‌

24,851,463‌

422,522,746‌

552,083,480‌

End

of

year

......................................................

$

21,706,232‌

$

19,809,925‌

$

444,333,645‌

$

422,522,746‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

123

Financial

Highlights

BlackRock

Advantage

Large

Cap

Core

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.................................

$

20.86

‌

$

27.24

‌

$

26.14

‌

$

23.90

‌

$

19.76

‌

Net

investment

income

(a)

........................................

0.24

‌

0.26

‌

0.25

‌

0.28

‌

0.35

‌

Net

realized

and

unrealized

gain

(loss)

...............................

5.05

‌

(5.69

)

6.98

‌

4.43

‌

5.38

‌

Net

increase

(decrease)

from

investment

operations

.......................

5.29

‌

(5.43

)

7.23

‌

4.71

‌

5.73

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(0.24

)

(0.27

)

(0.25

)

(0.34

)

(0.34

)

From

net

realized

gain

..........................................

(0.45

)

(0.68

)

(5.88

)

(2.13

)

(1.25

)

Total

distributions

..............................................

(0.69

)

(0.95

)

(6.13

)

(2.47

)

(1.59

)

Net

asset

value,

end

of

year

......................................

$

25.46

‌

$

20.86

‌

$

27.24

‌

$

26.14

‌

$

23.90

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

.........................................

25.41

%

(19.89

)%

28.43

%

19.99

%

29.09

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

................................................

0.63

%

0.60

%

0.57

%

0.59

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.50

%

0.50

%

0.47

%

0.49

%

0.50

%

Net

investment

income

...........................................

1.02

%

1.14

%

0.85

%

1.18

%

1.52

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

188,494

‌

$

166,043

‌

$

232,661

‌

$

196,166

‌

$

188,907

‌

Portfolio

turnover

rate

............................................

113

%

117

%

116

%

124

%

131

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

124

BlackRock

Capital

Appreciation

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.................................

$

32.11

‌

$

57.19

‌

$

56.30

‌

$

43.39

‌

$

36.63

‌

Net

investment

income

(loss)

(a)

....................................

0.08

‌

0.09

‌

(0.01

)

(

0.00

)

(b)

0.06

‌

Net

realized

and

unrealized

gain

(loss)

...............................

15.83

‌

(21.45

)

11.61

‌

17.32

‌

11.86

‌

Net

increase

(decrease)

from

investment

operations

.......................

15.91

‌

(21.36

)

11.60

‌

17.32

‌

11.92

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.....................................

(0.04

)

(0.09

)

(0.02

)

(0.01

)

(0.05

)

From

net

realized

gain

..........................................

(1.16

)

(3.63

)

(10.69

)

(4.40

)

(5.11

)

Total

distributions

..............................................

(1.20

)

(3.72

)

(10.71

)

(4.41

)

(5.16

)

Net

asset

value,

end

of

year

......................................

$

46.82

‌

$

32.11

‌

$

57.19

‌

$

56.30

‌

$

43.39

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

49.60

%

(37.59

)%

21.22

%

40.16

%

32.79

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................................

0.60

%

0.59

%

0.57

%

0.59

%

0.58

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.51

%

0.50

%

0.47

%

0.49

%

0.48

%

Net

investment

income

(loss)

.......................................

0.19

%

0.21

%

(0.02

)%

(0.01

)%

0.13

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

212,947

‌

$

155,796

‌

$

276,081

‌

$

247,240

‌

$

195,938

‌

Portfolio

turnover

rate

............................................

22

%

63

%

41

%

38

%

42

%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

greater

than

$(0.005)

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

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)

125

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:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Global

Allocation

Portfolio

(a)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

................................

$

13.74

‌

$

16.85

‌

$

17.96

‌

$

16.03

‌

$

14.20

‌

Net

investment

income

(b)

.......................................

0.38

‌

0.24

‌

0.25

‌

0.18

‌

0.27

‌

Net

realized

and

unrealized

gain

(loss)

..............................

1.44

‌

(2.89

)

0.97

‌

3.15

‌

2.28

‌

Net

increase

(decrease)

from

investment

operations

......................

1.82

‌

(2.65

)

1.22

‌

3.33

‌

2.55

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

....................................

(0.36

)

—

‌

(0.22

)

(0.26

)

(0.24

)

From

net

realized

gain

.........................................

(0.08

)

(0.44

)

(2.11

)

(1.14

)

(0.48

)

Return

of

capital

.............................................

—

‌

(0.02

)

—

‌

—

‌

—

‌

Total

distributions

.............................................

(0.44

)

(0.46

)

(2.33

)

(1.40

)

(0.72

)

Net

asset

value,

end

of

year

.....................................

$

15.12

‌

$

13.74

‌

$

16.85

‌

$

17.96

‌

$

16.03

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

........................................

13.25

%

(15.73

)%

6.79

%

20.95

%

18.05

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................................

1.01

%

1.02

%

0.87

%

0.83

%

0.79

%

Total

expenses

after

fees

waived

and/or

reimbursed

......................

0.57

%

0.57

%

0.58

%

0.58

%

0.57

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

................

0.57

%

0.57

%

0.57

%

0.57

%

0.57

%

Net

investment

income

..........................................

2.63

%

1.65

%

1.34

%

1.08

%

1.72

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

147,528

‌

$

144,662

‌

$

192,500

‌

$

200,541

‌

$

185,582

‌

Portfolio

turnover

rate

(f)

..........................................

211

%

(g)

114

%

134

%

159

%

207

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

152%

105%

123%

158%

207%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

126

BlackRock

Government

Money

Market

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................................

0.0459

‌

0.0121

‌

0.0000

(a)

0.0026

‌

0.0177

‌

Net

realized

and

unrealized

gain

(loss)

...............................

(0.0003

)

(b)

0.0003

‌

0.0001

‌

0.0000

(a)

0.0000

(a)

Net

increase

from

investment

operations

...............................

0.0456

‌

0.0124

‌

0.0001

‌

0.0026

‌

0.0177

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.....................................

(0.0456

)

(0.0124

)

(0.0001

)

(0.0026

)

(0.0177

)

From

net

realized

gain

..........................................

—

‌

(0.0000

)

(d)

(0.0000

)

(d)

(0.0000

)

(d)

(0.0000

)

(d)

Total

distributions

..............................................

(0.0456

)

(0.0124

)

(0.0001

)

(0.0026

)

(0.0177

)

Net

asset

value,

end

of

year

......................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

4.65

%

1.26

%

0.01

%

0.26

%

1.78

%

Ratios

to

Average

Net

Assets

Total

expenses

................................................

0.68

%

0.51

%

0.50

%

0.62

%

0.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.50

%

0.40

%

0.08

%

0.33

%

0.50

%

Net

investment

income

...........................................

4.59

%

1.21

%

0.00

%

(f)

0.28

%

1.77

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

115,502

‌

$

94,096

‌

$

103,786

‌

$

108,915

‌

$

112,454

‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(f)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

127

Financial

Highlights

BlackRock

High

Yield

Portfolio

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

................................

$

4.73

‌

$

5.59

‌

$

5.54

‌

$

5.43

‌

$

5.00

‌

Net

investment

income

(a)

.......................................

0.30

‌

0.26

‌

0.27

‌

0.29

‌

0.31

‌

Net

realized

and

unrealized

gain

(loss)

..............................

0.28

‌

(0.85

)

0.05

‌

0.11

‌

0.43

‌

Net

increase

(decrease)

from

investment

operations

......................

0.58

‌

(0.59

)

0.32

‌

0.40

‌

0.74

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

....................................

(0.30

)

(0.26

)

(0.27

)

(0.29

)

(0.31

)

Return

of

capital

.............................................

—

‌

(0.01

)

(0.00

)

(c)

—

‌

—

‌

Total

distributions

.............................................

(0.30

)

(0.27

)

(0.27

)

(0.29

)

(0.31

)

Net

asset

value,

end

of

year

.....................................

$

5.01

‌

$

4.73

‌

$

5.59

‌

$

5.54

‌

$

5.43

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

........................................

12.80

%

(10.64

)%

5.93

%

7.80

%

15.04

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

...............................................

1.45

%

(f)

1.26

%

1.46

%

1.27

%

1.15

%

Total

expenses

after

fees

waived

and/or

reimbursed

......................

0.53

%

(f)

0.50

%

0.50

%

0.50

%

0.50

%

Net

investment

income

..........................................

6.23

%

5.27

%

4.83

%

5.48

%

5.76

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

21,706

‌

$

19,810

‌

$

24,851

‌

$

28,919

‌

$

30,673

‌

Portfolio

turnover

rate

...........................................

56

%

55

%

55

%

89

%

74

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

1.42%

and

0.50%

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

128

(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

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

.................................

$

13.76

‌

$

16.67

‌

$

16.79

‌

$

15.86

‌

$

13.97

‌

Net

investment

income

(a)

........................................

0.35

‌

0.26

‌

0.19

‌

0.25

‌

0.33

‌

Net

realized

and

unrealized

gain

(loss)

...............................

1.93

‌

(2.89

)

2.59

‌

2.23

‌

2.75

‌

Net

increase

(decrease)

from

investment

operations

.......................

2.28

‌

(2.63

)

2.78

‌

2.48

‌

3.08

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(0.26

)

(0.13

)

(0.19

)

(0.29

)

(0.33

)

From

net

realized

gain

..........................................

(0.27

)

(0.15

)

(2.71

)

(1.26

)

(0.86

)

Total

distributions

..............................................

(0.53

)

(0.28

)

(2.90

)

(1.55

)

(1.19

)

Net

asset

value,

end

of

year

......................................

$

15.51

‌

$

13.76

‌

$

16.67

‌

$

16.79

‌

$

15.86

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

.........................................

16.56

%

(15.76

)%

16.65

%

15.75

%

22.06

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

................................................

0.63

%

0.62

%

0.59

%

0.61

%

0.63

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.51

%

0.50

%

0.49

%

0.50

%

0.52

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..

0.50

%

0.48

%

0.48

%

0.48

%

0.49

%

Net

investment

income

...........................................

2.37

%

1.78

%

1.08

%

1.56

%

2.08

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

444,334

‌

$

422,523

‌

$

552,083

‌

$

523,771

‌

$

500,622

‌

Portfolio

turnover

rate

(e)

...........................................

121

%

229

%

343

%

345

%

320

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

97%

187%

218%

238%

228%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

129

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Series

Fund,

Inc.

(“Series

Fund”)

and

BlackRock

Series

Fund

II,

Inc.

(“Series

Fund

II”

and

together

with

Series

Fund,

the

“Companies”

and

each,

a

“Company”)

are

each

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

open-end

management

investment

companies.

Each

Company

is

organized

as

a

Maryland

corporation

and

is

comprised

of

the

separate

portfolios

indicated

below.

Series

Fund

is

comprised

of

5

separate

portfolios

and

Series

Fund

II

is

comprised

of 1

portfolio.

The

following

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

The

Funds

offer

shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. 

Advantage

Large

Cap

Core,

Capital

Appreciation,

Global

Allocation,

Government

Money

Market

and

Sustainable

Balanced,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”)

or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

High

Yield,

together

with

certain

other

registered

investment

companies

advised

by

the

Manager

or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

Government

Money

Market

operates 

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

The

Fund

is

not

subject

to

discretionary

liquidity

fees.

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

$4,896,152

,

which

is

3.3%

 of

Global

Allocation's

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Global

Allocation,

except

that

the

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed

(the

"trade

dates")

.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income and

capital

gain

distributions,

if

any,

are recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value. Dividends

from

foreign

securities

where

the

ex-

dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

 Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

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,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Fund

Name

Company

Herein

Referred

To

As

Diversification

Classification

BlackRock

Advantage

Large

Cap

Core

Portfolio

...................

Series

Fund

Advantage

Large

Cap

Core

Diversified

BlackRock

Capital

Appreciation

Portfolio

........................

Series

Fund

Capital

Appreciation

Diversified

BlackRock

Global

Allocation

Portfolio

..........................

Series

Fund

Global

Allocation

Diversified

BlackRock

Government

Money

Market

Portfolio

...................

Series

Fund

Government

Money

Market

Diversified

BlackRock

High

Yield

Portfolio

...............................

Series

Fund

II

High

Yield

Diversified

BlackRock

Sustainable

Balanced

Portfolio

.......................

Series

Fund

Sustainable

Balanced

Diversified

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

130

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. 

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

For

Government

Money

Market

and

High

Yield,

distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

For

Advantage

Large

Cap

Core,

Capital

Appreciation,

Global

Allocation

and

Sustainable

Balanced,

distributions

from

net

investment

income

are

declared

and

paid

at

least

annually.

For

each

Fund,

distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund's

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Net

income

and

realized

gains

from

investments

held

by

the

Cayman

Subsidiary

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Cayman

Subsidiary

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Fund’s

ordinary

income

and/or

capital

gains

for

that

year.  

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Directors

of

Series

Fund

II,

the

directors

who

are

not

“interested

persons”

of

High

Yield,

as

defined

in

the

1940

Act

(“Independent

Directors”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent

Directors

as

if

the

Independent

Directors

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

High

Yield,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Directors’

and

Officer’s

fees

payable

in

the

Statements

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Funds

until

such

amounts

are

distributed

in

accordance

with

the

Plan. Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Directors

and

Officer

expense

on

the Statements

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to a

Fund

are

charged

to

that

Fund.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.

Global

Allocation

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

Global

Allocation

may

incur

charges

on

overdrafts,

subject

to

certain

conditions.

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

(except

Government

Money

Market’s)

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Boards

of

Directors

of

the

Companies

(each

a

"Board"

and

together

the

"Boards")

have

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

U.S.

GAAP

defines

fair

value

as

the

price

Government

Money

Market

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Government

Money

Market’s

investments

are

valued

under

the

amortized

cost

method

which

approximates

current

market

value

in

accordance

with

Rule

2a-7

under

the

1940

Act.

Under

this

method,

investments

are

valued

at

cost

when

purchased

and,

thereafter,

a

constant

proportionate

accretion

of

discounts

and

amortization

of

premiums

are

recorded

until

the

maturity

of

the

security.

Government

Money

Market

seeks

to

maintain

its

net

asset

value

(“NAV”)

per

share

at

$1.00,

although

there

is

no

assurance

that

it

will

be

able

to

do

so

on

a

continuing

basis.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

(except

Government

Money

Market’s)

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

Notes

to

Financial

Statements

(continued)

131

Notes

to

Financial

Statements

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.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds 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.

ETFs

and

closed-end

funds

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.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published NAV.

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

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)

2023

BlackRock

Annual

Report

to

Shareholders

132

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

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,

2023,

certain

investments

of

the

Funds

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

Notes

to

Financial

Statements

(continued)

133

Notes

to

Financial

Statements

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

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

134

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end,

Global

Allocation

had

the

following

unfunded

floating

rate

loan

interests: 

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

The

Funds

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made. The

Funds

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement, the

Funds

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty, the

Funds'

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

These

types

of

securities

may

be

considered

unfunded

and

may

obligate

the

Funds

to

make

future

cash

payments.

An

unfunded

commitment

is

marked-to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

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,

2023

, Global

Allocation

had

outstanding

commitments

of

$220,287.

These

commitments

are

not

included

in

the

net

assets

of

Global

Allocation

as

of

December

31,

2023

.

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

purchase

a

security

from

a

counterparty

who

agrees

to

repurchase

the

same

security

at

a

mutually

agreed

upon

date

and

price.

On

a

daily

basis,

the

counterparty

is

required

to

maintain

collateral

subject

to

the

agreement

and

in

value

no

less

than

the

agreed

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri-party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third-party

custodian

maintains

accounts

to

hold

collateral

for

a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively.

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Global

Allocation

Helios

Service

Partners

LLC,

Term

Loan

.................

$

16,983‌

$

16,856‌

$

16,878‌

$

22‌

$

22‌

Notes

to

Financial

Statements

(continued)

135

Notes

to

Financial

Statements

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty, the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

Short

Sale

Transactions:

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser.

To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statements

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedules

of

Investments.

A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statements

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is, limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Securities

Lending:

 The

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,  are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

136

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

 Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

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).

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

Net

Amount

Advantage

Large

Cap

Core

BofA

Securities,

Inc.

...........................

$

1,674,311‌

$

(1,674,311‌)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

......................

353,122‌

(353,122‌)

—‌

—‌

Morgan

Stanley

..............................

145,552‌

(145,552‌)

—‌

—‌

National

Financial

Services

LLC

...................

122,774‌

(122,774‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

....................

613,806‌

(613,806‌)

—‌

—‌

Toronto-Dominion

Bank

........................

441,775‌

(441,775‌)

—‌

—‌

$

3,351,340‌

$

(3,351,340‌)

$

—‌

$

—‌

Capital

Appreciation

BofA

Securities,

Inc.

...........................

8,639,715‌

(8,639,715‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

3,321,430‌

(3,321,430‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

1,326,925‌

(1,326,925‌)

—‌

—‌

$

13,288,070‌

$

(13,288,070‌)

$

—‌

$

—‌

Global

Allocation

BofA

Securities,

Inc.

...........................

346,266‌

(346,266‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

35,673‌

(35,673‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

879,104‌

(879,104‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

824,186‌

(824,186‌)

—‌

—‌

Jefferies

LLC

...............................

24,781‌

(24,781‌)

—‌

—‌

Morgan

Stanley

..............................

919,022‌

(919,022‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

....................

91,374‌

(91,374‌)

—‌

—‌

Toronto-Dominion

Bank

........................

56,175‌

(56,175‌)

—‌

—‌

$

3,176,581‌

$

(3,176,581‌)

$

—‌

$

—‌

Sustainable

Balanced

BofA

Securities,

Inc.

...........................

674,000‌

(674,000‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

1,822,111‌

(1,822,111‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

1,567,503‌

(1,567,503‌)

—‌

—‌

Morgan

Stanley

..............................

323,988‌

(323,988‌)

—‌

—‌

$

4,387,602‌

$

(4,387,602‌)

$

—‌

$

—‌

(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.

Notes

to

Financial

Statements

(continued)

137

Notes

to

Financial

Statements

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.

The

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.

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

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

138

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

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

derivative

contract

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

Notes

to

Financial

Statements

(continued)

139

Notes

to

Financial

Statements

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

Each

Company,

on

behalf

of

its

respective

Funds

,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

based

on

the

percentage

of

the six

combined

Funds’

average

daily

net

assets

at

the

following

annual

rates:

The

portion

of

the

assets

of

a

Fund

to

which

the

rate

at

each

breakpoint

level

applies

will

be

determined

on

a

“uniform

percentage”

basis.

The

uniform

percentage

applicable

to

a

breakpoint

level

is

determined

by

dividing

the

amount

of

the

aggregate

average

daily

net

assets

of

the

six

combined

Funds

that

falls

within

that

breakpoint

level

by

the

aggregate

average

daily

net

assets

of

the six

combined

Funds.

The

amount

of

the

fee

for

a

Fund

at

each

breakpoint

level

is

determined

by

multiplying

the

average

daily

net

assets

of

that

Fund

by

the

uniform

percentage

applicable

to

that

breakpoint

level

and

multiplying

the

product

by

the

applicable

advisory

fee

rate.

The

Manager

provides

investment

management

and

other

services

to

the

Cayman

Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the

Cayman

Subsidiary

for

providing

investment

management

or

administrative

services.

However, Global

Allocation pays

the

Manager

based

on

the

net

assets,

which

includes

the

assets

of

the

Cayman

Subsidiary.

With

respect

to

High

Yield,

the

Manager

entered

into

a

separate

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

High

Yield

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

High

Yield

to

the

Manager.

With

respect

to

Sustainable

Balanced,

the

Manager

entered

into

separate

sub-advisory

agreements

with

BIL

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

Sustainable

Balanced

for

which

BIL

or

BSL,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Sustainable

Balanced

to

the

Manager.

With

respect

to

Global

Allocation,

the

Manager

entered

into

a

sub-advisory

agreement

with

BSL,

an

affiliate

of

the

Manager.

The

Manager

pays

BSL

for

services

it

provides

for

that

portion

of

Global

Allocation

for

which

BSL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Global

Allocation

to

the

Manager.

Distribution

Fees:

Each

Company

,

on behalf

of its

respective

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Transfer

Agent:

On

behalf

of each

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Funds

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

.

For

the

year

ended

December

31,

2023

,

the

Funds

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Average

Daily

Net

Assets

of

the

Six

Combined

Funds

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.50%

$250

million

-

$300

million

.................................................................................................

0.45

$300

million

-

$400

million

................................................................................................

0.40

$400

million

-

$800

million

.................................................................................................

0.35

Greater

than

$800

million

.................................................................................................

0.30

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

140

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to each

Fund

(other

than

Government

Money

Market),

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

Independent

Directors, or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2023,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of each

Fund’s

(other

than

Government

Money

Market’s) assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

 These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

each

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2023,

expense

reimbursements

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

Fund

Name

Fees

waived

and/or

reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..............................................................................................

$

1,176‌

Capital

Appreciation

...................................................................................................

200‌

Global

Allocation

.....................................................................................................

6,154‌

High

Yield

..........................................................................................................

249‌

Sustainable

Balanced

..................................................................................................

9,213‌

Fund

Name

Fees

waived

and/or

reimbursed

by

the

Manager

Global

Allocation

.........................................................................................................

$

6,851‌

High

Yield

..............................................................................................................

344‌

Sustainable

Balanced

......................................................................................................

25,788‌

Fund

Name

Advantage

Large

Cap

Core

...........................................................................................

0.04‌

%

Capital

Appreciation

................................................................................................

0.04‌

Global

Allocation

..................................................................................................

0.04‌

Government

Money

Market

...........................................................................................

0.02‌

High

Yield

.......................................................................................................

0.05‌

Sustainable

Balanced

...............................................................................................

0.04‌

Fund

Name

Transfer

agent

fees

reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

156,778‌

Capital

Appreciation

.......................................................................................................

172,069‌

Global

Allocation

.........................................................................................................

165,141‌

Government

Money

Market

..................................................................................................

145,793‌

High

Yield

..............................................................................................................

17,619‌

Sustainable

Balanced

......................................................................................................

412,735‌

Fund

Name

Advantage

Large

Cap

Core

...................................................................................................

0.50‌%

Capital

Appreciation

........................................................................................................

0.57‌

Global

Allocation

..........................................................................................................

0.57‌

Government

Money

Market

...................................................................................................

0.50‌

High

Yield

...............................................................................................................

0.50‌

Sustainable

Balanced

.......................................................................................................

0.50‌

Notes

to

Financial

Statements

(continued)

141

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024.

The

contractual

agreement

may

be

terminated,

with

respect

to

each

Fund,

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the

year

ended

December

31,

2023,

the

following

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

by

the

Manager

in

the

Statements

of

Operations:

.

The

Manager

has

also

voluntarily

agreed

to

waive

a

portion

of

its

investment

advisory

fees

and/or

reimburse

operating

expenses

to

enable

Government

Money

Market

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statements

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

by

the

Manager.

The

Manager

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

year ended

December

31,

2023,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

under

this

agreement

for

Government

Money

Market.

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

withdrawn,

if

such

fee

is

determined

to

be

in

the

best

interests

of

the

Money

Market

Series.

The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Advantage

Large

Cap

Core

and

Capital

Appreciation

retain

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Advantage

Large

Cap

Core

and

Capital

Appreciation,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Pursuant

to

the

current

securities

lending

agreement,

Global

Allocation

and

Sustainable

Balanced

retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

or

Fixed-Income

Complexes,

as

applicable,

in

a

calendar

year

exceeds

a

specified

threshold,

Global

Allocation

and

Sustainable

Balanced,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Prior

to

January

1,

2023,

Sustainable

Balanced

retained

81%

of

securities

lending

income

(which

excluded

collateral

investment

expenses)

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeded

a

specified

threshold,

the

Fund

would

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excluded

collateral

investment

expenses),

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Fund

Name

Fees

waived

and/or

reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

9,070‌

Global

Allocation

.........................................................................................................

395,013‌

Government

Money

Market

..................................................................................................

26,259‌

High

Yield

..............................................................................................................

163,520‌

Sustainable

Balanced

......................................................................................................

3,061‌

Fund

Name

Transfer

agent

fees

reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

62,225‌

Global

Allocation

.........................................................................................................

57,697‌

Government

Money

Market

..................................................................................................

19,264‌

High

Yield

..............................................................................................................

10,362‌

Sustainable

Balanced

......................................................................................................

70,558‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

142

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,

2023, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the year

ended

December

31,

2023,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Companies are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the Companies’

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common directors.

For

the

year

ended

December

31,

2023,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the year ended

December

31,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups,

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the year ended

December

31,

2023,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

December

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Fund

Name

Amounts

Advantage

Large

Cap

Core

..................................................................................................

$

7,349‌

Capital

Appreciation

.......................................................................................................

3,236‌

Global

Allocation

.........................................................................................................

3,227‌

Sustainable

Balanced

......................................................................................................

6,469‌

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Advantage

Large

Cap

Core

...............................................................

$

14,049,084‌

$

19,853,273‌

$

1,026,988‌

Capital

Appreciation

....................................................................

812,186‌

—‌

—‌

Sustainable

Balanced

...................................................................

28,509,688‌

35,094,271‌

2,718,543‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Advantage

Large

Cap

Core

...............................................

$

—‌

$

—‌

$

198,170,689‌

$

213,656,530‌

Capital

Appreciation

....................................................

—‌

—‌

41,312,968‌

57,876,853‌

Global

Allocation

......................................................

8,736,807‌

13,726,700‌

276,749,027‌

277,772,566‌

High

Yield

...........................................................

—‌

—‌

12,289,527‌

11,181,215‌

Sustainable

Balanced

...................................................

15,861,365‌

5,869,442‌

489,049,032‌

506,688,291‌

Fund

Name

Purchases

Sales

Global

Allocation

......................................................................................

$

80,411,194‌

$

80,366,083‌

Sustainable

Balanced

...................................................................................

98,112,502‌

98,050,778‌

Notes

to

Financial

Statements

(continued)

143

Notes

to

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

non-deductible

expenses

were reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2023,

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

and

foreign

currency

exchange

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies

and

constructive

sales,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements,

the

characterization

of

corporate

actions

and

the

classification

of

investments.

(c)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

As

of

December

31,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

Fund

Name

Paid-In

Capital

Accumulated

Earnings

(Loss)

Global

Allocation

...........................................................................

$

(11‌)

$

11‌

High

Yield

................................................................................

(2‌)

2‌

—‌

Fund

Name

Year

Ended

12/31/23

Year

Ended

12/31/22

Advantage

Large

Cap

Core

Ordinary

income

...........................................................................................

$

1,724,219‌

$

3,891,451‌

Long-term

capital

gains

......................................................................................

3,266,873‌

3,680,269‌

$

4,991,092‌

$

7,571,720‌

Capital

Appreciation

Ordinary

income

...........................................................................................

$

1,758,434‌

$

537,564‌

Long-term

capital

gains

......................................................................................

3,602,658‌

16,370,976‌

$

5,361,092‌

$

16,908,540‌

Global

Allocation

Ordinary

income

...........................................................................................

$

4,183,933‌

$

4,558,257‌

Return

of

capital

...........................................................................................

$

—‌

$

246,211‌

$

4,183,933‌

$

4,804,468‌

Government

Money

Market

Ordinary

income

...........................................................................................

$

4,931,339‌

$

1,186,997‌

High

Yield

Ordinary

income

...........................................................................................

$

1,311,289‌

$

1,119,738‌

Return

of

capital

...........................................................................................

$

—‌

$

41,567‌

$

1,311,289‌

$

1,161,305‌

Sustainable

Balanced

Ordinary

income

...........................................................................................

$

7,130,405‌

$

5,964,872‌

Long-term

capital

gains

......................................................................................

7,591,112‌

2,733,093‌

$

14,721,517‌

$

8,697,965‌

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Capital

Losses

(c)

Total

Advantage

Large

Cap

Core

..................

$

812,683‌

$

1,114,61

5‌

$

—

$

29,445,016

$

—

$

31,372,314

Capital

Appreciation

.......................

308,656‌

1,295,450‌

—

78,568,590

–

80,172,696

Global

Allocation

.........................

2,988,072‌

—‌

—

3,917,563

–

6,905,635

Government

Money

Market

..................

4,483‌

—‌

—

—

–

4,483

High

Yield

..............................

—‌

—‌

(3,133,805)

(228,548)

–

(3,362,353)

Sustainable

Balanced

......................

8,201,717‌

—‌

—

19,046,847

(4,054,584)

23,193,980

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Advantage

Large

Cap

Core

..........................................

$

162,203,762‌

$

32,630,505‌

$

(3,295,328‌)

$

29,335,177‌

Capital

Appreciation

...............................................

148,365,308‌

79,478,016‌

(1,112,501‌)

78,365,515‌

Global

Allocation

..................................................

147,713,143‌

17,203,520‌

(10,622,117‌)

6,581,403‌

High

Yield

......................................................

21,646,286‌

478,401‌

(629,236‌)

(150,835‌)

Sustainable

Balanced

..............................................

434,193,337‌

42,487,324‌

(23,503,197‌)

18,984,127‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

144

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”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2024

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2023,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

On

July

12,

2023,

the

SEC

approved

changes

to

money

market

fund

regulations.

These

changes,

among

other

things:

(i)

eliminate

provisions

that

permit

a

money

market

fund

to

suspend

redemptions

except

in

liquidations,

(ii)

require

institutional

prime

and

institutional

tax-exempt

money

market

funds

to

impose

mandatory

liquidity

fees

under

certain

conditions,

(iii)

permit

a

discretionary

liquidity

fee

for

a

non-government

money

market

fund

and

(iv)

increase

minimum

daily

and

weekly

liquidity

for

all

money

market

funds.

These

changes

will

be

implemented

over

the

next

12

months

depending

on

the

change

and

may

affect

the

Funds'

operations

and

return

potential.

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

discretionary

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.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

each

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

Notes

to

Financial

Statements

(continued)

145

Notes

to

Financial

Statements

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

Certain Funds

invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

certain

Funds'

performance.

Certain

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

As

of

period

end,

Capital

Appreciation’s

investments

had

the

following

industry

classifications:

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Funds

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions. Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

INDUSTRY

ALLOCATION

Industry

Percent

of

Long-Term

Investments

Software

...........................................................................................................

20.7‌

%

Semiconductors

&

Semiconductor

Equipment

...................................................................................

14.5‌

Broadline

Retail

.......................................................................................................

8.4‌

Technology

Hardware,

Storage

&

Peripherals

...................................................................................

8.4‌

Interactive

Media

&

Services

..............................................................................................

5.9‌

Financial

Services

.....................................................................................................

5.8‌

Capital

Markets

.......................................................................................................

5.5‌

Other

(a)

.............................................................................................................

30.8‌

(a)

All

other

industries

held

were

less

than

5%

of

long-term

investments.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

146

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Advantage

Large

Cap

Core

Shares

sold

99,170‌

$

2,319,502‌

78,770‌

$

1,841,676‌

Shares

issued

in

reinvestment

of

distributions

........................

198,690‌

4,991,092‌

365,617‌

7,571,720‌

Shares

redeemed

(855,191‌)

(19,868,479‌)

(1,023,998‌)

(23,357,989‌)

(557,331‌)

$

(12,557,885‌)

(579,611‌)

$

(13,944,593‌)

Capital

Appreciation

Shares

sold

72,761‌

$

2,871,968‌

47,901‌

$

1,867,854‌

Shares

issued

in

reinvestment

of

distributions

........................

115,902‌

5,361,092‌

494,946‌

16,908,540‌

Shares

redeemed

(493,134‌)

(19,810,088‌)

(517,622‌)

(21,722,608‌)

(304,471‌)

$

(11,577,028‌)

25,225‌

$

(2,946,214‌)

Global

Allocation

Shares

sold

103,811‌

$

1,507,077‌

59,670‌

$

899,232‌

Shares

issued

in

reinvestment

of

distributions

........................

276,350‌

4,183,933‌

350,636‌

4,804,468‌

Shares

redeemed

(1,148,215‌)

(16,560,038‌)

(1,308,329‌)

(19,170,777‌)

(768,054‌)

$

(10,869,028‌)

(898,023‌)

$

(13,467,077‌)

Government

Money

Market

Shares

sold

74,943,421‌

$

74,943,421‌

59,765,270‌

$

59,765,270‌

Shares

issued

in

reinvestment

of

distributions

........................

4,927,928‌

4,927,928‌

1,205,982‌

1,205,982‌

Shares

redeemed

(58,467,367‌)

(58,467,367‌)

(70,662,736‌)

(70,662,736‌)

21,403,982‌

$

21,403,982‌

(9,691,484‌)

$

(9,691,484‌)

High

Yield

Shares

sold

748,894‌

$

3,609,726‌

844,847‌

$

4,211,698‌

Shares

issued

in

reinvestment

of

distributions

........................

269,753‌

1,298,640‌

231,925‌

1,161,305‌

Shares

redeemed

(873,791‌)

(4,182,325‌)

(1,334,338‌)

(6,520,114‌)

144,856‌

$

726,041‌

(257,566‌)

$

(1,147,111‌)

Sustainable

Balanced

Shares

sold

235,977‌

$

3,526,284‌

185,922‌

$

2,641,248‌

Shares

issued

in

reinvestment

of

distributions

........................

948,567‌

14,721,516‌

632,250‌

8,697,965‌

Shares

redeemed

(3,248,754‌)

(48,148,577‌)

(3,223,979‌)

(47,059,926‌)

(2,064,210‌)

$

(29,900,777‌)

(2,405,807‌)

$

(35,720,713‌)

Report

of

Independent

Registered

Public

Accounting

Firm

147

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

Government

Money

Market

Portfolio,

BlackRock

Sustainable

Balanced

Portfolio,

and

BlackRock

High

Yield

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

statements

of

assets

and

liabilities

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

Government

Money

Market

Portfolio,

BlackRock

Sustainable

Balanced

Portfolio

of

BlackRock

Series

Fund,

Inc.,

and

of

BlackRock

High

Yield

Portfolio

of

BlackRock

Series

Fund

II,

Inc.

(collectively,

the

“Funds”),

including

the

schedules

of

investments,

as

of

December

31,

2023,

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.

Such

financial

statements

and

financial

highlights

are

consolidated

for

BlackRock

Global

Allocation

Portfolio.

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,

2023,

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,

2023,

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,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Statement

Regarding

Liquidity

Risk

Management

Program

2023

BlackRock

Annual

Report

to

Shareholders

148

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

and

BlackRock

High

Yield

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

16-17,

2023

and

the

Board

of

Series

Funds

II,

on

behalf

of

BlackRock

High

Yield

Portfolio

met

on

November

14-15,

2023

(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,

2022

through

September

30,

2023

(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

149

Director

and

Officer

Information

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

166

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

from

2018

to

2022;

Advisory

Board

Member,

Bridges

Fund

Management

from

2016

to

2018;

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;

Member

of

the

President's

Counsel,

Commonfund

since

2023.

28

RICs

consisting

of

166

Portfolios

None

Collette

Chilton

1958

Director

(Since

2019)

Senior

advisor,

Insignia

since

2024;

Chief

Investment

Officer,

Williams

College

from

2006

to

2023;

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

166

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

166

Portfolios

None

Lena

G.

Goldberg

1949

Director

(Since

2016)

Director,

Pioneer

Public

Interest

Law

Center

since

2023;

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

166

Portfolios

None

Henry

R.

Keizer

1956

Director

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

from

2010

to

2022.

28

RICs

consisting

of

166

Portfolios

GrafTech

International

Ltd.

(materials

manufacturing);

Sealed

Air

Corp.

(packaging);

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020;

Hertz

Global

Holdings

(car

rental)

from

2015

to

2021.

Cynthia

A.

Montgomery

1952

Director

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

28

RICs

consisting

of

166

Portfolios

None

Director

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

150

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)

Chair

of

the

Board

of

Phoenix

Art

Museum

since

2022

and

Trustee

thereof

since

2018;

Chair

of

the

Investment

Committee

of

The

Arizona

Community

Foundation

since

2022

and

Trustee

thereof

since

2020;

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;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

from

2017

to

2022;

Member,

Investment

Funds

Committee,

State

of

Wyoming

from

2017

to

2023;

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.

28

RICs

consisting

of

166

Portfolios

None

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

2001,

Emeritus

since

2022;

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

166

Portfolios

None

Claire

A.

Walton

1957

Director

(Since

2019)

Advisory

Board

Member,

Grossman

School

of

Business

at

the

University

of

Vermont

since

2023;

Advisory

Board

Member,

Scientific

Financial

Systems

since

2022;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

from

2003

to

2023

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015;

Director,

Woodstock

Ski

Runners

from

2013

to

2022.

28

RICs

consisting

of

166

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

151

Director

and

Officer

Information

Interested

Directors

(a)(d)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(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;

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.

97

RICs

consisting

of

268

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.

97

RICs

consisting

of

270

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

152

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(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.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

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

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Company.

Director

and

Officer

Information

153

Director

and

Officer

Information

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.

69

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)

Baker

Foundation

Professor

and

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Emeritus,

Harvard

Business

School

since

2022;

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

from

2008

to

2022;

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.

71

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.

71

RICs

consisting

of

104

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.

71

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.

69

RICs

consisting

of

102

Portfolios

None

Stayce

D.

Harris

1959

Director

(Since

2021)

Lieutenant

General,

Inspector

General

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.

69

RICs

consisting

of

102

Portfolios

KULR

Technology

Group,

Inc.

in

2021;

The

Boeing

Company

(airplane

manufacturer)

J.

Phillip

Holloman

1955

Director

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

69

RICs

consisting

of

102

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation);

Vestis

Corporation

(uniforms

and

facilities

services)

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.

71

RICs

consisting

of

104

Portfolios

PennyMac

Mortgage

Investment

Trust

Director

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

154

Non-Management

Interested

Directors

(a)(f)

Interested

Directors

(a)(e)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(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,

Ms.

Egan,

Dr.

Kester,

Ms.

Lynch,

Mr.

Steinmetz

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

.

(f)

Mr.

Steinmetz

is

currently

classified

as

a

non-management

interested

Director

based

on

his

former

directorship

at

another

company

that

is

not

an

affiliate

of

BlackRock,

Inc.

Mr.

Steinmetz

does

not

currently

serve

as

an

officer

or

employee

of

BlackRock,

Inc.

or

its

affiliates

or

own

any

securities

of

BlackRock,

Inc.

It

is

anticipated

that

Mr.

Steinmetz

will

become

an

Independent

Director

effective

January

19,

2024.

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

Arthur

P.

Steinmetz

1958

Director

(Since

2023)

Consultant,

Posit

PBC

(enterprise

data

science)

since

2020;

Director,

ScotiaBank

(U.S.)

from

2020

to

2023;

Chairman,

Chief

Executive

Officer

and

President

of

OppenheimerFunds,

Inc.

from

2015,

2014

and

2013,

respectively

to

2019;

Trustee,

President

and

Principal

Executive

Officer

of

104

OppenheimerFunds

funds

from

2014

to

2019;

Portfolio

manager

of

various

OppenheimerFunds

fixed

income

mutual

funds

from

1986

to

2014.

70

RICs

consisting

of

103

Portfolios

Trustee

of

104

OppenheimerFunds

funds

from

2014

to

2019

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.

97

RICs

consisting

of

268

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.

99

RICs

consisting

of

270

Portfolios

None

Director

and

Officer

Information

(continued)

155

Director

and

Officer

Information

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(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.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

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

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Company.

Effective

December

31,

2023,

Frank

Fabozzi

retired

as

Director

of

the

Company.

Effective

January

19,

2024,

Arthur

Steinmetz

became

an

Independent

Director

of

the

Company.

Additional

Information

2023

BlackRock

Annual

Report

to

Shareholders

156

Proxy

Results

BlackRock

Series

Fund

II,

Inc.

A

Special

Meeting

of

Shareholders

was

held

on

November

9,

2023

for

shareholders

of

record

on

September

11,

2023,

to

elect

a

Board

of

Directors

of

the

Fund.

Approved

the

Directors*

as

follows:

*

Denotes

Company-wide

proposal

and

voting

results.

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

(except

BlackRock

Government

Money

Market

Portfolio)

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

The 

BlackRock

Government

Money

Market

Portfolio

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Fund’s

reports

on

Form

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

The

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com/prospectus/insurance

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Votes

For

Votes

Against

Votes

Abstained

Lorenzo

A.

Flores

3,983,736‌

241,059‌

125,862‌

Stayce

D.

Harris

3,983,736‌

241,059‌

125,862‌

J.

Phillip

Holloman

3,983,736‌

241,059‌

125,862‌

Arthur

P.

Steinmetz

3,983,736‌

241,059‌

125,862‌

Additional

Information

(continued)

157

Additional

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.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

(a)

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

(b)

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

(c)

New

York,

NY

10019

Willkie

Farr

&

Gallagher

LLP

(d)

New

York,

NY

10019

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

High

Yield

Portfolio

and

BlackRock

Sustainable

Balanced

Portfolio.

(b)

For

BlackRock

Global

Allocation

Portfolio

and

BlackRock

Sustainable

Balanced

Portfolio.

(c)

For

all

Funds

except

BlackRock

High

Yield

Portfolio.

(d)

For

BlackRock

High

Yield

Portfolio.

Glossary

of

Terms

Used

in

this

Report

2023

BlackRock

Annual

Report

to

Shareholders

158

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

RON

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

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

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

DAC

Designated

Activity

Company

EM

Emerging

Markets

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

TIPS

Treasury

Inflation

Protected

Securities

TONAR

Tokyo

Overnight

Average

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.

Series6-12/23-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 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	$30,804	$29,580	$0	$44	$15,500	$14,900	$407	$431

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	$2,154,000	$2,098,000

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 $2,154,000 and $2,098,000 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	$15,907	$15,375

              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
$2,154,000	$2,098,000

              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 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – 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 15, 2024

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 15, 2024

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Series Fund II, Inc.  

Date: February 15, 2023