BlackRock

Balanced

Capital

Portfolio

1

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

2.2%

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.37%,

05/25/37

(a)

.....

USD

46

$

10,931

Ajax

Mortgage

Loan

Trust

(b)

:

Series

2017-D,

Class

A,

3.75%,

12/25/57

..

109

111,132

Series

2018-B,

Class

A,

3.75%,

02/26/57

(c)

.

77

76,938

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)(c)

133

133,019

Series

2018-E,

Class

A,

4.38%,

06/25/58

(a)

85

85,733

Series

2018-F,

Class

A,

4.38%,

11/25/58

(a)(c)

286

289,135

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)(c)

148

147,758

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

100

75,500

Series

2018-G,

Class

C,

5.25%,

06/25/57

(c)

99

97,649

Series

2019-A,

Class

A,

3.75%,

08/25/57

(a)

139

140,621

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

245

248,724

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

10/21/28

(a)(b)

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

250

249,741

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

:

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.69%,

01/15/30

....

250

246,278

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

01/15/30

....

250

249,584

Anchorage

Capital

CLO

6

Ltd.,

Series

2015-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.27%),

1.51%,

07/15/30

(a)(b)

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

250

250,045

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.32%,

04/15/31

(a)(b)

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

500

500,271

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.24%),

0.59%,

05/25/35

(a)

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

68

62,876

Avery

Point

V

CLO

Ltd.,

Series

2014-5A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.20%,

07/17/26

(a)(b)

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

46

46,077

Barings

CLO

Ltd.,

Series

2018-3A,

Class

A1,

(LIBOR

USD

3

Month

+

0.95%),

1.17%,

07/20/29

(a)(b)

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

250

250,000

BCMSC

Trust

(a)

:

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

53

13,184

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

49

12,645

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

35

9,636

BDS

Ltd.,

Series

2019-FL3,

Class

A,

(LIBOR

USD

1

Month

+

1.40%),

1.51%,

12/15/35

(a)(b)

85

85,420

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

:

Series

2004-HE7,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.83%,

08/25/34

....

2

1,958

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

09/25/36

....

104

100,423

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

01/25/37

...

33

32,298

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

17

16,381

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

38

35,576

Series

2007-HE3,

Class

1A3,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

04/25/37

....

70

80,976

Benefit

Street

Partners

CLO

VI

Ltd.,

Series

2015-VIA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.24%),

1.46%,

10/18/29

(a)(b)

.........

250

250,052

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

:

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.97%),

1.19%,

04/17/31

....

249

248,995

Series

2015-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

1.82%,

07/28/28

....

250

250,214

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Carlyle

US

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.42%,

01/15/30

(a)(b)

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

USD

250

$

250,087

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

10/25/36

(a)

...........

58

55,856

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.09%),

1.31%,

10/20/28

(a)(b)

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

250

250,218

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/17/30

(a)(b)

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

250

250,097

CIFC

Funding

Ltd.

(a)(b)

:

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.75%),

1.97%,

07/16/30

....

250

250,063

Series

2014-4RA,

Class

A1A,

(LIBOR

USD

3

Month

+

1.13%),

1.35%,

10/17/30

....

250

250,019

Citigroup

Mortgage

Loan

Trust

(a)

:

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

05/25/37

...

176

140,705

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.38%,

05/25/37

...

80

64,312

Conseco

Finance

Corp.:

Series

1998-8,

Class

A1,

6.28%,

09/01/30

.

12

12,230

Series

1998-8,

Class

M1,

6.98%,

09/01/30

(a)

55

51,420

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

11/15/32

(a)

...

74

68,916

Conseco

Finance

Securitizations

Corp.:

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

31

9,881

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

42

13,319

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.

38

17,865

Countrywide

Asset-Backed

Certificates:

Series

2006-8,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

12/25/35

(a)

...

20

20,136

Series

2006-S3,

Class

A4,

7.02%,

01/25/29

(d)

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

7

8,071

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.33%,

12/25/25

(a)

...

1

1,423

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

29

29,907

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(d)

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

100

102,355

CWABS

Asset-Backed

Certificates

Trust,

Series

2005-17,

Class

1AF4,

6.05%,

05/25/36

(d)

..

23

22,528

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

8

9,306

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

:

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

12/15/33

...

17

15,733

Series

2006-RES,

Class

5B1A,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

05/15/35

...

55

53,308

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

:

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

05/15/35

....

9

8,667

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.26%,

11/15/36

....

18

15,567

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.36%,

01/15/31

(a)(b)

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

280

280,009

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

(a)

.....

39

34,166

BlackRock

Balanced

Capital

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Flatiron

CLO

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.89%),

1.13%,

04/15/27

(a)(b)

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

USD

109

$

108,648

GSAMP

Trust

(a)

:

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

01/25/47

....

26

16,739

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

02/25/47

....

25

26,706

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

07/25/27

(a)(b)

..........

92

91,679

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

05/25/37

(a)

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

39

35,149

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.37%,

07/25/36

(d)

.........

134

27,358

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

04/15/36

(a)

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

30

28,433

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.36%,

10/19/28

(a)(b)

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

244

244,261

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

E,

(LIBOR

USD

1

Month

+

2.00%),

2.11%,

07/17/37

(a)(b)

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

60

59,600

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.23%),

0.34%,

05/25/37

(a)

...........

662

229,976

Lehman

ABS

Manufactured

Housing

Contract

Trust:

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

88

93,078

Series

2002-A,

Class

C,

0.00%,

06/15/33

.

6

5,013

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,  4.00%,

10/30/27

(c)

...........

40

39,759

Long

Beach

Mortgage

Loan

Trust

(a)

:

Series

2006-5,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

06/25/36

....

25

15,070

Series

2006-7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

08/25/36

....

15

8,259

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.41%,

10/21/30

(a)(b)

..........

250

250,125

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.24%),

0.35%,

05/25/37

(a)

22

16,242

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

12/25/34

(a)

.....

78

74,040

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-9SL,

Class

A,

(LIBOR

USD

1

Month

+

0.64%),

0.75%,

07/25/37

(a)

...........

12

11,830

MP

CLO

VIII

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

0.91%),

1.13%,

10/28/27

(a)(b)

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

196

196,104

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

....

10

8,194

OCP

CLO

Ltd.,

Series

2016-12A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

1.34%,

10/18/28

(a)(b)

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

93

92,623

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.24%,

07/17/30

(a)(b)

.........

305

304,303

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.22%,

05/23/31

(a)(b)

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

285

283,981

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Option

One

Mortgage

Loan

Trust:

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.32%,

03/25/37

(a)

...

USD

40

$

32,255

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

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

34

33,813

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

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

40

39,888

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

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

48

47,854

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.31%,

10/15/37

(a)(b)(c)

...

22

21,558

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(d)

.........

30

28,652

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/22/30

(a)(b)

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

486

485,474

OZLM

XXI

Ltd.,

Series

2017-21A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.12%,

01/20/31

(a)(b)

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

250

250,148

Parallel

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.85%),

1.07%,

07/20/27

(a)(b)

114

113,807

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

07/20/28

(a)(b)

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

192

191,507

Scholar

Funding

Trust,

Series

2013-A,

Class

A,

(LIBOR

USD

1

Month

+

0.65%),

0.76%,

01/30/45

(a)(b)

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

166

165,659

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.43%,

07/25/36

(a)

...........

17

5,180

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.46%,

07/20/30

(a)(b)

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

250

250,047

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

0.51%,

03/15/24

(a)

...........

56

56,381

Structured

Asset

Investment

Loan

Trust,

Series

2004-8,

Class

M4,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

09/25/34

(a)

...........

12

11,840

Structured

Asset

Securities

Corp.

Mortgage

Pass-Through

Certificates,

Series

2004-

23XS,

Class

2A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

01/25/35

(a)

...........

8

7,951

Symphony

CLO

XVII

Ltd.,

Series

2016-17A,

Class

AR,

(LIBOR

USD

3

Month

+

0.88%),

1.12%,

04/15/28

(a)(b)

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

221

220,699

TCI-Flatiron

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.20%),

1.39%,

11/18/30

(a)(b)

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

250

249,803

Venture

35

CLO

Ltd.,

Series

2018-35A,

Class

AS,

(LIBOR

USD

3

Month

+

1.65%),

1.87%,

10/22/31

(a)(b)

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

250

250,044

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.25%,

07/25/37

(a)(b)

43

39,914

Total

Asset-Backed

Securities

—

2.2%

(Cost:

$11,520,717)

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

11,465,578

Shares

Shares

Common

Stocks

—

59.3%

Aerospace

&

Defense

—

0.7%

HEICO

Corp.

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

1,708

214,866

Lockheed

Martin

Corp.

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

5,006

1,849,717

BlackRock

Balanced

Capital

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

Aerospace

&

Defense

(continued)

Mercury

Systems,

Inc.

(e)

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

4,844

$

342,229

Northrop

Grumman

Corp.

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

3,217

1,041,150

3,447,962

Air

Freight

&

Logistics

—

0.5%

CH

Robinson

Worldwide,

Inc.

...........

2,113

201,643

Expeditors

International

of

Washington,

Inc.

..

20,349

2,191,384

2,393,027

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

(e)

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

6,087

293,880

Auto

Components

—

0.3%

BorgWarner,

Inc.

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

27,771

1,287,464

Automobiles

—

0.7%

Tesla,

Inc.

(e)

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

5,753

3,842,601

Banks

—

2.3%

Bank

of

America

Corp.

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

14,495

560,812

Bank

of

Hawaii

Corp.

(f)

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

2,947

263,727

Citigroup,

Inc.

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

3,446

250,696

Comerica,

Inc.

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

5,109

366,520

First

Horizon

National

Corp.

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

8,624

145,832

JPMorgan

Chase

&

Co.

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

26,182

3,985,686

Pinnacle

Financial

Partners,

Inc.

..........

10,526

933,235

Signature

Bank

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

3,598

813,508

SVB

Financial

Group

(e)

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

1,905

940,422

Truist

Financial

Corp.

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

20,639

1,203,666

Wells

Fargo

&

Co.

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

60,762

2,373,971

Wintrust

Financial

Corp.

(f)

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

2,022

153,268

11,991,343

Beverages

—

0.8%

Brown-Forman

Corp.,

Class

B

...........

6,810

469,686

Coca-Cola

Co.

(The)

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

29,174

1,537,762

Molson

Coors

Beverage

Co.,

Class

B

(e)(f)

....

5,096

260,660

PepsiCo,

Inc.

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

14,952

2,114,960

4,383,068

Biotechnology

—

1.9%

AbbVie,

Inc.

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

15,760

1,705,547

Alexion

Pharmaceuticals,

Inc.

(e)

..........

346

52,907

Amgen,

Inc.

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

7,746

1,927,282

Biogen,

Inc.

(e)

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

1,307

365,633

Gilead

Sciences,

Inc.

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

56,645

3,660,966

Moderna

,

Inc.

(e)

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

2,422

317,161

Regeneron

Pharmaceuticals,

Inc.

(e)(f)

.......

805

380,878

Vertex

Pharmaceuticals,

Inc.

(e)

...........

6,138

1,318,995

9,729,369

Building

Products

—

0.9%

Allegion

plc

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

5,134

644,933

Carrier

Global

Corp.

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

3,654

154,272

Lennox

International,

Inc.

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

4,087

1,273,468

Trane

Technologies

plc

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

16,200

2,682,072

4,754,745

Capital

Markets

—

2.0%

Ameriprise

Financial,

Inc.

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

449

104,370

Bank

of

New

York

Mellon

Corp.

(The)

......

24,385

1,153,166

Charles

Schwab

Corp.

(The)

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

7,738

504,363

CME

Group,

Inc.

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

3,935

803,645

Invesco

Ltd.

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

45,351

1,143,752

Moody's

Corp.

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

4,993

1,490,960

Morgan

Stanley

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

54,774

4,253,749

State

Street

Corp.

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

3,416

286,978

Security

Shares

Shares

Value

Capital

Markets

(continued)

T.

Rowe

Price

Group,

Inc.

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

3,288

$

564,221

10,305,204

Chemicals

—

1.1%

Ecolab,

Inc.

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

8,744

1,871,828

FMC

Corp.

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

5,334

589,994

Linde

plc

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

621

173,967

PPG

Industries,

Inc.

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

16,604

2,494,917

Sherwin-Williams

Co.

(The)

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

736

543,175

5,673,881

Commercial

Services

&

Supplies

—

0.5%

ADT,

Inc.

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

8,137

68,676

Cintas

Corp.

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

1,888

644,393

Copart

,

Inc.

(e)

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

11,763

1,277,580

IAA,

Inc.

(e)

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

14,404

794,237

2,784,886

Communications

Equipment

—

0.6%

Cisco

Systems,

Inc.

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

60,568

3,131,971

Construction

&

Engineering

—

0.3%

EMCOR

Group,

Inc.

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

10,727

1,203,140

MasTec

,

Inc.

(e)

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

2,774

259,924

Quanta

Services,

Inc.

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

2,473

217,575

1,680,639

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

450

75,938

Consumer

Finance

—

0.7%

Ally

Financial,

Inc.

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

27,970

1,264,524

American

Express

Co.

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

17,751

2,510,701

3,775,225

Containers

&

Packaging

—

0.3%

Amcor

plc

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

3,309

38,649

AptarGroup,

Inc.

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

357

50,576

Crown

Holdings,

Inc.

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

13,257

1,286,460

1,375,685

Distributors

—

0.2%

Pool

Corp.

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

3,435

1,185,899

Diversified

Consumer

Services

—

0.5%

Bright

Horizons

Family

Solutions,

Inc.

(e)

.....

7,559

1,295,991

Graham

Holdings

Co.,

Class

B

...........

664

373,460

H&R

Block,

Inc.

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

7,218

157,352

Terminix

Global

Holdings,

Inc.

(e)

..........

11,403

543,581

2,370,384

Diversified

Financial

Services

—

0.5%

Berkshire

Hathaway,

Inc.,

Class

B

(e)

.......

1,958

500,210

Voya

Financial,

Inc.

(f)

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

31,829

2,025,598

2,525,808

Diversified

Telecommunication

Services

—

0.2%

AT&T,

Inc.

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

4,315

130,615

Verizon

Communications,

Inc.

...........

12,752

741,529

872,144

Electric

Utilities

—

0.6%

Avangrid

,

Inc.

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

2,552

127,115

Eversource

Energy

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

12,216

1,057,783

IDACORP,

Inc.

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

618

61,782

NextEra

Energy,

Inc.

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

15,102

1,141,862

Pinnacle

West

Capital

Corp.

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

4,417

359,323

Xcel

Energy,

Inc.

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

8,890

591,274

3,339,139

BlackRock

Balanced

Capital

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

Electrical

Equipment

—

0.0%

Bloom

Energy

Corp.,

Class

A

(e)

...........

870

$

23,534

Rockwell

Automation,

Inc.

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

635

168,554

192,088

Electronic

Equipment,

Instruments

&

Components

—

0.4%

Flex

Ltd.

(e)

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

36,844

674,613

Itron

,

Inc.

(e)

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

7,275

644,929

National

Instruments

Corp.

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

14,728

636,029

Vontier

Corp.

(e)

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

6,945

210,225

2,165,796

Energy

Equipment

&

Services

—

0.7%

Schlumberger

NV

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

119,364

3,245,507

TechnipFMC

plc

(e)

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

42,824

330,602

3,576,109

Entertainment

—

1.2%

Activision

Blizzard,

Inc.

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

1,495

139,035

Electronic

Arts,

Inc.

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

1,534

207,658

Lions

Gate

Entertainment

Corp.,

Class

B

(e)

...

11,970

154,413

Netflix,

Inc.

(e)

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

1,852

966,114

Roku,

Inc.

(e)

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

1,587

516,997

Spotify

Technology

SA

(e)

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

214

57,341

Walt

Disney

Co.

(The)

(e)

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

18,107

3,341,104

Zynga,

Inc.,

Class

A

(e)

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

78,183

798,248

6,180,910

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.4%

Brixmor

Property

Group,

Inc.

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

15,174

306,970

Equinix

,

Inc.

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

3,630

2,466,912

Kilroy

Realty

Corp.

(f)

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

18,257

1,198,207

Macerich

Co.

(The)

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

5,078

59,412

Prologis,

Inc.

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

26,557

2,815,042

Regency

Centers

Corp.

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

7,421

420,845

7,267,388

Food

&

Staples

Retailing

—

0.9%

Costco

Wholesale

Corp.

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

13,211

4,656,613

Walmart,

Inc.

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

1,256

170,603

4,827,216

Food

Products

—

1.1%

General

Mills,

Inc.

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

29,475

1,807,407

Hershey

Co.

(The)

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

11,100

1,755,576

JM

Smucker

Co.

(The)

(f)

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

5,205

658,589

Kellogg

Co.

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

12,036

761,879

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

10,885

970,506

5,953,957

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

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

1,106

109,328

Health

Care

Equipment

&

Supplies

—

1.5%

Align

Technology,

Inc.

(e)

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

1,813

981,794

Danaher

Corp.

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

5,442

1,224,885

DexCom

,

Inc.

(e)

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

2,587

929,742

Edwards

Lifesciences

Corp.

(e)

...........

17,439

1,458,598

Envista

Holdings

Corp.

(e)

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

7,099

289,639

Hill-Rom

Holdings,

Inc.

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

3,509

387,674

Hologic

,

Inc.

(e)

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

7,686

571,685

IDEXX

Laboratories,

Inc.

(e)

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

2,600

1,272,206

Medtronic

plc

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

4,171

492,720

Quidel

Corp.

(e)

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

336

42,985

Tandem

Diabetes

Care,

Inc.

(e)

...........

382

33,712

7,685,640

Health

Care

Providers

&

Services

—

1.7%

1Life

Healthcare,

Inc.

(e)

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

2,850

111,378

AmerisourceBergen

Corp.

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

9,255

1,092,738

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Anthem,

Inc.

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

4,070

$

1,460,927

Cardinal

Health,

Inc.

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

15,744

956,448

Centene

Corp.

(e)

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

3,146

201,061

Cigna

Corp.

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

1,406

339,886

Henry

Schein,

Inc.

(e)

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

9,312

644,763

Humana,

Inc.

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

1,082

453,628

McKesson

Corp.

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

9,128

1,780,325

UnitedHealth

Group,

Inc.

(f)

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

5,128

1,907,975

8,949,129

Health

Care

Technology

—

0.1%

Cerner

Corp.

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

3,499

251,508

Hotels,

Restaurants

&

Leisure

—

0.8%

Airbnb,

Inc.,

Class

A

(e)

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

138

25,936

Aramark

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

2,535

95,772

Chipotle

Mexican

Grill,

Inc.

(e)

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

468

664,944

McDonald's

Corp.

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

2,514

563,488

MGM

Resorts

International

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

4,459

169,397

Planet

Fitness,

Inc.,

Class

A

(e)

...........

560

43,288

Rush

Street

Interactive,

Inc.

(e)

...........

6,833

111,651

Six

Flags

Entertainment

Corp.

(e)

..........

2,442

113,480

Travel

+

Leisure

Co.

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

12,891

788,413

Vail

Resorts,

Inc.

(e)

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

210

61,249

Wendy's

Co.

(The)

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

20,495

415,229

Wyndham

Hotels

&

Resorts,

Inc.

.........

7,450

519,861

Wynn

Resorts

Ltd.

(e)

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

5,679

711,976

4,284,684

Household

Durables

—

0.2%

DR

Horton,

Inc.

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

1,454

129,580

iRobot

Corp.

(e)

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

2,919

356,643

KB

Home

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

12,788

595,026

Meritage

Homes

Corp.

(e)

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

627

57,634

PulteGroup,

Inc.

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

920

48,245

1,187,128

Household

Products

—

0.5%

Colgate-Palmolive

Co.

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

33,380

2,631,345

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Sunnova

Energy

International,

Inc.

(e)

.......

14,005

571,684

Industrial

Conglomerates

—

0.7%

Honeywell

International,

Inc.

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

13,281

2,882,907

Roper

Technologies,

Inc.

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

1,275

514,258

3,397,165

Insurance

—

1.5%

Aflac,

Inc.

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

7,765

397,413

Allstate

Corp.

(The)

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

9,238

1,061,446

Athene

Holding

Ltd.,

Class

A

(e)

...........

14,414

726,465

First

American

Financial

Corp.

...........

19,358

1,096,631

Marsh

&

McLennan

Cos.,

Inc.

...........

12,987

1,581,816

MetLife,

Inc.

(f)

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

24,459

1,486,863

Progressive

Corp.

(The)

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

7,144

683,038

Travelers

Cos.,

Inc.

(The)

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

3,419

514,218

Willis

Towers

Watson

plc

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

1,046

239,408

7,787,298

Interactive

Media

&

Services

—

3.6%

(e)

Alphabet,

Inc.,

Class

A

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

3,879

8,000,515

Alphabet,

Inc.,

Class

C

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

2,373

4,908,859

Facebook,

Inc.,

Class

A

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

16,638

4,900,390

Twitter,

Inc.

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

9,936

632,228

18,441,992

BlackRock

Balanced

Capital

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

—

2.2%

Amazon.com,

Inc.

(e)

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

3,285

$

10,164,053

eBay,

Inc.

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

8,520

521,765

Etsy,

Inc.

(e)

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

1,531

308,757

MercadoLibre

,

Inc.

(e)

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

69

101,577

Overstock.com,

Inc.

(e)

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

1,341

88,855

Wayfair,

Inc.,

Class

A

(e)(f)

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

502

158,004

11,343,011

IT

Services

—

3.1%

Accenture

plc,

Class

A

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

13,460

3,718,325

Automatic

Data

Processing,

Inc.

..........

7,602

1,432,749

Fidelity

National

Information

Services,

Inc.

...

1,114

156,640

Fiserv,

Inc.

(e)

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

7,260

864,230

Mastercard

,

Inc.,

Class

A

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

7,570

2,695,298

PayPal

Holdings,

Inc.

(e)

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

13,927

3,382,033

Visa,

Inc.,

Class

A

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

19,000

4,022,870

16,272,145

Leisure

Products

—

0.0%

Peloton

Interactive,

Inc.,

Class

A

(e)

........

416

46,775

Life

Sciences

Tools

&

Services

—

0.4%

Adaptive

Biotechnologies

Corp.

(e)

.........

642

25,847

Agilent

Technologies,

Inc.

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

15,007

1,907,990

Bruker

Corp.

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

1,737

111,654

2,045,491

Machinery

—

1.2%

Cummins,

Inc.

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

1,364

353,426

Deere

&

Co.

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

7,144

2,672,856

Fortive

Corp.

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

3,143

222,021

Oshkosh

Corp.

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

8,460

1,003,864

Snap-on,

Inc.

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

2,151

496,322

Xylem,

Inc.

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

15,805

1,662,370

6,410,859

Media

—

0.7%

Altice

USA,

Inc.,

Class

A

(e)

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

4,343

141,278

Cable

One,

Inc.

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

118

215,746

Cardlytics,

Inc.

(e)

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

202

22,159

Comcast

Corp.,

Class

A

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

19,882

1,075,815

Discovery,

Inc.,

Class

A

(e)

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

6,322

274,754

Discovery,

Inc.,

Class

C

(e)

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

2,709

99,935

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(e)

695

30,636

New

York

Times

Co.

(The),

Class

A

........

1,472

74,513

Omnicom

Group,

Inc.

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

8,538

633,093

Sirius

XM

Holdings,

Inc.

(f)

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

165,287

1,006,598

TEGNA,

Inc.

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

10,405

195,926

3,770,453

Metals

&

Mining

—

0.2%

Reliance

Steel

&

Aluminum

Co.

..........

6,440

980,748

Multiline

Retail

—

0.6%

Kohl's

Corp.

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

3,402

202,793

Nordstrom,

Inc.

(e)(f)

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

23,146

876,539

Target

Corp.

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

11,534

2,284,540

3,363,872

Multi-Utilities

—

0.6%

Consolidated

Edison,

Inc.

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

42,310

3,164,788

Oil,

Gas

&

Consumable

Fuels

—

1.1%

Chesapeake

Energy

Corp.

(e)(f)

...........

3,444

149,435

Chevron

Corp.

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

7,447

780,371

Cimarex

Energy

Co.

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

2,404

142,774

Diamondback

Energy,

Inc.

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

394

28,955

EOG

Resources,

Inc.

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

4,668

338,570

EQT

Corp.

(e)

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

4,201

78,055

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Hess

Corp.

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

7,566

$

535,370

Kinder

Morgan,

Inc.

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

34,313

571,311

Murphy

Oil

Corp.

(f)

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

4,142

67,970

Phillips

66

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

30,326

2,472,782

Valero

Energy

Corp.

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

5,183

371,103

5,536,696

Personal

Products

—

0.1%

Coty,

Inc.,

Class

A

(e)

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

21,415

192,949

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

654

190,216

Herbalife

Nutrition

Ltd.

(e)

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

1,041

46,179

429,344

Pharmaceuticals

—

1.7%

Bristol-Myers

Squibb

Co.

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

37,356

2,358,284

Catalent

,

Inc.

(e)

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

1,417

149,224

Johnson

&

Johnson

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

21,963

3,609,619

Merck

&

Co.,

Inc.

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

13,411

1,033,854

Pfizer,

Inc.

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

45,428

1,645,857

Zoetis,

Inc.

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

361

56,850

8,853,688

Professional

Services

—

0.4%

Dun

&

Bradstreet

Holdings,

Inc.

(e)

.........

1,213

28,881

Equifax,

Inc.

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

1,215

220,073

IHS

Markit

Ltd.

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

7,141

691,106

ManpowerGroup

,

Inc.

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

822

81,296

Robert

Half

International,

Inc.

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

8,581

669,919

Verisk

Analytics,

Inc.

(f)

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

1,769

312,565

2,003,840

Real

Estate

Management

&

Development

—

0.2%

CBRE

Group,

Inc.,

Class

A

(e)

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

11,234

888,722

Road

&

Rail

—

0.3%

Landstar

System,

Inc.

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

1,988

328,139

Old

Dominion

Freight

Line,

Inc.

(f)

..........

792

190,405

Ryder

System,

Inc.

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

9,533

721,172

Schneider

National,

Inc.,

Class

B

.........

14,828

370,255

1,609,971

Semiconductors

&

Semiconductor

Equipment

—

2.6%

Advanced

Micro

Devices,

Inc.

(e)

..........

10,154

797,089

Applied

Materials,

Inc.

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

27,803

3,714,481

Cirrus

Logic,

Inc.

(e)

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

5,963

505,603

Enphase

Energy,

Inc.

(e)

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

305

49,459

Intel

Corp.

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

52,853

3,382,592

Lam

Research

Corp.

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

124

73,810

NVIDIA

Corp.

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

4,880

2,605,578

QUALCOMM,

Inc.

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

16,963

2,249,124

Xilinx,

Inc.

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

931

115,351

13,493,087

Software

—

5.8%

Adobe,

Inc.

(e)

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

10,480

4,981,878

Cadence

Design

Systems,

Inc.

(e)

.........

17,891

2,450,888

DocuSign,

Inc.

(e)

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

850

172,082

HubSpot

,

Inc.

(e)

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

2,259

1,026,060

Intuit,

Inc.

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

9,433

3,613,405

Microsoft

Corp.

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

49,915

11,768,460

salesforce.com,

Inc.

(e)

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

2,628

556,794

ServiceNow

,

Inc.

(e)

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

7,297

3,649,303

VMware,

Inc.,

Class

A

(e)

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

9,956

1,497,880

Zendesk

,

Inc.

(e)

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

1,108

146,943

Zoom

Video

Communications,

Inc.,

Class

A

(e)

.

417

133,978

29,997,671

BlackRock

Balanced

Capital

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

Specialty

Retail

—

1.1%

Best

Buy

Co.,

Inc.

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

5,654

$

649,136

Home

Depot,

Inc.

(The)

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

8,593

2,623,013

Lowe's

Cos.,

Inc.

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

6,720

1,278,009

TJX

Cos.,

Inc.

(The)

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

15,932

1,053,902

5,604,060

Technology

Hardware,

Storage

&

Peripherals

—

3.8%

Apple,

Inc.

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

120,171

14,678,888

Dell

Technologies,

Inc.,

Class

C

(e)

.........

9,997

881,236

Hewlett

Packard

Enterprise

Co.

..........

214,110

3,370,091

HP,

Inc.

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

2,288

72,644

NetApp,

Inc.

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

7,464

542,409

19,545,268

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Crocs,

Inc.

(e)

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

2,325

187,046

Levi

Strauss

&

Co.,

Class

A

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

1,370

32,757

Lululemon

Athletica

,

Inc.

(e)

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

1,137

348,729

NIKE,

Inc.,

Class

B

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

7,738

1,028,303

Ralph

Lauren

Corp.

(e)

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

2,901

357,287

1,954,122

Thrifts

&

Mortgage

Finance

—

0.3%

Essent

Group

Ltd.

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

3,956

187,871

MGIC

Investment

Corp.

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

9,592

132,849

New

York

Community

Bancorp,

Inc.

.......

93,943

1,185,561

Radian

Group,

Inc.

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

2,009

46,709

Rocket

Cos.,

Inc.,

Class

A

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

7,437

171,720

1,724,710

Tobacco

—

0.0%

British

American

Tobacco

plc,

ADR

........

1

39

Trading

Companies

&

Distributors

—

0.4%

SiteOne

Landscape

Supply,

Inc.

(e)(f)

........

5,707

974,413

WW

Grainger,

Inc.

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

2,406

964,638

1,939,051

Wireless

Telecommunication

Services

—

0.0%

United

States

Cellular

Corp.

(e)

...........

5,921

215,998

Total

Common

Stocks

—

59.3%

(Cost:

$254,779,106)

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

307,875,036

Par

(000)

Par

(000)

Corporate

Bonds

—

12.9%

Aerospace

&

Defense

—

0.5%

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25

(b)

USD

24

26,419

BAE

Systems

plc,

3.40%,

04/15/30

(b)

......

200

212,292

Boeing

Co.

(The):

4.88%,

05/01/25

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

80

89,076

5.93%,

05/01/60

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

46

59,023

Embraer

Netherlands

Finance

BV,

5.40%,

02/01/27

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

9

9,382

Embraer

Overseas

Ltd.,

5.70%,

09/16/23

...

14

14,696

General

Dynamics

Corp.,

3.63%,

04/01/30

..

126

139,284

Huntington

Ingalls

Industries,

Inc.:

3.84%,

05/01/25

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

49

53,462

4.20%,

05/01/30

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

76

84,305

L3Harris

Technologies,

Inc.:

3.85%,

12/15/26

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

55

60,893

4.40%,

06/15/28

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

220

249,644

1.80%,

01/15/31

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

106

99,280

Leidos,

Inc.,

4.38%,

05/15/30

(b)

.........

131

145,625

Lockheed

Martin

Corp.:

3.60%,

03/01/35

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

128

142,592

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

3.80%,

03/01/45

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

USD

58

$

63,816

Northrop

Grumman

Corp.:

3.25%,

01/15/28

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

189

202,748

4.03%,

10/15/47

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

81

90,083

Raytheon

Technologies

Corp.:

3.15%,

12/15/24

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

35

37,616

7.20%,

08/15/27

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

20

26,180

7.00%,

11/01/28

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

89

114,462

4.13%,

11/16/28

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

8

9,009

2.25%,

07/01/30

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

119

117,114

4.50%,

06/01/42

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

5

5,962

4.20%,

12/15/44

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

20

21,238

4.15%,

05/15/45

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

26

28,720

3.75%,

11/01/46

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

77

82,070

4.63%,

11/16/48

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

51

61,018

Textron,

Inc.:

3.65%,

03/15/27

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

35

37,692

3.90%,

09/17/29

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

87

94,168

TransDigm

,

Inc.

(b)

:

8.00%,

12/15/25

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

119

129,591

6.25%,

03/15/26

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

304

322,301

2,829,761

Air

Freight

&

Logistics

—

0.1%

FedEx

Corp.:

3.90%,

02/01/35

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

27

29,421

4.55%,

04/01/46

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

18

20,395

United

Parcel

Service,

Inc.:

3.40%,

03/15/29

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

70

76,091

4.45%,

04/01/30

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

153

178,827

6.20%,

01/15/38

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

15

21,069

5.20%,

04/01/40

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

83

106,614

XPO

Logistics,

Inc.

(b)

:

6.13%,

09/01/23

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

12

12,210

6.75%,

08/15/24

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

37

38,803

483,430

Airlines

—

0.2%

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

AA,

3.30%,

01/15/30

(b)

.........

17

16,989

American

Airlines

Pass-Through

Trust:

Series

2015-2,

Class

B,

4.40%,

09/22/23

.

78

73,448

Series

2016-1,

Class

B,

5.25%,

01/15/24

.

48

45,606

Series

2017-1,

Class

B,

4.95%,

02/15/25

.

18

16,976

Series

2016-3,

Class

B,

3.75%,

10/15/25

.

1

692

Series

2015-2,

Class

AA,

3.60%,

09/22/27

13

13,062

Series

2016-1,

Class

AA,

3.58%,

01/15/28

31

31,817

Series

2019-1,

Class

B,

3.85%,

02/15/28

.

68

61,796

Series

2016-2,

Class

AA,

3.20%,

06/15/28

29

29,022

Series

2016-3,

Class

AA,

3.00%,

10/15/28

45

45,564

Series

2017-1,

Class

AA,

3.65%,

02/15/29

21

21,095

Series

2019-1,

Class

AA,

3.15%,

02/15/32

66

65,897

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

150

155,383

Gol

Finance

SA,

7.00%,

01/31/25

(b)

.......

37

30,132

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)

.....

42

37,745

United

Airlines

Pass-Through

Trust:

Series

2014-1,

Class

B,

4.75%,

04/11/22

.

9

8,799

Series

2014-2,

Class

B,

4.63%,

09/03/22

.

5

5,504

Series

2016-2,

Class

B,

3.65%,

10/07/25

.

4

4,121

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

40

41,500

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

122

135,236

Series

2015-1,

Class

AA,

3.45%,

12/01/27

13

13,087

Series

2019-2,

Class

B,

3.50%,

05/01/28

.

42

40,932

Series

2016-1,

Class

AA,

3.10%,

07/07/28

4

4,168

BlackRock

Balanced

Capital

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Series

2016-2,

Class

AA,

2.88%,

10/07/28

USD

24

$

24,817

Series

2018-1,

Class

AA,

3.50%,

03/01/30

9

9,040

Series

2019-2,

Class

AA,

2.70%,

05/01/32

41

40,189

972,617

Auto

Components

—

0.0%

American

Axle

&

Manufacturing,

Inc.,

6.25%,

04/01/25

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

21

21,630

Magna

International,

Inc.,

2.45%,

06/15/30

..

40

40,246

61,876

Automobiles

—

0.2%

BMW

US

Capital

LLC,

2.55%,

04/01/31

(b)

...

44

44,120

Daimler

Finance

North

America

LLC,

2.85%,

01/06/22

(b)

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

150

152,652

General

Motors

Co.,

6.13%,

10/01/25

.....

49

57,619

Hyundai

Capital

America,

3.95%,

02/01/22

(b)

.

94

96,556

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)

...

400

438,714

789,661

Banks

—

2.2%

Banco

Santander

SA:

2.71%,

06/27/24

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

200

211,031

1.85%,

03/25/26

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

200

199,617

Bank

of

America

Corp.:

(LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/23

(a)

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

31

32,241

4.20%,

08/26/24

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

83

91,545

(SOFR

+

0.74%),

0.81%,

10/24/24

(a)

....

50

50,124

4.00%,

01/22/25

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

167

182,883

(LIBOR

USD

3

Month

+

0.97%),

3.46%,

03/15/25

(a)

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

72

77,311

7.25%,

10/15/25

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

75

92,101

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

537

562,878

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

68

73,208

4.45%,

03/03/26

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

21

23,604

(SOFR

+

1.15%),

1.32%,

06/19/26

(a)

....

269

268,180

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

....

131

129,302

(LIBOR

USD

3

Month

+

1.58%),

3.82%,

01/20/28

(a)

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

148

162,595

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

89

97,348

(LIBOR

USD

3

Month

+

1.37%),

3.59%,

07/21/28

(a)

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

39

42,327

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

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

197

211,554

(LIBOR

USD

3

Month

+

1.07%),

3.97%,

03/05/29

(a)

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

119

131,122

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

(a)

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

79

88,820

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

52

57,714

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

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

97

101,824

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

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

58

59,626

(SOFR

+

1.53%),

1.90%,

07/23/31

(a)

....

55

51,664

(SOFR

+

1.93%),

2.68%,

06/19/41

(a)

....

133

124,512

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

2.64%,

06/24/31

(a)

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

200

196,507

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%),

5.87%,

09/13/34

(a)

...........

200

217,680

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

BNP

Paribas

SA

(a)(b)

:

(LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/25

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

USD

200

$

210,531

(SOFR

+

1.51%),

3.05%,

01/13/31

......

223

228,594

Citigroup,

Inc.:

4.40%,

06/10/25

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

94

104,455

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

(a)

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

391

427,606

(LIBOR

USD

3

Month

+

1.19%),

4.07%,

04/23/29

(a)

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

121

134,612

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.....

493

509,855

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

.....

21

20,984

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

41

43,536

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

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

280

291,630

Danske

Bank

A/S:

5.00%,

01/12/22

(b)

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

200

206,708

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

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

200

201,094

5.38%,

01/12/24

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

200

223,018

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

.......

200

201,188

HSBC

Holdings

plc,

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

(a)

...........

200

224,760

ING

Groep

NV:

4.10%,

10/02/23

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

210

227,349

4.63%,

01/06/26

(b)

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

233

264,106

JPMorgan

Chase

&

Co.:

(SOFR

+

0.60%),

0.65%,

09/16/24

(a)

....

100

100,194

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

274

297,269

3.90%,

07/15/25

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

249

274,868

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

32

33,310

(SOFR

+

1.59%),

2.00%,

03/13/26

(a)

....

307

315,703

(SOFR

+

1.85%),

2.08%,

04/22/26

(a)

....

76

78,057

2.95%,

10/01/26

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

106

113,380

(LIBOR

USD

3

Month

+

1.25%),

3.96%,

01/29/27

(a)

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

120

132,715

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

127

139,977

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

(a)

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

431

469,079

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

....

86

86,896

(LIBOR

USD

3

Month

+

0.95%),

3.51%,

01/23/29

(a)

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

25

27,033

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

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

153

170,623

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

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

25

28,637

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

(a)

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

145

168,353

(LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/48

(a)

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

24

26,467

(LIBOR

USD

3

Month

+

1.22%),

3.90%,

01/23/49

(a)

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

26

28,611

Lloyds

Banking

Group

plc,

(LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/07/28

(a)

.....

223

240,801

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

07/17/25

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

200

199,863

Mizuho

Financial

Group,

Inc.

(a)

:

(LIBOR

USD

3

Month

+

1.10%),

2.55%,

09/13/25

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

325

339,931

(LIBOR

USD

3

Month

+

1.27%),

1.98%,

09/08/31

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

202

190,515

Sumitomo

Mitsui

Financial

Group,

Inc.:

3.94%,

10/16/23

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

207

224,034

BlackRock

Balanced

Capital

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

3.78%,

03/09/26

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

USD

116

$

127,840

US

Bancorp,

3.00%,

07/30/29

..........

40

41,915

Washington

Mutual

Escrow

Bonds

(c)(e)(g)

:

0.00%,

11/06/09

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

100

—

0.00%,

09/29/17

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

400

—

Wells

Fargo

&

Co.:

3.00%,

04/22/26

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

18

19,235

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

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

158

172,262

(LIBOR

USD

3

Month

+

1.17%),

2.88%,

10/30/30

(a)

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

71

73,138

(SOFR

+

2.53%),

3.07%,

04/30/41

(a)

....

248

243,190

11,421,240

Beverages

—

0.3%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

.

331

387,756

Anheuser-Busch

InBev

Worldwide,

Inc.:

4.75%,

01/23/29

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

388

453,397

3.50%,

06/01/30

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

298

322,721

Coca-Cola

Co.

(The):

2.50%,

06/01/40

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

100

93,977

2.75%,

06/01/60

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

21

18,784

Keurig

Dr

Pepper,

Inc.,

3.20%,

05/01/30

....

103

108,987

PepsiCo,

Inc.,

3.45%,

10/06/46

.........

25

26,434

1,412,056

Biotechnology

—

0.3%

AbbVie,

Inc.:

2.60%,

11/21/24

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

277

292,456

3.80%,

03/15/25

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

74

80,848

3.20%,

05/14/26

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

305

329,496

4.55%,

03/15/35

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

92

106,838

4.50%,

05/14/35

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

161

189,043

4.85%,

06/15/44

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

7

8,504

4.70%,

05/14/45

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

97

114,884

Amgen,

Inc.:

2.45%,

02/21/30

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

87

87,603

4.40%,

05/01/45

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

133

153,980

Biogen,

Inc.:

2.25%,

05/01/30

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

108

104,772

3.15%,

05/01/50

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

58

53,265

Gilead

Sciences,

Inc.:

4.75%,

03/01/46

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

145

175,263

4.15%,

03/01/47

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

70

77,830

1,774,782

Building

Products

—

0.1%

Carrier

Global

Corp.,

2.24%,

02/15/25

.....

243

251,614

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

19

20,164

Owens

Corning,

3.88%,

06/01/30

........

12

13,085

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

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

19

19,807

4.75%,

01/15/28

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

8

8,293

312,963

Capital

Markets

—

0.9%

Bank

of

New

York

Mellon

Corp.

(The),

(LIBOR

USD

3

Month

+

1.07%),

3.44%,

02/07/28

(a)

.

66

72,533

Charles

Schwab

Corp.

(The),

3.20%,

03/02/27

24

26,082

Deutsche

Bank

AG:

(SOFR

+

1.13%),

1.00%,

04/01/25

(a)

....

269

268,906

1.69%,

03/19/26

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

150

149,667

E*TRADE

Financial

Corp.,

3.80%,

08/24/27

..

62

68,727

Goldman

Sachs

Group,

Inc.

(The):

3.50%,

01/23/25

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

68

73,382

3.50%,

04/01/25

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

672

728,053

3.75%,

05/22/25

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

92

100,431

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(LIBOR

USD

3

Month

+

1.17%),

1.36%,

05/15/26

(a)

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

USD

62

$

62,810

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

175

173,433

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

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

146

159,748

Intercontinental

Exchange,

Inc.:

2.10%,

06/15/30

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

48

46,098

1.85%,

09/15/32

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

103

94,289

Moody's

Corp.,

3.25%,

01/15/28

.........

30

32,217

Morgan

Stanley:

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

....

115

121,316

4.00%,

07/23/25

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

239

265,231

3.13%,

07/27/26

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

4

4,305

3.63%,

01/20/27

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

281

308,327

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

147

160,780

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

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

209

239,307

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

306

311,364

(SOFR

+

1.03%),

1.79%,

02/13/32

(a)

....

81

75,602

Northern

Trust

Corp.,

3.15%,

05/03/29

.....

30

32,151

State

Street

Corp.,

2.40%,

01/24/30

......

63

64,095

UBS

Group

AG

(b)

:

(LIBOR

USD

3

Month

+

0.95%),

2.86%,

08/15/23

(a)

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

200

206,187

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(a)

(h)

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

200

219,678

4.13%,

09/24/25

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

400

443,982

4,508,701

Chemicals

—

0.2%

Dow

Chemical

Co.

(The):

9.00%,

04/01/21

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

55

55,000

4.55%,

11/30/25

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

223

252,993

2.10%,

11/15/30

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

39

37,592

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

148

167,263

Ecolab,

Inc.,

4.80%,

03/24/30

..........

71

84,932

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

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

67

72,027

MEGlobal

Canada

ULC,

5.00%,

05/18/25

(b)

..

200

222,312

Sherwin-Williams

Co.

(The):

4.20%,

01/15/22

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

115

117,332

2.30%,

05/15/30

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

98

96,517

1,105,968

Commercial

Services

&

Supplies

—

0.2%

Aramark

Services,

Inc.:

4.75%,

06/01/26

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

19

19,532

5.00%,

02/01/28

(b)

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

43

44,623

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(b)

.....

20

21,100

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

39

39,704

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

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

16

16,360

RELX

Capital,

Inc.:

3.50%,

03/16/23

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

115

121,128

4.00%,

03/18/29

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

108

119,130

3.00%,

05/22/30

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

143

148,313

Republic

Services,

Inc.:

2.90%,

07/01/26

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

42

44,790

3.95%,

05/15/28

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

47

52,453

2.30%,

03/01/30

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

20

19,867

Waste

Management,

Inc.,

1.15%,

03/15/28

..

133

125,993

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

20

20,475

793,468

BlackRock

Balanced

Capital

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.1%

Juniper

Networks,

Inc.,

2.00%,

12/10/30

....

USD

42

$

38,650

Motorola

Solutions,

Inc.:

4.60%,

05/23/29

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

162

183,758

5.50%,

09/01/44

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

65

78,806

301,214

Construction

&

Engineering

—

0.0%

Mexico

City

Airport

Trust,

5.50%,

07/31/47

..

200

197,060

Construction

Materials

—

0.0%

US

Concrete,

Inc.,

6.38%,

06/01/24

.......

5

5,106

Consumer

Finance

—

0.3%

AerCap

Ireland

Capital

DAC,

1.75%,

01/30/26

150

145,690

Capital

One

Financial

Corp.,

3.90%,

01/29/24

145

156,771

General

Motors

Financial

Co.,

Inc.:

3.55%,

07/08/22

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

163

168,849

5.20%,

03/20/23

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

278

301,488

3.70%,

05/09/23

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

16

16,852

5.10%,

01/17/24

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

34

37,600

3.50%,

11/07/24

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

21

22,525

4.35%,

04/09/25

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

144

157,942

2.75%,

06/20/25

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

84

87,688

Navient

Corp.:

6.63%,

07/26/21

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

27

27,506

6.50%,

06/15/22

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

36

37,759

7.25%,

09/25/23

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

20

21,647

5.88%,

10/25/24

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

20

21,002

6.75%,

06/25/25

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

20

21,715

6.75%,

06/15/26

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

20

21,680

Toyota

Motor

Credit

Corp.,

2.15%,

02/13/30

..

65

64,557

1,311,271

Containers

&

Packaging

—

0.0%

Ball

Corp.:

5.25%,

07/01/25

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

8

9,040

4.88%,

03/15/26

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

7

7,828

International

Paper

Co.,

6.00%,

11/15/41

...

41

55,614

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

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

28

29,995

102,477

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.:

5.88%,

05/15/26

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

21

21,686

4.00%,

01/15/28

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

32

32,000

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

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

42

43,922

97,608

Diversified

Financial

Services

—

0.1%

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)

...

200

206,438

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

200

228,952

ORIX

Corp.,

2.25%,

03/09/31

..........

5

4,831

Shell

International

Finance

BV:

2.38%,

11/07/29

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

250

252,288

4.38%,

05/11/45

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

33

38,629

731,138

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.:

4.45%,

04/01/24

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

109

119,557

1.70%,

03/25/26

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

116

115,959

4.35%,

03/01/29

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

173

195,694

4.30%,

02/15/30

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

147

165,488

2.75%,

06/01/31

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

110

109,559

2.55%,

12/01/33

(b)

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

127

120,573

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

5.25%,

03/01/37

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

USD

59

$

71,182

5.38%,

10/15/41

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

34

40,283

5.15%,

03/15/42

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

16

19,325

4.90%,

06/15/42

(d)

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

20

23,340

4.50%,

03/09/48

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

146

160,137

3.50%,

09/15/53

(b)

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

60

55,448

3.80%,

12/01/57

(b)

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

95

90,382

CCO

Holdings

LLC

(b)

:

5.75%,

02/15/26

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

47

48,492

5.50%,

05/01/26

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

39

40,221

5.13%,

05/01/27

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

102

107,846

5.88%,

05/01/27

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

21

21,672

5.00%,

02/01/28

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

109

115,284

5.38%,

06/01/29

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

49

52,553

4.75%,

03/01/30

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

54

55,957

Level

3

Financing,

Inc.:

5.25%,

03/15/26

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

23

23,690

4.63%,

09/15/27

(b)

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

8

8,233

Verizon

Communications,

Inc.:

4.13%,

03/16/27

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

179

202,794

2.10%,

03/22/28

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

53

53,222

4.33%,

09/21/28

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

153

175,165

3.15%,

03/22/30

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

13

13,712

1.50%,

09/18/30

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

209

191,885

1.68%,

10/30/30

(b)

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

86

79,785

1.75%,

01/20/31

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

167

155,516

2.55%,

03/21/31

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

27

26,976

4.27%,

01/15/36

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

358

404,642

4.86%,

08/21/46

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

76

91,173

3.55%,

03/22/51

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

32

31,955

3.70%,

03/22/61

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

105

103,752

3,291,452

Electric

Utilities

—

0.8%

AEP

Texas,

Inc.:

3.95%,

06/01/28

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

81

89,620

Series

H,

3.45%,

01/15/50

...........

26

25,366

AEP

Transmission

Co.

LLC:

3.15%,

09/15/49

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

45

43,949

Series

M,

3.65%,

04/01/50

...........

88

93,343

Alabama

Power

Co.:

4.15%,

08/15/44

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

10

11,090

3.75%,

03/01/45

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

33

35,211

3.45%,

10/01/49

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

32

32,628

Baltimore

Gas

&

Electric

Co.:

3.50%,

08/15/46

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

50

51,054

3.75%,

08/15/47

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

30

32,089

3.20%,

09/15/49

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

51

49,522

CenterPoint

Energy

Houston

Electric

LLC:

Series

AE,

2.35%,

04/01/31

..........

30

30,009

3.55%,

08/01/42

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

18

18,900

3.95%,

03/01/48

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

20

22,195

Series

AF,

3.35%,

04/01/51

..........

45

45,248

Commonwealth

Edison

Co.,

Series

130,

3.13%,

03/15/51

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

44

42,689

DTE

Electric

Co.:

Series

A,

4.05%,

05/15/48

...........

75

84,964

3.95%,

03/01/49

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

25

27,944

Duke

Energy

Carolinas

LLC:

3.95%,

11/15/28

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

12

13,503

2.45%,

02/01/30

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

102

102,668

3.88%,

03/15/46

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

25

26,982

3.95%,

03/15/48

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

66

72,399

Duke

Energy

Corp.,

4.80%,

12/15/45

......

5

5,747

Duke

Energy

Florida

LLC:

3.80%,

07/15/28

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

15

16,635

BlackRock

Balanced

Capital

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.50%,

12/01/29

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

USD

160

$

163,166

3.40%,

10/01/46

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

25

25,434

Duke

Energy

Ohio,

Inc.,

3.65%,

02/01/29

...

38

41,323

Duke

Energy

Progress

LLC,

3.45%,

03/15/29

.

45

48,915

Edison

International:

3.13%,

11/15/22

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

1

1,033

4.95%,

04/15/25

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

74

82,600

Entergy

Louisiana

LLC:

2.35%,

06/15/32

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

15

14,776

4.20%,

09/01/48

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

59

66,441

Exelon

Corp.:

5.10%,

06/15/45

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

10

12,398

4.70%,

04/15/50

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

32

38,330

FirstEnergy

Corp.:

Series

B,

4.40%,

07/15/27

(d)

..........

42

45,150

2.65%,

03/01/30

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

77

73,223

Series

B,

2.25%,

09/01/30

...........

11

10,202

Series

C,

5.35%,

07/15/47

(d)

..........

34

38,188

Series

C,

3.40%,

03/01/50

...........

38

33,250

FirstEnergy

Transmission

LLC

(b)

:

4.35%,

01/15/25

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

175

189,700

4.55%,

04/01/49

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

155

163,455

Florida

Power

&

Light

Co.:

4.05%,

10/01/44

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

17

19,223

3.95%,

03/01/48

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

110

125,469

3.15%,

10/01/49

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

99

99,635

Genneia

SA,

8.75%,

01/20/22

..........

27

24,013

MidAmerican

Energy

Co.:

3.65%,

04/15/29

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

121

134,222

4.25%,

07/15/49

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

58

68,119

3.15%,

04/15/50

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

30

29,483

Northern

States

Power

Co.:

2.25%,

04/01/31

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

40

39,951

2.90%,

03/01/50

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

50

47,762

2.60%,

06/01/51

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

24

21,491

NRG

Energy,

Inc.:

7.25%,

05/15/26

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

31

32,240

6.63%,

01/15/27

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

38

39,520

2.45%,

12/02/27

(b)

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

104

103,373

5.75%,

01/15/28

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

29

30,812

5.25%,

06/15/29

(b)

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

28

29,960

Ohio

Power

Co.:

Series

Q,

1.63%,

01/15/31

...........

35

32,615

Series

G,

6.60%,

02/15/33

...........

16

21,444

4.00%,

06/01/49

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

29

32,383

Oncor

Electric

Delivery

Co.

LLC:

3.70%,

11/15/28

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

32

35,490

5.30%,

06/01/42

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

6

7,738

3.80%,

06/01/49

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

98

106,547

PECO

Energy

Co.:

3.90%,

03/01/48

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

18

19,909

3.05%,

03/15/51

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

61

59,604

Public

Service

Electric

&

Gas

Co.:

3.65%,

09/01/28

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

80

88,591

2.05%,

08/01/50

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

31

24,940

Southern

California

Edison

Co.:

1.85%,

02/01/22

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

12

12,158

Series

E,

3.70%,

08/01/25

...........

26

28,396

Series

20C,

1.20%,

02/01/26

.........

60

59,130

Series

A,

4.20%,

03/01/29

...........

33

36,684

2.25%,

06/01/30

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

103

99,714

4.00%,

04/01/47

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

29

29,873

Southwestern

Public

Service

Co.,

Series

8,

3.15%,

05/01/50

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

50

48,679

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Tampa

Electric

Co.:

4.30%,

06/15/48

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

USD

19

$

21,457

4.45%,

06/15/49

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

44

51,115

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

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

190

203,875

Virginia

Electric

&

Power

Co.:

Series

B,

6.00%,

01/15/36

...........

14

18,734

Series

A,

6.00%,

05/15/37

...........

28

37,556

6.35%,

11/30/37

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

12

16,718

4.00%,

01/15/43

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

52

57,730

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

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

36

37,305

5.63%,

02/15/27

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

48

49,890

5.00%,

07/31/27

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

48

49,441

4.30%,

07/15/29

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

128

135,275

4,289,603

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Corning,

Inc.,

4.38%,

11/15/57

..........

22

24,028

Tyco

Electronics

Group

SA,

3.45%,

08/01/24

.

15

16,161

40,189

Energy

Equipment

&

Services

—

0.0%

Odebrecht

Offshore

Drilling

Finance

Ltd.,

0.95%,

(0.95%

Cash

or

7.72%

PIK),

12/01/26

(b)(i)

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

—

(j)

81

Entertainment

—

0.1%

Activision

Blizzard,

Inc.:

1.35%,

09/15/30

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

67

60,527

2.50%,

09/15/50

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

45

37,763

NBCUniversal

Media

LLC,

4.45%,

01/15/43

..

54

63,777

Netflix,

Inc.:

4.88%,

04/15/28

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

12

13,575

6.38%,

05/15/29

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

7

8,680

5.38%,

11/15/29

(b)

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

8

9,461

4.88%,

06/15/30

(b)

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

8

9,212

Walt

Disney

Co.

(The):

2.75%,

09/01/49

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

26

23,804

4.70%,

03/23/50

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

127

159,154

385,953

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

American

Tower

Corp.:

5.00%,

02/15/24

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

15

16,737

2.40%,

03/15/25

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

246

256,643

1.60%,

04/15/26

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

26

26,059

3.95%,

03/15/29

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

38

41,833

3.80%,

08/15/29

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

47

51,172

2.90%,

01/15/30

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

21

21,348

2.10%,

06/15/30

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

53

50,434

Crown

Castle

International

Corp.:

3.70%,

06/15/26

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

50

54,697

1.05%,

07/15/26

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

100

96,823

3.10%,

11/15/29

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

171

176,506

3.30%,

07/01/30

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

61

63,851

2.25%,

01/15/31

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

28

26,912

2.10%,

04/01/31

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

39

36,823

5.20%,

02/15/49

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

34

41,548

Duke

Realty

LP:

1.75%,

07/01/30

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

23

21,412

1.75%,

02/01/31

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

117

108,678

Equinix,

Inc.,

1.00%,

09/15/25

..........

151

148,273

ESH

Hospitality,

Inc.

(b)

:

5.25%,

05/01/25

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

39

39,780

4.63%,

10/01/27

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

7

7,403

BlackRock

Balanced

Capital

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

GLP

Capital

LP:

5.75%,

06/01/28

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

USD

58

$

66,907

4.00%,

01/15/30

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

26

27,047

4.00%,

01/15/31

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

60

62,008

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

85

91,236

4.50%,

09/01/26

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

23

24,072

5.75%,

02/01/27

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

40

44,097

MPT

Operating

Partnership

LP:

5.25%,

08/01/26

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

5

5,163

5.00%,

10/15/27

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

52

54,704

4.63%,

08/01/29

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

8

8,416

National

Retail

Properties,

Inc.,

3.50%,

04/15/51

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

52

51,064

Prologis

LP:

1.25%,

10/15/30

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

44

39,913

3.00%,

04/15/50

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

19

18,213

Realty

Income

Corp.:

3.00%,

01/15/27

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

5

5,308

3.25%,

01/15/31

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

40

42,223

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

34

34,803

Service

Properties

Trust,

4.35%,

10/01/24

...

54

53,683

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

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

28

28,507

4.25%,

12/01/26

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

10

10,231

3.75%,

02/15/27

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

7

7,000

4.63%,

12/01/29

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

8

8,299

4.13%,

08/15/30

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

8

8,070

1,977,896

Food

&

Staples

Retailing

—

0.1%

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(b)

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

29

29,580

5.75%,

03/15/25

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

13

13,425

7.50%,

03/15/26

(b)

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

50

55,231

4.63%,

01/15/27

(b)

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

11

11,401

5.88%,

02/15/28

(b)

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

36

38,385

4.88%,

02/15/30

(b)

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

8

8,224

Alimentation

Couche-Tard,

Inc.,

3.55%,

07/26/27

(b)

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

105

113,965

270,211

Food

Products

—

0.1%

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(b)

..

19

19,974

JBS

USA

LUX

SA

(b)

:

6.75%,

02/15/28

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

35

38,238

6.50%,

04/15/29

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

54

60,993

5.50%,

01/15/30

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

10

11,067

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

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

29

30,094

4.88%,

11/01/26

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

29

29,993

Mondelez

International,

Inc.,

2.75%,

04/13/30

72

73,507

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

....

67

71,804

Post

Holdings,

Inc.

(b)

:

5.75%,

03/01/27

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

52

54,692

5.63%,

01/15/28

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

39

41,037

5.50%,

12/15/29

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

30

32,124

463,523

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.:

4.13%,

03/15/49

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

24

26,640

3.38%,

09/15/49

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

3

2,982

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

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

138

126,698

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

Eastern

Energy

Gas

Holdings

LLC:

4.80%,

11/01/43

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

USD

15

$

17,131

4.60%,

12/15/44

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

12

13,404

ONE

Gas,

Inc.,

2.00%,

05/15/30

.........

20

18,915

Piedmont

Natural

Gas

Co.,

Inc.:

2.50%,

03/15/31

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

45

44,537

3.64%,

11/01/46

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

7

7,096

3.35%,

06/01/50

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

21

20,415

277,818

Health

Care

Equipment

&

Supplies

—

0.0%

Boston

Scientific

Corp.,

2.65%,

06/01/30

...

47

47,436

Teleflex,

Inc.,

4.63%,

11/15/27

..........

19

20,116

67,552

Health

Care

Providers

&

Services

—

0.6%

Aetna,

Inc.,

4.50%,

05/15/42

...........

22

25,065

Anthem,

Inc.:

4.10%,

03/01/28

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

42

47,236

3.60%,

03/15/51

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

46

47,615

Centene

Corp.:

5.38%,

06/01/26

(b)

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

57

59,605

5.38%,

08/15/26

(b)

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

23

24,263

4.25%,

12/15/27

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

90

94,669

4.63%,

12/15/29

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

28

30,304

Cigna

Corp.:

3.25%,

04/15/25

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

50

53,781

3.40%,

03/01/27

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

62

67,316

4.38%,

10/15/28

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

200

228,814

CVS

Health

Corp.:

3.75%,

04/01/30

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

535

583,612

5.13%,

07/20/45

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

126

154,256

Encompass

Health

Corp.:

4.50%,

02/01/28

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

20

20,483

4.75%,

02/01/30

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

20

20,574

HCA,

Inc.:

4.75%,

05/01/23

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

116

125,029

5.00%,

03/15/24

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

208

231,432

5.38%,

02/01/25

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

21

23,426

5.25%,

04/15/25

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

343

391,674

5.88%,

02/15/26

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

12

13,755

5.25%,

06/15/26

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

24

27,585

5.38%,

09/01/26

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

8

9,020

5.63%,

09/01/28

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

12

13,800

5.88%,

02/01/29

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

8

9,320

Humana,

Inc.:

4.50%,

04/01/25

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

16

17,975

4.88%,

04/01/30

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

57

66,985

Molina

Healthcare,

Inc.,

5.38%,

11/15/22

(d)

..

28

29,359

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

22

23,381

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

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

45

45,931

4.63%,

09/01/24

(b)

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

22

22,633

5.13%,

05/01/25

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

87

88,222

4.88%,

01/01/26

(b)

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

77

80,061

6.25%,

02/01/27

(b)

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

116

122,480

5.13%,

11/01/27

(b)

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

12

12,549

UnitedHealth

Group,

Inc.:

3.85%,

06/15/28

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

76

85,319

4.63%,

11/15/41

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

119

147,129

4.20%,

01/15/47

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

24

28,183

4.45%,

12/15/48

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

21

25,750

3,098,591

BlackRock

Balanced

Capital

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.2%

1011778

BC

ULC,

3.88%,

01/15/28

(b)

......

USD

7

$

7,075

Boyd

Gaming

Corp.:

6.38%,

04/01/26

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

22

22,715

6.00%,

08/15/26

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

25

26,029

Caesars

Resort

Collection

LLC,

5.25%,

10/15/25

(b)

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

63

63,232

Cedar

Fair

LP:

5.50%,

05/01/25

(b)

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

23

24,208

5.38%,

04/15/27

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

37

37,925

5.25%,

07/15/29

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

37

38,032

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

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

49

51,215

4.75%,

01/15/28

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

23

23,787

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

01/15/30

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

8

8,487

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

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

25

26,094

Hyatt

Hotels

Corp.,

5.38%,

04/23/25

......

20

22,439

Marriott

International,

Inc.,

Series

HH,

2.85%,

04/15/31

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

51

50,054

Marriott

Ownership

Resorts,

Inc.,

6.50%,

09/15/26

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

29

30,287

McDonald's

Corp.:

2.63%,

09/01/29

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

21

21,537

3.60%,

07/01/30

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

112

122,165

4.88%,

12/09/45

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

108

130,738

4.45%,

09/01/48

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

15

17,492

MGM

Resorts

International:

5.75%,

06/15/25

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

6

6,540

4.63%,

09/01/26

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

5

5,243

5.50%,

04/15/27

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

6

6,450

Scientific

Games

International,

Inc.,

5.00%,

10/15/25

(b)

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

41

42,464

Starbucks

Corp.,

2.25%,

03/12/30

........

153

150,491

Station

Casinos

LLC,

5.00%,

10/01/25

(b)

....

14

14,175

Wyndham

Hotels

&

Resorts,

Inc.,

5.38%,

04/15/26

(b)

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

15

15,338

Wynn

Las

Vegas

LLC

(b)

:

5.50%,

03/01/25

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

87

91,915

5.25%,

05/15/27

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

43

45,027

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

36

36,846

1,138,000

Household

Durables

—

0.0%

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

(b)

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

48

50,100

Century

Communities,

Inc.,

6.75%,

06/01/27

.

20

21,259

Lennar

Corp.:

4.13%,

01/15/22

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

14

14,217

4.50%,

04/30/24

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

21

22,843

4.75%,

05/30/25

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

5

5,569

4.75%,

11/29/27

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

8

9,185

Mattamy

Group

Corp.,

5.25%,

12/15/27

(b)

...

5

5,231

PulteGroup,

Inc.:

5.50%,

03/01/26

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

4

4,667

5.00%,

01/15/27

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

4

4,600

Taylor

Morrison

Communities,

Inc.,

5.88%,

06/15/27

(b)

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

5

5,525

Tempur

Sealy

International,

Inc.,

5.50%,

06/15/26

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

39

40,414

183,610

Household

Products

—

0.0%

Spectrum

Brands,

Inc.,

5.75%,

07/15/25

....

28

28,875

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Capex

SA,

6.88%,

05/15/24

(b)

..........

11

9,670

Security

Par

(000)

Par

(000)

Value

Industrial

Conglomerates

—

0.1%

General

Electric

Co.:

5.88%,

01/14/38

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

USD

107

$

138,465

4.13%,

10/09/42

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

102

109,371

Roper

Technologies,

Inc.,

1.75%,

02/15/31

..

26

24,144

271,980

Insurance

—

0.2%

Ambac

Assurance

Corp.,

5.10%

(b)(h)

.......

5

6,623

Ambac

LSNI

LLC,

(LIBOR

USD

3

Month

+

5.00%),

6.00%,

02/12/23

(a)(b)

..........

25

25,148

American

International

Group,

Inc.:

3.40%,

06/30/30

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

123

130,744

4.50%,

07/16/44

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

53

60,007

4.38%,

01/15/55

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

20

22,319

Aon

Corp.:

4.50%,

12/15/28

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

122

139,697

3.75%,

05/02/29

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

74

81,423

2.80%,

05/15/30

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

52

53,138

Aon

plc,

4.25%,

12/12/42

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

9

9,852

Marsh

&

McLennan

Cos.,

Inc.:

4.38%,

03/15/29

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

46

52,740

2.25%,

11/15/30

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

171

167,900

Trinity

Acquisition

plc,

4.40%,

03/15/26

.....

20

22,513

Willis

North

America,

Inc.,

3.60%,

05/15/24

..

67

72,203

844,307

Internet

&

Direct

Marketing

Retail

—

0.0%

Amazon.com,

Inc.,

3.88%,

08/22/37

......

81

92,808

Booking

Holdings,

Inc.,

4.10%,

04/13/25

....

117

130,370

Expedia

Group,

Inc.,

6.25%,

05/01/25

(b)

....

28

32,388

255,566

IT

Services

—

0.3%

Fidelity

National

Information

Services,

Inc.:

1.15%,

03/01/26

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

109

107,175

3.10%,

03/01/41

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

20

19,646

Fiserv,

Inc.:

3.50%,

07/01/29

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

238

256,707

2.65%,

06/01/30

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

117

117,833

Global

Payments,

Inc.:

4.80%,

04/01/26

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

145

165,811

3.20%,

08/15/29

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

115

121,119

International

Business

Machines

Corp.:

3.30%,

05/15/26

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

150

163,380

3.50%,

05/15/29

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

100

108,785

1.95%,

05/15/30

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

137

132,616

5.88%,

11/29/32

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

22

29,373

4.00%,

06/20/42

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

2

2,250

Mastercard,

Inc.,

2.95%,

06/01/29

........

103

110,444

PayPal

Holdings,

Inc.:

1.65%,

06/01/25

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

48

48,883

2.65%,

10/01/26

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

14

14,814

Visa,

Inc.,

4.15%,

12/14/35

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

139

164,347

1,563,183

Leisure

Products

—

0.0%

Hasbro,

Inc.,

2.60%,

11/19/22

..........

130

134,090

Life

Sciences

Tools

&

Services

—

0.1%

Agilent

Technologies,

Inc.:

3.05%,

09/22/26

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

115

122,935

2.10%,

06/04/30

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

97

94,891

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

(b)

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

5

5,150

Thermo

Fisher

Scientific,

Inc.,

4.50%,

03/25/30

284

330,642

553,618

BlackRock

Balanced

Capital

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.0%

Colfax

Corp.,

6.00%,

02/15/24

(b)

.........

USD

20

$

20,620

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

78

78,561

Parker-Hannifin

Corp.:

2.70%,

06/14/24

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

25

26,508

3.25%,

06/14/29

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

30

32,064

Terex

Corp.,

5.63%,

02/01/25

(b)

.........

38

39,069

196,822

Media

—

0.5%

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

12

12,150

4.75%,

08/01/25

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

29

29,749

Charter

Communications

Operating

LLC:

6.48%,

10/23/45

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

197

256,496

5.38%,

05/01/47

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

61

70,809

5.75%,

04/01/48

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

172

209,107

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

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

50

50,288

Comcast

Corp.:

2.35%,

01/15/27

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

102

106,472

2.65%,

02/01/30

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

204

208,831

3.40%,

04/01/30

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

142

153,747

1.95%,

01/15/31

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

174

167,580

3.75%,

04/01/40

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

74

81,193

4.65%,

07/15/42

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

22

26,585

3.97%,

11/01/47

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

47

52,484

4.00%,

11/01/49

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

91

102,100

2.45%,

08/15/52

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

25

21,376

2.65%,

08/15/62

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

134

113,692

Cox

Communications,

Inc.,

3.15%,

08/15/24

(b)

273

291,493

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

25

18,000

Gray

Television,

Inc.

(b)

:

5.88%,

07/15/26

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

23

23,834

7.00%,

05/15/27

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

30

32,625

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

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

31

32,899

5.25%,

08/15/27

(b)

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

28

28,801

4.75%,

01/15/28

(b)

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

5

5,037

Interpublic

Group

of

Cos.,

Inc.

(The),

4.20%,

04/15/24

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

15

16,479

Lamar

Media

Corp.,

3.75%,

02/15/28

......

6

5,993

Meredith

Corp.,

6.88%,

02/01/26

........

40

41,137

Nexstar

Broadcasting,

Inc.,

5.63%,

07/15/27

(b)

45

47,165

Outfront

Media

Capital

LLC

(b)

:

5.00%,

08/15/27

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

50

50,500

4.63%,

03/15/30

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

5

4,812

Sirius

XM

Radio,

Inc.

(b)

:

4.63%,

07/15/24

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

45

46,354

5.38%,

07/15/26

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

24

24,780

5.00%,

08/01/27

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

55

57,698

5.50%,

07/01/29

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

47

50,819

TEGNA,

Inc.:

4.63%,

03/15/28

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

8

8,140

5.00%,

09/15/29

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

9

9,340

ViacomCBS

,

Inc.:

4.38%,

03/15/43

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

27

29,135

5.85%,

09/01/43

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

73

93,236

2,580,936

Metals

&

Mining

—

0.1%

Anglo

American

Capital

plc,

5.63%,

04/01/30

(b)

200

238,989

FMG

Resources

August

2006

Pty.

Ltd.,

4.50%,

09/15/27

(b)

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

6

6,411

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

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

6

6,376

5.25%,

09/01/29

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

6

6,561

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Glencore

Funding

LLC,

2.50%,

09/01/30

(b)

...

USD

67

$

64,429

Newmont

Corp.,

2.25%,

10/01/30

........

50

48,707

Steel

Dynamics,

Inc.,

2.80%,

12/15/24

.....

35

37,012

Vale

Overseas

Ltd.,

3.75%,

07/08/30

......

25

25,997

434,482

Multi-Utilities

—

0.0%

Ameren

Illinois

Co.:

3.80%,

05/15/28

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

50

55,186

3.25%,

03/15/50

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

40

40,174

Consumers

Energy

Co.:

3.75%,

02/15/50

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

92

101,484

3.10%,

08/15/50

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

20

19,676

3.50%,

08/01/51

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

35

36,839

253,359

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

15

16,582

BP

Capital

Markets

America,

Inc.:

3.79%,

02/06/24

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

55

59,664

3.19%,

04/06/25

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

23

24,749

3.41%,

02/11/26

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

57

61,972

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

6

5,931

Cameron

LNG

LLC

(b)

:

3.30%,

01/15/35

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

80

82,212

3.40%,

01/15/38

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

100

100,842

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%,

03/31/25

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

76

86,606

5.13%,

06/30/27

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

174

198,990

Cheniere

Energy

Partners

LP:

5.63%,

10/01/26

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

20

20,914

4.50%,

10/01/29

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

12

12,444

Chevron

Corp.,

3.08%,

05/11/50

.........

37

35,370

Chevron

USA,

Inc.,

4.20%,

10/15/49

......

19

21,637

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

34

33,745

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

21

21,425

DCP

Midstream

Operating

LP:

5.38%,

07/15/25

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

7

7,585

5.13%,

05/15/29

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

6

6,381

Diamondback

Energy,

Inc.,

3.50%,

12/01/29

.

107

111,050

Energy

Transfer

Operating

LP:

3.60%,

02/01/23

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

80

83,313

4.25%,

03/15/23

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

48

50,657

4.20%,

09/15/23

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

77

82,458

4.50%,

04/15/24

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

99

107,965

2.90%,

05/15/25

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

175

182,108

6.50%,

02/01/42

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

105

125,216

Enterprise

Products

Operating

LLC,

2.80%,

01/31/30

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

121

124,929

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

72

80,864

Kinder

Morgan

Energy

Partners

LP:

5.00%,

08/15/42

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

20

22,498

4.70%,

11/01/42

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

29

31,209

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)

....

23

24,342

Marathon

Petroleum

Corp.,

5.85%,

12/15/45

.

25

29,634

Matador

Resources

Co.,

5.88%,

09/15/26

...

9

8,764

MPLX

LP:

4.88%,

12/01/24

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

24

26,938

1.75%,

03/01/26

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

152

152,232

2.65%,

08/15/30

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

86

84,276

NGPL

PipeCo

LLC

(b)

:

4.38%,

08/15/22

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

48

49,824

4.88%,

08/15/27

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

41

45,832

7.77%,

12/15/37

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

31

41,118

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

182

203,894

BlackRock

Balanced

Capital

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Petrobras

Global

Finance

BV:

6.25%,

03/17/24

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

USD

9

$

9,965

5.30%,

01/27/25

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

35

38,412

5.09%,

01/15/30

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

40

41,556

Pioneer

Natural

Resources

Co.,

1.90%,

08/15/30

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

44

40,835

Sabine

Pass

Liquefaction

LLC:

5.75%,

05/15/24

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

214

241,466

5.63%,

03/01/25

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

780

891,868

5.88%,

06/30/26

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

25

29,287

5.00%,

03/15/27

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

50

56,912

SM

Energy

Co.:

5.63%,

06/01/25

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

3

2,776

6.75%,

09/15/26

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

3

2,772

6.63%,

01/15/27

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

3

2,775

Suncor

Energy,

Inc.,

6.50%,

06/15/38

.....

27

36,077

Sunoco

Logistics

Partners

Operations

LP,

5.95%,

12/01/25

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

30

34,933

Sunoco

LP:

5.50%,

02/15/26

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

11

11,300

6.00%,

04/15/27

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

11

11,509

Targa

Resources

Partners

LP:

5.88%,

04/15/26

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

30

31,406

5.38%,

02/01/27

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

19

19,704

6.50%,

07/15/27

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

29

31,514

5.00%,

01/15/28

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

7

7,289

6.88%,

01/15/29

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

29

31,949

5.50%,

03/01/30

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

8

8,400

Texas

Eastern

Transmission

LP

(b)

:

3.50%,

01/15/28

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

83

87,790

4.15%,

01/15/48

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

30

30,347

TransCanada

PipeLines

Ltd.,

4.63%,

03/01/34

32

36,117

Transcontinental

Gas

Pipe

Line

Co.

LLC:

7.85%,

02/01/26

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

178

225,279

4.00%,

03/15/28

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

100

111,027

4.60%,

03/15/48

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

6

6,813

3.95%,

05/15/50

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

32

32,711

Williams

Cos.,

Inc.

(The),

Series

A,

7.50%,

01/15/31

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

20

26,487

4,605,446

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC:

1.75%,

09/30/25

(b)

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

22

22,383

0.95%,

05/15/26

(b)

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

10

9,683

2.10%,

04/30/27

(b)

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

65

66,087

7.75%,

11/15/29

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

20

28,142

2.30%,

04/30/30

(b)

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

26

25,900

152,195

Pharmaceuticals

—

0.2%

AstraZeneca

plc,

1.38%,

08/06/30

........

179

164,183

Bausch

Health

Americas,

Inc.

(b)

:

9.25%,

04/01/26

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

55

60,940

8.50%,

01/31/27

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

63

69,891

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%,

11/01/25

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

44

45,205

9.00%,

12/15/25

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

54

58,669

5.75%,

08/15/27

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

11

11,839

7.00%,

01/15/28

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

28

30,395

7.25%,

05/30/29

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

28

31,255

Bristol-Myers

Squibb

Co.,

4.25%,

10/26/49

..

15

17,668

Elanco

Animal

Health,

Inc.

(d)

:

5.27%,

08/28/23

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

28

30,135

5.90%,

08/28/28

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

7

7,936

Johnson

&

Johnson,

3.70%,

03/01/46

.....

40

44,700

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Merck

&

Co.,

Inc.,

2.45%,

06/24/50

.......

USD

30

$

26,458

Pfizer,

Inc.:

3.45%,

03/15/29

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

52

57,071

2.63%,

04/01/30

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

42

43,598

1.70%,

05/28/30

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

103

99,534

Takeda

Pharmaceutical

Co.

Ltd.:

5.00%,

11/26/28

..................

200

236,693

2.05%,

03/31/30

..................

200

192,758

1,228,928

Road

&

Rail

—

0.3%

Burlington

Northern

Santa

Fe

LLC:

5.05%,

03/01/41

..................

10

12,559

4.40%,

03/15/42

..................

47

54,942

3.30%,

09/15/51

..................

120

120,364

CSX

Corp.:

4.25%,

03/15/29

..................

48

54,515

2.40%,

02/15/30

..................

69

69,382

4.30%,

03/01/48

..................

89

101,448

Norfolk

Southern

Corp.:

2.90%,

06/15/26

..................

42

44,991

4.80%,

08/15/43

..................

20

22,904

3.16%,

05/15/55

..................

85

79,013

Penske

Truck

Leasing

Co.

LP

(b)

:

4.25%,

01/17/23

..................

40

42,497

2.70%,

03/14/23

..................

50

51,856

2.70%,

11/01/24

..................

15

15,792

3.95%,

03/10/25

..................

14

15,283

1.20%,

11/15/25

..................

139

136,537

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)

.

200

210,000

Ryder

System,

Inc.,

4.63%,

06/01/25

......

195

219,747

Union

Pacific

Corp.:

3.25%,

08/15/25

..................

21

22,702

2.75%,

03/01/26

..................

35

37,071

3.84%,

03/20/60

..................

82

87,149

2.97%,

09/16/62

(b)

.................

52

46,299

1,445,051

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Applied

Materials,

Inc.,

2.75%,

06/01/50

....

41

38,047

Broadcom

Corp.,

3.88%,

01/15/27

.......

129

140,082

Broadcom,

Inc.:

4.75%,

04/15/29

..................

95

106,816

5.00%,

04/15/30

..................

136

155,002

4.15%,

11/15/30

..................

142

153,269

3.42%,

04/15/33

(b)

.................

181

181,518

3.47%,

04/15/34

(b)

.................

142

142,486

Intel

Corp.,

3.73%,

12/08/47

...........

108

116,337

KLA

Corp.:

4.10%,

03/15/29

..................

111

124,791

3.30%,

03/01/50

..................

135

129,666

Lam

Research

Corp.:

3.75%,

03/15/26

..................

116

128,574

2.88%,

06/15/50

..................

124

118,202

NVIDIA

Corp.:

3.20%,

09/16/26

..................

43

46,906

2.85%,

04/01/30

..................

53

55,661

3.50%,

04/01/50

..................

50

52,810

NXP

BV,

4.30%,

06/18/29

(b)

............

312

348,950

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

108

127,142

2,166,259

Software

—

0.3%

Autodesk,

Inc.,

3.50%,

06/15/27

.........

164

179,334

Citrix

Systems,

Inc.:

4.50%,

12/01/27

..................

73

83,132

3.30%,

03/01/30

..................

87

89,483

BlackRock

Balanced

Capital

Portfolio

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Microsoft

Corp.,

2.92%,

03/17/52

........

USD

197

$

194,055

Oracle

Corp.:

3.90%,

05/15/35

..................

60

64,849

3.85%,

07/15/36

..................

36

38,287

6.13%,

07/08/39

..................

59

78,391

3.60%,

04/01/40

..................

108

108,467

3.65%,

03/25/41

..................

189

191,255

4.00%,

07/15/46

..................

258

265,609

4.10%,

03/25/61

..................

96

99,345

1,392,207

Specialty

Retail

—

0.1%

Home

Depot,

Inc.

(The):

2.95%,

06/15/29

..................

170

180,237

1.38%,

03/15/31

..................

31

28,666

Lowe's

Cos.,

Inc.:

4.00%,

04/15/25

..................

137

151,571

3.65%,

04/05/29

..................

93

101,797

2.63%,

04/01/31

..................

15

15,043

477,314

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.:

4.65%,

02/23/46

..................

110

136,775

4.25%,

02/09/47

..................

40

47,625

2.55%,

08/20/60

..................

64

55,069

2.80%,

02/08/61

..................

20

17,962

Dell

International

LLC

(b)

:

4.90%,

10/01/26

..................

16

18,152

8.35%,

07/15/46

..................

45

68,462

Hewlett

Packard

Enterprise

Co.,

4.65%,

10/01/24

......................

155

173,027

HP,

Inc.,

6.00%,

09/15/41

.............

15

18,897

Seagate

HDD

Cayman,

4.09%,

06/01/29

(b)

..

32

32,609

568,578

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.

(b)

:

4.63%,

05/15/24

..................

35

37,132

4.88%,

05/15/26

..................

8

8,580

Under

Armour,

Inc.,

3.25%,

06/15/26

......

6

6,003

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

19

20,069

71,784

Thrifts

&

Mortgage

Finance

—

0.1%

(b)

BPCE

SA,

2.70%,

10/01/29

............

274

277,851

Quicken

Loans,

Inc.,

5.25%,

01/15/28

.....

37

38,850

316,701

Tobacco

—

0.2%

Altria

Group,

Inc.:

4.40%,

02/14/26

..................

90

101,488

2.45%,

02/04/32

..................

163

155,727

5.80%,

02/14/39

..................

176

214,769

3.40%,

02/04/41

..................

55

51,031

6.20%,

02/14/59

..................

8

9,745

BAT

Capital

Corp.:

3.22%,

08/15/24

..................

79

84,164

3.22%,

09/06/26

..................

10

10,562

4.91%,

04/02/30

..................

154

175,835

2.73%,

03/25/31

..................

57

55,126

BAT

International

Finance

plc:

3.95%,

06/15/25

(b)

.................

18

19,694

1.67%,

03/25/26

..................

71

70,274

Philip

Morris

International,

Inc.:

6.38%,

05/16/38

..................

35

48,339

4.25%,

11/10/44

..................

25

27,804

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

Reynolds

American,

Inc.:

4.45%,

06/12/25

..................

USD

82

$

90,991

5.85%,

08/15/45

..................

62

73,081

1,188,630

Trading

Companies

&

Distributors

—

0.1%

Beacon

Roofing

Supply,

Inc.,

4.88%,

11/01/25

(b)

47

48,057

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

47

50,017

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

..................

37

38,711

5.50%,

05/15/27

..................

37

39,461

3.88%,

11/15/27

..................

7

7,254

4.88%,

01/15/28

..................

62

65,309

5.25%,

01/15/30

..................

7

7,597

256,406

Transportation

Infrastructure

—

0.0%

DP

World

Crescent

Ltd.,

3.91%,

05/31/23

...

200

210,390

Wireless

Telecommunication

Services

—

0.2%

Empresa

Nacional

de

Telecomunicaciones

SA,

4.75%,

08/01/26

(b)

................

200

222,125

Sprint

Corp.:

7.63%,

02/15/25

..................

63

75,128

7.63%,

03/01/26

..................

63

77,156

Sprint

Spectrum

Co.

LLC,

3.36%,

09/20/21

(b)(d)

35

35,388

T-Mobile

USA,

Inc.

(b)

:

3.75%,

04/15/27

..................

164

179,278

3.88%,

04/15/30

..................

459

498,180

Vodafone

Group

plc:

5.25%,

05/30/48

..................

135

168,539

4.88%,

06/19/49

..................

31

36,834

1,292,628

Total

Corporate

Bonds

—

12.9%

(Cost:

$67,631,564)

...............................

67,196,281

Floating

Rate

Loan

Interests

—

0.0%

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

0.00%),

3.93%

,

 02/21/23

(a)(c)

................

10

9,780

Total

Floating

Rate

Loan

Interests

—

0.0%

(Cost:

$10,000)

.................................

9,780

Foreign

Agency

Obligations

—

0.1%

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)

.............

28

15,663

Brazil

—

0.1%

Centrais

Eletricas

Brasileiras

SA,

3.63%

,

02/04/25

(b)

......................

200

201,187

Colombia

—

0.0%

Ecopetrol

SA:

5.38%,

06/26/26

..................

115

128,527

6.88%,

04/29/30

..................

11

13,324

141,851

Mexico

—

0.0%

Petroleos

Mexicanos

:

6.88%,

10/16/25

..................

13

14,034

6.84%,

01/23/30

..................

76

76,847

6.38%,

01/23/45

..................

52

43,160

7.69%,

01/23/50

..................

40

36,960

BlackRock

Balanced

Capital

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

6.95%,

01/28/60

..................

USD

19

$

16,221

187,222

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$523,995)

.................................

545,923

Foreign

Government

Obligations

—

2.4%

Argentina

—

0.0%

Argentina

Government

Bond,

0.12%

,

07/09/35

(d)

156

46,020

Brazil

—

0.0%

Federative

Republic

of

Brazil,

3.88%

,

06/12/30

200

193,875

China

—

1.4%

People's

Republic

of

China:

1.99%,

04/09/25

..................

CNY

21,990

3,211,649

2.41%,

06/19/25

..................

4,200

625,043

2.85%,

06/04/27

..................

3,000

447,972

3.29%,

05/23/29

..................

800

122,177

2.68%,

05/21/30

..................

21,110

3,069,686

7,476,527

Colombia

—

0.2%

Republic

of

Colombia:

3.88%,

04/25/27

..................

USD

340

363,481

4.50%,

03/15/29

..................

240

262,125

3.13%,

04/15/31

..................

200

195,750

821,356

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond:

4.50%,

01/30/30

..................

150

150,703

4.88%,

09/23/32

(b)

.................

150

151,500

302,203

Ecuador

—

0.0%

Republic

of

Ecuador,

0.50%

,

07/31/35

(d)

.....

13

5,947

Egypt

—

0.0%

Arab

Republic

of

Egypt,

6.38%

,

04/11/31

(b)

...

EUR

100

120,348

Hungary

—

0.0%

Hungary

Government

Bond,

5.38%

,

03/25/24

.

USD

140

158,813

Indonesia

—

0.1%

Republic

of

Indonesia:

4.45%,

02/11/24

..................

200

218,250

2.85%,

02/14/30

..................

200

203,625

6.50%,

02/15/31

..................

IDR

974,000

65,851

7.50%,

06/15/35

..................

815,000

57,382

7.38%,

05/15/48

..................

534,000

35,838

580,946

Mexico

—

0.2%

United

Mexican

States,

2.66%

,

05/24/31

....

USD

1,215

1,152,352

Panama

—

0.1%

Republic

of

Panama,

3.88%

,

03/17/28

......

200

218,000

Peru

—

0.0%

Republic

of

Peru,

4.13%

,

08/25/27

........

179

200,144

Philippines

—

0.1%

Republic

of

Philippines,

3.00%

,

02/01/28

....

260

275,192

Russia

—

0.1%

Russian

Federation:

7.75%,

09/16/26

..................

RUB

10,668

148,058

7.65%,

04/10/30

..................

7,216

100,003

Security

Par

(000)

Par

(000)

Value

Russia

(continued)

8.50%,

09/17/31

..................

RUB

1,179

$

17,330

265,391

Ukraine

—

0.1%

Ukraine

Government

Bond:

7.38%,

09/25/32

..................

USD

200

200,563

7.25%,

03/15/33

..................

200

198,875

399,438

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay:

4.38%,

10/27/27

..................

90

102,206

5.10%,

06/18/50

..................

30

37,116

139,322

Total

Foreign

Government

Obligations

—

2.4%

(Cost:

$12,117,897)

...............................

12,355,874

Shares

Shares

Investment

Companies

—

3.4%

BlackRock

Allocation

Target

Shares-

BATS

Series

A

*

.......................

1,789,830

17,880,400

Total

Investment

Companies

—

3.4%

(Cost:

$17,858,003)

...............................

17,880,400

Par

(000)

Par

(000)

Municipal

Bonds

—

0.2%

California

-

0.1%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

..................

45

74,129

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

50

78,387

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

60

84,809

State

of

California,

Series

2018,

GO,

4.60%, 04/01/38

..................

165

189,192

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

..................

50

62,907

489,424

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

44

63,067

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

..................

175

196,954

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

10

10,700

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

...............

66

103,900

New

York

-

0.0%

New

York

City

Water

&

Sewer

System,

Series

2011CC,

RB,

5.88%, 06/15/44

.........

50

72,606

Port

Authority

of

New

York

&

New

Jersey,

Series

2014-181,

RB,

4.96%, 08/01/46

...

15

19,185

91,791

BlackRock

Balanced

Capital

Portfolio

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

...............

USD

30

$

52,330

Texas

-

0.0%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

45

62,771

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

..................

50

71,005

133,776

Total

Municipal

Bonds

—

0.2%

(Cost:

$1,012,913)

...............................

1,141,942

Non-Agency

Mortgage-Backed

Securities

—

1.0%

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust:

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.46%,

06/25/35

(a)

...

48

40,063

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

(a)

...

18

17,581

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

22

15,510

Series

2006-OA21,

Class

A1,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

03/20/47

(a)

...

705

594,824

Series

2006-OA9,

Class

2A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

07/20/46

(a)

..

110

87,332

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.23%),

0.34%,

11/25/36

(a)

..

23

21,513

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

04/25/47

(a)

...

31

27,463

Series

2007-OA3,

Class

2A2,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

04/25/47

(a)

...

—

(j)

5

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

06/25/47

(a)

...

20

15,904

Series

2007-OH2,

Class

A2A,

(LIBOR

USD

1

Month

+

0.24%),

0.35%,

08/25/47

(a)

..

9

8,726

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.20%,

10/25/46

(a)

...........

56

45,863

APS

Resecuritization

Trust

(a)(b)

:

Series

2016-1,

Class

1MZ,

3.96%,

07/31/57

130

46,203

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

2.96%,

09/27/46

....

72

72,281

Series

2016-3,

Class

4A,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

04/27/47

....

21

20,871

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

132

127,091

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.39%,

08/25/36

(a)

...........

30

29,955

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

311

198,668

CHL

Mortgage

Pass-Through

Trust:

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.22%,

04/25/46

(a)

....................

58

24,761

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

82

48,278

Citicorp

Mortgage

Securities

Trust,

Series

2008-

2,

Class

1A1,

6.50%,

06/25/38

.........

32

28,130

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

......................

109

59,150

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.46%,

11/25/35

(a)

......................

USD

19

$

3,506

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

.........

26

20,857

CSMC

Trust,

Series

2019-JR1,

Class

A1,

4.10%,

09/27/66

(a)(b)

................

307

307,914

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

08/25/47

(a)

....

109

127,279

Deutsche

Alt-A

Securities,

Inc.,

Series

2007-

RS1,

Class

A2,

(LIBOR

USD

1

Month

+

0.50%),

0.62%,

01/27/37

(a)(b)

..........

1

728

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.26%,

03/25/36

(a)

...........

8

8,102

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

2

2,624

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.13%,

09/25/37

(a)

.

32

22,369

JPMorgan

Alternative

Loan

Trust,

Series

2007-

A1,

Class

1A4,

(LIBOR

USD

1

Month

+

0.42%),

0.53%,

03/25/37

(a)

...........

44

43,180

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

60

63,799

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.53%,

06/25/37

(a)

6

4,705

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.30%,

04/25/36

(a)

......................

10

8,232

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

0.49%,

06/25/36

(a)

.....

13

12,366

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust:

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

60

59,970

Series

2006-4,

Class

3A5,

6.35%,

05/25/36

(d)

....................

57

55,648

2,271,451

Commercial

Mortgage-Backed

Securities

—

0.5%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.22%,

09/15/34

(a)(b)

..........

100

98,745

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

:

Series

2015-200P,

Class

F,

3.60%,

04/14/33

100

102,547

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.81%,

09/15/34

....

100

98,757

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

01/25/36

....

21

19,472

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

0.78%,

01/25/36

....

15

14,757

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

0.65%,

04/25/36

....

9

8,835

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

10/25/36

....

13

12,220

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

10/25/36

....

13

12,245

Series

2006-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.23%),

0.34%,

12/25/36

....

153

146,122

BlackRock

Balanced

Capital

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

0.83%,

03/15/37

(a)(b)

................

USD

15

$

14,850

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

.................

93

98,732

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2007-T26,

Class

AM,

5.43%,

01/12/45

(a)

......................

11

11,249

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

3.90%,

03/15/62

(a)(b)

.......

60

62,558

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.36%,

07/15/35

(a)(b)

100

99,938

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

C,

3.45%,

03/10/33

(b)

...........

100

104,873

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

11/15/35

(a)(b)

...........

154

154,047

BXP

Trust

(a)(b)

:

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

25

26,152

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

40

40,227

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

1.86%,

12/15/37

(a)(b)

..........

100

100,030

CD

Mortgage

Trust:

Series

2006-CD3,

Class

AM,

5.65%,

10/15/48

.....................

75

77,278

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

.....................

10

10,975

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

10,991

CFK

Trust,

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

(a)(b)

.....................

100

108,253

Citigroup

Commercial

Mortgage

Trust:

Series

2016-C1,

Class

D,

4.95%,

05/10/49

(a)

(b)

..........................

10

9,164

Series

2017-C4,

Class

A4,

3.47%,

10/12/50

20

21,803

Commercial

Mortgage

Trust:

Series

2014-CR18,

Class

A4,

3.55%,

07/15/47

.....................

10

10,176

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

44

39,504

CSAIL

Commercial

Mortgage

Trust:

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

10

10,796

Series

2019-C15,

Class

D,

3.00%,

03/15/52

(b)

....................

11

9,282

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.19%,

04/10/37

(a)(b)

..........

100

80,952

DBUBS

Mortgage

Trust

(b)

:

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

.....................

40

42,641

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

(a)

...

170

173,501

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

(a)

....................

40

40,293

Exantas

Capital

Corp.

Ltd.,

Series

2019-RSO7,

Class

AS,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

04/15/36

(a)(b)

................

100

100,304

GPMT

Ltd.,

Series

2018-FL1,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.01%,

11/21/35

(a)(b)

13

12,618

GS

Mortgage

Securities

Trust:

Series

2015-GS1,

Class

A3,

3.73%,

11/10/48

.....................

10

10,986

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

....................

10

8,947

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

......................

USD

100

$

99,664

IMT

Trust,

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

(b)

.................

100

105,972

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

03/25/37

(a)(b)

.....................

10

9,992

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

......................

16

15,347

Morgan

Stanley

Capital

I

Trust:

Series

2006-IQ11,

Class

C,

5.99%,

10/15/42

(a)

....................

15

15,437

Series

2007-T27,

Class

AJ,

6.01%,

06/11/42

(a)

....................

31

32,057

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

11/15/34

(a)(b)

..

84

83,899

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

(c)

....................

10

8,500

Series

2019-L2,

Class

A4,

4.07%,

03/15/52

13

14,552

PFP

Ltd.

(a)(b)

:

Series

2019-5,

Class

A,

(LIBOR

USD

1

Month

+

0.97%),

1.08%,

04/14/36

....

9

9,343

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.53%,

04/14/36

....

10

9,989

Wells

Fargo

Commercial

Mortgage

Trust

(a)(b)

:

Series

2017-C39,

Class

D,

4.35%,

09/15/50

63

54,193

Series

2017-C41,

Class

D,

2.60%,

11/15/50

25

19,780

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

0.96%,

12/13/31

....

100

98,347

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

C,

3.76%,

09/15/57

(a)

...

120

124,936

2,706,828

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

57

15,361

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.63%,

02/15/50

.......................

1,000

33,516

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.95%,

08/10/35

(b)

.................

984

45,196

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.60%,

11/05/36

(b)

.................

4,250

86,456

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.04%,

03/15/52

..................

993

67,346

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.71%,

05/10/58

....

120

4,064

Commercial

Mortgage

Trust,

Series

2015-3BP,

Class

XA,

0.06%,

02/10/35

(b)

..........

2,522

9,104

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

1,800

62,616

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.99%,

03/10/50

(b)

.....

807

23,674

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C19,

Class

XF,

1.21%,

12/15/47

(b)

......................

100

3,902

One

Market

Plaza

Trust

(b)

:

Series

2017-1MKT,

Class

XCP,

0.09%,

02/10/32

.....................

1,000

1,360

BlackRock

Balanced

Capital

Portfolio

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-1MKT,

Class

XNCP,

0.00%,

02/10/32

(c)

....................

USD

200

$

2

337,236

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(k)

....

38

6,069

Total

Non-Agency

Mortgage-Backed

Securities

—

1.0%

(Cost:

$5,208,681)

...............................

5,336,945

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(l)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)(e)(g)

.......

620

—

Total

Other

Interests

—

0.0%

..........................

—

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.2%

(a)(h)

Banks

—

0.0%

Bank

of

America

Corp.,

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

............

95

103,614

Citigroup,

Inc.:

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

45

45,439

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

.......................

95

94,556

243,609

Capital

Markets

—

0.2%

Bank

of

New

York

Mellon

Corp.

(The):

Series

E,

(LIBOR

USD

3

Month

+

3.42%),

3.61%

.......................

65

64,986

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.......................

15

15,432

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

.......................

97

102,335

Charles

Schwab

Corp.

(The):

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

.......................

40

40,592

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.......................

120

117,960

State

Street

Corp.:

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

3.78%

.......................

30

30,082

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

.......................

140

147,182

518,569

Total

Capital

Trusts

—

0.2%

(Cost:

$750,752)

.................................

762,178

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Securities

—

17.8%

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

:

Series

2013-63,

0.76%, 09/16/51

.......

USD

508

$

14,886

Series

2016-26,

0.79%, 02/16/58

.......

299

12,726

Series

2016-92,

0.84%, 04/16/58

.......

42

2,000

Series

2016-110,

0.95%, 05/16/58

......

74

4,111

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.15%, 02/16/58

..........

78

5,376

39,099

Mortgage-Backed

Securities

—

17.8%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 01/01/29

-

04/01/31

...........

264

276,737

3.00%, 09/01/27

-

12/01/46

...........

435

462,287

3.50%, 04/01/31

-

01/01/48

...........

637

693,208

4.00%, 08/01/40

-

12/01/45

...........

103

112,914

4.50%, 02/01/39

-

04/01/49

...........

1,477

1,643,926

5.00%, 10/01/41

-

11/01/41

...........

151

174,567

5.50%, 06/01/41

..................

68

79,767

6.00%, 01/01/34

..................

38

43,351

Federal

National

Mortgage

Association,

4.00%, 01/01/41

..................

8

9,044

Government

National

Mortgage

Association:

2.00%, 04/15/51

(m)

.................

1,680

1,696,275

2.50%, 04/15/51

(m)

.................

2,266

2,337,639

3.00%, 02/15/45

-

09/20/50

...........

675

708,263

3.00%, 04/15/51

(m)

.................

4,700

4,895,741

3.50%, 01/15/42

-

10/20/46

...........

3,247

3,478,796

3.50%, 04/15/51

(m)

.................

500

527,617

4.00%, 04/20/39

-

12/20/47

...........

403

440,575

4.00%, 04/15/51

(m)

.................

1,005

1,072,837

4.50%, 12/20/39

-

04/20/50

...........

596

658,604

4.50%, 04/15/51

(m)

.................

207

223,883

5.00%, 12/15/38

-

07/20/42

...........

100

115,462

7.50%, 03/15/32

..................

2

2,213

Uniform

Mortgage-Backed

Securities:

1.50%, 04/25/36

-

04/25/51

(m)

..........

3,618

3,527,875

2.00%, 10/01/31

-

03/01/32

...........

153

157,352

2.00%, 04/25/36

-

05/25/51

(m)

..........

20,023

20,040,163

2.50%, 09/01/27

-

12/01/50

...........

1,198

1,254,336

2.50%, 04/25/36

-

06/25/51

(m)

..........

17,606

18,043,205

3.00%, 04/01/29

-

09/01/50

...........

7,428

7,837,925

3.00%, 04/25/36

-

04/25/51

(m)

..........

2,314

2,414,485

3.50%, 04/01/29

-

08/01/50

...........

3,099

3,356,555

3.50%, 04/25/51

(m)

.................

2,340

2,471,959

4.00%, 10/01/33

-

09/01/50

...........

2,235

2,456,857

4.00%, 04/25/36

-

04/25/51

(m)

..........

3,458

3,708,017

4.50%, 02/01/25

-

04/01/50

...........

4,991

5,559,679

4.50%, 04/25/51

(m)

.................

100

108,859

5.00%, 09/01/35

-

06/01/45

...........

201

230,957

5.00%, 04/25/51

(m)

.................

529

586,043

5.50%, 02/01/35

-

04/01/41

...........

436

506,934

6.00%, 12/01/27

-

06/01/41

...........

251

296,583

6.50%, 05/01/40

..................

73

86,727

92,298,217

Total

U.S.

Government

Sponsored

Agency

Securities

—

17.8%

(Cost:

$91,768,748)

...............................

92,337,316

U.S.

Treasury

Obligations

—

6.1%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

..................

66

86,710

4.50%, 08/15/39

..................

82

111,046

4.38%, 11/15/39

..................

82

109,598

BlackRock

Balanced

Capital

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.13%, 05/15/40

-

08/15/40

...........

USD

180

$

146,616

1.38%, 11/15/40

-

08/15/50

...........

398

316,892

3.13%, 02/15/43

..................

332

377,741

2.88%, 05/15/43

-

11/15/46

...........

597

652,723

3.63%, 08/15/43

..................

332

407,491

3.75%, 11/15/43

..................

332

415,260

2.50%, 02/15/45

..................

178

181,713

2.75%, 11/15/47

..................

178

190,314

3.00%, 02/15/48

(n)

.................

485

543,674

2.25%, 08/15/49

(n)

.................

1,285

1,242,585

2.38%, 11/15/49

..................

873

867,305

1.63%, 11/15/50

..................

268

223,319

U.S.

Treasury

Inflation

Linked

Notes,

0.13%, 01/15/31

..................

2,737

2,946,345

U.S.

Treasury

Notes:

1.13%, 07/31/21

-

02/15/31

...........

1,961

1,935,265

1.75%, 07/31/21

-

11/15/29

...........

5,698

5,839,818

1.50%, 01/31/22

-

02/15/30

...........

5,548

5,628,995

2.13%, 12/31/22

-

05/15/25

...........

1,937

2,033,406

0.50%, 03/15/23

-

05/31/27

...........

561

554,133

0.25%, 04/15/23

-

10/31/25

...........

2,075

2,046,973

2.75%, 05/31/23

..................

623

657,362

1.38%, 01/31/25

..................

41

42,185

2.00%, 02/15/25

..................

782

823,635

0.38%, 04/30/25

-

12/31/25

...........

795

782,089

1.63%, 11/30/26

-

08/15/29

...........

902

909,561

2.25%, 08/15/27

..................

798

845,787

2.88%, 08/15/28

..................

188

206,785

3.13%, 11/15/28

..................

211

235,966

2.63%, 02/15/29

..................

63

68,143

2.38%, 05/15/29

..................

63

66,947

Total

U.S.

Treasury

Obligations

—

6.1%

(Cost:

$31,493,957)

...............................

31,496,382

Total

Long-Term

Investments

—

105.6%

(Cost:

$494,676,339)

..............................

548,403,635

Short-Term

Securities

—

7.4%

Borrowed

Bond

Agreements

—

0.8%

(o)

Bank

of

America

Securities,

Inc.,

(0.40)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

205,560,

collateralized

by

U.S.

Treasury

Bonds,

1.88%,

due

at

02/15/51,

par

and

fair

value

of

USD

230,000

and

$204,125,

respectively)

.

206

205,563

Bank

of

America

Securities,

Inc.,

(0.32)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

442,676,

collateralized

by

U.S.

Treasury

Notes,

0.88%,

due

at

11/15/30,

par

and

fair

value

of

USD

476,000

and

$440,226,

respectively)

.

443

442,680

Bank

of

America

Securities,

Inc.,

(0.18)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

677,924,

collateralized

by

U.S.

Treasury

Notes,

0.63%,

due

at

08/15/30,

par

and

fair

value

of

USD

746,000

and

$676,062,

respectively)

.

678

677,928

Bank

of

America

Securities,

Inc.,

(0.08)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

601,834,

collateralized

by

U.S.

Treasury

Bonds,

1.25%,

due

at

05/15/50,

par

and

fair

value

of

USD

788,000

and

$594,663,

respectively)

.

602

601,835

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Bank

of

America

Securities,

Inc.,

(0.07)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

1,799,170,

collateralized

by

U.S.

Treasury

Notes,

0.63%,

due

at

05/15/30,

par

and

fair

value

of

USD

1,969,000

and

$1,791,790,

respectively)

.....................

USD

1,799

$

1,799,174

Bank

of

America

Securities,

Inc.,

(0.04)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

213,912,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

06/30/25,

par

and

fair

value

of

USD

218,000

and

$213,589,

respectively)

.

214

213,912

Bank

of

America

Securities,

Inc.,

(0.04)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

73,800,

collateralized

by

U.S.

Treasury

Bonds,

2.00%,

due

at

02/15/50,

par

and

fair

value

of

USD

80,000

and

$73,159,

respectively)

...

74

73,800

Bank

of

America

Securities,

Inc.,

(0.04)%, 04/01/21

(Purchased

on

03/31/21

to

be

repurchased

at

USD

43,931,

collateralized

by

U.S.

Treasury

Notes,

0.38%,

due

at

01/31/26,

par

and

fair

value

of

USD

45,000

and

$43,886,

respectively)

...

44

43,931

Total

Borrowed

Bond

Agreements

—

0.8%

(Cost:

$4,058,823)

...............................

4,058,823

Shares

Shares

Money

Market

Funds

—

6.6%

(p)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

*

....................

27,813,538

27,813,538

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

...........

1,052

1,052

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.16%

(q)*

........................

6,582,390

6,584,364

Total

Money

Market

Funds

—

6.6%

(Cost:

$34,398,981)

...............................

34,398,954

Total

Short-Term

Securities

—

7.4%

(Cost:

$38,457,804)

...............................

38,457,777

Total

Options

Purchased

—

0.3%

(Cost:

$394,620)

.................................

1,353,352

Total

Investments

Before

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

113.3%

(Cost:

$533,528,763

)

..............................

588,214,764

Total

Options

Written

—

(0.2)%

(Premium

Received

—

$301,122)

.....................

(884,377)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

—

(0.8)%

U.S.

Treasury

Obligations

—

(0.8)%

U.S.

Treasury

Bonds:

1.25%

,

 05/15/50

..................

788

(594,663)

1.88%

,

 02/15/51

..................

230

(204,125)

2.00%

,

 02/15/50

..................

80

(73,159)

U.S.

Treasury

Notes:

0.25%

,

 06/30/25

..................

218

(213,589)

0.38%

,

 01/31/26

..................

45

(43,886)

BlackRock

Balanced

Capital

Portfolio

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.63%

,

 05/15/30

-

08/15/30

...........

USD

2,715

$

(2,467,852)

0.88%

,

 11/15/30

..................

476

(440,226)

(4,037,500)

Total

U.S.

Treasury

Obligations

—

(0.8)%

(Proceeds:

$4,514,444)

............................

(4,037,500)

Total

Borrowed

Bonds

—

(0.8)%

(Proceeds:

$4,514,444)

............................

(4,037,500)

TBA

Sale

Commitments

—

(8.0)%

(m)

Mortgage-Backed

Securities

—

(8.0)%

Government

National

Mortgage

Association:

3.50%

,

 04/15/51

-

05/15/51

...........

1,000

(1,055,586)

4.00%

,

 04/15/51

..................

46

(49,105)

Uniform

Mortgage-Backed

Securities:

2.00%

,

 04/25/36

-

05/25/51

...........

19,180

(19,151,383)

2.50%

,

 04/25/36

-

05/25/51

...........

7,303

(7,491,442)

3.00%

,

 04/25/36

-

04/25/51

...........

2,136

(2,225,213)

3.50%

,

 04/25/36

-

04/25/51

...........

519

(552,821)

4.00%

,

 04/25/36

-

04/25/51

...........

1,047

(1,120,776)

1.50%

,

 04/25/51

-

05/25/51

...........

7,655

(7,387,812)

4.50%

,

 04/25/51

..................

2,179

(2,372,046)

Total

TBA

Sale

Commitments

—

(8.0)%

(Proceeds:

$41,655,231)

...........................

(41,406,184)

Security

Par

(000)

Par

(000)

Value

Investments

Sold

Short

—

(0.4)%

U.S.

Treasury

Obligations

—

(0.4)%

U.S.

Treasury

Bonds,

1.38%, 08/15/50

.....

USD

211

$

(164,646)

U.S.

Treasury

Notes:

1.50%, 11/30/24

..................

150

(155,098)

0.38%, 04/30/25

..................

106

(104,671)

0.25%, 08/31/25

..................

62

(60,557)

0.25%, 10/31/25

..................

50

(48,685)

0.38%, 12/31/25

..................

52

(50,783)

0.50%, 02/28/26

..................

51

(50,004)

3.13%, 11/15/28

..................

23

(25,721)

1.63%, 08/15/29

..................

460

(461,635)

1.50%, 02/15/30

..................

1,253

(1,237,582)

Total

U.S.

Treasury

Obligations

—

(0.4)%

(Proceeds:

$2,449,767)

............................

(2,359,382)

Total

Investments

Sold

Short

—

(0.4)%

(Proceeds:

$2,449,767)

............................

(2,359,382)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

103.9%

(Cost:

$484,608,199

)

..............................

539,527,321

Liabilities

in

Excess

of

Other

Assets

—

(3.9)%

.............

(20,124,664)

Net

Assets

—

100.0%

...............................

$

519,402,657

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(e)

Non-income

producing

security.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(h)

Perpetual

security

with

no

stated

maturity

date.

(i)

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.

(j)

Amount

is

less

than

500.

(k)

Zero-coupon

bond.

(l)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(m)

Represents

or

includes

a

TBA

transaction.

(n)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

futures

contracts.

(o)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(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.

*

BlackRock

Balanced

Capital

Portfolio

22

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

March

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

      amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/21

Shares

Held

at

03/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

21,088,016

$

6,725,522

$

—

$

—

$

—

$

27,813,538

27,813,538

$

1,323

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

8,019,914

—

(1,435,389)

(134)

(27)

6,584,364

6,582,390

14,141

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

13,611,764

4,290,000

—

—

(21,364)

17,880,400

1,789,830

105,661

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

.....

1,452,672

—

(1,449,525)

51,009

(54,156)

—

—

10,401

—

$

50,875

$

(75,547)

$

52,278,302

$

131,526

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Balanced

Capital

Portfolio

23

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-

Bobl

...............................................................

46

06/08/21

$

7,287

$

2,321

Euro-Bund

..............................................................

3

06/08/21

603

(2,166)

S&P

500

E-Mini

Index

......................................................

108

06/18/21

21,424

279,530

U.S.

Treasury

10

Year

Note

...................................................

151

06/21/21

19,788

(200,121)

U.S.

Treasury

Long

Bond

....................................................

54

06/21/21

8,362

(133,523)

U.S.

Treasury

Ultra

Bond

....................................................

48

06/21/21

8,730

(321,805)

U.S.

Treasury

2

Year

Note

....................................................

73

06/30/21

16,114

(11,838)

U.S.

Treasury

5

Year

Note

....................................................

65

06/30/21

8,024

(75,019)

90-day

Eurodollar

.........................................................

1

09/18/23

247

(27)

(462,648)

Short

Contracts

Euro-

Buxl

...............................................................

6

06/08/21

1,450

4,508

U.S.

Treasury

10

Year

Ultra

Note

...............................................

92

06/21/21

13,237

276,095

Long

Gilt

...............................................................

17

06/28/21

2,990

15,965

90-day

Eurodollar

.........................................................

124

09/16/24

30,467

107,570

404,138

$

(58,510)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

110,144

USD

19,000

UBS

AG

04/05/21

$

569

USD

147,000

BRL

805,169

Citibank

NA

04/05/21

3,951

USD

30,000

COP

108,840,000

BNP

Paribas

SA

04/05/21

276

USD

40,000

RUB

3,002,800

BNP

Paribas

SA

04/05/21

286

USD

50,000

RUB

3,745,000

Citibank

NA

04/05/21

470

EUR

50,000

JPY

6,442,164

Barclays

Bank

plc

04/14/21

458

JPY

6,499,628

EUR

50,000

JPMorgan

Chase

Bank

NA

04/14/21

60

MXN

1,010,175

USD

49,000

Citibank

NA

04/14/21

374

RUB

2,215,020

USD

29,000

Bank

of

America

NA

04/14/21

265

USD

33,262

MXN

680,062

HSBC

Bank

plc

04/14/21

23

USD

5,738

MXN

117,359

JPMorgan

Chase

Bank

NA

04/14/21

2

USD

20,000

RUB

1,476,800

Citibank

NA

04/14/21

489

USD

19,000

RUB

1,405,050

JPMorgan

Chase

Bank

NA

04/14/21

436

USD

20,000

ZAR

295,418

Citibank

NA

04/14/21

12

ZAR

1,616,443

USD

108,000

Bank

of

America

NA

04/14/21

1,371

ZAR

585,306

USD

39,000

BNP

Paribas

SA

04/14/21

602

ZAR

1,008,514

USD

68,000

Citibank

NA

04/14/21

237

MXN

76,234

USD

3,677

Bank

of

America

NA

04/15/21

49

MXN

1,350,233

USD

65,323

Citibank

NA

04/15/21

665

RUB

2,288,760

USD

30,000

BNP

Paribas

SA

04/15/21

236

USD

103,052

EUR

86,000

Barclays

Bank

plc

04/15/21

2,179

USD

39,865

RUB

2,957,585

BNP

Paribas

SA

04/15/21

793

USD

23,173

RUB

1,719,900

Citibank

NA

04/15/21

452

USD

19,000

TRY

142,052

Bank

of

America

NA

04/15/21

1,926

USD

35,000

TRY

266,000

Citibank

NA

04/15/21

3,028

ZAR

585,385

USD

39,000

UBS

AG

04/15/21

603

BRL

55,400

USD

9,750

Deutsche

Bank

AG

05/04/21

75

BRL

111,783

USD

19,650

Morgan

Stanley

&

Co.

International

plc

05/04/21

175

RUB

1,224,340

USD

16,110

Citibank

NA

05/19/21

4

RUB

2,492,607

USD

32,566

Credit

Suisse

International

05/19/21

240

RUB

2,971,791

USD

38,982

HSBC

Bank

plc

05/19/21

130

RUB

3,728,004

USD

48,701

Morgan

Stanley

&

Co.

International

plc

05/19/21

363

USD

16,828

RUB

1,251,944

Bank

of

America

NA

05/19/21

351

BlackRock

Balanced

Capital

Portfolio

24

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

419,229

RUB

31,193,802

Citibank

NA

05/19/21

$

8,681

USD

137,628

RUB

10,245,056

HSBC

Bank

plc

05/19/21

2,791

USD

1,205,360

CNY

7,829,720

HSBC

Bank

plc

05/24/21

17,161

USD

267,774

EUR

221,238

Natwest

Markets

plc

05/24/21

8,056

USD

57,509

IDR

836,014,169

Barclays

Bank

plc

05/24/21

523

USD

248,765

IDR

3,539,433,584

JPMorgan

Chase

Bank

NA

05/24/21

7,503

MXN

1,341,370

USD

62,431

Citibank

NA

05/26/21

2,822

MXN

1,048,968

USD

49,047

HSBC

Bank

plc

05/26/21

1,982

GBP

780,611

EUR

910,000

BNP

Paribas

SA

06/16/21

7,574

USD

68,942

CAD

86,000

BNP

Paribas

SA

06/16/21

503

USD

3,226,798

CNY

21,295,252

Standard

Chartered

Bank

06/16/21

822

USD

778,169

EUR

656,410

Bank

of

America

NA

06/16/21

7,200

USD

390,725

EUR

327,000

BNP

Paribas

SA

06/16/21

6,655

USD

63,339

EUR

53,000

JPMorgan

Chase

Bank

NA

06/16/21

1,090

USD

42,981

EUR

36,000

Natwest

Markets

plc

06/16/21

698

95,211

BRL

156,233

USD

28,000

BNP

Paribas

SA

04/05/21

(243)

BRL

381,901

USD

69,000

Citibank

NA

04/05/21

(1,150)

BRL

172,365

USD

31,000

Deutsche

Bank

AG

04/05/21

(377)

COP

108,600,000

USD

30,000

JPMorgan

Chase

Bank

NA

04/05/21

(342)

RUB

8,850,600

USD

120,000

UBS

AG

04/05/21

(2,944)

USD

30,000

COP

110,280,000

Citibank

NA

04/05/21

(117)

USD

30,000

RUB

2,286,000

BNP

Paribas

SA

04/05/21

(234)

CLP

41,443,320

USD

58,000

Deutsche

Bank

AG

04/14/21

(470)

MXN

2,375,696

USD

116,500

Citibank

NA

04/14/21

(385)

MXN

398,614

USD

19,500

Deutsche

Bank

AG

04/14/21

(17)

RUB

2,896,920

USD

39,000

Bank

of

America

NA

04/14/21

(726)

USD

26,000

MXN

538,343

Citibank

NA

04/14/21

(312)

USD

106,500

MXN

2,199,142

Morgan

Stanley

&

Co.

International

plc

04/14/21

(985)

USD

29,000

RUB

2,211,830

BNP

Paribas

SA

04/14/21

(223)

USD

49,000

ZAR

730,761

BNP

Paribas

SA

04/14/21

(444)

USD

59,000

ZAR

883,742

Deutsche

Bank

AG

04/14/21

(794)

USD

228,598

ZAR

3,406,224

Goldman

Sachs

International

04/14/21

(1,871)

USD

5,000

ZAR

73,910

Morgan

Stanley

&

Co.

International

plc

04/14/21

(1)

USD

79,000

ZAR

1,181,877

UBS

AG

04/14/21

(966)

EUR

50,000

USD

59,252

Barclays

Bank

plc

04/15/21

(604)

EUR

66,000

USD

78,990

HSBC

Bank

plc

04/15/21

(1,576)

RUB

2,431,801

USD

33,038

JPMorgan

Chase

Bank

NA

04/15/21

(912)

TRY

219,082

USD

29,879

Morgan

Stanley

&

Co.

International

plc

04/15/21

(3,546)

USD

65,823

MXN

1,364,685

Bank

of

America

NA

04/15/21

(871)

USD

60,000

MXN

1,254,222

HSBC

Bank

plc

04/15/21

(1,296)

KZT

5,362,081

USD

12,590

Citibank

NA

04/20/21

(23)

USD

4,000

TRY

34,024

BNP

Paribas

SA

04/26/21

(55)

USD

4,000

TRY

33,840

JPMorgan

Chase

Bank

NA

04/26/21

(33)

USD

20,000

BRL

113,608

Citibank

NA

05/04/21

(149)

USD

19,000

BRL

110,299

UBS

AG

05/04/21

(562)

RUB

2,425,000

USD

32,153

BNP

Paribas

SA

05/19/21

(237)

RUB

1,979,400

USD

26,237

Credit

Suisse

International

05/19/21

(186)

RUB

1,838,261

USD

24,236

HSBC

Bank

plc

05/19/21

(42)

RUB

4,203,173

USD

56,346

Morgan

Stanley

&

Co.

International

plc

05/19/21

(1,027)

IDR

790,000,000

USD

54,236

BNP

Paribas

SA

05/24/21

(386)

IDR

756,000,000

USD

52,002

Goldman

Sachs

International

05/24/21

(470)

USD

65,169

MXN

1,356,151

Barclays

Bank

plc

05/26/21

(802)

USD

50,218

MXN

1,034,187

UBS

AG

05/26/21

(91)

USD

49,000

INR

3,631,880

JPMorgan

Chase

Bank

NA

06/09/21

(103)

EUR

250,000

GBP

214,854

BNP

Paribas

SA

06/16/21

(2,633)

EUR

330,000

GBP

282,957

Citibank

NA

06/16/21

(2,579)

EUR

630,000

USD

749,596

Citibank

NA

06/16/21

(9,646)

EUR

380,000

USD

454,850

JPMorgan

Chase

Bank

NA

06/16/21

(8,531)

BlackRock

Balanced

Capital

Portfolio

25

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

39,000

IDR

575,250,000

Morgan

Stanley

&

Co.

International

plc

07/01/21

$

(10)

(48,971)

$

46,240

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

06/28/21

USD

1.25

USD

1.25

EUR

120

$

4,825

Put

USD

Currency

...............

Down

and

Out

Deutsche

Bank

AG

04/20/21

BRL

5.48

BRL

5.24

USD

116

300

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

04/21/21

MXN

20.10

MXN

19.45

USD

98

223

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

04/21/21

RUB

73.75

RUB

71.60

USD

156

199

USD

Currency

...............

Down

and

Out

BNP

Paribas

SA

04/29/21

RUB

75.00

RUB

72.60

USD

68

203

EUR

Currency

...............

One-Touch

Bank

of

America

NA

05/06/21

USD

1.16

USD

1.16

EUR

99

25,312

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

05/28/21

PLN

4.25

PLN

4.25

EUR

30

145

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

05/28/21

HUF

340.00

HUF

340.00

EUR

40

541

26,923

$

31,748

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2021

Futures

..............

228

06/11/21

USD

99.25

USD

57,000

$

464,550

90-day

Eurodollar

September

2021

Futures

..........

439

09/10/21

USD

99.38

USD

109,750

485,644

90-day

Eurodollar

September

2021

Futures

..........

693

09/10/21

USD

99.75

USD

173,250

251,213

90-day

Eurodollar

December

2021

Futures

..........

199

12/10/21

USD

99.38

USD

49,750

49,750

$

1,251,157

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Citibank

NA

04/08/21

ZAR

15.60

USD

78

$

49

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

04/08/21

ZAR

15.70

USD

69

32

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

04/15/21

BRL

5.55

USD

29

692

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

04/29/21

CLP

760.00

USD

99

235

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

04/29/21

CLP

730.00

USD

198

1,875

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

05/06/21

MXN

22.00

USD

58

200

EUR

Currency

...........................

Bank

of

America

NA

06/09/21

USD

1.23

EUR

1,650

1,678

EUR

Currency

...........................

BNP

Paribas

SA

06/18/21

USD

1.23

EUR

1,640

2,167

6,928

Put

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

04/07/21

JPY

128.50

EUR

132

96

USD

Currency

...........................

Deutsche

Bank

AG

04/08/21

MXN

20.60

USD

138

1,764

EUR

Currency

...........................

Citibank

NA

04/15/21

USD

1.19

EUR

130

1,767

USD

Currency

...........................

Citibank

NA

04/22/21

TRY

7.50

USD

39

78

USD

Currency

...........................

Citibank

NA

04/29/21

ZAR

14.80

USD

138

2,411

BlackRock

Balanced

Capital

Portfolio

26

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Currency

Options

Purchased

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EUR

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

05/06/21

USD

1.18

EUR

1,448

$

17,902

USD

Currency

...........................

Citibank

NA

05/14/21

RUB

73.00

USD

156

812

EUR

Currency

...........................

Goldman

Sachs

International

06/03/21

GBP

0.85

EUR

1,640

18,316

EUR

Currency

...........................

Citibank

NA

06/11/21

GBP

0.85

EUR

1,640

19,526

USD

Currency

...........................

Deutsche

Bank

AG

06/17/21

MXN

20.00

USD

59

847

63,519

$

70,447

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2021

Futures

...............

228

06/11/21

USD

98.88

USD

57,000

$

(266,475)

90-day

Eurodollar

September

2021

Futures

...........

81

09/10/21

USD

99.50

USD

20,250

(10,631)

90-day

Eurodollar

September

2021

Futures

...........

197

09/10/21

USD

99.00

USD

49,250

(102,194)

90-day

Eurodollar

September

2021

Futures

...........

242

09/10/21

USD

99.13

USD

60,500

(164,863)

90-day

Eurodollar

September

2021

Futures

...........

243

09/10/21

USD

98.63

USD

60,750

(276,413)

$

(820,576)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

04/07/21

JPY

130.00

EUR

82

$

(242)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

04/08/21

ZAR

16.30

USD

69

(7)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

04/15/21

BRL

5.55

USD

29

(692)

USD

Currency

.............................

Citibank

NA

04/22/21

TRY

7.50

USD

17

(1,855)

USD

Currency

.............................

Citibank

NA

04/22/21

TRY

7.75

USD

19

(1,577)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

04/29/21

CLP

760.00

USD

198

(470)

USD

Currency

.............................

Bank

of

America

NA

04/30/21

ZAR

15.70

USD

118

(568)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

05/03/21

MXN

21.00

USD

120

(1,192)

USD

Currency

.............................

Deutsche

Bank

AG

05/06/21

MXN

22.00

USD

58

(200)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

05/13/21

BRL

5.75

USD

25

(461)

–

(7,264)

–

Put

USD

Currency

.............................

Citibank

NA

04/02/21

RUB

73.00

USD

80

—

USD

Currency

.............................

Citibank

NA

04/08/21

ZAR

15.00

USD

78

(1,450)

USD

Currency

.............................

Deutsche

Bank

AG

04/15/21

MXN

20.00

USD

59

(204)

USD

Currency

.............................

Citibank

NA

04/22/21

TRY

6.85

USD

17

(7)

USD

Currency

.............................

Deutsche

Bank

AG

04/28/21

MXN

20.00

USD

118

(766)

USD

Currency

.............................

Citibank

NA

04/29/21

ZAR

14.35

USD

148

(831)

EUR

Currency

.............................

Bank

of

America

NA

05/06/21

USD

1.16

EUR

2,172

(5,709)

USD

Currency

.............................

Citibank

NA

05/14/21

RUB

71.00

USD

116

(189)

EUR

Currency

.............................

Citibank

NA

06/11/21

GBP

0.83

EUR

1,640

(4,773)

–

(13,929)

–

$

(21,193)

BlackRock

Balanced

Capital

Portfolio

27

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

1.84%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

02/16/23

1.84

%

USD

262

$

(5,919)

10-Year

Interest

Rate

Swap

(a)

1.93%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

02/23/23

1.93

USD

262

(6,678)

(12,597)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.84%

Semi-Annual

Deutsche

Bank

AG

02/16/23

1.84

USD

262

(15,599)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.93%

Semi-Annual

Bank

of

America

NA

02/23/23

1.93

USD

262

(14,412)

(30,011)

$

(42,608)

(a)

Forward

settling

swaption.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

4.29%

Monthly

N/A

01/13/23

MXN

10,533

$

(6,295)

$

—

$

(6,295)

28

day

MXIBTIIE

Monthly

4.18%

Monthly

N/A

02/16/23

MXN

5,036

(3,853)

—

(3,853)

28

day

MXIBTIIE

Monthly

5.22%

Monthly

N/A

03/29/23

MXN

5,473

693

—

693

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

7,086

(7,503)

—

(7,503)

28

day

MXIBTIIE

Monthly

5.47%

Monthly

N/A

03/21/24

MXN

1,765

(35)

—

(35)

28

day

MXIBTIIE

Monthly

5.50%

Monthly

N/A

03/21/24

MXN

1,767

38

—

38

0.64%

At

Termination

1

day

SONIA

At

Termination

03/01/24

(a)

03/01/25

GBP

2,100

2,082

—

2,082

0.63%

At

Termination

1

day

SONIA

At

Termination

03/01/24

(a)

03/01/25

GBP

2,100

2,168

—

2,168

0.61%

At

Termination

1

day

SONIA

At

Termination

03/11/24

(a)

03/11/25

GBP

2,920

4,291

—

4,291

3

month

LIBOR

Quarterly

1.70%

Semi-Annual

N/A

03/08/51

USD

498

(58,571)

—

(58,571)

3

month

LIBOR

Quarterly

1.77%

Semi-Annual

N/A

03/08/51

USD

498

(50,498)

—

(50,498)

1.50%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/51

USD

996

163,256

—

163,256

$

45,773

$

—

$

45,773

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

month

USCPI

At

Termination

2.32%

At

Termination

01/25/31

USD

870

$

(17,874)

$

—

$

(17,874)

1

month

USCPI

At

Termination

2.34%

At

Termination

01/25/31

USD

870

(16,723)

—

(16,723)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.33%

At

Termination

11/15/40

GBP

59

(6,683)

—

(6,683)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.35%

At

Termination

12/15/40

GBP

15

(1,573)

—

(1,573)

BlackRock

Balanced

Capital

Portfolio

28

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Centrally

Cleared

Inflation

Swaps

(continued)

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)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

200

$

(18,427)

$

—

$

(18,427)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.35%

At

Termination

01/15/41

GBP

8

(939)

—

(939)

$

(62,219)

$

—

$

(62,219)

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Federative

Republic

of

Brazil

..

1.00

%

Quarterly

Barclays

Bank

plc

06/20/26

USD

387

$

23,104

$

22,266

$

838

Republic

of

Colombia

.......

1.00

Quarterly

Citibank

NA

06/20/26

USD

496

8,451

7,891

560

Republic

of

Indonesia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

USD

310

(1,787)

(1,786)

(1)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

66

4,282

4,669

(387)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

115

7,438

8,109

(671)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

781

50,718

55,290

(4,572)

Russian

Federation

........

1.00

Quarterly

Citibank

NA

06/20/26

USD

208

1,123

912

211

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

483

3,295

3,179

116

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

60

(585)

736

(1,321)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

50

(487)

622

(1,109)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

110

(1,072)

1,453

(2,525)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

40

(390)

491

(881)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

50

(487)

613

(1,100)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

2

220

108

112

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

90

(394)

(68)

(326)

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

41

(177)

(6)

(171)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

20

5,388

1,799

3,589

$

–

$

–

$

–

$

98,640

$

106,278

$

(7,638)

$

–

$

–

$

–

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)

CMBX.NA.3.AM

.......

0.50

%

Monthly

Credit

Suisse

International

12/13/49

NR

USD

—

$

—

$

(6)

$

6

CMBX.NA.3.AM

.......

0.50

Monthly

Goldman

Sachs

International

12/13/49

NR

USD

—

—

(13)

13

CMBX.NA.9.BBB-

.....

3.00

Monthly

Deutsche

Bank

AG

09/17/58

NR

USD

7

(769)

(789)

20

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

5

(624)

(401)

(223)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

NR

USD

20

(5,388)

(1,486)

(3,902)

$

(6,781)

$

(2,695)

$

(4,086)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

BlackRock

Balanced

Capital

Portfolio

29

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.27%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

N/A

05/16/21

USD

550

$

(8,767)

$

—

$

(8,767)

1.42%

Semi-Annual

1

day

CLICP

Semi-Annual

Bank

of

America

NA

04/01/21

(a)

04/01/23

CLP

180,449

430

—

430

$

(8,337)

$

—

$

(8,337)

(a)

Forward

swap.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0.00

%

1

day

SONIA

.........................................

Sterling

Overnight

Index

Average

0.05

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

1.70

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.29

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.19

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

PLN

Polish

Zloty

RUB

New

Russian

Ruble

TRY

Turkish

Lira

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

PIK

Payment-In-Kind

RB

Revenue

Bonds

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

BlackRock

Balanced

Capital

Portfolio

30

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

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.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

("NAV")

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

investments

categori

zed

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

10,584,262

$

881,316

$

11,465,578

Common

Stocks

.........................................

307,875,036

—

—

307,875,036

Corporate

Bonds

........................................

—

67,196,281

—

67,196,281

Floating

Rate

Loan

Interests

.................................

—

—

9,780

9,780

Foreign

Agency

Obligations

.................................

—

545,923

—

545,923

Foreign

Government

Obligations

..............................

—

12,355,874

—

12,355,874

Investment

Companies

....................................

17,880,400

—

—

17,880,400

Municipal

Bonds

.........................................

—

1,141,942

—

1,141,942

Non-Agency

Mortgage-Backed

Securities

........................

—

5,328,443

8,502

5,336,945

Capital

Trusts

...........................................

—

762,178

—

762,178

U.S.

Government

Sponsored

Agency

Securities

....................

—

92,337,316

—

92,337,316

U.S.

Treasury

Obligations

...................................

—

31,496,382

—

31,496,382

Short-Term

Securities:

Borrowed

Bond

Agreements

.................................

—

4,058,823

—

4,058,823

Money

Market

Funds

......................................

27,814,590

—

—

27,814,590

Options

Purchased:

Foreign

currency

exchange

contracts

...........................

—

102,195

—

102,195

Interest

rate

contracts

......................................

1,251,157

—

—

1,251,157

Liabilities:

Investments:

Borrowed

Bonds

.........................................

—

(4,037,500)

—

(4,037,500)

TBA

Sale

Commitments

....................................

—

(41,406,184)

—

(41,406,184)

Investments

Sold

Short

....................................

—

(2,359,382)

—

(2,359,382)

Subtotal

....................................................

$

354,821,183

$

178,106,553

$

899,598

$

533,827,334

BlackRock

Balanced

Capital

Portfolio

31

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Fair

Value

Hierarchy

as

of

Period

End

Level

1

Level

2

Level

3

Total

Investments

Valued

at

NAV

(a)

.....................................

6,584,364

$

—

Total

Investments

..............................................

$

540,411,698

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

5,465

$

—

$

5,465

Equity

contracts

...........................................

279,530

—

—

279,530

Foreign

currency

exchange

contracts

............................

—

95,211

—

95,211

Interest

rate

contracts

.......................................

406,459

172,958

—

579,417

Liabilities:

Credit

contracts

...........................................

—

(17,189)

—

(17,189)

Foreign

currency

exchange

contracts

............................

—

(70,164)

—

(70,164)

Interest

rate

contracts

.......................................

(1,565,075)

(178,130)

—

(1,743,205)

Other

contracts

...........................................

—

(62,219)

—

(62,219)

$

(879,086)

$

(54,068)

$

—

$

(933,154)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

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.