UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03091

Name of Fund:  BlackRock Series Fund, Inc.

BlackRock Advantage Large Cap Core Portfolio

BlackRock Balanced Portfolio (formerly, BlackRock Sustainable Balanced Portfolio)

BlackRock Capital Appreciation Portfolio

BlackRock Global Allocation Portfolio

BlackRock Government Money Market Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Series Fund, Inc., 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 537-4942

Date of fiscal year end: 12/31/2025

Date of reporting period: 12/31/2025

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock Advantage Large Cap Core Portfolio

LGCCS

Annual Shareholder Report — December 31, 2025

This annual shareholder report contains important information about BlackRock Advantage Large Cap Core Portfolio (the “Fund”) for the period of January 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Advantage Large Cap Core Portfolio	$53	0.48%

How did the Fund perform last year?

• For the reporting period ended December 31, 2025, the Fund’s Class I Shares returned 20.20%.

• For the same period, the Fund’s benchmark, the Russell 1000^® Index, returned 17.37%.

What contributed to performance?

Sentiment measures made the largest contribution to the Fund’s absolute performance. Signals that measure broker sentiment through text-based analysis helped successfully position the portfolio in the strong-performing information technology and industrials sectors. Additionally, insights analyzing social media activity captured shifting retail preferences and supported gains in the consumer sectors. Select macro signals also added value, as insights gauging industry-level activity effectively positioned the portfolio in technology. Traditional valuation measures that focus on operating income yield further helped results by correctly positioning the Fund in the financial sector.

What detracted from performance?

Despite the Fund’s strong overall performance, certain quality-focused signals detracted. Signals that penalized companies with more volatile earnings underperformed, particularly in the materials sector. A signal that favored founder-led firms also struggled, especially in real estate. Select macro insights that measure economic patterns and hiring trends missed key shifts in the market, which was an additional headwind for absolute returns.

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 performance

Cumulative performance: January 1, 2016 through December 31, 2025

Initial Investment of $10,000 

	BlackRock Advantage Large Cap Core Portfolio	Russell 1000® Index
Jan 16	$9,322	$9,462
Feb 16	$9,205	$9,459
Mar 16	$9,834	$10,117
Apr 16	$9,770	$10,172
May 16	$9,936	$10,351
Jun 16	$9,804	$10,374
Jul 16	$10,197	$10,769
Aug 16	$10,303	$10,783
Sep 16	$10,315	$10,792
Oct 16	$10,204	$10,582
Nov 16	$10,833	$10,999
Dec 16	$11,068	$11,205
Jan 17	$11,313	$11,431
Feb 17	$11,831	$11,873
Mar 17	$11,802	$11,881
Apr 17	$12,010	$12,006
May 17	$12,083	$12,160
Jun 17	$12,124	$12,244
Jul 17	$12,369	$12,487
Aug 17	$12,457	$12,526
Sep 17	$12,784	$12,793
Oct 17	$13,052	$13,086
Nov 17	$13,425	$13,485
Dec 17	$13,530	$13,636
Jan 18	$14,426	$14,384
Feb 18	$13,975	$13,856
Mar 18	$13,725	$13,541
Apr 18	$13,691	$13,587
May 18	$13,986	$13,934
Jun 18	$14,031	$14,024
Jul 18	$14,496	$14,508
Aug 18	$15,029	$15,008
Sep 18	$15,063	$15,065
Oct 18	$13,896	$13,999
Nov 18	$14,117	$14,284
Dec 18	$12,838	$12,983
Jan 19	$13,962	$14,071
Feb 19	$14,462	$14,548
Mar 19	$14,625	$14,801
Apr 19	$15,229	$15,399
May 19	$14,378	$14,417
Jun 19	$15,222	$15,430
Jul 19	$15,389	$15,669
Aug 19	$15,051	$15,382
Sep 19	$15,272	$15,649
Oct 19	$15,578	$15,980
Nov 19	$16,143	$16,584
Dec 19	$16,573	$17,063
Jan 20	$16,670	$17,082
Feb 20	$15,304	$15,686
Mar 20	$13,307	$13,613
Apr 20	$15,096	$15,412
May 20	$15,845	$16,225
Jun 20	$16,219	$16,584
Jul 20	$17,093	$17,555
Aug 20	$18,419	$18,843
Sep 20	$17,697	$18,155
Oct 20	$17,121	$17,717
Nov 20	$19,114	$19,803
Dec 20	$19,886	$20,640
Jan 21	$19,704	$20,470
Feb 21	$20,343	$21,064
Mar 21	$21,149	$21,861
Apr 21	$22,298	$23,037
May 21	$22,541	$23,147
Jun 21	$23,051	$23,727
Jul 21	$23,652	$24,220
Aug 21	$24,204	$24,921
Sep 21	$23,037	$23,776
Oct 21	$24,586	$25,426
Nov 21	$24,477	$25,085
Dec 21	$25,541	$26,101
Jan 22	$24,087	$24,629
Feb 22	$23,253	$23,953
Mar 22	$23,994	$24,762
Apr 22	$21,921	$22,554
May 22	$21,893	$22,520
Jun 22	$20,046	$20,634
Jul 22	$21,694	$22,556
Aug 22	$20,804	$21,690
Sep 22	$18,945	$19,683
Oct 22	$20,562	$21,261
Nov 22	$21,685	$22,412
Dec 22	$20,460	$21,108
Jan 23	$21,775	$22,524
Feb 23	$21,284	$21,988
Mar 23	$21,922	$22,683
Apr 23	$22,079	$22,964
May 23	$22,069	$23,071
Jun 23	$23,658	$24,629
Jul 23	$24,364	$25,476
Aug 23	$24,021	$25,031
Sep 23	$22,912	$23,854
Oct 23	$22,432	$23,278
Nov 23	$24,541	$25,452
Dec 23	$25,658	$26,708
Jan 24	$26,102	$27,081
Feb 24	$27,382	$28,543
Mar 24	$28,641	$29,458
Apr 24	$27,442	$28,205
May 24	$28,863	$29,533
Jun 24	$29,911	$30,510
Jul 24	$30,319	$30,954
Aug 24	$31,051	$31,688
Sep 24	$31,651	$32,366
Oct 24	$31,316	$32,139
Nov 24	$33,156	$34,209
Dec 24	$32,230	$33,255
Jan 25	$33,104	$34,313
Feb 25	$32,463	$33,713
Mar 25	$30,484	$31,762
Apr 25	$30,414	$31,573
May 25	$32,405	$33,589
Jun 25	$34,035	$35,290
Jul 25	$34,762	$36,074
Aug 25	$35,666	$36,833
Sep 25	$37,101	$38,110
Oct 25	$38,271	$38,932
Nov 25	$38,524	$39,027
Dec 25	$38,741	$39,030

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
BlackRock Advantage Large Cap Core Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.20%	14.27%	14.50%
Russell 1000® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.37	13.59	14.59

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$228,780,413
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	214
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$797,618
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	114%

Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Average annual total returns do not reflect insurance-related fees and expenses.

The Fund's returns shown 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.

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of December 31, 2025) 

Sector allocation

SectorFootnote Reference(a)	Percent of Net Assets
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.6%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.4
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.8)

Footnote	Description
Footnote(a)	For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund 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 Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Advantage Large Cap Core Portfolio

LGCCS

Annual Shareholder Report — December 31, 2025

LGCCS-12/25-AR

BlackRock Balanced Portfolio

BLCPS

Annual Shareholder Report — December 31, 2025

This annual shareholder report contains important information about BlackRock Balanced Portfolio (the “Fund”) (formerly known as BlackRock Sustainable Balanced Portfolio) for the period of January 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

This report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Balanced Portfolio	$53	0.49%

How did the Fund perform last year?

• For the reporting period ended December 31, 2025, the Fund’s Class I shares returned 15.67%.

• For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 22.34% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%.

What contributed to performance?

The portfolio employs three key strategies to seek to outperform its blended benchmark including active asset allocation tilts, security selection in equities and security selection in fixed income. On an absolute basis, the security selection strategies contributed to portfolio returns as global equities and bonds saw positive returns throughout 2025, while the active asset allocation strategy detracted. The largest contributions came from the equity security selection strategy, where a number of systematic insights helped to drive outperformance versus the Fund's benchmark. These insights included evaluation of tariff sensitivity across companies, as well as sentiment insights to evaluate trends across earnings and conference calls, and fundamental measures focused on top line growth. Within the asset allocation strategy, overweight equity positions across European and Japanese equities drove positive performance. Within fixed income, credit selection across banking, technology, and consumer non-cyclical sectors were the largest contributors. The Fund's cash position had no material impact on performance.

What detracted from performance?

Currency positioning detracted, driven by a long Japanese yen vs. short U.S. dollar position as the dollar strengthened vs. the yen in the latter half of 2025.

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 performance

Cumulative performance: January 1, 2016 through December 31, 2025

Initial Investment of $10,000 

	BlackRock Balanced Portfolio	MSCI All Country World Index (Net)	Bloomberg U.S. Aggregate Bond Index	60% MSCI All Country World Index (Net)/ 40% Bloomberg U.S. Aggregate Bond Index
Jan 16	$9,630	$9,397	$10,138	$9,693
Feb 16	$9,618	$9,332	$10,210	$9,681
Mar 16	$10,066	$10,024	$10,303	$10,147
Apr 16	$10,048	$10,172	$10,343	$10,252
May 16	$10,149	$10,185	$10,345	$10,261
Jun 16	$10,143	$10,123	$10,531	$10,297
Jul 16	$10,416	$10,559	$10,598	$10,590
Aug 16	$10,477	$10,595	$10,586	$10,606
Sep 16	$10,495	$10,660	$10,580	$10,643
Oct 16	$10,404	$10,479	$10,499	$10,502
Nov 16	$10,717	$10,558	$10,250	$10,450
Dec 16	$10,865	$10,786	$10,265	$10,592
Jan 17	$11,019	$11,081	$10,285	$10,774
Feb 17	$11,354	$11,392	$10,354	$10,984
Mar 17	$11,341	$11,532	$10,349	$11,062
Apr 17	$11,509	$11,711	$10,428	$11,200
May 17	$11,593	$11,970	$10,509	$11,383
Jun 17	$11,618	$12,024	$10,498	$11,409
Jul 17	$11,770	$12,360	$10,543	$11,620
Aug 17	$11,855	$12,408	$10,638	$11,689
Sep 17	$12,045	$12,647	$10,587	$11,802
Oct 17	$12,208	$12,910	$10,593	$11,952
Nov 17	$12,398	$13,160	$10,580	$12,084
Dec 17	$12,450	$13,372	$10,628	$12,223
Jan 18	$12,915	$14,127	$10,506	$12,581
Feb 18	$12,663	$13,533	$10,406	$12,216
Mar 18	$12,529	$13,244	$10,473	$12,091
Apr 18	$12,529	$13,370	$10,395	$12,124
May 18	$12,702	$13,387	$10,469	$12,168
Jun 18	$12,718	$13,314	$10,456	$12,122
Jul 18	$12,979	$13,716	$10,459	$12,342
Aug 18	$13,274	$13,824	$10,526	$12,432
Sep 18	$13,298	$13,884	$10,458	$12,433
Oct 18	$12,612	$12,843	$10,376	$11,835
Nov 18	$12,771	$13,031	$10,438	$11,967
Dec 18	$12,119	$12,113	$10,630	$11,549
Jan 19	$12,882	$13,070	$10,742	$12,145
Feb 19	$13,151	$13,419	$10,736	$12,337
Mar 19	$13,394	$13,588	$10,942	$12,525
Apr 19	$13,724	$14,047	$10,945	$12,780
May 19	$13,333	$13,214	$11,139	$12,416
Jun 19	$13,906	$14,079	$11,279	$12,966
Jul 19	$14,018	$14,120	$11,304	$13,000
Aug 19	$13,932	$13,785	$11,597	$12,950
Sep 19	$14,044	$14,075	$11,535	$13,086
Oct 19	$14,227	$14,460	$11,570	$13,317
Nov 19	$14,539	$14,813	$11,564	$13,509
Dec 19	$14,792	$15,335	$11,556	$13,791
Jan 20	$14,932	$15,166	$11,778	$13,805
Feb 20	$14,214	$13,941	$11,990	$13,236
Mar 20	$12,824	$12,059	$11,920	$12,132
Apr 20	$14,065	$13,350	$12,132	$12,998
May 20	$14,577	$13,931	$12,188	$13,362
Jun 20	$14,848	$14,376	$12,265	$13,652
Jul 20	$15,456	$15,137	$12,448	$14,166
Aug 20	$16,150	$16,063	$12,348	$14,641
Sep 20	$15,775	$15,545	$12,341	$14,355
Oct 20	$15,446	$15,167	$12,286	$14,120
Nov 20	$16,666	$17,037	$12,406	$15,219
Dec 20	$17,122	$17,828	$12,424	$15,652
Jan 21	$16,969	$17,747	$12,334	$15,564
Feb 21	$17,224	$18,158	$12,156	$15,690
Mar 21	$17,580	$18,643	$12,005	$15,863
Apr 21	$18,233	$19,458	$12,099	$16,330
May 21	$18,366	$19,761	$12,139	$16,504
Jun 21	$18,702	$20,021	$12,224	$16,680
Jul 21	$19,065	$20,159	$12,361	$16,824
Aug 21	$19,344	$20,664	$12,337	$17,064
Sep 21	$18,713	$19,810	$12,231	$16,582
Oct 21	$19,499	$20,821	$12,227	$17,088
Nov 21	$19,447	$20,320	$12,263	$16,861
Dec 21	$19,973	$21,133	$12,232	$17,249
Jan 22	$19,086	$20,095	$11,968	$16,592
Feb 22	$18,559	$19,576	$11,835	$16,260
Mar 22	$18,775	$20,000	$11,506	$16,291
Apr 22	$17,589	$18,399	$11,069	$15,261
May 22	$17,733	$18,420	$11,141	$15,312
Jun 22	$16,690	$16,868	$10,966	$14,441
Jul 22	$17,559	$18,046	$11,234	$15,187
Aug 22	$16,917	$17,381	$10,917	$14,680
Sep 22	$15,670	$15,717	$10,445	$13,583
Oct 22	$16,251	$16,666	$10,310	$14,005
Nov 22	$17,377	$17,958	$10,689	$14,862
Dec 22	$16,826	$17,252	$10,641	$14,485
Jan 23	$17,804	$18,488	$10,968	$15,286
Feb 23	$17,303	$17,958	$10,684	$14,865
Mar 23	$17,841	$18,512	$10,956	$15,291
Apr 23	$18,097	$18,778	$11,022	$15,460
May 23	$17,865	$18,577	$10,902	$15,293
Jun 23	$18,525	$19,656	$10,863	$15,804
Jul 23	$18,891	$20,375	$10,856	$16,147
Aug 23	$18,535	$19,806	$10,786	$15,835
Sep 23	$17,886	$18,987	$10,512	$15,281
Oct 23	$17,494	$18,416	$10,346	$14,909
Nov 23	$18,817	$20,116	$10,815	$16,005
Dec 23	$19,613	$21,082	$11,229	$16,711
Jan 24	$19,651	$21,206	$11,198	$16,751
Feb 24	$20,144	$22,116	$11,040	$17,088
Mar 24	$20,713	$22,810	$11,142	$17,473
Apr 24	$20,157	$22,057	$10,860	$16,951
May 24	$20,991	$22,953	$11,044	$17,479
Jun 24	$21,345	$23,464	$11,149	$17,778
Jul 24	$21,679	$23,843	$11,409	$18,116
Aug 24	$22,155	$24,448	$11,573	$18,497
Sep 24	$22,580	$25,016	$11,728	$18,854
Oct 24	$22,078	$24,455	$11,437	$18,413
Nov 24	$22,644	$25,369	$11,558	$18,904
Dec 24	$22,139	$24,769	$11,369	$18,511
Jan 25	$22,649	$25,600	$11,430	$18,924
Feb 25	$22,763	$25,446	$11,681	$19,022
Mar 25	$22,196	$24,441	$11,685	$18,574
Apr 25	$22,295	$24,669	$11,731	$18,707
May 25	$23,046	$26,087	$11,647	$19,298
Jun 25	$23,754	$27,258	$11,826	$19,937
Jul 25	$23,842	$27,628	$11,795	$20,078
Aug 25	$24,515	$28,310	$11,936	$20,472
Sep 25	$25,073	$29,336	$12,067	$21,006
Oct 25	$25,317	$29,992	$12,142	$21,341
Nov 25	$25,360	$29,989	$12,217	$21,392
Dec 25	$25,609	$30,302	$12,199	$21,514

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
BlackRock Balanced Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.67%	8.39%	9.86%
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.34	11.19	11.72
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.30	(0.36)	2.01
60% MSCI All Country World Index (Net)/ 40% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.22	6.57	7.96

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$480,682,528
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,731
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,700,765
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	110%

Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Average annual total returns do not reflect insurance-related fees and expenses.

The Fund’s returns for the period between April 8, 2022 and April 30, 2025 are the returns of the Fund when it followed different investment strategies and processes under the name BlackRock Sustainable Balanced Portfolio. The Fund's returns shown prior to April 8, 2022 are the returns of the Fund when it followed different investment strategies under the name BlackRock Balanced Capital Portfolio.

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of December 31, 2025) 

Portfolio composition

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	55.9%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.4
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.

Material fund changes

This is a summary of planned changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after December 31, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 537-4942.

On May 1, 2025, BlackRock Sustainable Balanced Portfolio changed its name to BlackRock Balanced Portfolio and made certain changes to its investment strategy and process. The changes to the Fund’s investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund 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 Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Balanced Portfolio

BLCPS

Annual Shareholder Report — December 31, 2025

BLCPS-12/25-AR

BlackRock Capital Appreciation Portfolio

FDGRS

Annual Shareholder Report — December 31, 2025

This annual shareholder report contains important information about BlackRock Capital Appreciation Portfolio (the “Fund”) for the period of January 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Capital Appreciation Portfolio	$50	0.47%

How did the Fund perform last year?

• For the reporting period ended December 31, 2025, the Fund’s Class I shares returned 12.04%.

• For the same period, the Fund’s benchmark, the S&P 500^® Index returned 17.88% and the Russell 1000^® Growth Index returned 18.56%.

What contributed to performance?

Positive contributions to the Fund’s performance over the period were led by investment decisions in the information technology, healthcare and consumer discretionary sectors. In information technology, holdings in the semiconductors & semiconductor equipment industry proved beneficial, most notably exposure to Nvidia Corp., a leading chipmaker for artificial intelligence applications. In healthcare, positioning in pharmaceuticals was most additive, led by exposure to Eli Lilly and Company, a leading provider of weight loss treatments. Finally, in consumer discretionary, positioning in the broadline retail industry contributed, most notably holdings of Amazon.com, Inc., the largest online retailer.

What detracted from performance?

Negative contributions to the Fund’s performance over the period were led by investment decisions in the industrials, real estate and consumer staples sectors. In industrials, holdings in the commercial services & supplies industry proved detrimental, most notably exposure to Copart Inc., operator of an online used car auction site. In real estate, positioning in management & development weighed on returns, led by exposure to CoStar Group Inc., a provider of analytics to the commercial property industry. Finally, in consumer staples, positioning in the distribution & retail industry detracted, most notably holdings of leading low-cost retailer Walmart Inc.

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 performance

Cumulative performance: January 1, 2016 through December 31, 2025

Initial Investment of $10,000 

	BlackRock Capital Appreciation Portfolio	S&P 500® Index	Russell 1000® Growth Index
Jan 16	$9,216	$9,504	$9,442
Feb 16	$9,001	$9,491	$9,438
Mar 16	$9,499	$10,135	$10,074
Apr 16	$9,429	$10,174	$9,982
May 16	$9,761	$10,357	$10,176
Jun 16	$9,583	$10,384	$10,136
Jul 16	$10,114	$10,766	$10,615
Aug 16	$10,167	$10,782	$10,562
Sep 16	$10,336	$10,784	$10,600
Oct 16	$10,081	$10,587	$10,351
Nov 16	$9,969	$10,979	$10,577
Dec 16	$10,040	$11,196	$10,708
Jan 17	$10,488	$11,408	$11,068
Feb 17	$10,933	$11,861	$11,528
Mar 17	$11,061	$11,875	$11,662
Apr 17	$11,402	$11,997	$11,928
May 17	$11,730	$12,166	$12,238
Jun 17	$11,808	$12,242	$12,206
Jul 17	$12,332	$12,494	$12,531
Aug 17	$12,439	$12,532	$12,760
Sep 17	$12,458	$12,790	$12,926
Oct 17	$13,070	$13,089	$13,427
Nov 17	$13,337	$13,490	$13,835
Dec 17	$13,418	$13,640	$13,943
Jan 18	$14,818	$14,421	$14,930
Feb 18	$14,527	$13,890	$14,539
Mar 18	$14,206	$13,537	$14,140
Apr 18	$14,484	$13,589	$14,189
May 18	$15,085	$13,916	$14,811
Jun 18	$15,403	$14,002	$14,954
Jul 18	$15,580	$14,523	$15,393
Aug 18	$16,224	$14,996	$16,235
Sep 18	$16,302	$15,081	$16,325
Oct 18	$14,586	$14,050	$14,865
Nov 18	$14,999	$14,337	$15,023
Dec 18	$13,740	$13,042	$13,732
Jan 19	$15,113	$14,087	$14,966
Feb 19	$15,630	$14,540	$15,501
Mar 19	$16,095	$14,822	$15,943
Apr 19	$16,804	$15,422	$16,663
May 19	$15,998	$14,442	$15,610
Jun 19	$17,055	$15,460	$16,682
Jul 19	$17,139	$15,682	$17,059
Aug 19	$17,015	$15,434	$16,928
Sep 19	$16,645	$15,723	$16,930
Oct 19	$16,939	$16,063	$17,408
Nov 19	$17,826	$16,646	$18,180
Dec 19	$18,244	$17,149	$18,729
Jan 20	$18,896	$17,142	$19,147
Feb 20	$17,908	$15,731	$17,843
Mar 20	$16,087	$13,788	$16,088
Apr 20	$18,480	$15,555	$18,468
May 20	$19,956	$16,296	$19,708
Jun 20	$20,759	$16,620	$20,567
Jul 20	$21,967	$17,558	$22,149
Aug 20	$23,900	$18,820	$24,434
Sep 20	$23,056	$18,105	$23,285
Oct 20	$22,357	$17,623	$22,494
Nov 20	$24,612	$19,552	$24,797
Dec 20	$25,572	$20,304	$25,938
Jan 21	$25,231	$20,099	$25,746
Feb 21	$25,608	$20,653	$25,740
Mar 21	$25,681	$21,558	$26,182
Apr 21	$27,620	$22,708	$27,963
May 21	$27,270	$22,867	$27,577
Jun 21	$29,024	$23,401	$29,307
Jul 21	$30,023	$23,956	$30,273
Aug 21	$31,004	$24,685	$31,404
Sep 21	$29,213	$23,537	$29,646
Oct 21	$31,088	$25,186	$32,213
Nov 21	$30,660	$25,011	$32,410
Dec 21	$30,997	$26,132	$33,096
Jan 22	$27,517	$24,780	$30,255
Feb 22	$26,146	$24,038	$28,970
Mar 22	$26,797	$24,931	$30,103
Apr 22	$23,100	$22,757	$26,468
May 22	$22,612	$22,798	$25,853
Jun 22	$20,607	$20,916	$23,805
Jul 22	$23,178	$22,845	$26,662
Aug 22	$21,482	$21,913	$25,420
Sep 22	$19,118	$19,895	$22,949
Oct 22	$19,887	$21,506	$24,290
Nov 22	$21,058	$22,708	$25,397
Dec 22	$19,346	$21,399	$23,453
Jan 23	$21,473	$22,744	$25,407
Feb 23	$20,979	$22,189	$25,106
Mar 23	$22,618	$23,004	$26,822
Apr 23	$22,931	$23,363	$27,086
May 23	$24,190	$23,464	$28,321
Jun 23	$25,914	$25,015	$30,258
Jul 23	$26,626	$25,818	$31,277
Aug 23	$26,663	$25,407	$30,996
Sep 23	$24,962	$24,196	$29,310
Oct 23	$24,631	$23,687	$28,893
Nov 23	$27,730	$25,850	$32,043
Dec 23	$28,949	$27,025	$33,462
Jan 24	$30,074	$27,479	$34,296
Feb 24	$32,244	$28,946	$36,636
Mar 24	$32,868	$29,878	$37,281
Apr 24	$31,280	$28,657	$35,700
May 24	$33,097	$30,078	$37,837
Jun 24	$35,310	$31,157	$40,388
Jul 24	$34,380	$31,537	$39,701
Aug 24	$35,227	$32,302	$40,528
Sep 24	$35,880	$32,992	$41,677
Oct 24	$35,600	$32,692	$41,539
Nov 24	$37,828	$34,611	$44,233
Dec 24	$38,064	$33,786	$44,623
Jan 25	$38,864	$34,727	$45,506
Feb 25	$37,165	$34,274	$43,871
Mar 25	$33,838	$32,343	$40,175
Apr 25	$34,652	$32,124	$40,887
May 25	$38,136	$34,146	$44,505
Jun 25	$40,872	$35,882	$47,342
Jul 25	$41,832	$36,687	$49,129
Aug 25	$41,587	$37,431	$49,679
Sep 25	$43,287	$38,797	$52,318
Oct 25	$44,335	$39,706	$54,218
Nov 25	$43,036	$39,803	$53,236
Dec 25	$42,649	$39,827	$52,906

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
BlackRock Capital Appreciation Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.04%	10.77%	15.61%
S&P 500® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.88	14.42	14.82
Russell 1000® Growth Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.56	15.32	18.13

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$260,537,484
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$943,350
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	65%

Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Average annual total returns do not reflect insurance-related fees and expenses.

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of December 31, 2025) 

Sector allocation

SectorFootnote Reference(a)	Percent of Net Assets
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.5%
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.1)

Footnote	Description
Footnote(a)	For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund 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 Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Capital Appreciation Portfolio

FDGRS

Annual Shareholder Report — December 31, 2025

FDGRS-12/25-AR

BlackRock Global Allocation Portfolio

GLALS

Annual Shareholder Report — December 31, 2025

This annual shareholder report contains important information about BlackRock Global Allocation Portfolio (the “Fund”) for the period of January 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Global Allocation Portfolio	$63	0.57%

How did the Fund perform last year?

• For the reporting period ended December 31, 2025, the Fund’s Class I Shares returned 19.61%.

• For the same period, the FTSE World Index returned 23.48% and the Reference Benchmark returned 17.78%.

What contributed to performance?

The primary contributors to performance within equities were the Fund’s allocations to the information technology, financials and communication services sectors. Within fixed income, exposure to credit and rate derivative was additive. Finally, exposure to commodities also positively contributed to returns.

The Fund uses 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 use of derivatives, in aggregate, positively contributed to the Fund’s performance.

At the end of the period, the Fund had a moderate cash position. The Fund’s exposure to cash and cash equivalents was actively managed over the period and used to help mitigate portfolio volatility while serving as a source of funds for new investments and to meet redemptions.

What detracted from performance?

The largest detractor from performance over the year was the Fund’s management of currency exposures, most notably exposure to the Japanese yen.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. 

Fund performance

Cumulative performance: January 1, 2016 through December 31, 2025

Initial Investment of $10,000 

	BlackRock Global Allocation Portfolio	FTSE World Index	Reference Benchmark
Jan 16	$9,663	$9,411	$9,731
Feb 16	$9,558	$9,356	$9,775
Mar 16	$9,958	$10,044	$10,265
Apr 16	$10,077	$10,201	$10,377
May 16	$10,028	$10,230	$10,361
Jun 16	$10,028	$10,155	$10,442
Jul 16	$10,316	$10,597	$10,719
Aug 16	$10,365	$10,618	$10,697
Sep 16	$10,421	$10,685	$10,755
Oct 16	$10,288	$10,507	$10,551
Nov 16	$10,323	$10,610	$10,476
Dec 16	$10,425	$10,865	$10,606
Jan 17	$10,617	$11,153	$10,794
Feb 17	$10,810	$11,475	$11,002
Mar 17	$10,903	$11,613	$11,077
Apr 17	$11,039	$11,801	$11,226
May 17	$11,217	$12,068	$11,426
Jun 17	$11,239	$12,124	$11,445
Jul 17	$11,472	$12,436	$11,679
Aug 17	$11,515	$12,477	$11,743
Sep 17	$11,587	$12,738	$11,839
Oct 17	$11,680	$12,996	$11,967
Nov 17	$11,816	$13,266	$12,158
Dec 17	$11,890	$13,481	$12,270
Jan 18	$12,324	$14,210	$12,695
Feb 18	$11,948	$13,637	$12,365
Mar 18	$11,846	$13,361	$12,264
Apr 18	$11,796	$13,502	$12,264
May 18	$11,788	$13,521	$12,273
Jun 18	$11,716	$13,475	$12,244
Jul 18	$11,939	$13,905	$12,471
Aug 18	$11,961	$14,039	$12,567
Sep 18	$11,909	$14,134	$12,578
Oct 18	$11,356	$13,091	$11,999
Nov 18	$11,496	$13,248	$12,121
Dec 18	$11,025	$12,300	$11,697
Jan 19	$11,600	$13,260	$12,293
Feb 19	$11,740	$13,623	$12,464
Mar 19	$11,864	$13,787	$12,622
Apr 19	$12,058	$14,273	$12,878
May 19	$11,740	$13,459	$12,518
Jun 19	$12,221	$14,345	$13,111
Jul 19	$12,179	$14,403	$13,120
Aug 19	$12,187	$14,085	$13,074
Sep 19	$12,281	$14,415	$13,204
Oct 19	$12,547	$14,812	$13,445
Nov 19	$12,719	$15,193	$13,601
Dec 19	$13,024	$15,712	$13,895
Jan 20	$13,048	$15,565	$13,894
Feb 20	$12,529	$14,256	$13,257
Mar 20	$11,408	$12,332	$12,223
Apr 20	$12,342	$13,671	$13,043
May 20	$12,821	$14,324	$13,415
Jun 20	$13,081	$14,738	$13,663
Jul 20	$13,762	$15,468	$14,183
Aug 20	$14,304	$16,450	$14,689
Sep 20	$14,082	$15,916	$14,398
Oct 20	$13,819	$15,444	$14,133
Nov 20	$15,126	$17,456	$15,268
Dec 20	$15,742	$18,277	$15,749
Jan 21	$15,663	$18,125	$15,619
Feb 21	$15,873	$18,578	$15,740
Mar 21	$16,005	$19,202	$15,995
Apr 21	$16,566	$20,089	$16,489
May 21	$16,794	$20,405	$16,710
Jun 21	$16,785	$20,675	$16,752
Jul 21	$16,785	$20,965	$16,982
Aug 21	$16,954	$21,481	$17,206
Sep 21	$16,412	$20,584	$16,663
Oct 21	$16,874	$21,660	$17,121
Nov 21	$16,412	$21,160	$16,895
Dec 21	$16,811	$22,107	$17,345
Jan 22	$16,142	$20,995	$16,723
Feb 22	$15,783	$20,503	$16,443
Mar 22	$15,653	$21,057	$16,495
Apr 22	$14,795	$19,325	$15,421
May 22	$14,935	$19,390	$15,495
Jun 22	$14,027	$17,661	$14,512
Jul 22	$14,674	$19,000	$15,263
Aug 22	$14,238	$18,254	$14,660
Sep 22	$13,286	$16,529	$13,569
Oct 22	$13,752	$17,677	$14,116
Nov 22	$14,552	$18,988	$14,987
Dec 22	$14,167	$18,229	$14,640
Jan 23	$14,909	$19,537	$15,410
Feb 23	$14,394	$19,049	$14,987
Mar 23	$14,724	$19,638	$15,476
Apr 23	$14,848	$19,975	$15,682
May 23	$14,703	$19,820	$15,476
Jun 23	$15,198	$20,977	$15,975
Jul 23	$15,487	$21,702	$16,321
Aug 23	$15,136	$21,162	$16,014
Sep 23	$14,590	$20,275	$15,460
Oct 23	$14,384	$19,687	$15,144
Nov 23	$15,353	$21,566	$16,240
Dec 23	$16,033	$22,636	$16,938
Jan 24	$16,044	$22,844	$16,967
Feb 24	$16,490	$23,796	$17,280
Mar 24	$16,914	$24,577	$17,661
Apr 24	$16,299	$23,694	$17,134
May 24	$16,872	$24,713	$17,651
Jun 24	$17,073	$25,253	$17,875
Jul 24	$17,263	$25,698	$18,259
Aug 24	$17,642	$26,389	$18,691
Sep 24	$17,934	$26,864	$18,996
Oct 24	$17,501	$26,306	$18,485
Nov 24	$18,031	$27,376	$18,879
Dec 24	$17,595	$26,703	$18,478
Jan 25	$18,088	$27,666	$18,913
Feb 25	$18,064	$27,460	$18,973
Mar 25	$17,584	$26,309	$18,606
Apr 25	$17,982	$26,618	$18,983
May 25	$18,720	$28,221	$19,604
Jun 25	$19,493	$29,505	$20,244
Jul 25	$19,379	$29,915	$20,281
Aug 25	$19,819	$30,693	$20,743
Sep 25	$20,355	$31,766	$21,188
Oct 25	$20,652	$32,518	$21,483
Nov 25	$20,759	$32,581	$21,564
Dec 25	$21,046	$32,972	$21,763

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
BlackRock Global Allocation Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.61%	5.98%	7.73%
FTSE World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.48	12.52	12.67
Reference Benchmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.78	6.68	8.09

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$161,085,632
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,955
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$232,958
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	124%

Assuming transaction costs and other operating expenses, including investment advisory fees, if any. Average annual total returns do not reflect insurance-related fees and expenses.

The Reference Benchmark is comprised of the returns of the S&P 500^® Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%), and the FTSE Non-U.S. Dollar World Government Bond Index (16%).

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of December 31, 2025) 

Geographic allocation

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	65.8%	-%	65.8%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1	-	5.1
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2	-	4.2
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8	-	2.8
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7	-	2.7
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3	-	2.3
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1	-	2.1
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0	-	2.0
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4	-	9.4
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.0%	-%	100.0%

Footnote	Description
Footnote(a)	Includes the gross market value of long and short securities and excludes short-term securities and options, if any.
Footnote(b)	Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund 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 Fund at (800) 537-4942.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Global Allocation Portfolio

GLALS

Annual Shareholder Report — December 31, 2025

GLALS-12/25-AR

BlackRock Government Money Market Portfolio

MNRSV

Annual Shareholder Report — December 31, 2025

This annual shareholder report contains important information about BlackRock Government Money Market Portfolio (the “Fund”) for the period of January 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Government Money Market Portfolio	$47	0.46%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$108,299,430
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	122
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$379,140
Current seven-day yields as of December 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.40%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.40%

What did the Fund invest in?

(as of December 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	43.7%
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34.2
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.1
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Material Fund Changes

This is a summary of planned changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after December 31, 2025 at blackrock.com/fundreports or upon request by contacting us at (800) 537-4942.

Effective June 2, 2025, the Fund’s contractual expense limitation was reduced from 0.50% to 0.43% of average daily net assets through June 30, 2027. 

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund 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 Transfer Agent at (800) 537-4942.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Government Money Market Portfolio

MNRSV

Annual Shareholder Report — December 31, 2025

MNRSV-12/25-AR

(b) Not Applicable

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 1-800-537-4942.

Item 3 – Audit Committee Financial Expert – The registrant’s Board of Directors (the “Board”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee (the “Committee”) and (ii) each audit committee financial expert is independent:

Neil A. Cotty
Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

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 Committee and the Board 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 Committee or the Board.

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 Advantage Large Cap Core Portfolio	$23,575	$23,460	$0	$0	$13,200	$13,208	$388	$0
BlackRock Balanced Portfolio (formerly, BlackRock Sustainable Balanced Portfolio)	$34,748	$34,578	$0	$0	$15,800	$15,808	$388	$0
BlackRock Capital Appreciation Portfolio	$26,445	$26,316	$0	$0	$13,200	$13,208	$388	$0
BlackRock Global Allocation Portfolio	$39,155	$38,964	$0	$0	$24,800	$24,800	$388	$0
BlackRock Government Money Market Portfolio	$27,163	$27,030	$0	$0	$9,900	$9,880	$388	$0

The following table presents fees billed by D&T that were required to be approved by 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	$2,149,000	$2,149,000

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 $2,149,000 and $2,149,000 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 Securities and Exchange Commission’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 Advantage Large Cap Core Portfolio	$13,588	$13,208
BlackRock Balanced Portfolio (formerly, BlackRock Sustainable Balanced Portfolio)	$16,188	$15,808
BlackRock Capital Appreciation Portfolio	$13,588	$13,208
BlackRock Global Allocation Portfolio	$25,188	$24,800
BlackRock Government Money Market Portfolio	$10,288	$9,880

              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
$2,149,000	$2,149,000

              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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

December

31,

2025

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2025

Annual

Financial

Statements

and

Additional

Information

BlackRock

Series

Fund,

Inc.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

BlackRock

Government

Money

Market

Portfolio

BlackRock

Series

Fund

II,

Inc.

BlackRock

High

Yield

Portfolio

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

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

3

Derivative

Financial

Instruments

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

3

Schedules

of

Investments

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

4

Statements

of

Assets

and

Liabilities

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

100

Statements

of

Operations

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

106

Statements

of

Changes

in

Net

Assets

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

108

Financial

Highlights

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

111

Notes

to

Financial

Statements

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

117

Report

of

Independent

Registered

Public

Accounting

Firm

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

135

Additional

Information

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

136

Glossary

of

Terms

Used

in

these

Financial

Statements

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

138

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

each

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

each

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments, each

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to each

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in each

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

a

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Funds

had

not

used

leverage.  

Furthermore,

the

value

of

each

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

each

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

each

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

a

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

each

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of a

Fund’s

shares

than

if the

Fund

were

not

leveraged.

In

addition,

each

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit a

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

Each

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

each

Fund’s

shareholders

and

may

reduce

income.

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.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2025

BlackRock

Advantage

Large

Cap

Core

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

GE

Aerospace

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

3,810

$

1,173,594‌

General

Dynamics

Corp.

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

2,020

680,053‌

HEICO

Corp.

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

106

34,300‌

HEICO

Corp.

,

Class

A

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

2,292

578,570‌

Lockheed

Martin

Corp.

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

1,524

737,113‌

RTX

Corp.

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

9,156

1,679,211‌

4,882,841‌

Automobile

Components

—

0.5%

BorgWarner,

Inc.

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

24,312

1,095,499‌

Automobiles

—

1.8%

General

Motors

Co.

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

538

43,750‌

Tesla,

Inc.

(a)

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

9,027

4,059,623‌

4,103,373‌

Banks

—

3.8%

Bank

of

America

Corp.

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

54,513

2,998,215‌

Citigroup,

Inc.

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

12,059

1,407,165‌

Huntington

Bancshares,

Inc.

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

57,539

998,302‌

JPMorgan

Chase

&

Co.

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

8,059

2,596,771‌

KeyCorp

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

8,428

173,954‌

US

Bancorp

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

7,512

400,840‌

Wells

Fargo

&

Co.

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

1,012

94,318‌

8,669,565‌

Beverages

—

0.4%

Coca-Cola

Co.

(The)

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

5,637

394,083‌

Monster

Beverage

Corp.

(a)

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

5,387

413,021‌

807,104‌

Biotechnology

—

2.1%

AbbVie,

Inc.

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

6,939

1,585,492‌

Alnylam

Pharmaceuticals,

Inc.

(a)

...........

114

45,332‌

Amgen,

Inc.

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

2,151

704,044‌

Exelixis,

Inc.

(a)

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

4,449

195,000‌

Gilead

Sciences,

Inc.

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

3,011

369,570‌

Moderna,

Inc.

(a)

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

7,103

209,467‌

Natera,

Inc.

(a)

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

3,302

756,455‌

Regeneron

Pharmaceuticals,

Inc.

..........

613

473,156‌

TG

Therapeutics,

Inc.

(a)

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

670

19,973‌

United

Therapeutics

Corp.

(a)

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

912

444,372‌

Viking

Therapeutics,

Inc.

(a)

(b)

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

761

26,772‌

4,829,633‌

Broadline

Retail

—

4.7%

(a)

Amazon.com,

Inc.

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

43,430

10,024,513‌

Etsy,

Inc.

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

862

47,789‌

MercadoLibre,

Inc.

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

298

600,249‌

10,672,551‌

Building

Products

—

0.3%

Owens

Corning

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

1,852

207,257‌

Trane

Technologies

plc

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

1,510

587,692‌

794,949‌

Capital

Markets

—

3.8%

Ameriprise

Financial,

Inc.

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

343

168,187‌

Charles

Schwab

Corp.

(The)

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

31,170

3,114,195‌

CME

Group,

Inc.

,

Class

A

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

1,907

520,763‌

Interactive

Brokers

Group,

Inc.

,

Class

A

......

3,618

232,673‌

Intercontinental

Exchange,

Inc.

...........

7,943

1,286,448‌

Moody's

Corp.

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

293

149,679‌

Morgan

Stanley

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

10,524

1,868,326‌

Nasdaq,

Inc.

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

4,016

390,074‌

S&P

Global,

Inc.

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

1,966

1,027,412‌

Security

Shares

Shares

Value

Capital

Markets

(continued)

XP,

Inc.

,

Class

A

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

2,073

$

33,935‌

8,791,692‌

Chemicals

—

1.0%

Corteva,

Inc.

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

31,331

2,100,117‌

LyondellBasell

Industries

NV

,

Class

A

.......

3,459

149,775‌

Mosaic

Co.

(The)

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

2,702

65,091‌

2,314,983‌

Commercial

Services

&

Supplies

—

1.2%

Cintas

Corp.

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

5,780

1,087,045‌

Copart,

Inc.

(a)

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

15,714

615,203‌

Republic

Services,

Inc.

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

1,207

255,799‌

Veralto

Corp.

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

7,050

703,449‌

2,661,496‌

Communications

Equipment

—

1.2%

Arista

Networks,

Inc.

(a)

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

7,777

1,019,020‌

Ciena

Corp.

(a)

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

649

151,782‌

Motorola

Solutions,

Inc.

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

4,237

1,624,127‌

2,794,929‌

Construction

&

Engineering

—

0.6%

Comfort

Systems

USA,

Inc.

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

735

685,968‌

MasTec,

Inc.

(a)

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

2,711

589,290‌

1,275,258‌

Consumer

Finance

—

1.2%

Ally

Financial,

Inc.

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

6,710

303,896‌

American

Express

Co.

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

2,855

1,056,207‌

Capital

One

Financial

Corp.

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

5,596

1,356,247‌

2,716,350‌

Consumer

Staples

Distribution

&

Retail

—

2.9%

Costco

Wholesale

Corp.

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

3,102

2,674,978‌

Sprouts

Farmers

Market,

Inc.

(a)

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

1,315

104,766‌

Walmart,

Inc.

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

35,553

3,960,960‌

6,740,704‌

Containers

&

Packaging

—

0.2%

Smurfit

WestRock

plc

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

12,450

481,441‌

Diversified

Consumer

Services

—

0.1%

Bright

Horizons

Family

Solutions,

Inc.

(a)

......

1,159

117,523‌

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

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

66,183

1,643,986‌

Electric

Utilities

—

0.6%

Edison

International

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

4,544

272,731‌

Eversource

Energy

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

1,700

114,461‌

NRG

Energy,

Inc.

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

1,280

203,827‌

PG&E

Corp.

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

24,024

386,066‌

Pinnacle

West

Capital

Corp.

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

3,949

350,276‌

1,327,361‌

Electrical

Equipment

—

1.8%

AMETEK,

Inc.

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

7,238

1,486,034‌

Eaton

Corp.

plc

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

1,864

593,703‌

GE

Vernova,

Inc.

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

1,009

659,452‌

Rockwell

Automation,

Inc.

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

1,695

659,474‌

Vertiv

Holdings

Co.

,

Class

A

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

4,242

687,246‌

4,085,909‌

Electronic

Equipment,

Instruments

&

Components

—

1.0%

Amphenol

Corp.

,

Class

A

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

14,309

1,933,718‌

Flex

Ltd.

(a)

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

4,413

266,634‌

2,200,352‌

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Entertainment

—

1.4%

(a)

Netflix,

Inc.

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

19,210

$

1,801,130‌

ROBLOX

Corp.

,

Class

A

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

5,397

437,319‌

Roku,

Inc.

,

Class

A

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

1,937

210,145‌

Spotify

Technology

SA

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

358

207,894‌

Take-Two

Interactive

Software,

Inc.

.........

1,707

437,043‌

3,093,531‌

Financial

Services

—

3.4%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

........

3,968

1,994,515‌

Block,

Inc.

,

Class

A

(a)

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

4,796

312,172‌

Fidelity

National

Information

Services,

Inc.

....

8,133

540,519‌

Fiserv,

Inc.

(a)

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

3,242

217,765‌

Mastercard,

Inc.

,

Class

A

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

2,503

1,428,913‌

Visa,

Inc.

,

Class

A

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

9,675

3,393,119‌

7,887,003‌

Ground

Transportation

—

0.9%

Uber

Technologies,

Inc.

(a)

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

7,776

635,377‌

Union

Pacific

Corp.

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

6,118

1,415,216‌

2,050,593‌

Health

Care

Equipment

&

Supplies

—

1.5%

Boston

Scientific

Corp.

(a)

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

17,926

1,709,244‌

Intuitive

Surgical,

Inc.

(a)

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

1,071

606,572‌

Stryker

Corp.

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

3,228

1,134,545‌

3,450,361‌

Health

Care

Providers

&

Services

—

2.1%

Cardinal

Health,

Inc.

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

5,047

1,037,159‌

Centene

Corp.

(a)

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

12,450

512,317‌

Cigna

Group

(The)

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

528

145,321‌

Encompass

Health

Corp.

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

478

50,735‌

HCA

Healthcare,

Inc.

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

1,695

791,328‌

McKesson

Corp.

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

983

806,345‌

Molina

Healthcare,

Inc.

(a)

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

161

27,940‌

Quest

Diagnostics,

Inc.

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

1,413

245,198‌

UnitedHealth

Group,

Inc.

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

3,361

1,109,500‌

4,725,843‌

Health

Care

REITs

—

0.1%

Ventas,

Inc.

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

3,883

300,467‌

Health

Care

Technology

—

0.2%

(a)

Doximity,

Inc.

,

Class

A

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

523

23,159‌

Veeva

Systems,

Inc.

,

Class

A

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

1,488

332,166‌

355,325‌

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts,

Inc.

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

5,439

96,433‌

Hotels,

Restaurants

&

Leisure

—

0.6%

Booking

Holdings,

Inc.

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

175

937,183‌

Carnival

Corp.

(a)

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

1,481

45,230‌

Chipotle

Mexican

Grill,

Inc.

(a)

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

1,354

50,098‌

Darden

Restaurants,

Inc.

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

195

35,884‌

Expedia

Group,

Inc.

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

107

30,314‌

Las

Vegas

Sands

Corp.

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

569

37,036‌

McDonald's

Corp.

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

495

151,287‌

1,287,032‌

Household

Durables

—

0.8%

DR

Horton,

Inc.

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

2,397

345,240‌

Garmin

Ltd.

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

2,680

543,638‌

Meritage

Homes

Corp.

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

5,028

330,842‌

NVR,

Inc.

(a)

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

63

459,445‌

Toll

Brothers,

Inc.

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

1,925

260,298‌

1,939,463‌

Security

Shares

Shares

Value

Household

Products

—

0.4%

Kimberly-Clark

Corp.

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

747

$

75,365‌

Procter

&

Gamble

Co.

(The)

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

5,871

841,373‌

916,738‌

Industrial

Conglomerates

—

1.5%

3M

Co.

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

9,173

1,468,597‌

Honeywell

International,

Inc.

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

9,473

1,848,088‌

3,316,685‌

Insurance

—

2.6%

Allstate

Corp.

(The)

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

215

44,752‌

Chubb

Ltd.

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

954

297,763‌

Hartford

Insurance

Group,

Inc.

(The)

........

2,368

326,310‌

Marsh

&

McLennan

Cos.,

Inc.

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

8,794

1,631,463‌

MetLife,

Inc.

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

14,427

1,138,867‌

Progressive

Corp.

(The)

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

3,385

770,832‌

Travelers

Cos.,

Inc.

(The)

(b)

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

5,762

1,671,326‌

5,881,313‌

Interactive

Media

&

Services

—

8.5%

Alphabet,

Inc.

,

Class

A

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

23,259

7,280,067‌

Alphabet,

Inc.

,

Class

C

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

17,242

5,410,540‌

Meta

Platforms,

Inc.

,

Class

A

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

9,302

6,140,157‌

Pinterest,

Inc.

,

Class

A

(a)

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

21,728

562,538‌

Snap,

Inc.

,

Class

A

(a)

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

16,445

132,711‌

19,526,013‌

IT

Services

—

0.1%

Accenture

plc

,

Class

A

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

289

77,539‌

GoDaddy,

Inc.

,

Class

A

(a)

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

587

72,835‌

VeriSign,

Inc.

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

414

100,581‌

250,955‌

Machinery

—

1.4%

Caterpillar,

Inc.

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

473

270,968‌

Crane

Co.

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

164

30,247‌

Dover

Corp.

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

1,534

299,498‌

Illinois

Tool

Works,

Inc.

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

3,481

857,370‌

Otis

Worldwide

Corp.

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

2,701

235,932‌

Parker-Hannifin

Corp.

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

1,817

1,597,070‌

3,291,085‌

Marine

Transportation

—

0.1%

Kirby

Corp.

(a)

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

2,953

325,362‌

Media

—

0.6%

Comcast

Corp.

,

Class

A

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

41,504

1,240,554‌

Fox

Corp.

,

Class

B

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

514

33,374‌

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..........

4,152

157,610‌

1,431,538‌

Metals

&

Mining

—

0.7%

Freeport-McMoRan,

Inc.

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

16,955

861,145‌

Newmont

Corp.

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

6,611

660,108‌

1,521,253‌

Multi-Utilities

—

0.1%

Ameren

Corp.

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

241

24,066‌

WEC

Energy

Group,

Inc.

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

2,416

254,792‌

278,858‌

Oil,

Gas

&

Consumable

Fuels

—

2.2%

Cheniere

Energy,

Inc.

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

2,631

511,440‌

Chevron

Corp.

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

5,813

885,959‌

Devon

Energy

Corp.

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

43,911

1,608,460‌

EOG

Resources,

Inc.

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

7,834

822,648‌

Kinder

Morgan,

Inc.

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

26,691

733,736‌

Ovintiv,

Inc.

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

6,709

262,926‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Advantage

Large

Cap

Core

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Valero

Energy

Corp.

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

691

$

112,488‌

4,937,657‌

Pharmaceuticals

—

2.9%

Bristol-Myers

Squibb

Co.

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

55,638

3,001,114‌

Eli

Lilly

&

Co.

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

2,430

2,611,472‌

Johnson

&

Johnson

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

1,708

353,470‌

Pfizer,

Inc.

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

26,153

651,210‌

6,617,266‌

Professional

Services

—

0.2%

Equifax,

Inc.

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

2,005

435,045‌

ExlService

Holdings,

Inc.

(a)

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

772

32,764‌

467,809‌

Retail

REITs

—

0.2%

Kimco

Realty

Corp.

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

25,711

521,162‌

Semiconductors

&

Semiconductor

Equipment

—

13.8%

Advanced

Micro

Devices,

Inc.

(a)

...........

6,684

1,431,445‌

Applied

Materials,

Inc.

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

764

196,340‌

Broadcom,

Inc.

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

17,129

5,928,347‌

Intel

Corp.

(a)

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

16,721

617,005‌

Lam

Research

Corp.

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

12,437

2,128,966‌

Marvell

Technology,

Inc.

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

3,967

337,116‌

Micron

Technology,

Inc.

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

6,994

1,996,157‌

NVIDIA

Corp.

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

92,466

17,244,908‌

QUALCOMM,

Inc.

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

4,287

733,291‌

Skyworks

Solutions,

Inc.

(b)

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

5,336

338,356‌

Texas

Instruments,

Inc.

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

4,018

697,083‌

31,649,014‌

Software

—

9.9%

Adobe,

Inc.

(a)

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

3,163

1,107,018‌

Atlassian

Corp.

,

Class

A

(a)

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

3,095

501,823‌

Autodesk,

Inc.

(a)

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

139

41,145‌

Elastic

NV

(a)

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

1,192

89,924‌

HubSpot,

Inc.

(a)

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

895

359,164‌

Intuit,

Inc.

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

971

643,210‌

Microsoft

Corp.

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

29,972

14,495,059‌

Oracle

Corp.

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

5,672

1,105,530‌

Palantir

Technologies,

Inc.

,

Class

A

(a)

.......

7,466

1,327,082‌

Salesforce,

Inc.

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

6,774

1,794,500‌

ServiceNow,

Inc.

(a)

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

4,583

702,070‌

Synopsys,

Inc.

(a)

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

1,070

502,600‌

22,669,125‌

Specialized

REITs

—

0.5%

American

Tower

Corp.

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

1,181

207,348‌

CubeSmart

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

20,620

743,351‌

Digital

Realty

Trust,

Inc.

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

354

54,767‌

Public

Storage

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

641

166,340‌

1,171,806‌

Specialty

Retail

—

1.3%

AutoZone,

Inc.

(a)

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

79

267,929‌

Best

Buy

Co.,

Inc.

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

4,183

279,968‌

Home

Depot,

Inc.

(The)

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

1,121

385,736‌

O'Reilly

Automotive,

Inc.

(a)

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

544

49,618‌

TJX

Cos.,

Inc.

(The)

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

13,251

2,035,486‌

3,018,737‌

Technology

Hardware,

Storage

&

Peripherals

—

7.6%

Apple,

Inc.

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

57,917

15,745,315‌

Dell

Technologies,

Inc.

,

Class

C

...........

2,865

360,646‌

Hewlett

Packard

Enterprise

Co.

...........

7,510

180,390‌

HP,

Inc.

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

6,275

139,807‌

Pure

Storage,

Inc.

,

Class

A

(a)

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

2,583

173,087‌

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Sandisk

Corp.

(a)

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

640

$

151,923‌

Seagate

Technology

Holdings

plc

..........

235

64,717‌

Western

Digital

Corp.

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

3,114

536,449‌

17,352,334‌

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Levi

Strauss

&

Co.

,

Class

A

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

8,508

176,456‌

Tobacco

—

0.5%

Altria

Group,

Inc.

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

12,835

740,066‌

Philip

Morris

International,

Inc.

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

2,738

439,175‌

1,179,241‌

Trading

Companies

&

Distributors

—

0.3%

Applied

Industrial

Technologies,

Inc.

........

2,552

655,277‌

Ferguson

Enterprises,

Inc.

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

266

59,220‌

714,497‌

Wireless

Telecommunication

Services

—

0.5%

T-Mobile

US,

Inc.

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

5,669

1,151,034‌

Total

Long-Term

Investments

—

99

.0

%

(Cost:

$

171,438,960

)

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

226,559,488‌

Short-Term

Securities

Money

Market

Funds

—

1.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.89

%

(e)

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

1,942,626

1,943,597‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.65

%

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

2,207,581

2,207,581‌

Total

Short-Term

Securities

—

1

.8

%

(Cost:

$

4,151,178

)

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

4,151,178‌

Total

Investments

—

100

.8

%

(Cost:

$

175,590,138

)

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

230,710,666‌

Liabilities

in

Excess

of

Other

Assets

—

(

0.8

)

%

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

(

1,930,253‌

)

Net

Assets

—

100.0%

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

$

228,780,413‌

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

7

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/25

Shares

Held

at

12/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

4,899,191

$

—

$

(

2,955,016

)

(a)

$

(

915

)

$

337

$

1,943,597

1,942,626

$

5,277

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

2,052,618

154,963

(a)

—

—

—

2,207,581

2,207,581

80,201

—

$

(

915

)

$

337

$

4,151,178

$

85,478

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Advantage

Large

Cap

Core

Portfolio

8

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

at

the

measurement

date.

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

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

7

03/20/26

$

2,412

$

(

5,112

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

5,112

$

—

$

—

$

—

$

5,112

(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,

2025,

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

c

ontracts

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

$

—

$

—

$

182,320

$

—

$

—

$

—

$

182,320

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

48,894

$

—

$

—

$

—

$

48,894

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,305,263

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

226,559,488

$

—

$

—

$

226,559,488

Short-Term

Securities

Money

Market

Funds

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

4,151,178

—

—

4,151,178

$

230,710,666

$

—

$

—

$

230,710,666

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

9

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

5,112

)

$

—

$

—

$

(

5,112

)

(a)

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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2025

BlackRock

Balanced

Portfolio

10

(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%),

4.11%,

05/25/37

(a)

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

USD

41

$

6,031

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

4.33%,

05/25/35

(a)

.......

43

35,565

BCMSC

Trust

(a)

Series

2000-A,

Class

A3,

7.83%,

06/15/30

..

49

2,983

Series

2000-A,

Class

A4,

8.29%,

06/15/30

..

35

2,274

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

5.57%,

08/25/34

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

—

(b)

62

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.13%,

03/25/37

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

8

7,861

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.13%,

03/25/37

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

10

9,700

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

4.01%,

10/25/36

(a)

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

13

13,201

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

4.05%,

05/25/37

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

121

82,779

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

4.12%,

05/25/37

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

55

37,563

Conseco

Finance

Securitizations

Corp.,

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.......

36

6,515

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

7

7,305

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.28%,

01/25/29

(c)

1

2,343

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

.

1

1,710

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%),

4.04%,

05/15/35

...........

—

(b)

381

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

4.01%,

11/15/36

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

2

2,067

First

Franklin

Mortgage

Loan

Trust,

Series

2006-

FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

4.45%,

01/25/36

(a)

..

42

38,635

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

4.25%,

01/25/47

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

18

8,772

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

7.22%,

02/25/37

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

25

24,639

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.15%,

05/25/37

(a)

...........

26

22,357

IXIS

Real

Estate

Capital

Trust,

Series

2007-HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

4.08%,

05/25/37

(a)

.......

577

117,266

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

11

10,805

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2002-A,

Class

C,

0.00%,

06/15/33

..

USD

2

$

2,376

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.15%,

06/25/36

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

19

9,107

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.17%,

08/25/36

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

12

4,773

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

4.33%,

05/25/37

(a)

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

9

6,397

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

4.45%,

12/25/34

(a)

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

78

75,081

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-

D,

Class

A4,

6.93%,

09/15/31

(a)

.........

7

2,630

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

4.06%,

03/25/37

(a)

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

40

34,466

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(c)

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

25

21,848

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(c)

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

27

24,235

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

and

18.00%

Cap

+

1.31%),

5.06%,

10/15/37

(a)

(d)

...........

1

1,007

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(c)

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

22

19,913

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.17%,

07/25/36

(a)

..

15

3,121

Total

Asset-Backed

Securities

—

0

.1

%

(Cost:

$

964,453

)

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

645,768

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

1.4%

Aselsan

Elektronik

Sanayi

ve

Ticaret

A/S

.....

3,877

20,889

BAE

Systems

plc

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

60,070

1,382,514

Bharat

Electronics

Ltd.

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

34,959

155,610

Curtiss-Wright

Corp.

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

979

539,693

GE

Aerospace

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

1,426

439,251

General

Dynamics

Corp.

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

100

33,666

L3Harris

Technologies,

Inc.

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

180

52,843

Leonardo

SpA

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

615

35,178

Lockheed

Martin

Corp.

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

1,494

722,603

Northrop

Grumman

Corp.

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

533

303,922

Rolls-Royce

Holdings

plc

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

45,080

697,194

RTX

Corp.

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

3,859

707,741

Safran

SA

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

4,425

1,541,303

Thales

SA

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

873

235,506

6,867,913

Automobile

Components

—

0.4%

Apollo

Tyres

Ltd.

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

2,766

15,392

Aptiv

plc

(e)

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

169

12,859

BorgWarner,

Inc.

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

42,522

1,916,041

HL

Mando

Co.

Ltd.

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

1,541

62,822

2,007,114

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Automobiles

—

1.1%

General

Motors

Co.

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

1,292

$

105,065

Mercedes-Benz

Group

AG

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

7,500

519,916

Tesla,

Inc.

(e)

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

8,235

3,703,444

Toyota

Motor

Corp.

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

48,900

1,050,230

5,378,655

Banks

—

3.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

........

3,398

79,708

Banco

Santander

SA

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

12,443

146,460

Bank

Hapoalim

BM

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

2,197

49,690

Bank

of

America

Corp.

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

47,701

2,623,555

Bank

Polska

Kasa

Opieki

SA

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

2,456

139,308

Barclays

plc

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

17,106

109,498

BAWAG

Group

AG

(d)

(f)

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

1,091

164,320

BNP

Paribas

SA

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

9,442

893,280

Citigroup,

Inc.

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

10,366

1,209,608

Commonwealth

Bank

of

Australia

..........

3,679

392,693

Credit

Agricole

SA

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

32,744

674,129

DBS

Group

Holdings

Ltd.

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

24,200

1,060,073

Grupo

Cibest

SA

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

4,068

74,519

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

12,008

111,321

ICICI

Bank

Ltd.

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

491

7,349

Intesa

Sanpaolo

SpA

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

156,770

1,083,297

Israel

Discount

Bank

Ltd.

,

Class

A

.........

3,154

33,494

Japan

Post

Bank

Co.

Ltd.

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

16,900

237,903

JPMorgan

Chase

&

Co.

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

5,999

1,932,998

Mitsubishi

UFJ

Financial

Group,

Inc.

........

35,900

569,772

Mizuho

Financial

Group,

Inc.

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

15,500

565,666

NatWest

Group

plc

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

13,510

118,513

PNC

Financial

Services

Group,

Inc.

(The)

....

3,381

705,716

Resona

Holdings,

Inc.

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

6,700

63,769

Societe

Generale

SA

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

1,071

86,220

Standard

Chartered

plc

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

8,134

198,473

State

Bank

of

India

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

630

6,892

Sumitomo

Mitsui

Financial

Group,

Inc.

.......

35,700

1,148,162

Sumitomo

Mitsui

Trust

Group,

Inc.

.........

15,400

469,313

UniCredit

SpA

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

12,693

1,051,319

US

Bancorp

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

20,546

1,096,334

Wells

Fargo

&

Co.

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

215

20,038

17,123,390

Beverages

—

0.3%

Ambev

SA

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

60,615

153,898

Coca-Cola

Femsa

SAB

de

CV

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

6,543

62,158

Monster

Beverage

Corp.

(e)

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

1,157

88,707

PepsiCo,

Inc.

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

6,935

995,311

Radico

Khaitan

Ltd.

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

3,662

134,474

United

Spirits

Ltd.

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

1,787

28,704

1,463,252

Biotechnology

—

0.8%

AbbVie,

Inc.

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

4,962

1,133,767

Alkermes

plc

(e)

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

1,798

50,308

Alnylam

Pharmaceuticals,

Inc.

(e)

...........

88

34,993

Amgen,

Inc.

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

1,320

432,049

Argenx

SE

(e)

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

19

16,027

Ascendis

Pharma

A/S

,

ADR

(e)

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

135

28,787

BeOne

Medicines

Ltd.

,

Class

H

(e)

..........

2,600

59,842

BioMarin

Pharmaceutical,

Inc.

(e)

...........

1,966

116,839

BioNTech

SE

,

ADR

(e)

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

798

75,970

CSL

Ltd.

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

263

30,267

Exelixis,

Inc.

(e)

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

2,798

122,636

Genmab

A/S

(e)

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

530

164,292

Gilead

Sciences,

Inc.

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

4,168

511,580

Hugel,

Inc.

(e)

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

449

71,794

Incyte

Corp.

(e)

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

217

21,433

Security

Shares

Shares

Value

Biotechnology

(continued)

Innovent

Biologics,

Inc.

(d)

(e)

(f)

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

14,000

$

137,014

Insmed,

Inc.

(e)

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

471

81,973

Moderna,

Inc.

(e)

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

3,479

102,596

Natera,

Inc.

(e)

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

857

196,330

Neurocrine

Biosciences,

Inc.

(e)

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

770

109,209

PharmaResearch

Co.

Ltd.

(e)

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

28

7,838

Regeneron

Pharmaceuticals,

Inc.

..........

305

235,420

Seegene,

Inc.

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

693

11,436

United

Therapeutics

Corp.

(e)

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

142

69,190

Vertex

Pharmaceuticals,

Inc.

(e)

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

385

174,544

3,996,134

Broadline

Retail

—

2.2%

Alibaba

Group

Holding

Ltd.

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

42,700

784,013

Amazon.com,

Inc.

(e)

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

31,830

7,347,001

Coupang,

Inc.

,

Class

A

(e)

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

12,069

284,708

eBay,

Inc.

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

7,947

692,184

Etsy,

Inc.

(e)

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

1,293

71,684

JD.com,

Inc.

,

Class

A

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

9,800

140,916

MercadoLibre,

Inc.

(e)

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

491

989,002

Wesfarmers

Ltd.

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

3,433

184,946

10,494,454

Capital

Markets

—

1.9%

Ameriprise

Financial,

Inc.

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

896

439,345

Charles

Schwab

Corp.

(The)

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

20,310

2,029,172

China

International

Capital

Corp.

Ltd.

,

Class

A

.

144,400

724,761

Coinbase

Global,

Inc.

,

Class

A

(e)

...........

524

118,497

Deutsche

Bank

AG

(Registered)

...........

2,560

98,660

IG

Group

Holdings

plc

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

647

11,454

Intercontinental

Exchange,

Inc.

...........

2,878

466,121

London

Stock

Exchange

Group

plc

.........

1,092

131,355

Macquarie

Group

Ltd.

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

6,841

924,426

Moody's

Corp.

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

1,714

875,597

Morgan

Stanley

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

13,316

2,363,989

Multi

Commodity

Exchange

of

India

Ltd.

.....

128

15,879

Nippon

Life

India

Asset

Management

Ltd.

(d)

(f)

..

1,245

12,196

S&P

Global,

Inc.

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

1,345

702,884

SEI

Investments

Co.

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

69

5,659

UBS

Group

AG

(Registered)

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

3,108

143,511

XP,

Inc.

,

Class

A

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

835

13,669

9,077,175

Chemicals

—

0.4%

Coromandel

International

Ltd.

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

2,140

54,001

Corteva,

Inc.

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

11,267

755,227

DSM-Firmenich

AG

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

6,221

501,847

KCC

Corp.

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

251

73,206

LG

Chem

Ltd.

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

1,217

281,508

Navin

Fluorine

International

Ltd.

...........

1,102

72,615

Orica

Ltd.

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

6,627

107,033

Pidilite

Industries

Ltd.

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

794

13,099

Solar

Industries

India

Ltd.

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

1,055

143,856

SRF

Ltd.

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

863

29,570

Sumitomo

Chemical

Co.

Ltd.

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

4,600

13,098

UPL

Ltd.

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

1,756

15,550

Zhejiang

NHU

Co.

Ltd.

,

Class

A

...........

15,800

57,043

2,117,653

Commercial

Services

&

Supplies

—

0.1%

Cintas

Corp.

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

1,356

255,023

Waste

Management,

Inc.

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

537

117,984

373,007

Communications

Equipment

—

0.3%

Accton

Technology

Corp.

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

2,000

75,474

Arcadyan

Technology

Corp.

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

11,000

60,803

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

(continued)

Motorola

Solutions,

Inc.

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

307

$

117,679

Nokia

OYJ

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

106,145

684,325

Telefonaktiebolaget

LM

Ericsson

,

Class

B

....

17,433

169,659

WNC

Corp.

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

1,000

3,148

Zhongji

Innolight

Co.

Ltd.

,

Class

A

.........

2,500

217,601

1,328,689

Construction

&

Engineering

—

0.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

200

19,853

AECOM

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

5,965

568,643

Cemindia

Projects

Ltd.

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

2,928

25,698

Comfort

Systems

USA,

Inc.

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

17

15,866

HDC

Hyundai

Development

Co-Engineering

&

Construction

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

1,475

22,421

Hyundai

Engineering

&

Construction

Co.

Ltd.

..

567

27,632

KEC

International

Ltd.

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

6,721

55,111

MasTec,

Inc.

(e)

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

3,923

852,742

Obayashi

Corp.

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

14,400

301,362

Samsung

E&A

Co.

Ltd.

(e)

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

5,120

85,293

Skanska

AB

,

Class

B

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

4,049

110,329

Stantec,

Inc.

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

7,309

689,710

United

Integrated

Services

Co.

Ltd.

.........

3,000

90,880

Worley

Ltd.

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

50,610

422,635

3,288,175

Construction

Materials

—

0.0%

Holcim

AG

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

1,296

126,166

Shree

Cement

Ltd.

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

40

11,833

137,999

Consumer

Finance

—

0.4%

Ally

Financial,

Inc.

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

630

28,533

American

Express

Co.

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

5,469

2,023,256

2,051,789

Consumer

Staples

Distribution

&

Retail

—

1.0%

Costco

Wholesale

Corp.

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

1,466

1,264,190

Dino

Polska

SA

(d)

(e)

(f)

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

1,548

17,773

E-MART,

Inc.

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

357

20,128

J

Sainsbury

plc

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

8,298

36,352

Koninklijke

Ahold

Delhaize

NV

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

3,498

143,442

Migros

Ticaret

A/S

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

3,724

45,250

Tesco

plc

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

63,075

375,096

Walmart,

Inc.

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

24,999

2,785,139

4,687,370

Containers

&

Packaging

—

0.0%

Ball

Corp.

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

1,313

69,549

Crown

Holdings,

Inc.

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

75

7,723

77,272

Diversified

REITs

—

0.0%

British

Land

Co.

plc

(The)

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

3,656

19,839

Diversified

Telecommunication

Services

—

0.8%

AT&T,

Inc.

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

23,954

595,017

Deutsche

Telekom

AG

(Registered)

........

54,556

1,775,856

Telefonica

Brasil

SA

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

42,322

252,856

Verizon

Communications,

Inc.

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

33,011

1,344,538

3,968,267

Electric

Utilities

—

0.3%

CPFL

Energia

SA

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

15,815

154,445

Edison

International

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

5,692

341,634

EDP

SA

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

58,711

270,411

Energisa

SA

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

7,916

67,992

Fortis,

Inc.

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

1,661

86,357

Iberdrola

SA

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

4,145

89,753

Security

Shares

Shares

Value

Electric

Utilities

(continued)

NextEra

Energy,

Inc.

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

115

$

9,232

NRG

Energy,

Inc.

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

3,409

542,849

Origin

Energy

Ltd.

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

1,174

8,965

1,571,638

Electrical

Equipment

—

1.5%

ABB

Ltd.

(Registered)

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

29,409

2,167,959

AMETEK,

Inc.

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

9,227

1,894,395

Bizlink

Holding,

Inc.

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

13,121

633,893

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

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

11,700

616,305

CS

Wind

Corp.

(e)

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

1,993

57,661

GE

Vernova

T&D

India

Ltd.

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

8,290

288,925

Hitachi

Energy

India

Ltd.

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

214

43,621

LS

Corp.

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

118

16,421

Nidec

Corp.

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

2,600

35,303

Rockwell

Automation,

Inc.

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

111

43,187

Siemens

Energy

AG

(e)

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

10,953

1,536,581

Sungrow

Power

Supply

Co.

Ltd.

,

Class

A

.....

3,100

76,010

Voltamp

Transformers

Ltd.

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

91

7,951

7,418,212

Electronic

Equipment,

Instruments

&

Components

—

0.4%

Celestica,

Inc.

(e)

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

196

57,978

Chroma

ATE,

Inc.

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

31,000

766,738

Cognex

Corp.

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

140

5,037

Delta

Electronics,

Inc.

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

17,000

518,567

Keysight

Technologies,

Inc.

(e)

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

1,628

330,793

LG

Innotek

Co.

Ltd.

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

155

29,151

Lotes

Co.

Ltd.

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

1,000

41,232

Murata

Manufacturing

Co.

Ltd.

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

8,900

183,945

Primax

Electronics

Ltd.

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

1,000

2,438

TE

Connectivity

plc

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

720

163,807

2,099,686

Energy

Equipment

&

Services

—

0.1%

SLB

Ltd.

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

10,663

409,246

Entertainment

—

0.5%

NetEase,

Inc.

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

2,400

66,061

Netflix,

Inc.

(e)

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

11,709

1,097,836

ROBLOX

Corp.

,

Class

A

(e)

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

4,663

377,843

Roku,

Inc.

,

Class

A

(e)

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

2,025

219,692

Spotify

Technology

SA

(e)

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

1,234

716,596

2,478,028

Financial

Services

—

1.2%

Berkshire

Hathaway,

Inc.

,

Class

B

(e)

........

899

451,882

Block,

Inc.

,

Class

A

(e)

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

5,463

355,587

Essent

Group

Ltd.

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

849

55,194

Fidelity

National

Information

Services,

Inc.

....

3,843

255,406

Fiserv,

Inc.

(e)

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

953

64,013

Mastercard,

Inc.

,

Class

A

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

2,471

1,410,644

One

97

Communications

Ltd.

(e)

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

7,561

109,359

ORIX

Corp.

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

13,500

394,838

Pagseguro

Digital

Ltd.

,

Class

A

...........

7,008

67,557

Visa,

Inc.

,

Class

A

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

7,597

2,664,344

5,828,824

Food

Products

—

0.0%

AVI

Ltd.

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

7,425

47,303

Danone

SA

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

168

15,154

MBRF

Global

Foods

Co.

SA

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

15,715

57,385

119,842

Gas

Utilities

—

0.0%

ENN

Energy

Holdings

Ltd.

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

11,400

101,402

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

—

0.2%

Uber

Technologies,

Inc.

(e)

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

10,866

$

887,861

Health

Care

Equipment

&

Supplies

—

0.4%

Boston

Scientific

Corp.

(e)

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

14,467

1,379,428

Intuitive

Surgical,

Inc.

(e)

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

547

309,799

Koninklijke

Philips

NV

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

4,034

109,843

Stryker

Corp.

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

651

228,807

Sysmex

Corp.

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

2,500

24,550

2,052,427

Health

Care

Providers

&

Services

—

0.6%

Apollo

Hospitals

Enterprise

Ltd.

...........

475

37,249

Cardinal

Health,

Inc.

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

1,638

336,609

Centene

Corp.

(e)

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

1,181

48,598

Cigna

Group

(The)

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

2,846

783,305

Dr

Lal

PathLabs

Ltd.

(d)

(f)

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

4,430

73,044

Elevance

Health,

Inc.

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

39

13,671

Fortis

Healthcare

Ltd.

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

36,022

354,283

HCA

Healthcare,

Inc.

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

360

168,070

Labcorp

Holdings,

Inc.

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

51

12,795

McKesson

Corp.

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

425

348,623

Sonic

Healthcare

Ltd.

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

4,937

74,336

Tenet

Healthcare

Corp.

(e)

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

857

170,303

UnitedHealth

Group,

Inc.

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

1,886

622,588

3,043,474

Health

Care

Technology

—

0.1%

Pro

Medicus

Ltd.

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

133

19,533

Veeva

Systems,

Inc.

,

Class

A

(e)

...........

883

197,112

216,645

Hotels,

Restaurants

&

Leisure

—

0.7%

Airbnb,

Inc.

,

Class

A

(e)

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

7,608

1,032,558

Aristocrat

Leisure

Ltd.

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

13,547

524,464

Booking

Holdings,

Inc.

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

215

1,151,396

McDonald's

Corp.

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

210

64,182

Meituan

,

Class

B

(d)

(e)

(f)

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

30,420

403,132

Trip.com

Group

Ltd.

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

307

22,012

3,197,744

Household

Durables

—

0.4%

Crompton

Greaves

Consumer

Electricals

Ltd.

..

30,170

84,780

Dixon

Technologies

India

Ltd.

(f)

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

1,394

188,075

NVR,

Inc.

(e)

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

59

430,274

Panasonic

Holdings

Corp.

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

10,000

129,640

Sony

Group

Corp.

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

43,400

1,113,253

1,946,022

Household

Products

—

0.4%

Procter

&

Gamble

Co.

(The)

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

12,029

1,723,876

Unicharm

Corp.

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

15,900

90,848

1,814,724

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

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

7,319

104,954

Brookfield

Renewable

Corp.

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

198

7,595

ReNew

Energy

Global

plc

,

Class

A

(e)

........

4,424

24,996

137,545

Industrial

Conglomerates

—

0.7%

CJ

Corp.

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

879

105,042

Hitachi

Ltd.

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

13,300

417,109

Honeywell

International,

Inc.

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

10,909

2,128,237

KOC

Holding

A/S

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

4,153

16,294

Samsung

C&T

Corp.

(e)

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

360

59,793

Smiths

Group

plc

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

15,849

501,308

3,227,783

Security

Shares

Shares

Value

Insurance

—

1.8%

AIA

Group

Ltd.

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

199,000

$

2,048,326

Allianz

SE

(Registered)

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

946

437,409

ASR

Nederland

NV

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

557

39,631

AXA

SA

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

41,702

2,000,905

Dai-ichi

Life

Holdings,

Inc.

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

2,100

17,452

Fairfax

Financial

Holdings

Ltd.

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

88

167,716

Hartford

Insurance

Group,

Inc.

(The)

........

3,175

437,515

Max

Financial

Services

Ltd.

(e)

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

2,167

40,346

MetLife,

Inc.

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

11,581

914,204

NN

Group

NV

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

5,727

441,807

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

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

51,000

428,385

Progressive

Corp.

(The)

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

1,138

259,145

Prudential

Financial,

Inc.

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

1,068

120,556

Sampo

OYJ

,

Class

A

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

6,616

80,046

T&D

Holdings,

Inc.

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

500

11,542

Travelers

Cos.,

Inc.

(The)

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

3,581

1,038,705

8,483,690

Interactive

Media

&

Services

—

3.1%

Alphabet,

Inc.

,

Class

A

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

15,306

4,790,778

Alphabet,

Inc.

,

Class

C

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

10,654

3,343,225

Auto

Trader

Group

plc

(d)

(f)

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

24,809

195,727

Meta

Platforms,

Inc.

,

Class

A

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

5,221

3,446,330

NAVER

Corp.

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

775

130,279

REA

Group

Ltd.

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

1,448

176,518

SEEK

Ltd.

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

1,119

17,184

Tencent

Holdings

Ltd.

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

36,900

2,831,837

14,931,878

IT

Services

—

0.7%

Accenture

plc

,

Class

A

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

3,532

947,636

Fujitsu

Ltd.

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

7,700

211,618

GoDaddy,

Inc.

,

Class

A

(e)

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

1,007

124,949

HCL

Technologies

Ltd.

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

6,683

120,784

Infosys

Ltd.

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

59,170

1,065,586

International

Business

Machines

Corp.

......

1,585

469,493

Shopify,

Inc.

,

Class

A

(e)

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

1,732

278,876

Tata

Consultancy

Services

Ltd.

...........

5,030

179,718

VeriSign,

Inc.

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

282

68,512

Wix.com

Ltd.

(e)

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

88

9,142

3,476,314

Leisure

Products

—

0.0%

Hasbro,

Inc.

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

1,003

82,246

Life

Sciences

Tools

&

Services

—

0.0%

IQVIA

Holdings,

Inc.

(e)

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

38

8,566

Medpace

Holdings,

Inc.

(e)

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

48

26,959

QIAGEN

NV

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

706

32,107

67,632

Machinery

—

0.2%

Amada

Co.

Ltd.

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

24,400

288,671

Caterpillar,

Inc.

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

117

67,026

Cummins

India

Ltd.

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

1,544

76,198

HD

Hyundai

Heavy

Industries

Co.

Ltd.

.......

69

24,319

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

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

25

7,054

Hyundai

Rotem

Co.

Ltd.

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

259

33,779

Techtronic

Industries

Co.

Ltd.

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

14,000

161,044

Wartsila

OYJ

Abp

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

4,089

144,769

802,860

Media

—

0.3%

Comcast

Corp.

,

Class

A

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

33,399

998,296

CyberAgent,

Inc.

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

1,900

16,190

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Fox

Corp.

,

Class

B

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

731

$

47,464

Informa

plc

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

38,376

455,340

1,517,290

Metals

&

Mining

—

1.2%

Anglo

American

plc

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

4,739

195,659

Barrick

Mining

Corp.

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

3,239

141,095

Boliden

AB

(e)

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

1,666

92,290

Endeavour

Mining

plc

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

6,098

314,019

First

Quantum

Minerals

Ltd.

(e)

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

9,340

250,418

Fortescue

Ltd.

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

6,289

91,961

Freeport-McMoRan,

Inc.

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

21,395

1,086,652

Hindustan

Zinc

Ltd.

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

19,514

133,038

Hyundai

Steel

Co.

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

4,905

105,654

MP

Materials

Corp.

,

Class

A

(e)

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

790

39,911

National

Aluminium

Co.

Ltd.

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

3,454

12,072

Newmont

Corp.

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

13,092

1,307,236

Rio

Tinto

plc

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

914

73,624

Vale

SA

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

11,955

156,184

Wheaton

Precious

Metals

Corp.

...........

15,738

1,850,194

5,850,007

Multi-Utilities

—

0.4%

Consolidated

Edison,

Inc.

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

8,653

859,416

Engie

SA

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

31,740

833,789

1,693,205

Oil,

Gas

&

Consumable

Fuels

—

1.8%

Aker

BP

ASA

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

4,074

103,668

BP

plc

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

26,249

153,083

Cameco

Corp.

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

1,365

124,989

Canadian

Natural

Resources

Ltd.

..........

13,165

445,915

Chevron

Corp.

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

14,533

2,214,974

Devon

Energy

Corp.

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

941

34,469

ENEOS

Holdings,

Inc.

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

136,800

967,874

EOG

Resources,

Inc.

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

1,811

190,173

Petronet

LNG

Ltd.

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

2,532

8,003

Repsol

SA

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

37,196

694,019

Santos

Ltd.

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

90,688

372,473

Shell

plc

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

56,730

2,090,628

Suncor

Energy,

Inc.

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

19,118

848,544

Valero

Energy

Corp.

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

57

9,279

Var

Energi

ASA

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

63,459

207,473

Woodside

Energy

Group

Ltd.

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

923

14,392

8,479,956

Passenger

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

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

3,871

268,647

International

Consolidated

Airlines

Group

SA

..

22,986

127,467

396,114

Pharmaceuticals

—

2.3%

Alkem

Laboratories

Ltd.

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

97

5,941

Astellas

Pharma,

Inc.

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

13,000

173,024

AstraZeneca

plc

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

4,304

796,495

Bristol-Myers

Squibb

Co.

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

18,508

998,322

Daiichi

Sankyo

Co.

Ltd.

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

23,600

501,135

Eli

Lilly

&

Co.

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

1,378

1,480,909

GSK

plc

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

8,031

196,898

Ipsen

SA

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

273

38,092

Johnson

&

Johnson

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

5,220

1,080,279

Novartis

AG

(Registered)

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

11,300

1,557,095

Ono

Pharmaceutical

Co.

Ltd.

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

8,000

110,835

Pfizer,

Inc.

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

83,187

2,071,356

Sanofi

SA

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

5,744

555,762

Strides

Pharma

Science

Ltd.

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

2,221

22,260

Takeda

Pharmaceutical

Co.

Ltd.

...........

25,300

785,951

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.

,

Class

A

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

4,424

$

556,628

Zydus

Lifesciences

Ltd.

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

5,794

59,026

10,990,008

Professional

Services

—

0.5%

Computer

Age

Management

Services

Ltd.

....

1,585

13,086

ExlService

Holdings,

Inc.

(e)

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

326

13,835

Experian

plc

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

16,735

754,524

Intertek

Group

plc

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

6,381

395,728

Recruit

Holdings

Co.

Ltd.

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

8,500

477,629

Thomson

Reuters

Corp.

(g)

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

3,741

493,685

Wolters

Kluwer

NV

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

299

30,969

2,179,456

Real

Estate

Management

&

Development

—

0.1%

LEG

Immobilien

SE

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

1,011

73,738

Mitsui

Fudosan

Co.

Ltd.

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

40,500

460,253

Vonovia

SE

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

252

7,253

541,244

Residential

REITs

—

0.0%

Canadian

Apartment

Properties

REIT

.......

2,139

57,459

Invitation

Homes,

Inc.

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

4,079

113,355

170,814

Retail

REITs

—

0.1%

Kimco

Realty

Corp.

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

17,405

352,799

Klepierre

SA

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

1,224

48,428

Link

REIT

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

2,500

11,163

RioCan

REIT

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

17,950

244,556

656,946

Semiconductors

&

Semiconductor

Equipment

—

6.0%

Advanced

Micro

Devices,

Inc.

(e)

...........

5,937

1,271,468

Advantest

Corp.

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

200

25,290

Analog

Devices,

Inc.

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

900

244,080

ASM

International

NV

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

56

33,902

ASML

Holding

NV

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

488

525,830

ASPEED

Technology,

Inc.

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

1,000

230,070

Bestechnic

Shanghai

Co.

Ltd.

,

Class

A

......

2,183

71,034

Broadcom,

Inc.

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

10,823

3,745,840

Elan

Microelectronics

Corp.

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

17,000

64,019

GigaDevice

Semiconductor,

Inc.

,

Class

A

.....

1,000

30,684

Intel

Corp.

(e)

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

12,744

470,254

King

Yuan

Electronics

Co.

Ltd.

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

37,000

291,259

Lam

Research

Corp.

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

6,829

1,168,988

MediaTek,

Inc.

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

16,000

726,483

Micron

Technology,

Inc.

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

3,718

1,061,154

NVIDIA

Corp.

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

71,260

13,289,990

OmniVision

Integrated

Circuits

Group,

Inc.

....

4,900

88,437

Parade

Technologies

Ltd.

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

6,000

111,218

Phison

Electronics

Corp.

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

9,000

414,709

Realtek

Semiconductor

Corp.

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

10,000

155,267

Rockchip

Electronics

Co.

Ltd.

,

Class

A

......

3,400

86,993

SK

Hynix,

Inc.

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

633

286,672

Skyworks

Solutions,

Inc.

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

280

17,755

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.

68,000

3,342,695

Texas

Instruments,

Inc.

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

930

161,346

Tokyo

Electron

Ltd.

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

3,600

801,819

Universal

Display

Corp.

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

41

4,788

28,722,044

Software

—

3.7%

Adobe,

Inc.

(e)

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

3,103

1,086,019

Autodesk,

Inc.

(e)

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

75

22,201

Birlasoft

Ltd.

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

10,292

49,638

Dropbox,

Inc.

,

Class

A

(e)

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

7,458

207,332

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Elastic

NV

(e)

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

120

$

9,053

Intuit,

Inc.

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

1,835

1,215,541

Microsoft

Corp.

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

21,930

10,605,786

Nice

Ltd.

(e)

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

941

106,368

Oracle

Corp.

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

2,390

465,835

Palantir

Technologies,

Inc.

,

Class

A

(e)

.......

6,377

1,133,512

Rubrik,

Inc.

,

Class

A

(e)

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

276

21,108

Salesforce,

Inc.

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

2,481

657,242

SAP

SE

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

3,092

751,259

ServiceNow,

Inc.

(e)

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

7,415

1,135,904

Technology

One

Ltd.

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

334

6,194

TOTVS

SA

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

1,667

12,740

Xero

Ltd.

(e)

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

644

48,785

17,534,517

Specialized

REITs

—

0.3%

American

Tower

Corp.

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

3,762

660,494

Digital

Realty

Trust,

Inc.

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

2,977

460,572

Equinix,

Inc.

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

655

501,835

1,622,901

Specialty

Retail

—

0.3%

JB

Hi-Fi

Ltd.

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

2,611

167,136

Lojas

Renner

SA

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

181,758

447,465

Pop

Mart

International

Group

Ltd.

(d)

(f)

........

3,800

91,682

TJX

Cos.,

Inc.

(The)

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

5,396

828,879

Ultrapar

Participacoes

SA

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

23,646

89,672

1,624,834

Technology

Hardware,

Storage

&

Peripherals

—

3.0%

Apple,

Inc.

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

44,487

12,094,236

Chicony

Electronics

Co.

Ltd.

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

12,000

44,704

Dell

Technologies,

Inc.

,

Class

C

...........

1,392

175,225

Samsung

Electronics

Co.

Ltd.

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

16,076

1,347,408

Sandisk

Corp.

(e)

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

231

54,835

Western

Digital

Corp.

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

398

68,563

Xiaomi

Corp.

,

Class

B

(d)

(e)

(f)

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

84,400

425,953

14,210,924

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Makalot

Industrial

Co.

Ltd.

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

15,460

141,905

Pandora

A/S

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

717

79,290

Tapestry,

Inc.

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

7,556

965,430

1,186,625

Tobacco

—

0.4%

Altria

Group,

Inc.

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

25,978

1,497,892

Japan

Tobacco,

Inc.

(g)

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

13,100

470,844

1,968,736

Trading

Companies

&

Distributors

—

0.0%

Applied

Industrial

Technologies,

Inc.

........

56

14,379

Water

Utilities

—

0.1%

United

Utilities

Group

plc

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

15,858

254,782

VA

Tech

Wabag

Ltd.

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

1,293

18,781

273,563

Wireless

Telecommunication

Services

—

0.2%

Bharti

Airtel

Ltd.

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

5,210

122,287

MTN

Group

Ltd.

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

18,461

188,998

SK

Telecom

Co.

Ltd.

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

849

31,522

SoftBank

Corp.

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

48,000

65,902

SoftBank

Group

Corp.

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

1,200

33,664

TIM

SA

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

4,858

18,889

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

(continued)

T-Mobile

US,

Inc.

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

3,269

$

663,738

1,125,000

Total

Common

Stocks

—

49

.8

%

(Cost:

$

192,962,747

)

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

239,612,433

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.1%

Bombardier,

Inc.

(d)

7.25%

,

07/01/31

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

USD

24

25,576

6.75%

,

06/15/33

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

67

70,818

General

Electric

Co.,

4.90%,

01/29/36

......

145

147,214

TransDigm,

Inc.

(d)

7.13%

,

12/01/31

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

47

49,396

6.63%

,

03/01/32

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

13

13,525

6.38%

,

05/31/33

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

87

89,273

6.25%

,

01/31/34

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

5

5,188

6.75%

,

01/31/34

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

10

10,417

411,407

Air

Freight

&

Logistics

—

0.0%

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

(d)

.

34

35,982

Automobile

Components

—

0.1%

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(d)

55

58,458

Icahn

Enterprises

LP

9.75%

,

01/15/29

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

52

51,841

10.00%

,

11/15/29

(d)

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

65

64,954

9.00%

,

06/15/30

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

18

17,206

IHO

Verwaltungs

GmbH

(d)(h)

7.75%

,

(

7.75

%

Cash

or

8.50

%

PIK),

11/15/30

12

12,609

8.00%

,

(

8.00

%

Cash

or

8.75

%

PIK),

11/15/32

9

9,480

Patrick

Industries,

Inc.,

6.38%,

11/01/32

(d)

....

20

20,519

Phinia,

Inc.,

6.63%,

10/15/32

(d)

...........

17

17,602

252,669

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.,

10.00%,

03/31/29

(d)

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

48

44,676

Honda

Motor

Co.

Ltd.,

2.53%,

03/10/27

.....

280

275,338

Nissan

Motor

Acceptance

Co.

LLC

(d)

6.95%

,

09/15/26

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

16

16,176

5.63%

,

09/29/28

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

15

15,042

6.13%

,

09/30/30

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

45

45,006

Nissan

Motor

Co.

Ltd.

(d)

7.50%

,

07/17/30

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

84

88,144

7.75%

,

07/17/32

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

45

47,800

8.13%

,

07/17/35

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

15

15,939

548,121

Banks

—

3.1%

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

620,976

Banco

Santander

SA

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

4.18%

,

03/24/28

(a)

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

400

400,140

5.59%

,

08/08/28

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

400

414,559

6.61%

,

11/07/28

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

400

426,688

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.05%),

2.55%

,

02/04/28

..

379

372,801

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%

,

04/24/28

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

89

88,596

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%

,

07/21/28

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

USD

39

$

38,731

(1-day

SOFR

+

1.99%),

6.20%

,

11/10/28

..

210

218,214

(1-day

SOFR

+

1.32%),

2.69%

,

04/22/32

..

393

360,638

(1-day

SOFR

+

1.83%),

4.57%

,

04/27/33

..

250

249,387

(1-day

SOFR

+

1.31%),

5.51%

,

01/24/36

..

330

344,057

(1-day

SOFR

+

1.70%),

5.74%

,

02/12/36

..

195

203,190

Bank

of

Montreal,

5.20%,

02/01/28

........

360

369,117

BPCE

SA,

2.70%,

10/01/29

(d)

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

274

258,596

Canadian

Imperial

Bank

of

Commerce,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

6.95%,

01/28/85

(a)

.....

38

38,992

Citigroup,

Inc.

(a)

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

..

800

748,833

(1-day

SOFR

+

3.91%),

4.41%

,

03/31/31

..

465

464,922

(1-day

SOFR

+

2.11%),

2.57%

,

06/03/31

..

350

324,286

(1-day

SOFR

+

1.17%),

2.56%

,

05/01/32

..

20

18,151

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

..

310

295,579

Fifth

Third

Bancorp,

(1-day

SOFR

+

2.34%),

6.34%,

07/27/29

(a)

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

30

31,594

HSBC

Holdings

plc

(a)

(1-day

SOFR

+

1.90%),

5.87%

,

11/18/35

..

200

208,823

(1-day

SOFR

+

1.56%),

5.45%

,

03/03/36

..

200

206,341

(1-day

SOFR

+

1.88%),

5.79%

,

05/13/36

..

380

401,383

ING

Groep

NV,

(1-day

SOFR

+

1.83%),

4.02%,

03/28/28

(a)

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

670

670,079

JPMorgan

Chase

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.60%),

3.78%

,

02/01/28

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

127

126,717

(1-day

SOFR

+

1.17%),

2.95%

,

02/24/28

..

266

262,756

(1-day

SOFR

+

1.89%),

2.18%

,

06/01/28

..

6

5,851

(1-day

SOFR

+

1.99%),

4.85%

,

07/25/28

..

445

450,721

(3-mo.

CME

Term

SOFR

+

1.59%),

4.45%

,

12/05/29

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

13

13,134

(3-mo.

CME

Term

SOFR

+

2.52%),

2.96%

,

05/13/31

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

725

683,939

(3-mo.

CME

Term

SOFR

+

1.11%),

1.76%

,

11/19/31

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

175

155,467

(1-day

SOFR

+

1.26%),

2.96%

,

01/25/33

..

220

201,890

(1-day

SOFR

+

1.85%),

5.35%

,

06/01/34

..

232

241,050

(1-day

SOFR

+

1.46%),

5.29%

,

07/22/35

..

98

101,105

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

373,355

Mizuho

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.75%),

1.55%,

07/09/27

(a)

.....

500

493,443

Morgan

Stanley

Bank

NA,

(1-day

SOFR

+

0.68%),

4.45%,

10/15/27

(a)

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

281

282,094

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.34%),

5.30%

,

01/21/28

..

170

172,198

(1-day

SOFR

+

1.42%),

5.37%

,

07/21/36

..

75

77,136

Royal

Bank

of

Canada,

5.20%,

08/01/28

.....

420

432,992

Santander

Holdings

USA,

Inc.

(a)

(1-day

SOFR

+

2.36%),

6.50%

,

03/09/29

..

780

812,791

(1-day

SOFR

+

2.70%),

6.57%

,

06/12/29

..

250

261,369

(1-day

SOFR

+

2.14%),

6.34%

,

05/31/35

..

150

160,844

Santander

UK

Group

Holdings

plc,

(1-day

SOFR

+

2.60%),

6.53%,

01/10/29

(a)

..........

680

710,446

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%

,

01/13/28

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

200

205,990

1.90%

,

09/17/28

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

200

188,894

Toronto-Dominion

Bank

(The),

Series

FXD,

1.95%,

01/12/27

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

370

363,036

US

Bancorp

(a)

(1-day

SOFR

+

1.86%),

5.68%

,

01/23/35

..

40

42,236

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

1.41%),

5.42%

,

02/12/36

..

USD

235

$

244,243

Washington

Mutual

Escrow

Bonds

(e)(i)(j)

0.00%

,

11/06/09

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

100

—

0.00%

,

09/29/17

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

400

—

Wells

Fargo

&

Co.,

(3-mo.

CME

Term

SOFR

+

4.03%),

4.48%,

04/04/31

(a)

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

135

135,892

14,974,262

Beverages

—

0.7%

Coca-Cola

Co.

(The)

3.00%

,

03/05/51

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

1,460

974,866

2.50%

,

03/15/51

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

220

131,886

Diageo

Capital

plc

2.00%

,

04/29/30

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

780

712,989

2.13%

,

04/29/32

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

270

234,951

5.50%

,

01/24/33

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

1,030

1,084,609

3,139,301

Biotechnology

—

0.3%

Amgen,

Inc.,

2.20%,

02/21/27

...........

200

196,199

Genmab

A/S,

6.25%,

12/15/32

(d)

..........

50

51,243

Gilead

Sciences,

Inc.

5.25%

,

10/15/33

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

160

168,135

5.55%

,

10/15/53

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

180

179,093

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

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

1,160

1,034,856

1,629,526

Broadline

Retail

—

0.1%

Getty

Images,

Inc.,

10.50%,

11/15/30

(d)

......

50

50,413

GrubHub

Holdings,

Inc.,

13.00%,

(13.00%

Cash

or

7.00%

PIK),

07/31/30

(d)

(h)

...........

29

23,082

Kohl's

Corp.,

10.00%,

06/01/30

(d)

.........

39

42,949

Macy's

Retail

Holdings

LLC,

7.38%,

08/01/33

(d)

.

25

26,499

Match

Group

Holdings

II

LLC,

6.13%,

09/15/33

(d)

50

50,599

Nordstrom,

Inc.

4.38%

,

04/01/30

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

20

19,118

5.00%

,

01/15/44

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

20

14,961

QVC,

Inc.,

6.88%,

04/15/29

(d)

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

62

26,815

Rakuten

Group,

Inc.

(d)

11.25%

,

02/15/27

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

60

64,152

9.75%

,

04/15/29

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

83

92,832

Wayfair

LLC

(d)

7.25%

,

10/31/29

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

50

52,184

7.75%

,

09/15/30

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

81

86,302

549,906

Building

Products

—

0.4%

Carlisle

Cos.,

Inc.,

5.55%,

09/15/40

........

75

76,004

CRH

America

Finance,

Inc.,

5.50%,

01/09/35

..

295

307,020

Owens

Corning

3.40%

,

08/15/26

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

110

109,478

4.30%

,

07/15/47

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

410

333,638

Trane

Technologies

Financing

Ltd.,

3.80%,

03/21/29

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

1,280

1,270,790

2,096,930

Capital

Markets

—

1.7%

Ares

Capital

Corp.

2.88%

,

06/15/27

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

145

141,899

2.88%

,

06/15/28

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

190

181,583

5.10%

,

01/15/31

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

50

49,385

Bank

of

New

York

Mellon

Corp.

(The),

(1-day

SOFR

+

1.51%),

4.71%,

02/01/34

(a)

......

180

180,652

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

129

125,319

Charles

Schwab

Corp.

(The),

(1-day

SOFR

+

1.23%),

4.91%,

11/14/36

(a)

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

130

129,127

Coinbase

Global,

Inc.,

3.38%,

10/01/28

(d)

....

52

49,537

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Deutsche

Bank

AG

(a)

(1-day

SOFR

+

1.59%),

5.71%

,

02/08/28

..

USD

150

$

152,354

(1-day

SOFR

+

2.05%),

5.40%

,

09/11/35

..

173

176,464

FactSet

Research

Systems,

Inc.

2.90%

,

03/01/27

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

790

778,071

3.45%

,

03/01/32

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

37

34,381

FS

KKR

Capital

Corp.

2.63%

,

01/15/27

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

125

121,550

3.13%

,

10/12/28

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

330

304,510

6.13%

,

01/15/30

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

99

97,448

Goldman

Sachs

Group,

Inc.

(The)

(a)

(3-mo.

CME

Term

SOFR

+

1.77%),

3.69%

,

06/05/28

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

206

204,904

(1-day

SOFR

+

1.09%),

1.99%

,

01/27/32

..

102

90,614

(1-day

SOFR

+

1.28%),

2.62%

,

04/22/32

..

133

121,271

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

..

1,455

1,303,115

(1-day

SOFR

+

1.41%),

3.10%

,

02/24/33

..

305

280,974

(3-mo.

CME

Term

SOFR

+

1.63%),

4.02%

,

10/31/38

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

123

110,601

Jane

Street

Group,

6.75%,

05/01/33

(d)

......

40

41,752

LPL

Holdings,

Inc.,

5.65%,

03/15/35

.......

230

235,750

Moody's

Corp.,

3.25%,

01/15/28

..........

69

68,066

Morgan

Stanley

(a)

(1-day

SOFR

+

1.00%),

2.48%

,

01/21/28

..

280

275,382

3.59%

,

07/22/28

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

35

34,760

(1-day

SOFR

+

1.14%),

2.70%

,

01/22/31

..

380

356,439

(1-day

SOFR

+

1.03%),

1.79%

,

02/13/32

..

762

669,227

(1-day

SOFR

+

1.02%),

1.93%

,

04/28/32

..

24

21,056

(1-day

SOFR

+

1.20%),

2.51%

,

10/20/32

..

516

462,779

(1-day

SOFR

+

1.87%),

5.25%

,

04/21/34

..

470

483,894

(1-day

SOFR

+

1.88%),

5.42%

,

07/21/34

..

240

249,676

MSCI,

Inc.,

5.15%,

03/15/36

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

180

178,683

Osaic

Holdings,

Inc.

(d)

6.75%

,

08/01/32

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

10

10,446

8.00%

,

08/01/33

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

5

5,199

S&P

Global,

Inc.,

4.80%,

12/04/35

(d)

.......

95

94,707

Stonex

Escrow

Issuer

LLC,

6.88%,

07/15/32

(d)

.

25

25,931

Stonex

Group,

Inc.,

7.88%,

03/01/31

(d)

......

56

59,496

VFH

Parent

LLC,

7.50%,

06/15/31

(d)

.......

35

36,662

7,943,664

Chemicals

—

0.1%

Ecolab,

Inc.,

2.70%,

12/15/51

...........

210

129,638

NOVA

Chemicals

Corp.,

9.00%,

02/15/30

(d)

...

8

8,542

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(d)

...

20

19,869

Rain

Carbon,

Inc.,

12.25%,

09/01/29

(d)

......

27

28,116

Sherwin-Williams

Co.

(The),

5.15%,

08/15/35

..

340

345,986

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(d)

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

60

59,412

591,563

Commercial

Services

&

Supplies

—

0.1%

ADT

Security

Corp.

(The),

5.88%,

10/15/33

(d)

..

35

35,434

Deluxe

Corp.

(d)

8.00%

,

06/01/29

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

10

10,186

8.13%

,

09/15/29

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

28

29,497

Pitney

Bowes,

Inc.

(d)

6.88%

,

03/15/27

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

2

2,002

7.25%

,

03/15/29

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

20

20,270

RELX

Capital,

Inc.,

5.25%,

03/27/35

.......

30

30,963

Republic

Services,

Inc.

4.75%

,

07/15/30

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

30

30,687

5.20%

,

11/15/34

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

140

144,955

Waste

Connections,

Inc.,

5.25%,

09/01/35

....

280

289,803

593,797

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.3%

Cisco

Systems,

Inc.

4.95%

,

02/24/32

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

USD

10

$

10,320

5.30%

,

02/26/54

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

95

91,059

CommScope

LLC

(d)

8.25%

,

03/01/27

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

28

28,217

9.50%

,

12/15/31

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

41

41,412

Motorola

Solutions,

Inc.

2.30%

,

11/15/30

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

450

408,695

2.75%

,

05/24/31

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

440

402,559

5.60%

,

06/01/32

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

240

252,389

5.40%

,

04/15/34

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

220

227,181

Viasat,

Inc.

(d)

6.50%

,

07/15/28

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

54

52,502

7.50%

,

05/30/31

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

82

77,965

1,592,299

Construction

&

Engineering

—

0.3%

AECOM,

6.00%,

08/01/33

(d)

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

15

15,373

Great

Lakes

Dredge

&

Dock

Corp.,

5.25%,

06/01/29

(d)

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

14

13,654

HTA

Group

Ltd.,

7.50%,

06/04/29

(d)

........

56

57,925

Quanta

Services,

Inc.,

2.90%,

10/01/30

.....

1,190

1,113,797

Tutor

Perini

Corp.,

11.88%,

04/30/29

(d)

......

31

34,415

1,235,164

Construction

Materials

—

0.0%

Martin

Marietta

Materials,

Inc.,

5.15%,

12/01/34

150

153,046

Consumer

Finance

—

0.9%

AerCap

Ireland

Capital

DAC,

4.95%,

09/10/34

.

165

164,677

Ally

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.65%,

01/17/40

(a)

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

5

5,032

American

Express

Co.

2.55%

,

03/04/27

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

199

196,118

(SOFR

Index

+

1.28%),

5.28%

,

07/27/29

(a)

.

290

298,682

(1-day

SOFR

+

1.84%),

5.04%

,

05/01/34

(a)

.

130

133,295

(1-day

SOFR

+

1.93%),

5.63%

,

07/28/34

(a)

.

50

52,219

(SOFR

Index

+

1.32%),

5.44%

,

01/30/36

(a)

.

275

285,634

(1-day

SOFR

+

1.24%),

4.80%

,

10/24/36

(a)

.

5

4,937

Atlanticus

Holdings

Corp.,

9.75%,

09/01/30

(d)

..

35

35,044

Bread

Financial

Holdings,

Inc.,

6.75%,

05/15/31

(d)

25

25,883

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

3.07%),

7.62%

,

10/30/31

..

890

1,005,830

(1-day

SOFR

+

2.37%),

5.27%

,

05/10/33

..

100

102,564

(1-day

SOFR

+

2.60%),

5.82%

,

02/01/34

..

360

376,786

(SOFR

Index

+

3.37%),

7.96%

,

11/02/34

..

480

565,918

Credit

Acceptance

Corp.

(d)

9.25%

,

12/15/28

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

42

43,897

6.63%

,

03/15/30

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

30

30,059

Enova

International,

Inc.,

9.13%,

08/01/29

(d)

...

49

52,159

EZCORP,

Inc.,

7.38%,

04/01/32

(d)

.........

15

15,914

goeasy

Ltd.

(d)

9.25%

,

12/01/28

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

35

35,988

7.63%

,

07/01/29

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

29

28,676

7.38%

,

10/01/30

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

25

24,058

OneMain

Finance

Corp.

6.63%

,

01/15/28

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

49

50,314

6.63%

,

05/15/29

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

30

31,072

7.88%

,

03/15/30

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

49

51,808

7.50%

,

05/15/31

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

50

52,608

6.75%

,

09/15/33

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

25

25,316

SLM

Corp.,

6.50%,

01/31/30

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

30

31,052

Synchrony

Financial

2.88%

,

10/28/31

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

620

556,239

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

7.25%

,

02/02/33

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

USD

65

$

69,824

4,351,603

Consumer

Staples

Distribution

&

Retail

—

0.1%

Kroger

Co.

(The),

5.00%,

09/15/34

........

105

105,580

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(d)

.

60

60,056

US

Foods,

Inc.

(d)

7.25%

,

01/15/32

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

49

51,505

5.75%

,

04/15/33

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

36

36,670

Walmart,

Inc.,

4.90%,

04/28/35

..........

415

426,627

680,438

Diversified

Consumer

Services

—

0.0%

(d)

Adtalem

Global

Education,

Inc.,

5.50%,

03/01/28

12

11,970

Belron

UK

Finance

plc,

5.75%,

10/15/29

.....

56

57,187

Graham

Holdings

Co.,

5.63%,

12/01/33

.....

55

55,529

124,686

Diversified

Telecommunication

Services

—

0.2%

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(d)

...

95

93,186

CCO

Holdings

LLC

6.38%

,

09/01/29

(d)

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

6

6,082

7.38%

,

03/01/31

(d)

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

98

100,008

4.50%

,

05/01/32

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

20

17,951

Cipher

Compute

LLC,

7.13%,

11/15/30

(d)

.....

15

15,277

Flash

Compute

LLC,

7.25%,

12/31/30

(d)

.....

25

24,769

Koninklijke

KPN

NV,

8.38%,

10/01/30

......

260

303,413

Level

3

Financing,

Inc.

(d)

4.25%

,

07/01/28

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

45

42,975

6.88%

,

06/30/33

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

80

81,862

7.00%

,

03/31/34

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

34

35,040

Telecom

Italia

Capital

SA

6.00%

,

09/30/34

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

17

17,449

7.20%

,

07/18/36

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

23

24,942

7.72%

,

06/04/38

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

43

47,632

Verizon

Communications,

Inc.,

5.88%,

11/30/55

55

54,340

Windstream

Services

LLC,

8.25%,

10/01/31

(d)

.

33

34,642

WULF

Compute

LLC,

7.75%,

10/15/30

(d)

.....

51

52,543

952,111

Electric

Utilities

—

0.6%

Alpha

Generation

LLC,

6.25%,

01/15/34

(d)

....

25

25,224

Avangrid,

Inc.,

3.80%,

06/01/29

..........

140

138,168

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

.

18

16,257

Commonwealth

Edison

Co.,

4.90%,

02/01/33

..

460

470,683

Eversource

Energy

Series

U

,

1.40%

,

08/15/26

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

60

58,976

2.90%

,

03/01/27

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

270

266,253

3.38%

,

03/01/32

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

220

203,439

Exelon

Corp.

2.75%

,

03/15/27

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

19

18,712

5.45%

,

03/15/34

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

130

135,164

5.10%

,

06/15/45

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

10

9,246

4.10%

,

03/15/52

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

7

5,402

Florida

Power

&

Light

Co.,

5.60%,

02/15/66

...

85

83,667

Hawaiian

Electric

Co.,

Inc.,

6.00%,

10/01/33

(d)

.

4

4,056

NRG

Energy,

Inc.

(d)

6.25%

,

11/01/34

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

17

17,459

6.00%

,

01/15/36

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

25

25,331

NSTAR

Electric

Co.

3.25%

,

05/15/29

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

280

272,004

3.95%

,

04/01/30

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

250

246,659

Public

Service

Co.

of

New

Hampshire,

5.15%,

01/15/53

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

110

101,769

Public

Service

Electric

&

Gas

Co.

3.65%

,

09/01/28

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

80

79,410

5.20%

,

08/01/33

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

650

674,310

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.05%

,

08/01/50

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

USD

31

$

16,737

Tampa

Electric

Co.,

5.15%,

03/01/35

.......

185

187,597

Vistra

Operations

Co.

LLC,

7.75%,

10/15/31

(d)

.

25

26,479

3,083,002

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/01/27

.

15

14,865

Arrow

Electronics,

Inc.,

5.88%,

04/10/34

.....

205

213,849

CDW

LLC

3.57%

,

12/01/31

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

66

61,478

5.55%

,

08/22/34

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

250

254,729

Keysight

Technologies,

Inc.

4.60%

,

04/06/27

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

620

623,204

3.00%

,

10/30/29

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

170

162,943

4.95%

,

10/15/34

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

35

35,253

1,366,321

Energy

Equipment

&

Services

—

0.1%

(d)

Enerflex,

Inc.,

6.88%,

01/15/31

..........

10

10,224

Kodiak

Gas

Services

LLC

6.50%

,

10/01/33

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

15

15,318

6.75%

,

10/01/35

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

15

15,423

Nabors

Industries,

Inc.

9.13%

,

01/31/30

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

52

54,369

8.88%

,

08/15/31

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

38

36,863

7.63%

,

11/15/32

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

20

19,658

Tidewater,

Inc.,

9.13%,

07/15/30

..........

65

69,741

Valaris

Ltd.,

8.38%,

04/30/30

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

73

75,954

Viridien,

10.00%,

10/15/30

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

28

29,526

Weatherford

International

Ltd.,

6.75%,

10/15/33

13

13,314

340,390

Entertainment

—

0.0%

Electronic

Arts,

Inc.,

1.85%,

02/15/31

.......

122

117,263

Warnermedia

Holdings,

Inc.

4.05%

,

03/15/29

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

20

19,356

4.28%

,

03/15/32

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

40

35,113

5.05%

,

03/15/42

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

50

35,188

5.14%

,

03/15/52

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

24

15,812

222,732

Financial

Services

—

0.5%

Burford

Capital

Global

Finance

LLC

(d)

6.88%

,

04/15/30

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

10

9,752

9.25%

,

07/01/31

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

45

46,332

Fidelity

National

Information

Services,

Inc.,

1.65%,

03/01/28

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

58

55,057

Freedom

Mortgage

Corp.,

12.25%,

10/01/30

(d)

.

22

24,401

Freedom

Mortgage

Holdings

LLC

(d)

9.25%

,

02/01/29

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

31

32,514

9.13%

,

05/15/31

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

36

38,666

8.38%

,

04/01/32

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

10

10,527

Mastercard,

Inc.

3.30%

,

03/26/27

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

100

99,489

2.00%

,

11/18/31

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

390

347,498

3.85%

,

03/26/50

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

370

289,649

MGIC

Investment

Corp.,

5.25%,

08/15/28

....

830

830,018

NCR

Atleos

Corp.,

9.50%,

04/01/29

(d)

.......

48

52,098

PennyMac

Financial

Services,

Inc.

(d)

7.88%

,

12/15/29

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

8

8,513

7.13%

,

11/15/30

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

27

28,383

6.88%

,

05/15/32

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

51

53,392

6.88%

,

02/15/33

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

35

36,538

6.75%

,

02/15/34

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

10

10,337

Rocket

Cos.,

Inc.

(d)

6.50%

,

08/01/29

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

29

29,910

6.13%

,

08/01/30

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

25

25,842

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

7.13%

,

02/01/32

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

USD

20

$

21,040

6.38%

,

08/01/33

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

30

31,279

UWM

Holdings

LLC

(d)

6.63%

,

02/01/30

...................

39

39,491

6.25%

,

03/15/31

...................

30

29,952

Visa,

Inc.,

3.65%,

09/15/47

.............

180

140,406

2,291,084

Food

Products

—

0.3%

Kellanova

3.40%

,

11/15/27

...................

190

188,334

4.30%

,

05/15/28

...................

460

462,902

Post

Holdings,

Inc.

(d)

6.38%

,

03/01/33

...................

46

46,460

6.25%

,

10/15/34

...................

26

26,144

Unilever

Capital

Corp.,

1.75%,

08/12/31

.....

600

529,018

1,252,858

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP

5.75%

,

05/20/27

...................

8

8,046

9.38%

,

06/01/28

(d)

..................

31

32,140

9.50%

,

06/01/30

(d)

..................

25

26,632

National

Fuel

Gas

Co.,

5.95%,

03/15/35

.....

260

271,769

ONE

Gas,

Inc.,

4.25%,

09/01/32

..........

45

44,316

382,903

Ground

Transportation

—

0.1%

Avis

Budget

Car

Rental

LLC,

8.38%,

06/15/32

(d)

14

14,456

Canadian

National

Railway

Co.,

3.85%,

08/05/32

160

155,285

Hertz

Corp.

(The),

12.63%,

07/15/29

(d)

......

15

15,130

Ryder

System,

Inc.

5.65%

,

03/01/28

...................

25

25,792

6.30%

,

12/01/28

...................

310

328,093

538,756

Health

Care

Equipment

&

Supplies

—

0.0%

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(d)

....

54

56,362

Insulet

Corp.,

6.50%,

04/01/33

(d)

..........

51

53,162

Zimmer

Biomet

Holdings,

Inc.

4.70%

,

02/19/27

...................

10

10,083

5.35%

,

12/01/28

...................

40

41,354

160,961

Health

Care

Providers

&

Services

—

1.4%

Cardinal

Health,

Inc.,

5.35%,

11/15/34

......

210

216,475

Cencora,

Inc.

2.70%

,

03/15/31

...................

590

543,578

4.30%

,

12/15/47

...................

340

284,669

Cigna

Group

(The)

4.38%

,

10/15/28

...................

280

282,545

5.25%

,

02/15/34

...................

170

174,846

CVS

Health

Corp.

5.45%

,

09/15/35

...................

200

204,722

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.75%

,

12/10/54

(a)

.....................

30

31,331

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

7.00%

,

03/10/55

(a)

.....................

30

31,472

DaVita,

Inc.

(d)

6.88%

,

09/01/32

...................

29

30,188

6.75%

,

07/15/33

...................

25

25,922

HCA,

Inc.

5.25%

,

06/15/26

...................

230

230,179

3.13%

,

03/15/27

...................

160

158,325

5.20%

,

06/01/28

...................

170

174,178

5.45%

,

04/01/31

...................

265

276,580

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

3.63%

,

03/15/32

...................

USD

338

$

319,251

5.60%

,

04/01/34

...................

245

255,515

5.45%

,

09/15/34

...................

45

46,307

4.63%

,

03/15/52

...................

100

81,666

5.90%

,

06/01/53

...................

80

78,325

Icon

Investments

Six

DAC,

6.00%,

05/08/34

..

930

983,466

McKesson

Corp.,

5.10%,

07/15/33

........

780

805,923

MPH

Acquisition

Holdings

LLC,

11.50%,

(11.50%

Cash

or

5.00%

PIK),

12/31/30

(d)

(h)

.......

42

43,511

Quest

Diagnostics,

Inc.

4.60%

,

12/15/27

...................

280

283,344

4.63%

,

12/15/29

...................

340

345,764

Tenet

Healthcare

Corp.,

6.13%,

10/01/28

....

15

15,067

UnitedHealth

Group,

Inc.

4.90%

,

04/15/31

...................

350

359,373

4.50%

,

04/15/33

...................

90

89,484

5.88%

,

02/15/53

...................

60

60,501

5.05%

,

04/15/53

...................

420

378,830

6,811,337

Health

Care

REITs

—

0.2%

Diversified

Healthcare

Trust

4.75%

,

02/15/28

...................

34

32,819

7.25%

,

10/15/30

(d)

..................

10

10,225

4.38%

,

03/01/31

...................

45

39,601

MPT

Operating

Partnership

LP,

5.00%,

10/15/27

46

44,408

Ventas

Realty

LP,

5.10%,

07/15/32

........

260

267,254

Welltower

OP

LLC,

4.50%,

07/01/30

.......

350

353,901

748,208

Hotels,

Restaurants

&

Leisure

—

0.2%

Acushnet

Co.,

5.63%,

12/01/33

(d)

.........

20

20,225

Brinker

International,

Inc.,

8.25%,

07/15/30

(d)

..

11

11,645

Darden

Restaurants,

Inc.

4.35%

,

10/15/27

...................

85

85,396

4.55%

,

10/15/29

...................

85

85,782

Genting

New

York

LLC,

7.25%,

10/01/29

(d)

...

35

35,895

Hyatt

Hotels

Corp.,

5.38%,

12/15/31

.......

390

401,701

Life

Time,

Inc.,

6.00%,

11/15/31

(d)

.........

32

32,784

Light

&

Wonder

International,

Inc.

(d)

7.25%

,

11/15/29

...................

34

34,920

7.50%

,

09/01/31

...................

49

51,123

6.25%

,

10/01/33

...................

20

20,248

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(d)

..

10

10,432

Resorts

World

Las

Vegas

LLC,

8.45%,

07/27/30

(d)

25

24,701

Viking

Cruises

Ltd.

(d)

7.00%

,

02/15/29

...................

25

25,145

9.13%

,

07/15/31

...................

27

28,912

5.88%

,

10/15/33

...................

19

19,294

888,203

Household

Durables

—

0.3%

Century

Communities,

Inc.,

6.63%,

09/15/33

(d)

.

15

15,168

NVR,

Inc.,

3.00%,

05/15/30

.............

620

586,824

PulteGroup,

Inc.

5.00%

,

01/15/27

...................

470

473,471

6.38%

,

05/15/33

...................

240

263,165

Sekisui

House

US,

Inc.,

3.97%,

08/06/61

....

100

67,168

Somnigroup

International,

Inc.,

4.00%,

04/15/29

(d)

22

21,434

Whirlpool

Corp.

6.13%

,

06/15/30

...................

20

19,976

4.50%

,

06/01/46

...................

12

9,010

4.60%

,

05/15/50

...................

12

8,822

1,465,038

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Talen

Energy

Supply

LLC

(d)

6.25%

,

02/01/34

...................

USD

45

$

45,896

6.50%

,

02/01/36

...................

50

51,705

97,601

Industrial

Conglomerates

—

0.2%

3M

Co.,

2.38%,

08/26/29

..............

370

348,803

Honeywell

International,

Inc.,

5.35%,

03/01/64

.

90

85,576

Pentair

Finance

SARL

4.50%

,

07/01/29

...................

450

451,926

5.90%

,

07/15/32

...................

190

201,584

1,087,889

Insurance

—

0.6%

Acrisure

LLC,

6.75%,

07/01/32

(d)

..........

15

15,452

Allstate

Corp.

(The),

3.85%,

08/10/49

......

140

106,581

Ambac

Assurance

Corp.,

5.10%

(d)

(k)

........

5

6,285

American

International

Group,

Inc.,

4.85%,

05/07/30

.......................

125

128,108

Assurant,

Inc.,

5.55%,

02/15/36

..........

75

76,204

Baldwin

Insurance

Group

Holdings

LLC,

7.13%,

05/15/31

(d)

......................

38

39,372

CNA

Financial

Corp.,

5.20%,

08/15/35

......

100

100,477

Fairfax

Financial

Holdings

Ltd.,

6.35%,

03/22/54

110

113,932

Markel

Group,

Inc.,

6.00%,

05/16/54

.......

102

102,643

Marsh

&

McLennan

Cos.,

Inc.

5.15%

,

03/15/34

...................

280

289,214

5.45%

,

03/15/53

...................

270

261,959

5.70%

,

09/15/53

...................

290

291,584

Progressive

Corp.

(The),

4.95%,

06/15/33

....

580

594,640

Stewart

Information

Services

Corp.,

3.60%,

11/15/31

.......................

170

150,299

Willis

North

America,

Inc.

4.65%

,

06/15/27

...................

160

161,244

5.90%

,

03/05/54

...................

220

219,607

2,657,601

Interactive

Media

&

Services

—

0.2%

Alphabet,

Inc.,

4.50%,

05/15/35

..........

500

497,336

Meta

Platforms,

Inc.

4.60%

,

11/15/32

...................

65

65,523

5.63%

,

11/15/55

...................

85

81,580

Snap,

Inc.,

6.88%,

03/01/33

(d)

...........

64

66,320

710,759

IT

Services

—

0.4%

Accenture

Capital,

Inc.,

4.50%,

10/04/34

.....

25

24,644

CGI,

Inc.,

2.30%,

09/14/31

.............

520

460,842

Cogent

Communications

Group

LLC,

7.00%,

06/15/27

(d)

......................

27

27,018

CoreWeave,

Inc.

(d)

9.25%

,

06/01/30

...................

127

118,081

9.00%

,

02/01/31

...................

52

47,659

IBM

International

Capital

Pte.

Ltd.

4.90%

,

02/05/34

...................

720

726,661

5.30%

,

02/05/54

...................

420

391,441

International

Business

Machines

Corp.,

2.20%,

02/09/27

.......................

280

274,884

VeriSign,

Inc.,

5.25%,

06/01/32

..........

60

61,671

2,132,901

Leisure

Products

—

0.0%

Amer

Sports

Co.,

6.75%,

02/16/31

(d)

.......

49

51,251

Life

Sciences

Tools

&

Services

—

0.0%

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(d)

....

38

38,840

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.1%

Cummins,

Inc.,

4.90%,

02/20/29

..........

USD

160

$

164,218

Enpro,

Inc.,

6.13%,

06/01/33

(d)

...........

10

10,319

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(d)

..

36

38,668

New

Flyer

Holdings,

Inc.,

9.25%,

07/01/30

(d)

..

66

70,938

284,143

Media

—

0.2%

AMC

Networks,

Inc.

10.25%

,

01/15/29

(d)

.................

67

70,257

4.25%

,

02/15/29

...................

14

12,442

10.50%

,

07/15/32

(d)

.................

50

55,237

Clear

Channel

Outdoor

Holdings,

Inc.

(d)

7.75%

,

04/15/28

...................

16

16,012

7.50%

,

06/01/29

...................

18

17,873

7.13%

,

02/15/31

...................

16

16,754

CSC

Holdings

LLC

(d)

5.50%

,

04/15/27

...................

30

25,723

11.25%

,

05/15/28

..................

30

23,870

DirecTV

Financing

LLC

(d)

5.88%

,

08/15/27

...................

14

14,082

8.88%

,

02/01/30

...................

30

30,354

10.00%

,

02/15/31

..................

17

17,375

Discovery

Communications

LLC,

5.00%,

09/20/37

.......................

25

20,003

DISH

DBS

Corp.

7.38%

,

07/01/28

...................

38

36,743

5.75%

,

12/01/28

(d)

..................

36

35,343

EchoStar

Corp.

10.75%

,

11/30/29

..................

79

87,358

6.75%

,

11/30/30

...................

87

89,129

Fox

Corp.,

5.58%,

01/25/49

............

80

76,941

GCI

LLC,

4.75%,

10/15/28

(d)

............

29

28,283

Gray

Media,

Inc.,

9.63%,

07/15/32

(d)

.......

5

5,189

iHeartCommunications,

Inc.

(d)

9.13%

,

05/01/29

...................

78

75,122

10.88%

,

05/01/30

..................

67

57,897

Nexstar

Media,

Inc.,

4.75%,

11/01/28

(d)

......

43

42,688

Omnicom

Group,

Inc.,

2.40%,

03/01/31

(d)

....

32

28,729

Sinclair

Television

Group,

Inc.

(d)

5.50%

,

03/01/30

...................

11

9,967

4.38%

,

12/31/32

...................

35

27,557

8.13%

,

02/15/33

...................

25

26,111

Sirius

XM

Radio

LLC,

4.13%,

07/01/30

(d)

.....

18

17,119

TEGNA,

Inc.,

5.00%,

09/15/29

...........

2

1,982

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(d)

.

10

10,317

976,457

Metals

&

Mining

—

0.2%

Century

Aluminum

Co.,

6.88%,

08/01/32

(d)

....

34

35,030

Champion

Iron

Canada,

Inc.,

7.88%,

07/15/32

(d)

25

26,541

Cleveland-Cliffs,

Inc.,

7.63%,

01/15/34

(d)

.....

50

52,251

Commercial

Metals

Co.

(d)

5.75%

,

11/15/33

...................

15

15,338

6.00%

,

12/15/35

...................

30

30,755

Eldorado

Gold

Corp.,

6.25%,

09/01/29

(d)

.....

34

34,167

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(d)

66

69,498

Fortescue

Treasury

Pty.

Ltd.,

6.13%,

04/15/32

(d)

33

34,435

Ivanhoe

Mines

Ltd.,

7.88%,

01/23/30

(d)

......

51

52,530

Kaiser

Aluminum

Corp.,

5.88%,

03/01/34

(d)

...

25

25,078

Mineral

Resources

Ltd.,

7.00%,

04/01/31

(d)

...

53

55,269

New

Gold,

Inc.,

6.88%,

04/01/32

(d)

........

50

53,062

Novelis

Corp.,

6.88%,

01/30/30

(d)

.........

25

25,959

Reliance,

Inc.,

2.15%,

08/15/30

..........

370

334,887

Rio

Tinto

Finance

USA

plc,

5.25%,

03/14/35

..

200

206,087

SunCoke

Energy,

Inc.,

4.88%,

06/30/29

(d)

....

20

18,570

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Taseko

Mines

Ltd.,

8.25%,

05/01/30

(d)

......

USD

38

$

40,365

1,109,822

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(d)

Blackstone

Mortgage

Trust,

Inc.,

7.75%,

12/01/29

15

16,004

EF

Holdco,

7.38%,

09/30/30

............

20

20,156

Starwood

Property

Trust,

Inc.

3.63%

,

07/15/26

...................

39

38,809

7.25%

,

04/01/29

...................

48

50,693

6.50%

,

10/15/30

...................

25

26,065

151,727

Oil,

Gas

&

Consumable

Fuels

—

1.2%

Aethon

United

BR

LP,

7.50%,

10/01/29

(d)

.....

12

12,572

Antero

Midstream

Partners

LP

(d)

5.75%

,

10/15/33

...................

30

30,181

5.75%

,

07/01/34

...................

20

20,151

BKV

Upstream

Midstream

LLC,

7.50%,

10/15/30

(d)

......................

53

53,703

California

Resources

Corp.

(d)

8.25%

,

06/15/29

...................

59

61,713

7.00%

,

01/15/34

...................

21

20,686

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

...................

30

30,290

3.70%

,

11/15/29

...................

170

166,019

2.74%

,

12/31/39

...................

246

209,754

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

.....

830

828,594

Chevron

USA,

Inc.,

4.98%,

04/15/35

.......

530

542,956

Chord

Energy

Corp.

(d)

6.00%

,

10/01/30

...................

20

20,245

6.75%

,

03/15/33

...................

30

31,024

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(d)

16

15,511

ConocoPhillips

Co.,

5.00%,

01/15/35

.......

465

471,440

CVR

Energy,

Inc.,

8.50%,

01/15/29

(d)

.......

41

42,142

Enbridge,

Inc.,

6.20%,

11/15/30

..........

25

26,846

Global

Partners

LP,

8.25%,

01/15/32

(d)

......

56

58,983

Ithaca

Energy

North

Sea

plc,

8.13%,

10/15/29

(d)

34

35,123

Karoon

USA

Finance,

Inc.,

10.50%,

05/14/29

(d)

.

10

10,269

Kinder

Morgan

Energy

Partners

LP

7.50%

,

11/15/40

...................

16

18,649

5.00%

,

08/15/42

...................

20

18,327

Kinder

Morgan,

Inc.,

5.95%,

08/01/54

......

130

129,153

NGL

Energy

Operating

LLC

(d)

8.13%

,

02/15/29

...................

34

35,291

8.38%

,

02/15/32

...................

38

39,351

ONEOK,

Inc.

5.65%

,

11/01/28

...................

460

477,748

6.35%

,

01/15/31

...................

380

407,840

6.05%

,

09/01/33

...................

170

180,843

7.15%

,

01/15/51

...................

120

131,758

Plains

All

American

Pipeline

LP,

5.60%,

01/15/36

90

91,041

Talos

Production,

Inc.

(d)

9.00%

,

02/01/29

...................

34

35,314

9.38%

,

02/01/31

...................

34

35,462

Targa

Resources

Corp.

6.15%

,

03/01/29

...................

810

852,698

5.55%

,

08/15/35

...................

160

163,762

6.50%

,

02/15/53

...................

210

218,846

TotalEnergies

Capital

SA,

5.49%,

04/05/54

...

150

145,038

Venture

Global

LNG,

Inc.

(d)

9.50%

,

02/01/29

...................

25

25,912

9.88%

,

02/01/32

...................

25

25,827

Venture

Global

Plaquemines

LNG

LLC,

6.75%,

01/15/36

(d)

......................

30

30,729

Vermilion

Energy,

Inc.,

7.25%,

02/15/33

(d)

....

55

51,821

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Western

Midstream

Operating

LP,

5.50%,

12/15/35

.......................

USD

125

$

124,335

5,927,947

Passenger

Airlines

—

0.1%

American

Airlines

Pass-Through

Trust,

Series

2019-1,

Class

B,

3.85%,

02/15/28

.......

36

34,859

American

Airlines,

Inc.

(d)

7.25%

,

02/15/28

...................

60

61,338

8.50%

,

05/15/29

...................

98

102,498

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(d)

....

55

55,410

United

Airlines

Pass-Through

Trust,

Series

2019-

2,

Class

B,

3.50%,

05/01/28

...........

16

15,207

269,312

Pharmaceuticals

—

0.5%

1261229

BC

Ltd.,

10.00%,

04/15/32

(d)

......

60

62,401

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(d)

50

52,815

Bausch

Health

Cos.,

Inc.,

11.00%,

09/30/28

(d)

..

80

82,867

Eli

Lilly

&

Co.,

5.05%,

08/14/54

..........

260

243,534

HLF

Financing

SARL

LLC,

12.25%,

04/15/29

(d)

.

40

43,190

Merck

&

Co.,

Inc.

2.45%

,

06/24/50

...................

30

17,541

2.75%

,

12/10/51

...................

19

11,758

5.00%

,

05/17/53

...................

85

78,068

Novartis

Capital

Corp.,

2.20%,

08/14/30

.....

855

790,751

Organon

&

Co.,

6.75%,

05/15/34

(d)

........

20

17,990

Royalty

Pharma

plc,

5.20%,

09/25/35

......

155

155,784

Zoetis,

Inc.

3.00%

,

09/12/27

...................

110

108,422

2.00%

,

05/15/30

...................

800

731,899

2,397,020

Professional

Services

—

0.4%

Automatic

Data

Processing,

Inc.

1.70%

,

05/15/28

...................

1,510

1,442,204

4.75%

,

05/08/32

...................

175

179,235

CACI

International,

Inc.,

6.38%,

06/15/33

(d)

...

51

52,768

1,674,207

Real

Estate

Management

&

Development

—

0.2%

Anywhere

Real

Estate

Group

LLC

(d)

5.75%

,

01/15/29

...................

34

33,020

5.25%

,

04/15/30

...................

22

20,494

9.75%

,

04/15/30

...................

18

19,535

CBRE

Services,

Inc.

5.50%

,

04/01/29

...................

320

331,581

5.95%

,

08/15/34

...................

500

534,215

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(d)

35

36,567

Howard

Hughes

Corp.

(The),

5.38%,

08/01/28

(d)

37

37,138

1,012,550

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(d)

...

40

40,825

ams-OSRAM

AG,

12.25%,

03/30/29

(d)

......

50

53,109

Broadcom,

Inc.,

3.75%,

02/15/51

.........

130

98,006

Intel

Corp.,

4.88%,

02/10/28

............

440

446,181

Kioxia

Holdings

Corp.

(d)

6.25%

,

07/24/30

...................

20

20,577

6.63%

,

07/24/33

...................

40

41,595

Lam

Research

Corp.,

1.90%,

06/15/30

......

1,050

955,537

NVIDIA

Corp.

1.55%

,

06/15/28

...................

190

180,617

2.00%

,

06/15/31

...................

870

783,086

3.50%

,

04/01/50

...................

50

37,002

3.70%

,

04/01/60

...................

480

350,547

NXP

BV

3.88%

,

06/18/26

...................

25

24,970

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

4.30%

,

06/18/29

...................

USD

172

$

172,148

3.40%

,

05/01/30

...................

70

67,459

2.50%

,

05/11/31

...................

189

170,932

Texas

Instruments,

Inc.

1.90%

,

09/15/31

...................

97

86,067

3.65%

,

08/16/32

...................

1,020

979,565

4.90%

,

03/14/33

...................

220

226,962

TSMC

Arizona

Corp.

4.25%

,

04/22/32

...................

350

350,151

3.25%

,

10/25/51

...................

220

166,489

5,251,825

Software

—

1.2%

Adobe,

Inc.,

2.30%,

02/01/30

............

1,010

945,662

AppLovin

Corp.,

5.50%,

12/01/34

.........

250

256,863

Autodesk,

Inc.

3.50%

,

06/15/27

...................

81

80,478

2.40%

,

12/15/31

...................

54

48,004

Cloud

Software

Group,

Inc.

(d)

6.50%

,

03/31/29

...................

40

40,523

9.00%

,

09/30/29

...................

55

57,283

8.25%

,

06/30/32

...................

24

25,081

Intuit,

Inc.

1.35%

,

07/15/27

...................

860

830,621

1.65%

,

07/15/30

...................

1,060

952,177

5.20%

,

09/15/33

...................

90

94,091

5.50%

,

09/15/53

...................

30

29,548

Oracle

Corp.

5.50%

,

08/03/35

...................

580

568,332

5.38%

,

09/27/54

...................

55

44,482

5.95%

,

09/26/55

...................

70

62,021

4.10%

,

03/25/61

...................

120

77,297

Pagaya

US

Holdings

Co.

LLC,

8.88%,

08/01/30

(d)

69

60,074

Roper

Technologies,

Inc.

1.75%

,

02/15/31

...................

26

22,807

5.10%

,

09/15/35

...................

20

20,152

Salesforce,

Inc.,

3.05%,

07/15/61

.........

260

156,937

ServiceNow,

Inc.,

1.40%,

09/01/30

........

850

748,870

Workday,

Inc.,

3.80%,

04/01/32

..........

500

478,434

5,599,737

Specialized

REITs

—

0.1%

American

Tower

Corp.

1.45%

,

09/15/26

...................

120

117,810

5.80%

,

11/15/28

...................

10

10,439

Crown

Castle,

Inc.,

3.65%,

09/01/27

.......

260

257,931

Equinix,

Inc.,

1.45%,

05/15/26

...........

160

158,537

Iron

Mountain,

Inc.,

7.00%,

02/15/29

(d)

......

28

28,762

Millrose

Properties,

Inc.

(d)

6.38%

,

08/01/30

...................

15

15,348

6.25%

,

09/15/32

...................

53

53,476

642,303

Specialty

Retail

—

0.3%

Advance

Auto

Parts,

Inc.

(d)

7.00%

,

08/01/30

...................

52

52,275

7.38%

,

08/01/33

...................

69

69,274

Carvana

Co.

(d)(h)

9.00%

,

(

9.00

%

Cash

or

13.00

%

PIK),

06/01/30

......................

29

29,982

9.00%

,

(

9.00

%

Cash

or

14.00

%

PIK),

06/01/31

......................

7

7,494

Dick's

Sporting

Goods,

Inc.,

4.00%,

10/01/29

(d)

.

20

19,614

Gap,

Inc.

(The),

3.63%,

10/01/29

(d)

........

20

18,949

Home

Depot,

Inc.

(The)

1.50%

,

09/15/28

...................

300

283,017

1.38%

,

03/15/31

...................

31

26,911

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

1.88%

,

09/15/31

...................

USD

400

$

352,594

4.50%

,

12/06/48

...................

17

14,675

3.35%

,

04/15/50

...................

240

169,301

Lowe's

Cos.,

Inc.

3.35%

,

04/01/27

...................

250

248,198

3.65%

,

04/05/29

...................

93

91,799

1,384,083

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Diebold

Nixdorf,

Inc.,

7.75%,

03/31/30

(d)

.....

10

10,642

NetApp,

Inc.,

5.70%,

03/17/35

...........

181

189,425

Seagate

Data

Storage

Technology

Pte.

Ltd.

(d)

8.25%

,

12/15/29

...................

30

31,813

5.88%

,

07/15/30

...................

20

20,617

252,497

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Ralph

Lauren

Corp.,

5.00%,

06/15/32

......

300

308,260

Trading

Companies

&

Distributors

—

0.0%

(d)

FTAI

Aviation

Investors

LLC

7.88%

,

12/01/30

...................

17

18,078

7.00%

,

06/15/32

...................

14

14,717

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

.

69

72,065

United

Rentals

North

America,

Inc.,

5.38%,

11/15/33

.......................

40

39,972

WESCO

Distribution,

Inc.,

6.38%,

03/15/33

...

30

31,322

176,154

Wireless

Telecommunication

Services

—

0.1%

Connect

Finco

SARL,

9.00%,

09/15/29

(d)

.....

74

78,495

Millicom

International

Cellular

SA

(d)

6.25%

,

03/25/29

...................

16

16,257

7.38%

,

04/02/32

...................

47

48,865

Rogers

Communications,

Inc.

(a)

Series

NC5

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

7.00%

,

04/15/55

.................

16

16,739

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.62%),

7.13%

,

04/15/55

......................

16

16,848

T-Mobile

USA,

Inc.,

5.50%,

01/15/55

.......

90

85,239

Zegona

Finance

plc,

8.63%,

07/15/29

(d)

.....

92

97,583

360,026

Total

Corporate

Bonds

—

20

.0

%

(Cost:

$

94,723,678

)

...............................

95,963,180

Foreign

Agency

Obligations

France

—

0.0%

Electricite

de

France

SA

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.41%),

9.13

%

(a)

(d)

(k)

.................

22

25,585

Total

Foreign

Agency

Obligations

—

0.0

%

(Cost:

$

25,536

)

.................................

25,585

Foreign

Government

Obligations

Chile

—

0.0%

Republic

of

Chile

,

3.25

%

,

09/21/71

.........

320

198,400

Mexico

—

0.1%

United

Mexican

States

7.38

%

,

05/13/55

...................

200

215,200

3.77

%

,

05/24/61

...................

250

153,750

368,950

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Peru

—

0.0%

Republic

of

Peru

,

6.20

%

,

06/30/55

.........

USD

80

$

82,360

Philippines

—

0.1%

Republic

of

Philippines

,

5.90

%

,

02/04/50

.....

200

210,900

Poland

—

0.0%

Republic

of

Poland

,

5.50

%

,

03/18/54

........

60

57,235

Total

Foreign

Government

Obligations

—

0

.2

%

(Cost:

$

912,114

)

.................................

917,845

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%),

4.20%,

06/25/35

(a)

......

36

31,784

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

......................

19

8,267

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

4.31%,

11/25/36

(a)

................

22

20,692

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.13%,

04/25/47

(a)

................

17

15,345

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.21%,

06/25/47

(a)

................

10

8,168

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

and

10.00%

Cap

+

0.59%),

4.33%,

08/25/47

(a)

......

4

3,780

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

4.97%,

10/25/46

(a)

..

39

25,886

APS

Resecuritization

Trust,

Series

2016-1,

Class

1MZ,

2.97%,

07/31/57

(a)

(d)

.............

137

51,118

Banc

of

America

Funding

Trust,

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

(a)

(d)

..........

48

16,669

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%),

4.13%,

08/25/36

(a)

..................

7

6,534

Chase

Mortgage

Finance

Trust,

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

...........

266

103,587

Citicorp

Mortgage

Securities

Trust,

Series

2008-

2,

Class

1A1,

6.50%,

06/25/38

..........

18

15,164

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(d)

.......................

109

41,337

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%),

5.20%,

11/25/35

(a)

...

18

3,605

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

..........

23

10,450

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.19%,

08/25/47

(a)

.......................

70

65,545

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%),

6.03%,

03/25/36

(a)

..................

4

3,696

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

...........

—

(b)

561

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.83%,

09/25/37

(a)

..

USD

26

$

16,750

J.P.

Morgan

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

11.50%

Cap

+

0.53%),

4.27%,

03/25/37

(a)

..................

18

14,711

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

(d)

...

21

20,437

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.84%

Floor

+

0.95%),

4.69%,

06/25/37

(a)

.......................

3

2,810

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

4.06%,

04/25/36

(a)

.

6

3,312

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%),

4.23%,

06/25/36

(a)

...........

9

8,380

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

.

27

25,168

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(c)

33

28,916

552,672

Commercial

Mortgage-Backed

Securities

—

0.0%

Bayview

Commercial

Asset

Trust

(a)(d)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.52%,

01/25/36

......................

9

8,711

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.79%),

4.74%,

01/25/36

......................

7

6,549

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.65%),

4.39%,

04/25/36

......................

4

3,791

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.49%),

4.22%,

10/25/36

......................

4

3,947

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.30%,

10/25/36

......................

4

3,945

26,943

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(a)

(d)

.........

831

2,587

Total

Non-Agency

Mortgage-Backed

Securities

—

0

.1

%

(Cost:

$

771,627

)

.................................

582,202

Beneficial

Interest

(000)

Other

Interests

(l)

Capital

Markets

—

0.0%

(e)(i)(j)

Lehman

Brothers

Holdings,

Inc.

...........

490

—

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

130

—

Total

Other

Interests

—

0.0

%

(Cost:

$

6

)

.....................................

—

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

0.1%

Banks

—

0.1%

Banco

Bradesco

SA

(Preference)

..........

7,449

$

24,494

Grupo

Cibest

SA

(Preference)

............

9,851

155,815

180,309

Chemicals

—

0.0%

Braskem

SA

(Preference)

,

Class

A

(e)

........

44,736

64,060

Electric

Utilities

—

0.0%

Energisa

SA

(Preference)

...............

2

3

Metals

&

Mining

—

0.0%

Gerdau

SA

(Preference)

................

31,894

118,461

Total

Preferred

Securities

—

0

.1

%

(Cost:

$

436,293

)

.................................

362,833

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

9.8%

Federal

Home

Loan

Mortgage

Corp.

2.50

%

,

01/01/29

-

04/01/31

............

USD

71

69,351

3.00

%

,

09/01/27

-

12/01/46

............

159

149,150

3.50

%

,

04/01/31

-

01/01/48

............

271

260,061

4.00

%

,

08/01/40

-

12/01/45

............

43

41,884

4.50

%

,

02/01/39

-

04/01/49

............

342

341,473

5.00

%

,

10/01/41

-

11/01/48

............

68

70,247

5.50

%

,

06/01/41

...................

30

31,487

6.00

%

,

01/01/34

...................

24

24,772

Federal

National

Mortgage

Association

,

4.00

%

,

01/01/41

...................

3

3,147

Government

National

Mortgage

Association

2.00

%

,

08/20/50

-

04/20/52

............

3,856

3,194,597

2.00

%

,

01/15/56

(m)

..................

1,163

963,089

2.50

%

,

07/20/51

-

07/20/52

............

4,148

3,580,217

3.00

%

,

02/15/45

-

09/20/52

............

2,467

2,224,089

3.50

%

,

01/15/42

-

02/20/52

............

871

810,363

4.00

%

,

04/20/39

-

02/20/55

............

386

368,432

4.00

%

,

01/15/56

(m)

..................

219

206,844

4.50

%

,

12/20/39

-

04/20/50

............

207

205,880

4.50

%

,

01/15/56

(m)

..................

100

97,391

5.00

%

,

12/15/38

-

02/20/55

............

1,030

1,029,677

5.00

%

,

01/15/56

(m)

..................

1,100

1,097,400

5.50

%

,

12/20/52

-

12/20/54

............

370

375,815

5.50

%

,

01/15/56

(m)

..................

625

631,060

6.00

%

,

09/20/53

-

08/20/54

............

89

90,628

6.00

%

,

01/15/56

(m)

..................

575

585,938

6.50

%

,

10/20/53

-

09/20/55

............

117

120,645

6.50

%

,

01/15/56

(m)

..................

150

155,051

7.50

%

,

03/15/32

...................

1

658

Uniform

Mortgage-Backed

Securities

2.00

%

,

10/01/31

-

02/01/52

............

3,179

2,654,180

2.00

%

,

01/25/41

-

01/25/56

(m)

...........

2,400

2,086,370

2.50

%

,

09/01/27

-

02/01/52

............

2,017

1,769,887

2.50

%

,

01/25/41

-

01/25/56

(m)

...........

1,975

1,719,631

3.00

%

,

04/01/29

-

03/01/52

............

1,388

1,285,648

3.50

%

,

08/01/30

-

01/01/51

............

1,978

1,862,439

3.50

%

,

01/25/41

(m)

..................

61

59,294

4.00

%

,

10/01/33

-

01/01/51

............

1,042

1,014,169

4.00

%

,

01/25/41

-

01/25/56

(m)

...........

675

645,948

4.50

%

,

06/01/26

-

08/01/53

............

1,624

1,619,947

5.00

%

,

09/01/35

-

01/01/55

............

294

296,642

5.00

%

,

01/25/56

(m)

..................

1,200

1,196,625

5.50

%

,

02/01/35

-

10/01/55

............

5,148

5,242,105

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

5.50

%

,

01/25/56

(m)

..................

USD

4,000

$

4,055,930

6.00

%

,

12/01/27

-

08/01/55

............

2,247

2,328,286

6.00

%

,

01/25/56

(m)

..................

1,350

1,386,082

6.50

%

,

05/01/40

-

04/01/55

............

933

977,477

6.50

%

,

01/25/56

(m)

..................

100

103,924

47,033,930

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2017-3

,

Class

B

,

0.00

%

,

07/25/56

(d)

(n)

...........

37

5,783

Total

U.S.

Government

Sponsored

Agency

Securities

—

9

.8

%

(Cost:

$

48,854,042

)

...............................

47,039,713

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

6.25

%

,

05/15/30

...................

1,000

1,102,539

4.25

%

,

05/15/39

...................

66

64,654

1.13

%

,

05/15/40

-

08/15/40

............

694

438,101

1.38

%

,

11/15/40

...................

347

225,225

2.25

%

,

05/15/41

-

02/15/52

............

13,000

8,273,711

2.38

%

,

02/15/42

...................

4,000

2,944,375

2.75

%

,

11/15/42

...................

3,265

2,508,949

3.13

%

,

02/15/43

...................

332

268,518

2.88

%

,

05/15/43

-

11/15/46

............

597

453,414

3.63

%

,

08/15/43

...................

332

286,583

3.75

%

,

11/15/43

...................

332

290,954

2.50

%

,

02/15/45

...................

593

419,965

3.00

%

,

02/15/47

-

02/15/49

............

2,100

1,571,261

1.63

%

,

11/15/50

...................

3

1,575

1.88

%

,

11/15/51

...................

1,000

552,734

U.S.

Treasury

Notes

4.13

%

,

06/15/26

...................

2,100

2,105,843

0.50

%

,

05/31/27

...................

129

123,734

2.25

%

,

08/15/27

...................

798

782,476

1.25

%

,

03/31/28

-

09/30/28

............

1,047

995,484

2.88

%

,

08/15/28

...................

188

184,982

3.13

%

,

11/15/28

...................

363

358,945

3.75

%

,

12/31/28

...................

200

201,133

1.75

%

,

01/31/29

...................

4

3,790

2.63

%

,

02/15/29

...................

63

61,258

1.88

%

,

02/28/29

-

02/15/32

............

12,352

11,495,383

2.38

%

,

05/15/29

...................

7,063

6,790,964

1.63

%

,

05/15/31

...................

225

201,577

1.38

%

,

11/15/31

...................

3

2,613

4.25

%

,

05/15/35

...................

400

403,312

Total

U.S.

Treasury

Obligations

—

9

.0

%

(Cost:

$

50,754,304

)

...............................

43,114,052

Total

Long-Term

Investments

—

89.1%

(Cost:

$

390,404,800

)

..............................

428,263,611

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

25

(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,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

12.9%

(o)(p)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.89

%

(q)

...................

872,272

$

872,708

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.65

%

.....................

61,283,896

61,283,896

Total

Short-Term

Securities

—

12

.9

%

(Cost:

$

62,156,604

)

...............................

62,156,604

Total

Investments

Before

TBA

Sale

Commitments

—

102

.0

%

(Cost:

$

452,561,404

)

..............................

490,420,215

Security

Par

(000)

Pa

r

(

000)

Value

TBA

Sale

Commitments

Mortgage-Backed

Securities

—

(

0

.8

)

%

Uniform

Mortgage-Backed

Securities

(m)

2.50

%

,

01/25/56

...................

USD

(

625

)

$

(

528,271

)

5.50

%

,

01/25/56

...................

(

3,225

)

(

3,270,094

)

Total

TBA

Sale

Commitments

—

(

0

.8

)

%

(Proceeds:

$

(

3,793,211

)

)

...........................

(

3,798,365

)

Total

Investments

Net

of

TBA

Sale

Commitments

—

101

.2

%

(Cost:

$

448,768,193

)

..............................

486,621,850

Liabilities

in

Excess

of

Other

Assets

—

(

1.2

)

%

.............

(

5,939,322

)

Net

Assets

—

100.0%

...............................

$

480,682,528

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rounds

to

less

than

1,000.

(c)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

Non-income

producing

security.

(f)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

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)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(m)

Represents

or

includes

a

TBA

transaction.

(n)

Zero-coupon

bond.

(o)

Affiliate

of

the

Fund.

(p)

Annualized

7-day

yield

as

of

period

end.

(q)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/25

Shares

Held

at

12/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

3,623,106

$

—

$

(

2,749,204

)

(a)

$

(

1,351

)

$

157

$

872,708

872,272

$

7,766

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

17,343,295

43,940,601

(a)

—

—

—

61,283,896

61,283,896

932,956

—

iShares

Russell

1000

Value

ETF

(c)

..............

4,626,030

—

(

4,529,387

)

578,122

(

674,765

)

—

—

20,035

—

$

576,771

$

(

674,608

)

$

62,156,604

$

960,757

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

26

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

TOPIX

Index

.............................................................

67

03/12/26

$

14,601

$

110,248

S&P/TSX

60

Index

.........................................................

1

03/19/26

271

660

MSCI

EAFE

Index

.........................................................

34

03/20/26

4,934

15,035

MSCI

Emerging

Markets

Index

.................................................

4

03/20/26

282

7,092

S&P

500

E-Mini

Index

.......................................................

13

03/20/26

4,480

(

35,252

)

U.S.

Treasury

10-Year

Note

...................................................

36

03/20/26

4,048

(

26,216

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

77

03/20/26

8,856

(

64,864

)

U.S.

Treasury

Long

Bond

.....................................................

23

03/20/26

2,659

(

40,969

)

U.S.

Treasury

2-Year

Note

....................................................

116

03/31/26

24,220

(

16,376

)

(

50,642

)

Short

Contracts

EURO

STOXX

50

Index

.....................................................

65

03/20/26

4,462

(

17,259

)

Nasdaq-100

E-Mini

Index

.....................................................

29

03/20/26

14,765

297,053

U.S.

Treasury

10-Year

Note

...................................................

33

03/20/26

3,710

20,447

U.S.

Treasury

Ultra

Bond

.....................................................

271

03/20/26

31,978

513,763

U.S.

Treasury

5-Year

Note

....................................................

112

03/31/26

12,242

49,953

863,957

$

813,315

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

21,734,128

USD

14,396,230

Barclays

Bank

plc

03/18/26

$

109,231

CAD

13,264,343

USD

9,557,982

Wells

Fargo

Bank

NA

03/18/26

136,075

EUR

16,318,548

USD

19,137,740

BNP

Paribas

SA

03/18/26

104,667

USD

136,045

JPY

20,879,000

Barclays

Bank

plc

03/18/26

1,920

351,893

JPY

2,953,606,968

EUR

16,433,258

Barclays

Bank

plc

03/18/26

(

403,888

)

JPY

2,953,606,817

USD

19,245,286

Barclays

Bank

plc

03/18/26

(

271,505

)

USD

132,522

EUR

113,000

BNP

Paribas

SA

03/18/26

(

726

)

USD

132,400

GBP

99,100

Citibank

NA

03/18/26

(

1,156

)

(

677,275

)

$

(

325,382

)

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

45.V1

...........

5

.00

%

Quarterly

12/20/30

B+

USD

3,275

$

255,979

$

226,722

$

29,257

(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,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

27

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

plus

0.29%

Quarterly

MSCI

ACWI

Net

Total

Return

USD

Index

Quarterly

Merrill

Lynch

International

&

Co.

04/07/26

USD

37,858

$

576,919

$

—

$

576,919

1-day

SOFR

plus

0.38%

Quarterly

MSCI

ACWI

Net

Total

Return

USD

Index

Quarterly

Merrill

Lynch

International

&

Co.

11/12/26

USD

9,677

227,224

—

227,224

$

804,143

$

—

$

804,143

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

3

.79

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

226,722

$

—

$

29,257

$

—

OTC

Swaps

...................................................................

—

—

804,143

—

(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)

......

$

—

$

—

$

430,088

$

—

$

584,163

$

—

$

1,014,251

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

351,893

—

—

351,893

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

29,257

—

—

—

—

29,257

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

804,143

—

—

—

804,143

$

—

$

29,257

$

1,234,231

$

351,893

$

584,163

$

—

$

2,199,544

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

52,511

$

—

$

148,425

$

—

$

200,936

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

677,275

—

—

677,275

$

—

$

—

$

52,511

$

677,275

$

148,425

$

—

$

878,211

(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).

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

28

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

December

31,

2025,

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

c

ontracts

.......................

$

—

$

—

$

(

1,228,650

)

$

—

$

(

1,064,988

)

$

—

$

(

2,293,638

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

3,485,001

)

—

—

(

3,485,001

)

Swaps

..............................

—

131,051

4,151,750

—

(

54,813

)

—

4,227,988

$

—

$

131,051

$

2,923,100

$

(3,485,001)

$

(1,119,801)

$

—

$

(1,550,651)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

337,435

)

$

—

$

(

121,622

)

$

—

$

(

459,057

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

473,276

—

—

473,276

Swaps

..............................

—

54,346

1,364,433

—

—

—

1,418,779

$

—

$

54,346

$

1,026,998

$

473,276

$

(121,622)

$

—

$

1,432,998

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

47,146,273

Average

notional

value

of

contracts

—

short

.................................................................................

72,681,137

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

19,616,500

Average

amounts

sold

—

in

USD

........................................................................................

69,497,237

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

7,278,229

Average

notional

value

—

sell

protection

...................................................................................

2,506,088

Total

return

swaps

Average

notional

value

...............................................................................................

36,234,756

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

154,021

$

—

Forward

f

oreign

currency

exchange

contracts

.................................................................

351,893

677,275

Swaps

—

centrally

cleared

..............................................................................

—

100,182

Swaps

—

OTC

(a)

.....................................................................................

804,143

—

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

1,310,057

$

777,457

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

154,021

)

(

100,182

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,156,036

$

677,275

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Barclays

Bank

plc

................................

$

111,151

$

(

111,151

)

$

—

$

—

$

—

BNP

Paribas

SA

.................................

104,667

(

726

)

—

—

103,941

Merrill

Lynch

International

&

Co.

.......................

804,143

—

—

(

804,143

)

—

Wells

Fargo

Bank

NA

..............................

136,075

—

—

—

136,075

$

1,156,036

$

(

111,877

)

$

—

$

(

804,143

)

$

240,016

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

29

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)(e)

Barclays

Bank

plc

................................

$

675,393

$

(

111,151

)

$

—

$

—

$

564,242

BNP

Paribas

SA

.................................

726

(

726

)

—

—

—

Citibank

NA

.....................................

1,156

—

—

—

1,156

$

677,275

$

(

111,877

)

$

—

$

—

$

565,398

(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

...................................

$

—

$

645,768

$

—

$

645,768

Common

Stocks

Aerospace

&

Defense

....................................

2,799,719

4,068,194

—

6,867,913

Automobile

Components

..................................

1,928,900

78,214

—

2,007,114

Automobiles

..........................................

3,808,509

1,570,146

—

5,378,655

Banks

...............................................

7,774,089

9,349,301

—

17,123,390

Beverages

...........................................

1,174,880

288,372

—

1,463,252

Biotechnology

.........................................

3,497,624

498,510

—

3,996,134

Broadline

Retail

........................................

9,384,579

1,109,875

—

10,494,454

Capital

Markets

........................................

7,014,933

2,062,242

—

9,077,175

Chemicals

............................................

755,227

1,362,426

—

2,117,653

Commercial

Services

&

Supplies

.............................

373,007

—

—

373,007

Communications

Equipment

................................

117,679

1,211,010

—

1,328,689

Construction

&

Engineering

................................

2,126,961

1,161,214

—

3,288,175

Construction

Materials

....................................

—

137,999

—

137,999

Consumer

Finance

......................................

2,051,789

—

—

2,051,789

Consumer

Staples

Distribution

&

Retail

........................

4,085,681

601,689

—

4,687,370

Containers

&

Packaging

..................................

77,272

—

—

77,272

Diversified

REITs

.......................................

—

19,839

—

19,839

Diversified

Telecommunication

Services

........................

1,939,555

2,028,712

—

3,968,267

Electric

Utilities

........................................

980,072

591,566

—

1,571,638

Electrical

Equipment

.....................................

2,226,507

5,191,705

—

7,418,212

Electronic

Equipment,

Instruments

&

Components

.................

557,615

1,542,071

—

2,099,686

Energy

Equipment

&

Services

..............................

409,246

—

—

409,246

Entertainment

.........................................

2,411,967

66,061

—

2,478,028

Financial

Services

......................................

5,324,627

504,197

—

5,828,824

Food

Products

.........................................

104,688

15,154

—

119,842

Gas

Utilities

...........................................

—

101,402

—

101,402

Ground

Transportation

...................................

887,861

—

—

887,861

Health

Care

Equipment

&

Supplies

...........................

1,918,034

134,393

—

2,052,427

Health

Care

Providers

&

Services

............................

2,504,562

538,912

—

3,043,474

Health

Care

Technology

..................................

197,112

19,533

—

216,645

Hotels,

Restaurants

&

Leisure

..............................

2,248,136

949,608

—

3,197,744

Household

Durables

.....................................

430,274

1,515,748

—

1,946,022

Household

Products

.....................................

1,814,724

—

—

1,814,724

Independent

Power

and

Renewable

Electricity

Producers

............

137,545

—

—

137,545

Industrial

Conglomerates

..................................

2,128,237

1,099,546

—

3,227,783

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

30

Level

1

Level

2

Level

3

Total

Insurance

............................................

$

2,937,841

$

5,545,849

$

—

$

8,483,690

Interactive

Media

&

Services

...............................

11,580,333

3,351,545

—

14,931,878

IT

Services

...........................................

1,898,608

1,577,706

—

3,476,314

Leisure

Products

.......................................

82,246

—

—

82,246

Life

Sciences

Tools

&

Services

..............................

35,525

32,107

—

67,632

Machinery

............................................

67,026

735,834

—

802,860

Media

...............................................

1,045,760

471,530

—

1,517,290

Metals

&

Mining

........................................

4,989,525

860,482

—

5,850,007

Multi-Utilities

..........................................

859,416

833,789

—

1,693,205

Oil,

Gas

&

Consumable

Fuels

...............................

3,868,343

4,611,613

—

8,479,956

Passenger

Airlines

......................................

268,647

127,467

—

396,114

Pharmaceuticals

.......................................

6,187,494

4,802,514

—

10,990,008

Professional

Services

....................................

507,520

1,671,936

—

2,179,456

Real

Estate

Management

&

Development

.......................

—

541,244

—

541,244

Residential

REITs

.......................................

170,814

—

—

170,814

Retail

REITs

..........................................

597,355

59,591

—

656,946

Semiconductors

&

Semiconductor

Equipment

....................

21,435,663

7,286,381

—

28,722,044

Software

.............................................

16,559,533

974,984

—

17,534,517

Specialized

REITs

......................................

1,622,901

—

—

1,622,901

Specialty

Retail

........................................

828,879

795,955

—

1,624,834

Technology

Hardware,

Storage

&

Peripherals

....................

12,392,859

1,818,065

—

14,210,924

Textiles,

Apparel

&

Luxury

Goods

............................

965,430

221,195

—

1,186,625

Tobacco

.............................................

1,497,892

470,844

—

1,968,736

Trading

Companies

&

Distributors

............................

14,379

—

—

14,379

Water

Utilities

.........................................

—

273,563

—

273,563

Wireless

Telecommunication

Services

.........................

663,738

461,262

—

1,125,000

Corporate

Bonds

Aerospace

&

Defense

....................................

—

411,407

—

411,407

Air

Freight

&

Logistics

....................................

—

35,982

—

35,982

Automobile

Components

..................................

—

252,669

—

252,669

Automobiles

..........................................

—

548,121

—

548,121

Banks

...............................................

—

14,974,262

—

14,974,262

Beverages

...........................................

—

3,139,301

—

3,139,301

Biotechnology

.........................................

—

1,629,526

—

1,629,526

Broadline

Retail

........................................

—

549,906

—

549,906

Building

Products

.......................................

—

2,096,930

—

2,096,930

Capital

Markets

........................................

—

7,943,664

—

7,943,664

Chemicals

............................................

—

591,563

—

591,563

Commercial

Services

&

Supplies

.............................

—

593,797

—

593,797

Communications

Equipment

................................

—

1,592,299

—

1,592,299

Construction

&

Engineering

................................

—

1,235,164

—

1,235,164

Construction

Materials

....................................

—

153,046

—

153,046

Consumer

Finance

......................................

—

4,351,603

—

4,351,603

Consumer

Staples

Distribution

&

Retail

........................

—

680,438

—

680,438

Diversified

Consumer

Services

..............................

—

124,686

—

124,686

Diversified

Telecommunication

Services

........................

—

952,111

—

952,111

Electric

Utilities

........................................

—

3,083,002

—

3,083,002

Electronic

Equipment,

Instruments

&

Components

.................

—

1,366,321

—

1,366,321

Energy

Equipment

&

Services

..............................

—

340,390

—

340,390

Entertainment

.........................................

—

222,732

—

222,732

Financial

Services

......................................

—

2,291,084

—

2,291,084

Food

Products

.........................................

—

1,252,858

—

1,252,858

Gas

Utilities

...........................................

—

382,903

—

382,903

Ground

Transportation

...................................

—

538,756

—

538,756

Health

Care

Equipment

&

Supplies

...........................

—

160,961

—

160,961

Health

Care

Providers

&

Services

............................

—

6,811,337

—

6,811,337

Health

Care

REITs

......................................

—

748,208

—

748,208

Hotels,

Restaurants

&

Leisure

..............................

—

888,203

—

888,203

Household

Durables

.....................................

—

1,465,038

—

1,465,038

Independent

Power

and

Renewable

Electricity

Producers

............

—

97,601

—

97,601

Industrial

Conglomerates

..................................

—

1,087,889

—

1,087,889

Insurance

............................................

—

2,657,601

—

2,657,601

Interactive

Media

&

Services

...............................

—

710,759

—

710,759

IT

Services

...........................................

—

2,132,901

—

2,132,901

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Balanced

Portfolio

Schedules

of

Investments

31

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Leisure

Products

.......................................

$

—

$

51,251

$

—

$

51,251

Life

Sciences

Tools

&

Services

..............................

—

38,840

—

38,840

Machinery

............................................

—

284,143

—

284,143

Media

...............................................

—

976,457

—

976,457

Metals

&

Mining

........................................

—

1,109,822

—

1,109,822

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

151,727

—

151,727

Oil,

Gas

&

Consumable

Fuels

...............................

—

5,927,947

—

5,927,947

Passenger

Airlines

......................................

—

269,312

—

269,312

Pharmaceuticals

.......................................

—

2,397,020

—

2,397,020

Professional

Services

....................................

—

1,674,207

—

1,674,207

Real

Estate

Management

&

Development

.......................

—

1,012,550

—

1,012,550

Semiconductors

&

Semiconductor

Equipment

....................

—

5,251,825

—

5,251,825

Software

.............................................

—

5,599,737

—

5,599,737

Specialized

REITs

......................................

—

642,303

—

642,303

Specialty

Retail

........................................

—

1,384,083

—

1,384,083

Technology

Hardware,

Storage

&

Peripherals

....................

—

252,497

—

252,497

Textiles,

Apparel

&

Luxury

Goods

............................

—

308,260

—

308,260

Trading

Companies

&

Distributors

............................

—

176,154

—

176,154

Wireless

Telecommunication

Services

.........................

—

360,026

—

360,026

Foreign

Agency

Obligations

.................................

—

25,585

—

25,585

Foreign

Government

Obligations

..............................

—

917,845

—

917,845

Non-Agency

Mortgage-Backed

Securities

........................

—

582,202

—

582,202

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

362,833

—

362,833

U.S.

Government

Sponsored

Agency

Securities

....................

—

47,039,713

—

47,039,713

U.S.

Treasury

Obligations

...................................

—

43,114,052

—

43,114,052

Short-Term

Securities

Money

Market

Funds

......................................

62,156,604

—

—

62,156,604

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(

3,798,365

)

—

(

3,798,365

)

$

226,425,942

$

260,195,908

$

—

$

486,621,850

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

29,257

$

—

$

29,257

Equity

contracts

...........................................

319,840

914,391

—

1,234,231

Foreign

currency

exchange

contracts

............................

—

351,893

—

351,893

Interest

rate

contracts

.......................................

584,163

—

—

584,163

Liabilities

Equity

contracts

...........................................

(

52,511

)

—

—

(

52,511

)

Foreign

currency

exchange

contracts

............................

—

(

677,275

)

—

(

677,275

)

Interest

rate

contracts

.......................................

(

148,425

)

—

—

(

148,425

)

$

703,067

$

618,266

$

—

$

1,321,333

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2025

BlackRock

Capital

Appreciation

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.9%

Howmet

Aerospace,

Inc.

................

21,635

$

4,435,608‌

L3Harris

Technologies,

Inc.

..............

4,503

1,321,946‌

TransDigm

Group,

Inc.

.................

1,397

1,857,800‌

7,615,354‌

Automobiles

—

3.3%

Tesla,

Inc.

(a)

.........................

18,870

8,486,216‌

Banks

—

2.4%

Citigroup,

Inc.

.......................

32,040

3,738,748‌

JPMorgan

Chase

&

Co.

................

8,002

2,578,404‌

6,317,152‌

Broadline

Retail

—

8.1%

Amazon.com,

Inc.

(a)

...................

91,252

21,062,787‌

Capital

Markets

—

0.5%

Robinhood

Markets,

Inc.

,

Class

A

(a)

.........

10,787

1,220,010‌

Communications

Equipment

—

2.5%

Arista

Networks,

Inc.

(a)

.................

49,718

6,514,550‌

Consumer

Finance

—

1.0%

Capital

One

Financial

Corp.

..............

10,865

2,633,241‌

Consumer

Staples

Distribution

&

Retail

—

0.9%

Walmart,

Inc.

........................

21,864

2,435,868‌

Electrical

Equipment

—

1.3%

GE

Vernova,

Inc.

.....................

1,924

1,257,469‌

Vertiv

Holdings

Co.

,

Class

A

.............

13,909

2,253,397‌

3,510,866‌

Electronic

Equipment,

Instruments

&

Components

—

1.9%

Amphenol

Corp.

,

Class

A

...............

35,796

4,837,471‌

Entertainment

—

1.4%

Netflix,

Inc.

(a)

........................

37,816

3,545,628‌

Health

Care

Equipment

&

Supplies

—

1.5%

Boston

Scientific

Corp.

(a)

................

42,154

4,019,384‌

Health

Care

Providers

&

Services

—

0.9%

McKesson

Corp.

.....................

3,007

2,466,612‌

Interactive

Media

&

Services

—

10.1%

Alphabet,

Inc.

,

Class

A

.................

41,672

13,043,336‌

Meta

Platforms,

Inc.

,

Class

A

.............

20,046

13,232,164‌

26,275,500‌

IT

Services

—

3.6%

(a)

Shopify,

Inc.

,

Class

A

..................

17,567

2,827,760‌

Snowflake,

Inc.

,

Class

A

................

30,036

6,588,697‌

9,416,457‌

Life

Sciences

Tools

&

Services

—

0.7%

Thermo

Fisher

Scientific,

Inc.

.............

3,202

1,855,399‌

Machinery

—

2.0%

Caterpillar,

Inc.

......................

8,887

5,091,096‌

Metals

&

Mining

—

0.5%

Newmont

Corp.

......................

13,164

1,314,425‌

Oil,

Gas

&

Consumable

Fuels

—

0.5%

EQT

Corp.

.........................

23,255

1,246,468‌

Pharmaceuticals

—

4.7%

Eli

Lilly

&

Co.

.......................

11,307

12,151,407‌

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

24.8%

Advanced

Micro

Devices,

Inc.

(a)

...........

24,709

$

5,291,679‌

Broadcom,

Inc.

......................

36,672

12,692,179‌

Intel

Corp.

(a)

........................

142,365

5,253,269‌

Lam

Research

Corp.

..................

28,037

4,799,374‌

NVIDIA

Corp.

.......................

196,714

36,687,161‌

64,723,662‌

Software

—

15.8%

AppLovin

Corp.

,

Class

A

(a)

...............

5,738

3,866,379‌

Microsoft

Corp.

......................

47,585

23,013,058‌

Oracle

Corp.

........................

40,951

7,981,759‌

Palantir

Technologies,

Inc.

,

Class

A

(a)

.......

25,348

4,505,607‌

Palo

Alto

Networks,

Inc.

(a)

...............

9,465

1,743,453‌

41,110,256‌

Technology

Hardware,

Storage

&

Peripherals

—

5.9%

Apple,

Inc.

.........................

56,521

15,365,799‌

Total

Common

Stocks

—

97

.2

%

(Cost:

$

156,380,172

)

..............................

253,215,608‌

Preferred

Securities

Preferred

Stocks

—

1.0%

Interactive

Media

&

Services

—

1.0%

ByteDance

Ltd.

,

Series

E-1

,

(Acquired

11/11/20

,

cost

$

1,124,560

)

(a)

(b)

(c)

................

10,263

2,654,730‌

Total

Preferred

Securities

—

1

.0

%

(Cost:

$

1,124,560

)

...............................

2,654,730‌

Total

Long-Term

Investments

—

98.2%

(Cost:

$

157,504,732

)

..............................

255,870,338‌

Short-Term

Securities

Money

Market

Funds

—

1.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.65

%

(d)

(e)

...................

4,885,272

4,885,272‌

Total

Short-Term

Securities

—

1

.9

%

(Cost:

$

4,885,272

)

...............................

4,885,272‌

Total

Investments

—

100

.1

%

(Cost:

$

162,390,004

)

..............................

260,755,610‌

Liabilities

in

Excess

of

Other

Assets

—

(

0.1

)

%

.............

(

218,126‌

)

Net

Assets

—

100.0%

...............................

$

260,537,484‌

(a)

Non-income

producing

security.

(b)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$2,654,730,

representing

1.02%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,124,560.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Capital

Appreciation

Portfolio

Schedules

of

Investments

33

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/25

Shares

Held

at

12/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

............

$

—‌

$

—‌

$

(

2,387‌

)

(b)

$

2,387‌

$

—‌

$

—‌

—‌

$

9,475‌

(c)

$

—‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

337,890‌

4,547,382‌

(b)

—‌

—‌

—‌

4,885,272‌

4,885,272‌

29,992‌

—‌

$

2,387‌

$

—‌

$

4,885,272‌

$

39,467‌

$

—‌

—‌

—‌

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Capital

Appreciation

Portfolio

34

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

.........................................

$

253,215,608

$

—

$

—

$

253,215,608

Preferred

Securities

.......................................

—

—

2,654,730

2,654,730

Short-Term

Securities

Money

Market

Funds

......................................

4,885,272

—

—

4,885,272

$

258,100,880

$

—

$

2,654,730

$

260,755,610

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,

2024

...................................................................................

$

1,854,524

$

1,854,524

Transfers

into

Level

3

.................................................................................................

—

—

Transfers

out

of

Level

3

................................................................................................

—

—

Accrued

discounts/premiums

.............................................................................................

—

—

Net

realized

gain

....................................................................................................

—

—

Net

change

in

unrealized

appreciation

(a)

(b)

.....................................................................................

800,206

800,206

Purchases

.........................................................................................................

—

—

Sales

............................................................................................................

—

—

Closing

balance,

as

of

December

31,

2025

....................................................................................

$

2,654,730

$

2,654,730

Net

change

in

unrealized

appreciation

on

investments

still

held

at

December

31,

2025

(b)

.......................................................

$

800,206

$

800,206

(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,

2025

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Capital

Appreciation

Portfolio

35

(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

investments

as

of

period

end.

Value

Valuation

Approach

Unobservable

Inputs

(a)

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Preferred

Stocks

...........................

$

2,654,730

Market

Revenue

Multiple

1.45x

—

$

2,654,730

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

December

31,

2025

BlackRock

Global

Allocation

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.2%

(a)(b)

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.12%,

12/17/29

.

USD

100‌

$

99,892‌

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.58%,

10/20/37

.................

250‌

250,912‌

350,804‌

Ireland

—

1.7%

(b)(c)

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

5.81%,

02/15/37

.................

EUR

100‌

118,741‌

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.26%,

11/15/37

.

100‌

117,930‌

Arcano

Euro

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.40%

Floor

+

3.40%),

5.47%,

04/25/39

.

100‌

118,180‌

Arcano

Euro

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.28%,

07/25/39

.

100‌

118,027‌

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.83%,

01/15/39

.

100‌

117,984‌

Aurium

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.28%,

10/15/38

.

100‌

117,824‌

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.32%,

10/25/37

.

100‌

117,921‌

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

DR,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.03%,

10/15/39

............

100‌

118,021‌

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.13%,

10/15/37

.

100‌

116,860‌

CVC

Cordatus

Opportunity

Loan

Fund-R

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.86%,

08/15/33

.......

100‌

117,310‌

Elm

Park

CLO

DAC,

Series

1X,

Class

DR3,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.32%,

01/15/38

.

100‌

118,184‌

Hambridge

Euro

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.34%,

10/20/38

.

100‌

118,366‌

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.21%,

05/15/34

.......

100‌

117,519‌

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.31%,

08/15/38

.

100‌

118,286‌

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.21%,

10/15/38

.

100‌

117,578‌

Rockford

Tower

Europe

CLO

DAC

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.06%,

10/25/37

....

100‌

116,756‌

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2025-3X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.18%,

01/15/40

....

EUR

100‌

$

116,931‌

Signal

Harmonic

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

5.42%,

07/15/38

.................

100‌

118,178‌

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.25%,

04/20/37

.

110‌

130,283‌

Sona

Fios

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.33%,

08/25/38

.

100‌

118,148‌

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.02%,

04/16/39

............

100‌

117,277‌

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.25%,

10/20/38

.

100‌

117,948‌

Victory

Street

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.20%,

01/15/39

.

100‌

118,183‌

2,722,435‌

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

....

GBP

22‌

31,660‌

United

States

—

2.0%

Ajax

Mortgage

Loan

Trust,

Series

2021-

E,

Class

A1,

1.74%,

12/25/60

(a)(b)

.

USD

130‌

115,107‌

Compass

Datacenters

Issuer

II

LLC,

Series

2025-2A,

Class

A1,

4.93%,

11/25/50

(a)

................

73‌

72,363‌

DB

Master

Finance

LLC,

Series

2025-

1A,

Class

A2I,

4.89%,

08/20/55

(a)

.

66‌

66,135‌

FNA

8

LLC,

Series

2025-1,

Class

A,

5.62%,

03/15/45

(a)(b)

..........

78‌

78,100‌

Foundation

Finance

Trust,

Series

2025-

3A,

Class

A,

4.56%,

08/15/52

(a)

..

155‌

155,620‌

FS

Rialto

Issuer

LLC,

Series

2025-

FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.12%,

08/19/42

(a)(b)

..........

100‌

99,957‌

GoodLeap

Home

Improvement

Solutions

Trust,

Series

2024-1A,

Class

A,

5.35%,

10/20/46

(a)

.....

82‌

83,021‌

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

18‌

14,635‌

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A4,

5.67%,

06/25/59

(a)

................

44‌

45,403‌

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2025-FL20,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.18%,

02/18/43

(a)(b)

100‌

100,081‌

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

4.76%,

04/15/60

(b)

.........

47‌

46,166‌

Series

2024-A,

Class

A,

5.66%,

10/15/72

...............

96‌

98,358‌

Navient

Refinance

Loan

Trust,

Series

2025-B,

Class

A,

4.72%,

09/15/55

(a)

94‌

94,466‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

B1,

2.85%,

04/20/62

...............

USD

100‌

$

89,808‌

Series

2021-A,

Class

D,

4.93%,

04/20/62

...............

100‌

91,911‌

Series

2021-BA,

Class

C,

3.57%,

04/20/62

...............

100‌

88,724‌

Series

2025-AA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.10%),

5.08%,

03/15/57

(b)

...

131‌

130,973‌

Series

2025-CA,

Class

A1B,

(SOFR

30

day

Average

at

1.35%

Floor

+

1.35%),

5.27%,

06/22/65

(b)

...

96‌

96,233‌

Series

2025-CA,

Class

D,

5.82%,

06/22/65

...............

100‌

98,638‌

Planet

Fitness

Master

Issuer

LLC,

Series

2025-1A,

Class

A2II,

5.65%,

12/06/55

(a)

................

54‌

53,980‌

QTS

Issuer

ABS

II

LLC,

Series

2025-

1A,

Class

A2,

5.04%,

10/05/55

(a)

.

55‌

54,515‌

Regional

Management

Issuance

Trust,

Series

2025-2,

Class

A,

4.59%,

11/16/37

(a)

................

160‌

159,735‌

Republic

Finance

Issuance

Trust,

Series

2025-A,

Class

A,

4.59%,

11/20/34

(a)

................

159‌

159,513‌

Retained

Vantage

Data

Centers

Issuer

LLC,

Series

2025-1A,

Class

A2A,

5.09%,

08/15/50

(a)

...........

60‌

59,447‌

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(d)

200‌

195,500‌

Silver

Point

Euro

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.10%,

01/15/39

(b)(c)

EUR

100‌

117,766‌

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.86%),

8.61%,

10/15/41

(a)(b)

....

USD

87‌

91,882‌

SMB

Private

Education

Loan

Trust

(a)

Series

2021-A,

Class

C,

2.99%,

01/15/53

...............

115‌

102,107‌

Series

2024-D,

Class

A1B,

(SOFR

30

day

Average

at

1.10%

Floor

+

1.10%),

5.07%,

07/15/53

(b)

...

115‌

114,508‌

SoFi

Personal

Loan

Trust,

Series

2024-

1A,

Class

A,

6.06%,

02/12/31

(a)

..

29‌

28,649‌

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(a)

...

45‌

45,487‌

Summit

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.21%,

11/20/55

(a)

....

75‌

75,162‌

Taco

Bell

Funding

LLC,

Series

2025-1A,

Class

A2I,

4.82%,

08/25/55

(a)

....

75‌

74,579‌

UPX

HIL

Issuer

Trust,

Series

2025-1,

Class

A,

5.16%,

01/25/47

(a)

.....

139‌

139,962‌

3,138,491‌

Total

Asset-Backed

Securities

—

3.9%

(Cost:

$6,138,948)

..............................

6,243,390‌

Security

Shares

Shares

Value

Common

Stocks

Australia

—

0.4%

BHP

Group

Ltd.

...............

6,061

$

182,916‌

Fortescue

Ltd.

................

2,916

42,639‌

Macquarie

Group

Ltd.

...........

939

126,887‌

Quintis

HoldCo

Pty.

Ltd.

(d)(e)(f)

......

218,994

1‌

Rio

Tinto

Ltd.

(g)

...............

844

82,337‌

Rio

Tinto

plc

.................

283

22,796‌

Santos

Ltd.

..................

10,950

44,974‌

Telix

Pharmaceuticals

Ltd.

(f)

.......

1,708

12,768‌

Transurban

Group

(h)

............

8,488

80,327‌

WiseTech

Global

Ltd.

...........

724

32,916‌

Woolworths

Group

Ltd.

..........

1,706

33,378‌

Worley

Ltd.

(g)

.................

3,117

26,030‌

687,969‌

Austria

—

0.0%

Raiffeisen

Bank

International

AG

...

81

3,609‌

Belgium

—

0.1%

KBC

Group

NV

...............

566

73,714‌

UCB

SA

....................

29

8,080‌

81,794‌

Brazil

—

0.2%

B3

SA

-

Brasil

Bolsa

Balcao

.......

6,256

15,996‌

Localiza

Rent

a

Car

SA

..........

1,145

9,089‌

Lojas

Renner

SA

..............

13,190

32,472‌

MercadoLibre,

Inc.

(f)

............

48

96,684‌

Rede

D'Or

Sao

Luiz

SA

(a)(c)

.......

1,026

7,650‌

Rumo

SA

...................

2,763

7,423‌

Seguridade

Participacoes

SA

......

6,024

39,969‌

StoneCo

Ltd.

,

Class

A

(f)

..........

240

3,550‌

Vale

SA

....................

941

12,294‌

Vale

SA

,

ADR

................

3,112

40,549‌

XP,

Inc.

,

Class

A

..............

256

4,191‌

269,867‌

Canada

—

1.2%

Algoma

Steel

Group,

Inc.

(g)

.......

4,547

18,643‌

Alimentation

Couche-Tard,

Inc.

.....

1,413

77,169‌

Bank

of

Nova

Scotia

(The)

........

369

27,215‌

Barrick

Mining

Corp.

............

2,203

95,965‌

CAE,

Inc.

(f)

..................

495

15,053‌

Cameco

Corp.

................

5,409

494,880‌

Canadian

National

Railway

Co.

....

861

85,156‌

Cenovus

Energy,

Inc.

...........

3,248

54,948‌

CGI,

Inc.

,

Class

A

.............

334

30,851‌

Constellation

Software,

Inc.

.......

65

156,345‌

Fortis,

Inc.

..................

1,290

67,068‌

Gildan

Activewear,

Inc.

..........

1,461

91,319‌

Kinross

Gold

Corp.

.............

4,461

125,651‌

Nutrien

Ltd.

(g)

................

743

45,861‌

Power

Corp.

of

Canada

(g)

........

184

9,779‌

Sun

Life

Financial,

Inc.

..........

3,484

217,485‌

Suncor

Energy,

Inc.

............

5,954

264,266‌

Teck

Resources

Ltd.

,

Class

B

.....

1,613

77,221‌

Xenon

Pharmaceuticals,

Inc.

(f)

.....

188

8,426‌

1,963,301‌

Cayman

Islands

—

0.0%

Teya

Services

Ltd.,

Series

C,

(Acquired

11/16/21,

cost

$73,809)

(d)(f)(i)

.....

38

11,876‌

China

—

1.2%

Airtac

International

Group

........

1,000

29,472‌

Alibaba

Group

Holding

Ltd.

.......

1,600

29,378‌

Alibaba

Group

Holding

Ltd.

,

ADR

...

737

108,029‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

China

(continued)

ANTA

Sports

Products

Ltd.

.......

5,400

$

56,077‌

Bilibili,

Inc.

,

ADR

(f)(g)

............

499

12,270‌

BYD

Co.

Ltd.

,

Class

H

..........

19,000

232,194‌

China

Galaxy

Securities

Co.

Ltd.

,

Class

H

......................

24,000

31,037‌

China

Hongqiao

Group

Ltd.

.......

9,500

39,897‌

Eastroc

Beverage

Group

Co.

Ltd.

,

Class

A

..................

250

9,586‌

Geely

Automobile

Holdings

Ltd.

....

38,000

87,889‌

GF

Securities

Co.

Ltd.

,

Class

A

....

5,100

16,103‌

Great

Wall

Motor

Co.

Ltd.

,

Class

A

..

25,157

81,626‌

JD.com,

Inc.

,

Class

A

...........

7,500

107,844‌

Laopu

Gold

Co.

Ltd.

,

Class

H

......

200

15,984‌

Lenovo

Group

Ltd.

.............

36,000

42,811‌

Nongfu

Spring

Co.

Ltd.

,

Class

H

(a)(c)

..

53

320‌

NXP

Semiconductors

NV

........

167

36,249‌

Pop

Mart

International

Group

Ltd.

(a)(c)

.

3,000

72,380‌

Prosus

NV

,

Class

N

............

908

56,223‌

SAIC

Motor

Corp.

Ltd.

,

Class

A

....

27,496

60,042‌

Shenzhou

International

Group

Holdings

Ltd.

.....................

3,600

28,368‌

Tencent

Holdings

Ltd.

...........

8,303

637,202‌

Tencent

Holdings

Ltd.

,

ADR

.......

13

995‌

Trip.com

Group

Ltd.

............

450

32,266‌

Weichai

Power

Co.

Ltd.

,

Class

H

...

16,000

38,829‌

Yum

China

Holdings,

Inc.

........

1,830

86,648‌

1,949,719‌

Colombia

—

0.0%

Grupo

Cibest

SA

,

ADR

..........

143

9,096‌

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

150

8,457‌

Moneta

Money

Bank

A/S

(a)(c)

......

494

4,642‌

13,099‌

Denmark

—

0.3%

Ascendis

Pharma

A/S

,

ADR

(f)

......

60

12,794‌

Coloplast

A/S

,

Class

B

..........

375

32,151‌

Danske

Bank

A/S

..............

1,295

64,668‌

DSV

A/S

....................

1,447

364,436‌

Genmab

A/S

(f)

................

68

21,079‌

Pandora

A/S

.................

169

18,689‌

513,817‌

Egypt

—

0.0%

Fawry

for

Banking

&

Payment

Technology

Services

SAE

(f)

.....

14,206

4,801‌

Finland

—

0.1%

Elisa

OYJ

...................

390

17,283‌

Kone

OYJ

,

Class

B

............

461

32,659‌

Sampo

OYJ

,

Class

A

...........

3,092

37,409‌

87,351‌

France

—

2.3%

Airbus

SE

...................

1,040

241,513‌

Bouygues

SA

................

758

39,405‌

Capgemini

SE

................

208

34,538‌

Carrefour

SA

.................

650

10,846‌

Cie

de

Saint-Gobain

SA

.........

3,900

396,599‌

Dassault

Systemes

SE

..........

2,236

62,470‌

Eiffage

SA

(g)

.................

376

53,873‌

Engie

SA

...................

4,230

111,119‌

EssilorLuxottica

SA

............

1,713

541,647‌

Hermes

International

SCA

........

164

407,188‌

Legrand

SA

.................

490

72,845‌

Security

Shares

Shares

Value

France

(continued)

L'Oreal

SA

..................

45

$

19,319‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

555

418,323‌

Renault

SA

..................

1,705

70,574‌

Safran

SA

...................

126

43,888‌

Sanofi

SA

...................

4,672

452,040‌

Schneider

Electric

SE

...........

144

39,395‌

Societe

Generale

SA

...........

6,710

540,182‌

Thales

SA

...................

323

87,134‌

3,642,898‌

Georgia

—

0.0%

Lion

Finance

Group

plc

..........

82

10,252‌

TBC

Bank

Group

plc

...........

90

4,918‌

15,170‌

Germany

—

0.6%

adidas

AG

..................

173

34,234‌

Allianz

SE

(Registered)

..........

191

88,314‌

Bayer

AG

(Registered)

..........

373

16,179‌

Caresyntax,

Inc.

(d)(f)

............

640

—‌

Deutsche

Bank

AG

(Registered)

....

991

38,192‌

Deutsche

Telekom

AG

(Registered)

.

5,181

168,647‌

E.ON

SE

...................

4,601

87,119‌

Fresenius

Medical

Care

AG

.......

680

32,481‌

Northern

Data

AG

(f)(g)

...........

200

3,613‌

RWE

AG

...................

708

37,515‌

SAP

SE

....................

647

157,201‌

Siemens

Energy

AG

(f)

...........

1,722

241,577‌

Symrise

AG

.................

592

47,965‌

953,037‌

Greece

—

0.0%

Athens

International

Airport

SA

.....

1,042

13,152‌

Hellenic

Telecommunications

Organization

SA

,

Class

R

......

676

13,394‌

National

Bank

of

Greece

SA

......

637

9,716‌

OPAP

SA

,

Class

R

.............

352

7,901‌

44,163‌

Hong

Kong

—

0.1%

AIA

Group

Ltd.

...............

200

2,059‌

Prudential

plc

................

3,859

59,363‌

Techtronic

Industries

Co.

Ltd.

......

5,500

63,267‌

124,689‌

Hungary

—

0.0%

OTP

Bank

Nyrt.

...............

237

25,412‌

India

—

0.1%

Axis

Bank

Ltd.

................

218

3,083‌

Eicher

Motors

Ltd.

.............

92

7,489‌

Hindustan

Aeronautics

Ltd.

(c)

......

387

18,916‌

ICICI

Bank

Ltd.

...............

190

2,844‌

IndusInd

Bank

Ltd.

(f)

............

590

5,676‌

Infosys

Ltd.

..................

1,396

25,140‌

ITC

Ltd.

....................

5,668

25,438‌

SBI

Life

Insurance

Co.

Ltd.

(a)(c)

.....

3,460

78,428‌

Think

&

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$67,547)

(d)(f)(i)

.....

45

—‌

167,014‌

Indonesia

—

0.0%

Astra

International

Tbk.

PT

.......

10,400

4,174‌

Bank

Mandiri

Persero

Tbk.

PT

.....

96,800

29,517‌

Bank

Syariah

Indonesia

Tbk.

PT

....

12,292

1,639‌

Ciputra

Development

Tbk.

PT

.....

104,300

5,179‌

Mitra

Adiperkasa

Tbk.

PT

........

41,400

2,889‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Indonesia

(continued)

Telkom

Indonesia

Persero

Tbk.

PT

..

9,400

$

1,967‌

45,365‌

Ireland

—

0.1%

Accenture

plc

,

Class

A

..........

460

123,418‌

Israel

—

0.1%

(f)

Deep

Instinct

Ltd.

(d)

............

2,674

160‌

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

....................

2,386

74,468‌

74,628‌

Italy

—

1.3%

Ferrari

NV

..................

129

47,938‌

FinecoBank

Banca

Fineco

SpA

....

1,554

40,263‌

Intesa

Sanpaolo

SpA

...........

126,083

871,247‌

Leonardo

SpA

................

2,481

141,915‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

.............

1,437

29,833‌

UniCredit

SpA

................

10,557

874,402‌

Wizz

Air

Holdings

plc

(a)(c)(f)

........

545

9,340‌

2,014,938‌

Japan

—

1.6%

Advantest

Corp.

...............

1,000

126,448‌

Asahi

Intecc

Co.

Ltd.

...........

1,300

24,369‌

Asahi

Kasei

Corp.

.............

4,400

39,111‌

Bridgestone

Corp.

(g)

............

800

17,999‌

Canon,

Inc.

(g)

.................

2,400

71,013‌

Dai-ichi

Life

Holdings,

Inc.

........

4,900

40,722‌

Daiwa

Securities

Group,

Inc.

......

7,000

61,347‌

ENEOS

Holdings,

Inc.

..........

15,700

111,079‌

FUJIFILM

Holdings

Corp.

........

1,143

24,253‌

Furukawa

Electric

Co.

Ltd.

........

500

31,881‌

Idemitsu

Kosan

Co.

Ltd.

.........

5,600

42,399‌

Inpex

Corp.

..................

1,300

26,001‌

Isetan

Mitsukoshi

Holdings

Ltd.

....

1,300

18,883‌

Japan

Exchange

Group,

Inc.

......

4,300

45,896‌

Japan

Post

Bank

Co.

Ltd.

........

5,000

70,385‌

Japan

Post

Holdings

Co.

Ltd.

......

3,800

40,095‌

Japan

Tobacco,

Inc.

(g)

...........

4,300

154,552‌

Kakaku.com,

Inc.

..............

1,300

19,164‌

Kansai

Paint

Co.

Ltd.

...........

1,072

16,935‌

KDDI

Corp.

..................

4,200

72,692‌

Keyence

Corp.

...............

300

108,518‌

Kuraray

Co.

Ltd.

..............

200

2,029‌

LY

Corp.

....................

18,600

49,494‌

Metaplanet,

Inc.

(f)

..............

6,300

16,086‌

MISUMI

Group,

Inc.

............

1,700

26,529‌

Mitsubishi

UFJ

Financial

Group,

Inc.

.

5,106

81,038‌

Mizuho

Financial

Group,

Inc.

......

500

18,247‌

Murata

Manufacturing

Co.

Ltd.

.....

5,400

111,607‌

Nexon

Co.

Ltd.

...............

2,800

68,394‌

Nidec

Corp.

.................

7,500

101,835‌

Nintendo

Co.

Ltd.

..............

1,000

67,515‌

Nippon

Steel

Corp.

.............

1,900

7,775‌

Nissan

Chemical

Corp.

..........

800

27,490‌

Nomura

Holdings,

Inc.

..........

7,100

59,146‌

Obayashi

Corp.

...............

2,000

41,856‌

Olympus

Corp.

...............

5,300

67,200‌

Rakus

Co.

Ltd.

...............

2,346

15,573‌

Sanrio

Co.

Ltd.

...............

900

28,161‌

Santen

Pharmaceutical

Co.

Ltd.

....

1,763

18,287‌

SBI

Shinsei

Bank

Ltd.

(f)

..........

2,800

31,103‌

Seven

&

i

Holdings

Co.

Ltd.

.......

2,700

38,791‌

Shimizu

Corp.

................

3,800

64,880‌

Socionext,

Inc.

...............

1,900

26,620‌

Security

Shares

Shares

Value

Japan

(continued)

Sony

Group

Corp.

.............

2,500

$

64,127‌

Sumitomo

Mitsui

Financial

Group,

Inc.

1,800

57,891‌

Sumitomo

Pharma

Co.

Ltd.

(f)

......

2,100

31,014‌

Suzuki

Motor

Corp.

............

5,000

74,777‌

TOTO

Ltd.

..................

800

22,104‌

Toyota

Motor

Corp.

............

6,800

146,044‌

Toyota

Tsusho

Corp.

............

1,600

53,951‌

Trend

Micro,

Inc.

(f)

.............

500

20,766‌

Yaskawa

Electric

Corp.

..........

600

18,241‌

2,622,313‌

Jersey,

Channel

Islands

—

0.0%

Aptiv

plc

(f)

...................

377

28,686‌

Kazakhstan

—

0.0%

(c)

Halyk

Savings

Bank

of

Kazakhstan

JSC

,

GDR

................

297

8,890‌

Kaspi.KZ

JSC

,

ADR

(f)

...........

156

12,188‌

21,078‌

Macau

—

0.0%

Wynn

Macau

Ltd.

..............

40,737

31,141‌

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

2,400

4,874‌

Frontken

Corp.

Bhd.

............

10,800

11,096‌

15,970‌

Mexico

—

0.1%

America

Movil

SAB

de

CV,

Series

B

.

12,495

12,927‌

Fomento

Economico

Mexicano

SAB

de

CV

.....................

267

2,696‌

Fresnillo

plc

.................

2,595

115,712‌

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

.............

512

16,468‌

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

..................

5,844

54,177‌

Grupo

Mexico

SAB

de

CV,

Series

B

.

467

4,410‌

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

.....

389

5,775‌

Southern

Copper

Corp.

..........

63

9,039‌

Wal-Mart

de

Mexico

SAB

de

CV

....

2,488

7,755‌

228,959‌

Netherlands

—

1.1%

Adyen

NV

(a)(c)(f)

................

12

19,351‌

Argenx

SE

(f)

.................

27

22,776‌

Argenx

SE

,

ADR

(f)

.............

14

11,773‌

ASML

Holding

NV

.............

787

848,008‌

ING

Groep

NV

................

26,253

737,925‌

Koninklijke

Vopak

NV

...........

266

11,853‌

Nebius

Group

NV

,

Class

A

(f)

.......

92

7,701‌

Wolters

Kluwer

NV

.............

787

81,515‌

1,740,902‌

Norway

—

0.0%

Kongsberg

Gruppen

ASA

........

824

21,115‌

Telenor

ASA

.................

1,739

25,293‌

46,408‌

Philippines

—

0.0%

Ayala

Land,

Inc.

...............

14,400

5,490‌

Bloomberry

Resorts

Corp.

........

25,600

1,105‌

DigiPlus

Interactive

Corp.

........

4,900

1,349‌

International

Container

Terminal

Services,

Inc.

..............

750

7,197‌

Metropolitan

Bank

&

Trust

Co.

.....

4,440

5,170‌

20,311‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Poland

—

0.1%

LPP

SA

....................

5

$

28,891‌

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

.................

778

18,362‌

Powszechny

Zaklad

Ubezpieczen

SA

3,803

70,392‌

117,645‌

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

359

8,543‌

Republic

of

Turkiye

—

0.1%

Akbank

TAS

.................

13,812

22,410‌

Eldorado

Gold

Corp.

(f)

...........

658

23,635‌

MLP

Saglik

Hizmetleri

A/S

(a)(c)(f)

.....

928

8,216‌

Turkiye

Is

Bankasi

A/S

,

Class

C

....

53,615

17,554‌

71,815‌

Romania

—

0.0%

Banca

Transilvania

SA

..........

1,233

8,570‌

Saudi

Arabia

—

0.1%

Ades

Holding

Co.

..............

1,818

8,447‌

Al

Rajhi

Bank

................

981

25,482‌

Elm

Co.

....................

22

4,387‌

Etihad

Etisalat

Co.

.............

1,355

23,808‌

Rasan

Information

Technology

Co.

(f)

.

466

14,392‌

Saudi

Basic

Industries

Corp.

......

256

3,501‌

Saudi

National

Bank

(The)

........

387

3,908‌

Yanbu

National

Petrochemical

Co.

..

1,047

7,669‌

91,594‌

Singapore

—

0.0%

Sea

Ltd.

,

ADR,

Class

A

(f)

.........

10

1,276‌

STMicroelectronics

NV

..........

1,402

36,641‌

UOL

Group

Ltd.

...............

1,610

10,935‌

48,852‌

South

Africa

—

0.1%

FirstRand

Ltd.

................

11,878

65,091‌

Harmony

Gold

Mining

Co.

Ltd.

.....

3,642

73,066‌

Kumba

Iron

Ore

Ltd.

............

510

10,824‌

Mr

Price

Group

Ltd.

............

1,705

18,016‌

Northam

Platinum

Holdings

Ltd.

....

798

16,194‌

Valterra

Platinum

Ltd.

...........

394

33,367‌

Vodacom

Group

Ltd.

...........

470

4,011‌

220,569‌

South

Korea

—

0.4%

Doosan

Enerbility

Co.

Ltd.

(f)

.......

138

7,218‌

GS

Engineering

&

Construction

Corp.

711

9,708‌

HD

Hyundai

Heavy

Industries

Co.

Ltd.

177

62,384‌

HD

Hyundai

Marine

Solution

Co.

Ltd.

54

7,236‌

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.........

107

30,192‌

IsuPetasys

Co.

Ltd.

............

74

6,136‌

KB

Financial

Group,

Inc.

.........

136

11,708‌

Kia

Corp.

...................

87

7,375‌

Korea

Electric

Power

Corp.

(f)

......

654

21,464‌

Krafton,

Inc.

(f)

................

196

33,396‌

KT&G

Corp.

.................

407

40,148‌

Misto

Holdings

Corp.

...........

164

4,861‌

NAVER

Corp.

................

194

32,612‌

Samsung

Electronics

Co.

Ltd.

.....

2,449

205,263‌

SK

Hynix,

Inc.

................

440

199,266‌

678,967‌

Spain

—

0.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

.

5,118

120,054‌

Banco

de

Sabadell

SA

..........

9,487

37,387‌

Security

Shares

Shares

Value

Spain

(continued)

Bankinter

SA

.................

4,169

$

69,102‌

CaixaBank

SA

................

10,501

128,386‌

Industria

de

Diseno

Textil

SA

......

626

41,294‌

Naturgy

Energy

Group

SA

........

578

17,599‌

Repsol

SA

..................

3,048

56,871‌

470,693‌

Sweden

—

0.1%

Atlas

Copco

AB

,

Class

A

.........

5,309

94,514‌

EQT

AB

....................

324

12,657‌

Investor

AB

,

Class

B

............

1,720

61,293‌

SSAB

AB

,

Class

A

.............

461

3,492‌

SSAB

AB

,

Class

B

.............

1,187

8,888‌

Telefonaktiebolaget

LM

Ericsson

,

Class

B

......................

4,294

41,789‌

222,633‌

Switzerland

—

0.4%

ABB

Ltd.

(Registered)

...........

1,058

77,993‌

Alcon

AG

...................

479

37,902‌

Belimo

Holding

AG

(Registered)

....

30

29,312‌

Galderma

Group

AG

............

534

108,740‌

Partners

Group

Holding

AG

.......

131

160,735‌

TE

Connectivity

plc

............

200

45,502‌

UBS

Group

AG

(Registered)

......

344

15,884‌

Zurich

Insurance

Group

AG

.......

130

98,371‌

574,439‌

Taiwan

—

1.4%

Accton

Technology

Corp.

........

2,000

75,474‌

Bizlink

Holding,

Inc.

............

1,000

48,311‌

Genius

Electronic

Optical

Co.

Ltd.

..

1,779

25,375‌

Hon

Hai

Precision

Industry

Co.

Ltd.

..

6,000

43,982‌

International

Games

System

Co.

Ltd.

1,000

22,944‌

MediaTek,

Inc.

................

940

42,681‌

Realtek

Semiconductor

Corp.

.....

3,796

58,939‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

36,000

1,769,662‌

TS

Financial

Holding

Co.

Ltd.

......

18,000

11,686‌

Winbond

Electronics

Corp.

(f)

......

30,000

78,927‌

2,177,981‌

Thailand

—

0.0%

CP

ALL

PCL

.................

11,500

15,881‌

Krungthai

Card

PCL

............

11,800

9,828‌

True

Corp.

PCL

,

NVDR

..........

16,800

5,806‌

31,515‌

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(f)

.............

8,338

—‌

United

Kingdom

—

2.3%

3i

Group

plc

.................

678

29,730‌

Admiral

Group

plc

.............

1,285

54,970‌

Anglo

American

plc

............

739

30,567‌

BAE

Systems

plc

..............

25,796

593,696‌

BP

plc

.....................

5,552

32,379‌

British

American

Tobacco

plc

......

3,491

197,907‌

British

Land

Co.

plc

(The)

........

2,778

15,075‌

Bunzl

plc

...................

1,464

40,881‌

Compass

Group

plc

............

11,702

370,778‌

Convatec

Group

plc

(a)(c)

..........

4,922

16,070‌

Genius

Sports

Ltd.

(f)

............

3,881

42,769‌

Haleon

plc

..................

7,342

37,102‌

Imperial

Brands

plc

............

1,006

42,242‌

J

Sainsbury

plc

...............

15,679

68,687‌

National

Grid

plc

..............

41,434

635,535‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

Kingdom

(continued)

NatWest

Group

plc

.............

21,007

$

184,279‌

RELX

plc

...................

7,564

304,730‌

Rolls-Royce

Holdings

plc

........

18,336

283,579‌

Schroders

plc

................

5,585

30,530‌

Shell

plc

(g)

...................

17,958

665,237‌

St.

James's

Place

plc

...........

1,741

32,338‌

Verisure

plc

(f)

.................

1,626

26,752‌

3,735,833‌

United

States

—

45.0%

Abbott

Laboratories

............

2,895

362,715‌

AbbVie,

Inc.

.................

1,527

348,904‌

Adobe,

Inc.

(f)(g)

................

748

261,793‌

Advanced

Micro

Devices,

Inc.

(f)

....

1,495

320,169‌

Air

Products

&

Chemicals,

Inc.

.....

777

191,935‌

Airbnb,

Inc.

,

Class

A

(f)

...........

1,118

151,735‌

Akamai

Technologies,

Inc.

(f)

.......

480

41,880‌

Albemarle

Corp.

..............

365

51,626‌

ALL

Health

Services

Corp.,

(Acquired

01/24/17,

cost

$0)

(d)(f)(i)

........

1

—‌

Alliance

Laundry

Holdings,

Inc.

(f)(g)

...

2,003

40,761‌

Alphabet,

Inc.

,

Class

C

..........

11,740

3,684,012‌

Altria

Group,

Inc.

(g)

.............

4,126

237,905‌

Amazon.com,

Inc.

(f)(j)

............

12,235

2,824,083‌

AMC

Networks,

Inc.

,

Class

A

(f)

.....

748

7,121‌

Ameren

Corp.

................

113

11,284‌

American

Express

Co.

..........

435

160,928‌

Amphenol

Corp.

,

Class

A

........

1,065

143,924‌

Analog

Devices,

Inc.

............

42

11,390‌

Apollo

Global

Management,

Inc.

....

3,095

448,032‌

Apple,

Inc.

(j)

.................

12,309

3,346,325‌

AppLovin

Corp.

,

Class

A

(f)

........

182

122,635‌

Arista

Networks,

Inc.

(f)

...........

506

66,301‌

Autodesk,

Inc.

(f)

...............

976

288,906‌

Automatic

Data

Processing,

Inc.

....

350

90,030‌

AutoNation,

Inc.

(f)

..............

59

12,182‌

AutoZone,

Inc.

(f)

...............

9

30,523‌

Avaya

LLC

(f)

.................

10

142‌

Axsome

Therapeutics,

Inc.

(f)

.......

109

19,908‌

Bank

of

America

Corp.

..........

23,552

1,295,360‌

Berkshire

Hathaway,

Inc.

,

Class

B

(f)

..

262

131,694‌

Best

Buy

Co.,

Inc.

.............

2,466

165,049‌

Boeing

Co.

(The)

(f)

.............

3,696

802,476‌

Booking

Holdings,

Inc.

..........

64

342,741‌

Boston

Scientific

Corp.

(f)(j)

........

7,363

702,062‌

Bristol-Myers

Squibb

Co.

.........

1,835

98,980‌

Broadcom,

Inc.

...............

5,048

1,747,113‌

Burlington

Stores,

Inc.

(f)

..........

126

36,395‌

Cadence

Design

Systems,

Inc.

(f)

....

203

63,454‌

Caesars

Entertainment,

Inc.

(f)

......

683

15,975‌

Capital

One

Financial

Corp.

.......

3,572

865,710‌

Cardinal

Health,

Inc.

............

42

8,631‌

Carrier

Global

Corp.

............

790

41,744‌

Carvana

Co.

,

Class

A

(f)

..........

172

72,587‌

Centene

Corp.

(f)

...............

559

23,003‌

Century

Communities,

Inc.

.......

509

30,209‌

Charles

Schwab

Corp.

(The)

......

100

9,991‌

Charter

Communications,

Inc.

,

Class

A

(f)

351

73,271‌

Chevron

Corp.

................

3,311

504,629‌

Circle

Internet

Group,

Inc.

,

Class

A

(f)

.

1,675

132,827‌

Cisco

Systems,

Inc.

............

8,630

664,769‌

Citigroup,

Inc.

................

8,282

966,427‌

Coca-Cola

Co.

(The)

...........

2,022

141,358‌

Cognizant

Technology

Solutions

Corp.

,

Class

A

..................

175

14,525‌

Coinbase

Global,

Inc.

,

Class

A

(f)

....

156

35,278‌

Security

Shares

Shares

Value

United

States

(continued)

Comerica,

Inc.

................

100

$

8,693‌

Constellation

Energy

Corp.

.......

84

29,675‌

CoreWeave,

Inc.

,

Class

A

(f)

.......

543

38,884‌

Costco

Wholesale

Corp.

.........

1,207

1,040,844‌

CRH

plc

....................

3,866

482,477‌

Crowdstrike

Holdings,

Inc.

,

Class

A

(f)

.

217

101,721‌

Crown

PropTech

Acquisitions

(d)(f)

....

1,992

1,625‌

Crown

PropTech

Acquisitions

,

Class

A

(f)

845

9,616‌

Datadog,

Inc.

,

Class

A

(f)

.........

455

61,875‌

Davidson

Kempner

Merchant

Co.-Invest

Fund

LP,

(Acquired

04/07/21,

cost

$0)

(f)(i)(k)

...................

—

(l)

178,999‌

Deckers

Outdoor

Corp.

(f)

.........

150

15,550‌

Dell

Technologies,

Inc.

,

Class

C

....

1,078

135,699‌

Delta

Air

Lines,

Inc.

............

6,770

469,838‌

Devon

Energy

Corp.

............

2,588

94,798‌

DF

Residential

III

LP

(d)(f)

..........

43,440

46,915‌

Dick's

Sporting

Goods,

Inc.

.......

162

32,071‌

Dollar

General

Corp.

...........

1,002

133,036‌

Domino's

Pizza,

Inc.

............

41

17,090‌

DR

Horton,

Inc.

...............

2,592

373,326‌

Duke

Energy

Corp.

............

378

44,305‌

Eaton

Corp.

plc

...............

407

129,634‌

eBay,

Inc.

...................

692

60,273‌

EchoStar

Corp.

,

Class

A

(f)

........

1,622

176,311‌

Edwards

Lifesciences

Corp.

(f)

......

1,127

96,077‌

Eli

Lilly

&

Co.

................

1,519

1,632,439‌

EMCOR

Group,

Inc.

............

27

16,518‌

EOG

Resources,

Inc.

...........

1,256

131,893‌

EPAM

Systems,

Inc.

(f)

...........

58

11,883‌

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$274,275)

(d)(f)(i)

...........

504

317,202‌

EQT

Corp.

..................

6,621

354,886‌

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

633

66,288‌

EXO

Capital

Technologies,

Inc.,

(Acquired

06/24/21,

cost

$62,470)

(d)(f)

(i)

.......................

107

39‌

Experian

plc

.................

681

30,704‌

FactSet

Research

Systems,

Inc.

....

317

91,990‌

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

08/17/22,

cost

$301,006)

(d)

(f)(i)

......................

4,437

354,960‌

Farmers

Business

Network,

Inc.

(d)(f)

..

2,421

2,494‌

Fifth

Third

Bancorp

............

915

42,831‌

Figma,

Inc.

,

Class

A

(f)

...........

219

8,184‌

First

Citizens

BancShares,

Inc.

,

Class

A

28

60,093‌

First

Horizon

Corp.

.............

1,608

38,431‌

Flagstar

Bank

NA

..............

7,552

95,080‌

Flex

Ltd.

(f)

...................

862

52,082‌

FLYR,

Inc.,

Series

D-X

(d)(f)

........

18,486

—‌

Ford

Motor

Co.

...............

17,212

225,821‌

Fortinet,

Inc.

(f)

................

930

73,851‌

Fortive

Corp.

.................

554

30,586‌

Fox

Corp.

,

Class

A

.............

1,029

75,189‌

Freeport-McMoRan,

Inc.

.........

9,919

503,786‌

FreeWire

Technologies,

Inc.

(d)(f)

.....

1

—‌

Garmin

Ltd.

..................

399

80,937‌

GE

Aerospace

................

1,717

528,888‌

GE

Vernova,

Inc.

..............

616

402,599‌

Gilead

Sciences,

Inc.

...........

751

92,178‌

Goldman

Sachs

Group,

Inc.

(The)

..

206

181,074‌

GSK

plc

....................

3,101

76,028‌

HCA

Healthcare,

Inc.

...........

17

7,937‌

Hewlett

Packard

Enterprise

Co.

....

1,735

41,675‌

Hilton

Worldwide

Holdings,

Inc.

....

863

247,897‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Holcim

AG

..................

1,016

$

98,908‌

Home

Depot,

Inc.

(The)

.........

1,546

531,979‌

Honeywell

International,

Inc.

......

1,279

249,520‌

Howmet

Aerospace,

Inc.

.........

966

198,049‌

Humana,

Inc.

................

109

27,918‌

Huntington

Bancshares,

Inc.

......

5,565

96,553‌

Huntington

Ingalls

Industries,

Inc.

...

184

62,573‌

iHeartMedia,

Inc.

,

Class

A

(f)

.......

60

250‌

Illinois

Tool

Works,

Inc.

..........

560

137,928‌

Included

Health,

(Acquired

02/11/22,

cost

$179,056)

(d)(f)(i)

...........

67,553

54,042‌

Incyte

Corp.

(f)

................

710

70,127‌

Insmed,

Inc.

(f)

................

145

25,236‌

Intel

Corp.

(f)

..................

4,081

150,589‌

Intuit,

Inc.

...................

799

529,274‌

Intuitive

Surgical,

Inc.

(f)

..........

926

524,449‌

Invesco

Ltd.

.................

1,962

51,542‌

Jabil,

Inc.

...................

664

151,405‌

Johnson

&

Johnson

............

2,170

449,081‌

JPMorgan

Chase

&

Co.

.........

3,809

1,227,336‌

Keurig

Dr

Pepper,

Inc.

..........

3,980

111,480‌

KLA

Corp.

...................

100

121,508‌

Lam

Research

Corp.

...........

4,066

696,018‌

Las

Vegas

Sands

Corp.

.........

1,784

116,121‌

Latch,

Inc.

(f)

..................

4,082

613‌

Lionsgate

Studios

Corp.

(f)

........

5,532

50,507‌

Live

Nation

Entertainment,

Inc.

(f)(g)

...

2,371

337,867‌

Lockheed

Martin

Corp.

..........

442

213,782‌

Lululemon

Athletica,

Inc.

(f)

........

521

108,269‌

Lumen

Technologies,

Inc.

(f)

.......

2,870

22,300‌

M/I

Homes,

Inc.

(f)

..............

129

16,506‌

Marsh

&

McLennan

Cos.,

Inc.

.....

2,590

480,497‌

Marvell

Technology,

Inc.

.........

948

80,561‌

Masimo

Corp.

(f)

...............

816

106,129‌

Mastercard,

Inc.

,

Class

A

.........

1,543

880,868‌

Match

Group,

Inc.

.............

3,697

119,376‌

McDonald's

Corp.

.............

699

213,635‌

McKesson

Corp.

..............

750

615,217‌

Medtronic

plc

................

5,115

491,347‌

Merck

&

Co.,

Inc.

..............

2,796

294,307‌

Meritage

Homes

Corp.

..........

404

26,583‌

Meta

Platforms,

Inc.

,

Class

A

......

2,288

1,510,286‌

Micron

Technology,

Inc.

..........

3,413

974,104‌

Microsoft

Corp.

(j)

..............

8,093

3,913,937‌

Moderna,

Inc.

(f)

...............

4,665

137,571‌

MongoDB,

Inc.

,

Class

A

(f)

........

575

241,322‌

Monolithic

Power

Systems,

Inc.

....

85

77,041‌

Morgan

Stanley

...............

671

119,123‌

Motorola

Solutions,

Inc.

.........

315

120,746‌

MP

Materials

Corp.

,

Class

A

(f)

......

1,315

66,434‌

MSCI,

Inc.

..................

187

107,287‌

Nestle

SA

(Registered)

..........

283

28,090‌

Netflix,

Inc.

(f)

.................

4,488

420,795‌

Newmont

Corp.

...............

874

87,269‌

NextEra

Energy,

Inc.

(g)

..........

7,235

580,826‌

Novartis

AG

(Registered)

........

1,482

204,214‌

NRG

Energy,

Inc.

..............

551

87,741‌

NVIDIA

Corp.

(j)

................

23,584

4,398,416‌

Omnicom

Group,

Inc.

...........

1,073

86,645‌

Oracle

Corp.

.................

1,042

203,096‌

Otis

Worldwide

Corp.

...........

2,614

228,333‌

Palantir

Technologies,

Inc.

,

Class

A

(f)

.

1,906

338,791‌

Palladyne

AI

Corp.

(f)

............

4,710

20,066‌

Palladyne

AI

Corp.

(f)(g)

...........

228

971‌

Paramount

Skydance

Corp.

,

Class

B

77

1,032‌

Security

Shares

Shares

Value

United

States

(continued)

PayPal

Holdings,

Inc.

...........

323

$

18,857‌

PepsiCo,

Inc.

................

600

86,112‌

Pfizer,

Inc.

..................

4,008

99,799‌

Philip

Morris

International,

Inc.

.....

3,128

501,731‌

Pinnacle

West

Capital

Corp.

......

439

38,939‌

Playstudios,

Inc.

,

Class

A

(f)

.......

6,121

3,988‌

PNC

Financial

Services

Group,

Inc.

(The)

....................

273

56,983‌

Principal

Financial

Group,

Inc.

.....

1,510

133,197‌

Procter

&

Gamble

Co.

(The)

......

2,052

294,072‌

Progressive

Corp.

(The)

.........

2,657

605,052‌

Prologis,

Inc.

.................

910

116,171‌

Prudential

Financial,

Inc.

.........

1,284

144,938‌

Raymond

James

Financial,

Inc.

....

53

8,511‌

Regeneron

Pharmaceuticals,

Inc.

...

95

73,328‌

Relspace

(d)(f)

.................

42

43‌

ResMed,

Inc.

................

63

15,175‌

Robinhood

Markets,

Inc.

,

Class

A

(f)

..

438

49,538‌

ROBLOX

Corp.

,

Class

A

(f)

........

412

33,384‌

Rocket

Cos.,

Inc.

,

Class

A

........

4,727

91,515‌

Rockwell

Automation,

Inc.

........

23

8,949‌

Royalty

Pharma

plc

,

Class

A

......

279

10,781‌

RTX

Corp.

..................

283

51,902‌

S&P

Global,

Inc.

..............

122

63,756‌

Salesforce,

Inc.

...............

2,392

633,665‌

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$21,956)

(f)(i)

2,160

19,516‌

ServiceNow,

Inc.

(f)

.............

3,498

535,859‌

ServiceTitan,

Inc.

,

Class

A

(f)

.......

431

45,901‌

Six

Flags

Entertainment

Corp.

(f)

....

1,401

21,491‌

Skyworks

Solutions,

Inc.

(g)

........

2,239

141,975‌

SLB

Ltd.

....................

646

24,793‌

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$7,945)

(d)(f)(i)

............

529

3,237‌

Snowflake,

Inc.

,

Class

A

(f)

........

221

48,479‌

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

(g)

.................

1,226

56,359‌

Soleno

Therapeutics,

Inc.

(f)

.......

164

7,593‌

Solstice

Advanced

Materials,

Inc.

(f)

..

50

2,429‌

Sonder

Holdings,

Inc.

,

Class

A

(f)

....

778

8‌

SOURCE

Global

PBC

(d)(f)

.........

1,116

89‌

Southern

Co.

(The)

............

294

25,637‌

Southwest

Airlines

Co.

..........

1,105

45,670‌

Space

Exploration

Technologies

Corp.

,

Class

A

,

(Acquired

08/21/23,

cost

$65,367)

(d)(f)(i)

...............

807

255,012‌

Space

Exploration

Technologies

Corp.

,

Class

C

,

(Acquired

08/21/23,

cost

$70,227)

(d)(f)(i)

...............

867

273,972‌

Spotify

Technology

SA

(f)

.........

36

20,906‌

Starbucks

Corp.

...............

411

34,610‌

Starz

Entertainment

Corp.

........

227

2,656‌

STERIS

plc

..................

52

13,183‌

Stryker

Corp.

(g)

...............

2,245

789,050‌

Synchrony

Financial

............

1,161

96,862‌

T.

Rowe

Price

Group,

Inc.

........

378

38,700‌

Take-Two

Interactive

Software,

Inc.

(f)

.

203

51,974‌

Tapestry,

Inc.

.................

672

85,861‌

Target

Corp.

.................

383

37,438‌

TD

SYNNEX

Corp.

.............

217

32,600‌

Tenaris

SA

..................

1,550

29,909‌

Tesla,

Inc.

(f)

..................

2,633

1,184,113‌

Texas

Instruments,

Inc.

..........

209

36,259‌

Textron,

Inc.

.................

1,521

132,586‌

Thermo

Fisher

Scientific,

Inc.

......

491

284,510‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

TJX

Cos.,

Inc.

(The)

............

4,264

$

654,993‌

T-Mobile

US,

Inc.

..............

252

51,166‌

Toll

Brothers,

Inc.

..............

509

68,827‌

Trane

Technologies

plc

..........

1,951

759,329‌

TransDigm

Group,

Inc.

..........

379

504,013‌

TRI

Pointe

Homes,

Inc.

(f)

.........

885

27,851‌

Tyler

Technologies,

Inc.

(f)

.........

39

17,704‌

Uber

Technologies,

Inc.

(f)

.........

1,934

158,027‌

Ulta

Beauty,

Inc.

(f)

..............

67

40,536‌

Union

Pacific

Corp.

............

1,333

308,350‌

United

Airlines

Holdings,

Inc.

(f)

.....

4,094

457,791‌

United

Therapeutics

Corp.

(f)

.......

51

24,850‌

UnitedHealth

Group,

Inc.

.........

783

258,476‌

Universal

Health

Services,

Inc.

,

Class

B

155

33,793‌

US

Bancorp

.................

2,071

110,509‌

Valero

Energy

Corp.

............

1,107

180,209‌

Ventas,

Inc.

.................

206

15,940‌

Vera

Therapeutics,

Inc.

,

Class

A

(f)

...

166

8,406‌

Verizon

Communications,

Inc.

.....

6,475

263,727‌

Vertex

Pharmaceuticals,

Inc.

(f)

.....

665

301,484‌

Vertiv

Holdings

Co.

,

Class

A

......

2,326

376,835‌

Viatris,

Inc.

..................

14,020

174,549‌

VICI

Properties,

Inc.

............

886

24,914‌

Viking

Holdings

Ltd.

(f)

...........

165

11,783‌

Visa,

Inc.

,

Class

A

.............

381

133,621‌

Vistra

Corp.

.................

1,755

283,134‌

Walmart,

Inc.

.................

9,502

1,058,618‌

Walt

Disney

Co.

(The)

..........

6,348

722,212‌

Waste

Management,

Inc.

.........

295

64,814‌

Wealthfront

Corp.

(f)(g)

............

1,858

25,250‌

Wells

Fargo

&

Co.

.............

14,113

1,315,332‌

Welltower,

Inc.

................

133

24,686‌

West

Pharmaceutical

Services,

Inc.

.

20

5,503‌

Williams

Cos.,

Inc.

(The)

.........

7,503

451,005‌

Wolfspeed,

Inc.

(f)

..............

44

766‌

Workday,

Inc.

,

Class

A

(f)

.........

178

38,231‌

Wynn

Resorts

Ltd.

.............

1,246

149,931‌

Zimmer

Biomet

Holdings,

Inc.

.....

616

55,391‌

Zoetis,

Inc.

,

Class

A

............

1,800

226,476‌

72,522,223‌

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

(f)

......

422

11,314‌

Total

Common

Stocks

—

61.2%

(Cost:

$86,869,350)

..............................

98,575,985‌

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Australia

—

0.1%

Mineral

Resources

Ltd.

(a)

9.25%,

10/01/28

............

USD

7‌

7,346‌

8.50%,

05/01/30

............

20‌

20,799‌

Oceana

Australian

Fixed

Income

Trust

(d)

12.50%,

07/31/26

...........

AUD

47‌

31,758‌

12.50%,

07/31/27

...........

79‌

54,302‌

Quintis

Australia

Pty.

Ltd.

(a)(d)(e)(f)(m)(n)

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

...............

USD

463‌

46,275‌

12.00%,

(12.00%

Cash

or

12.00%

PIK),

10/01/28

...........

414‌

—‌

160,480‌

Security

Par

(000)

Par

(000)

Value

Austria

—

0.1%

ams-OSRAM

AG,

2.13%,

11/03/27

(c)(o)

EUR

100‌

$

111,791‌

Canada

—

0.4%

1011778

BC

ULC,

4.00%,

10/15/30

(a)

USD

100‌

95,240‌

Air

Canada

Pass-Through

Trust,

Series

2020-1,

Class

C,

10.50%,

07/15/26

(a)

52‌

53,441‌

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(c)

...........

EUR

100‌

119,547‌

HR

Ottawa

LP,

11.00%,

03/31/31

(a)

..

USD

381‌

419,218‌

687,446‌

China

—

0.0%

Alibaba

Group

Holding

Ltd.,

0.50%,

06/01/31

(o)

................

39‌

60,567‌

France

—

1.1%

(c)

Afflelou

SAS,

6.00%,

07/25/29

.....

EUR

100‌

122,255‌

Atos

SE

(p)

9.36%,

12/18/29

............

56‌

76,054‌

5.20%,

12/18/30

............

52‌

60,295‌

1.04%,

12/18/32

............

51‌

39,545‌

Clariane

SE,

0.88%,

03/06/27

(o)

....

38‌

25,666‌

Credit

Agricole

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.64%),

5.88%

(b)(q)

100‌

120,551‌

Iliad

SA,

4.25%,

01/09/32

........

100‌

118,548‌

IPD

3

BV,

5.50%,

06/15/31

.......

100‌

118,867‌

Lion/Polaris

Lux

4

SA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

5.64%,

07/01/29

(b)

...........

100‌

118,877‌

Lune

Holdings

SARL,

5.63%,

11/15/28

100‌

13,515‌

Maya

SAS,

5.63%,

10/15/28

......

100‌

119,148‌

New

Immo

Holding

SA

4.88%,

12/08/28

............

100‌

119,016‌

4.95%,

11/14/30

............

100‌

118,199‌

Paprec

Holding

SA,

4.13%,

07/15/30

100‌

118,080‌

RCI

Banque

SA

(b)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.13%

(q)

..........

200‌

236,277‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

....

100‌

123,859‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%,

03/24/37

....

100‌

119,769‌

1,768,521‌

Germany

—

1.8%

APCOA

Group

GmbH

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.15%,

04/15/31

(b)(c)

..........

100‌

118,429‌

Aroundtown

Finance

SARL,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.43%),

5.25%

(b)(c)(q)

................

100‌

114,550‌

Bayer

AG

,

(5-Year

EUR

Swap

Annual

+

4.46%),

5.38%,

03/25/82

(b)(c)

....

100‌

120,598‌

Commerzbank

AG,

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(b)(c)(q)

....

200‌

249,730‌

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)(p)

..

88‌

97,299‌

Deutsche

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

(b)(c)

(q)

......................

200‌

232,779‌

Deutsche

Lufthansa

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%,

01/15/55

(b)(c)

..........

100‌

121,960‌

Fressnapf

Holding

SE,

5.25%,

10/31/31

(c)

................

100‌

117,272‌

Gruenenthal

GmbH

(c)

4.63%,

11/15/31

............

100‌

118,753‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

4.63%,

11/15/31

............

EUR

100‌

$

118,752‌

IHO

Verwaltungs

GmbH,

7.00%,

(7.00%

Cash

or

7.75%

PIK),

11/15/31

(c)(n)

.

100‌

126,878‌

Mahle

GmbH,

6.50%,

05/02/31

(a)

...

100‌

122,197‌

Nidda

Healthcare

Holding

GmbH

(c)

7.00%,

02/21/30

............

100‌

121,990‌

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.28%,

10/15/32

(b)

...

100‌

118,581‌

PrestigeBidCo

GmbH

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.78%,

07/01/29

(b)(c)

..........

100‌

118,481‌

Salzgitter

AG,

3.38%,

10/22/32

(c)(o)

..

100‌

128,038‌

Schaeffler

AG

(c)

4.25%,

04/01/28

............

100‌

119,966‌

5.38%,

04/01/31

............

100‌

123,907‌

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(c)

................

100‌

117,933‌

Vonovia

SE,

Series

B,

0.88%,

05/20/32

(c)(o)

...............

100‌

113,583‌

Wintershall

Dea

Finance

2

BV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.12%

(b)(c)(q)

................

100‌

119,889‌

ZF

Europe

Finance

BV,

7.00%,

06/12/30

(c)

................

100‌

123,806‌

2,865,371‌

Greece

—

0.1%

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%,

02/07/36

(b)(c)

...............

100‌

117,003‌

India

—

0.0%

REI

Agro

Ltd.

(d)(f)(m)(o)

5.50%,

11/13/14

(a)

...........

USD

220‌

—‌

5.50%,

11/13/14

(c)

...........

152‌

—‌

—‌

Ireland

—

0.1%

eircom

Finance

DAC,

5.00%,

04/30/31

(c)

EUR

100‌

119,520‌

Israel

—

0.1%

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

4.13%,

06/01/31

100‌

118,989‌

Italy

—

1.0%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

.......

100‌

118,495‌

Bubbles

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.27%,

09/30/31

(b)(c)

...............

100‌

118,512‌

Dolcetto

Holdco

SpA,

5.63%,

07/14/32

(c)

100‌

119,281‌

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

01/15/32

(b)(c)

...............

100‌

118,420‌

Eni

SpA,

(5-Year

EUR

Swap

Annual

+

2.40%),

4.88%

(b)(c)(q)

..........

100‌

119,136‌

Fibercop

SpA

(c)

4.75%,

06/30/30

............

100‌

119,416‌

5.13%,

06/30/32

............

100‌

119,439‌

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

...........

100‌

117,518‌

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.78%,

04/15/29

(b)(c)

100‌

118,872‌

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.85%,

12/15/29

(b)(c)

100‌

119,421‌

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(c)

................

100‌

117,136‌

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Multiversity

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.32%,

05/17/31

(b)

...

EUR

100‌

$

118,833‌

7.13%,

05/17/31

............

100‌

125,504‌

Rossini

SARL

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%,

12/31/29

(b)(c)

...............

42‌

50,742‌

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

.................

USD

12‌

13,293‌

1,614,018‌

Japan

—

0.3%

(c)

Nissan

Motor

Co.

Ltd.,

5.25%,

07/17/29

EUR

100‌

120,658‌

SoftBank

Group

Corp.

5.38%,

01/08/29

............

100‌

120,298‌

5.25%,

10/10/29

............

100‌

119,305‌

5.88%,

07/10/31

............

100‌

120,086‌

480,347‌

Jersey,

Channel

Islands

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%,

03/31/29

(c)

..........

GBP

100‌

122,702‌

Luxembourg

—

0.6%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

or

8.25%

PIK),

12/31/28

(n)

................

EUR

67‌

83,482‌

Altice

Financing

SA,

3.00%,

01/15/28

(c)

100‌

80,757‌

Garfunkelux

Holdco

3

SA,

9.00%,

09/01/28

(c)

................

46‌

51,208‌

Herens

Midco

SARL,

5.25%,

05/15/29

(a)

100‌

65,273‌

ION

Platform

Finance

SARL

7.88%,

05/01/29

(a)

...........

100‌

119,274‌

6.50%,

09/30/30

(c)

...........

100‌

113,724‌

Luna

1.5

SARL,

10.50%,

(10.50%

Cash

or

11.25%

PIK),

07/01/32

(c)(n)

....

100‌

122,200‌

Maxam

Prill

SARL,

6.00%,

07/15/30

(c)

100‌

120,068‌

Vivion

Investments

SARL

(c)

8.25%,

(8.25%

Cash

or

8.00%

PIK),

02/28/29

(n)

..............

100‌

116,477‌

5.63%,

06/08/30

............

100‌

113,187‌

985,650‌

Mauritius

—

0.3%

Flourishing

Trade

&

Investment

Ltd.,

11.04%,

04/02/28

(a)(d)

.........

USD

248‌

256,867‌

Resurgent

Trade

and

Investments

Ltd.,

9.51%,

12/05/27

(c)

...........

200‌

200,000‌

456,867‌

Mexico

—

0.2%

Fomento

Economico

Mexicano

SAB

de

CV,

2.63%,

02/24/26

(c)(o)

.......

EUR

100‌

117,458‌

Petroleos

Mexicanos,

7.50%,

03/20/26

(a)

................

USD

208‌

208,520‌

325,978‌

Netherlands

—

0.1%

(c)

Q-Park

Holding

I

BV,

5.13%,

02/15/30

EUR

100‌

121,336‌

VZ

Secured

Financing

BV,

5.25%,

01/15/33

.................

100‌

115,216‌

236,552‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

—

0.4%

(c)

Arena

Luxembourg

Finance

SARL

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.55%,

05/01/30

(b)

.....

EUR

100‌

$

118,564‌

Cirsa

Finance

International

SARL,

6.50%,

03/15/29

............

100‌

122,161‌

Grifols

SA,

7.13%,

05/01/30

.......

100‌

123,296‌

Iberdrola

Finanzas

SA,

Series

IBE,

1.50%,

03/27/30

(o)

...........

100‌

131,440‌

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

.................

100‌

118,948‌

614,409‌

Sweden

—

0.2%

(c)

Preem

AB,

12.00%,

06/30/27

......

80‌

97,047‌

Stena

International

SA,

7.25%,

01/15/31

.................

USD

200‌

203,881‌

300,928‌

Switzerland

—

0.0%

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(c)

...........

CHF

35‌

43,968‌

United

Kingdom

—

1.7%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$69,602)

,

15.00%,

(15.00%

Cash

or

15.00%

PIK),

06/19/26

(d)(i)(n)

...........

GBP

55‌

57,414‌

Ardonagh

Finco

Ltd.,

6.88%,

02/15/31

(a)

EUR

114‌

138,082‌

BCP

V

Modular

Services

Finance

II

plc

(c)

6.13%,

11/30/28

............

GBP

100‌

126,529‌

6.50%,

07/10/31

............

EUR

100‌

109,569‌

Bellis

Acquisition

Co.

plc,

8.00%,

07/01/31

(c)

................

100‌

113,889‌

Biffa

Group

Holdings

Ltd.

(c)

5.25%,

06/15/31

............

100‌

117,180‌

7.38%,

06/15/31

............

GBP

100‌

135,957‌

California

Buyer

Ltd.,

5.63%,

02/15/32

(c)

EUR

100‌

120,049‌

Deuce

Finco

plc,

7.00%,

11/20/31

(c)

..

GBP

100‌

136,138‌

Edge

Finco

plc,

8.13%,

08/15/31

(c)

..

100‌

143,222‌

Heathrow

Finance

plc,

6.63%,

03/01/31

(c)

................

100‌

135,539‌

INEOS

Quattro

Finance

2

plc,

6.75%,

04/15/30

(c)

................

EUR

100‌

86,678‌

Mobico

Group

plc

(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(q)

...............

GBP

100‌

79,322‌

4.88%,

09/26/31

............

EUR

100‌

93,025‌

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

100‌

106,661‌

NatWest

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.29%),

7.50%

(b)(q)

...

GBP

200‌

279,679‌

Ocado

Group

plc,

11.00%,

06/15/30

(c)

100‌

135,959‌

OEG

Finance

plc,

7.25%,

09/27/29

(c)

.

EUR

100‌

122,845‌

Virgin

Media

Secured

Finance

plc,

4.13%,

08/15/30

(c)

...........

GBP

100‌

120,787‌

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

.......

100‌

131,229‌

Vmed

O2

UK

Financing

I

plc,

5.63%,

04/15/32

(c)

................

EUR

100‌

118,158‌

Vodafone

Group

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

4.13%,

06/04/81

(b)

................

USD

4‌

3,735‌

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Zegona

Finance

plc,

6.75%,

07/15/29

(c)

EUR

90‌

$

111,147‌

2,722,793‌

United

States

—

4.7%

Allegiant

Travel

Co.,

7.25%,

08/15/27

(a)

USD

14‌

14,195‌

Alliant

Holdings

Intermediate

LLC,

6.75%,

04/15/28

(a)

...........

100‌

101,818‌

Allied

Universal

Holdco

LLC,

4.88%,

06/01/28

(c)

................

GBP

100‌

131,231‌

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

USD

43‌

45,090‌

4.25%,

02/15/29

............

42‌

37,325‌

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(a)

................

8‌

8,433‌

American

Airlines

Pass-Through

Trust,

Series

2025-1,

Class

B,

5.65%,

11/11/34

..................

19‌

19,096‌

Ardagh

Group

SA,

12.00%,

(12.00

%

Cash

or

7.50%

PIK),

12/01/30

(b)(c)(n)

EUR

100‌

106,983‌

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%,

09/01/28

(c)

........

100‌

113,966‌

Ardagh

Packaging

Finance

plc,

9.50%,

12/01/30

(c)

................

USD

56‌

60,690‌

Ashton

Woods

USA

LLC,

6.88%,

08/01/33

(a)

................

11‌

11,009‌

Ball

Corp.,

4.25%,

07/01/32

.......

EUR

100‌

120,265‌

Bank

of

New

York

Mellon

Corp.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.30%),

6.30%

(b)(q)

...........

USD

4‌

4,136‌

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(a)

................

5‌

5,219‌

BCPE

Flavor

Debt

Merger

Sub

LLC

&

BCPE

Flavor

Issuer,

Inc.,

9.50%,

07/01/32

(a)

................

12‌

11,468‌

Beignet

Investor

LLC,

6.58%,

05/30/49

(a)

................

289‌

305,327‌

Bracelet

Holdings,

Inc.,

9.25%,

07/02/28

(a)

................

93‌

90,973‌

Breeze

Aviation

Group,

Inc.

(d)(i)(n)

(Acquired

01/26/24,

cost

$70,408)

20.00%,

(20.00%

Cash

or

20.00%

PIK),

01/30/28

......

70‌

71,464‌

(Acquired

01/26/24,

cost

$36,767)

20.00%,

(

20.00%

Cash

or

20.00%

PIK),

01/30/28

......

37‌

37,318‌

Caesars

Entertainment,

Inc.,

4.63%,

10/15/29

(a)

................

135‌

129,497‌

California

Resources

Corp.

(a)

8.25%,

06/15/29

............

19‌

19,874‌

7.00%,

01/15/34

............

22‌

21,671‌

Carnival

Corp.,

5.75%,

08/01/32

(a)

...

10‌

10,263‌

CCO

Holdings

LLC,

4.75%,

02/01/32

(a)

11‌

10,053‌

Centene

Corp.,

4.25%,

12/15/27

...

100‌

99,411‌

Churchill

Downs,

Inc.,

4.75%,

01/15/28

(a)

................

100‌

99,628‌

Cipher

Compute

LLC,

7.13%,

11/15/30

(a)

................

4‌

4,074‌

Citigroup,

Inc.,

5.92%,

12/11/30

(b)

...

86‌

86,000‌

Civitas

Resources,

Inc.

(a)

5.00%,

10/15/26

............

26‌

25,923‌

8.38%,

07/01/28

............

22‌

22,669‌

8.63%,

11/01/30

............

20‌

20,961‌

Clarios

Global

LP,

6.75%,

02/15/30

(a)

.

125‌

130,476‌

Clear

Channel

Outdoor

Holdings,

Inc.,

7.13%,

02/15/31

(a)

...........

4‌

4,189‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

............

USD

30‌

$

30,393‌

9.00%,

09/30/29

............

12‌

12,498‌

8.25%,

06/30/32

............

25‌

26,126‌

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%,

04/15/30

(a)

...........

14‌

14,233‌

CommScope

LLC,

9.50%,

12/15/31

(a)

5‌

5,050‌

Core

Scientific,

Inc.,

0.00%,

06/15/31

(a)

(o)(r)

.....................

8‌

8,406‌

CoreWeave,

Inc.,

1.75%,

12/01/31

(a)(o)

11‌

10,409‌

Crescent

Energy

Finance

LLC,

7.38%,

01/15/33

(a)

................

20‌

18,979‌

CSC

Holdings

LLC,

11.25%,

05/15/28

(a)

200‌

159,133‌

Darling

Global

Finance

BV,

4.50%,

07/15/32

(c)

................

EUR

100‌

119,056‌

DISH

Network

Corp.,

3.38%,

08/15/26

(o)

USD

14‌

13,475‌

EchoStar

Corp.

10.75%,

11/30/29

...........

5‌

5,529‌

6.75%,

11/30/30

............

5‌

5,122‌

EQT

Corp.,

7.50%,

06/01/30

......

10‌

11,000‌

Figeac

Aero

North

America,

Inc.,

(Acquired

08/19/25,

cost

$69,813),

7.79%,

07/23/30

(c)(d)(i)

.........

EUR

60‌

69,899‌

First

Citizens

BancShares,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.97%),

6.25%,

03/12/40

(b)

...........

USD

126‌

128,503‌

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(a)

................

5‌

5,224‌

FLYR

-

Secured

Note,

(1M

Sofr

at

0.50%

Floor

+

5.00%),

10.00%,

05/10/27

(b)(d)

...............

53‌

14,026‌

Ford

Motor

Credit

Co.

LLC,

4.27%,

01/09/27

.................

250‌

248,700‌

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(a)

................

5‌

5,110‌

Frontier

Communications

Holdings

LLC

(a)

6.75%,

05/01/29

............

45‌

45,341‌

6.00%,

01/15/30

............

10‌

10,169‌

8.75%,

05/15/30

............

57‌

59,523‌

8.63%,

03/15/31

............

50‌

52,609‌

Frontier

Florida

LLC,

Series

E,

6.86%,

02/01/28

.................

61‌

63,187‌

Frontier

North,

Inc.,

Series

G,

6.73%,

02/15/28

.................

40‌

41,275‌

Galaxy

Digital

Holdings

LP,

0.50%,

05/01/31

(a)(o)

...............

24‌

18,132‌

Global

Partners

LP,

8.25%,

01/15/32

(a)

100‌

105,328‌

GoTo

Group,

Inc.

(a)

5.50%,

05/01/28

............

11‌

4,031‌

5.50%,

05/01/28

............

10‌

8,400‌

Granite

Ridge

Resources,

Inc.,

8.88%,

11/05/29

(a)(d)

...............

202‌

194,688‌

GS

Finance

Corp.,

(10-Year

USD

Constant

Maturity

at

0.00%

Floor

and

5.00%

Cap

+

0.00%),

8.75%,

02/14/30

(b)

................

240‌

239,360‌

HCA,

Inc.

4.90%,

11/15/35

............

7‌

6,904‌

5.70%,

11/15/55

............

10‌

9,530‌

Homes

By

West

Bay

LLC,

11.00%,

02/06/30

(d)

................

317‌

320,582‌

Iron

Mountain,

Inc.,

4.75%,

01/15/34

(c)

EUR

100‌

114,279‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

JPMorgan

Chase

&

Co.,

Series

OO

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.15%),

6.50%

(b)(q)

.................

USD

4‌

$

4,156‌

King

US

Bidco,

Inc.,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

12/01/32

(b)(c)

...............

EUR

100‌

118,629‌

Lessen

LLC

,

(3-mo.

CME

Term

SOFR

+

8.50%),

12.76%,

01/05/28

(a)(b)(d)

..

USD

164‌

127,229‌

Level

3

Financing,

Inc.

(a)

6.88%,

06/30/33

............

6‌

6,140‌

7.00%,

03/31/34

............

6‌

6,183‌

LGI

Homes,

Inc.,

7.00%,

11/15/32

(a)

.

33‌

31,544‌

Live

Nation

Entertainment,

Inc.,

2.88%,

10/15/31

(a)(o)

...............

10‌

9,825‌

Mauser

Packaging

Solutions

Holding

Co.,

7.88%,

04/15/30

(a)

........

18‌

17,858‌

Medline

Borrower

LP,

5.25%,

10/01/29

(a)

................

100‌

100,541‌

MGM

Resorts

International,

6.50%,

04/15/32

.................

3‌

3,091‌

NCR

Atleos

Corp.,

9.50%,

04/01/29

(a)

30‌

32,561‌

New

Generation

Gas

Gathering

LLC,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

5.75%),

9.41%,

09/30/29

(a)(b)

(d)

......................

146‌

146,593‌

Nexstar

Media,

Inc.,

4.75%,

11/01/28

(a)

110‌

109,202‌

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(a)

................

11‌

10,710‌

NRG

Energy,

Inc.,

7.00%,

03/15/33

(a)

5‌

5,527‌

Occidental

Petroleum

Corp.,

5.20%,

08/01/29

.................

20‌

20,500‌

OneMain

Finance

Corp.,

7.13%,

11/15/31

..................

5‌

5,219‌

Permian

Resources

Operating

LLC,

8.00%,

04/15/27

(a)

...........

16‌

16,209‌

Pitney

Bowes,

Inc.,

6.88%,

03/15/27

(a)

31‌

31,020‌

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(a)

................

100‌

93,374‌

Resort

Communities

LoanCo.

LP,

13.00%,

(13.00%

Cash

or

13.00%

PIK),

11/30/28

(a)(b)(d)(n)

.........

447‌

455,090‌

RingCentral,

Inc.,

8.50%,

08/15/30

(a)

.

65‌

68,905‌

Rocket

Cos.,

Inc.

(a)

6.13%,

08/01/30

............

4‌

4,135‌

6.38%,

08/01/33

............

4‌

4,170‌

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

(a)

................

35‌

35,467‌

Sabre

GLBL,

Inc.

(a)

10.75%,

11/15/29

...........

22‌

18,707‌

10.75%,

03/15/30

...........

34‌

27,959‌

11.13%,

07/15/30

...........

7‌

5,804‌

Schneider

Electric

SE,

1.25%,

09/23/33

(c)(o)

...............

EUR

100‌

118,940‌

Seagate

Data

Storage

Technology

Pte.

Ltd.

(a)

8.25%,

12/15/29

............

USD

61‌

64,687‌

5.88%,

07/15/30

............

10‌

10,308‌

8.50%,

07/15/31

............

29‌

30,832‌

9.63%,

12/01/32

............

45‌

51,088‌

Select

Medical

Corp.,

6.25%,

12/01/32

(a)

................

12‌

11,733‌

Service

Properties

Trust

0.00%,

09/30/27

(a)(r)

..........

36‌

32,532‌

8.38%,

06/15/29

............

84‌

84,453‌

8.63%,

11/15/31

(a)

...........

10‌

10,504‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

8.88%,

06/15/32

............

USD

72‌

$

71,024‌

Shift4

Payments

LLC,

5.50%,

05/15/33

(c)

................

EUR

100‌

120,350‌

SM

Energy

Co.,

6.75%,

08/01/29

(a)

..

USD

5‌

5,037‌

Solaris

Energy

Infrastructure,

Inc.

(o)

4.75%,

05/01/30

(a)

...........

45‌

89,716‌

0.25%,

10/01/31

............

146‌

157,863‌

Sonder

Holdings,

Inc.,

7.00%,

(7.00%

Cash

or

7.00%

PIK),

12/10/27

(d)(n)

.

191‌

—‌

Spirit

Airlines

Pass-Through

Trust

Series

2015-1,Class

A,

4.10%,

04/01/28

...............

1‌

895‌

Series

2017-1,Class

AA,

3.38%,

02/15/30

...............

14‌

12,989‌

Series

2017-1A,Class

A,

3.65%,

08/15/31

...............

36‌

33,102‌

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(a)

................

147‌

140,385‌

Starz

Capital

Holdings

LLC,

5.50%,

04/15/29

(a)

................

15‌

12,122‌

Stem,

Inc.,

0.50%,

12/01/28

(a)(o)

....

6‌

2,340‌

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(a)

................

9‌

9,453‌

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(a)

................

30‌

31,763‌

Tallgrass

Energy

Partners

LP,

6.00%,

12/31/30

(a)

................

100‌

100,809‌

Texas

Capital

Bancshares,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%,

05/06/31

(b)

...........

64‌

63,237‌

TransDigm,

Inc.,

4.63%,

01/15/29

...

100‌

99,337‌

Transocean

International

Ltd.,

8.25%,

05/15/29

(a)

................

25‌

25,196‌

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

A,

2.90%,

05/01/28

.................

6‌

5,557‌

USA

Compression

Partners

LP,

7.13%,

03/15/29

(a)

................

100‌

103,511‌

UWM

Holdings

LLC,

6.63%,

02/01/30

(a)

8‌

8,101‌

Venture

Global

LNG,

Inc.

(a)

8.13%,

06/01/28

............

5‌

5,065‌

7.00%,

01/15/30

............

14‌

13,474‌

Venture

Global

Plaquemines

LNG

LLC

(a)

6.50%,

01/15/34

............

2‌

2,048‌

6.75%,

01/15/36

............

2‌

2,049‌

Viking

Cruises

Ltd.,

7.00%,

02/15/29

(a)

100‌

100,579‌

Vistra

Operations

Co.

LLC,

5.63%,

02/15/27

(a)

................

79‌

79,034‌

VoltaGrid

LLC,

7.38%,

11/01/30

(a)

...

36‌

35,667‌

Warnermedia

Holdings,

Inc.,

3.76%,

03/15/27

.................

84‌

83,435‌

Windstream

Services

LLC,

7.50%,

10/15/33

(a)

................

5‌

5,126‌

Wolfspeed,

Inc.,

7.00%,

(7.00%

Cash

or

12.00%

PIK),

06/15/31

(n)

.......

1‌

763‌

Xerox

Corp.

(a)

10.25%,

10/15/30

...........

69‌

66,016‌

13.50%,

04/15/31

...........

29‌

23,617‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Zayo

Group

Holdings,

Inc.,

6.25%,

(6.25%

Cash

or

0.50%

PIK),

03/09/30

(a)(b)(n)

..............

USD

5‌

$

4,336‌

7,630,325‌

Total

Corporate

Bonds

—

13.4%

(Cost:

$22,213,545)

..............................

21,544,225‌

Fixed

Rate

Loan

Interests

United

States

—

0.0%

X

Corp.,

1st

Lien

Term

Loan

B3,

9.50%

,

 10/26/29

............

15‌

14,936‌

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$15,000)

................................

14,936‌

Floating

Rate

Loan

Interests

France

—

0.1%

Parts

Europe

SA,

Facility

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.00%

,

 02/03/31

(b)

EUR

112‌

133,620‌

Germany

—

0.0%

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.08%

,

 04/30/30

(b)

...........

54‌

63,720‌

Jersey,

Channel

Islands

—

0.1%

Vita

Global

Finco

Ltd.,

1st

Lien

Term

Loan

B

(b)(d)(n)

(6-mo.

EURIBOR

at

0.00%

Floor

+

8.00%),

10.17%

(10.17%

Cash

or

10.17%

PIK),

 06/08/29

......

71‌

64,518‌

(6-mo.

GBP

SONIA

at

0.00%

Floor

+

8.00%),

11.97%

(11.97%

Cash

or

11.97%

PIK),

 06/08/29

......

GBP

42‌

43,102‌

107,620‌

Netherlands

—

0.3%

(b)

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.52%

,

 06/29/28

.

EUR

48‌

56,849‌

Ziggo

BV,

Facility

1st

Lien

Term

Loan

H,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

4.94%

,

 01/31/29

......

311‌

363,343‌

420,192‌

Spain

—

0.1%

Areas

Worldwide

SA,

Facility

1st

Lien

Term

Loan

B5,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.64%

,

 12/31/29

(b)

...........

87‌

102,431‌

United

Kingdom

—

0.2%

(b)

Bellis

Acquisition

Co.

plc,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.08%

,

 05/12/31

............

88‌

93,366‌

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B10,

(Daily

SONIA

at

0.00%

Floor

+

4.75%),

4.75%

,

 04/30/29

............

GBP

34‌

46,388‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.27%

,

 06/30/28

............

EUR

31‌

$

36,596‌

INEOS

Quattro

Holdings

UK

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.40%

,

 04/03/29

............

64‌

52,386‌

Masorange

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B5,

(6-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.63%

,

 03/25/31

............

94‌

110,643‌

339,379‌

United

States

—

0.7%

(b)

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

9.28%

,

 02/01/30

.

USD

120‌

113,126‌

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.22%

,

 08/01/28

......

—‌

(s)

268‌

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.76%

,

 09/29/28

.

32‌

31,863‌

CPV

Fairview

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 08/14/31

.

43‌

43,040‌

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25%

,

 04/15/27

.....

15‌

13,197‌

CVR

CHC

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.00%

,

 12/30/27

(d)

27‌

26,549‌

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.07%

,

 12/21/28

............

27‌

26,411‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.10%

,

 08/02/27

............

2‌

1,889‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.50%),

9.34%

,

 02/17/31

............

56‌

56,160‌

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.72%

,

 08/30/30

............

90‌

90,128‌

Galaxy

Universal

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

0.00%

(0.00%

Cash

or

6.25%

PIK),

 05/12/28

(d)(n)

...........

193‌

182,816‌

GoTo

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.79%

,

 04/30/28

.

25‌

17,018‌

Hunterstown

Generation

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.00%

,

 11/06/31

............

37‌

36,908‌

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.60%

,

 10/25/28

(d)

...........

19‌

15,759‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

ITG

Communications

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.95%

,

 07/09/31

............

USD

80‌

$

77,200‌

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

7.22%

,

 04/26/30

............

34‌

33,829‌

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.72%

,

 01/28/32

............

13‌

12,828‌

Maverick

Gaming

LLC,

1st

Lien

Term

Loan,

(US

Prime

Rate

at

1.00%

Floor

+

7.50%),

15.25%

,

 06/05/28

(d)(f)

(m)

......................

26‌

14,224‌

OH

Partners

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.47%

,

 11/12/32

(d)

34‌

33,830‌

Peninsula

Pacific

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42%

,

 10/01/32

(d)

.....

58‌

58,241‌

Pitney

Bowes,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42%

,

 03/19/32

.

10‌

9,689‌

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

8.85%

,

 04/27/28

............

67‌

27,149‌

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

11.85%

,

 04/27/29

...........

50‌

9,115‌

Runitonetime

LLC,

1st

Lien

Term

Loan

(d)

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.72%, 04/16/26

1‌

700‌

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

2.00%, 05/06/26

15‌

14,324‌

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

12.50%),

16.22%, 05/06/26

.........

9‌

9,052‌

Stakeholder

Midstream

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.04%

,

 01/02/31

............

80‌

80,050‌

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.60%

Floor

+

5.00%),

8.82%

,

 01/22/29

.

32‌

25,734‌

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

08/18/28

(t)

............

95‌

89,734‌

West

Deptford

Energy

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.72%

,

 07/26/32

......

32‌

31,568‌

X

Corp.,

1st

Lien

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.45%

,

 10/26/29

......

5‌

4,807‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Xerox

Corp.,

1st

Lien

Term

Loan,

11/19/29

(t)

.................

USD

41‌

$

35,100‌

1,222,306‌

Total

Floating

Rate

Loan

Interests

—

1.5%

(Cost:

$

2,475,477)

..............................

2,389,268‌

Foreign

Agency

Obligations

France

—

0.1%

Electricite

de

France

SA

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

(b)(c)(q)

..

GBP

100‌

138,150‌

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$130,855)

................................

138,150‌

Foreign

Government

Obligations

Brazil

—

0.1%

Federative

Republic

of

Brazil

10.00%,

01/01/27

...........

BRL

1‌

150,913‌

6.00%,

08/15/30

............

—‌

(s)

77,614‌

228,527‌

Canada

—

0.2%

Canadian

Government

Bond,

2.75%,

03/01/30

.................

CAD

371‌

268,656‌

Colombia

—

0.1%

Republic

of

Colombia

5.75%,

11/03/27

............

COP

411,000‌

98,293‌

7.75%,

09/18/30

............

349,700‌

75,822‌

174,115‌

Czech

Republic

—

0.0%

Czech

Republic,

4.50%,

11/11/32

...

CZK

1,090‌

53,556‌

Egypt

—

0.0%

Arab

Republic

of

Egypt

24.46%,

10/01/27

...........

EGP

394‌

8,373‌

24.14%,

12/03/27

...........

45‌

958‌

21.38%,

02/04/28

...........

572‌

12,009‌

23.44%,

07/01/28

...........

407‌

8,659‌

29,999‌

France

—

0.1%

French

Republic,

3.20%,

05/25/35

(a)(c)

EUR

71‌

81,523‌

Hungary

—

0.0%

Hungary

Government

Bond,

7.00%,

10/24/35

.................

HUF

12,070‌

37,392‌

Indonesia

—

0.1%

Republic

of

Indonesia

7.00%,

05/15/27

............

IDR

1,235,000‌

76,078‌

8.25%,

06/15/32

............

36,000‌

2,423‌

7.00%,

02/15/33

............

331,000‌

20,952‌

6.63%,

05/15/33

............

219,000‌

13,543‌

7.13%,

06/15/38

............

873,000‌

55,922‌

168,918‌

Ireland

—

0.3%

Republic

of

Ireland,

2.60%,

10/18/34

(c)

EUR

461‌

524,510‌

Italy

—

0.2%

Buoni

Poliennali

del

Tesoro,

2.95%,

07/01/30

(c)

................

232‌

275,270‌

Security

Par

(000)

Par

(000)

Value

Japan

—

0.0%

Japan

Government

Bond,

3.20%,

09/20/55

.................

JPY

6,700‌

$

41,485‌

Mexico

—

0.2%

Mex

Bonos

Desarr

Fix

Rt

7.00%,

09/03/26

............

MXN

26‌

146,505‌

8.50%,

03/01/29

............

12‌

68,497‌

7.50%,

05/26/33

............

33‌

168,393‌

383,395‌

Peru

—

0.0%

Republic

of

Peru

(a)

6.85%,

08/12/35

............

PEN

101‌

32,366‌

7.60%,

08/12/39

............

36‌

11,672‌

44,038‌

Philippines

—

0.2%

Republic

of

Philippines

6.25%,

02/28/29

............

PHP

1,830‌

31,703‌

6.38%,

07/27/30

............

2,690‌

46,735‌

6.00%,

08/20/30

............

4,580‌

78,317‌

6.38%,

04/28/35

............

4,650‌

80,868‌

237,623‌

Poland

—

0.2%

Republic

of

Poland

5.75%,

04/25/29

............

PLN

288‌

84,126‌

4.75%,

07/25/29

............

165‌

46,762‌

5.00%,

10/25/34

............

187‌

51,891‌

5.00%,

10/25/35

............

161‌

44,298‌

2.00%,

08/25/36

............

61‌

15,509‌

242,586‌

Republic

of

Turkiye

—

0.0%

Republic

of

Turkiye

(The)

31.08%,

11/08/28

...........

TRY

423‌

9,753‌

30.00%,

09/12/29

...........

260‌

5,904‌

15,657‌

South

Africa

—

0.3%

Republic

of

South

Africa

8.00%,

01/31/30

............

ZAR

3,093‌

190,916‌

7.00%,

02/28/31

............

2,589‌

152,851‌

8.50%,

01/31/37

............

1,224‌

73,436‌

417,203‌

Spain

—

0.2%

Bonos

y

Obligaciones

del

Estado

2.70%,

01/31/30

............

EUR

261‌

308,509‌

3.15%,

04/30/35

(a)(c)

..........

63‌

73,539‌

382,048‌

Thailand

—

0.1%

Kingdom

of

Thailand

2.50%,

11/17/29

............

THB

4,731‌

156,984‌

2.41%,

03/17/35

............

1,454‌

49,265‌

4.00%,

06/17/55

............

34‌

1,426‌

207,675‌

United

Kingdom

—

0.4%

U.K.

Treasury

Bonds,

4.38%,

03/07/30

(c)

GBP

422‌

578,465‌

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

9.75%,

07/20/33

............

UYU

350‌

10,067‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Uruguay

(continued)

8.00%,

10/29/35

............

UYU

478‌

$

12,612‌

22,679‌

Total

Foreign

Government

Obligations

—

2.7%

(Cost:

$4,244,331)

..............................

4,415,320‌

Shares

Shares

Investment

Companies

Invesco

Senior

Loan

ETF

(g)

.......

10,731

225,351‌

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(e)(g)

.......

4,187

156,573‌

iShares

China

Large-Cap

ETF

(e)(g)

...

9,197

352,152‌

iShares

Core

S&P

Small-Cap

ETF

(e)(g)

637

76,555‌

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(e)(g)(j)

........

12,152

1,169,995‌

iShares

MSCI

Brazil

ETF

(e)(g)

......

1,992

63,286‌

KraneShares

CSI

China

Internet

ETF

4,482

152,612‌

SPDR

Blackstone

Senior

Loan

ETF

(g)

8,948

369,284‌

SPDR

Gold

Shares

(j)

(k)

..........

9,993

3,960,326‌

SPDR

S&P

Homebuilders

ETF

.....

635

65,380‌

SPDR

S&P

Regional

Banking

ETF

(g)

.

2,413

156,386‌

VanEck

Semiconductor

ETF

(g)

.....

296

106,598‌

Total

Investment

Companies

—

4.3%

(Cost:

$6,353,031)

..............................

6,854,498‌

Par

(000)

Pa

r

(

000)

Municipal

Bonds

Arizona

-

0.1%

Maricopa

County

Industrial

Development

Authority

,

Series

2024,

RB

,

7.38

%

, 10/01/29

(a)

........

USD

100‌

104,903‌

Total

Municipal

Bonds

—

0.1%

(Cost:

$100,000)

................................

104,903‌

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.2%

United

States

—

0.2%

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

110‌

91,957‌

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

154‌

138,867‌

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

78‌

53,915‌

284,739‌

Commercial

Mortgage-Backed

Securities

—

1.2%

Cayman

Islands

—

0.1%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.37%

Floor

+

3.37%),

7.12%,

12/15/34

(a)(b)

100‌

100,020‌

Security

Par

(000)

Par

(000)

Value

United

States

—

1.1%

1301

Trust,

Series

2025-1301,

Class

A,

5.06%,

08/11/42

(a)(b)

..........

USD

30‌

$

30,370‌

BAMLL

Trust,

Series

2025-ASHF,

Class

E,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.25%),

9.00%,

02/15/42

(a)(b)

71‌

71,006‌

BFLD

Commercial

Mortgage

Trust,

Series

2025-5MW,

Class

E,

7.91%,

10/10/42

(a)(b)

...............

100‌

102,518‌

BMP,

Series

2024-MF23,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.39%

Floor

+

3.39%),

7.14%,

06/15/41

(a)(b)

20‌

20,025‌

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.11%,

10/15/38

...

85‌

85,241‌

Series

2024-GPA3,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.39%,

12/15/39

...

88‌

88,484‌

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.14%,

03/15/41

...

67‌

67,343‌

BX

Trust

(a)(b)

Series

2019-OC11,

Class

D,

3.94%,

12/09/41

...............

64‌

60,963‌

Series

2019-OC11,

Class

E,

3.94%,

12/09/41

...............

89‌

82,087‌

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.19%,

04/15/41

...

72‌

72,188‌

Series

2024-VLT4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

6.64%,

06/15/41

...

22‌

21,945‌

Series

2024-VLT4,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.94%

Floor

+

3.94%),

7.69%,

06/15/41

...

55‌

55,064‌

Series

2025-ROIC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

2.94%),

6.69%,

03/15/30

...

43‌

42,620‌

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

10‌

9,557‌

CONE

Trust,

Series

2024-DFW1,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

7.64%,

08/15/41

(a)(b)

30‌

29,987‌

DGWD

Trust,

Series

2025-INFL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.35%,

08/15/35

(a)(b)

48‌

48,161‌

DK

Trust,

Series

2025-LXP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.33%,

08/15/37

(a)(b)

10‌

10,015‌

ELM

Trust,

Series

2024-ELM,

Class

E10,

7.79%,

06/10/39

(a)(b)

......

45‌

45,128‌

GS

Mortgage

Securities

Corp.

Trust,

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.38%,

11/25/41

(a)(b)

....

140‌

140,187‌

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

36‌

32,605‌

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

6.94%,

05/15/37

(a)(b)

....

100‌

100,495‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.81%),

6.57%,

04/15/38

...

USD

60‌

$

59,999‌

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.31%),

7.07%,

04/15/38

...

20‌

20,000‌

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

6.94%,

06/15/39

(a)(b)

....

20‌

20,050‌

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.12%,

08/17/42

(a)(b)

....

100‌

100,013‌

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

E,

8.73%,

06/12/39

(a)

.

13‌

13,179‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

5.97%,

04/15/38

(a)(b)

....

2‌

2,131‌

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)

(b)

......................

17‌

15,798‌

PRM5

Trust,

Series

2025-PRM5,

Class

D,

5.62%,

03/10/33

(a)(b)

........

50‌

50,027‌

SREIT

Trust,

Series

2021-MFP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.63%

Floor

+

2.74%),

6.49%,

11/15/38

(a)(b)

84‌

83,832‌

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

10‌

9,485‌

VEGAS,

Series

2024-GCS,

Class

C,

6.22%,

07/10/36

(a)(b)

..........

50‌

50,317‌

VEGAS

Trust,

Series

2024-GCS,

Class

D,

6.22%,

07/10/36

(a)(b)

........

64‌

63,344‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-1CHI,

Class

A,

5.31%,

07/15/35

(a)(b)

..........

100‌

100,866‌

1,805,030‌

Total

Non-Agency

Mortgage-Backed

Securities

—

1.4%

(Cost:

$2,248,900)

..............................

2,189,789‌

Preferred

Securities

Capital

Trusts

—

0.9%

France

—

0.4%

(b)(c)(q)

Air

France-KLM

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.58%),

5.75%

....

EUR

100‌

119,045‌

Electricite

de

France

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.07%),

4.38%

...................

100‌

116,289‌

Unibail-Rodamco-Westfield

SE

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.43%),

4.75%

...................

100‌

119,641‌

Veolia

Environnement

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.32%

...................

100‌

116,944‌

471,919‌

Security

Par

(000)

Par

(000)

Value

Germany

—

0.1%

Deutsche

Bank

AG

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13%

(b)(c)

(q)

......................

EUR

200‌

$

248,665‌

Italy

—

0.1%

Prysmian

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.01%),

5.25%

(b)(c)(q)

.

100‌

122,319‌

Luxembourg

—

0.1%

Vivion

Investments

SARL

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.16%),

8.13%

(b)(c)(q)

................

100‌

108,773‌

Netherlands

—

0.1%

NN

Group

NV

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

(b)(c)(q)

.

200‌

239,297‌

United

Kingdom

—

0.1%

Centrica

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%, 05/21/55

(b)(c)

....

GBP

100‌

138,840‌

United

States

—

0.0%

(b)(q)

Bank

of

America

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.25%

USD

4‌

4,063‌

Citigroup,

Inc.

Series

GG,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88%

....

4‌

4,156‌

Series

FF,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95%

....

4‌

4,124‌

Sunoco

LP

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88%

(a)

...........

22‌

22,600‌

Venture

Global

LNG,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(a)

25‌

19,743‌

54,686‌

Total

Capital

Trusts

—

0.9%  

(Cost:

$1,301,287)

..............................

1,384,499‌

Shares

Shares

Preferred

Stocks

—

2.8%

Brazil

—

0.2%

Banco

Bradesco

SA

(Preference)

...

37,879

124,556‌

Localiza

Rent

a

Car

SA

(Preference)

(f)

44

345‌

Neon

Payments

Ltd.

(d)(f)

..........

319

132,222‌

Petroleo

Brasileiro

SA

-

Petrobras

(Preference)

...............

6,492

36,561‌

293,684‌

China

—

0.4%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$269,333)

(d)(f)(i)

....

2,458

635,811‌

Finland

—

0.0%

Aiven

OY,

Series

D

(d)

(f)

...........

647

35,113‌

Germany

—

0.0%

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$159,572)

(d)(f)(i)

...........

30

—‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F,

(Acquired

12/11/20,

cost

$103,322)

(d)

(f)(i)

......................

32

$

—‌

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$26,894)

(d)(f)

(i)

.......................

228

—‌

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

Series

D,

(Acquired

12/19/23,

cost

$183,387)

(d)(f)(i)

..............

4,842

48,429‌

United

States

—

2.2%

Anduril

Investors

LLC,

Series

G

(d)(f)

..

1,197

53,398‌

Anthropic

PBC,

Series

F,

(Acquired

08/18/25,

cost

$65,127)

(d)(f)(i)

.....

462

112,451‌

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

01/26/24,

cost

$75,615)

(d)

(f)

(i)

......................

140

21,777‌

CoreWeave,

Inc.,

10.00%,

(10.00%

Cash

or

10.00%

PIK)

(d)(n)

.......

83,000

82,170‌

Databricks,

Inc.,

Series

F,

(Acquired

10/22/19,

cost

$88,431)

(d)(f)(i)

.....

6,177

1,173,630‌

Databricks,

Inc.,

Series

G,

(Acquired

02/01/21,

cost

$

102,873)

(d)(f)(i)

....

1,740

330,600‌

Davidson

Homes,

Inc.,

12.00%,

(12.00%

Cash

or

12.00%

PIK)

(d)(n)

.

139

156,267‌

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(d)

.........

285

282,506‌

EXO

Capital

Technologies,

Inc.,

Series

D,

(Acquired

08/14/24

,

cost

$3,025)

(d)(f)(i)

...............

4,957

3,668‌

HawkEye

360,

Inc.,

Series

D1

(d)(f)

...

4,447

91,875‌

Insightful

Corp.,

Series

D

(d)(f)

.......

51,259

16,577‌

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$93,611)

(d)(f)(i)

.....

51,330

113,952‌

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$20,218)

(d)(f)(i)

.....

3,376

7,495‌

Lessen

Holdings,

Inc.,

Series

B

(d)(f)

..

2,050

—‌

Lessen

Holdings,

Inc.,

Series

BX

(d)(f)

.

6,246

—‌

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$

85,987)

(d)(f)(i)

.....

10,057

67,885‌

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$19,100)

(d)(f)(i)

.....

955

9,817‌

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$48,256)

(d)(f)(i)

.....

70

—‌

Noodle,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$73,361)

(d)(f)(i)

.....

8,220

5,425‌

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$40,179)

(d)(f)(i)

.....

1,532

65,999‌

SambaNova

Systems,

Inc.,

Series

C,

(Acquired

02/19/20,

cost

$91,575)

(d)(f)

(i)

.......................

1,720

42,570‌

SambaNova

Systems,

Inc.,

Series

D,

(Acquired

04/09/21,

cost

$52,640)

(d)(f)

(i)

.......................

554

27,938‌

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$28,447)

(d)(f)(i)

.....

1,894

14,470‌

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21

,

cost

$72,377)

(d)(f)(i)

...............

12,134

53,390‌

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$9,855)

(d)(f)(i)

...............

1,487

6,721‌

Verge

Genomics

(d)(f)

............

13,831

2,075‌

Security

Shares

Shares

Value

United

States

(continued)

Veritas

Newco

(d)(f)

..............

294

$

6,904‌

Veritas

Newco,

Series

G-1

(d)(f)

......

203

4,664‌

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$43,198),

12.00%,

(12.00%

Cash

or

12.00%

PIK)

(d)(i)(n)

.................

14,803

90,298‌

Wells

Fargo

&

Co.,

Series

L,

7.50%

(o)(q)

46

55,752‌

x.AI,

Inc.,

Series

C

(d)(f)

...........

10,195

681,026‌

3,581,300‌

Total

Preferred

Stocks

—

2.8%  

(Cost:

$3,058,043)

..............................

4,594,337‌

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(3-mo.

CME

Term

SOFR

+

6.63%),

10.47%, 10/30/40

(b)

3,609

108,992‌

Total

Trust

Preferreds

—

0.1%  

(Cost:

$98,903)

................................

108,992‌

Total

Preferred

Securities

—

3.8%

(Cost:

$4,458,233)

..............................

6,087,828‌

Rights

United

States

—

0.0%

Walgreens

Boots

Alliance,

Inc.,

CVR

(d)(f)

2,251

1,193‌

Total

Rights

—

0.0%

(Cost:

$1,193)

.................................

1,193‌

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

STACR

Trust

Variable

Rate

Notes

(a)(b)

Series

2021-DNA2,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

6.00%),

9.87%

,

 08/25/33

........

USD

17‌

20,949‌

Series

2022-DNA1,

Class

B1,

(SOFR

30

day

Average

at

0.00%

Floor

+

3.40%),

7.27%

,

 01/25/42

........

17‌

17,393‌

38,342‌

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.75%, 09/25/30

(b)

...........

12‌

11,905‌

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

Series

K109,

Class

X1,

1.57%

,

 04/25/30

........

115‌

6,340‌

Series

K116,

Class

X1,

1.41%

,

 07/25/30

........

97‌

5,026‌

Series

K120,

Class

X1,

1.03%

,

10/25/30

........

386‌

15,265‌

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

KL06,

Class

XFX,

1.36%

,

 12/25/29

........

USD

98‌

$

4,407‌

Series

KW09,

Class

X1,

0.78%

,

 05/25/29

........

409‌

8,071‌

39,109‌

Mortgage-Backed

Securities

—

0.7%

Uniform

Mortgage-Backed

Securities,

3.50%, 01/25/56

(u)

...........

1,146‌

1,059,378‌

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.7%  

(Cost:

$1,142,748)

..............................

1,148,734‌

U.S.

Treasury

Obligations

U.S.

Treasury

Notes,

4.13%, 02/28/27

(v)

77‌

77,920‌

Total

U.S.

Treasury

Obligations

—

0.0%

(Cost:

$77,459)

................................

77,920‌

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

8‌

Israel

—

0.0%

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(d)(f)(i)

.........

845

8‌

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$0)

(Issued/

Exercisable

12/19/23,

1

Share

for

1

Warrant,

Expires

11/17/30,

Strike

Price

GBP

0.01)

(d)(f)(i)

..........

5,834

1,966‌

United

States

—

0.0%

(f)

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(d)

..........

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

462‌

Davidson

Homes,

Inc.

(Issued/

Exercisable

05/16/24,

1

Share

for

1

Warrant,

Expires

05/16/34,

Strike

Price

USD

8.47)

(d)

...........

965

2,181‌

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

07/01/26

,

Strike

Price

USD

11.50)

...................

1,130

85‌

Flagstar

Financial,

Inc.,

(Acquired

03/11/24,

cost

$0)

(Issued/

Exercisable

03/11/24,

1,000

Shares

for

1

Warrant,

Expires

03/11/31,

Strike

Price

USD

2.50)

(d)(i)

......

14

33,234‌

Security

Shares

Shares

Value

United

States

(continued)

FLYR,

Inc.,

Series

D-X

(Issued/

Exercisable

08/18/25,

1

Share

for

1

Warrant,

Expires

12/31/49,

Strike

Price

USD

0.01)

(d)

...........

264

$

—‌

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

...................

543

9,117‌

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(d)

..................

217

2,526‌

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

...................

1,369

22,985‌

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

............

938

12‌

Insight

M,

Inc.

(Issued/Exercisable

01/31/24,

1

Share

for

1

Warrant,

Strike

Price

USD

0.34)

(d)

.......

53,113

1‌

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

(d)

..................

840

—‌

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

............

1,681

24‌

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

69.00)

...................

724

44‌

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

...................

1,924

118‌

Sonder

Enterprises,

Inc.

(Issued/

Exercisable

12/30/24,

1

Share

for

1

Warrant,

Expires

12/30/29,

Strike

Price

USD

0.01)

(d)

...........

458

—‌

Sonder

Enterprises,

Inc.

(Issued/

Exercisable

04/11/25,

1

Share

for

1

Warrant,

Expires

04/11/30

,

Strike

Price

USD

1.00)

(d)

...........

4,568

—‌

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)(i)

..........

1,825

8,778‌

Volato

Group,

Inc.,

(Acquired

12/03/23,

cost

$1,351)

(Issued/Exercisable

12/04/23,

1

Share

for

1

Warrant,

Expires

12/03/28,

Strike

Price

USD

11.50)

(i)

..................

1,351

12‌

79,579‌

Total

Warrants

—

0.0%

(Cost:

$16,602)

................................

81,561‌

Total

Long-Term

Investments

—

93.1%

(Cost:

$136,485,672)

.............................

149,867,700‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Foreign

Government

Obligations

—

0.1%

Brazil

—

0.1%

Letras

do

Tesouro

Nacional

Treasury

Bills

(w)

13.55%,

04/01/26

...........

BRL

1‌

$

147,371‌

13.02%,

07/01/26

...........

—‌

(s)

41,651‌

189,022‌

Egypt

—

0.0%

Arab

Republic

of

Egypt

Treasury

Bills,

25.51%,

06/23/26

(w)

..........

EGP

1,375‌

25,777‌

Total

Foreign

Government

Obligations

—

0.1%

(Cost:

$217,077)

................................

214,799‌

Shares

Shares

Money

Market

Funds

—

8.0%

(e)(x)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.89%

(y)

.......

5,122,747‌

5,125,309‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

3.65%

......

7,829,363‌

7,829,363‌

Total

Money

Market

Funds

—

8.0%

(Cost:

$12,954,672)

..............................

12,954,672‌

Total

Short-Term

Securities

—

8.1%

(Cost:

$13,171,749)

..............................

13,169,471‌

Total

Options

Purchased

—

0.3%

(Cost:

$724,558

)

................................

520,043‌

Total

Investments

Before

Options

Written

—

101.5%

(Cost:

$150,381,979)

.............................

163,557,214‌

Total

Options

Written

—

(0.2)%

(Premiums

Received

—

$(482,229))

..................

(431,968‌)

Total

Investments

Net

of

Options

Written

—

101.3%

(Cost:

$149,899,750)

.............................

163,125,246‌

Liabilities

in

Excess

of

Other

Assets

—

(1.3)%

............

(2,039,614‌)

Net

Assets

—

100.0%

..............................

$

161,085,632‌

(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)

Affiliate

of

the

Fund.

(f)

Non-income

producing

security.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,581,274,

representing

2.84%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$3,127,982.

(j)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(k)

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.

(l)

Investment

does

not

issue

shares.

(m)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(n)

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.

(o)

Convertible

security.

(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)

Perpetual

security

with

no

stated

maturity

date.

(r)

Zero-coupon

bond.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

55

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(s)

Rounds

to

less

than

1,000.

(t)

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.

(u)

Represents

or

includes

a

TBA

transaction.

(v)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(w)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(x)

Annualized

7-day

yield

as

of

period

end.

(y)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/25

Par/Shares

Held

at

12/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

2,755,438

$

2,369,676

(a)

$

—

$

195

$

—

$

5,125,309

5,122,747

$

15,798

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

5,936,703

1,892,660

(a)

—

—

—

7,829,363

7,829,363

385,426

—

iShares

0-5

Year

TIPS

Bond

ETF

(c)

..............

143,355

—

(145,549)

4,980

(

2,786)

—

—

2,018

—

iShares

Biotechnology

ETF

(c)

.

132,210

—

(132,779)

(10,305)

10,874

—

—

121

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

154,040

—

—

—

2,533

156,573

4,187

10,630

—

iShares

China

Large-Cap

ETF

—

826,222

(498,844)

22,922

1,852

352,152

9,197

6,055

—

iShares

Core

S&P

Small-Cap

ETF

................

73,395

—

—

—

3,160

76,555

637

1,100

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

179,322

1,308,679

(1,495,506)

863

6,642

—

—

2,464

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

................

1,082,014

—

—

—

87,981

1,169,995

12,152

58,234

—

iShares

Latin

America

40

ETF

(c)

36,990

—

(42,761)

(1,468)

7,239

—

—

—

—

iShares

MSCI

Brazil

ETF

...

44,840

—

—

—

18,446

63,286

1,992

3,283

—

iShares

MSCI

Emerging

Markets

ETF

(c)

.........

17,941

—

(19,203)

54

1,208

—

—

—

—

iShares

Russell

2000

ETF

(c)

..

—

1,118,831

(1,117,370)

(1,461)

—

—

—

—

—

iShares

Russell

Mid-Cap

Growth

ETF

(c)

.........

23,829

—

(22,617)

4,691

(5,903)

—

—

19

—

Quintis

Australia

Pty.

Ltd.,

12.00%, 10/01/28

......

—

—

—

—

—

—

414,143

—

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.......

59,000

—

—

—

(12,725)

46,275

462,748

2

—

Quintis

HoldCo

Pty.

Ltd.

....

1

—

—

—

—

1

218,994

—

—

$

20,471

$

118,521

$

14,819,509

$

485,150

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

56

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

IFSC

NIFTY

50

Index

.......................................................

8

01/27/26

$

421

$

692

Euro-Bobl

...............................................................

30

03/06/26

4,095

(

18,319

)

Euro-BTP

...............................................................

6

03/06/26

847

(

2,426

)

Euro-Bund

..............................................................

13

03/06/26

1,949

(

13,384

)

Euro-OAT

...............................................................

5

03/06/26

709

(

2,907

)

Euro-Schatz

.............................................................

3

03/06/26

376

(

488

)

KOSPI

200

Index

..........................................................

8

03/12/26

844

33,982

OSE

Nikkei

225

Index

.......................................................

9

03/12/26

2,896

(

16,284

)

Japan

10-Year

Bond

........................................................

2

03/13/26

1,691

(

14,930

)

Australia

3-Year

Bond

.......................................................

23

03/16/26

1,612

(

758

)

3-mo.

SOFR

.............................................................

5

03/17/26

1,204

968

EURO

STOXX

50

Index

.....................................................

10

03/20/26

686

7,347

EURO

STOXX

Bank

Index

....................................................

38

03/20/26

594

13,839

Russell

2000

E-Mini

Index

....................................................

7

03/20/26

874

(

19,647

)

S&P

500

E-Mini

Index

.......................................................

11

03/20/26

3,791

1,739

U.S.

Treasury

Long

Bond

.....................................................

8

03/20/26

925

(

6,228

)

U.S.

Treasury

Ultra

Bond

.....................................................

38

03/20/26

4,484

(

71,713

)

Long

Gilt

................................................................

4

03/27/26

493

2,184

U.S.

Treasury

2-Year

Note

....................................................

31

03/31/26

6,472

502

U.S.

Treasury

5-Year

Note

....................................................

25

03/31/26

2,733

(

3,278

)

3-mo.

SOFR

.............................................................

1

09/15/26

242

136

(

108,973

)

Short

Contracts

Euro-Buxl

...............................................................

1

03/06/26

129

2,062

FTSE

100

Index

...........................................................

1

03/20/26

134

(

1,862

)

Nasdaq-100

E-Mini

Index

.....................................................

18

03/20/26

9,164

(

43,804

)

U.S.

Treasury

10-Year

Note

...................................................

48

03/20/26

5,397

21,502

U.S.

Treasury

10-Year

Ultra

Note

...............................................

114

03/20/26

13,112

19,029

(

3,073

)

$

(

112,046

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

1,475,875

USD

264,375

Citibank

NA

01/05/26

$

4,958

EGP

410,844

USD

8,606

Citibank

NA

01/05/26

7

USD

192,004

BRL

1,039,898

Barclays

Bank

plc

01/05/26

2,233

USD

81,638

BRL

435,977

Deutsche

Bank

AG

01/05/26

2,077

USD

26,000

BRL

141,674

Morgan

Stanley

&

Co.

International

plc

01/05/26

146

AUD

83,000

USD

54,833

Bank

of

America

NA

01/15/26

561

AUD

6,751

USD

4,434

Morgan

Stanley

&

Co.

International

plc

01/15/26

72

CHF

15,930

USD

20,000

Morgan

Stanley

&

Co.

International

plc

01/15/26

133

CHF

11,964

USD

15,000

UBS

AG

01/15/26

120

CLP

17,616,800

USD

19,000

Bank

of

America

NA

01/15/26

565

CLP

40,913,840

USD

44,000

Goldman

Sachs

International

01/15/26

1,438

CLP

24,076,000

USD

26,000

UBS

AG

01/15/26

739

CNY

1,374,062

USD

193,824

Canadian

Imperial

Bank

of

Commerce

01/15/26

3,278

CZK

2,828,300

USD

135,680

Bank

of

America

NA

01/15/26

1,922

EUR

16,000

HUF

6,150,310

Bank

of

America

NA

01/15/26

19

EUR

52,000

USD

61,124

Bank

of

America

NA

01/15/26

16

HUF

26,050,381

USD

78,579

State

Street

Bank

and

Trust

Co.

01/15/26

1,020

IDR

3,601,457,989

USD

214,884

Citibank

NA

01/15/26

839

KRW

35,096,890

USD

24,000

Goldman

Sachs

International

01/15/26

313

MXN

4,009,321

USD

217,553

Bank

of

America

NA

01/15/26

4,883

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

57

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

MXN

362,280

USD

20,000

Citibank

NA

01/15/26

$

99

MYR

959,738

USD

231,535

Credit

Agricole

Corporate

&

Investment

Bank

SA

01/15/26

5,182

PEN

85,999

USD

25,500

Citibank

NA

01/15/26

75

PHP

1,417,747

USD

24,000

Societe

Generale

SA

01/15/26

52

PLN

448,595

USD

122,733

HSBC

Bank

plc

01/15/26

2,217

PLN

91,194

USD

25,000

Morgan

Stanley

&

Co.

International

plc

01/15/26

401

RON

136,857

USD

31,017

Goldman

Sachs

International

01/15/26

539

THB

636,200

USD

20,000

Nomura

International

plc

01/15/26

206

THB

7,744,870

USD

239,409

Standard

Chartered

Bank

01/15/26

6,576

USD

8,260

EUR

7,000

Barclays

Bank

plc

01/15/26

30

USD

32,000

JPY

4,979,851

Barclays

Bank

plc

01/15/26

179

USD

33,000

THB

1,038,345

HSBC

Bank

plc

01/15/26

21

ZAR

341,751

USD

20,000

Barclays

Bank

plc

01/15/26

624

ZAR

2,837,859

USD

164,575

UBS

AG

01/15/26

6,682

EGP

847,942

USD

17,503

Citibank

NA

01/20/26

184

MXN

897,939

USD

49,713

Goldman

Sachs

International

01/26/26

49

PEN

112,876

USD

33,429

Goldman

Sachs

International

01/26/26

125

PLN

481,987

USD

132,949

Credit

Agricole

Corporate

&

Investment

Bank

SA

01/26/26

1,291

TRY

1,633,184

USD

37,244

Barclays

Bank

plc

01/26/26

184

MYR

173,129

USD

42,185

Morgan

Stanley

&

Co.

International

plc

01/27/26

545

USD

197,496

COP

740,511,982

Citibank

NA

01/27/26

3,862

NGN

18,909,184

USD

12,732

Morgan

Stanley

&

Co.

International

plc

01/30/26

350

BRL

1,133,147

USD

201,495

Citibank

NA

02/03/26

3,684

AUD

3,539,930

USD

2,353,575

Canadian

Imperial

Bank

of

Commerce

03/18/26

8,992

CAD

4,335,733

USD

3,148,362

Wells

Fargo

Bank

NA

03/18/26

20,347

CHF

120,000

EUR

128,840

JPMorgan

Chase

Bank

NA

03/18/26

737

CHF

2,906,637

USD

3,658,655

UBS

AG

03/18/26

39,127

CNY

17,791,763

USD

2,531,853

UBS

AG

03/18/26

29,637

DKK

704,208

USD

110,472

BNP

Paribas

SA

03/18/26

796

DKK

4,913,478

USD

771,081

UBS

AG

03/18/26

5,268

EUR

872,523

USD

1,022,103

UBS

AG

03/18/26

6,753

GBP

242,938

EUR

276,600

Toronto

Dominion

Bank

03/18/26

1,249

GBP

912,814

USD

1,216,765

Canadian

Imperial

Bank

of

Commerce

03/18/26

13,436

GBP

366,606

USD

488,991

Citibank

NA

03/18/26

5,085

HUF

54,365,616

USD

164,160

Goldman

Sachs

International

03/18/26

1,274

KRW

1,125,228,806

USD

771,402

Societe

Generale

SA

03/18/26

9,850

MXN

9,556,199

EUR

443,947

Toronto

Dominion

Bank

03/18/26

3,446

PLN

932,408

USD

256,765

Goldman

Sachs

International

03/18/26

2,857

SEK

4,951,846

USD

535,016

Bank

of

New

York

Mellon

03/18/26

4,894

SGD

367,019

USD

285,262

Goldman

Sachs

International

03/18/26

1,612

TRY

6,523,049

USD

142,143

UBS

AG

03/18/26

1,855

USD

311,592

CHF

244,916

Morgan

Stanley

&

Co.

International

plc

03/18/26

14

USD

290,943

EUR

246,364

Natwest

Markets

plc

03/18/26

438

USD

1,333,844

HKD

10,351,803

Goldman

Sachs

International

03/18/26

674

USD

123,675

JPY

18,977,962

Morgan

Stanley

&

Co.

International

plc

03/18/26

1,762

ZAR

6,043,035

EUR

301,011

Credit

Agricole

Corporate

&

Investment

Bank

SA

03/18/26

8,118

ZAR

2,649,431

USD

154,676

Credit

Agricole

Corporate

&

Investment

Bank

SA

03/18/26

4,500

USD

2,789

IDR

46,624,717

BNP

Paribas

SA

03/25/26

3

USD

89,629

BRL

501,000

Deutsche

Bank

AG

04/02/26

97

USD

60,326

BRL

335,000

JPMorgan

Chase

Bank

NA

04/02/26

460

MXN

2,904,000

USD

154,217

Morgan

Stanley

&

Co.

International

plc

08/18/26

3,288

235,065

BRL

982,981

USD

181,495

Barclays

Bank

plc

01/05/26

(

2,111

)

BRL

109,080

USD

20,000

BNP

Paribas

SA

01/05/26

(

94

)

BRL

139,051

USD

26,000

Morgan

Stanley

&

Co.

International

plc

01/05/26

(

625

)

USD

201,495

BRL

1,124,846

Citibank

NA

01/05/26

(

3,778

)

USD

8,186

EGP

410,844

Citibank

NA

01/05/26

(

426

)

COP

318,823,054

USD

84,918

HSBC

Bank

plc

01/15/26

(

959

)

HUF

6,539,200

USD

20,000

HSBC

Bank

plc

01/15/26

(

19

)

INR

21,294,663

USD

239,926

Citibank

NA

01/15/26

(

3,257

)

JPY

2,964,559

USD

19,000

Morgan

Stanley

&

Co.

International

plc

01/15/26

(

57

)

JPY

2,022,243

USD

13,000

State

Street

Bank

and

Trust

Co.

01/15/26

(

78

)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

58

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

PLN

207,994

USD

58,000

Barclays

Bank

plc

01/15/26

$

(

65

)

USD

19,242

AUD

29,000

Barclays

Bank

plc

01/15/26

(

113

)

USD

4,381

AUD

6,751

Citibank

NA

01/15/26

(

125

)

USD

20,000

CHF

15,878

Barclays

Bank

plc

01/15/26

(

68

)

USD

15,000

CHF

11,999

Morgan

Stanley

&

Co.

International

plc

01/15/26

(

165

)

USD

20,000

COP

77,720,000

Societe

Generale

SA

01/15/26

(

467

)

USD

55,543

EUR

47,882

Morgan

Stanley

&

Co.

International

plc

01/15/26

(

755

)

USD

26,000

HUF

8,537,100

Barclays

Bank

plc

01/15/26

(

86

)

USD

51,000

PEN

172,207

Citibank

NA

01/15/26

(

211

)

USD

8,000

PHP

474,080

Citibank

NA

01/15/26

(

43

)

USD

24,000

SGD

31,184

HSBC

Bank

plc

01/15/26

(

277

)

USD

19,000

ZAR

331,739

Bank

of

America

NA

01/15/26

(

1,020

)

USD

26,000

ZAR

444,480

Citibank

NA

01/15/26

(

823

)

USD

157,714

MXN

2,904,000

Morgan

Stanley

&

Co.

International

plc

01/20/26

(

3,318

)

ARS

14,969,944

USD

10,156

Citibank

NA

01/26/26

(

304

)

ARS

10,190,716

USD

6,844

JPMorgan

Chase

Bank

NA

01/26/26

(

138

)

USD

8,500

ARS

13,260,000

Citibank

NA

01/26/26

(

225

)

USD

11,951

PEN

40,228

Citibank

NA

01/26/26

(

7

)

USD

79,027

PHP

4,682,558

Bank

of

America

NA

01/26/26

(

298

)

USD

60,452

CZK

1,260,435

Citibank

NA

01/27/26

(

883

)

USD

37,377

HUF

12,389,930

Natwest

Markets

plc

01/27/26

(

449

)

USD

162,925

IDR

2,730,084,372

BNP

Paribas

SA

01/27/26

(

536

)

USD

420,323

MXN

7,799,984

Goldman

Sachs

International

01/27/26

(

11,891

)

USD

41,948

MYR

173,129

Credit

Agricole

Corporate

&

Investment

Bank

SA

01/27/26

(

782

)

USD

59,980

PEN

203,106

UBS

AG

01/27/26

(

394

)

USD

160,464

PHP

9,484,735

Societe

Generale

SA

01/27/26

(

190

)

USD

385,812

PLN

1,411,458

Goldman

Sachs

International

01/27/26

(

7,295

)

USD

204,210

THB

6,608,050

JPMorgan

Chase

Bank

NA

01/27/26

(

5,829

)

USD

12,733

UYU

510,544

Goldman

Sachs

International

01/27/26

(

339

)

USD

374,979

ZAR

6,511,434

Standard

Chartered

Bank

01/27/26

(

17,605

)

COP

53,060,000

USD

14,000

Citibank

NA

01/30/26

(

150

)

USD

262,438

BRL

1,475,875

Citibank

NA

02/03/26

(

4,798

)

BRL

2,923,691

EUR

445,576

Goldman

Sachs

International

03/18/26

(

755

)

EUR

647,096

CHF

601,875

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

2,658

)

EUR

260,000

JPY

47,733,660

JPMorgan

Chase

Bank

NA

03/18/26

(

53

)

EUR

86,952

USD

102,579

Bank

of

New

York

Mellon

03/18/26

(

48

)

EUR

207,700

USD

245,672

State

Street

Bank

and

Trust

Co.

03/18/26

(

758

)

EUR

87,969

USD

103,900

Wells

Fargo

Bank

NA

03/18/26

(

169

)

HKD

2,970,770

USD

382,755

Goldman

Sachs

International

03/18/26

(

161

)

JPY

24,000,000

AUD

233,091

JPMorgan

Chase

Bank

NA

03/18/26

(

1,391

)

JPY

47,340,615

EUR

260,000

JPMorgan

Chase

Bank

NA

03/18/26

(

2,472

)

JPY

160,053,666

EUR

880,479

Wells

Fargo

Bank

NA

03/18/26

(

10,063

)

JPY

57,232,874

USD

372,056

Societe

Generale

SA

03/18/26

(

4,396

)

JPY

1,374,162,334

USD

8,851,162

Wells

Fargo

Bank

NA

03/18/26

(

23,630

)

NOK

7,593,722

CHF

594,549

Toronto

Dominion

Bank

03/18/26

(

3,212

)

NZD

123,715

USD

71,832

BNP

Paribas

SA

03/18/26

(

408

)

TWD

26,987,892

USD

869,671

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

11,837

)

USD

16,956

BRL

94,691

BNP

Paribas

SA

03/18/26

(

36

)

USD

268,062

CAD

369,130

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

1,711

)

USD

3,233,846

EUR

2,761,778

Deutsche

Bank

AG

03/18/26

(

22,771

)

USD

3,243,359

EUR

2,770,130

Toronto

Dominion

Bank

03/18/26

(

23,106

)

USD

1,984,251

GBP

1,488,466

Toronto

Dominion

Bank

03/18/26

(

21,758

)

USD

133,656

GBP

99,971

Wells

Fargo

Bank

NA

03/18/26

(

1,075

)

USD

26,168

INR

2,368,662

Wells

Fargo

Bank

NA

03/18/26

(

15

)

USD

127,925

MXN

2,351,089

Morgan

Stanley

&

Co.

International

plc

03/18/26

(

1,716

)

USD

606,897

NOK

6,155,353

Deutsche

Bank

AG

03/18/26

(

3,607

)

USD

8,352

EGP

410,844

Citibank

NA

03/31/26

(

22

)

(

208,881

)

$

26,184

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

59

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

USD

Currency

................

Up

and

In

Morgan

Stanley

&

Co.

International

plc

01/21/26

JPY

158.00

JPY

160.25

USD

298

$

80

USD

Currency

................

One-Touch

Morgan

Stanley

&

Co.

International

plc

01/27/26

CAD

1.36

CAD

1.36

USD

3

720

EUR

Currency

................

One-Touch

Bank

of

America

NA

02/05/26

CZK

23.85

CZK

23.85

EUR

2

163

USD

Currency

................

One-Touch

Bank

of

America

NA

02/05/26

CZK

20.00

CZK

20.00

USD

2

167

USD

Currency

................

One-Touch

Bank

of

America

NA

02/27/26

INR

88.15

INR

88.15

USD

3

209

$

1,339

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust,

Series

1

....................

42

01/02/26

USD

609.00

USD

2,580

$

24,886

SPDR

S&P

500

ETF

Trust

......................

52

01/02/26

USD

690.00

USD

3,546

130

SPDR

S&P

500

ETF

Trust

......................

104

01/09/26

USD

693.00

USD

7,092

8,082

Alphabet,

Inc.

..............................

23

01/16/26

USD

340.00

USD

722

989

Apple,

Inc.

................................

6

01/16/26

USD

280.00

USD

163

714

Apple,

Inc.

................................

26

01/16/26

USD

285.00

USD

707

1,157

Bank

of

America

Corp.

........................

38

01/16/26

USD

55.00

USD

209

5,187

Boeing

Co.

(The)

............................

3

01/16/26

USD

235.00

USD

65

90

Carrier

Global

Corp.

..........................

27

01/16/26

USD

65.00

USD

143

203

Delta

Air

Lines,

Inc.

..........................

57

01/16/26

USD

70.00

USD

396

14,393

EURO

STOXX

Bank

Index

.....................

36

01/16/26

EUR

260.00

EUR

474

16,183

Freeport-McMoRan,

Inc.

.......................

8

01/16/26

USD

55.00

USD

41

260

Goldman

Sachs

Group,

Inc.

(The)

................

1

01/16/26

USD

870.00

USD

88

2,815

iShares

Russell

2000

ETF

......................

26

01/16/26

USD

250.00

USD

640

5,385

Lionsgate

Studios

Corp.

.......................

3

01/16/26

USD

9.00

USD

3

180

Netflix,

Inc.

................................

9

01/16/26

USD

122.00

USD

84

23

NVIDIA

Corp.

..............................

24

01/16/26

USD

195.00

USD

448

5,136

Paramount

Skydance

Corp.

.....................

8

01/16/26

USD

16.00

USD

11

32

Sabre

Corp.

...............................

6

01/16/26

USD

2.00

USD

1

45

Sabre

Corp.

...............................

16

01/16/26

USD

2.50

USD

2

160

SPDR

Gold

Shares

(a)

.........................

38

01/16/26

USD

405.00

USD

1,506

16,399

SPDR

Gold

Shares

(a)

.........................

62

01/16/26

USD

390.00

USD

2,457

72,597

State

Street

SPDR

S&P

Regional

Banking

ETF

.......

43

01/16/26

USD

70.00

USD

279

814

Vistra

Corp.

...............................

9

01/16/26

USD

210.00

USD

145

54

Walmart,

Inc.

..............................

15

01/16/26

USD

115.00

USD

167

855

Walt

Disney

Co.

(The)

........................

6

01/16/26

USD

110.00

USD

68

2,730

Alphabet,

Inc.

..............................

19

02/20/26

USD

340.00

USD

596

12,968

Amazon.com,

Inc.

...........................

8

02/20/26

USD

255.00

USD

185

3,040

Amazon.com,

Inc.

...........................

24

02/20/26

USD

240.00

USD

554

19,860

Apple,

Inc.

................................

14

02/20/26

USD

290.00

USD

381

3,976

Citigroup,

Inc.

..............................

24

02/20/26

USD

120.00

USD

280

8,400

Fifth

Third

Bancorp

..........................

45

02/20/26

USD

50.00

USD

211

2,700

Goldman

Sachs

Group,

Inc.

(The)

................

1

02/20/26

USD

865.00

USD

88

4,603

JPMorgan

Chase

&

Co.

.......................

9

02/20/26

USD

325.00

USD

290

9,000

Meta

Platforms,

Inc.

..........................

5

02/20/26

USD

670.00

USD

330

15,538

Microsoft

Corp.

.............................

8

02/20/26

USD

510.00

USD

387

7,160

Rockwell

Automation,

Inc.

......................

4

02/20/26

USD

410.00

USD

156

4,360

SPDR

Gold

Shares

(a)

.........................

75

02/20/26

USD

390.00

USD

2,972

130,961

Tesla,

Inc.

.................................

6

02/20/26

USD

450.00

USD

270

19,815

Tesla,

Inc.

.................................

6

02/20/26

USD

480.00

USD

270

12,675

Valero

Energy

Corp.

..........................

10

02/20/26

USD

175.00

USD

163

3,020

Vertiv

Holdings

Co.

..........................

20

02/20/26

USD

200.00

USD

324

6,650

Broadcom,

Inc.

.............................

8

03/20/26

USD

430.00

USD

277

5,980

Citigroup,

Inc.

..............................

12

03/20/26

USD

110.00

USD

140

12,689

Delta

Air

Lines,

Inc.

..........................

9

03/20/26

USD

75.00

USD

62

2,691

Lionsgate

Studios

Corp.

.......................

2

03/20/26

USD

10.00

USD

2

175

NVIDIA

Corp.

..............................

16

03/20/26

USD

200.00

USD

298

15,920

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

60

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

Gold

Shares

(a)

.........................

19

03/20/26

USD

420.00

USD

753

$

16,844

United

Airlines

Holdings,

Inc.

....................

6

03/20/26

USD

120.00

USD

67

3,824

Sabre

Corp.

...............................

14

04/17/26

USD

2.00

USD

2

175

Lionsgate

Studios

Corp.

.......................

3

06/18/26

USD

12.00

USD

3

255

502,778

Put

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

9

01/16/26

USD

80.00

USD

73

68

iShares

Russell

2000

ETF

......................

5

01/16/26

USD

245.00

USD

123

1,419

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

7

01/30/26

USD

80.00

USD

56

99

1,586

$

504,364

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

AUD

Currency

...........................

Deutsche

Bank

AG

01/08/26

USD

0.67

AUD

49

$

53

EUR

Currency

...........................

Deutsche

Bank

AG

01/16/26

USD

1.18

EUR

28

101

USD

Currency

...........................

Barclays

Bank

plc

02/06/26

BRL

5.55

USD

39

591

USD

Currency

...........................

UBS

AG

05/27/26

COP

3,920.00

USD

38

1,397

2,142

Put

EUR

Currency

...........................

BNP

Paribas

SA

01/12/26

USD

1.13

EUR

291

3

USD

Currency

...........................

Barclays

Bank

plc

02/26/26

BRL

5.25

USD

410

959

962

$

3,104

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

3.57%

Annual

Deutsche

Bank

AG

02/05/26

3

.57

%

USD

523

$

621

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.77%

Annual

Deutsche

Bank

AG

02/05/26

3

.77

USD

349

202

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.15%

Annual

JPMorgan

Chase

Bank

NA

02/06/26

3

.15

USD

608

322

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.45%

Annual

JPMorgan

Chase

Bank

NA

02/06/26

3

.45

USD

382

184

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Bank

of

America

NA

04/30/26

3

.55

USD

1,333

3,004

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

3.00%

At

Termination

Goldman

Sachs

International

06/08/26

3

.00

USD

6,616

6,903

$

11,236

(a)

Forward

settling

swaption.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

61

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust,

Series

1

.....................

42

01/02/26

USD

621.00

USD

2,580

$

(

888

)

SPDR

S&P

500

ETF

Trust

.......................

52

01/02/26

USD

698.00

USD

3,546

—

SPDR

S&P

500

ETF

Trust

.......................

104

01/09/26

USD

701.00

USD

7,092

(

673

)

Alphabet,

Inc.

...............................

3

01/16/26

USD

330.00

USD

94

(

412

)

Apollo

Global

Management,

Inc.

...................

2

01/16/26

USD

145.00

USD

29

(

605

)

Apple,

Inc.

.................................

5

01/16/26

USD

270.00

USD

136

(

2,750

)

Bank

of

America

Corp.

.........................

38

01/16/26

USD

60.00

USD

209

(

361

)

Broadcom,

Inc.

..............................

3

01/16/26

USD

380.00

USD

104

(

487

)

Cameco

Corp.

...............................

3

01/16/26

USD

95.00

USD

27

(

586

)

Cisco

Systems,

Inc.

...........................

5

01/16/26

USD

80.00

USD

39

(

95

)

Citigroup,

Inc.

...............................

7

01/16/26

USD

110.00

USD

82

(

5,477

)

CRH

plc

...................................

2

01/16/26

USD

135.00

USD

25

(

180

)

Delta

Air

Lines,

Inc.

...........................

57

01/16/26

USD

80.00

USD

396

(

912

)

Eli

Lilly

&

Co.

...............................

1

01/16/26

USD

900.00

USD

107

(

17,850

)

Freeport-McMoRan,

Inc.

........................

8

01/16/26

USD

60.00

USD

41

(

48

)

Freeport-McMoRan,

Inc.

........................

9

01/16/26

USD

50.00

USD

46

(

1,795

)

Hilton

Worldwide

Holdings,

Inc.

...................

1

01/16/26

USD

300.00

USD

29

(

112

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

47

01/16/26

USD

81.00

USD

379

(

362

)

iShares

Russell

2000

ETF

.......................

26

01/16/26

USD

270.00

USD

640

(

85

)

McKesson

Corp.

.............................

1

01/16/26

USD

840.00

USD

82

(

820

)

Medtronic

plc

...............................

4

01/16/26

USD

105.00

USD

38

(

16

)

Micron

Technology,

Inc.

........................

2

01/16/26

USD

155.00

USD

57

(

26,141

)

NVIDIA

Corp.

...............................

19

01/16/26

USD

205.00

USD

354

(

988

)

Paramount

Skydance

Corp.

......................

8

01/16/26

USD

20.00

USD

11

(

12

)

SPDR

Gold

Shares

(a)

..........................

19

01/16/26

USD

395.00

USD

753

(

16,548

)

SPDR

Gold

Shares

(a)

..........................

44

01/16/26

USD

430.00

USD

1,744

(

2,114

)

State

Street

SPDR

S&P

Regional

Banking

ETF

........

43

01/16/26

USD

77.00

USD

279

(

39

)

Tesla,

Inc.

..................................

1

01/16/26

USD

480.00

USD

45

(

540

)

Tesla,

Inc.

..................................

1

01/16/26

USD

500.00

USD

45

(

264

)

Trane

Technologies

plc

.........................

1

01/16/26

USD

480.00

USD

39

(

215

)

Valero

Energy

Corp.

...........................

1

01/16/26

USD

170.00

USD

16

(

121

)

Vistra

Corp.

................................

9

01/16/26

USD

250.00

USD

145

(

45

)

Alphabet,

Inc.

...............................

6

02/20/26

USD

345.00

USD

188

(

3,375

)

Alphabet,

Inc.

...............................

25

02/20/26

USD

370.00

USD

785

(

4,812

)

Citigroup,

Inc.

...............................

24

02/20/26

USD

130.00

USD

280

(

2,280

)

Delta

Air

Lines,

Inc.

...........................

29

02/20/26

USD

80.00

USD

201

(

2,639

)

EURO

STOXX

Bank

Index

......................

11

02/20/26

EUR

270.00

EUR

145

(

4,169

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

31

02/20/26

USD

82.00

USD

250

(

58

)

JPMorgan

Chase

&

Co.

........................

9

02/20/26

USD

355.00

USD

290

(

1,188

)

Meta

Platforms,

Inc.

...........................

5

02/20/26

USD

750.00

USD

330

(

4,037

)

SPDR

Gold

Shares

(a)

..........................

150

02/20/26

USD

420.00

USD

5,945

(

84,411

)

Tesla,

Inc.

..................................

6

02/20/26

USD

550.00

USD

270

(

4,381

)

Tesla,

Inc.

..................................

6

02/20/26

USD

560.00

USD

270

(

3,811

)

Vertiv

Holdings

Co.

...........................

20

02/20/26

USD

250.00

USD

324

(

1,870

)

(

198,572

)

Put

Boeing

Co.

(The)

.............................

3

01/16/26

USD

185.00

USD

65

(

48

)

Boston

Scientific

Corp.

.........................

4

01/16/26

USD

90.00

USD

38

(

160

)

Carrier

Global

Corp.

...........................

27

01/16/26

USD

50.00

USD

143

(

742

)

Costco

Wholesale

Corp.

........................

1

01/16/26

USD

840.00

USD

86

(

435

)

Delta

Air

Lines,

Inc.

...........................

33

01/16/26

USD

57.50

USD

229

(

742

)

iShares

Russell

2000

ETF

.......................

5

01/16/26

USD

225.00

USD

123

(

66

)

State

Street

SPDR

S&P

Regional

Banking

ETF

........

24

01/16/26

USD

61.00

USD

156

(

943

)

Vistra

Corp.

................................

9

01/16/26

USD

150.00

USD

145

(

1,413

)

Walt

Disney

Co.

(The)

.........................

6

01/16/26

USD

100.00

USD

68

(

15

)

Alphabet,

Inc.

...............................

19

02/20/26

USD

290.00

USD

596

(

12,112

)

Amazon.com,

Inc.

............................

8

02/20/26

USD

215.00

USD

185

(

4,040

)

Amazon.com,

Inc.

............................

24

02/20/26

USD

205.00

USD

554

(

6,840

)

Apple,

Inc.

.................................

14

02/20/26

USD

245.00

USD

381

(

2,639

)

Fifth

Third

Bancorp

...........................

45

02/20/26

USD

43.00

USD

211

(

2,475

)

Goldman

Sachs

Group,

Inc.

(The)

.................

1

02/20/26

USD

770.00

USD

88

(

567

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

31

02/20/26

USD

78.00

USD

250

(

427

)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

62

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Microsoft

Corp.

..............................

8

02/20/26

USD

440.00

USD

387

$

(

3,720

)

Rockwell

Automation,

Inc.

.......................

4

02/20/26

USD

330.00

USD

156

(

700

)

SPDR

Gold

Shares

(a)

..........................

25

02/20/26

USD

370.00

USD

991

(

7,793

)

Tesla,

Inc.

..................................

6

02/20/26

USD

360.00

USD

270

(

2,715

)

Tesla,

Inc.

..................................

6

02/20/26

USD

350.00

USD

270

(

2,160

)

Valero

Energy

Corp.

...........................

15

02/20/26

USD

145.00

USD

244

(

3,052

)

Vertiv

Holdings

Co.

...........................

20

02/20/26

USD

140.00

USD

324

(

10,000

)

Broadcom,

Inc.

..............................

8

03/20/26

USD

310.00

USD

277

(

11,580

)

Citigroup,

Inc.

...............................

12

03/20/26

USD

95.00

USD

140

(

1,086

)

Delta

Air

Lines,

Inc.

...........................

9

03/20/26

USD

60.00

USD

62

(

1,426

)

NVIDIA

Corp.

...............................

24

03/20/26

USD

145.00

USD

448

(

5,808

)

SPDR

Gold

Shares

(a)

..........................

19

03/20/26

USD

375.00

USD

753

(

11,369

)

United

Airlines

Holdings,

Inc.

.....................

6

03/20/26

USD

85.00

USD

67

(

795

)

Broadcom,

Inc.

..............................

5

09/18/26

USD

280.00

USD

173

(

11,662

)

NVIDIA

Corp.

...............................

7

09/18/26

USD

150.00

USD

131

(

7,595

)

(

115,125

)

$

(

313,697

)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Citibank

NA

01/16/26

CLP

940.00

USD

13

$

(

8

)

USD

Currency

.............................

Barclays

Bank

plc

02/06/26

BRL

5.75

USD

58

(

355

)

USD

Currency

.............................

UBS

AG

05/27/26

COP

4,200.00

USD

57

(

880

)

–

(

1,243

)

–

Put

EUR

Currency

.............................

Bank

of

America

NA

01/12/26

USD

1.13

EUR

291

(

3

)

USD

Currency

.............................

Citibank

NA

01/16/26

CLP

920.00

USD

13

(

316

)

USD

Currency

.............................

Standard

Chartered

Bank

02/25/26

IDR

16,250.00

USD

409

(

364

)

USD

Currency

.............................

Bank

of

America

NA

02/26/26

ZAR

16.70

USD

409

(

6,621

)

USD

Currency

.............................

Bank

of

America

NA

02/26/26

MXN

17.95

USD

410

(

3,058

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

02/26/26

BRL

5.25

USD

410

(

959

)

USD

Currency

.............................

Bank

of

America

NA

03/12/26

IDR

16,325.00

USD

407

(

752

)

USD

Currency

.............................

Bank

of

America

NA

03/12/26

BRL

5.25

USD

407

(

1,274

)

USD

Currency

.............................

Bank

of

America

NA

03/12/26

MXN

17.65

USD

407

(

1,324

)

USD

Currency

.............................

Bank

of

America

NA

03/12/26

ZAR

16.35

USD

408

(

3,079

)

–

(

17,750

)

–

$

(

18,993

)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Call

Bought

Protection

on

5-Year

Credit

Default

Swap

.........

1

.00

%

Markit

CDX

North

American

Investment

Grade

Index

Series

45.V1

Quarterly

Goldman

Sachs

International

02/18/26

NR

USD

60.00

USD

311

$

(

1,331

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

63

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

Investment

Grade

Index

Series

45.V1

1

.00

%

Quarterly

Goldman

Sachs

International

02/18/26

NR

USD

60.00

USD

311

$

(

154

)

$

(

1,485

)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

2-Year

Interest

Rate

Swap

(a)

.

2.87%

Annual

1-day

SOFR

Annual

Barclays

Bank

plc

01/02/26

2

.87

%

USD

392

$

—

10-Year

Interest

Rate

Swap

(a)

3.60%

Annual

1-day

SOFR

Annual

Nomura

International

plc

02/17/26

3

.60

USD

695

(

1,559

)

10-Year

Interest

Rate

Swap

(a)

3.40%

Annual

1-day

SOFR

Annual

Citibank

NA

02/18/26

3

.40

USD

1,038

(

653

)

5-Year

Interest

Rate

Swap

(a)

.

2.90%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

02/25/26

2

.90

USD

1,012

(

298

)

10-Year

Interest

Rate

Swap

(a)

3.25%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

02/25/26

3

.25

USD

544

(

184

)

30-Year

Interest

Rate

Swap

(a)

4.20%

Annual

1-day

SONIA

Annual

Goldman

Sachs

International

03/04/26

4

.20

GBP

210

(

1,341

)

10-Year

Interest

Rate

Swap

(a)

3.50%

Annual

1-day

SOFR

Annual

Citibank

NA

03/11/26

3

.50

USD

1,046

(

2,206

)

30-Year

Interest

Rate

Swap

(a)

3.25%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

04/30/26

3

.25

USD

1,333

(

895

)

1-Year

Interest

Rate

Swap

(a)

.

2.50%

At

Termination

1-day

SOFR

At

Termination

Goldman

Sachs

International

06/08/26

2

.50

USD

6,616

(

2,171

)

10-Year

Interest

Rate

Swap

(a)

3.20%

Annual

1-day

SOFR

Annual

Citibank

NA

12/16/26

3

.20

USD

523

(

3,113

)

(

12,420

)

Put

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.96%

Annual

Bank

of

America

NA

02/02/26

3

.96

USD

938

(

1,778

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.30%

Annual

Goldman

Sachs

International

02/02/26

4

.30

USD

415

(

1,835

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.77%

Annual

JPMorgan

Chase

Bank

NA

02/10/26

3

.77

USD

271

(

119

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Annual

Nomura

International

plc

02/17/26

4

.00

USD

695

(

1,636

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.58%

Annual

Bank

of

America

NA

02/20/26

3

.58

USD

2,356

(

470

)

10-Year

Interest

Rate

Swap

(a)

6-mo.

EURIBOR

Semi-Annual

2.94%

Annual

JPMorgan

Chase

Bank

NA

04/23/26

2

.94

EUR

1,292

(

19,558

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Annual

JPMorgan

Chase

Bank

NA

04/23/26

4

.00

USD

1,218

(

8,484

)

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

3.50%

At

Termination

Goldman

Sachs

International

06/08/26

3

.50

USD

6,616

(

4,263

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.60%

Annual

Citibank

NA

12/16/26

4

.60

USD

523

(

3,865

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.30%

Annual

Goldman

Sachs

International

09/20/27

4

.30

USD

7,038

(

19,056

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Nomura

International

plc

12/08/27

4

.00

USD

2,786

(

13,036

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.50%

Annual

Deutsche

Bank

AG

12/16/27

4

.50

USD

4,219

(

11,273

)

(

85,373

)

$

(

97,793

)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

64

(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

$

(

3,643

)

$

(

2,516

)

$

(

1,127

)

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1

.00

Quarterly

12/20/27

USD

49

(

741

)

(

27

)

(

714

)

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

.....................

5

.00

Quarterly

06/20/30

USD

456

(

36,783

)

(

29,352

)

(

7,431

)

Markit

CDX

North

American

Investment

Grade

Index

Series

44.V1

................

1

.00

Quarterly

06/20/30

USD

241

(

5,471

)

(

4,868

)

(

603

)

Markit

CDX

North

American

High

Yield

Index

Series

45.V1

.....................

5

.00

Quarterly

12/20/30

USD

138

(

10,708

)

(

9,103

)

(

1,605

)

$

(

57,346

)

$

(

45,866

)

$

(

11,480

)

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

39.V4

...........

5

.00

%

Quarterly

12/20/27

BB-

USD

149

$

8,801

$

3

$

8,798

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5

.00

Quarterly

12/20/28

BB-

USD

257

19,412

5,720

13,692

Ardagh

Packaging

Finance

plc

.............

5

.00

Quarterly

12/20/29

NR

EUR

12

(

8,009

)

—

(

8,009

)

iTraxx

Europe

Crossover

Index

Series

42.V4

..

5

.00

Quarterly

12/20/29

BB-

EUR

833

100,755

63,995

36,760

Ardagh

Packaging

Finance

plc

.............

5

.00

Quarterly

06/20/30

NR

EUR

1

(

866

)

—

(

866

)

iTraxx

Europe

Crossover

Index

Series

43.V3

..

5

.00

Quarterly

06/20/30

BB-

EUR

91

12,339

9,731

2,608

$

132,432

$

79,449

$

52,983

(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)

9.31%

Monthly

1-day

TIIEOIS

Monthly

N/A

01/09/26

MXN

2,975

$

(

250

)

$

—

$

(

250

)

3.79%

At

Termination

1-day

EFFR

At

Termination

N/A

01/28/26

USD

23,775

(

4,510

)

—

(

4,510

)

3.68%

At

Termination

1-day

EFFR

At

Termination

N/A

01/28/26

USD

11,862

(

528

)

—

(

528

)

1-day

TIIEOIS

Monthly

8.47%

Monthly

N/A

02/25/26

MXN

5,365

954

—

954

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

221,465

3,498

—

3,498

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/26/26

ZAR

2,033

(

364

)

—

(

364

)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

8,960

75,113

264

74,849

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

05/07/26

ZAR

2,826

(

1,108

)

—

(

1,108

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

1,923

8,284

—

8,284

1-day

TIIEOIS

Monthly

7.73%

Monthly

N/A

05/11/26

MXN

1,322

200

—

200

7.73%

Monthly

1-day

TIIEOIS

Monthly

N/A

06/19/26

MXN

2,687

(

562

)

—

(

562

)

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

844

3,977

—

3,977

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

65

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/26

ZAR

1,873

$

(

282

)

$

—

$

(

282

)

4.21%

At

Termination

3-mo.

WIBOR

Quarterly

N/A

09/17/26

PLN

170

(

623

)

—

(

623

)

5.24%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/19/26

PLN

477

(

1,403

)

—

(

1,403

)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/23/26

ZAR

385

(

54

)

—

(

54

)

1-day

SOFR

Annual

4.00%

Annual

N/A

10/28/26

USD

2,972

12,278

—

12,278

1-day

TIIEOIS

Monthly

9.26%

Monthly

N/A

11/18/26

MXN

20,983

23,978

—

23,978

13.88%

At

Termination

1-day

BZDIOVER

At

Termination

N/A

01/04/27

BRL

806

72

—

72

1-day

SOFR

Annual

4.07%

Annual

N/A

01/14/27

USD

2,905

11,550

—

11,550

6-mo.

BUBOR

Semi-Annual

6.50%

Annual

N/A

03/19/27

HUF

13,529

1,511

—

1,511

7.25%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/27

ZAR

1,149

(

647

)

—

(

647

)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

398

(

4,848

)

—

(

4,848

)

5.13%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

239

(

2,892

)

—

(

2,892

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

15,554

2,230

—

2,230

3.88%

Annual

1-day

SOFR

Annual

N/A

03/20/27

USD

77

(

197

)

6

(

203

)

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

10,332

211,347

2,468

208,879

1-day

SOFR

Annual

4.10%

Annual

N/A

05/30/27

USD

2,318

21,114

—

21,114

1-day

SOFR

Annual

4.15%

Annual

N/A

05/30/27

USD

2,318

23,386

—

23,386

6-mo.

BUBOR

Semi-Annual

5.68%

Annual

N/A

09/17/27

HUF

13,407

(

300

)

—

(

300

)

6-mo.

BUBOR

Semi-Annual

5.76%

Annual

N/A

09/17/27

HUF

24,000

(

426

)

—

(

426

)

6.99%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/27

ZAR

410

(

250

)

—

(

250

)

3.97%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/17/27

PLN

227

(

220

)

—

(

220

)

1-day

SOFR

Annual

4.20%

Annual

N/A

10/23/27

USD

767

12,072

—

12,072

1-day

SOFR

At

Termination

3.23%

At

Termination

12/11/26

(a)

12/11/27

USD

3,286

1,348

—

1,348

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

1,832

24,554

—

24,554

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

1,832

(

5,163

)

—

(

5,163

)

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

1,845

834

—

834

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

6,479

(

22,395

)

—

(

22,395

)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

490

23,493

—

23,493

1-day

SOFR

Annual

3.50%

Annual

N/A

08/20/28

USD

2,094

4,020

—

4,020

3-mo.

CD_KSDA

Quarterly

2.40%

Quarterly

N/A

09/17/28

KRW

152,896

(

1,702

)

—

(

1,702

)

3-mo.

CD_KSDA

Quarterly

2.40%

Quarterly

N/A

09/17/28

KRW

193,173

(

2,137

)

—

(

2,137

)

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

463

10,171

—

10,171

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

464

10,222

—

10,222

1-week

CNREPOFIX_

CFXS

Quarterly

1.59%

Quarterly

N/A

12/17/28

CNY

820

203

—

203

1-day

BZDIOVER

At

Termination

13.01%

At

Termination

N/A

01/02/29

BRL

351

(

474

)

—

(

474

)

1-day

BZDIOVER

At

Termination

13.14%

At

Termination

N/A

01/02/29

BRL

173

(

133

)

—

(

133

)

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

1,180

50,203

—

50,203

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

4,813

931

—

931

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

5,883

1,216

—

1,216

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

13,424

501,541

9,995

491,546

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

1,358

49,829

—

49,829

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

1,931

35,512

—

35,512

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

985

33,581

—

33,581

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/29

USD

959

8,527

—

8,527

1-day

TIIEOIS

Monthly

9.04%

Monthly

N/A

11/14/29

MXN

6,646

18,558

—

18,558

8.97%

Monthly

1-day

TIIEOIS

Monthly

N/A

12/14/29

MXN

623

(

1,667

)

—

(

1,667

)

1-day

SONIA

Annual

4.00%

Annual

N/A

01/16/30

GBP

1,099

18,300

—

18,300

1-day

SOFR

Annual

4.00%

Annual

N/A

01/23/30

USD

1,099

21,441

—

21,441

6-mo.

EURIBOR

Semi-Annual

2.42%

Annual

N/A

01/31/30

EUR

25

308

7

301

6-mo.

EURIBOR

Semi-Annual

2.63%

Annual

N/A

01/31/30

EUR

26

409

517

(

108

)

6-mo.

EURIBOR

Semi-Annual

2.43%

Annual

N/A

02/03/30

EUR

49

649

100

549

8.65%

Monthly

1-day

TIIEOIS

Monthly

N/A

02/07/30

MXN

687

(

1,431

)

—

(

1,431

)

1-day

SOFR

Annual

3.23%

Annual

N/A

02/19/30

USD

1,074

(

17,783

)

—

(

17,783

)

1-day

SOFR

Annual

3.90%

Annual

N/A

02/24/30

USD

935

14,421

—

14,421

6-mo.

PRIBOR

Semi-Annual

3.46%

Annual

N/A

03/19/30

CZK

1,268

322

—

322

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

66

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6-mo.

BUBOR

Semi-Annual

6.55%

Annual

N/A

03/19/30

HUF

5,425

$

871

$

—

$

871

7.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/30

ZAR

2,197

(

7,031

)

—

(

7,031

)

7.73%

Monthly

1-day

TIIEOIS

Monthly

N/A

05/06/30

MXN

245

(

45

)

—

(

45

)

6-mo.

EURIBOR

Semi-Annual

2.20%

Annual

N/A

06/04/30

EUR

276

(

786

)

—

(

786

)

1-day

TIIEOIS

Monthly

7.82%

Monthly

N/A

06/07/30

MXN

513

187

—

187

6-mo.

PRIBOR

Semi-Annual

3.56%

Annual

N/A

06/18/30

CZK

323

130

—

130

6-mo.

PRIBOR

Semi-Annual

3.66%

Annual

N/A

06/18/30

CZK

502

317

52

265

1-day

TIIEOIS

Monthly

7.72%

Monthly

N/A

06/24/30

MXN

360

52

—

52

1-day

TIIEOIS

Monthly

7.69%

Monthly

N/A

07/30/30

MXN

1,926

97

—

97

1-week

CNREPOFIX_

CFXS

Quarterly

1.45%

Quarterly

N/A

09/17/30

CNY

614

(

538

)

—

(

538

)

6-mo.

PRIBOR

Semi-Annual

3.41%

Annual

N/A

09/17/30

CZK

748

(

638

)

—

(

638

)

6-mo.

PRIBOR

Semi-Annual

3.55%

Annual

N/A

09/17/30

CZK

1,028

(

542

)

—

(

542

)

6-mo.

WIBOR

Semi-Annual

4.04%

Annual

N/A

09/17/30

PLN

128

359

—

359

6-mo.

BUBOR

Semi-Annual

5.96%

Annual

N/A

09/17/30

HUF

1,938

(

35

)

—

(

35

)

7.60%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

09/17/30

ZAR

785

(

1,984

)

—

(

1,984

)

3-mo.

CD_KSDA

Quarterly

2.91%

Quarterly

N/A

12/17/30

KRW

100,099

(

751

)

—

(

751

)

6-mo.

PRIBOR

Semi-Annual

3.91%

Annual

N/A

12/17/30

CZK

2,124

421

—

421

4.08%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/17/30

PLN

90

(

372

)

—

(

372

)

4.08%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/17/30

PLN

91

(

380

)

—

(

380

)

4.10%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/17/30

PLN

91

(

397

)

—

(

397

)

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

762

128,837

—

128,837

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

576

(

10,767

)

—

(

10,767

)

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

1,080

11,135

—

11,135

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

2,161

22,262

—

22,262

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

1,080

11,220

—

11,220

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

1,978

398

—

398

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

1,978

413

—

413

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

10,109

483,194

15,566

467,628

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/34

USD

646

(

3,674

)

—

(

3,674

)

1-day

SOFR

Annual

3.67%

Annual

N/A

12/26/34

USD

1,129

(

5,849

)

—

(

5,849

)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/06/35

USD

885

(

8,279

)

—

(

8,279

)

1-day

SOFR

Annual

3.75%

Annual

N/A

03/27/35

USD

875

(

3,960

)

—

(

3,960

)

1-day

SOFR

Annual

3.75%

Annual

N/A

07/09/35

USD

472

(

1,904

)

—

(

1,904

)

1-day

THOR

Quarterly

1.38%

Quarterly

N/A

09/17/35

THB

96

(

58

)

—

(

58

)

1.35%

Quarterly

1-day

THOR

Quarterly

N/A

09/17/35

THB

96

65

67

(

2

)

1-day

TIIEOIS

Monthly

8.27%

Monthly

N/A

12/05/35

MXN

428

154

—

154

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

374

13,450

—

13,450

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

118

(

1,761

)

70

(

1,831

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

397

35,194

—

35,194

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

22,475

(

37,927

)

—

(

37,927

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

22,475

(

37,905

)

—

(

37,905

)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

396

(

7,709

)

1,610

(

9,319

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/02/54

USD

3,526

314,059

971

313,088

1-day

SONIA

Annual

4.10%

Annual

N/A

11/07/54

GBP

350

(

27,868

)

1,585

(

29,453

)

1-day

TONAR

Annual

2.58%

Annual

N/A

10/08/55

JPY

2,350

(

707

)

—

(

707

)

1-day

SONIA

Annual

4.45%

Annual

N/A

12/04/55

GBP

210

(

227

)

—

(

227

)

$

2,030,529

$

33,278

$

1,997,251

(a)

Forward

swap.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

67

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

$

5,046

$

—

$

5,046

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)

Community

Health

Systems,

Inc.

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/26

USD

5

$

(

104

)

$

109

$

(

213

)

Xerox

Corp.

.............

1

.00

Quarterly

Barclays

Bank

plc

12/20/26

USD

5

1,038

1,222

(

184

)

BorgWarner,

Inc.

..........

1

.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

10

(

156

)

55

(

211

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/27

USD

10

(

3

)

1,052

(

1,055

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

10

(

3

)

1,023

(

1,026

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

10

4,451

461

3,990

Simon

Property

Group

LP

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

30

(

532

)

341

(

873

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

40

(

857

)

669

(

1,526

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

100

(

1,559

)

(

291

)

(

1,268

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

100

(

1,660

)

833

(

2,493

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

5

(

667

)

(

389

)

(

278

)

Deutsche

Bank

AG

.........

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

EUR

35

(

690

)

(

179

)

(

511

)

Intesa

Sanpaolo

SpA

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

EUR

34

(

535

)

—

(

535

)

Telecom

Italia

SpA

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

15

(

99

)

585

(

684

)

Intesa

Sanpaolo

SpA

.......

1

.00

Quarterly

BNP

Paribas

SA

06/20/30

EUR

38

(

1,294

)

(

721

)

(

573

)

Occidental

Petroleum

Corp.

...

1

.00

Quarterly

Deutsche

Bank

AG

06/20/30

USD

20

(

165

)

(

47

)

(

118

)

Simon

Property

Group

LP

....

1

.00

Quarterly

BNP

Paribas

SA

06/20/30

USD

10

(

234

)

(

48

)

(

186

)

Ally

Financial,

Inc.

.........

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

20

(

3,311

)

(

3,038

)

(

273

)

Ally

Financial,

Inc.

.........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

10

(

1,655

)

(

1,550

)

(

105

)

American

Airlines

Group,

Inc.

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

USD

5

(

196

)

104

(

300

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

10

(

1,561

)

(

1,455

)

(

106

)

Republic

of

Panama

........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

5

54

99

(

45

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Deutsche

Bank

AG

12/20/30

USD

20

(

35

)

53

(

88

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

45

(

78

)

198

(

276

)

Whirlpool

Corp.

...........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/30

USD

5

334

328

6

$

–

$

–

$

–

$

(

9,517

)

$

(

586

)

$

(

8,931

)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Altice

France

SA

......

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

CCC+

EUR

50

$

1,857

$

1,222

$

635

ZF

Europe

Finance

BV

..

5

.00

Quarterly

Deutsche

Bank

AG

12/20/28

BB-

EUR

23

1,986

1,647

339

Hannover

Rueck

SE

....

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

A

EUR

18

312

87

225

iTraxx

Europe

Crossover

Index

Series

42.V2

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

71

11,563

7,368

4,195

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

45

3,458

2,777

681

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

45

3,458

3,296

162

Muenchener

Rueckversicherungs-

Gesellschaft

AG

....

1

.00

Quarterly

BNP

Paribas

SA

12/20/29

A+

EUR

18

323

90

233

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

68

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Swedbank

AB

........

1

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

NR

EUR

34

$

398

$

(

81

)

$

479

AXA

SA

............

1

.00

Quarterly

BNP

Paribas

SA

06/20/30

A+

EUR

38

1,207

703

504

Eutelsat

SA

..........

5

.00

Quarterly

BNP

Paribas

SA

12/20/30

NR

EUR

23

4,960

2,954

2,006

Eutelsat

SA

..........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

EUR

24

5,091

3,175

1,916

Forvia

SE

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

EUR

8

1,092

767

325

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

USD

5

889

909

(

20

)

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

NR

USD

5

889

909

(

20

)

$

37,483

$

25,823

$

11,660

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

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)

8.07%

At

Termination

1-day

IBR

At

Termination

Barclays

Bank

plc

09/17/26

COP

7,397

$

40

$

—

$

40

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

20,705

119

—

119

1-day

BZDIOVER

At

Termination

10.00%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,081

(

22,170

)

—

(

22,170

)

1-day

BZDIOVER

At

Termination

10.07%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

677

(

13,941

)

—

(

13,941

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,370

(

27,440

)

—

(

27,440

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

1,314

(

26,304

)

—

(

26,304

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

7

(

147

)

—

(

147

)

1-day

IBR

Quarterly

9.31%

Quarterly

Goldman

Sachs

International

12/17/27

COP

94,388

(

691

)

—

(

691

)

1-day

IBR

Quarterly

9.37%

Quarterly

Goldman

Sachs

International

12/17/27

COP

93,697

(

660

)

—

(

660

)

1-day

IBR

Quarterly

9.54%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/17/27

COP

186,023

(

1,160

)

—

(

1,160

)

4.44%

Semi-Annual

1-day

CLICP

Semi-Annual

Goldman

Sachs

International

12/17/27

CLP

93,595

(

18

)

—

(

18

)

1-day

BZDIOVER

At

Termination

12.95%

At

Termination

Bank

of

America

NA

01/02/29

BRL

591

(

1,538

)

—

(

1,538

)

1-day

BZDIOVER

At

Termination

13.00%

At

Termination

Bank

of

America

NA

01/02/29

BRL

688

(

1,557

)

—

(

1,557

)

1-day

BZDIOVER

At

Termination

13.00%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

1,058

(

2,395

)

—

(

2,395

)

1-day

BZDIOVER

At

Termination

13.12%

At

Termination

Bank

of

America

NA

01/02/29

BRL

2,763

(

4,288

)

—

(

4,288

)

1-day

BZDIOVER

At

Termination

13.33%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

55

(

31

)

—

(

31

)

1-day

BZDIOVER

At

Termination

13.34%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

266

(

64

)

—

(

64

)

1-day

BZDIOVER

At

Termination

14.03%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

153

765

—

765

9.36%

Quarterly

1-day

IBR

Quarterly

Goldman

Sachs

International

12/17/29

COP

52,354

643

—

643

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

69

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)

9.42%

Quarterly

1-day

IBR

Quarterly

Goldman

Sachs

International

12/17/29

COP

52,201

$

614

$

—

$

614

9.54%

Quarterly

1-day

IBR

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/17/29

COP

102,370

1,101

—

1,101

$

(

99,122

)

$

—

$

(

99,122

)

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

plus

0.10%

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/20/26

USD

5

$

989

$

—

$

989

1-day

SOFR

plus

0.10%

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Goldman

Sachs

International

03/20/26

USD

2

442

—

442

1-day

SOFR

plus

0.10%

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/20/26

USD

3

653

—

653

1-day

SOFR

plus

0.10%

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Morgan

Stanley

&

Co.

International

plc

03/20/26

USD

2

426

—

426

1-day

SOFR

plus

0.25%

At

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/20/26

USD

1

57

—

57

1-day

SOFR

plus

0.25%

At

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/20/26

USD

6

574

—

574

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

...........

At

Termination

1-day

SOFR

minus

0.45%

At

Termination

Citibank

NA

03/20/26

USD

3

(

672

)

—

(

672

)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

Quarterly

1-day

SOFR

minus

0.30%

At

Termination

Goldman

Sachs

International

03/20/26

USD

5

181

—

181

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.30%

At

Termination

JPMorgan

Chase

Bank

NA

03/20/26

USD

3

110

—

110

0.00%

...........

Quarterly

DB

Variable

Notional

Long-

Short

Cross-

Currency

Carry

Index

v8

Quarterly

Deutsche

Bank

AG

12/11/26

USD

19

109

—

109

0.00%

...........

Quarterly

BNP

Paribas

AIR

Intraday

US

Ultimate

1

bd

ER

Index

Quarterly

BNP

Paribas

SA

12/18/26

USD

4

1

—

1

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/18/26

USD

10

38

—

38

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

70

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)

0.00%

...........

Quarterly

J.P.

Morgan

EM

FX

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/18/26

USD

11

$

(

80

)

$

—

$

(

80

)

1-day

SOFR

.......

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/18/26

USD

8

17

—

17

1-day

SOFR

.......

Quarterly

Goldman

Sachs

TY

Weekly

Volatility

Carry

Index

Quarterly

Goldman

Sachs

International

12/18/26

USD

6

(

33

)

—

(

33

)

$

2,812

$

—

$

2,812

Equity

Swap

Contracts

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Long

contracts

(a)

Adyen

NV

.................

JPMorgan

Chase

Bank

NA

USD

88,394

02/11/26

0.26%

1D

OBFR01

Monthly

$

3,523

Alibaba

Group

Holding

Ltd.

.....

JPMorgan

Chase

Bank

NA

15,768

02/10/26

0.30%

HONIA

Monthly

(

1,079

)

AMC

Networks,

Inc.

..........

JPMorgan

Chase

Bank

NA

31,448

02/09/26

0.20%

1D

OBFR01

Monthly

606

AMC

Networks,

Inc.

..........

Barclays

Bank

plc

6,568

08/23/26

0.20%

1D

OBFR01

Monthly

(

75

)

Baidu,

Inc.

................

JPMorgan

Chase

Bank

NA

12,931

02/10/26

0.30%

HONIA

Monthly

225

Bilibili,

Inc.

................

JPMorgan

Chase

Bank

NA

7,644

02/10/26

0.15%

HONIA

Monthly

(

240

)

Cirsa

Enterprises

SA

.........

JPMorgan

Chase

Bank

NA

11,756

02/10/26

0.26%

1D

ESTR

Monthly

1,393

Comstock

Resources,

Inc.

......

JPMorgan

Chase

Bank

NA

7,528

02/09/26

0.20%

1D

OBFR01

Monthly

29

Derayah

Financial

Co.

........

JPMorgan

Chase

Bank

NA

5,826

02/11/26

0.75%

1D

OBFR01

Monthly

(

662

)

Eagle

Bancorp,

Inc.

..........

JPMorgan

Chase

Bank

NA

5,434

02/09/26

0.20%

1D

OBFR01

Monthly

178

Emirates

Integrated

Telecommunications

Co.

PJSC

JPMorgan

Chase

Bank

NA

20,095

02/11/26

0.75%

1D

OBFR01

Monthly

878

EQT

Corp.

................

JPMorgan

Chase

Bank

NA

7,697

02/09/26

0.20%

1D

OBFR01

Monthly

(

407

)

Flagstar

Bank

NA

............

JPMorgan

Chase

Bank

NA

33,192

02/09/26

0.20%

1D

OBFR01

Monthly

(

748

)

flynas

Co.

SJSC

............

JPMorgan

Chase

Bank

NA

4,485

02/11/26

0.75%

1D

OBFR01

Monthly

94

Iberdrola

SA

...............

JPMorgan

Chase

Bank

NA

35,474

02/11/26

0.26%

1D

OBFR01

Monthly

1,337

JD.com,

Inc.

...............

JPMorgan

Chase

Bank

NA

11,944

02/10/26

0.30%

HONIA

Monthly

(

441

)

Kuaishou

Technology

.........

JPMorgan

Chase

Bank

NA

7,893

02/10/26

1.00%

HONIA

Monthly

(

453

)

NetEase,

Inc.

..............

JPMorgan

Chase

Bank

NA

11,143

02/10/26

0.30%

HONIA

Monthly

(

133

)

Ningbo

Joyson

Electronic

Corp.

..

JPMorgan

Chase

Bank

NA

4,463

02/10/26

0.30%

HONIA

Monthly

471

ONEOK,

Inc.

...............

JPMorgan

Chase

Bank

NA

7,823

02/09/26

0.20%

1D

OBFR01

Monthly

(

32

)

Rasan

Information

Technology

Co.

JPMorgan

Chase

Bank

NA

6,074

02/11/26

0.75%

1D

OBFR01

Monthly

(

113

)

RELX

plc

.................

JPMorgan

Chase

Bank

NA

3,125

02/10/26

0.25%

1D

SONIA

Monthly

17

Rheinmetall

AG

.............

JPMorgan

Chase

Bank

NA

7,346

02/10/26

0.26%

1D

OBFR01

Monthly

(

48

)

Sany

Heavy

Industry

Co.

Ltd.

....

JPMorgan

Chase

Bank

NA

2,765

02/10/26

0.30%

HONIA

Monthly

139

SMG

Swiss

Marketplace

Group

AG

JPMorgan

Chase

Bank

NA

1,017

02/11/26

0.26%

1D

OBFR01

Monthly

172

SSE

plc

..................

JPMorgan

Chase

Bank

NA

13,487

02/10/26

0.25%

1D

SONIA

Monthly

175

Sunny

Optical

Technology

Group

Co.

Ltd.

...................

JPMorgan

Chase

Bank

NA

7,927

02/10/26

0.30%

1D

OBFR01

Monthly

(

327

)

Tencent

Holdings

Ltd.

.........

JPMorgan

Chase

Bank

NA

15,548

02/10/26

1.00%

HONIA

Monthly

(

199

)

Xiaomi

Corp.

...............

JPMorgan

Chase

Bank

NA

13,131

02/10/26

0.30%

1D

OBFR01

Monthly

(

1,019

)

XPeng,

Inc.

................

JPMorgan

Chase

Bank

NA

7,015

02/10/26

0.15%

1D

OBFR01

Monthly

103

Total

long

positions

of

equity

swaps

3,364

Short

contracts

(b)

Alexandria

Real

Estate

Equities,

Inc.

Citibank

NA

(

115,413

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

771

)

Alliance

Laundry

Holdings,

Inc.

..

Barclays

Bank

plc

(

43,285

)

08/23/26

(0.63)%

1D

OBFR01

Monthly

2,524

Alstom

SA

................

Citibank

NA

(

35,795

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

315

)

Amcor

plc

.................

Citibank

NA

(

82,934

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

199

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

71

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Ares

Management

Corp.

.......

Citibank

NA

USD

(

28,918

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

$

1,441

Axon

Enterprise,

Inc.

.........

Citibank

NA

(

30,610

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

1,646

Barratt

Redrow

plc

...........

Citibank

NA

(

56,434

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

(

1,709

)

Barry

Callebaut

AG

(Registered)

..

JPMorgan

Chase

Bank

NA

(

61,001

)

02/11/26

(0.59)%

1D

OBFR01

Monthly

(

4,395

)

Baxter

International,

Inc.

.......

Citibank

NA

(

147,716

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

1,017

)

BE

Semiconductor

Industries

NV

.

Citibank

NA

(

12,810

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

166

)

Beijer

Ref

AB

..............

JPMorgan

Chase

Bank

NA

(

5,848

)

02/11/26

(0.26)%

1D

OBFR01

Monthly

(

58

)

Beijer

Ref

AB

..............

Citibank

NA

(

2,786

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

6

)

BeOne

Medicines

Ltd.

........

Citibank

NA

(

31,184

)

02/25/26

(0.05)%

1D

OBFR01

Monthly

1,263

Block,

Inc.

................

Citibank

NA

(

96,292

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

89

Brandywine

Realty

Trust

.......

JPMorgan

Chase

Bank

NA

(

123

)

02/09/26

(0.15)%

1D

OBFR01

Monthly

3

Brown-Forman

Corp.

.........

Citibank

NA

(

18,518

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

1,344

Builders

FirstSource,

Inc.

......

Citibank

NA

(

69,446

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

510

Bunge

Global

SA

............

Citibank

NA

(

43,369

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

343

BXP,

Inc.

.................

Citibank

NA

(

85,899

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

2,426

Cellnex

Telecom

SA

..........

Citibank

NA

(

20,147

)

02/26/26

(0.09)%

1D

OBFR01

Monthly

(

559

)

CF

Industries

Holdings,

Inc.

.....

Citibank

NA

(

81,054

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

311

CH

Robinson

Worldwide,

Inc.

...

Citibank

NA

(

58,901

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

1,510

Chailease

Holding

Co.

Ltd.

.....

Citibank

NA

(

2,636

)

02/25/26

(0.65)%

1D

OBFR01

Monthly

68

Charles

River

Laboratories

International,

Inc.

..........

Citibank

NA

(

23,139

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

398

China

Construction

Bank

Corp.

..

Citibank

NA

(

28,109

)

02/25/26

(0.05)%

1D

OBFR01

Monthly

(

596

)

China

Merchants

Bank

Co.

Ltd.

..

Citibank

NA

(

36,059

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

(

1,357

)

China

Railway

Group

Ltd.

......

Citibank

NA

(

17,979

)

02/25/26

(0.19)%

1D

OBFR01

Monthly

(

231

)

China

Resources

Power

Holdings

Co.

Ltd.

................

Citibank

NA

(

51,825

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

778

Cigna

Group

(The)

...........

Citibank

NA

(

66,420

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

90

Community

Financial

System,

Inc.

JPMorgan

Chase

Bank

NA

(

6,593

)

02/09/26

(0.15)%

1D

OBFR01

Monthly

217

Constellation

Brands,

Inc.

......

Citibank

NA

(

20,817

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

537

Continental

AG

.............

Citibank

NA

(

37,862

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

550

)

CoreWeave,

Inc.

............

JPMorgan

Chase

Bank

NA

(

4,786

)

02/09/26

(0.15)%

1D

OBFR01

Monthly

776

Cosan

SA

.................

JPMorgan

Chase

Bank

NA

(

10,164

)

02/10/26

(0.40)%

1D

OBFR01

Monthly

(

155

)

Croda

International

plc

........

Citibank

NA

(

11,164

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

317

CRRC

Corp.

Ltd.

............

Citibank

NA

(

16,279

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

163

CVB

Financial

Corp.

..........

JPMorgan

Chase

Bank

NA

(

5,648

)

02/09/26

(0.15)%

1D

OBFR01

Monthly

291

Datadog,

Inc.

..............

Citibank

NA

(

15,847

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

616

Davide

Campari-Milano

NV

.....

Citibank

NA

(

29,337

)

02/26/26

(0.21)%

1D

OBFR01

Monthly

266

Deere

&

Co.

...............

Citibank

NA

(

20,157

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

137

Delivery

Hero

SE

............

Citibank

NA

(

38,418

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

143

Disco

Corp.

................

Citibank

NA

(

29,983

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

(

483

)

DMG

Mori

Co.

Ltd.

...........

Citibank

NA

(

29,118

)

02/26/26

(0.17)%

1D

OBFR01

Monthly

(

238

)

Dollar

Tree,

Inc.

.............

Citibank

NA

(

46,791

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

199

)

Dow,

Inc.

.................

Citibank

NA

(

46,302

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

37

)

Elevance

Health,

Inc.

.........

Citibank

NA

(

50,952

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

929

)

Entain

plc

.................

Citibank

NA

(

20,904

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

(

302

)

Equifax,

Inc.

...............

Citibank

NA

(

35,244

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

527

Expand

Energy

Corp.

.........

Citibank

NA

(

113,663

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

2,656

)

First

Solar,

Inc.

.............

Citibank

NA

(

30,167

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

2,477

Food

&

Life

Cos.

Ltd.

.........

Citibank

NA

(

58,179

)

02/26/26

(0.14)%

1D

OBFR01

Monthly

(

2,356

)

Formosa

Chemicals

&

Fibre

Corp.

JPMorgan

Chase

Bank

NA

(

1,070

)

02/23/26

(0.35)%

1D

OBFR01

Monthly

50

Formosa

Chemicals

&

Fibre

Corp.

Citibank

NA

(

15,484

)

02/25/26

(0.66)%

1D

OBFR01

Monthly

185

Formosa

Plastics

Corp.

........

Citibank

NA

(

21,646

)

02/25/26

(2.30)%

1D

OBFR01

Monthly

565

Galaxy

Digital,

Inc.

...........

JPMorgan

Chase

Bank

NA

(

5,348

)

02/09/26

(0.52)%

1D

OBFR01

Monthly

764

Genuine

Parts

Co.

...........

Citibank

NA

(

52,705

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

939

Grifols

SA

.................

Citibank

NA

(

31,275

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

1,201

H

&

M

Hennes

&

Mauritz

AB

....

JPMorgan

Chase

Bank

NA

(

16,153

)

02/11/26

(0.66)%

1D

OBFR01

Monthly

(

1,385

)

Harmonic

Drive

Systems,

Inc.

...

Citibank

NA

(

24,930

)

02/26/26

(0.12)%

1D

OBFR01

Monthly

(

1,628

)

Hasbro,

Inc.

...............

Citibank

NA

(

55,687

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

319

)

Hensoldt

AG

...............

Citibank

NA

(

33,461

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

315

Horizon

Robotics

............

JPMorgan

Chase

Bank

NA

(

1,996

)

02/10/26

(1.50)%

1D

OBFR01

Monthly

(

13

)

Horizon

Robotics

............

Citibank

NA

(

19,669

)

02/25/26

(1.40)%

1D

OBFR01

Monthly

248

HUTCHMED

China

Ltd.

.......

JPMorgan

Chase

Bank

NA

(

2,821

)

02/10/26

(0.30)%

1D

OBFR01

Monthly

170

HUTCHMED

China

Ltd.

.......

Citibank

NA

(

6,640

)

02/25/26

(0.90)%

1D

OBFR01

Monthly

13

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

72

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

IDEXX

Laboratories,

Inc.

.......

Citibank

NA

USD

(

25,896

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

$

864

IHI

Corp.

.................

Citibank

NA

(

14,269

)

02/26/26

(0.11)%

1D

OBFR01

Monthly

205

Iluka

Resources

Ltd.

..........

JPMorgan

Chase

Bank

NA

(

28,650

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

1,925

IMCD

NV

.................

Citibank

NA

(

27,239

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

262

)

Innolux

Corp.

..............

Citibank

NA

(

31,291

)

02/25/26

(0.35)%

1D

OBFR01

Monthly

(

11,039

)

International

Paper

Co.

........

JPMorgan

Chase

Bank

NA

(

32,225

)

02/11/26

(0.50)%

1D

OBFR01

Monthly

719

International

Paper

Co.

........

Citibank

NA

(

221,326

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

558

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

...............

Citibank

NA

(

138,179

)

02/24/28

(0.45)%

1D

OBFR01

Monthly

(

343

)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

.......

JPMorgan

Chase

Bank

NA

(

184,310

)

02/09/26

(0.30)%

1D

OBFR01

Monthly

733

Jack

Henry

&

Associates,

Inc.

...

Citibank

NA

(

24,464

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

377

Japan

Steel

Works

Ltd.

(The)

....

Citibank

NA

(

25,178

)

02/26/26

(0.14)%

1D

OBFR01

Monthly

554

JD

Health

International,

Inc.

.....

Citibank

NA

(

9,163

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

569

JD

Sports

Fashion

plc

.........

JPMorgan

Chase

Bank

NA

(

3,442

)

02/11/26

(0.25)%

1D

OBFR01

Monthly

(

240

)

JD

Sports

Fashion

plc

.........

Citibank

NA

(

35,781

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

(

301

)

JDE

Peet's

NV

.............

Citibank

NA

(

17,555

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

15

Johnson

Controls

International

plc

Citibank

NA

(

56,741

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

99

Kadokawa

Corp.

............

Citibank

NA

(

21,229

)

02/26/26

(0.12)%

1D

OBFR01

Monthly

(

1,043

)

Kawasaki

Heavy

Industries

Ltd.

..

Citibank

NA

(

28,606

)

02/26/26

(0.13)%

1D

OBFR01

Monthly

2,079

Kering

SA

.................

Citibank

NA

(

149,688

)

02/26/26

0.00%

1D

OBFR01

Monthly

3,972

KKR

&

Co.,

Inc.

.............

Citibank

NA

(

137,317

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

4,100

Kobayashi

Pharmaceutical

Co.

Ltd.

Citibank

NA

(

6,667

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

(

267

)

Leidos

Holdings,

Inc.

.........

Citibank

NA

(

31,813

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

965

Lennar

Corp.

...............

Citibank

NA

(

41,588

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

1,188

LG

Energy

Solution

Ltd.

.......

Citibank

NA

(

18,951

)

02/25/26

(7.00)%

1D

OBFR01

Monthly

538

Li

Auto,

Inc.

...............

Citibank

NA

(

61,135

)

02/25/26

(0.29)%

1D

OBFR01

Monthly

366

Lynas

Rare

Earths

Ltd.

........

JPMorgan

Chase

Bank

NA

(

39,284

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

836

M3,

Inc.

..................

Citibank

NA

(

68,227

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

(

1,728

)

MatsukiyoCocokara

&

Co.

......

Citibank

NA

(

27,867

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

165

MEIJI

Holdings

Co.

Ltd.

.......

Citibank

NA

(

10,767

)

02/26/26

(0.15)%

1D

OBFR01

Monthly

(

346

)

Meituan

..................

Citibank

NA

(

107,043

)

02/25/26

(0.07)%

1D

OBFR01

Monthly

(

300

)

Mercari,

Inc.

...............

JPMorgan

Chase

Bank

NA

(

209

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

(

12

)

Mercari,

Inc.

...............

Citibank

NA

(

38,865

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

(

2,470

)

Mineral

Resources

Ltd.

........

JPMorgan

Chase

Bank

NA

(

49,020

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

(

2,745

)

MMG

Ltd.

.................

Citibank

NA

(

54,054

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

(

180

)

Molina

Healthcare,

Inc.

........

Citibank

NA

(

99,026

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

5,966

)

Molson

Coors

Beverage

Co.

....

Citibank

NA

(

31,282

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

87

)

Mosaic

Co.

(The)

............

Citibank

NA

(

73,422

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

670

Natura

Cosmeticos

SA

........

JPMorgan

Chase

Bank

NA

(

290

)

02/10/26

(0.85)%

1D

OBFR01

Monthly

19

Natura

Cosmeticos

SA

........

Citibank

NA

(

3,367

)

02/24/28

(0.41)%

1D

OBFR01

Monthly

(

104

)

NEC

Corp.

................

Citibank

NA

(

34,231

)

02/26/26

(0.14)%

1D

OBFR01

Monthly

395

Neste

OYJ

................

Citibank

NA

(

19,672

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

576

)

Nibe

Industrier

AB

...........

Citibank

NA

(

40,437

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

550

)

Nippon

Yusen

KK

............

Citibank

NA

(

24,979

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

(

934

)

Nissan

Motor

Co.

Ltd.

.........

JPMorgan

Chase

Bank

NA

(

23,864

)

02/10/26

(0.17)%

1D

OBFR01

Monthly

(

240

)

Norfolk

Southern

Corp.

........

Citibank

NA

(

121,602

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

1,206

Northern

Star

Resources

Ltd.

....

JPMorgan

Chase

Bank

NA

(

119,701

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

(

2,339

)

Norwegian

Cruise

Line

Holdings

Ltd.

Citibank

NA

(

122,281

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

9,699

Novonesis

Novozymes

B

......

Citibank

NA

(

45,180

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

630

)

Occidental

Petroleum

Corp.

.....

Citibank

NA

(

69,264

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

1,462

)

Ono

Pharmaceutical

Co.

Ltd.

....

Citibank

NA

(

30,468

)

02/26/26

(0.11)%

1D

OBFR01

Monthly

(

12

)

Open

Text

Corp.

............

Citibank

NA

(

48,965

)

02/24/28

(0.20)%

1D

OBFR01

Monthly

1,775

ORLEN

SA

................

Citibank

NA

(

16,105

)

02/26/26

(0.50)%

1D

OBFR01

Monthly

(

153

)

Packaging

Corp.

of

America

....

Citibank

NA

(

42,962

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

66

Pool

Corp.

................

Citibank

NA

(

37,333

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

504

POSCO

Future

M

Co.

Ltd.

......

JPMorgan

Chase

Bank

NA

(

18,789

)

02/10/26

(8.75)%

1D

OBFR01

Monthly

2,559

POSCO

Future

M

Co.

Ltd.

......

Citibank

NA

(

12,324

)

02/25/26

(7.00)%

1D

OBFR01

Monthly

249

Postal

Savings

Bank

of

China

Co.

Ltd.

...................

Citibank

NA

(

51,293

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

(

704

)

Power

Corp.

of

Canada

.......

JPMorgan

Chase

Bank

NA

(

9,396

)

02/09/26

(0.25)%

1D

OBFR01

Monthly

(

383

)

PRIO

SA

.................

Citibank

NA

(

31,670

)

02/24/28

(0.31)%

1D

OBFR01

Monthly

(

1,944

)

Quanta

Services,

Inc.

.........

Citibank

NA

(

112,155

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

2,841

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

73

Equity

Swap

Contracts

(continued)

Reference

Entity

Counterparty

Notional

Amount

Termination

Date

Spread

Reference

Rate

Payment

Frequency

Value/Unrealized

Appreciation

(Depreciation)

Restaurant

Brands

International,

Inc.

Citibank

NA

USD

(

138,756

)

02/24/28

(0.20)%

1D

OBFR01

Monthly

$

4,191

Revvity,

Inc.

...............

Citibank

NA

(

23,758

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

248

Roche

Holding

AG

...........

Citibank

NA

(

39,006

)

02/26/26

(0.22)%

1D

OBFR01

Monthly

(

226

)

Ryohin

Keikaku

Co.

Ltd.

.......

Citibank

NA

(

30,472

)

02/26/26

(0.12)%

1D

OBFR01

Monthly

2,220

Sapporo

Holdings

Ltd.

........

JPMorgan

Chase

Bank

NA

(

20,547

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

(

951

)

Sartorius

Stedim

Biotech

.......

JPMorgan

Chase

Bank

NA

(

23,603

)

02/11/26

(0.26)%

1D

OBFR01

Monthly

23

Sasol

Ltd.

.................

JPMorgan

Chase

Bank

NA

(

34,561

)

02/11/26

(0.40)%

1D

OBFR01

Monthly

(

1,648

)

SATS

Ltd.

.................

JPMorgan

Chase

Bank

NA

(

7,632

)

02/10/26

(0.30)%

1D

OBFR01

Monthly

(

952

)

SBA

Communications

Corp.

....

Citibank

NA

(

82,589

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

1,166

)

SBI

Holdings,

Inc.

...........

Citibank

NA

(

54,667

)

02/26/26

(0.11)%

1D

OBFR01

Monthly

(

1,363

)

Seagate

Technology

Holdings

plc

.

Citibank

NA

(

31,389

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

821

Seatrium

Ltd.

..............

JPMorgan

Chase

Bank

NA

(

14,329

)

02/10/26

(0.75)%

1D

OBFR01

Monthly

(

425

)

Seatrium

Ltd.

..............

Citibank

NA

(

22,268

)

02/25/26

(1.03)%

1D

OBFR01

Monthly

(

366

)

Sembcorp

Industries

Ltd.

......

JPMorgan

Chase

Bank

NA

(

10,017

)

02/10/26

(0.30)%

1D

OBFR01

Monthly

(

267

)

Sembcorp

Industries

Ltd.

......

Citibank

NA

(

12,902

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

(

187

)

SGH

Ltd.

.................

JPMorgan

Chase

Bank

NA

(

24,496

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

(

134

)

Sharp

Corp.

...............

JPMorgan

Chase

Bank

NA

(

13,901

)

02/10/26

(0.64)%

1D

OBFR01

Monthly

620

Sharp

Corp.

...............

Citibank

NA

(

2,416

)

02/26/26

(1.24)%

1D

OBFR01

Monthly

(

43

)

Shiseido

Co.

Ltd.

............

Citibank

NA

(

35,991

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

1,064

SIG

Group

AG

..............

Citibank

NA

(

39,485

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

3,079

)

Sigma

Foods

SAB

de

CV

......

JPMorgan

Chase

Bank

NA

(

8,385

)

02/10/26

(0.50)%

1D

OBFR01

Monthly

(

62

)

Sigma

Foods

SAB

de

CV

......

Citibank

NA

(

4,521

)

02/24/28

(0.86)%

1D

OBFR01

Monthly

122

Sigma

Healthcare

Ltd.

........

JPMorgan

Chase

Bank

NA

(

49,245

)

02/10/26

(0.25)%

1D

OBFR01

Monthly

(

2,781

)

Smurfit

WestRock

plc

.........

Citibank

NA

(

126,230

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

(

1,922

)

SoftBank

Group

Corp.

........

Citibank

NA

(

33,775

)

02/26/26

(0.15)%

1D

OBFR01

Monthly

111

Solventum

Corp.

............

Citibank

NA

(

17,448

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

332

SSE

plc

..................

JPMorgan

Chase

Bank

NA

(

6,780

)

02/11/26

(0.25)%

1D

SONIA

Monthly

(

51

)

Super

Micro

Computer,

Inc.

.....

Citibank

NA

(

53,161

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

3,080

Swatch

Group

AG

(The)

.......

JPMorgan

Chase

Bank

NA

(

8,644

)

02/11/26

(0.26)%

1D

OBFR01

Monthly

(

397

)

Swatch

Group

AG

(The)

.......

Citibank

NA

(

5,328

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

72

Synopsys,

Inc.

..............

Citibank

NA

(

87,586

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

2,097

Teledyne

Technologies,

Inc.

.....

Citibank

NA

(

98,447

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

1,408

Teleperformance

SE

..........

Citibank

NA

(

18,587

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

(

12

)

Temenos

AG

(Registered)

......

Citibank

NA

(

44,180

)

02/26/26

(0.26)%

1D

OBFR01

Monthly

222

Teradyne,

Inc.

..............

Citibank

NA

(

19,722

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

366

TOPPAN

Holdings,

Inc.

........

Citibank

NA

(

28,117

)

02/26/26

(0.13)%

1D

OBFR01

Monthly

1,363

Tourmaline

Oil

Corp.

..........

Citibank

NA

(

41,337

)

02/24/28

(0.21)%

1D

OBFR01

Monthly

(

695

)

Toyota

Industries

Corp.

........

Citibank

NA

(

68,182

)

02/26/26

(0.14)%

1D

OBFR01

Monthly

162

UNITE

Group

plc

(The)

........

Citibank

NA

(

22,100

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

(

426

)

United

Rentals,

Inc.

..........

Citibank

NA

(

21,235

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

193

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.......

JPMorgan

Chase

Bank

NA

(

111,313

)

02/09/26

(0.47)%

1D

OBFR01

Monthly

93

W

R

Berkley

Corp.

...........

Citibank

NA

(

45,783

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

65

Willis

Towers

Watson

plc

.......

Citibank

NA

(

49,195

)

02/24/28

(0.15)%

1D

OBFR01

Monthly

562

Wise

plc

..................

Citibank

NA

(

15,998

)

02/26/26

(0.25)%

1D

OBFR01

Monthly

29

Xinyi

Glass

Holdings

Ltd.

......

JPMorgan

Chase

Bank

NA

(

2,363

)

02/10/26

(0.76)%

1D

OBFR01

Monthly

189

Xinyi

Glass

Holdings

Ltd.

......

Citibank

NA

(

15,612

)

02/25/26

(2.00)%

1D

OBFR01

Monthly

292

XPeng,

Inc.

................

Citibank

NA

(

74,292

)

02/25/26

(0.27)%

1D

OBFR01

Monthly

(

1,967

)

Yakult

Honsha

Co.

Ltd.

........

Citibank

NA

(

32,276

)

02/26/26

(0.10)%

1D

OBFR01

Monthly

(

546

)

Zensho

Holdings

Co.

Ltd.

......

Citibank

NA

(

22,910

)

02/26/26

(0.13)%

1D

OBFR01

Monthly

(

12

)

Zijin

Mining

Group

Co.

Ltd.

.....

Citibank

NA

(

27,011

)

02/25/26

(0.30)%

1D

OBFR01

Monthly

(

461

)

      Total

short

positions

of

equity

swaps

5,172

Total

long

and

short

position

of

equity

swaps

8,536

Net

dividends

and

financing

fees

(

7,710

)

Total

equity

swap

contracts

including

dividends

and

financing

fees

$

826

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

74

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

(a)

The

Fund

receives

the

total

return

on

a

reference

entity

and

pays

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

position.

(b)

The

Fund

pays

the

total

return

on

a

reference

entity

and

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

position.

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

.06

%

1-day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.01

1-day

EFFR

.........................................

Effective

Federal

Funds

Rate

3

.64

1-day

ESTR

.........................................

Euro

Short-Term

Rate

1

.92

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

8

.75

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

5

.67

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

3

.79

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

3

.73

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

ON

1

.25

1-day

TIIEOIS

........................................

Mexico

Interbank

TIIE

1-day

7

.30

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

0

.73

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

2

.20

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

2

.81

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

6

.75

3-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

3

.89

6-mo.

BUBOR

........................................

Budapest

Interbank

Offered

Rate

6

.39

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

2

.11

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

3

.54

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

3

.77

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)

............................................

$

112,727

$

(

45,866

)

$

2,301,979

$

(

258,179

)

$

—

OTC

Swaps

.....................................................

33,036

(

7,799

)

117,773

(

210,528

)

—

Options

Written

...................................................

N/A

N/A

148,535

(

98,274

)

(

431,968

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

57,599

$

—

$

46,383

$

—

$

103,982

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

235,065

—

—

235,065

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

—

504,364

4,443

11,236

—

520,043

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

61,858

—

—

2,235,075

5,046

2,301,979

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

48,732

98,795

—

3,282

—

150,809

$

—

$

110,590

$

660,758

$

239,508

$

2,295,976

$

5,046

$

3,311,878

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

75

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)

......

$

—

$

—

$

81,597

$

—

$

134,431

$

—

$

216,028

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

208,881

—

—

208,881

Options

written

(b)

Options

written

at

value

.....................

—

1,485

313,697

18,993

97,793

—

431,968

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

20,355

—

—

237,824

—

258,179

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

20,766

95,157

—

102,404

—

218,327

$

—

$

42,606

$

490,451

$

227,874

$

572,452

$

—

$

1,333,383

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

For

the

period

ended

December

31,

2025,

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

c

ontracts

.......................

$

—

$

—

$

1,412,240

$

—

$

(

962,639

)

$

—

$

449,601

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

338,042

)

—

—

(

338,042

)

Options

purchased

(a)

.....................

—

(

9,423

)

(

631,281

)

(

118,340

)

(

197,199

)

—

(

956,243

)

Options

written

........................

—

856

1,178,401

108,481

434,530

—

1,722,268

Swaps

..............................

—

(

44,541

)

(

996,548

)

—

89,753

3,568

(

947,768

)

$

—

$

(53,108)

$

962,812

$

(347,901)

$

(635,555)

$

3,568

$

(70,184)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

213,431

)

$

—

$

(

32,533

)

$

—

$

(

245,964

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

538,027

—

—

538,027

Options

purchased

(b)

.....................

—

717

136,474

(

1,740

)

20,643

—

156,094

Options

written

........................

—

119

56,447

(

708

)

31,079

—

86,937

Swaps

..............................

—

27,675

(

61,396

)

—

1,129,538

702

1,096,519

$

—

$

28,511

$

(81,906)

$

535,579

$

1,148,727

$

702

$

1,631,613

(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.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

76

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

..................................................................................

$

37,600,549

Average

notional

value

of

contracts

—

short

.................................................................................

38,135,444

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

16,850,202

Average

amounts

sold

—

in

USD

........................................................................................

35,704,920

Options

Average

value

of

option

contracts

purchased

................................................................................

548,249

Average

value

of

option

contracts

written

...................................................................................

381,477

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

11,359,517

Average

notional

value

of

swaption

contracts

written

...........................................................................

47,944,646

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

1,317,158

Average

notional

value

—

sell

protection

...................................................................................

1,784,165

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

22,143,697

Average

notional

value

—

receives

fixed

rate

................................................................................

102,265,268

Inflation

swaps

Average

notional

value

—

receives

fixed

rate

................................................................................

126,734

Equity

swaps:

Average

notional

value

—

long

..........................................................................................

267,957

Average

notional

value

—

short

.........................................................................................

6,570,385

Total

return

swaps

Average

notional

value

...............................................................................................

131,580

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

244,899

$

—

Forward

f

oreign

currency

exchange

contracts

.................................................................

235,065

208,881

Options

(a)

(b)

........................................................................................

520,043

431,968

Swaps

—

centrally

cleared

..............................................................................

—

38,632

Swaps

—

OTC

(c)

.....................................................................................

150,809

210,617

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

1,150,816

$

890,098

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

749,263

)

(

352,329

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

401,553

$

537,769

(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.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

77

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

...............................

$

12,665

$

(

12,665

)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

4,894

(

48

)

—

—

4,846

Barclays

Bank

plc

................................

10,493

(

6,573

)

—

—

3,920

BNP

Paribas

SA

.................................

27,185

(

27,185

)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

25,706

—

—

—

25,706

Citibank

NA

.....................................

92,178

(

86,938

)

—

—

5,240

Credit

Agricole

Corporate

&

Investment

Bank

SA

............

19,091

(

782

)

—

—

18,309

Deutsche

Bank

AG

................................

5,633

(

5,633

)

—

—

—

Goldman

Sachs

International

.........................

18,573

(

18,573

)

—

—

—

HSBC

Bank

plc

..................................

2,238

(

1,255

)

—

—

983

JPMorgan

Chase

Bank

NA

..........................

39,097

(

39,097

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

9,038

(

9,038

)

—

—

—

Natwest

Markets

plc

...............................

438

(

438

)

—

—

—

Nomura

International

plc

............................

206

(

206

)

—

—

—

Societe

Generale

SA

..............................

9,902

(

5,053

)

—

—

4,849

Standard

Chartered

Bank

...........................

6,576

(

6,576

)

—

—

—

State

Street

Bank

and

Trust

Co.

.......................

1,020

(

836

)

—

—

184

Toronto

Dominion

Bank

.............................

4,695

(

4,695

)

—

—

—

UBS

AG

.......................................

91,578

(

1,274

)

—

—

90,304

Wells

Fargo

Bank

NA

..............................

20,347

(

20,347

)

—

—

—

$

401,553

$

(

247,212

)

$

—

$

—

$

154,341

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

...............................

$

78,920

$

(

12,665

)

$

—

$

—

$

66,255

Bank

of

New

York

Mellon

...........................

48

(

48

)

—

—

—

Barclays

Bank

plc

................................

6,573

(

6,573

)

—

—

—

BNP

Paribas

SA

.................................

43,895

(

27,185

)

—

—

16,710

Citibank

NA

.....................................

86,938

(

86,938

)

—

—

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

............

782

(

782

)

—

—

—

Deutsche

Bank

AG

................................

39,463

(

5,633

)

—

—

33,830

Goldman

Sachs

International

.........................

56,960

(

18,573

)

—

—

38,387

HSBC

Bank

plc

..................................

1,255

(

1,255

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

73,134

(

39,097

)

—

—

34,037

Morgan

Stanley

&

Co.

International

plc

..................

24,961

(

9,038

)

—

—

15,923

Natwest

Markets

plc

...............................

449

(

438

)

—

—

11

Nomura

International

plc

............................

16,231

(

206

)

—

—

16,025

Societe

Generale

SA

..............................

5,053

(

5,053

)

—

—

—

Standard

Chartered

Bank

...........................

17,969

(

6,576

)

—

—

11,393

State

Street

Bank

and

Trust

Co.

.......................

836

(

836

)

—

—

—

Toronto

Dominion

Bank

.............................

48,076

(

4,695

)

—

—

43,381

UBS

AG

.......................................

1,274

(

1,274

)

—

—

—

Wells

Fargo

Bank

NA

..............................

34,952

(

20,347

)

—

—

14,605

$

537,769

$

(

247,212

)

$

—

$

—

$

290,557

(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.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

78

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

........................................

$

—

$

350,804

$

—

$

350,804

Ireland

..............................................

—

2,722,435

—

2,722,435

United

Kingdom

........................................

—

31,660

—

31,660

United

States

..........................................

—

2,942,991

195,500

3,138,491

Common

Stocks

Australia

.............................................

—

687,968

1

687,969

Austria

..............................................

—

3,609

—

3,609

Belgium

.............................................

—

81,794

—

81,794

Brazil

...............................................

144,974

124,893

—

269,867

Canada

.............................................

1,963,301

—

—

1,963,301

Cayman

Islands

........................................

—

—

11,876

11,876

China

...............................................

157,543

1,792,176

—

1,949,719

Colombia

............................................

9,096

—

—

9,096

Czech

Republic

........................................

—

13,099

—

13,099

Denmark

.............................................

12,794

501,023

—

513,817

Egypt

...............................................

—

4,801

—

4,801

Finland

..............................................

—

87,351

—

87,351

France

..............................................

—

3,642,898

—

3,642,898

Georgia

.............................................

—

15,170

—

15,170

Germany

............................................

—

953,037

—

953,037

Greece

..............................................

34,447

9,716

—

44,163

Hong

Kong

...........................................

—

124,689

—

124,689

Hungary

.............................................

—

25,412

—

25,412

India

...............................................

—

167,014

—

167,014

Indonesia

............................................

—

45,365

—

45,365

Ireland

..............................................

123,418

—

—

123,418

Israel

...............................................

74,468

—

160

74,628

Italy

................................................

—

2,014,938

—

2,014,938

Japan

...............................................

31,103

2,591,210

—

2,622,313

Jersey,

Channel

Islands

...................................

28,686

—

—

28,686

Kazakhstan

...........................................

12,188

8,890

—

21,078

Macau

..............................................

—

31,141

—

31,141

Malaysia

.............................................

—

15,970

—

15,970

Mexico

..............................................

113,247

115,712

—

228,959

Netherlands

...........................................

19,474

1,721,428

—

1,740,902

Norway

..............................................

—

46,408

—

46,408

Philippines

...........................................

6,519

13,792

—

20,311

Poland

..............................................

—

117,645

—

117,645

Portugal

.............................................

—

8,543

—

8,543

Republic

of

Turkiye

......................................

23,635

48,180

—

71,815

Romania

.............................................

—

8,570

—

8,570

Saudi

Arabia

..........................................

7,409

84,185

—

91,594

Singapore

............................................

1,276

47,576

—

48,852

South

Africa

...........................................

22,027

198,542

—

220,569

South

Korea

..........................................

40,148

638,819

—

678,967

Spain

...............................................

—

470,693

—

470,693

Sweden

.............................................

—

222,633

—

222,633

Switzerland

...........................................

45,502

528,937

—

574,439

Taiwan

..............................................

—

2,177,981

—

2,177,981

Thailand

.............................................

—

31,515

—

31,515

United

Arab

Emirates

....................................

—

—

—

—

United

Kingdom

........................................

138,208

3,597,625

—

3,735,833

United

States

..........................................

70,511,792

521,802

1,309,630

72,343,224

Zambia

..............................................

11,314

—

—

11,314

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

79

Level

1

Level

2

Level

3

Total

Corporate

Bonds

Australia

.............................................

$

—

$

28,145

$

132,335

$

160,480

Austria

..............................................

—

111,791

—

111,791

Canada

.............................................

—

687,446

—

687,446

China

...............................................

—

60,567

—

60,567

France

..............................................

—

1,768,521

—

1,768,521

Germany

............................................

—

2,865,371

—

2,865,371

Greece

..............................................

—

117,003

—

117,003

India

...............................................

—

—

—

—

Ireland

..............................................

—

119,520

—

119,520

Israel

...............................................

—

118,989

—

118,989

Italy

................................................

—

1,614,018

—

1,614,018

Japan

...............................................

—

480,347

—

480,347

Jersey,

Channel

Islands

...................................

—

122,702

—

122,702

Luxembourg

..........................................

—

985,650

—

985,650

Mauritius

.............................................

—

200,000

256,867

456,867

Mexico

..............................................

—

325,978

—

325,978

Netherlands

...........................................

—

236,552

—

236,552

Spain

...............................................

—

614,409

—

614,409

Sweden

.............................................

—

300,928

—

300,928

Switzerland

...........................................

—

43,968

—

43,968

United

Kingdom

........................................

—

2,665,379

57,414

2,722,793

United

States

..........................................

—

6,193,436

1,436,889

7,630,325

Fixed

Rate

Loan

Interests

..................................

—

14,936

—

14,936

Floating

Rate

Loan

Interests

France

..............................................

—

133,620

—

133,620

Germany

............................................

—

63,720

—

63,720

Jersey,

Channel

Islands

...................................

—

—

107,620

107,620

Netherlands

...........................................

—

420,192

—

420,192

Spain

...............................................

—

102,431

—

102,431

United

Kingdom

........................................

—

339,379

—

339,379

United

States

..........................................

—

866,811

355,495

1,222,306

Foreign

Agency

Obligations

.................................

—

138,150

—

138,150

Foreign

Government

Obligations

..............................

—

4,415,320

—

4,415,320

Investment

Companies

....................................

6,854,498

—

—

6,854,498

Municipal

Bonds

.........................................

—

104,903

—

104,903

Non-Agency

Mortgage-Backed

Securities

........................

—

2,189,789

—

2,189,789

Preferred

Securities

Brazil

...............................................

345

161,117

132,222

293,684

China

...............................................

—

—

635,811

635,811

Finland

..............................................

—

—

35,113

35,113

France

..............................................

—

471,919

—

471,919

Germany

............................................

—

248,665

—

248,665

India

...............................................

—

—

—

—

Italy

................................................

—

122,319

—

122,319

Luxembourg

..........................................

—

108,773

—

108,773

Netherlands

...........................................

—

239,297

—

239,297

Sweden

.............................................

—

—

—

—

United

Kingdom

........................................

—

138,840

48,429

187,269

United

States

..........................................

164,744

54,686

3,525,548

3,744,978

Rights

................................................

—

—

1,193

1,193

U.S.

Government

Sponsored

Agency

Securities

....................

—

1,148,734

—

1,148,734

U.S.

Treasury

Obligations

...................................

—

77,920

—

77,920

Warrants

..............................................

247

56

81,258

81,561

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

214,799

—

214,799

Money

Market

Funds

......................................

12,954,672

—

—

12,954,672

Options

Purchased

Equity

contracts

..........................................

226,680

277,684

—

504,364

Foreign

currency

exchange

contracts

...........................

—

4,443

—

4,443

Interest

rate

contracts

......................................

—

11,236

—

11,236

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

—

170

170

$

93,733,755

$

61,321,099

$

8,323,531

$

163,378,385

Fair

Value

Hierarchy

as

of Period

End

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

80

Level

1

Level

2

Level

3

Total

Investments

valued

at

NAV

(b)

......................................

178,999

$

163,557,384

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

77,554

$

—

$

77,554

Equity

contracts

...........................................

56,907

99,487

—

156,394

Foreign

currency

exchange

contracts

............................

—

235,065

—

235,065

Interest

rate

contracts

.......................................

46,383

2,238,357

—

2,284,740

Other

contracts

...........................................

—

5,046

—

5,046

Liabilities

Credit

contracts

...........................................

—

(

34,807

)

—

(

34,807

)

Equity

contracts

...........................................

(

251,372

)

(

239,079

)

—

(

490,451

)

Foreign

currency

exchange

contracts

............................

—

(

227,874

)

—

(

227,874

)

Interest

rate

contracts

.......................................

(

134,431

)

(

438,021

)

—

(

572,452

)

$

(

282,513

)

$

1,715,728

$

—

$

1,433,215

(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.

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

Preferred

Securities

Rights

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2024

.......

$

187,260

$

1,037,775

$

2,135,486

$

40,872

$

828,824

$

3,301,677

$

—

$

—

$

41,479

$

7,573,373

Transfers

into

Level

3

.....................

—

—

—

—

14,224

—

—

—

24,416

38,640

Transfers

out

of

Level

3

....................

—

—

—

—

—

—

—

—

—

—

Other

(a)

...............................

—

(

4,056

)

—

—

—

4,056

—

—

—

—

Accrued

discounts/premiums

.................

—

—

9,777

—

450

—

—

—

—

10,227

Net

realized

gain

(loss)

....................

—

(

470

)

64

—

(

14,135

)

10,347

—

—

59

(

4,135

)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

(c)

8,240

(

107,563

)

(

259,821

)

—

11,220

1,436,411

—

170

16,656

1,105,313

Purchases

.............................

—

742,074

928,735

—

315,833

500,363

1,193

—

—

2,488,198

Sales

................................

—

(

346,093

)

(

930,736

)

(

40,872

)

(

693,301

)

(

875,731

)

—

—

(

1,352

)

(

2,888,085

)

Closing

balance,

as

of

December

31,

2025

........

$

195,500

$

1,321,667

$

1,883,505

$

—

$

463,115

$

4,377,123

$

1,193

$

170

$

81,258

$

8,323,531

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2025

(c)

....

$

8,240

$

(

107,565

)

$

(

259,821

)

$

—

$

4,793

$

1,436,411

$

—

$

170

$

16,656

$

1,098,884

(a)

Certain

Level

3

investments

were

re-classified

between

Common

Stocks

and

Preferred

Securities.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2025

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

81

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

$160,343.

(a)

A

significant

change

in

unobservable

input

could

result

in

a

correlated

or

inverse

change

in

value.

(b)

The

Fund

valued

certain

of

its

Level

3

Preferred

Stocks

using

recent

transactions

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtained

using

recent

prior

transaction

prices,

for

which

inputs

are

unobservable,

is

$1,504,230

as

of

December

31,

2025.

Value

Valuation  

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset-Backed

Securities

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$

195,500‌

Income

Discount

Rate

7%

—

Common

Stocks

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1,321,666‌

Market

Revenue

Multiple

0.90x

-

7.50x

3.45x

Volatility

45%

-

80%

68%

Time

to

Exit

0.4

-

5.0

years

2.1

years

EBITDA

Multiple

42.67x

—

Gross

Profit

Multiple

7.25x

—

Discount

for

Lack

of

Marketability

6%

—

Risk

Free

Rate

4%

—

Income

Discount

Rate

15%

—

Corporate

Bonds

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1,

883

,

505‌

Income

Discount

Rate

8%

-

47%

13%

Estimated

Recovery

Value

29%

—

Market

Revenue

Multiple

0.80x

—

Direct

Profit

Multiple

2.00x

—

Time

to

Exit

0.6

–

1.0

years

0.7

years

Volatility

60%

-

60%

60%

Floating

Rate

Loan

Interests

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

314,512‌

Income

Discount

Rate

12%

-

21%

15%

Preferred

Stocks

(b)

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

4,3

65

,

555‌

Market

Revenue

Multiple

1.00x

-

52.50x

21.01x

EBITDAR

Multiple

8.25x

—

Volatility

49%

-

90%

70%

Time

to

Exit

1.0

-

4.0

years

2.7

years

Market

Adjustment

Multiple

0.20x

-

0.85x

0.83x

Gross

Profit

Multiple

13.50x

—

Income

Discount

Rate

10%

-

15%

12%

Rights

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1,193‌

Income

Discount

Rate

4%

—

Warrants

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

81,257‌

Market

Revenue

Multiple

3.15x

-

13.50x

12.30x

Volatility

55%

-

80%

68%

Time

to

Exit

1.0

-

5.2

years

2.9

years

Discount

for

Lack

of

Marketability

6%

—

Income

Discount

Rate

15%

—

$

8

,

1

63

,

1

88‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2025

BlackRock

Government

Money

Market

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.02%),

3.73

%

,

02/27/26

................

USD

500

$

500,000

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

3.81

%

,

06/24/26

................

100

100,000

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

3.81

%

,

06/26/26

................

200

200,000

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

10/15/26

................

900

899,961

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.27%),

3.87

%

,

10/16/26

................

500

500,000

(1-day

SOFR

at

0.00%

Floor

+

0.04%),

3.75

%

,

10/20/26

................

700

700,000

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

3.76

%

,

11/06/26

................

205

205,000

(1-day

SOFR

at

0.00%

Floor

+

0.04%),

3.75

%

,

11/19/26

................

41

41,000

(1-day

SOFR

at

0.00%

Floor

+

0.04%),

3.75

%

,

01/20/27

................

300

300,000

(1-day

SOFR

at

0.00%

Floor

+

0.09%),

3.80

%

,

01/27/27

................

96

96,000

(1-day

SOFR

at

0.00%

Floor

+

0.08%),

3.79

%

,

02/01/27

................

300

300,000

(1-day

SOFR

at

0.00%

Floor

+

0.07%),

3.77

%

,

03/05/27

................

500

500,000

(1-day

SOFR

at

0.00%

Floor

+

0.07%),

3.77

%

,

03/26/27

................

95

95,000

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

3.76

%

,

04/19/27

................

40

40,000

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

3.76

%

,

05/24/27

................

135

135,000

(1-day

SOFR

at

0.00%

Floor

+

0.11%),

3.82

%

,

11/19/27

................

105

105,000

(1-day

SOFR

at

0.00%

Floor

+

0.08%),

3.79

%

,

11/23/27

................

30

30,000

Federal

Home

Loan

Bank

Bonds

3.75

%

,

02/26/26

..................

1,045

1,044,453

3.50

%

,

01/11/27

..................

735

733,782

Federal

Home

Loan

Bank

Discount

Notes

(b)

3.56

%

,

01/02/26

..................

530

529,943

3.59

%

,

02/03/26

..................

228

227,174

3.59

%

,

02/13/26

..................

130

129,410

3.59

%

,

03/03/26

..................

505

501,937

3.59

%

,

03/12/26

..................

775

769,620

3.63

%

,

04/17/26

..................

1,005

994,495

Federal

Home

Loan

Bank

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

3.71

%

,

01/13/26

................

500

500,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

02/17/26

................

130

130,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

3.71

%

,

03/20/26

................

100

100,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.71

%

,

04/07/26

................

200

200,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

3.71

%

,

04/17/26

................

1,000

1,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

3.74

%

,

04/17/26

................

300

300,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.71

%

,

04/20/26

................

100

100,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.71

%

,

05/05/26

................

245

245,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

05/20/26

................

100

100,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

3.74

%

,

05/28/26

................

USD

100

$

100,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

06/02/26

................

245

245,000

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

3.74

%

,

06/04/26

................

200

200,000

(1-day

SOFR

at

0.00%

Floor

+

0.02%),

3.72

%

,

06/18/26

................

260

260,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

3.71

%

,

06/22/26

................

380

380,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

3.71

%

,

06/23/26

................

280

280,000

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

3.71

%

,

06/25/26

................

125

125,000

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

3.81

%

,

06/26/26

................

485

485,000

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

3.74

%

,

06/30/26

................

135

135,000

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

3.80

%

,

07/02/26

................

300

300,000

(1-day

SOFR

at

0.00%

Floor

+

0.02%),

3.73

%

,

07/17/26

................

260

260,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

07/21/26

................

355

355,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

07/22/26

................

100

100,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.71

%

,

07/24/26

................

250

250,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

08/19/26

................

130

130,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

08/21/26

................

895

895,000

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

3.72

%

,

08/24/26

................

125

125,000

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

4.75

%

,

01/04/27

................

100

100,000

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

3.80

%

,

02/25/27

................

260

260,000

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

3.81

%

,

03/18/27

................

280

280,000

(1-day

SOFR

at

0.00%

Floor

+

0.07%),

3.77

%

,

03/25/27

................

215

215,000

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

09/23/26

................

300

300,000

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

10/16/26

................

200

200,000

(1-day

SOFR

at

0.00%

Floor

+

0.12%),

3.83

%

,

05/05/27

................

200

200,000

Federal

National

Mortgage

Association

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.12%),

3.83

%

,

07/29/26

................

990

990,000

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

08/21/26

................

450

450,000

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

10/23/26

................

335

335,000

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

11/20/26

................

1,200

1,200,000

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

3.85

%

,

12/11/26

................

1,400

1,400,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

21.1%

(Cost:

$

22,907,775

)

...............................

22,907,775

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Government

Money

Market

Portfolio

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(b)

4.11

%

,

01/02/26

..................

USD

1,025

$

1,024,883

3.11

%

,

01/15/26

..................

80

79,872

3.28

%

,

01/22/26

..................

100

99,760

3.33

%

,

01/29/26

..................

200

199,359

3.36

%

,

02/03/26

..................

1,685

1,679,161

3.40

%

,

02/05/26

..................

1,380

1,374,660

3.43

%

,

02/10/26

..................

1,209

1,203,849

3.48

%

,

02/12/26

..................

1,789

1,780,906

3.45

%

,

02/17/26

..................

2,989

2,975,010

3.48

%

,

02/19/26

..................

175

174,102

3.47

%

,

02/24/26

..................

461

458,417

3.53

%

,

02/26/26

..................

819

814,034

3.51

%

,

03/03/26

..................

100

99,444

3.49

%

,

03/05/26

..................

1,413

1,403,445

3.45

%

,

03/10/26

..................

1,304

1,294,719

3.52

%

,

03/12/26

..................

195

193,612

3.48

%

,

03/17/26

..................

2,340

2,321,609

3.51

%

,

03/19/26

..................

1,261

1,251,041

3.51

%

,

03/24/26

..................

318

315,289

3.52

%

,

03/31/26

..................

1,115

1,104,691

3.56

%

,

04/02/26

..................

435

430,918

3.53

%

,

04/07/26

..................

580

574,401

3.57

%

,

04/09/26

..................

662

655,338

3.54

%

,

04/16/26

..................

1,370

1,355,278

3.55

%

,

04/21/26

..................

485

479,754

3.56

%

,

04/23/26

..................

1,165

1,151,735

3.56

%

,

04/30/26

..................

2,074

2,049,045

3.55

%

,

05/28/26

..................

1,711

1,685,395

3.54

%

,

06/04/26

..................

2,291

2,255,376

3.54

%

,

06/11/26

..................

981

963,800

3.56

%

,

06/18/26

..................

500

491,845

3.56

%

,

06/25/26

..................

1,944

1,911,264

3.58

%

,

07/02/26

..................

90

88,416

3.48

%

,

08/06/26

..................

99

96,758

3.45

%

,

09/03/26

..................

850

828,828

3.46

%

,

12/24/26

..................

1,614

1,559,518

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.25%),

3.85

%

,

01/31/26

(a)

...............

USD

800

$

800,027

0.50

%

,

02/28/26

..................

100

99,430

4.63

%

,

02/28/26

..................

100

100,078

0.75

%

,

03/31/26

..................

1,100

1,091,276

2.38

%

,

04/30/26

..................

60

59,671

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.15%),

3.75

%

,

04/30/26

(a)

...............

1,600

1,600,034

1.63

%

,

05/15/26

..................

20

19,817

0.88

%

,

06/30/26

..................

50

49,201

4.63

%

,

06/30/26

..................

405

405,903

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.18%),

3.78

%

,

07/31/26

(a)

...............

975

974,690

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.21%),

3.81

%

,

10/31/26

(a)

...............

1,815

1,815,000

4.13

%

,

10/31/26

..................

50

50,160

4.25

%

,

11/30/26

..................

39

39,200

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.10%),

3.70

%

,

01/31/27

(a)

...............

1,845

1,844,925

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.16%),

3.76

%

,

07/31/27

(a)

...............

841

840,515

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.19%),

3.79

%

,

10/31/27

(a)

...............

1,119

1,119,569

Total

U.S.

Treasury

Obligations

—

43

.7

%

(Cost:

$

47,335,028

)

...............................

47,335,028

Total

Repurchase

Agreements

—

34

.2

%

(Cost:

$

37,000,000

)

...............................

37,000,000

Total

Investments

—

99

.0

%

(Cost:

$

107,242,803

)

..............................

107,242,803

Other

Assets

Less

Liabilities

—

1.0

%

....................

1,056,627

Net

Assets

—

100.0%

...............................

$

108,299,430

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

Government

Money

Market

Portfolio

84

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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.

...

3

.85‌

%

12/31/25

01/02/26

$

10,000‌

$

10,000,000‌

$

10,002,139‌

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

6.50%,

due

01/20/29

to

05/15/60

.........

$

21,225,477‌

$

10,200,000‌

–‌

–‌

Barclays

Capital,

Inc.

.

3

.79‌

(a)

12/31/25

02/06/26

1,000‌

1,000,000‌

1,003,896‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

4.00%,

due

05/15/34

to

08/25/52

.........

56,622,698‌

1,110,000‌

–‌

–‌

BNP

Paribas

SA

....

3

.83‌

12/31/25

01/02/26

5,000‌

5,000,000‌

5,001,064‌

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

7.00%,

due

10/20/38

to

11/20/55

.........

57,275,579‌

5,100,027‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

3

.82‌

12/31/25

01/02/26

5,000‌

5,000,000‌

5,001,061‌

U.S.

Treasury

Obligations,

3.88%

to

4.38%,

due

05/31/27

to

05/15/34

.........

5,056,000‌

5,100,062‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

3

.84‌

12/31/25

01/02/26

6,000‌

6,000,000‌

6,001,280‌

U.S.

Treasury

Obligation,

2.38%,

due

02/15/55

.........

6,166,600‌

6,120,044‌

–‌

–‌

TD

Securities

USA

LLC

3

.82‌

12/31/25

01/02/26

10,000‌

10,000,000‌

10,002,122‌

U.S.

Treasury

Obligation,

4.13%,

due

10/31/26

.........

10,086,100‌

10,200,083‌

–‌

–‌

$

37,000,000‌

$

37,830,216‌

–‌

–‌

(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

...................................

$

—

$

37,000,000

$

—

$

37,000,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

22,907,775

—

22,907,775

U.S.

Treasury

Obligations

...................................

—

47,335,028

—

47,335,028

$

—

$

107,242,803

$

—

$

107,242,803

Schedule

of

Investments

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Metals

&

Mining

—

0.2%

Constellium

SE

,

Class

A

(a)

...............

1,919

$

36,173‌

Oil,

Gas

&

Consumable

Fuels

—

0.2%

Energy

Transfer

LP

...................

2,330

38,422‌

Enterprise

Products

Partners

LP

...........

467

14,972‌

53,394‌

Specialized

REITs

—

0.2%

VICI

Properties,

Inc.

...................

1,566

44,036‌

Total

Common

Stocks

—

0

.6

%

(Cost:

$

125,291

)

.................................

133,603‌

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

2.6%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

...

USD

16‌

16,558‌

ATI,

Inc.

5.88%

,

12/01/27

...................

19‌

19,022‌

4.88%

,

10/01/29

...................

8‌

7,987‌

7.25%

,

08/15/30

...................

31‌

32,751‌

5.13%

,

10/01/31

...................

21‌

21,014‌

Axon

Enterprise,

Inc.,

6.25%,

03/15/33

(b)

.....

4‌

4,161‌

Bombardier,

Inc.

(b)

6.00%

,

02/15/28

...................

33‌

33,099‌

8.75%

,

11/15/30

...................

13‌

14,045‌

7.25%

,

07/01/31

...................

3‌

3,197‌

7.00%

,

06/01/32

...................

14‌

14,793‌

6.75%

,

06/15/33

...................

35‌

36,994‌

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

...

10‌

9,846‌

Carpenter

Technology

Corp.,

5.63%,

03/01/34

(b)

17‌

17,267‌

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

.......

15‌

15,406‌

TransDigm,

Inc.

(b)

6.38%

,

03/01/29

...................

35‌

36,095‌

6.63%

,

03/01/32

...................

35‌

36,415‌

6.00%

,

01/15/33

...................

49‌

50,150‌

6.38%

,

05/31/33

...................

73‌

74,907‌

6.25%

,

01/31/34

...................

11‌

11,414‌

6.75%

,

01/31/34

...................

88‌

91,668‌

546,789‌

Air

Freight

&

Logistics

—

0.1%

(b)

Rand

Parent

LLC,

8.50%,

02/15/30

........

15‌

15,628‌

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

..

4‌

4,233‌

19,861‌

Automobile

Components

—

1.6%

Allison

Transmission,

Inc.,

5.88%,

12/01/33

(b)

..

10‌

10,146‌

American

Axle

&

Manufacturing,

Inc.

(b)

6.38%

,

10/15/32

...................

9‌

9,166‌

7.75%

,

10/15/33

...................

10‌

10,186‌

Clarios

Global

LP

(b)

6.75%

,

05/15/28

...................

53‌

54,345‌

6.75%

,

02/15/30

...................

37‌

38,621‌

6.75%

,

09/15/32

...................

50‌

51,849‌

Dana,

Inc.

4.25%

,

09/01/30

...................

6‌

5,810‌

4.50%

,

02/15/32

...................

8‌

7,679‌

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

11‌

11,691‌

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%

,

07/15/29

...................

9‌

8,893‌

6.63%

,

07/15/30

...................

6‌

6,144‌

5.25%

,

04/30/31

...................

2‌

1,920‌

5.63%

,

04/30/33

...................

2‌

1,894‌

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Icahn

Enterprises

LP

5.25%

,

05/15/27

...................

USD

59‌

$

58,189‌

9.75%

,

01/15/29

...................

9‌

8,972‌

4.38%

,

02/01/29

...................

12‌

10,354‌

10.00%

,

11/15/29

(b)

.................

10‌

9,993‌

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

.........

39‌

39,125‌

344,977‌

Automobiles

—

0.2%

(b)

Nissan

Motor

Acceptance

Co.

LLC,

6.13%,

09/30/30

.......................

35‌

35,005‌

Rivian

Holdings

LLC,

10.00%,

01/15/31

.....

13‌

12,780‌

47,785‌

Banks

—

0.1%

Banco

Espirito

Santo

SA,

4.75%,

01/15/18

(a)

(c)

(d)

EUR

100‌

25,854‌

Broadline

Retail

—

0.3%

(b)

Getty

Images,

Inc.,

10.50%,

11/15/30

.......

USD

7‌

7,058‌

Match

Group

Holdings

II

LLC

4.13%

,

08/01/30

...................

15‌

14,198‌

3.63%

,

10/01/31

...................

30‌

27,528‌

6.13%

,

09/15/33

...................

16‌

16,191‌

64,975‌

Building

Products

—

2.3%

(b)

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

.......................

17‌

17,384‌

AmeriTex

HoldCo

Intermediate

LLC,

7.63%,

08/15/33

.......................

13‌

13,697‌

Builders

FirstSource,

Inc.

6.38%

,

03/01/34

...................

11‌

11,373‌

6.75%

,

05/15/35

...................

12‌

12,546‌

EMRLD

Borrower

LP

6.63%

,

12/15/30

...................

100‌

104,151‌

6.75%

,

07/15/31

...................

35‌

36,891‌

JELD-WEN,

Inc.

4.88%

,

12/15/27

...................

18‌

15,711‌

7.00%

,

09/01/32

...................

7‌

4,809‌

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%

,

07/15/28

...................

21‌

20,982‌

9.75%

,

07/15/28

...................

14‌

14,105‌

Quikrete

Holdings,

Inc.

6.38%

,

03/01/32

...................

70‌

72,862‌

6.75%

,

03/01/33

...................

28‌

29,240‌

Smyrna

Ready

Mix

Concrete

LLC

6.00%

,

11/01/28

...................

5‌

5,023‌

8.88%

,

11/15/31

...................

2‌

2,139‌

Standard

Building

Solutions,

Inc.

6.50%

,

08/15/32

...................

26‌

26,768‌

6.25%

,

08/01/33

...................

36‌

36,775‌

5.88%

,

03/15/34

...................

16‌

16,047‌

Standard

Industries,

Inc.

4.75%

,

01/15/28

...................

2‌

1,995‌

4.38%

,

07/15/30

...................

24‌

23,153‌

3.38%

,

01/15/31

...................

20‌

18,323‌

Wilsonart

LLC,

11.00%,

08/15/32

.........

20‌

17,872‌

501,846‌

Capital

Markets

—

1.0%

Apollo

Debt

Solutions

BDC

5.88%

,

08/30/30

...................

9‌

9,103‌

6.70%

,

07/29/31

...................

4‌

4,221‌

6.55%

,

03/15/32

...................

4‌

4,127‌

Ares

Strategic

Income

Fund

(b)

5.80%

,

09/09/30

...................

10‌

10,097‌

5.15%

,

01/15/31

...................

11‌

10,794‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Bain

Capital

Specialty

Finance,

Inc.,

5.95%,

03/15/30

.......................

USD

5‌

$

4,981‌

Blue

Owl

Capital

Corp.,

6.20%,

07/15/30

....

10‌

10,125‌

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

...

3‌

3,085‌

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

.................

20‌

18,140‌

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

24‌

24,675‌

Goldman

Sachs

Group,

Inc.

(The),

Series

Y,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13%

(e)

(f)

.....

49‌

49,684‌

Jane

Street

Group

(b)

6.13%

,

11/01/32

...................

3‌

3,053‌

6.75%

,

05/01/33

...................

29‌

30,270‌

Osaic

Holdings,

Inc.

(b)

6.75%

,

08/01/32

...................

8‌

8,357‌

8.00%

,

08/01/33

...................

13‌

13,516‌

204,228‌

Chemicals

—

3.4%

Advancion

Sciences,

Inc.,

9.25%,

(9.25%

Cash

or

10.00%

PIK),

11/01/26

(b)

(g)

..........

26‌

21,837‌

Celanese

US

Holdings

LLC

7.00%

,

02/15/31

...................

2‌

2,048‌

6.75%

,

04/15/33

...................

11‌

10,942‌

7.38%

,

02/15/34

...................

13‌

13,208‌

Chemours

Co.

(The)

5.38%

,

05/15/27

...................

31‌

31,075‌

5.75%

,

11/15/28

(b)

..................

47‌

45,708‌

8.00%

,

01/15/33

(b)

..................

4‌

3,873‌

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

...

83‌

81,128‌

HB

Fuller

Co.,

4.25%,

10/15/28

..........

10‌

9,894‌

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.........

9‌

8,763‌

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(b)

.....

10‌

10,100‌

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(b)

......................

11‌

11,326‌

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

.

20‌

19,800‌

Olympus

Water

US

Holding

Corp.,

7.25%,

06/15/31

(b)

......................

200‌

204,602‌

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(b)

...

31‌

30,796‌

Scotts

Miracle-Gro

Co.

(The)

4.00%

,

04/01/31

...................

6‌

5,645‌

4.38%

,

02/01/32

...................

10‌

9,388‌

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

......................

44‌

43,569‌

Solstice

Advanced

Materials,

Inc.,

5.63%,

09/30/33

(b)

......................

33‌

33,290‌

WR

Grace

Holdings

LLC

(b)

4.88%

,

06/15/27

...................

9‌

8,972‌

5.63%

,

08/15/29

...................

83‌

79,007‌

7.38%

,

03/01/31

...................

5‌

5,120‌

6.63%

,

08/15/32

...................

28‌

28,358‌

718,449‌

Commercial

Services

&

Supplies

—

4.9%

(b)

ADT

Security

Corp.

(The)

4.88%

,

07/15/32

...................

14‌

13,560‌

5.88%

,

10/15/33

...................

26‌

26,322‌

Allied

Universal

Holdco

LLC

6.88%

,

06/15/30

...................

53‌

55,182‌

7.88%

,

02/15/31

...................

227‌

239,231‌

APi

Group

DE,

Inc.

4.13%

,

07/15/29

...................

14‌

13,612‌

4.75%

,

10/15/29

...................

8‌

7,838‌

Aramark

Services,

Inc.,

5.00%,

02/01/28

.....

13‌

12,998‌

Brink's

Co.

(The)

6.50%

,

06/15/29

...................

10‌

10,354‌

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

6.75%

,

06/15/32

...................

USD

36‌

$

37,513‌

Clean

Harbors,

Inc.,

6.38%,

02/01/31

.......

5‌

5,146‌

Deluxe

Corp.,

8.13%,

09/15/29

..........

8‌

8,428‌

Garda

World

Security

Corp.

7.75%

,

02/15/28

...................

45‌

46,017‌

6.00%

,

06/01/29

...................

5‌

4,903‌

8.25%

,

08/01/32

...................

49‌

49,800‌

8.38%

,

11/15/32

...................

115‌

117,141‌

GFL

Environmental,

Inc.

4.00%

,

08/01/28

...................

38‌

37,483‌

4.38%

,

08/15/29

...................

31‌

30,483‌

6.75%

,

01/15/31

...................

23‌

24,131‌

Madison

IAQ

LLC,

5.88%,

06/30/29

........

37‌

36,775‌

Raven

Acquisition

Holdings

LLC,

6.88%,

11/15/31

.......................

18‌

18,546‌

Reworld

Holding

Corp.,

4.88%,

12/01/29

.....

12‌

11,534‌

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

...

43‌

44,312‌

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

27‌

27,360‌

Veritiv

Operating

Co.,

10.50%,

11/30/30

.....

8‌

8,602‌

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

......

93‌

95,726‌

Williams

Scotsman,

Inc.

4.63%

,

08/15/28

...................

12‌

11,963‌

6.63%

,

06/15/29

...................

4‌

4,132‌

6.63%

,

04/15/30

...................

14‌

14,470‌

7.38%

,

10/01/31

...................

25‌

26,117‌

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

....

9‌

9,434‌

1,049,113‌

Communications

Equipment

—

0.3%

(b)

CommScope

LLC,

4.75%,

09/01/29

........

47‌

46,934‌

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

......

7‌

6,700‌

53,634‌

Construction

&

Engineering

—

0.8%

(b)

AECOM,

6.00%,

08/01/33

.............

40‌

40,994‌

Arcosa,

Inc.,

4.38%,

04/15/29

...........

34‌

33,421‌

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

74‌

72,568‌

Dycom

Industries,

Inc.,

4.50%,

04/15/29

.....

7‌

6,915‌

Weekley

Homes

LLC,

6.75%,

01/15/34

......

10‌

10,125‌

164,023‌

Consumer

Finance

—

1.6%

Azorra

Finance

Ltd.

(b)

7.75%

,

04/15/30

...................

10‌

10,562‌

7.25%

,

01/15/31

...................

7‌

7,335‌

Bread

Financial

Holdings,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.30%),

8.38%,

06/15/35

(b)

(f)

....

3‌

3,101‌

GGAM

Finance

Ltd.

(b)

8.00%

,

06/15/28

...................

4‌

4,236‌

6.88%

,

04/15/29

...................

21‌

21,781‌

5.88%

,

03/15/30

...................

7‌

7,096‌

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

......................

21‌

21,692‌

Navient

Corp.

9.38%

,

07/25/30

...................

4‌

4,445‌

7.88%

,

06/15/32

...................

9‌

9,416‌

OneMain

Finance

Corp.

6.63%

,

05/15/29

...................

11‌

11,393‌

5.38%

,

11/15/29

...................

27‌

27,018‌

7.88%

,

03/15/30

...................

24‌

25,376‌

6.13%

,

05/15/30

...................

19‌

19,372‌

4.00%

,

09/15/30

...................

15‌

14,061‌

7.50%

,

05/15/31

...................

7‌

7,365‌

7.13%

,

11/15/31

...................

8‌

8,351‌

6.75%

,

03/15/32

...................

25‌

25,673‌

7.13%

,

09/15/32

...................

10‌

10,389‌

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

6.50%

,

03/15/33

...................

USD

25‌

$

25,216‌

6.75%

,

09/15/33

...................

24‌

24,303‌

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(b)

48‌

51,135‌

339,316‌

Consumer

Staples

Distribution

&

Retail

—

0.7%

(b)

Albertsons

Cos.,

Inc.

5.50%

,

03/31/31

...................

10‌

10,105‌

6.25%

,

03/15/33

...................

15‌

15,420‌

5.75%

,

03/31/34

...................

16‌

16,065‌

KeHE

Distributors

LLC,

9.00%,

02/15/29

.....

9‌

9,447‌

Performance

Food

Group,

Inc.

4.25%

,

08/01/29

...................

9‌

8,799‌

6.13%

,

09/15/32

...................

31‌

31,958‌

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

..

11‌

11,010‌

US

Foods,

Inc.

4.75%

,

02/15/29

...................

27‌

26,849‌

7.25%

,

01/15/32

...................

9‌

9,460‌

139,113‌

Containers

&

Packaging

—

2.2%

Ardagh

Group

SA,

9.50%,

12/01/30

(b)

.......

5‌

5,816‌

Ball

Corp.

3.13%

,

09/15/31

...................

15‌

13,805‌

5.50%

,

09/15/33

(b)

..................

8‌

8,155‌

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%

,

04/15/29

...................

25‌

25,436‌

6.88%

,

01/15/30

...................

22‌

22,550‌

6.75%

,

04/15/32

...................

83‌

85,347‌

Crown

Americas

LLC,

5.88%,

06/01/33

(b)

....

41‌

41,935‌

LABL,

Inc.

(b)

5.88%

,

11/01/28

...................

19‌

11,906‌

9.50%

,

11/01/28

...................

33‌

20,822‌

8.63%

,

10/01/31

...................

14‌

7,446‌

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%

,

04/15/30

...................

185‌

183,540‌

9.25%

,

04/15/30

...................

14‌

13,440‌

Sealed

Air

Corp.

(b)

4.00%

,

12/01/27

...................

18‌

17,906‌

5.00%

,

04/15/29

...................

3‌

3,020‌

6.50%

,

07/15/32

...................

5‌

5,187‌

466,311‌

Distributors

—

0.3%

(b)

Gates

Corp.,

6.88%,

07/01/29

...........

18‌

18,693‌

Resideo

Funding,

Inc.

4.00%

,

09/01/29

...................

5‌

4,819‌

6.50%

,

07/15/32

...................

33‌

33,776‌

57,288‌

Diversified

Consumer

Services

—

0.6%

Service

Corp.

International

3.38%

,

08/15/30

...................

2‌

1,870‌

4.00%

,

05/15/31

...................

26‌

24,851‌

5.75%

,

10/15/32

...................

50‌

50,887‌

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

43‌

45,508‌

123,116‌

Diversified

REITs

—

0.1%

(b)

Digital

Realty

Trust,

Inc.,

1.88%,

11/15/29

(h)

...

4‌

4,056‌

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

...............

28‌

26,731‌

30,787‌

Diversified

Telecommunication

Services

—

6.0%

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(b)

...

12‌

11,771‌

CCO

Holdings

LLC

5.38%

,

06/01/29

(b)

..................

25‌

24,718‌

6.38%

,

09/01/29

(b)

..................

57‌

57,784‌

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

4.75%

,

03/01/30

(b)

..................

USD

45‌

$

42,977‌

4.50%

,

08/15/30

(b)

..................

5‌

4,707‌

4.25%

,

02/01/31

(b)

..................

37‌

33,997‌

4.75%

,

02/01/32

(b)

..................

58‌

53,009‌

4.50%

,

05/01/32

...................

20‌

17,951‌

4.50%

,

06/01/33

(b)

..................

19‌

16,632‌

4.25%

,

01/15/34

(b)

..................

95‌

80,776‌

Cipher

Compute

LLC,

7.13%,

11/15/30

(b)

.....

30‌

30,554‌

Flash

Compute

LLC,

7.25%,

12/31/30

(b)

.....

32‌

31,704‌

Frontier

Communications

Holdings

LLC

5.88%

,

10/15/27

(b)

..................

10‌

10,032‌

5.00%

,

05/01/28

(b)

..................

49‌

49,084‌

6.75%

,

05/01/29

(b)

..................

5‌

5,038‌

5.88%

,

11/01/29

...................

10‌

10,543‌

6.00%

,

01/15/30

(b)

..................

15‌

15,254‌

8.75%

,

05/15/30

(b)

..................

84‌

87,718‌

8.63%

,

03/15/31

(b)

..................

15‌

15,783‌

Level

3

Financing,

Inc.

(b)

3.63%

,

01/15/29

...................

2‌

1,846‌

4.88%

,

06/15/29

...................

58‌

56,405‌

6.88%

,

06/30/33

...................

117‌

120,170‌

7.00%

,

03/31/34

...................

109‌

112,332‌

8.50%

,

01/15/36

...................

77‌

78,847‌

Lumen

Technologies,

Inc.

(b)

4.13%

,

04/15/29

...................

14‌

13,407‌

4.13%

,

04/15/30

...................

14‌

13,448‌

10.00%

,

10/15/32

..................

12‌

12,434‌

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

20‌

22,154‌

Windstream

Services

LLC,

8.25%,

10/01/31

(b)

.

96‌

100,778‌

WULF

Compute

LLC,

7.75%,

10/15/30

(b)

.....

48‌

49,452‌

Zayo

Group

Holdings,

Inc.

(b)(f)(g)

6.25%

,

(

6.25

%

Cash

or

0.50

%

PIK),

03/09/30

97‌

92,294‌

9.00%

,

(

9.00

%

Cash

or

1.88

%

PIK),

09/09/30

22‌

20,074‌

1,293,673‌

Electric

Utilities

—

2.2%

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

16‌

16,563‌

NextEra

Energy

Capital

Holdings,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%,

06/15/54

(f)

.....

8‌

8,541‌

NRG

Energy,

Inc.

(b)

5.75%

,

07/15/29

...................

26‌

25,873‌

6.00%

,

02/01/33

...................

44‌

44,871‌

5.75%

,

01/15/34

...................

35‌

35,356‌

6.25%

,

11/01/34

...................

36‌

36,972‌

6.00%

,

01/15/36

...................

101‌

102,338‌

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

6‌

5,918‌

Vistra

Operations

Co.

LLC

(b)

7.75%

,

10/15/31

...................

24‌

25,420‌

6.88%

,

04/15/32

...................

23‌

24,229‌

VoltaGrid

LLC,

7.38%,

11/01/30

(b)

.........

77‌

76,287‌

XPLR

Infrastructure

Operating

Partners

LP

(b)

8.38%

,

01/15/31

...................

28‌

29,389‌

7.75%

,

04/15/34

...................

34‌

34,554‌

466,311‌

Electrical

Equipment

—

0.1%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

......

22‌

21,730‌

Electronic

Equipment,

Instruments

&

Components

—

0.5%

(b)

Coherent

Corp.,

5.00%,

12/15/29

.........

31‌

30,895‌

Sensata

Technologies,

Inc.

4.38%

,

02/15/30

...................

44‌

42,975‌

3.75%

,

02/15/31

...................

27‌

25,339‌

Zebra

Technologies

Corp.,

6.50%,

06/01/32

...

7‌

7,236‌

106,445‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

—

1.6%

Archrock

Partners

LP

(b)

6.25%

,

04/01/28

...................

USD

34‌

$

34,195‌

6.63%

,

09/01/32

...................

35‌

36,097‌

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

.

11‌

11,653‌

Enerflex,

Inc.,

6.88%,

01/15/31

(b)

.........

6‌

6,135‌

Kodiak

Gas

Services

LLC

(b)

7.25%

,

02/15/29

...................

33‌

34,332‌

6.50%

,

10/01/33

...................

19‌

19,403‌

6.75%

,

10/01/35

...................

14‌

14,395‌

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(b)

....

8‌

7,863‌

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

....

6‌

6,233‌

Oceaneering

International,

Inc.,

6.00%,

02/01/28

5‌

5,056‌

Star

Holding

LLC,

8.75%,

08/01/31

(b)

.......

15‌

14,443‌

Tidewater,

Inc.,

9.13%,

07/15/30

(b)

.........

12‌

12,875‌

Transocean

International

Ltd.

(b)

8.25%

,

05/15/29

...................

7‌

7,055‌

8.75%

,

02/15/30

...................

5‌

5,486‌

8.50%

,

05/15/31

...................

10‌

9,905‌

7.88%

,

10/15/32

...................

9‌

9,400‌

USA

Compression

Partners

LP

(b)

7.13%

,

03/15/29

...................

27‌

27,948‌

6.25%

,

10/01/33

...................

32‌

32,384‌

Valaris

Ltd.,

8.38%,

04/30/30

(b)

...........

11‌

11,445‌

Weatherford

International

Ltd.,

6.75%,

10/15/33

(b)

32‌

32,771‌

339,074‌

Entertainment

—

0.6%

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

.....

5‌

5,188‌

Electronic

Arts,

Inc.,

2.95%,

02/15/51

.......

9‌

8,302‌

Live

Nation

Entertainment,

Inc.

(b)

4.75%

,

10/15/27

...................

12‌

12,024‌

3.75%

,

01/15/28

...................

7‌

6,882‌

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

5‌

4,484‌

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(b)

16‌

15,280‌

Warnermedia

Holdings,

Inc.,

5.05%,

03/15/42

.

95‌

66,856‌

119,016‌

Financial

Services

—

3.1%

Block,

Inc.

2.75%

,

06/01/26

...................

3‌

2,982‌

5.63%

,

08/15/30

(b)

..................

20‌

20,407‌

6.50%

,

05/15/32

...................

73‌

75,910‌

6.00%

,

08/15/33

(b)

..................

35‌

35,931‌

CrossCountry

Intermediate

HoldCo

LLC

(b)

6.50%

,

10/01/30

...................

13‌

13,260‌

6.75%

,

12/01/32

...................

7‌

7,113‌

Freedom

Mortgage

Holdings

LLC

(b)

9.25%

,

02/01/29

...................

16‌

16,782‌

6.88%

,

05/01/31

...................

8‌

8,005‌

9.13%

,

05/15/31

...................

19‌

20,407‌

8.38%

,

04/01/32

...................

8‌

8,421‌

PennyMac

Financial

Services,

Inc.

(b)

7.88%

,

12/15/29

...................

14‌

14,897‌

7.13%

,

11/15/30

...................

8‌

8,410‌

6.88%

,

05/15/32

...................

26‌

27,219‌

6.75%

,

02/15/34

...................

10‌

10,337‌

Rocket

Cos.,

Inc.

(b)

6.50%

,

08/01/29

...................

30‌

30,942‌

6.13%

,

08/01/30

...................

69‌

71,324‌

7.13%

,

02/01/32

...................

44‌

46,288‌

6.38%

,

08/01/33

...................

52‌

54,216‌

Rocket

Mortgage

LLC

(b)

2.88%

,

10/15/26

...................

23‌

22,664‌

3.88%

,

03/01/31

...................

3‌

2,849‌

4.00%

,

10/15/33

...................

2‌

1,858‌

Shift4

Payments

LLC,

6.75%,

08/15/32

(b)

....

87‌

89,827‌

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

UWM

Holdings

LLC

(b)

6.63%

,

02/01/30

...................

USD

23‌

$

23,289‌

6.25%

,

03/15/31

...................

17‌

16,973‌

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(b)

....

9‌

9,233‌

WEX,

Inc.,

6.50%,

03/15/33

(b)

...........

21‌

21,497‌

661,041‌

Food

Products

—

1.3%

(b)

B&G

Foods,

Inc.,

8.00%,

09/15/28

........

6‌

5,903‌

Chobani

Holdco

II

LLC,

8.75%,

(8.75%

Cash

or

9.50%

PIK),

10/01/29

(g)

..............

77‌

80,834‌

Chobani

LLC

4.63%

,

11/15/28

...................

33‌

33,006‌

7.63%

,

07/01/29

...................

45‌

46,941‌

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

....

12‌

12,196‌

Fiesta

Purchaser,

Inc.

7.88%

,

03/01/31

...................

3‌

3,129‌

9.63%

,

09/15/32

...................

6‌

6,288‌

Lamb

Weston

Holdings,

Inc.

4.13%

,

01/31/30

...................

18‌

17,412‌

4.38%

,

01/31/32

...................

21‌

20,006‌

Post

Holdings,

Inc.

4.50%

,

09/15/31

...................

4‌

3,792‌

6.25%

,

02/15/32

...................

5‌

5,137‌

6.38%

,

03/01/33

...................

3‌

3,030‌

6.25%

,

10/15/34

...................

8‌

8,045‌

6.50%

,

03/15/36

...................

23‌

23,031‌

Simmons

Foods,

Inc.,

4.63%,

03/01/29

.....

11‌

10,598‌

279,348‌

Gas

Utilities

—

0.1%

(b)

AmeriGas

Partners

LP,

9.50%,

06/01/30

.....

6‌

6,392‌

Ferrellgas

LP,

9.25%,

01/15/31

..........

10‌

10,299‌

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

6‌

5,760‌

22,451‌

Ground

Transportation

—

0.2%

(b)

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

..

37‌

38,156‌

Hertz

Corp.

(The),

12.63%,

07/15/29

.......

9‌

9,078‌

Watco

Cos.

LLC,

7.13%,

08/01/32

........

5‌

5,237‌

52,471‌

Health

Care

Equipment

&

Supplies

—

1.4%

(b)

Avantor

Funding,

Inc.

4.63%

,

07/15/28

...................

2‌

1,989‌

3.88%

,

11/01/29

...................

23‌

21,994‌

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

.....

84‌

87,675‌

Hologic,

Inc.,

3.25%,

02/15/29

...........

2‌

1,971‌

Insulet

Corp.,

6.50%,

04/01/33

...........

10‌

10,424‌

Medline

Borrower

LP

3.88%

,

04/01/29

...................

27‌

26,360‌

6.25%

,

04/01/29

...................

12‌

12,405‌

5.25%

,

10/01/29

...................

113‌

113,611‌

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

..

11‌

11,732‌

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

.

12‌

12,586‌

300,747‌

Health

Care

Providers

&

Services

—

3.1%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(b)

.

6‌

6,060‌

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

28‌

27,756‌

Community

Health

Systems,

Inc.

(b)

6.00%

,

01/15/29

...................

23‌

22,993‌

5.25%

,

05/15/30

...................

43‌

40,385‌

4.75%

,

02/15/31

...................

21‌

18,709‌

10.88%

,

01/15/32

..................

9‌

9,823‌

9.75%

,

01/15/34

...................

54‌

56,718‌

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

......................

30‌

31,374‌

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

DaVita,

Inc.

(b)

6.88%

,

09/01/32

...................

USD

4‌

$

4,164‌

6.75%

,

07/15/33

...................

5‌

5,184‌

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

6‌

5,642‌

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

48‌

47,155‌

LifePoint

Health,

Inc.

(b)

9.88%

,

08/15/30

...................

10‌

10,767‌

11.00%

,

10/15/30

..................

23‌

25,223‌

8.38%

,

02/15/32

...................

29‌

31,478‌

10.00%

,

06/01/32

..................

16‌

16,993‌

Molina

Healthcare,

Inc.

(b)

6.50%

,

02/15/31

...................

19‌

19,514‌

6.25%

,

01/15/33

...................

9‌

9,175‌

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

...

13‌

12,701‌

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

......................

3‌

3,150‌

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

64‌

68,301‌

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

100‌

101,147‌

Tenet

Healthcare

Corp.

6.75%

,

05/15/31

...................

51‌

53,066‌

6.00%

,

11/15/33

(b)

..................

16‌

16,474‌

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

23‌

23,171‌

667,123‌

Health

Care

REITs

—

0.3%

(b)

Diversified

Healthcare

Trust,

7.25%,

10/15/30

.

8‌

8,180‌

MPT

Operating

Partnership

LP,

8.50%,

02/15/32

60‌

64,076‌

72,256‌

Health

Care

Technology

—

0.2%

IQVIA,

Inc.,

6.25%,

06/01/32

(b)

...........

35‌

36,572‌

Hotel

&

Resort

REITs

—

1.3%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

......................

12‌

12,317‌

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

....

7‌

7,165‌

RHP

Hotel

Properties

LP

(b)

4.50%

,

02/15/29

...................

16‌

15,841‌

6.50%

,

04/01/32

...................

33‌

34,224‌

6.50%

,

06/15/33

...................

34‌

35,344‌

RLJ

Lodging

Trust

LP

(b)

3.75%

,

07/01/26

...................

11‌

10,939‌

4.00%

,

09/15/29

...................

8‌

7,588‌

Service

Properties

Trust

0.00%

,

09/30/27

(b)

(i)

.................

15‌

13,555‌

8.63%

,

11/15/31

(b)

..................

96‌

100,835‌

8.88%

,

06/15/32

...................

30‌

29,593‌

XHR

LP,

6.63%,

05/15/30

(b)

.............

7‌

7,224‌

274,625‌

Hotels,

Restaurants

&

Leisure

—

4.2%

1011778

BC

ULC

(b)

5.63%

,

09/15/29

...................

9‌

9,164‌

4.00%

,

10/15/30

...................

13‌

12,381‌

Acushnet

Co.,

5.63%,

12/01/33

(b)

.........

7‌

7,079‌

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.......

14‌

13,809‌

Caesars

Entertainment,

Inc.

(b)

7.00%

,

02/15/30

...................

37‌

38,319‌

6.50%

,

02/15/32

...................

44‌

45,075‌

Carnival

Corp.

(b)

5.88%

,

06/15/31

...................

11‌

11,362‌

5.75%

,

08/01/32

...................

7‌

7,184‌

6.13%

,

02/15/33

...................

43‌

44,401‌

Churchill

Downs,

Inc.

(b)

4.75%

,

01/15/28

...................

28‌

27,896‌

5.75%

,

04/01/30

...................

23‌

23,224‌

6.75%

,

05/01/31

...................

63‌

65,326‌

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Fertitta

Entertainment

LLC

(b)

4.63%

,

01/15/29

...................

USD

12‌

$

11,655‌

6.75%

,

01/15/30

...................

4‌

3,803‌

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

......................

22‌

22,223‌

Hilton

Domestic

Operating

Co.,

Inc.

(b)

5.88%

,

03/15/33

...................

19‌

19,547‌

5.75%

,

09/15/33

...................

4‌

4,094‌

5.50%

,

03/31/34

...................

14‌

14,096‌

Light

&

Wonder

International,

Inc.

(b)

7.25%

,

11/15/29

...................

14‌

14,379‌

7.50%

,

09/01/31

...................

11‌

11,477‌

6.25%

,

10/01/33

...................

14‌

14,173‌

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(b)

..

19‌

19,820‌

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

21‌

15,073‌

MGM

Resorts

International,

6.13%,

09/15/29

..

19‌

19,526‌

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

......................

11‌

10,820‌

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

......................

15‌

15,636‌

NCL

Corp.

Ltd.

(b)

5.88%

,

01/15/31

...................

5‌

4,981‌

6.75%

,

02/01/32

...................

9‌

9,215‌

6.25%

,

09/15/33

...................

45‌

44,981‌

Premier

Entertainment

Sub

LLC

(b)

5.63%

,

09/01/29

...................

10‌

7,575‌

5.88%

,

09/01/31

...................

13‌

8,612‌

Rivers

Enterprise

Borrower

LLC,

6.63%,

02/01/33

(b)

......................

10‌

10,223‌

Rivers

Enterprise

Lender

LLC,

6.25%,

10/15/30

(b)

8‌

8,166‌

Sabre

GLBL,

Inc.

(b)

10.75%

,

11/15/29

..................

4‌

3,401‌

10.75%

,

03/15/30

..................

14‌

11,513‌

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

22‌

19,553‌

Six

Flags

Entertainment

Corp.,

5.38%,

04/15/27

6‌

5,977‌

Station

Casinos

LLC

(b)

4.50%

,

02/15/28

...................

16‌

15,868‌

4.63%

,

12/01/31

...................

11‌

10,429‌

6.63%

,

03/15/32

...................

11‌

11,260‌

Vail

Resorts,

Inc.

(b)

5.63%

,

07/15/30

...................

10‌

10,163‌

6.50%

,

05/15/32

...................

20‌

20,755‌

Viking

Cruises

Ltd.

(b)

7.00%

,

02/15/29

...................

3‌

3,017‌

9.13%

,

07/15/31

...................

48‌

51,400‌

5.88%

,

10/15/33

...................

38‌

38,588‌

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

......................

8‌

8,013‌

Voyager

Parent

LLC,

9.25%,

07/01/32

(b)

.....

16‌

16,978‌

Wynn

Resorts

Finance

LLC

(b)

5.13%

,

10/01/29

...................

32‌

32,190‌

7.13%

,

02/15/31

...................

29‌

31,380‌

6.25%

,

03/15/33

...................

23‌

23,517‌

909,297‌

Household

Durables

—

1.0%

Ashton

Woods

USA

LLC

(b)

4.63%

,

04/01/30

...................

8‌

7,640‌

6.88%

,

08/01/33

...................

8‌

8,006‌

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

...

4‌

4,010‌

Brookfield

Residential

Properties,

Inc.

(b)

5.00%

,

06/15/29

...................

17‌

16,444‌

4.88%

,

02/15/30

...................

15‌

13,972‌

Century

Communities,

Inc.,

6.63%,

09/15/33

(b)

.

10‌

10,112‌

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

.

6‌

6,175‌

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

.

3‌

3,095‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

K.

Hovnanian

Enterprises,

Inc.

(b)

8.00%

,

04/01/31

...................

USD

16‌

$

16,329‌

8.38%

,

10/01/33

...................

18‌

18,293‌

LGI

Homes,

Inc.

(b)

8.75%

,

12/15/28

...................

8‌

8,345‌

7.00%

,

11/15/32

...................

15‌

14,338‌

Mattamy

Group

Corp.

(b)

4.63%

,

03/01/30

...................

11‌

10,679‌

6.00%

,

12/15/33

...................

4‌

3,964‌

Meritage

Homes

Corp.,

1.75%,

05/15/28

(h)

....

22‌

21,637‌

New

Home

Co.,

Inc.

(The)

(b)

9.25%

,

10/01/29

...................

14‌

14,611‌

8.50%

,

11/01/30

...................

4‌

4,120‌

Newell

Brands,

Inc.,

8.50%,

06/01/28

(b)

......

9‌

9,437‌

Somnigroup

International,

Inc.

(b)

4.00%

,

04/15/29

...................

2‌

1,948‌

3.88%

,

10/15/31

...................

4‌

3,739‌

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

....

8‌

8,403‌

Taylor

Morrison

Communities,

Inc.,

5.75%,

11/15/32

(b)

......................

6‌

6,173‌

211,470‌

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

...

10‌

9,584‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(b)

Clearway

Energy

Operating

LLC

4.75%

,

03/15/28

...................

2‌

1,996‌

3.75%

,

01/15/32

...................

20‌

18,178‌

Lightning

Power

LLC,

7.25%,

08/15/32

......

6‌

6,380‌

TransAlta

Corp.,

5.88%,

02/01/34

.........

13‌

13,090‌

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(e)

(f)

......................

10‌

10,252‌

XPLR

Infrastructure

LP,

2.50%,

06/15/26

(h)

...

34‌

33,364‌

83,260‌

Insurance

—

7.0%

(b)

Alliant

Holdings

Intermediate

LLC

4.25%

,

10/15/27

...................

41‌

40,739‌

6.75%

,

10/15/27

...................

5‌

5,029‌

5.88%

,

11/01/29

...................

51‌

50,955‌

7.00%

,

01/15/31

...................

77‌

79,886‌

7.38%

,

10/01/32

...................

109‌

113,019‌

AmWINS

Group,

Inc.

6.38%

,

02/15/29

...................

10‌

10,284‌

4.88%

,

06/30/29

...................

29‌

28,520‌

Amynta

Agency

Borrower,

Inc.,

7.50%,

07/15/33

20‌

20,234‌

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

17‌

17,170‌

Ardonagh

Finco

Ltd.,

7.75%,

02/15/31

......

200‌

209,671‌

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.,

8.00%,

12/31/32

.......................

44‌

45,655‌

Howden

UK

Refinance

plc

7.25%

,

02/15/31

...................

107‌

110,189‌

8.13%

,

02/15/32

...................

59‌

60,908‌

HUB

International

Ltd.

7.25%

,

06/15/30

...................

146‌

153,289‌

7.38%

,

01/31/32

...................

241‌

252,943‌

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%

,

03/15/30

...................

41‌

42,972‌

6.88%

,

10/01/33

...................

20‌

19,312‌

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

..

163‌

168,908‌

Ryan

Specialty

LLC

4.38%

,

02/01/30

...................

9‌

8,833‌

5.88%

,

08/01/32

...................

15‌

15,326‌

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

USI,

Inc.,

7.50%,

01/15/32

.............

USD

36‌

$

37,731‌

1,491,573‌

Interactive

Media

&

Services

—

0.2%

Snap,

Inc.

(b)

6.88%

,

03/01/33

...................

35‌

36,269‌

6.88%

,

03/15/34

...................

13‌

13,385‌

49,654‌

IT

Services

—

2.9%

Beignet

Investor

LLC,

6.58%,

05/30/49

(b)

.....

402‌

424,351‌

CoreWeave,

Inc.,

9.25%,

06/01/30

(b)

.......

19‌

17,666‌

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

55‌

57,389‌

ION

Platform

Finance

US,

Inc.,

9.00%,

08/01/29

(b)

......................

105‌

103,377‌

Twilio,

Inc.

3.63%

,

03/15/29

...................

12‌

11,592‌

3.88%

,

03/15/31

...................

17‌

16,247‌

630,622‌

Life

Sciences

Tools

&

Services

—

0.0%

(b)

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

..................

2‌

1,895‌

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

.....

6‌

6,133‌

8,028‌

Machinery

—

1.7%

(b)

Amsted

Industries,

Inc.,

6.38%,

03/15/33

....

21‌

21,630‌

ATS

Corp.,

4.13%,

12/15/28

............

9‌

8,779‌

Chart

Industries,

Inc.,

7.50%,

01/01/30

......

25‌

26,056‌

Enpro,

Inc.,

6.13%,

06/01/33

............

9‌

9,287‌

Esab

Corp.,

6.25%,

04/15/29

............

16‌

16,451‌

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/23/29

.......................

6‌

5,220‌

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

.......................

64‌

67,119‌

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

...

8‌

8,593‌

Terex

Corp.,

6.25%,

10/15/32

...........

6‌

6,156‌

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

.

200‌

200,047‌

369,338‌

Media

—

6.6%

Cable

One,

Inc.

(h)

0.00%

,

03/15/26

(i)

..................

5‌

4,925‌

1.13%

,

03/15/28

...................

28‌

22,786‌

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%

,

04/15/28

...................

25‌

25,018‌

7.50%

,

06/01/29

...................

55‌

54,612‌

7.88%

,

04/01/30

...................

63‌

66,351‌

7.13%

,

02/15/31

...................

46‌

48,169‌

7.50%

,

03/15/33

...................

68‌

71,828‌

CMG

Media

Corp.,

8.88%,

06/18/29

(b)

......

14‌

12,027‌

CSC

Holdings

LLC,

11.25%,

05/15/28

(b)

.....

200‌

159,133‌

DirecTV

Financing

LLC

(b)

5.88%

,

08/15/27

...................

21‌

21,123‌

8.88%

,

02/01/30

...................

28‌

28,330‌

10.00%

,

02/15/31

..................

54‌

55,191‌

DISH

DBS

Corp.

(b)

5.25%

,

12/01/26

...................

54‌

52,366‌

5.75%

,

12/01/28

...................

46‌

45,161‌

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

....

99‌

103,037‌

EchoStar

Corp.

10.75%

,

11/30/29

..................

47‌

51,852‌

6.75%

,

11/30/30

...................

159‌

163,126‌

Gray

Media,

Inc.

(b)

10.50%

,

07/15/29

..................

10‌

10,754‌

9.63%

,

07/15/32

...................

33‌

34,246‌

7.25%

,

08/15/33

...................

31‌

31,677‌

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Lamar

Media

Corp.,

5.38%,

11/01/33

(b)

......

USD

12‌

$

11,921‌

Midcontinent

Communications,

8.00%,

08/15/32

(b)

......................

9‌

9,213‌

Neptune

Bidco

US,

Inc.

(b)

9.29%

,

04/15/29

...................

32‌

32,054‌

10.38%

,

05/15/31

..................

8‌

8,203‌

Outfront

Media

Capital

LLC

(b)

5.00%

,

08/15/27

...................

4‌

4,006‌

4.25%

,

01/15/29

...................

30‌

29,217‌

4.63%

,

03/15/30

...................

6‌

5,857‌

7.38%

,

02/15/31

...................

16‌

16,935‌

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(b)

34‌

35,511‌

Sirius

XM

Radio

LLC

(b)

3.13%

,

09/01/26

...................

12‌

11,895‌

5.00%

,

08/01/27

...................

46‌

46,112‌

4.00%

,

07/15/28

...................

4‌

3,910‌

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

.....

8‌

7,801‌

Univision

Communications,

Inc.

(b)

8.00%

,

08/15/28

...................

75‌

77,676‌

8.50%

,

07/31/31

...................

19‌

19,848‌

9.38%

,

08/01/32

...................

19‌

20,421‌

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(b)

.

11‌

11,349‌

1,413,641‌

Metals

&

Mining

—

2.5%

(b)

Arsenal

AIC

Parent

LLC

8.00%

,

10/01/30

...................

30‌

31,835‌

11.50%

,

10/01/31

..................

69‌

75,938‌

Big

River

Steel

LLC,

6.63%,

01/31/29

......

72‌

72,522‌

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

......

25‌

25,893‌

Commercial

Metals

Co.

5.75%

,

11/15/33

...................

19‌

19,428‌

6.00%

,

12/15/35

...................

20‌

20,503‌

ERO

Copper

Corp.,

6.50%,

02/15/30

.......

34‌

34,106‌

Kaiser

Aluminum

Corp.

4.50%

,

06/01/31

...................

67‌

64,731‌

5.88%

,

03/01/34

...................

24‌

24,075‌

New

Gold,

Inc.,

6.88%,

04/01/32

.........

28‌

29,715‌

Novelis

Corp.

4.75%

,

01/30/30

...................

24‌

23,152‌

6.88%

,

01/30/30

...................

20‌

20,767‌

3.88%

,

08/15/31

...................

39‌

35,547‌

6.38%

,

08/15/33

...................

46‌

46,633‌

524,845‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

(b)

Arbor

Realty

SR,

Inc.

8.50%

,

12/15/28

...................

5‌

4,980‌

7.88%

,

07/15/30

...................

9‌

8,599‌

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

01/15/27

14‌

13,856‌

Starwood

Property

Trust,

Inc.

7.25%

,

04/01/29

...................

16‌

16,898‌

6.00%

,

04/15/30

...................

5‌

5,132‌

6.50%

,

07/01/30

...................

6‌

6,258‌

6.50%

,

10/15/30

...................

18‌

18,767‌

74,490‌

Oil,

Gas

&

Consumable

Fuels

—

6.0%

Aethon

United

BR

LP,

7.50%,

10/01/29

(b)

.....

19‌

19,906‌

Antero

Midstream

Partners

LP,

5.38%,

06/15/29

(b)

15‌

15,000‌

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%

,

11/01/27

...................

10‌

12,712‌

5.88%

,

06/30/29

...................

28‌

28,073‌

6.63%

,

07/15/33

...................

10‌

10,351‌

Blue

Racer

Midstream

LLC

(b)

7.00%

,

07/15/29

...................

14‌

14,601‌

7.25%

,

07/15/32

...................

11‌

11,674‌

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Buckeye

Partners

LP

6.88%

,

07/01/29

(b)

..................

USD

2‌

$

2,080‌

6.75%

,

02/01/30

(b)

..................

4‌

4,199‌

5.85%

,

11/15/43

...................

8‌

7,502‌

5.60%

,

10/15/44

...................

8‌

7,251‌

Caturus

Energy

LLC,

8.50%,

02/15/30

(b)

.....

38‌

39,575‌

Chord

Energy

Corp.,

6.75%,

03/15/33

(b)

.....

4‌

4,136‌

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

...

33‌

34,314‌

Civitas

Resources,

Inc.,

8.38%,

07/01/28

(b)

...

8‌

8,243‌

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

11‌

10,664‌

CNX

Resources

Corp.,

7.25%,

03/01/32

(b)

....

5‌

5,219‌

Comstock

Resources,

Inc.

(b)

6.75%

,

03/01/29

...................

32‌

32,033‌

5.88%

,

01/15/30

...................

25‌

24,316‌

Crescent

Energy

Finance

LLC

(b)

7.75%

,

07/31/29

...................

5‌

4,991‌

9.75%

,

10/15/30

...................

11‌

11,544‌

7.63%

,

04/01/32

...................

13‌

12,604‌

7.88%

,

04/15/32

...................

7‌

6,897‌

7.38%

,

01/15/33

...................

11‌

10,438‌

8.38%

,

01/15/34

...................

13‌

12,913‌

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(b)

..

10‌

10,229‌

Delek

Logistics

Partners

LP,

7.38%,

06/30/33

(b)

.

17‌

17,348‌

Enbridge,

Inc.

(f)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%

,

06/27/54

......................

10‌

10,589‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%

,

03/15/55

......................

13‌

13,761‌

Energy

Transfer

LP

(f)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%

,

05/15/54

......................

31‌

33,091‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%

,

10/01/54

......................

19‌

19,495‌

EQT

Corp.,

4.50%,

01/15/29

............

3‌

3,007‌

Genesis

Energy

LP

7.75%

,

02/01/28

...................

9‌

9,037‌

8.00%

,

05/15/33

...................

2‌

2,076‌

Global

Partners

LP,

7.13%,

07/01/33

(b)

......

8‌

8,146‌

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(b)

......................

9‌

9,294‌

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

...

7‌

7,297‌

Hess

Midstream

Operations

LP

(b)

6.50%

,

06/01/29

...................

13‌

13,425‌

4.25%

,

02/15/30

...................

7‌

6,847‌

Hilcorp

Energy

I

LP

(b)

5.75%

,

02/01/29

...................

9‌

8,904‌

6.00%

,

04/15/30

...................

1‌

972‌

6.25%

,

04/15/32

...................

1‌

942‌

8.38%

,

11/01/33

...................

16‌

16,337‌

6.88%

,

05/15/34

...................

16‌

14,992‌

7.25%

,

02/15/35

...................

6‌

5,702‌

Howard

Midstream

Energy

Partners

LLC

(b)

7.38%

,

07/15/32

...................

4‌

4,221‌

6.63%

,

01/15/34

...................

18‌

18,492‌

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

38‌

36,467‌

Kinetik

Holdings

LP,

5.88%,

06/15/30

(b)

......

3‌

3,027‌

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(b)

......................

9‌

9,250‌

Matador

Resources

Co.

(b)

6.88%

,

04/15/28

...................

17‌

17,372‌

6.50%

,

04/15/32

...................

19‌

19,269‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Murphy

Oil

Corp.,

5.88%,

12/01/42

(j)

.......

USD

3‌

$

2,579‌

NGL

Energy

Operating

LLC

(b)

8.13%

,

02/15/29

...................

13‌

13,494‌

8.38%

,

02/15/32

...................

39‌

40,387‌

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(b)

...

21‌

20,447‌

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

......................

11‌

11,210‌

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

....

7‌

6,741‌

Permian

Resources

Operating

LLC

(b)

8.00%

,

04/15/27

...................

15‌

15,196‌

7.00%

,

01/15/32

...................

16‌

16,677‌

6.25%

,

02/01/33

...................

27‌

27,696‌

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

......

12‌

12,473‌

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

......................

2‌

1,996‌

Sunoco

LP

(b)

5.63%

,

03/15/31

...................

7‌

7,051‌

6.63%

,

08/15/32

...................

13‌

13,362‌

6.25%

,

07/01/33

...................

9‌

9,219‌

5.88%

,

03/15/34

...................

7‌

6,999‌

Tallgrass

Energy

Partners

LP

(b)

5.50%

,

01/15/28

...................

6‌

6,003‌

7.38%

,

02/15/29

...................

34‌

35,141‌

6.00%

,

09/01/31

...................

2‌

1,991‌

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

......................

37‌

36,639‌

TransMontaigne

Partners

LLC,

8.50%,

06/15/30

(b)

4‌

4,038‌

Venture

Global

LNG,

Inc.

(b)

9.50%

,

02/01/29

...................

57‌

59,079‌

7.00%

,

01/15/30

...................

2‌

1,925‌

8.38%

,

06/01/31

...................

39‌

38,783‌

9.88%

,

02/01/32

...................

12‌

12,397‌

Venture

Global

Plaquemines

LNG

LLC

(b)

6.13%

,

12/15/30

...................

42‌

42,770‌

7.50%

,

05/01/33

...................

33‌

35,657‌

6.50%

,

01/15/34

...................

49‌

50,188‌

7.75%

,

05/01/35

...................

15‌

16,424‌

6.75%

,

01/15/36

...................

53‌

54,287‌

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

......................

20‌

20,188‌

1,291,862‌

Paper

&

Forest

Products

—

0.0%

Magnera

Corp.,

7.25%,

11/15/31

(b)

........

8‌

7,853‌

Passenger

Airlines

—

0.3%

(b)

American

Airlines,

Inc.

5.75%

,

04/20/29

...................

3‌

2,546‌

8.50%

,

05/15/29

...................

18‌

18,826‌

JetBlue

Airways

Corp.,

9.88%,

09/20/31

.....

22‌

22,164‌

OneSky

Flight

LLC,

8.88%,

12/15/29

.......

13‌

13,912‌

57,448‌

Personal

Care

Products

—

0.1%

Perrigo

Finance

Unlimited

Co.,

6.13%,

09/30/32

23‌

22,404‌

Pharmaceuticals

—

1.7%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

......

200‌

208,003‌

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(b)

10‌

10,563‌

Bausch

Health

Cos.,

Inc.

(b)

4.88%

,

06/01/28

...................

9‌

8,055‌

11.00%

,

09/30/28

..................

105‌

108,763‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.15%,

10/01/26

..................

34‌

33,554‌

368,938‌

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

0.8%

(b)

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

....

USD

5‌

$

5,270‌

CACI

International,

Inc.,

6.38%,

06/15/33

....

21‌

21,728‌

CoreLogic,

Inc.,

4.50%,

05/01/28

.........

108‌

105,804‌

KBR,

Inc.,

4.75%,

09/30/28

.............

20‌

19,600‌

Science

Applications

International

Corp.

4.88%

,

04/01/28

...................

10‌

9,974‌

5.88%

,

11/01/33

...................

14‌

14,192‌

176,568‌

Real

Estate

Management

&

Development

—

0.4%

Anywhere

Real

Estate

Group

LLC

Series

AI

,

7.00%

,

04/15/30

............

21‌

21,109‌

9.75%

,

04/15/30

(b)

..................

9‌

9,767‌

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(b)

......................

31‌

33,111‌

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(b)

5‌

5,224‌

Howard

Hughes

Corp.

(The)

(b)

4.13%

,

02/01/29

...................

18‌

17,492‌

4.38%

,

02/01/31

...................

7‌

6,664‌

93,367‌

Retail

REITs

—

0.1%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

23‌

22,731‌

Semiconductors

&

Semiconductor

Equipment

—

0.2%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(b)

...

5‌

5,103‌

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(h)

..

14‌

13,244‌

Qnity

Electronics,

Inc.

(b)

5.75%

,

08/15/32

...................

16‌

16,359‌

6.25%

,

08/15/33

...................

14‌

14,512‌

49,218‌

Software

—

5.1%

(b)

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

...

244‌

243,266‌

Camelot

Finance

SA,

4.50%,

11/01/26

......

2‌

1,986‌

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

....

68‌

70,038‌

Central

Parent

LLC,

8.00%,

06/15/29

.......

15‌

13,037‌

Central

Parent,

Inc.,

7.25%,

06/15/29

.......

4‌

3,391‌

Clarivate

Science

Holdings

Corp.

3.88%

,

07/01/28

...................

83‌

80,577‌

4.88%

,

07/01/29

...................

55‌

52,003‌

Cloud

Software

Group,

Inc.

6.50%

,

03/31/29

...................

107‌

108,401‌

9.00%

,

09/30/29

...................

155‌

161,434‌

8.25%

,

06/30/32

...................

22‌

22,991‌

Elastic

NV,

4.13%,

07/15/29

............

30‌

29,054‌

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

.....

54‌

55,061‌

Fair

Isaac

Corp.

4.00%

,

06/15/28

...................

19‌

18,739‌

6.00%

,

05/15/33

...................

64‌

65,737‌

McAfee

Corp.,

7.38%,

02/15/30

..........

16‌

13,953‌

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

...

32‌

33,293‌

UKG,

Inc.,

6.88%,

02/01/31

.............

95‌

97,585‌

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

.

31‌

29,255‌

1,099,801‌

Specialized

REITs

—

0.5%

Iron

Mountain,

Inc.,

6.25%,

01/15/33

(b)

......

27‌

27,226‌

Millrose

Properties,

Inc.

(b)

6.38%

,

08/01/30

...................

27‌

27,627‌

6.25%

,

09/15/32

...................

16‌

16,144‌

SBA

Communications

Corp.,

3.13%,

02/01/29

.

33‌

31,566‌

102,563‌

Specialty

Retail

—

1.7%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(b)

..

10‌

10,053‌

Asbury

Automotive

Group,

Inc.

4.50%

,

03/01/28

...................

9‌

8,974‌

4.75%

,

03/01/30

...................

2‌

1,971‌

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

5.00%

,

02/15/32

(b)

..................

USD

2‌

$

1,944‌

Carvana

Co.

(b)(g)

9.00%

,

(

9.00

%

Cash

or

13.00

%

PIK),

06/01/30

......................

46‌

48,665‌

9.00%

,

(

9.00

%

Cash

or

14.00

%

PIK),

06/01/31

......................

107‌

120,883‌

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

.

11‌

11,760‌

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

..

9‌

9,261‌

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

.

7‌

6,979‌

LCM

Investments

Holdings

II

LLC

(b)

4.88%

,

05/01/29

...................

30‌

29,556‌

8.25%

,

08/01/31

...................

11‌

11,635‌

Lithia

Motors,

Inc.,

5.50%,

10/01/30

(b)

.......

10‌

10,040‌

Staples,

Inc.,

10.75%,

09/01/29

(b)

.........

8‌

7,953‌

White

Cap

Supply

Holdings

LLC,

7.38%,

11/15/30

(b)

......................

87‌

89,995‌

369,669‌

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Seagate

Data

Storage

Technology

Pte.

Ltd.

(b)

8.25%

,

12/15/29

...................

13‌

13,786‌

5.88%

,

07/15/30

...................

8‌

8,247‌

8.50%

,

07/15/31

...................

18‌

19,137‌

41,170‌

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

(b)

Crocs,

Inc.,

4.13%,

08/15/31

............

16‌

14,781‌

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.......

20‌

18,625‌

33,406‌

Trading

Companies

&

Distributors

—

2.0%

(b)

FTAI

Aviation

Investors

LLC

5.50%

,

05/01/28

...................

31‌

31,027‌

7.88%

,

12/01/30

...................

39‌

41,473‌

7.00%

,

05/01/31

...................

87‌

91,619‌

7.00%

,

06/15/32

...................

44‌

46,255‌

5.88%

,

04/15/33

...................

22‌

22,356‌

Herc

Holdings,

Inc.

7.00%

,

06/15/30

...................

23‌

24,206‌

5.75%

,

03/15/31

...................

9‌

9,133‌

7.25%

,

06/15/33

...................

18‌

19,087‌

6.00%

,

03/15/34

...................

9‌

9,120‌

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

.

76‌

79,376‌

United

Rentals

North

America,

Inc.,

5.38%,

11/15/33

.......................

32‌

31,977‌

WESCO

Distribution,

Inc.

6.63%

,

03/15/32

...................

10‌

10,441‌

6.38%

,

03/15/33

...................

8‌

8,353‌

424,423‌

Total

Corporate

Bonds

—

91

.2

%

(Cost:

$

19,218,949

)

...............................

19,547,571‌

Floating

Rate

Loan

Interests

Diversified

Telecommunication

Services

—

0.1%

(f)

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.72

%

,

06/01/28

.............

4‌

3,591‌

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.33

%

,

09/25/29

...................

20‌

14,957‌

18,548‌

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.0%

GrafTech

Global

Enterprises,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.86

%

,

12/21/29

(f)

...........

USD

4‌

$

4,410‌

Total

Floating

Rate

Loan

Interests

—

0

.1

%

(Cost:

$

24,843

)

.................................

22,958‌

Beneficial

Interest

(000)

Other

Interests

(k)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

(a)

(c)

........................

140‌

14‌

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

14‌

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

3.2%

Banks

—

1.2%

(e)(f)

Bank

of

America

Corp.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63

%

....

65‌

67,727‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.25

%

....

30‌

30,471‌

Citigroup,

Inc.

Series

CC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13

%

........................

45‌

46,394‌

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75

%

........................

23‌

23,412‌

Series

FF

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95

%

........................

13‌

13,403‌

Series

GG

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88

%

........................

10‌

10,391‌

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

6.63

%

....

15‌

15,244‌

Series

DD

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00

%

........................

15‌

15,820‌

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

W

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25

%

...

5‌

5,162‌

Wells

Fargo

&

Co.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85

%

....................

13‌

13,585‌

241,609‌

Capital

Markets

—

0.3%

(f)

Brookfield

Finance,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30

%

,

01/15/55

..............

35‌

34,680‌

Goldman

Sachs

Group,

Inc.

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85

%

(e)

............

25‌

25,998‌

60,678‌

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

—

0.3%

(f)

Duke

Energy

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45

%

,

09/01/54

..............

USD

9‌

$

9,446‌

NextEra

Energy

Capital

Holdings,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38

%

,

08/15/55

15‌

15,484‌

NRG

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25

%

(b)

(e)

.................

35‌

38,214‌

63,144‌

Financial

Services

—

0.2%

(f)

Apollo

Global

Management,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00

%

,

12/15/54

......

20‌

19,750‌

Corebridge

Financial,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38

%

,

09/15/54

..............

13‌

13,099‌

32,849‌

Gas

Utilities

—

0.0%

AltaGas

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20

%

,

10/15/54

(b)

(f)

.................

12‌

12,441‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

(f)

AES

Corp.

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60

%

,

01/15/55

..............

17‌

17,313‌

Vistra

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00

%

(b)

(e)

........................

44‌

44,768‌

62,081‌

Multi-Utilities

—

0.0%

(f)

CenterPoint

Energy,

Inc.

,

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85

%

,

02/15/55

......

4‌

4,266‌

Dominion

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63

%

,

05/15/55

..............

5‌

5,152‌

9,418‌

Oil,

Gas

&

Consumable

Fuels

—

0.9%

(e)(f)

Energy

Transfer

LP

Series

H

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50

%

........................

30‌

30,132‌

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13

%

........................

7‌

7,168‌

Sunoco

LP

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88

%

(b)

.........................

86‌

88,346‌

Venture

Global

LNG,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00

%

(b)

...................

87‌

68,707‌

194,353‌

Total

Capital

Trusts

—

3

.2

%

(Cost:

$

678,266

)

.................................

676,573‌

Shares

Shares

Preferred

Stocks

—

0.1%

Financial

Services

—

0.0%

Shift4

Payments,

Inc.

,

6.00

%

,

05/01/28

(h)

.....

48

3,840‌

Security

Shares

Shares

Value

IT

Services

—

0.0%

(a)(l)

Veritas

Newco

.......................

61

$

1,434‌

Veritas

Newco,

Series

G-1

...............

42

969‌

2,403‌

Semiconductors

&

Semiconductor

Equipment

—

0.1%

Microchip

Technology,

Inc.

,

7.50

%

,

03/15/28

(h)

.

350

20,398‌

Total

Preferred

Stocks

—

0

.1

%

(Cost:

$

24,363

)

.................................

26,641‌

Total

Preferred

Securities

—

3

.3

%

(Cost:

$

702,629

)

.................................

703,214‌

Total

Long-Term

Investments

—

95.2%

(Cost:

$

20,071,712

)

...............................

20,407,360‌

Short-Term

Securities

Money

Market

Funds

—

3.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.65

%

(m)

(n)

...................

764,204

764,204‌

Total

Short-Term

Securities

—

3

.6

%

(Cost:

$

764,204

)

.................................

764,204‌

Total

Investments

—

98

.8

%

(Cost:

$

20,835,916

)

...............................

21,171,564‌

Other

Assets

Less

Liabilities

—

1.2

%

....................

251,476‌

Net

Assets

—

100.0%

...............................

$

21,423,040‌

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

95

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Perpetual

security

with

no

stated

maturity

date.

(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)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(h)

Convertible

security.

(i)

Zero-coupon

bond.

(j)

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.

(k)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(l)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(m)

Affiliate

of

the

Fund.

(n)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/25

Shares

Held

at

12/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

335,134

$

429,070

(a)

$

—

$

—

$

—

$

764,204

764,204

$

19,689

$

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

...

448,305

—

(

448,635

)

27,965

(

27,635

)

—

—

4,186

—

$

27,965

$

(

27,635

)

$

764,204

$

23,875

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

96

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Short

Contracts

U.S.

Treasury

10-Year

Ultra

Note

...............................................

2

03/20/26

$

230

$

294

U.S.

Treasury

Long

Bond

.....................................................

2

03/20/26

231

1,899

$

2,193

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

25,988

EUR

22,000

Toronto

Dominion

Bank

03/18/26

$

47

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

45.V1

...........

5

.00

%

Quarterly

12/20/30

B+

USD

727

$

56,381

$

52,035

$

4,346

(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

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

JPMorgan

Chase

Bank

NA

03/20/26

USD

371

$

22,140

$

(

1,092

)

$

23,232

1-day

SOFR

.......

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

JPMorgan

Chase

Bank

NA

03/20/26

USD

259

14,983

(

672

)

15,655

$

37,123

$

(

1,764

)

$

38,887

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

3

.79

%

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

97

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

52,035

$

—

$

4,346

$

—

OTC

Swaps

...................................................................

—

(

1,764

)

38,887

—

(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)

......

$

—

$

—

$

—

$

—

$

2,193

$

—

$

2,193

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

47

—

—

47

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

4,346

—

—

—

—

4,346

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

—

—

38,887

—

38,887

$

—

$

4,346

$

—

$

47

$

41,080

$

—

$

45,473

Liabilities

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

$

—

$

—

$

—

$

—

$

1,764

$

—

$

1,764

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

December

31,

2025,

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

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

3,003

$

—

$

3,003

Forward

foreign

currency

exchange

contracts

....

—

—

—

48,164

—

—

48,164

Swaps

..............................

—

26,916

105

—

(

6,527

)

—

20,494

$

—

$

26,916

$

105

$

48,164

$

(3,524)

$

—

$

71,661

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

2,193

$

—

$

2,193

Forward

foreign

currency

exchange

contracts

....

—

—

—

3,557

—

—

3,557

Swaps

..............................

—

2,612

—

—

38,887

—

41,499

$

—

$

2,612

$

—

$

3,557

$

41,080

$

—

$

47,249

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

98

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

—

short

.................................................................................

$

115,305

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

13,002

Average

amounts

sold

—

in

USD

........................................................................................

227,743

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

700,856

Total

return

swaps

Average

notional

value

...............................................................................................

630,000

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

813

$

—

Forward

f

oreign

currency

exchange

contracts

.................................................................

47

—

Swaps

—

centrally

cleared

..............................................................................

387

—

Swaps

—

OTC

(a)

.....................................................................................

38,887

1,764

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

40,134

$

1,764

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

1,200

)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

38,934

$

1,764

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

JPMorgan

Chase

Bank

NA

..........................

$

38,887

$

(

1,764

)

$

—

$

—

$

37,123

Toronto

Dominion

Bank

.............................

47

—

—

—

47

$

38,934

$

(

1,764

)

$

—

$

—

$

37,170

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

JPMorgan

Chase

Bank

NA

..........................

$

1,764

$

(

1,764

)

$

—

$

—

$

—

(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.

Schedule

of

Investments

(continued)

December

31,

2025

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

99

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

133,603

$

—

$

—

$

133,603

Corporate

Bonds

........................................

—

19,547,571

—

19,547,571

Floating

Rate

Loan

Interests

.................................

—

22,958

—

22,958

Other

Interests

..........................................

—

14

—

14

Preferred

Securities

Banks

...............................................

—

241,609

—

241,609

Capital

Markets

........................................

—

60,678

—

60,678

Electric

Utilities

........................................

—

63,144

—

63,144

Financial

Services

......................................

—

36,689

—

36,689

Gas

Utilities

...........................................

—

12,441

—

12,441

Independent

Power

and

Renewable

Electricity

Producers

............

—

62,081

—

62,081

IT

Services

...........................................

—

—

2,403

2,403

Multi-Utilities

..........................................

—

9,418

—

9,418

Oil,

Gas

&

Consumable

Fuels

...............................

—

194,353

—

194,353

Semiconductors

&

Semiconductor

Equipment

....................

—

20,398

—

20,398

Short-Term

Securities

Money

Market

Funds

......................................

764,204

—

—

764,204

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

36

—

36

$

897,807

$

20,271,390

$

2,403

$

21,171,600

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

4,346

$

—

$

4,346

Foreign

currency

exchange

contracts

............................

—

47

—

47

Interest

rate

contracts

.......................................

2,193

38,887

—

41,080

$

2,193

$

43,280

$

—

$

45,473

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(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.

Statements

of

Assets

and

Liabilities

December

31,

2025

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

100

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

.........................................

$

226,559,488‌

$

428,263,611‌

$

255,870,338‌

$

148,737,705‌

Investments,

at

value

—

affiliated

(d)

............................................

4,151,178‌

62,156,604‌

4,885,272‌

14,819,509‌

Cash

...............................................................

—‌

—‌

26‌

98,393‌

Cash

held

for

investments

sold

short

...........................................

—‌

—‌

—‌

327,918‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................

—‌

—‌

—‌

202,000‌

Futures

contracts

......................................................

159,000‌

3,433,000‌

—‌

1,152,000‌

Centrally

cleared

swaps

..................................................

—‌

368,000‌

—‌

1,488,000‌

Foreign

currency,

at

value

(e)

.................................................

—‌

1,561,231‌

—‌

433,151‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

......................................................

—‌

—‌

—‌

124,588‌

Securities

lending

income

—

affiliated

........................................

441‌

790‌

—‌

1,186‌

Swaps  

............................................................

—‌

103,632‌

—‌

—‌

TBA

sale

commitments

..................................................

—‌

3,793,211‌

—‌

—‌

Capital

shares

sold

.....................................................

—‌

—‌

—‌

6,759‌

Dividends

—

unaffiliated

.................................................

81,718‌

325,248‌

17,736‌

110,520‌

Dividends

—

affiliated

...................................................

5,849‌

205,239‌

11,963‌

26,086‌

Interest

—

unaffiliated

...................................................

—‌

1,677,352‌

—‌

510,032‌

From

the

Manager

.....................................................

—‌

—‌

—‌

7,012‌

Variation

margin

on

futures

contracts

.........................................

—‌

154,021‌

—‌

244,899‌

Swap

premiums

paid

.....................................................

—‌

—‌

—‌

33,036‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

351,893‌

—‌

235,065‌

OTC

swaps

..........................................................

—‌

804,143‌

—‌

117,773‌

Unfunded

floating

rate

loan

interests

.........................................

—‌

—‌

—‌

170‌

Prepaid

e

xpenses

.......................................................

1,350‌

6,460‌

1,296‌

598‌

Other

assets

...........................................................

—‌

—‌

—‌

1,564‌

Total

a

ssets

...........................................................

230,959,024‌

503,204,435‌

260,786,631‌

168,677,964‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

6,526‌

—‌

—‌

Cash

received:

Collateral

—

OTC

derivatives

..............................................

—‌

1,050,000‌

—‌

—‌

Collateral

on

securities

loaned

...............................................

1,945,237‌

881,776‌

—‌

5,125,100‌

Options

written,

at

value

(f)

..................................................

—‌

—‌

—‌

431,968‌

TBA

sale

commitments,

at

value

(g)

............................................

—‌

3,798,365‌

—‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

—‌

15,503,072‌

—‌

1,107,192‌

Swaps  

............................................................

—‌

—‌

—‌

184,054‌

Accounting

services

fees

.................................................

3,367‌

8,515‌

5,741‌

27,522‌

Capital

shares

redeemed

.................................................

4,013‌

7,959‌

4,478‌

60,818‌

Custodian

fees

........................................................

5,962‌

26,415‌

1,545‌

44,976‌

Deferred

foreign

capital

gain

tax

............................................

—‌

24,849‌

—‌

290‌

Interest

expense

......................................................

159‌

312‌

204‌

107‌

Investment

advisory

fees

.................................................

71,870‌

146,489‌

82,092‌

4,555‌

Directors'

and

Officer's

fees

...............................................

81‌

220‌

115‌

96‌

Printing

and

postage

fees

................................................

13,716‌

25,933‌

15,858‌

6,842‌

Professional

fees

......................................................

24,372‌

63,487‌

26,327‌

44,158‌

Registration

fees

......................................................

17‌

6‌

17‌

17‌

Transfer

agent

fees

....................................................

91,602‌

200,526‌

108,958‌

66,812‌

Other

accrued

expenses

.................................................

—‌

—‌

3,812‌

21,985‌

Variation

margin

on

futures

contracts

.........................................

18,215‌

—‌

—‌

—‌

Variation

margin

on

centrally

cleared

swaps

....................................

—‌

100,182‌

—‌

38,632‌

Swap

premiums

received

..................................................

—‌

—‌

—‌

7,799‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

677,275‌

—‌

208,881‌

OTC

swaps

..........................................................

—‌

—‌

—‌

210,528‌

Total

li

abilities

..........................................................

2,178,611‌

22,521,907‌

249,147‌

7,592,332‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

228,780,413‌

$

480,682,528‌

$

260,537,484‌

$

161,085,632‌

See

notes

to

financial

statements.

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

101

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

169,691,331‌

$

433,463,840‌

$

138,467,123‌

$

145,545,783‌

Accumulated

earnings

....................................................

59,089,082‌

47,218,688‌

122,070,361‌

15,539,849‌

NET

ASSETS

..........................................................

$

228,780,413‌

$

480,682,528‌

$

260,537,484‌

$

161,085,632‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

.......................................

$

171,438,960‌

$

390,404,800‌

$

157,504,732‌

$

134,678,450‌

(c)

  Securities

loaned,

at

value

............................................

$

1,888,381‌

$

817,083‌

$

—‌

$

4,940,850‌

(d)

  Investments,

at

cost

—

affiliated

.........................................

$

4,151,178‌

$

62,156,604‌

$

4,885,272‌

$

15,703,529‌

(e)

  Foreign

currency,

at

cost

.............................................

$

—‌

$

1,557,003‌

$

—‌

$

433,103‌

(f)

  Premiums

received

.................................................

$

—‌

$

—‌

$

—‌

$

482,229‌

(g)

  Proceeds

received

from

TBA

sale

commitments

...............................

$

—‌

$

3,793,211‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

102

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

NET

ASSET

VALUE

Net

assets

.........................................................

$

228,780,413‌

$

480,682,528‌

$

260,537,484‌

$

161,085,632‌

Shares

outstanding

...................................................

7,856,034‌

29,557,377‌

4,644,478‌

10,090,306‌

Net

asset

value

.....................................................

$

29.12‌

$

16.26‌

$

56.10‌

$

15.96‌

Shares

authorized

...................................................

100

million

300

million

100

million

100

million

Par

value

.........................................................

$

0.10‌

$

0.10‌

$

0.10‌

$

0.10‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

103

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

.........................................................................

$

70,242,803‌

$

20,407,360‌

Investments,

at

value

—

affiliated

(b)

...........................................................................

—‌

764,204‌

Cash

..............................................................................................

1,131,675‌

—‌

Cash

pledged:

Futures

contracts

.....................................................................................

—‌

13,000‌

Centrally

cleared

swaps

.................................................................................

—‌

58,000‌

Foreign

currency,

at

value

(c)

................................................................................

—‌

747‌

Repurchase

agreements,

at

value

(d)

..........................................................................

37,000,000‌

—‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

398,178‌

—‌

Capital

shares

sold

....................................................................................

61,356‌

—‌

Dividends

—

unaffiliated

................................................................................

—‌

757‌

Dividends

—

affiliated

..................................................................................

—‌

2,975‌

Interest

—

unaffiliated

..................................................................................

168,136‌

354,904‌

From

the

Manager

....................................................................................

—‌

11,068‌

Variation

margin

on

futures

contracts

........................................................................

—‌

813‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

—‌

387‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

47‌

OTC

swaps

.........................................................................................

—‌

38,887‌

Unfunded

floating

rate

loan

interests

........................................................................

—‌

36‌

Prepaid

e

xpenses

......................................................................................

540‌

1,638‌

Other

assets

..........................................................................................

10,111‌

—‌

Total

a

ssets

..........................................................................................

109,012,799‌

21,654,823‌

LIABILITIES

Bank

overdraft

.........................................................................................

—‌

2,452‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

586,636‌

30,640‌

Swaps  

...........................................................................................

—‌

6‌

Accounting

services

fees

................................................................................

4,737‌

5,877‌

Capital

shares

redeemed

................................................................................

296‌

381‌

Custodian

fees

.......................................................................................

2,310‌

3,719‌

Income

dividend

distributions

.............................................................................

—‌

113,847‌

Interest

expense

.....................................................................................

—‌

13‌

Investment

advisory

fees

................................................................................

29,055‌

—‌

Directors'

and

Officer's

fees

..............................................................................

49‌

55‌

Printing

and

postage

fees

...............................................................................

10,612‌

32,210‌

Professional

fees

.....................................................................................

33,288‌

31,649‌

Registration

fees

.....................................................................................

2,933‌

17‌

Transfer

agent

fees

...................................................................................

42,860‌

9,153‌

Other

accrued

expenses

................................................................................

593‌

—‌

Swap

premiums

received

.................................................................................

—‌

1,764‌

Total

li

abilities

.........................................................................................

713,369‌

231,783‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

108,299,430‌

$

21,423,040‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

104

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

108,287,934‌

$

24,142,407‌

Accumulated

earnings

(loss)

...............................................................................

11,496‌

(

2,719,367‌

)

NET

ASSETS

.........................................................................................

$

108,299,430‌

$

21,423,040‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

70,242,803‌

$

20,071,712‌

(b)

  Investments,

at

cost

—

affiliated

.....................................................................

$

—‌

$

764,204‌

(c)

  Foreign

currency,

at

cost

.........................................................................

$

—‌

$

752‌

(d)

  Repurchase

agreements,

at

cost

....................................................................

$

37,000,000‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2025

105

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

NET

ASSET

VALUE

Net

assets

.........................................................................................

$

108,299,430‌

$

21,423,040‌

Shares

outstanding

...................................................................................

108,287,940‌

4,141,329‌

Net

asset

value

.....................................................................................

$

1.00‌

$

5.17‌

Shares

authorized

...................................................................................

2.0

billion

100

million

Par

value

.........................................................................................

$

0.10‌

$

0.0001‌

Statements

of

Operations

Year

Ended

December

31,

2025

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

106

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

...........................................

$

2,477,672‌

$

5,117,913‌

$

962,202‌

$

1,565,821‌

Dividends

—

affiliated

.............................................

80,201‌

952,991‌

29,992‌

469,350‌

Interest

—

affiliated

..............................................

—‌

—‌

—‌

2‌

Interest

—

unaffiliated

.............................................

5,694‌

7,600,939‌

—‌

2,429,798‌

Securities

lending

income

—

affiliated

—

net

.............................

5,277‌

7,766‌

9,475‌

15,798‌

Payment-in-kind

interest

—

unaffiliated

.................................

—‌

3,670‌

—‌

21,729‌

Foreign

taxes

withheld

............................................

(

353‌

)

(

230,507‌

)

(

17,867‌

)

(

80,690‌

)

Foreign

withholding

tax

claims

.......................................

—‌

—‌

—‌

24,481‌

Total

investment

income

.............................................

2,568,491‌

13,452,772‌

983,802‌

4,446,289‌

EXPENSES

Investment

advisory

..............................................

799,088‌

1,721,957‌

943,901‌

565,983‌

Transfer

agent

..................................................

291,046‌

647,464‌

354,618‌

219,672‌

Professional

...................................................

61,585‌

139,211‌

65,869‌

167,613‌

Accounting

services

..............................................

35,290‌

52,237‌

39,390‌

174,481‌

Custodian

.....................................................

19,640‌

92,937‌

5,342‌

168,152‌

Directors

and

Officer

.............................................

7,903‌

9,832‌

8,236‌

7,428‌

Printing

and

postage

.............................................

384‌

20,207‌

16,598‌

29,435‌

Pricing

Services

.................................................

—‌

—‌

—‌

66,326‌

Registration

...................................................

—‌

19‌

—‌

—‌

Miscellaneous

..................................................

13,437‌

42,442‌

7,472‌

17,875‌

Total

expenses

excluding

interest

expense

.................................

1,228,373‌

2,726,306‌

1,441,426‌

1,416,965‌

Interest

expense

................................................

608‌

26,214‌

1,466‌

2,845‌

Total

e

xpenses

...................................................

1,228,981‌

2,752,520‌

1,442,892‌

1,419,810‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...........................

(

1,470‌

)

(

21,192‌

)

(

551‌

)

(

333,025‌

)

Transfer

agent

fees

reimbursed

by

the

Manager

...........................

(

200,166‌

)

(

472,155‌

)

(

248,145‌

)

(

214,671‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

..........................

1,027,345‌

2,259,173‌

1,194,196‌

872,114‌

Net

investment

income

(loss)

..........................................

1,541,146‌

11,193,599‌

(210,394‌)

3,574,175‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

38,488,937‌

$

56,444,268‌

$

29,040,666‌

$

23,836,813‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

......................................

$

23,764,377‌

$

42,692,388‌

$

50,850,136‌

$

15,115,759‌

Investments

—

affiliated

.........................................

(

915‌

)

576,771‌

2,387‌

20,471‌

Forward

foreign

currency

exchange

contracts

...........................

—‌

(

3,485,001‌

)

—‌

(

338,042‌

)

Foreign

currency

transactions

.....................................

—‌

110,308‌

3,672‌

(

8,695‌

)

Futures

contracts

..............................................

182,320‌

(

2,293,638‌

)

—‌

449,601‌

Options

written

...............................................

—‌

—‌

—‌

1,722,268‌

Short

sales

—

unaffiliated

........................................

—‌

154,366‌

—‌

—‌

Swaps  

....................................................

—‌

4,227,988‌

—‌

(

947,768‌

)

23,945,782‌

41,983,182‌

50,856,195‌

16,013,594‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

......................................

14,493,924‌

13,711,107‌

(

21,815,793‌

)

6,231,984‌

Investments

—

affiliated

.........................................

337‌

(

674,608‌

)

—‌

118,521‌

Forward

foreign

currency

exchange

contracts

...........................

—‌

473,276‌

—‌

538,027‌

Foreign

currency

translations

......................................

—‌

(

8,411‌

)

265‌

(

2,975‌

)

Futures

contracts

..............................................

48,894‌

(

459,057‌

)

—‌

(

245,964‌

)

Options

written

...............................................

—‌

—‌

—‌

86,937‌

Swaps  

....................................................

—‌

1,418,779‌

—‌

1,096,519‌

Unfunded

floating

rate

loan

interests

.................................

—‌

—‌

—‌

170‌

14,543,155‌

14,461,086‌

(21,815,528‌)

7,823,219‌

Net

realized

and

unrealized

gain

.......................................

38,488,937‌

56,444,268‌

29,040,667‌

23,836,813‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

40,030,083‌

$

67,637,867‌

$

28,830,273‌

$

27,410,988‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

...........

$

—‌

$

(

18,811‌

)

$

—‌

$

(

2,487‌

)

(c)

  Net

of

reduction

in

deferred

foreign

capital

gain

tax

of

........................

$

—‌

$

49,293‌

$

—‌

$

1,017‌

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

December

31,

2025

107

Statements

of

Operations

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

.............................................................................

$

—‌

$

8,645‌

Dividends

—

affiliated

...............................................................................

—‌

23,875‌

Interest

—

unaffiliated

...............................................................................

4,657,357‌

1,402,334‌

Payment-in-kind

interest

—

unaffiliated

...................................................................

—‌

18,379‌

Total

investment

income

...............................................................................

4,657,357‌

1,453,233‌

EXPENSES

Investment

advisory

................................................................................

404,344‌

77,320‌

Transfer

agent

....................................................................................

156,909‌

31,880‌

Professional

.....................................................................................

60,497‌

116,589‌

Accounting

services

................................................................................

17,029‌

34,090‌

Custodian

.......................................................................................

9,354‌

9,744‌

Printing

and

postage

...............................................................................

7,636‌

33,050‌

Directors

and

Officer

...............................................................................

7,071‌

591‌

Registration

.....................................................................................

12‌

—‌

Miscellaneous

....................................................................................

1,175‌

9,582‌

Total

expenses

excluding

interest

expense

...................................................................

664,027‌

312,846‌

Interest

expense

..................................................................................

—‌

56‌

Total

e

xpenses

.....................................................................................

664,027‌

312,902‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.............................................................

(

25,204‌

)

(

181,624‌

)

Transfer

agent

fees

reimbursed

by

the

Manager

.............................................................

(

143,053‌

)

(

26,880‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

............................................................

495,770‌

104,398‌

Net

investment

income

................................................................................

4,161,587‌

1,348,835‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

3,036‌

$

502,472‌

Net

realized

gain

from:

Investments

—

unaffiliated

.........................................................................

$

3,036‌

$

123,236‌

Investments

—

affiliated

...........................................................................

—‌

27,965‌

Forward

foreign

currency

exchange

contracts

.............................................................

—‌

48,164‌

Foreign

currency

transactions

.......................................................................

—‌

2,062‌

Futures

contracts

................................................................................

—‌

3,003‌

Swaps  

......................................................................................

—‌

20,494‌

3,036‌

224,924‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

—‌

257,868‌

Investments

—

affiliated

...........................................................................

—‌

(

27,635‌

)

Forward

foreign

currency

exchange

contracts

.............................................................

—‌

3,557‌

Foreign

currency

translations

........................................................................

—‌

30‌

Futures

contracts

................................................................................

—‌

2,193‌

Swaps  

......................................................................................

—‌

41,499‌

Unfunded

floating

rate

loan

interests

...................................................................

—‌

36‌

—‌

277,548‌

Net

realized

and

unrealized

gain

.........................................................................

3,036‌

502,472‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

................................................

$

4,164,623‌

$

1,851,307‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

108

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/25

Year

Ended

12/31/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

1,541,146‌

$

1,715,710‌

$

11,193,599‌

$

10,888,655‌

Net

realized

gain

................................................

23,945,782‌

33,713,202‌

41,983,182‌

41,112,671‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

14,543,155‌

11,001,405‌

14,461,086‌

3,324,732‌

Net

increase

in

net

assets

resulting

from

operations

...........................

40,030,083‌

46,430,317‌

67,637,867‌

55,326,058‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(28,657,597‌)

(30,086,035‌)

(48,987,095‌)

(49,952,122‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

3,277,094‌

9,292,397‌

7,673,704‌

4,650,471‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

14,649,580‌

25,636,679‌

26,324,476‌

10,024,407‌

Beginning

of

year

..................................................

214,130,833‌

188,494,154‌

454,358,052‌

444,333,645‌

End

of

year

......................................................

$

228,780,413‌

$

214,130,833‌

$

480,682,528‌

$

454,358,052‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

109

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/25

Year

Ended

12/31/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

........................................

$

(

210,394‌

)

$

149,226‌

$

3,574,175‌

$

3,965,681‌

Net

realized

gain

................................................

50,856,195‌

22,882,498‌

16,013,594‌

9,974,974‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(

21,815,528‌

)

41,614,597‌

7,823,219‌

(

272,004‌

)

Net

increase

in

net

assets

resulting

from

operations

...........................

28,830,273‌

64,646,321‌

27,410,988‌

13,668,651‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(36,384,763‌)

(15,400,888‌)

(18,299,442‌)

(14,104,809‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

12,971,001‌

(7,071,894‌)

5,965,128‌

(1,093,929‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

5,416,511‌

42,173,539‌

15,076,674‌

(

1,530,087‌

)

Beginning

of

year

..................................................

255,120,973‌

212,947,434‌

146,008,958‌

147,539,045‌

End

of

year

......................................................

$

260,537,484‌

$

255,120,973‌

$

161,085,632‌

$

146,008,958‌

(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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

110

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/25

Year

Ended

12/31/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

4,161,587‌

$

5,365,512‌

$

1,348,835‌

$

1,410,537‌

Net

realized

gain

(loss)

............................................

3,036‌

6,086‌

224,924‌

(

17,180‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

—‌

—‌

277,548‌

207,146‌

Net

increase

in

net

assets

resulting

from

operations

...........................

4,164,623‌

5,371,598‌

1,851,307‌

1,600,503‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(4,161,587‌)

(5,367,621‌)

(1,388,769‌)

(1,420,055‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

200,378‌

(7,410,184‌)

137,039‌

(1,063,217‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

203,414‌

(

7,406,207‌

)

599,577‌

(

882,769‌

)

Beginning

of

year

..................................................

108,096,016‌

115,502,223‌

20,823,463‌

21,706,232‌

End

of

year

......................................................

$

108,299,430‌

$

108,096,016‌

$

21,423,040‌

$

20,823,463‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

111

Financial

Highlights

BlackRock

Advantage

Large

Cap

Core

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Net

asset

value,

beginning

of

year

.................................

$

27.68

‌

$

25.46

‌

$

20.86

‌

$

27.24

‌

$

26.14

‌

Net

investment

income

(a)

........................................

0

.21

‌

0

.24

‌

0

.24

‌

0

.26

‌

0

.25

‌

Net

realized

and

unrealized

gain

(loss)

...............................

5.22

‌

6.40

‌

5.05

‌

(5.69

)

6.98

‌

Net

increase

(decrease)

from

investment

operations

.......................

5.43

‌

6.64

‌

5.29

‌

(5.43

)

7.23

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.22

)

(

0

.26

)

(

0

.24

)

(

0

.27

)

(

0

.25

)

From

net

realized

gain

..........................................

(

3

.77

)

(

4

.16

)

(

0

.45

)

(

0

.68

)

(

5

.88

)

Total

distributions

..............................................

(3.99

)

(4.42

)

(0.69

)

(0.95

)

(6.13

)

Net

asset

value,

end

of

year

......................................

$

29.12

‌

$

27.68

‌

$

25.46

‌

$

20.86

‌

$

27.24

‌

Total

Return

(c)

Based

on

net

asset

value

.........................................

20.20

%

25.61

%

25.41

%

(19.89

)%

28.43

%

Ratios

to

Average

Net

Assets

(d)

Total

expen

ses

................................................

0.57

%

0.59

%

0.63

%

0.60

%

0.57

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.48

%

0.49

%

0.50

%

0.50

%

0.47

%

Net

investment

income

...........................................

0.72

%

0.83

%

1.02

%

1.14

%

0.85

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

228,780

‌

$

214,131

‌

$

188,494

‌

$

166,043

‌

$

232,661

‌

Portfolio

turnover

rate

............................................

114

%

115

%

113

%

117

%

116

%

(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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

112

(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

Balanced

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Net

asset

value,

beginning

of

year

.................................

$

15.63

‌

$

15.51

‌

$

13.76

‌

$

16.67

‌

$

16.79

‌

Net

investment

income

(a)

........................................

0

.40

‌

0

.40

‌

0

.35

‌

0

.26

‌

0

.19

‌

Net

realized

and

unrealized

gain

(loss)

...............................

2.04

‌

1.60

‌

1.93

‌

(2.89

)

2.59

‌

Net

increase

(decrease)

from

investment

operations

.......................

2.44

‌

2.00

‌

2.28

‌

(2.63

)

2.78

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.50

)

(

0

.64

)

(

0

.26

)

(

0

.13

)

(

0

.19

)

From

net

realized

gain

..........................................

(

1

.31

)

(

1

.24

)

(

0

.27

)

(

0

.15

)

(

2

.71

)

Total

distributions

..............................................

(1.81

)

(1.88

)

(0.53

)

(0.28

)

(2.90

)

Net

asset

value,

end

of

year

......................................

$

16.26

‌

$

15.63

‌

$

15.51

‌

$

13.76

‌

$

16.67

‌

Total

Return

(c)

Based

on

net

asset

value

.........................................

15.67

%

12.88

%

16.56

%

(15.76

)%

16.65

%

Ratios

to

Average

Net

Assets

(d)

Total

expen

ses

................................................

0.59

%

0.59

%

0.63

%

0.62

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.49

%

0.48

%

0.51

%

0.50

%

0.49

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

......................

0.48

%

0.47

%

0.50

%

0.48

%

0.48

%

Net

investment

income

...........................................

2.42

%

2.38

%

2.37

%

1.78

%

1.08

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

480,683

‌

$

454,358

‌

$

444,334

‌

$

422,523

‌

$

552,083

‌

Portfolio

turnover

rate

(e)

...........................................

110

%

104

%

121

%

229

%

343

%

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

84%

82%

97%

187%

218%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

113

Financial

Highlights

BlackRock

Capital

Appreciation

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Net

asset

value,

beginning

of

year

.................................

$

58.01

‌

$

46.82

‌

$

32.11

‌

$

57.19

‌

$

56.30

‌

Net

investment

income

(loss)

(a)

....................................

(

0

.05

)

0

.03

‌

0

.08

‌

0

.09

‌

(

0

.01

)

Net

realized

and

unrealized

gain

(loss)

...............................

6.84

‌

14.82

‌

15.83

‌

(21.45

)

11.61

‌

Net

increase

(decrease)

from

investment

operations

.......................

6.79

‌

14.85

‌

15.91

‌

(21.36

)

11.60

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.03

)

(

0

.05

)

(

0

.04

)

(

0

.09

)

(

0

.02

)

From

net

realized

gain

..........................................

(

8

.67

)

(

3

.61

)

(

1

.16

)

(

3

.63

)

(

10.69

)

Total

distributions

..............................................

(8.70

)

(3.66

)

(1.20

)

(3.72

)

(10.71

)

Net

asset

value,

end

of

year

......................................

$

56.10

‌

$

58.01

‌

$

46.82

‌

$

32.11

‌

$

57.19

‌

Total

Return

(c)

Based

on

net

asset

value

.........................................

12.04

%

31.51

%

49.60

%

(37.59

)%

21.22

%

Ratios

to

Average

Net

Assets

(d)

Total

expen

ses

................................................

0.57

%

0.57

%

0.60

%

0.59

%

0.57

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.47

%

0.47

%

0.51

%

0.50

%

0.47

%

Net

investment

income

(loss)

.......................................

(0.08

)%

0.06

%

0.19

%

0.21

%

(0.02

)%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

260,537

‌

$

255,121

‌

$

212,947

‌

$

155,796

‌

$

276,081

‌

Portfolio

turnover

rate

............................................

65

%

27

%

22

%

63

%

41

%

(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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

114

(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

equity

swaps.

BlackRock

Global

Allocation

Portfolio

(a)

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Net

asset

value,

beginning

of

year

..............................

$

15.02

‌

$

15.12

‌

$

13.74

‌

$

16.85

‌

$

17.96

‌

Net

investment

income

(b)

.....................................

0

.38

‌

0

.43

‌

0

.38

‌

0

.24

‌

0

.25

‌

Net

realized

and

unrealized

gain

(loss)

............................

2.56

‌

1.03

‌

1.44

‌

(2.89

)

0.97

‌

Net

increase

(decrease)

from

investment

operations

....................

2.94

‌

1.46

‌

1.82

‌

(2.65

)

1.22

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

..................................

(

0

.56

)

(

0

.27

)

(

0

.36

)

—

‌

(

0

.22

)

From

net

realized

gain

.......................................

(

1

.44

)

(

1

.29

)

(

0

.08

)

(

0

.44

)

(

2

.11

)

Return

of

capital

...........................................

—

‌

—

‌

—

‌

(

0

.02

)

—

‌

Total

distributions

...........................................

(2.00

)

(1.56

)

(0.44

)

(0.46

)

(2.33

)

Net

asset

value,

end

of

year

...................................

$

15.96

‌

$

15.02

‌

$

15.12

‌

$

13.74

‌

$

16.85

‌

Total

Return

(d)

Based

on

net

asset

value

......................................

19.61

%

9.74

%

13.25

%

(15.73

)%

6.79

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

.............................................

0.93

%

1.00

%

1.01

%

1.02

%

0.87

%

Total

expenses

after

fees

waived

and/or

reimbursed

....................

0.57

%

0.57

%

0.57

%

0.57

%

0.58

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales,

professional

fees

for

foreign

withholding

tax

claims

....................

0.57

%

0.57

%

0.57

%

0.57

%

0.57

%

Net

investment

income

........................................

2.35

%

2.68

%

2.63

%

1.65

%

1.34

%

Supplemental

Data

Net

assets,

end

of

year

(000)

....................................

$

161,086

‌

$

146,009

‌

$

147,539

‌

$

144,662

‌

$

192,500

‌

Portfolio

turnover

rate

(f)

........................................

124

%

(g)

155

%

(g)

211

%

(g)

114

%

134

%

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

117%

136%

152%

105%

123%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

115

Financial

Highlights

BlackRock

Government

Money

Market

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Net

asset

value,

beginning

of

year

.................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................................

0

.0383

‌

0

.0472

‌

0

.0459

‌

0

.0121

‌

0

.0000

(a)

Net

realized

and

unrealized

gain

(loss)

...............................

0.0000

(a)

0.0000

(a)

(0.0003

)

(b)

0.0003

‌

0.0001

‌

Net

increase

from

investment

operations

...............................

0.0383

‌

0.0472

‌

0.0456

‌

0.0124

‌

0.0001

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.0383

)

(

0

.0472

)

(

0

.0456

)

(

0

.0124

)

(

0

.0001

)

From

net

realized

gain

..........................................

(

0

.0000

)

(d)

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0000

)

(d)

Total

distributions

..............................................

(0.0383

)

(0.0472

)

(0.0456

)

(0.0124

)

(0.0001

)

Net

asset

value,

end

of

year

......................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

.........................................

3.90

%

4.82

%

4.65

%

1.26

%

0.01

%

Ratios

to

Average

Net

Assets

Total

expen

ses

................................................

0.61

%

0.65

%

0.68

%

0.51

%

0.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.46

%

0.50

%

0.50

%

0.40

%

0.08

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

0.46

%

0.49

%

0.50

%

0.40

%

0.08

%

Net

investment

income

...........................................

3.83

%

4.72

%

4.59

%

1.21

%

0.00

%

(f)

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

108,299

‌

$

108,096

‌

$

115,502

‌

$

94,096

‌

$

103,786

‌

(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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

116

BlackRock

High

Yield

Portfolio

Year

Ended

12/31/25

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Net

asset

value,

beginning

of

year

................................

$

5.05

‌

$

5.01

‌

$

4.73

‌

$

5.59

‌

$

5.54

‌

Net

investment

income

(a)

.......................................

0

.33

‌

0

.34

‌

0

.30

‌

0

.26

‌

0

.27

‌

Net

realized

and

unrealized

gain

(loss)

..............................

0.13

‌

0.04

‌

0.28

‌

(0.85

)

0.05

‌

Net

increase

(decrease)

from

investment

operations

......................

0.46

‌

0.38

‌

0.58

‌

(0.59

)

0.32

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

....................................

(

0

.34

)

(

0

.34

)

(

0

.30

)

(

0

.26

)

(

0

.27

)

Return

of

capital

.............................................

—

‌

—

‌

—

‌

(

0

.01

)

(

0

.00

)

(c)

Total

distributions

.............................................

(0.34

)

(0.34

)

(0.30

)

(0.27

)

(0.27

)

Net

asset

value,

end

of

year

.....................................

$

5.17

‌

$

5.05

‌

$

5.01

‌

$

4.73

‌

$

5.59

‌

Total

Return

(d)

Based

on

net

asset

value

........................................

9.42

%

7.82

%

12.80

%

(10.64

)%

5.93

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

1.51

%

1.43

%

1.45

%

(f)

1.26

%

1.46

%

Total

expenses

after

fees

waived

and/or

reimbursed

......................

0.50

%

0.50

%

0.53

%

(f)

0.50

%

0.50

%

Net

investment

income

..........................................

6.49

%

6.71

%

6.23

%

5.27

%

4.83

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

21,423

‌

$

20,823

‌

$

21,706

‌

$

19,810

‌

$

24,851

‌

Portfolio

turnover

rate

...........................................

55

%

55

%

56

%

55

%

55

%

(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.

Notes

to

Financial

Statements

117

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Series

Fund,

Inc.

(“Series

Fund”)

and

BlackRock

Series

Fund

II,

Inc.

(“Series

Fund

II”

and

together

with

Series

Fund,

the

“Companies”

and

each,

a

“Company”)

are

each

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

open-end

management

investment

companies.

Each

Company

is

organized

as

a

Maryland

corporation

and

is

comprised

of

the

separate

portfolios

indicated

below.

Series

Fund

is

comprised

of

5

separate

portfolios

and

Series

Fund

II

is

comprised

of 1

separate

portfolio.

The

following

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

The

Funds

offer

shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. 

Advantage

Large

Cap

Core,

Capital

Appreciation,

Global

Allocation,

Government

Money

Market

and

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.

On

November

19,

2024,

the

Board

approved

a

change

in

the

name

of

BlackRock

Sustainable

Balanced

Portfolio

to

BlackRock

Balanced

Portfolio

and

certain

changes

to

the

Fund’s

investment

strategy

and

process

in

connection

with

the

change

in

the

Fund’s

name.

These

changes

were

effective

on

May

1,

2025.

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

$4,259,441,

which

is

2.6%

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

Fund

Name

Company

Herein

Referred

To

As

Diversification

Classification

BlackRock

Advantage

Large

Cap

Core

Portfolio

...................

Series

Fund

Advantage

Large

Cap

Core

Diversified

BlackRock

Balanced

Portfolio

...............................

Series

Fund

Balanced

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

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

118

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,

2025

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities. 

Consistent

with

U.S.

GAAP

accrual

requirements

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

it

is

more

likely

than

not

that

each

Fund

will

sustain

its

position

that

it

is

due

the

reclaim. 

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. 

Cash:

The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

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

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

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

(“Series

Fund

II

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

Series

Fund

II

Independent

Directors.

This

has

the

same

economic

effect

for

the

Series

Fund

II

Independent

Directors

as

if

the

Series

Fund

II

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

Fund

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.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

each

Fund has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund's

financial

statements. 

Recent

Accounting

Standard:

The

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”)

during

the

period.

ASU

2023-09

enhances

income

tax

disclosures,

including

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

Funds’

adoption

of

the

new

standard

did

not

have

a

material

impact

on

financial

statement

disclosures

and

did

not

affect

each

Fund’s

financial

position

or

results

of

operations.

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

Notes

to

Financial

Statements

(continued)

119

Notes

to

Financial

Statements

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

(except

ETF

options,

equity

index

options

or

those

that

are

customized) 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

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

and

certain

derivative

instruments for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

of

securities

in

certain

asset

classes

may

trade

at

lower

prices

than

institutional

round

lots,

and

the

value

ultimately

realized

when

the

securities

are

sold

could

differ

from

the

prices

used

by

a

fund.

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

trade

or

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

NAV. 

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

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

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.

Customized

exchange-traded

equity

options,

ETF

options,

equity

index

options

and

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.

Interest

rate,

credit

default,

inflation

and

currency

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

market

data

and discounted

cash

flows.

Total

return

and

equity swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

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 occurs

after

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

as

of

the

measurement

date.

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:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

120

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

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. 

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund. Certain

information

made

available

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

at

the

measurement

date.

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

that

each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(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,

2025,

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.

Notes

to

Financial

Statements

(continued)

121

Notes

to

Financial

Statements

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-

indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

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. 

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

122

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end, the

Funds had

the

following

unfunded

floating

rate

loan

interests:

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

The

Funds

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made. The

Funds

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement, the

Funds

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty, the

Funds'

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

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. 

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Global

Allocation

Peninsula

Pacific

Entertainment

LLC,

Delayed

Draw

Facility

1st

Lien

Term

Loan

B

.................................

$

13,616‌

$

13,480‌

$

13,650‌

$

170‌

$

170‌

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

High

Yield

GrafTech

Global

Enterprises,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.........................................

$

2,484‌

$

2,484‌

$

2,520‌

$

36‌

$

36‌

Notes

to

Financial

Statements

(continued)

123

Notes

to

Financial

Statements

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,

2025,

Global

Allocation

had

outstanding

commitments

of

$260,910.

These

commitments

are

not

included

in

the

net

assets

of

Global

Allocation

as

of

December

31,

2025.

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

purchase

a

security

from

a

counterparty

who

agrees

to

repurchase

the

same

security

at

a

mutually

agreed

upon

date

and

price.

On

a

daily

basis,

the

counterparty

is

required

to

maintain

collateral

subject

to

the

agreement

and

in

value

no

less

than

the

agreed

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri-party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third-party

custodian

maintains

accounts

to

hold

collateral

for

a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively.

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty, the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

Short

Sale

Transactions:

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser.

To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statements

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedules

of

Investments.

A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statements

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is limited

to

the

price

at

which

a

fund

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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

124

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, each

Fund benefits

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

the 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 each

Fund.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

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

Citigroup

Global

Markets,

Inc.

....................

$

1,654,502‌

$

(

1,654,502‌

)

$

—‌

$

—‌

J.P.

Morgan

Securities

LLC

......................

24,626‌

(

24,626‌

)

—‌

—‌

National

Financial

Services

LLC

...................

209,253‌

(

209,253‌

)

—‌

—‌

$

1,888,381‌

$

(

1,888,381‌

)

$

—‌

$

—‌

Balanced

Jefferies

LLC

...............................

420,525‌

(

420,525‌

)

—‌

—‌

Morgan

Stanley

..............................

396,558‌

(

396,558‌

)

—‌

—‌

$

817,083‌

$

(

817,083‌

)

$

—‌

$

—‌

Global

Allocation

Barclays

Capital,

Inc.

..........................

42,242‌

(

42,242‌

)

—‌

—‌

BofA

Securities,

Inc.

...........................

9,000‌

(

9,000‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

1,083,223‌

(

1,083,223‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

1,513,220‌

(

1,513,220‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

454,940‌

(

454,940‌

)

—‌

—‌

Jefferies

LLC

...............................

318,333‌

(

318,333‌

)

—‌

—‌

Morgan

Stanley

..............................

975,299‌

(

975,299‌

)

—‌

—‌

National

Financial

Services

LLC

...................

511,096‌

(

511,096‌

)

—‌

—‌

TD

Securities

(USA)

LLC

.......................

481‌

(

481‌

)

—‌

—‌

Toronto-Dominion

Bank

........................

33,016‌

(

33,016‌

)

—‌

—‌

$

4,940,850‌

$

(

4,940,850‌

)

$

—‌

$

—‌

(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)

125

Notes

to

Financial

Statements

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 options

on

swaps

(“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

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

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

126

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.

Equity

and

Total

return

swaps

—

Equity

and

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).

Equity

swaps

are

designed

to

function

as

direct

economic

investments

in

long

or

short

equity

positions.

This

means

that a

fund

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.

Equity

swaps

incur

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

value

of

the

position.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread.

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.

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

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

Notes

to

Financial

Statements

(continued)

127

Notes

to

Financial

Statements

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,

majority-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

based

on

the

percentage

of

the six

combined

Funds’

average

daily

net

assets

at

the

following

annual

rates:

The

portion

of

the

assets

of

a

Fund

to

which

the

rate

at

each

breakpoint

level

applies

will

be

determined

on

a

“uniform

percentage”

basis.

The

uniform

percentage

applicable

to

a

breakpoint

level

is

determined

by

dividing

the

amount

of

the

aggregate

average

daily

net

assets

of

the

six

combined

Funds

that

falls

within

that

breakpoint

level

by

the

aggregate

average

daily

net

assets

of

the six

combined

Funds.

The

amount

of

the

fee

for

a

Fund

at

each

breakpoint

level

is

determined

by

multiplying

the

average

daily

net

assets

of

that

Fund

by

the

uniform

percentage

applicable

to

that

breakpoint

level

and

multiplying

the

product

by

the

applicable

advisory

fee

rate.

The

Manager

provides

investment

management

and

other

services

to

the

Cayman Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the Cayman

Subsidiary

for

providing

investment

management

or

administrative

services.

However, Global

Allocation pays

the

Manager

based

on

the

Fund's

net

assets,

which

includes

the

assets

of

the Cayman Subsidiary.

With

respect

to

High

Yield,

the

Manager

entered

into

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

Balanced

and

Global

Allocation,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

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

each

Balanced

and

Global

Allocation

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

each

Fund

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,

2025

,

the

Funds

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund

(other

than

Government

Money

Market),

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2026.

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,

2025

,

the

amounts

waived

were

as

follows:

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

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

1,470‌

Balanced

..............................................................................................................

17,447‌

Capital

Appreciation

.......................................................................................................

551‌

Global

Allocation

.........................................................................................................

6,984‌

High

Yield

..............................................................................................................

365‌

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

128

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,

2026.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Global

Allocation

assets

invested

in

(i)

affiliated

equity

and

fixed-income

exchange-traded

funds

that

have

a

contractual

management

fee

and

(ii)

other

exchange-traded

products

sponsored

by

BlackRock

or

its

affiliates,

through

June

30,

2026.

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,

2025,

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,

2026,

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,

2025,

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

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

Prior

to

June

2,

2025,

the

expense

limitation

as

a

percentage

of

average

daily

net

assets

for

Government

Money

Market

was

0.50%.

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Balanced

..............................................................................................................

$

3,745‌

Global

Allocation

.........................................................................................................

5,457‌

High

Yield

..............................................................................................................

338‌

Advantage

Large

Cap

Core

...........................................................................................

0

.04‌

%

Balanced

.......................................................................................................

0

.04‌

Capital

Appreciation

................................................................................................

0

.04‌

Global

Allocation

..................................................................................................

0

.04‌

Government

Money

Market

...........................................................................................

0

.02‌

High

Yield

.......................................................................................................

0

.05‌

Fund

Name

Transfer

agent

fees

Reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

200,148‌

Balanced

..............................................................................................................

457,401‌

Capital

Appreciation

.......................................................................................................

248,145‌

Global

Allocation

.........................................................................................................

153,841‌

Government

Money

Market

..................................................................................................

130,184‌

High

Yield

..............................................................................................................

16,493‌

Fund

Name

Advantage

Large

Cap

Core

...................................................................................................

0

.50‌

%

Balanced

...............................................................................................................

0

.50‌

Capital

Appreciation

........................................................................................................

0

.57‌

Global

Allocation

..........................................................................................................

0

.57‌

Government

Money

Market

...................................................................................................

0

.43‌

High

Yield

...............................................................................................................

0

.50‌

Notes

to

Financial

Statements

(continued)

129

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2026.

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,

2025,

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,

2025,

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 fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

The

money

market

fund

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

the

money

market

fund

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

of

Advantage

Large

Cap

Core,

Capital

Appreciation

and Global

Allocation retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

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 specified

thresholds,

each

of

Advantage

Large

Cap

Core,

Capital

Appreciation

and

Global

Allocation,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

84%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

to

the

current

securities

lending

agreement,

Balanced retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

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 specified

thresholds,

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

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Global

Allocation

.........................................................................................................

$

320,584‌

Government

Money

Market

..................................................................................................

25,204‌

High

Yield

..............................................................................................................

180,921‌

Fund

Name

Transfer

agent

fees

Reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

18‌

Balanced

..............................................................................................................

14,754‌

Global

Allocation

.........................................................................................................

60,830‌

Government

Money

Market

..................................................................................................

12,869‌

High

Yield

..............................................................................................................

10,387‌

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

130

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,

2025, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

Prior

to

March

3,

2025,

in

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

could

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.

Effective

March

3,

2025,

the

Interfund

Lending

Program

was

not

renewed

but

remains

available

for

renewal

in

the

future.

During the period

ended

March

3,

2025,

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,

2025

,

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,

2025,

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,

2025,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

Ha

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,

2025,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

Fund

Name

Amounts

Advantage

Large

Cap

Core

..................................................................................................

$

1,170‌

Balanced

..............................................................................................................

1,617‌

Capital

Appreciation

.......................................................................................................

2,061‌

Global

Allocation

.........................................................................................................

3,679‌

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Advantage

Large

Cap

Core

...............................................................

$

28,353,751‌

$

28,062,872‌

$

4,817,850‌

Balanced

...........................................................................

27,785,251‌

40,633,006‌

6,340,170‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Advantage

Large

Cap

Core

...............................................

$

—‌

$

—‌

$

242,970,658‌

$

266,656,762‌

Balanced

...........................................................

239,776,392‌

239,692,719‌

248,929,473‌

324,866,540‌

Capital

Appreciation

....................................................

—‌

—‌

165,565,555‌

193,496,003‌

Global

Allocation

......................................................

11,916,754‌

12,386,092‌

162,947,830‌

168,061,490‌

High

Yield

...........................................................

—‌

—‌

11,009,620‌

11,322,211‌

Fund

Name

Purchases

Sales

Balanced

...........................................................................................

$

117,494,179‌

$

117,529,800‌

Global

Allocation

......................................................................................

10,365,212‌

10,367,943‌

Notes

to

Financial

Statements

(continued)

131

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

nondeductible

expenses

and

net

operating

loss

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2025,

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

accrual

of

income

on

securities

in

default,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

investment

in

a

wholly

owned

subsidiary 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.

During

the

year ended December

31,

2025,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

Fund

Name

Paid-In

Capital

Accumulated

Earnings

(Loss)

Capital

Appreciation

.........................................................................

$

(

206,722‌

)

$

206,722‌

Global

Allocation

...........................................................................

(

8‌

)

8‌

—‌

Fund

Name

Year

Ended

12/31/25

Year

Ended

12/31/24

Advantage

Large

Cap

Core

Ordinary

income

......................................................................................

$

7,864,278‌

$

16,224,843‌

Long-term

capital

gains

.................................................................................

20,793,319‌

13,861,192‌

$

28,657,597‌

$

30,086,035‌

Balanced

Ordinary

income

......................................................................................

$

24,611,820‌

$

30,127,352‌

Long-term

capital

gains

.................................................................................

24,375,275‌

19,824,770‌

$

48,987,095‌

$

49,952,122‌

Capital

Appreciation

Ordinary

income

......................................................................................

$

145,794‌

$

677,812‌

Long-term

capital

gains

.................................................................................

36,238,969‌

14,723,076‌

$

36,384,763‌

$

15,400,888‌

Global

Allocation

Ordinary

income

......................................................................................

$

17,236,239‌

$

13,968,343‌

Long-term

capital

gains

.................................................................................

1,063,203‌

136,466‌

$

18,299,442‌

$

14,104,809‌

Government

Money

Market

Ordinary

income

......................................................................................

$

4,161,566‌

$

5,367,487‌

Long-term

capital

gains

.................................................................................

21‌

134‌

$

4,161,587‌

$

5,367,621‌

High

Yield

Ordinary

income

......................................................................................

$

1,388,769‌

$

1,420,055‌

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Advantage

Large

Cap

Core

....................................

$

2,295,620‌

$

1,930,719‌

$

—‌

$

54,862,743‌

$

59,089,082‌

Balanced

................................................

5,207,766‌

7,699,535‌

—‌

34,311,387‌

47,218,688‌

Capital

Appreciation

.........................................

—‌

23,704,503‌

—‌

98,365,858‌

122,070,361‌

Global

Allocation

...........................................

3,737,009‌

591,711‌

—‌

11,211,129‌

15,539,849‌

Government

Money

Market

....................................

11,496‌

—‌

—‌

—‌

11,496‌

High

Yield

................................................

—‌

—‌

(

3,010,453‌

)

291,086‌

(

2,719,367‌

)

Fund

Name

Amount

Utilized

High

Yield

..........................................................................................................

$

146,919‌

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

132

As

of

December

31,

2025, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

Each

Company,

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,

$2.40

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 2026

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,

2025,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

each

Fund

invests

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

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.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

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.

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.

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.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Advantage

Large

Cap

Core

..........................................

$

175,847,923‌

$

58,987,211‌

$

(

4,124,468‌

)

$

54,862,743‌

Balanced

.......................................................

453,297,822‌

54,903,050‌

(

17,229,635‌

)

37,673,415‌

Capital

Appreciation

...............................................

162,390,004‌

100,836,791‌

(

2,470,933‌

)

98,365,858‌

Global

Allocation

..................................................

151,252,195‌

21,997,778‌

(

7,848,742‌

)

14,149,036‌

Government

Money

Market

..........................................

107,242,803‌

–‌

–‌

–‌

High

Yield

......................................................

20,848,284‌

635,978‌

(

308,711‌

)

327,267‌

Notes

to

Financial

Statements

(continued)

133

Notes

to

Financial

Statements

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

each

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain

Funds invest

a

significant

portion

of their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

Certain

Funds invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates. Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

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:

INDUSTRY

ALLOCATION

Industry

Percent

of

Long-Term

Investments

Semiconductors

&

Semiconductor

Equipment

...................................................................................

25

.3‌

%

Software

...........................................................................................................

16

.1‌

Interactive

Media

&

Services

..............................................................................................

11

.3‌

Broadline

Retail

.......................................................................................................

8

.2‌

Technology

Hardware,

Storage

&

Peripherals

...................................................................................

6

.0‌

Other

(a)

.............................................................................................................

33

.1‌

(a)

All

other

industries

held

were

less

than

5%

of

long-term

investments.

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

134

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.

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

12/31/25

Year

Ended

12/31/24

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Advantage

Large

Cap

Core

Shares

sold

56,255‌

$

1,640,201‌

66,740‌

$

1,997,452‌

Shares

issued

in

reinvestment

of

distributions

..................

998,667‌

28,657,597‌

1,046,798‌

30,086,035‌

Shares

redeemed

(

935,865‌

)

(

27,020,704‌

)

(

779,946‌

)

(

22,791,090‌

)

119,057‌

$

3,277,094‌

333,592‌

$

9,292,397‌

Balanced

Shares

sold

155,042‌

$

2,536,669‌

321,174‌

$

5,218,055‌

Shares

issued

in

reinvestment

of

distributions

..................

2,988,449‌

48,987,095‌

3,142,052‌

49,952,122‌

Shares

redeemed

(

2,654,908‌

)

(

43,850,060‌

)

(

3,045,341‌

)

(

50,519,706‌

)

488,583‌

$

7,673,704‌

417,885‌

$

4,650,471‌

Capital

Appreciation

Shares

sold

38,513‌

$

2,273,258‌

85,505‌

$

4,566,779‌

Shares

issued

in

reinvestment

of

distributions

..................

645,111‌

36,384,763‌

256,855‌

15,400,888‌

Shares

redeemed

(

436,706‌

)

(

25,687,020‌

)

(

492,628‌

)

(

27,039,561‌

)

246,918‌

$

12,971,001‌

(

150,268‌

)

$

(

7,071,894‌

)

Global

Allocation

Shares

sold

143,088‌

$

2,366,735‌

154,536‌

$

2,485,833‌

Shares

issued

in

reinvestment

of

distributions

..................

1,134,896‌

18,299,442‌

922,677‌

14,104,809‌

Shares

redeemed

(

910,517‌

)

(

14,701,049‌

)

(

1,113,970‌

)

(

17,684,571‌

)

367,467‌

$

5,965,128‌

(

36,757‌

)

$

(

1,093,929‌

)

Government

Money

Market

Shares

sold

54,895,525‌

$

54,895,525‌

55,330,094‌

$

55,330,094‌

Shares

issued

in

reinvestment

of

distributions

..................

4,159,464‌

4,159,464‌

5,364,201‌

5,364,201‌

Shares

redeemed

(

58,854,611‌

)

(

58,854,611‌

)

(

68,104,479‌

)

(

68,104,479‌

)

200,378‌

$

200,378‌

(

7,410,184‌

)

$

(

7,410,184‌

)

High

Yield

Shares

sold

507,053‌

$

2,583,447‌

88,750‌

$

447,034‌

Shares

issued

in

reinvestment

of

distributions

..................

271,826‌

1,386,520‌

281,613‌

1,416,559‌

Shares

redeemed

(

758,950‌

)

(

3,832,928‌

)

(

582,704‌

)

(

2,926,810‌

)

19,929‌

$

137,039‌

(

212,341‌

)

$

(

1,063,217‌

)

Report

of

Independent

Registered

Public

Accounting

Firm

135

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Balanced

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

Government

Money

Market

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

Balanced

Portfolio

(formerly

BlackRock

Sustainable

Balanced

Portfolio),

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio

and

subsidiary,

and

BlackRock

Government

Money

Market

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,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements

and

financial

highlights”).

Such

financial

statements

and

financial

highlights

of

BlackRock

Global

Allocation

Portfolio

are

consolidated

as

of

and

for

the

five

years

in

the

period

ended

December

31,

2025.

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,

2025,

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,

2025,

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.

/s/

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

13,

2026

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Additional

Information

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

136

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Directors,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Company

is

paid

by

the

Company,

on

behalf

of

the

Funds.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual financial

statements, 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.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

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) 

537-4942

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

137

Additional

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

02110

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Ropes

&

Gray

LLP

(c)

New

York,

NY

10036

Willkie

Farr

&

Gallagher

LLP

(d)

New

York,

NY

10019

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Global

Allocation

Portfolio,

BlackRock

High

Yield

Portfolio

and

BlackRock

Balanced

Portfolio.

(b)

For

BlackRock

Global

Allocation

Portfolio

and

BlackRock

Balanced

Portfolio.

(c)

For

all

Funds

except

BlackRock

High

Yield

Portfolio.

(d)

For

BlackRock

High

Yield

Portfolio.

Glossary

of

Terms

Used

in

these

Financial

Statements

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

138

Currency

Abbreviation

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

DKK

Danish

Krone

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

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

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

BUBOR

Budapest

Interbank

Offered

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CLICP

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CSMC

Credit

Suisse

Mortgage

Capital

CVR

Contingent

Value

Rights

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

HONIA

HKD

-

Overnight

Index

Average

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

JSC

Joint

Stock

Company

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

NVDR

Non-Voting

Depository

Receipts

OBFR01

USD

-

1D

Overnight

Bank

Funding

Rate

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

SAB

Special

Assessment

Bonds

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

STACR

Structured

Agency

Credit

Risk

TBA

To-be-announced

TIPS

Treasury

Inflation

Protected

Securities

TIIEOIS

Mexico

Interbank

TIIE

1-day

TONAR

Tokyo

Overnight

Average

Rate

THOR

Thailand

Overnight

Repo

Rate

ON

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-537-4942

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

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

Government

agency.

BlackRock

Government

Money

Market

Portfolio's

sponsor

is

not

required

to

reimburse

the

Portfolio

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Portfolio

at

any

time,

including

during

periods

of

market

stress.

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.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Series Fund, Inc.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Series Fund, Inc.

Date: February 13, 2026 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Series Fund, Inc.

Date: February 13, 2026 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Series Fund, Inc.

Date: February 13, 2026