BlackRock

Global

Allocation

Portfolio

1

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

March

31,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

1.0%

Cayman

Islands

—

0.2%

(a)(b)

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

0.00%,

04/20/34

.......

USD

250

$

250,000

Voya

CLO

Ltd.,

Series

2017-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.04%),

1.00%,

04/20/34

(c)

.....

150

150,000

400,000

Ireland

—

0.0%

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

(b)

.....

EUR

100

116,863

United

States

—

0.8%

Battalion

CLO

18

Ltd.

(a)(b)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

10/15/32

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

USD

250

251,232

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.54%,

10/15/32

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

250

250,403

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(a)

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

100

101,491

Mercury

Financial

Credit

Card

Master

Trust,

Series

2021-1A,

Class

A,

1.54%,

03/20/26

(a)

...........

193

193,029

SLM

Private

Credit

Student

Loan

Trust

(b)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.51%,

06/15/39

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

61

59,854

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.47%,

06/15/39

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

56

54,502

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.42%,

12/16/41

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

65

63,121

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(LIBOR

USD

1

Month

+

4.75%),

4.86%,

10/15/41

(a)(b)

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

168

182,035

SMB

Private

Education

Loan

Trust

(a)

:

Series

2021-A,

Class

B,

2.31%,

01/15/53

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

100

97,205

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

204

200,404

Series

2021-A,

Class

D1,

3.86%,

01/15/53

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

100

98,323

1,551,599

Total

Asset-Backed

Securities

—

1.0%

(Cost:

$2,054,909)

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

2,068,462

Shares

Shares

Common

Stocks

—

68.8%

Argentina

—

0.0%

(d)

Globant

SA

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

131

27,197

MercadoLibre

,

Inc.

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

8

11,777

38,974

Security

Shares

Shares

Value

Australia

—

0.2%

BHP

Group

Ltd.

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

138

$

4,787

BHP

Group

plc

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

4,612

132,789

Brambles

Ltd.

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

484

3,904

Fortescue

Metals

Group

Ltd.

......

589

8,977

Goodman

Group

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

187

2,582

Quintis

HoldCo

Pty.

Ltd.,

(Acquired

10/22/18,

cost

$115,835)

(c)(d)(e)

...

218,994

172,991

Rio

Tinto

plc

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

1,558

118,857

Telstra

Corp.

Ltd.

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

679

1,758

Wesfarmers

Ltd.

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

71

2,851

449,496

Belgium

—

0.0%

KBC

Group

NV

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

59

4,293

Brazil

—

0.1%

Ambev

SA

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

1,033

2,812

B3

SA

-

Brasil

Bolsa

Balcao

.......

629

6,109

Banco

do

Brasil

SA

(d)

...........

1,092

5,923

Engie

Brasil

Energia

SA

.........

1,138

8,488

Magazine

Luiza

SA

(d)

...........

7,088

25,286

Petroleo

Brasileiro

SA,

ADR

(f)

......

923

7,827

Seguridade

Participacoes

SA

......

1,007

4,338

Vale

SA,

ADR

(f)

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

6,278

109,112

WEG

SA

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

200

2,661

172,556

Canada

—

0.8%

Brookfield

Asset

Management,

Inc.,

Class

A

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

72

3,203

Enbridge,

Inc.

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

39,954

1,455,474

Franco-Nevada

Corp.

...........

49

6,141

George

Weston

Ltd.

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

42

3,719

Loblaw

Cos.

Ltd.

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

117

6,536

Nutrien

Ltd.

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

74

3,986

Royal

Bank

of

Canada

..........

57

5,255

Shopify,

Inc.,

Class

A

(d)

..........

30

33,188

TC

Energy

Corp.

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

399

18,291

Wheaton

Precious

Metals

Corp.

....

2,577

98,429

1,634,222

Chile

—

0.0%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

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

356

18,893

China

—

2.4%

AAC

Technologies

Holdings,

Inc.

...

5,500

27,999

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

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

5,650

51,252

Alibaba

Group

Holding

Ltd.

(d)

......

7,200

204,571

Alibaba

Group

Holding

Ltd.,

ADR

(d)

..

1,658

375,918

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

2,600

28,368

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

500

3,265

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

100

1,407

ANTA

Sports

Products

Ltd.

.......

9,000

147,617

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

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

1,099

48,598

Autobio

Diagnostics

Co.

Ltd.,

Class

A

1,683

28,230

Brilliance

China

Automotive

Holdings

Ltd.

(c)

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

2,000

1,892

BYD

Co.

Ltd.,

Class

A

...........

6,000

152,109

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,000

2,034

China

Construction

Bank

Corp.,

Class

H

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

3,000

2,529

China

Feihe

Ltd.

(a)

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

2,000

5,678

China

Galaxy

Securities

Co.

Ltd.,

Class

H

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

4,000

2,474

BlackRock

Global

Allocation

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

China

(continued)

China

Hongqiao

Group

Ltd.

.......

2,000

$

2,675

China

Life

Insurance

Co.

Ltd.,

Class

H

2,000

4,156

China

Merchants

Bank

Co.

Ltd.,

Class

H

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

5,000

38,306

China

National

Building

Material

Co.

Ltd.,

Class

H

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

12,000

17,385

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

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

200

792

China

Petroleum

&

Chemical

Corp.,

Class

H

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

12,000

6,357

China

Resources

Cement

Holdings

Ltd.

6,000

6,768

China

Resources

Power

Holdings

Co.

Ltd.

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

4,000

5,332

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

6,100

302,724

Country

Garden

Services

Holdings

Co.

Ltd.

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

114

1,162

CSPC

Pharmaceutical

Group

Ltd.

...

2,000

2,432

Dali

Foods

Group

Co.

Ltd.

(a)

.......

4,500

2,558

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

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

2,000

1,866

ENN

Energy

Holdings

Ltd.

........

2,100

33,871

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(a)

.

4,000

49,288

Glodon

Co.

Ltd.,

Class

A

.........

4,000

40,711

GoerTek

,

Inc.,

Class

A

..........

2,200

9,159

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

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

2,500

20,519

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

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

2,000

1,688

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

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

39,500

80,416

Haidilao

International

Holding

Ltd.

(a)

.

4,000

27,434

Haier

Smart

Home

Co.

Ltd.,

Class

H

(d)

800

3,224

Haitong

Securities

Co.

Ltd.,

Class

H

.

4,400

4,086

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

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

4,900

27,314

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(a)(d)

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

1,300

25,889

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

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

8,800

57,028

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)(d)

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

36,000

172,692

Hengan

International

Group

Co.

Ltd.

.

1,000

6,575

Huaneng

Power

International,

Inc.,

Class

H

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

8,000

2,846

Huazhu

Group

Ltd.,

ADR

(d)

.......

525

28,822

Hundsun

Technologies,

Inc.,

Class

A

.

2,780

35,789

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

35,000

25,176

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

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

5,299

32,476

JD

Health

International,

Inc.

(a)(d)

....

19,450

282,937

JD.com,

Inc.,

ADR

(d)

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

220

18,553

KE

Holdings,

Inc.,

ADR

(d)

.........

155

8,832

Kingdee

International

Software

Group

Co.

Ltd.

(d)

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

54,000

169,343

Kingsoft

Cloud

Holdings

Ltd.,

ADR

(d)

.

73

2,870

Lenovo

Group

Ltd.

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

4,000

5,709

Li

Auto,

Inc.,

ADR

(d)(f)

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

9,335

233,375

Lufax

Holding

Ltd.,

ADR

(d)

........

633

9,191

Meituan

Dianping

,

Class

B

(d)

......

900

35,122

Ming

Yuan

Cloud

Group

Holdings

Ltd.

(d)

9,000

41,590

NetEase

,

Inc.,

ADR

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

841

86,842

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(d)

...........

3,024

42,336

NIO,

Inc.,

ADR

(d)

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

137

5,340

Security

Shares

Shares

Value

China

(continued)

Nongfu

Spring

Co.

Ltd.,

Class

H

(a)(d)

.

1,200

$

6,050

Offcn

Education

Technology

Co.

Ltd.,

Class

A

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

300

1,293

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(a)

100

1,901

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

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

10,000

8,701

Pinduoduo

,

Inc.,

ADR

(d)

..........

311

41,637

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

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

3,400

40,879

RLX

Technology,

Inc.,

ADR

(d)

......

328

3,398

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(d)

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

9,200

81,411

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

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

200

3,429

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

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

3,100

40,584

Sun

Art

Retail

Group

Ltd.

(d)

.......

4,500

3,692

TAL

Education

Group,

ADR

(d)

......

1,411

75,982

Tencent

Holdings

Ltd.

...........

11,000

877,883

Tingyi

Cayman

Islands

Holding

Corp.

4,000

7,355

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(a)(d)

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

4,500

36,635

Venustech

Group,

Inc.,

Class

A

....

7,899

40,307

Want

Want

China

Holdings

Ltd.

....

47,000

35,312

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

...

4,139

51,688

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

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

1,200

4,024

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

1,820

39,101

Wuxi

Biologics

Cayman,

Inc.

(a)(d)

....

12,834

161,846

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

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

3,140

42,540

Yihai

International

Holding

Ltd.

(d)

....

5,000

52,167

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

(d)

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

100

1,195

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

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

4,500

24,605

Yum

China

Holdings,

Inc.

........

1,264

74,841

4,861,953

Denmark

—

0.2%

AP

Moller

-

Maersk

A/S,

Class

A

....

3

6,528

AP

Moller

-

Maersk

A/S,

Class

B

....

3

6,965

DSV

Panalpina

A/S

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

1,123

220,269

Genmab

A/S

(d)

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

239

78,606

Pandora

A/S

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

967

103,420

415,788

Finland

—

0.2%

Neste

OYJ

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

6,814

361,862

Nokia

OYJ

(d)

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

14,763

58,958

420,820

France

—

2.9%

Alstom

SA

(d)

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

13,366

665,988

Arkema

SA

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

4,668

565,321

AXA

SA

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

152

4,080

BNP

Paribas

SA

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

4,022

245,058

Carrefour

SA

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

442

8,003

Cie

de

Saint-Gobain

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

173

10,216

Danone

SA

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

11,596

793,724

EssilorLuxottica

SA

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

3,293

536,453

Faurecia

SE

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

1

53

Kering

SA

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

201

138,702

LVMH

Moet

Hennessy

Louis

Vuitton

SE

959

640,566

Orange

SA

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

491

6,042

BlackRock

Global

Allocation

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

France

(continued)

Pernod

Ricard

SA

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

50

$

9,359

Safran

SA

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

7,188

977,766

Sanofi

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

11,226

1,110,073

Sartorius

Stedim

Biotech

.........

6

2,469

Schneider

Electric

SE

...........

123

18,737

Societe

Generale

SA

...........

3,979

104,030

TOTAL

SE

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

399

18,601

Vivendi

SA

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

152

4,989

5,860,230

Germany

—

3.3%

adidas

AG

(d)

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

2,475

773,168

Allianz

SE

(Registered)

..........

4,665

1,186,567

Auto1

Group

SE

(a)(d)

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

3,248

184,162

Continental

AG

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

50

6,619

Daimler

AG

(Registered)

.........

195

17,404

Deutsche

Boerse

AG

...........

66

10,967

Deutsche

Telekom

AG

(Registered)

.

44,235

891,487

E.ON

SE

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

347

4,044

Evonik

Industries

AG

...........

73

2,583

Fresenius

Medical

Care

AG

&

Co.

KGaA

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

65

4,788

Fresenius

SE

&

Co.

KGaA

........

259

11,541

Henkel

AG

&

Co.

KGaA

.........

26

2,576

Infineon

Technologies

AG

........

4,621

196,612

Puma

SE

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

4,303

421,873

Rational

AG

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

55

42,724

RWE

AG

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

2,232

87,588

SAP

SE

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

34

4,170

Siemens

AG

(Registered)

........

10,687

1,755,998

Siemens

Energy

AG

(d)

...........

6,826

245,028

Vantage

Towers

AG

(d)

...........

19,027

535,511

Vonovia

SE

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

1,784

116,583

6,501,993

Hong

Kong

—

0.6%

AIA

Group

Ltd.

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

88,600

1,084,178

CLP

Holdings

Ltd.

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

3,500

34,079

Hang

Lung

Properties

Ltd.

........

25,000

65,256

Hysan

Development

Co.

Ltd.

......

6,000

23,479

Jardine

Matheson

Holdings

Ltd.

....

900

58,965

Nine

Dragons

Paper

Holdings

Ltd.

..

1,000

1,470

1,267,427

India

—

0.3%

HCL

Technologies

Ltd.

..........

521

7,022

Housing

Development

Finance

Corp.

Ltd.

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

114

3,917

Indian

Oil

Corp.

Ltd.

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

3,339

4,206

InterGlobe

Aviation

Ltd.

(a)(d)

.......

1,183

26,471

Petronet

LNG

Ltd.

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

5,780

17,789

Reliance

Industries

Ltd.

.........

14,972

382,260

Tata

Consultancy

Services

Ltd.

....

103

4,488

Think

&

Learn

Private

Limited.

(c)(d)

...

45

146,075

Vedanta

Ltd.

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

701

2,202

594,430

Indonesia

—

0.0%

Bank

Central

Asia

Tbk

.

PT

........

25,600

54,825

Ireland

—

0.1%

Flutter

Entertainment

plc

.........

948

202,541

Israel

—

0.0%

ION

Acquisition

Corp.

2

Ltd.

(d)

.....

3,068

31,171

Security

Shares

Shares

Value

Italy

—

1.7%

Assicurazioni

Generali

SpA

.......

10,918

$

218,132

Enel

SpA

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

167,344

1,664,630

Intesa

Sanpaolo

SpA

...........

525,087

1,422,762

3,305,524

Japan

—

1.8%

Aisin

Seiki

Co.

Ltd.

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

400

15,234

Ajinomoto

Co.,

Inc.

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

4,300

88,145

Asahi

Kasei

Corp.

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

400

4,617

Astellas

Pharma,

Inc.

...........

450

6,932

Canon,

Inc.

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

200

4,547

Daifuku

Co.

Ltd.

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

800

78,615

Disco

Corp.

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

400

126,402

Eisai

Co.

Ltd.

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

100

6,721

ENEOS

Holdings,

Inc.

..........

1,700

7,713

FANUC

Corp.

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

700

168,285

GMO

Payment

Gateway,

Inc.

......

500

66,438

Hitachi

Ltd.

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

200

9,066

Honda

Motor

Co.

Ltd.

...........

200

6,029

Hoya

Corp.

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

5,901

694,529

Japan

Tobacco,

Inc.

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

200

3,842

Kao

Corp.

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

100

6,617

KDDI

Corp.

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

3,600

110,918

Keyence

Corp.

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

500

227,878

Kirin

Holdings

Co.

Ltd.

..........

200

3,838

Kose

Corp.

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

1,500

212,594

Maeda

Road

Construction

Co.

Ltd.

..

600

11,632

Marubeni

Corp.

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

400

3,341

Mitsubishi

Corp.

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

100

2,835

Mitsubishi

Estate

Co.

Ltd.

........

4,400

77,050

Mizuho

Financial

Group,

Inc.

......

200

2,892

Nippon

Telegraph

&

Telephone

Corp.

3,940

101,660

Nissan

Motor

Co.

Ltd.

(d)

..........

800

4,469

Oriental

Land

Co.

Ltd.

..........

1,100

165,529

Otsuka

Holdings

Co.

Ltd.

........

100

4,241

Panasonic

Corp.

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

500

6,475

Rakuten

,

Inc.

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

300

3,584

Recruit

Holdings

Co.

Ltd.

........

5,300

260,263

Shin-Etsu

Chemical

Co.

Ltd.

......

5,020

850,390

Sompo

Holdings,

Inc.

...........

100

3,832

Sony

Corp.

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

1,900

201,084

Sumitomo

Mitsui

Financial

Group,

Inc.

100

3,625

Tokyo

Gas

Co.

Ltd.

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

200

4,456

Toshiba

Corp.

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

100

3,385

Z

Holdings

Corp.

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

10,100

50,381

3,610,084

Luxembourg

—

0.1%

ArcelorMittal

SA

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

3,995

114,982

Macau

—

0.0%

SJM

Holdings

Ltd.

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

14,000

18,372

Mexico

—

0.0%

Grupo

Bimbo

SAB

de

CV

........

2,887

6,059

Netherlands

—

2.7%

Adyen

NV

(a)(d)

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

246

548,926

Akzo

Nobel

NV

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

9,124

1,018,657

ASML

Holding

NV

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

2,078

1,274,997

Heineken

Holding

NV

...........

44

3,910

ING

Groep

NV

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

114,676

1,400,663

JDE

Peet's

NV

(d)

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

135

4,949

Koninklijke

Ahold

Delhaize

NV

.....

358

9,986

Koninklijke

Philips

NV

...........

2,824

161,040

NXP

Semiconductors

NV

........

4,887

983,948

BlackRock

Global

Allocation

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

Netherlands

(continued)

Royal

Dutch

Shell

plc,

Class

A

.....

116

$

2,255

5,409,331

Norway

—

0.0%

LINK

Mobility

Group

Holding

ASA

(d)

..

5,906

28,656

Poland

—

0.1%

Allegro.eu

SA

(a)(d)

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

525

7,390

InPost

SA

(d)

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

4,953

81,120

Polski

Koncern

Naftowy

ORLEN

SA

.

256

4,106

92,616

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

2,092

35,205

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

56

1,853

Singapore

—

0.1%

DBS

Group

Holdings

Ltd.

........

3,000

64,324

United

Overseas

Bank

Ltd.

.......

3,400

65,559

129,883

South

Africa

—

0.1%

Anglo

American

Platinum

Ltd.

.....

46

6,709

Anglo

American

plc

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

3,036

118,913

AngloGold

Ashanti

Ltd.

..........

59

1,284

Kumba

Iron

Ore

Ltd.

(f)

...........

148

6,095

MTN

Group

Ltd.

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

904

5,310

138,311

South

Korea

—

0.5%

Celltrion

,

Inc.

(d)

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

5

1,441

Hana

Financial

Group,

Inc.

.......

168

6,354

Kakao

Corp.

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

611

269,683

KB

Financial

Group,

Inc.

.........

155

7,640

LG

Chem

Ltd.

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

478

342,068

LG

Electronics,

Inc.

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

17

2,270

LG

Uplus

Corp.

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

158

1,715

NCSoft

Corp.

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

110

85,024

POSCO

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

157

44,487

Samsung

Biologics

Co.

Ltd.

(a)(d)

....

13

8,653

Samsung

Electronics

Co.

Ltd.

.....

73

5,281

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

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

30

5,041

Samsung

SDI

Co.

Ltd.

..........

415

244,029

SK

Biopharmaceuticals

Co.

Ltd.

(d)

...

41

3,755

1,027,441

Spain

—

0.3%

Cellnex

Telecom

SA

(a)

...........

9,725

560,629

Endesa

SA

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

211

5,592

566,221

Sweden

—

1.0%

Atlas

Copco

AB,

Class

A

.........

1,407

85,781

Hexagon

AB,

Class

B

...........

2,113

195,048

Sandvik

AB

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

73

1,997

Svenska

Handelsbanken

AB,

Class

A

334

3,631

Swedbank

AB,

Class

A

..........

3,850

67,883

Telefonaktiebolaget

LM

Ericsson,

Class

B

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

11,096

147,080

Volvo

AB,

Class

B

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

61,332

1,553,234

2,054,654

Switzerland

—

0.4%

ABB

Ltd.

(Registered)

...........

480

14,602

Alcon,

Inc.

(d)(f)

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

1,222

85,760

Security

Shares

Shares

Value

Switzerland

(continued)

Cie

Financiere

Richemont

SA

(Registered)

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

812

$

77,971

Kuehne

+

Nagel

International

AG

(Registered)

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

9

2,570

Nestle

SA

(Registered)

..........

1,209

134,775

Novartis

AG

(Registered)

........

66

5,642

Roche

Holding

AG

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

20

6,479

Sika

AG

(Registered)

...........

721

206,173

Straumann

Holding

AG

(Registered)

.

100

124,852

UBS

Group

AG

(Registered)

......

886

13,708

672,532

Taiwan

—

1.2%

ASE

Technology

Holding

Co.

Ltd.

...

1,000

3,815

Cathay

Financial

Holding

Co.

Ltd.

...

21,000

35,362

Chunghwa

Telecom

Co.

Ltd.

......

11,000

43,037

Formosa

Chemicals

&

Fibre

Corp.

..

9,000

27,711

Formosa

Plastics

Corp.

..........

8,000

28,410

Fubon

Financial

Holding

Co.

Ltd.

...

22,000

43,901

Hon

Hai

Precision

Industry

Co.

Ltd.

..

11,760

51,588

MediaTek

,

Inc.

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

3,000

103,190

Nan

Ya

Plastics

Corp.

...........

11,000

30,909

Nanya

Technology

Corp.

.........

1,000

3,256

Sea

Ltd.,

ADR

(d)(f)

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

603

134,608

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

84,000

1,768,974

Uni

-President

Enterprises

Corp.

....

17,000

43,655

United

Microelectronics

Corp.

.....

3,000

5,381

Yageo

Corp.

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

4,000

78,284

2,402,081

Thailand

—

0.0%

Intouch

Holdings

PCL,

Class

F

.....

21,100

39,273

Thai

Beverage

PCL

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

26,400

14,557

53,830

Turkey

—

0.0%

Tupras

Turkiye

Petrol

Rafinerileri

A/S

(d)

544

5,929

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(c)(d)

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

8,338

—

United

Kingdom

—

2.0%

AstraZeneca

plc

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

10,670

1,064,958

Barclays

plc

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

15,655

40,091

Berkeley

Group

Holdings

plc

......

1,877

114,914

BP

plc

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

370

1,503

BT

Group

plc

(d)

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

1,057

2,255

Diageo

plc

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

375

15,405

Experian

plc

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

106

3,652

Farfetch

Ltd.,

Class

A

(d)(f)

.........

1,743

92,414

GlaxoSmithKline

plc

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

1,091

19,314

Legal

&

General

Group

plc

.......

1,691

6,493

Lloyds

Banking

Group

plc

........

2,575

1,510

RELX

plc

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

283

7,098

THG

Holdings

Ltd.

(d)

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

74,619

641,393

Unilever

plc

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

12,843

716,602

Unilever

plc

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

8,143

454,378

Vodafone

Group

plc

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

436,147

795,347

3,977,327

United

States

—

45.7%

Abbott

Laboratories

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

6,809

815,991

AbbVie,

Inc.

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

10,820

1,170,940

ACV

Auctions,

Inc.,

Class

A

(d)

......

2,541

87,944

Adobe,

Inc.

(d)

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

36

17,113

Advance

Auto

Parts,

Inc.

.........

162

29,725

BlackRock

Global

Allocation

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

United

States

(continued)

Advanced

Micro

Devices,

Inc.

(d)

....

64

$

5,024

Aflac,

Inc.

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

62

3,173

Air

Products

&

Chemicals,

Inc.

.....

4,185

1,177,408

Airbnb,

Inc.,

Class

A

(d)

...........

7

1,316

Alaska

Air

Group,

Inc.

(d)

..........

734

50,800

Alphabet,

Inc.,

Class

A

(d)

.........

53

109,314

Alphabet,

Inc.,

Class

C

(d)

.........

1,559

3,224,994

Altair

Engineering,

Inc.,

Class

A

(d)

...

2,424

151,670

Amazon.com,

Inc.

(d)(g)

...........

858

2,654,721

American

Express

Co.

..........

21

2,970

American

Tower

Corp.

..........

5,508

1,316,742

American

Water

Works

Co.,

Inc.

....

757

113,489

Amgen,

Inc.

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

500

124,405

Analog

Devices,

Inc.

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

272

42,182

Anthem,

Inc.

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

2,713

973,831

Apellis

Pharmaceuticals,

Inc.

(d)

.....

977

41,923

Apple,

Inc.

(g)

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

30,036

3,668,897

Applied

Materials,

Inc.

..........

7,601

1,015,494

Aptiv

plc

(d)

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

5,610

773,620

Atlassian

Corp.

plc,

Class

A

(d)

......

511

107,698

Autodesk,

Inc.

(d)

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

2,237

619,985

Avalara,

Inc.

(d)

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

776

103,542

Bank

of

America

Corp.

..........

68,107

2,635,060

Bank

of

New

York

Mellon

Corp.

(The)

238

11,255

Baxter

International,

Inc.

.........

1,572

132,582

Becton

Dickinson

and

Co.

........

1,559

379,071

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.

1,035

264,411

Boston

Scientific

Corp.

(d)

.........

35,474

1,371,070

Bristol-Myers

Squibb

Co.

.........

13,051

823,910

Broadcom,

Inc.

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

290

134,461

Brown-Forman

Corp.,

Class

B

.....

130

8,966

C3.ai,

Inc.,

Class

A

(d)

...........

463

30,516

Cadence

Design

Systems,

Inc.

(d)

...

653

89,454

California

Resources

Corp.

(d)(f)

.....

1,796

43,212

Capital

One

Financial

Corp.

.......

11,572

1,472,306

Capri

Holdings

Ltd.

(d)

...........

3,499

178,450

Cerner

Corp.

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

210

15,095

CH

Robinson

Worldwide,

Inc.

.....

995

94,953

Charles

Schwab

Corp.

(The)

......

18,805

1,225,710

Charter

Communications,

Inc.,

Class

A

(d)

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

1,357

837,296

Chubb

Ltd.

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

2,537

400,770

Cigna

Corp.

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

39

9,428

Citigroup,

Inc.

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

4,566

332,177

Cloudera,

Inc.

(d)

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

1,094

13,314

Cognizant

Technology

Solutions

Corp.,

Class

A

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

6,463

504,890

Colgate-Palmolive

Co.

..........

1,879

148,122

Comcast

Corp.,

Class

A

(g)

........

27,759

1,502,040

ConocoPhillips

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

14,732

780,354

Consolidated

Edison,

Inc.

........

49

3,665

Constellation

Brands,

Inc.,

Class

A

..

17

3,876

Corteva

,

Inc.

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

317

14,779

Costco

Wholesale

Corp.

.........

2,048

721,879

Coupa

Software,

Inc.

(d)

..........

319

81,179

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.

1,864

340,199

Crown

PropTech

Acquisitions

(c)(d)

...

1,220

5

Crown

PropTech

Acquisitions

(d)

.....

3,804

37,812

Cummins,

Inc.

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

27

6,996

Danimer

Scientific,

Inc.

(d)

.........

1,119

42,242

Datadog

,

Inc.,

Class

A

(d)

.........

595

49,587

Deere

&

Co.

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

151

56,495

Dell

Technologies,

Inc.,

Class

C

(d)

...

7,588

668,882

Delta

Air

Lines,

Inc.

(d)

...........

119

5,745

Devon

Energy

Corp.

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

2,857

62,425

Security

Shares

Shares

Value

United

States

(continued)

DexCom

,

Inc.

(d)

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

26

$

9,344

Diversey

Holdings

Ltd.

(d)(f)

........

27,340

402,171

DocuSign,

Inc.

(d)

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

22

4,454

Dow,

Inc.

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

2,972

190,030

DR

Horton,

Inc.

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

11,019

982,013

Driven

Brands

Holdings,

Inc.

(d)

.....

1,368

34,775

Dynatrace

,

Inc.

(d)

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

2,820

136,037

Eaton

Corp.

plc

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

124

17,147

eBay,

Inc.

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

186

11,391

Ecolab,

Inc.

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

30

6,422

Edwards

Lifesciences

Corp.

(d)

.....

3,701

309,552

Electronic

Arts,

Inc.

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

76

10,288

Emerson

Electric

Co.

...........

102

9,202

EPAM

Systems,

Inc.

(d)

...........

115

45,619

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$189,750)

(c)(d)(e)

..........

330

292,050

EQT

Corp.

(d)

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

21,674

402,703

Equinix

,

Inc.

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

3

2,039

Expedia

Group,

Inc.

(d)

...........

575

98,969

Exxon

Mobil

Corp.

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

1,333

74,421

Facebook,

Inc.,

Class

A

(d)

........

2,715

799,649

FedEx

Corp.

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

50

14,202

Ferguson

plc

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

944

112,766

Fifth

Wall

Acquisition

Corp.

I,

Class

A

(d)

7,678

76,782

Ford

Motor

Co.

(d)

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

254

3,112

Fortinet,

Inc.

(d)

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

840

154,913

Fortive

Corp.

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

14,585

1,030,284

Fortune

Brands

Home

&

Security,

Inc.

1,025

98,216

Fox

Corp.,

Class

A

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

171

6,175

Fox

Corp.,

Class

B

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

139

4,855

Freeport-McMoRan,

Inc.

(d)(g)

.......

35,426

1,166,578

Generac

Holdings,

Inc.

(d)

.........

90

29,471

Gilead

Sciences,

Inc.

...........

65

4,201

Global

Payments,

Inc.

..........

6,437

1,297,570

Goldman

Sachs

Group,

Inc.

(The)

..

245

80,115

Green

Plains,

Inc.

(d)

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

1,184

32,051

HCA

Healthcare,

Inc.

...........

742

139,748

Healthcare

Merger

Corp.

(Acquired

10/30/20,

cost

$69,510)

(d)(e)

.....

6,951

43,722

Highland

Transcend

Partners

I

Corp.

(d)

6,368

64,062

Hilton

Worldwide

Holdings,

Inc.

(d)

...

2,137

258,406

Home

Depot,

Inc.

(The)

.........

4,186

1,277,777

HP,

Inc.

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

286

9,081

Humana,

Inc.

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

75

31,444

IDEXX

Laboratories,

Inc.

(d)

........

9

4,404

iHeartMedia

,

Inc.,

Class

A

(d)

.......

74

1,343

Illinois

Tool

Works,

Inc.

..........

54

11,962

Illumina,

Inc.

(d)

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

85

32,645

Incyte

Corp.

(d)

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

28

2,276

Insulet

Corp.

(d)

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

122

31,832

Intel

Corp.

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

1,119

71,616

International

Flavors

&

Fragrances,

Inc.

4,854

677,667

International

Paper

Co.

..........

245

13,247

Intuit,

Inc.

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

32

12,258

Intuitive

Surgical,

Inc.

(d)

..........

513

379,076

Iovance

Biotherapeutics

,

Inc.

(d)

.....

696

22,035

IQVIA

Holdings,

Inc.

(d)

...........

13

2,511

Jawbone

Health

Hub,

Inc.

(Acquired

01/24/17,

cost

$0)

(c)(d)(e)

........

6,968

—

Johnson

&

Johnson

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

12,905

2,120,937

JPMorgan

Chase

&

Co.

(g)

........

15,258

2,322,725

Khosla

Ventures

Acquisition

Co.

(d)

...

5,294

53,469

KLA

Corp.

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

4

1,322

L3Harris

Technologies,

Inc.

.......

4,978

1,008,941

Lam

Research

Corp.

...........

9

5,357

BlackRock

Global

Allocation

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

United

States

(continued)

Las

Vegas

Sands

Corp.

(d)(f)

.......

2,149

$

130,573

Liberty

Media

Acquisition

Corp.

(d)

...

12,377

132,558

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(d)

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

7,202

317,464

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

(d)

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

9,065

399,857

Lions

Gate

Entertainment

Corp.,

Class

A

(d)

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

691

10,330

Live

Nation

Entertainment,

Inc.

(d)

...

600

50,790

Lookout,

Inc.

(Acquired

03/04/15,

cost

$16,643)

(c)(e)

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

1,457

8,523

Lowe's

Cos.,

Inc.

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

5,156

980,568

Lululemon

Athletica

,

Inc.

(d)

........

12

3,681

Lyft,

Inc.,

Class

A

(d)

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

5,229

330,368

Marathon

Oil

Corp.

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

1,708

18,241

Marsh

&

McLennan

Cos.,

Inc.

.....

7,912

963,682

Masco

Corp.

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

2,622

157,058

Mastercard

,

Inc.,

Class

A

.........

5,009

1,783,454

McDonald's

Corp.

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

4,322

968,733

McKesson

Corp.

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

16

3,121

Medtronic

plc

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

140

16,538

Merck

&

Co.,

Inc.

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

5,139

396,166

Micron

Technology,

Inc.

(d)

........

10,016

883,511

Microsoft

Corp.

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

18,472

4,355,143

MongoDB,

Inc.

(d)

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

346

92,531

Monster

Beverage

Corp.

(d)

........

1,068

97,284

Morgan

Stanley

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

16,806

1,305,154

Netflix,

Inc.

(d)

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

28

14,606

Nevro

Corp.

(d)

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

185

25,808

New

Relic,

Inc.

(d)

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

826

50,782

NextEra

Energy,

Inc.

...........

21,172

1,600,815

Northern

Genesis

Acquisition

Corp.

II

(d)

2,980

30,515

Northern

Trust

Corp.

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

50

5,256

Northrop

Grumman

Corp.

........

78

25,244

NVIDIA

Corp.

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

1,692

903,410

Okta

,

Inc.

(d)

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

660

145,484

Opendoor

Technologies,

Inc.

(d)

.....

15,017

318,210

Otis

Worldwide

Corp.

...........

265

18,139

Palo

Alto

Networks,

Inc.

(d)

........

521

167,793

Parker-Hannifin

Corp.

...........

14

4,416

PayPal

Holdings,

Inc.

(d)

..........

4,087

992,487

Peloton

Interactive,

Inc.,

Class

A

(d)

..

5,106

574,119

Penn

National

Gaming,

Inc.

(d)

......

951

99,703

PepsiCo,

Inc.

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

952

134,660

Pioneer

Natural

Resources

Co.

....

143

22,711

Playtika

Holding

Corp.

(d)

.........

16,342

444,666

PNC

Financial

Services

Group,

Inc.

(The)

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

65

11,402

PPG

Industries,

Inc.

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

7,128

1,071,053

Procter

&

Gamble

Co.

(The)

......

35

4,740

Prologis,

Inc.

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

113

11,978

Proofpoint

,

Inc.

(d)

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

384

48,303

Prudential

Financial,

Inc.

.........

60

5,466

PTC,

Inc.

(d)

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

6,918

952,263

PubMatic,

Inc.,

Class

A

(d)(f)

........

1,439

70,971

PVH

Corp.

(d)

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

761

80,438

QUALCOMM,

Inc.

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

1,695

224,740

Quest

Diagnostics,

Inc.

..........

795

102,030

Raytheon

Technologies

Corp.

.....

7,220

557,889

Regeneron

Pharmaceuticals,

Inc.

(d)

..

7

3,312

Reinvent

Technology

Partners

Z

(d)

...

4,896

50,208

RingCentral,

Inc.,

Class

A

(d)

.......

308

91,747

Rockwell

Automation,

Inc.

........

23

6,105

Rotor

Acquisition

Corp.

(d)

.........

1,371

13,723

Rotor

Acquisition

Corp.

(c)(d)

........

740

818

Security

Shares

Shares

Value

United

States

(continued)

Sabre

Corp.

(d)(f)

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

245

$

3,628

salesforce.com,

Inc.

(d)

...........

4,867

1,031,171

SBA

Communications

Corp.

......

22

6,106

Schlumberger

Ltd.

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

244

6,634

Seagen

,

Inc.

(d)

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

444

61,654

Sempra

Energy

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

7,571

1,003,763

Sensata

Technologies

Holding

plc

(d)

.

624

36,161

ServiceNow

,

Inc.

(d)

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

904

452,099

Silk

Road

Medical,

Inc.

(d)

.........

1,227

62,148

Sonos

,

Inc.

(d)

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

7,855

294,327

Southern

Co.

(The)

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

91

5,657

Southwest

Airlines

Co.

(d)

.........

6,862

418,994

Splunk

,

Inc.

(d)

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

771

104,455

Stanley

Black

&

Decker,

Inc.

......

27

5,391

Starbucks

Corp.

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

3,831

418,613

Starwood

Property

Trust,

Inc.

......

5,840

144,482

Stryker

Corp.

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

361

87,932

Sun

Country

Airlines

Holdings

Inc.,

(Acquired

03/17/21,

cost

$168,478)

(d)

(e)

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

7,468

244,198

Sysco

Corp.

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

33

2,598

Target

Corp.

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

48

9,508

Tesla,

Inc.

(d)

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

15

10,019

Thermo

Fisher

Scientific,

Inc.

(g)

.....

1,716

783,148

Thoma

Bravo

Advantage,

Class

A

(d)

.

3,351

35,018

TJX

Cos.,

Inc.

(The)

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

12,443

823,104

T-Mobile

US,

Inc.

(d)

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

1,596

199,963

Toll

Brothers,

Inc.

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

9,324

528,951

TransDigm

Group,

Inc.

(d)

.........

337

198,129

Travelers

Cos.,

Inc.

(The)

........

585

87,984

Twilio

,

Inc.,

Class

A

(d)

...........

538

183,329

Ulta

Beauty,

Inc.

(d)

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

534

165,097

Union

Pacific

Corp.

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

5,807

1,279,921

United

Parcel

Service,

Inc.,

Class

B

.

6,947

1,180,921

United

States

Steel

Corp.

........

5,986

156,654

UnitedHealth

Group,

Inc.

.........

5,130

1,908,719

US

Bancorp

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

3,216

177,877

Uwm

Holdings

Corp.

(Acquired

01/20/21,

cost

$

182,088)

(d)(e)

....

10,475

83,067

Vail

Resorts,

Inc.

(d)

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

53

15,458

Valero

Energy

Corp.

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

6,668

477,429

Verizon

Communications,

Inc.

.....

265

15,410

Vertex

Pharmaceuticals,

Inc.

(d)

.....

1,294

278,068

Vertiv

Holdings

Co.

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

2,886

57,720

Vertiv

Holdings

Co.

(Acquired

02/04/20,

cost

$391,550)

(d)(e)

...........

39,155

783,100

VF

Corp.

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

79

6,314

Visa,

Inc.,

Class

A

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

1,088

230,362

VMware,

Inc.,

Class

A

(d)(f)

.........

5,789

870,955

Vulcan

Materials

Co.

...........

5,377

907,369

Walmart,

Inc.

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

4,953

672,766

Walt

Disney

Co.

(The)

(d)

.........

6,391

1,179,267

Wayfair,

Inc.,

Class

A

(d)

..........

117

36,826

Western

Digital

Corp.

...........

1,580

105,465

Weyerhaeuser

Co.

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

2,227

79,281

Workday,

Inc.,

Class

A

(d)

.........

298

74,032

Wynn

Resorts

Ltd.

(d)

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

1,519

190,437

Xilinx,

Inc.

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

721

89,332

Yum!

Brands,

Inc.

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

31

3,354

Zoetis,

Inc.

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

712

112,126

Zoom

Video

Communications,

Inc.,

Class

A

(d)

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

53

17,028

BlackRock

Global

Allocation

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

United

States

(continued)

Zscaler

,

Inc.

(d)

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

1,097

$

188,322

91,372,159

Total

Common

Stocks

—

68.8%

(Cost:

$103,959,666)

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

137,552,662

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

4.6%

Australia

—

0.4%

Quintis

Australia

Pty.

Ltd.

(a)(c)(h)

:

0.00%,

(0.00%

Cash

or

8.00%

PIK),

10/01/26

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

USD

411

394,744

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

414

414,143

Westpac

Banking

Corp.,

2.96%

,

11/16/40

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

14

13,024

821,911

Belgium

—

0.0%

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.50%

,

06/01/50

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

19

21,558

Brazil

—

0.0%

Petrobras

Global

Finance

BV,

5.60%

,

01/03/31

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

44

46,376

Canada

—

0.0%

(a)

1011778

BC

ULC:

4.38%,

01/15/28

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

3

3,014

4.00%,

10/15/30

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

21

20,265

Bombardier,

Inc.,

6.13%

,

01/15/23

..

5

5,207

Brookfield

Residential

Properties,

Inc.,

6.25%

,

09/15/27

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

3

3,131

Mattamy

Group

Corp.,

4.63%

,

03/01/30

36

35,758

67,375

China

—

0.0%

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(d)(

i

)(j)(k)

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

300

300

Germany

—

0.1%

(a)

Douglas

GmbH,

6.00%

,

04/08/26

...

EUR

127

145,791

Kirk

Beauty

SUN

GmbH,

8.25%

,

10/01/26

(b)

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

100

111,419

257,210

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%

,

12/15/24

(a)

.

135

146,441

India

—

0.0%

REI

Agro

Ltd.

(d)(

i

)(j)

:

5.50%,

11/13/14

(a)

...........

USD

220

2,115

5.50%,

11/13/14

(c)

...........

152

—

2,115

Italy

—

0.2%

Forno

d'Asolo

SpA

,

(EURIBOR

3

Month

+

5.50%),

5.50%

,

04/30/27

(a)(b)

...

EUR

178

194,888

KME

SE,

6.75%

,

02/01/23

........

100

99,401

294,289

Security

Par

(000)

Par

(000)

Value

Luxembourg

—

0.2%

(a)

Garfunkelux

Holdco

3

SA,

7.75%

,

11/01/25

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

GBP

100

$

142,446

Intelsat

Jackson

Holdings

SA,

8.00%

,

02/15/24

(l)

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

USD

179

185,265

327,711

Peru

—

0.0%

Hudbay

Minerals,

Inc.,

6.13%

,

04/01/29

(a)

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

3

3,202

South

Korea

—

0.0%

Clark

Equipment

Co.,

5.88%

,

06/01/25

(a)

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

6

6,349

Turkey

—

0.0%

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(a)(c)(d)(

i

)(j)

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

800

75,040

United

Arab

Emirates

—

0.0%

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

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

4

4,082

United

Kingdom

—

0.4%

BAT

Capital

Corp.,

3.98%

,

09/25/50

.

26

24,366

British

Airways

Pass-Through

Trust

(a)

:

Series

2020-1,

Class

B,

8.38%,

11/15/28

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

28

31,332

Series

2020-1,

Class

A,

4.25%,

11/15/32

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

13

13,502

Lloyds

Banking

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

2.40%),

2.71%

,

12/03/35

(b)

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

GBP

221

303,959

Modulaire

Global

Finance

plc,

6.50%

,

02/15/23

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

EUR

273

325,126

Vodafone

Group

plc:

4.25%,

09/17/50

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

USD

15

16,525

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(b)

.........

3

3,618

718,428

United

States

—

3.2%

7-Eleven,

Inc.,

2.80%

,

02/10/51

(a)

...

18

16,121

AbbVie,

Inc.,

4.25%

,

11/21/49

.....

5

5,658

Acadia

Healthcare

Co.,

Inc.

(a)

:

5.50%,

07/01/28

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

15

15,791

5.00%,

04/15/29

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

6

6,227

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

22

23,182

Air

Lease

Corp.,

3.13%

,

12/01/30

...

39

38,884

Albertsons

Cos.,

Inc.:

5.75%,

03/15/25

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

3

3,098

3.50%,

03/15/29

(a)

...........

95

90,406

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(a)

154

166,320

Altria

Group,

Inc.:

3.40%,

02/04/41

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

9

8,350

3.70%,

02/04/51

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

18

16,399

Amazon.com,

Inc.,

2.50%

,

06/03/50

.

18

16,100

AMC

Networks,

Inc.:

5.00%,

04/01/24

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

2

2,025

4.75%,

08/01/25

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

3

3,077

American

Tower

Corp.:

3.10%,

06/15/50

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

9

8,274

2.95%,

01/15/51

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

18

15,913

AMN

Healthcare,

Inc.,

4.00%

,

04/15/29

(a)

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

7

6,965

Anthem,

Inc.,

3.13%

,

05/15/50

.....

9

8,588

BlackRock

Global

Allocation

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Apple,

Inc.,

2.65%

,

02/08/51

......

USD

18

$

16,448

Aramark

Services,

Inc.:

4.75%,

06/01/26

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

4

4,112

5.00%,

02/01/28

(a)

...........

9

9,340

AT&T,

Inc.,

3.30%

,

02/01/52

......

18

16,212

Avantor

Funding,

Inc.,

4.63%

,

07/15/28

(a)

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

22

22,976

Ball

Corp.,

2.88%

,

08/15/30

.......

7

6,743

Bank

of

America

Corp.

(b)

:

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

..........

8

8,882

Series

N,

(SOFR

+

1.65%),

3.48%,

03/13/52

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

16

16,304

Bausch

Health

Americas,

Inc.,

9.25%

,

04/01/26

(a)

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

5

5,540

Bausch

Health

Cos.,

Inc.

(a)

:

9.00%,

12/15/25

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

5

5,432

7.00%,

01/15/28

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

3

3,257

6.25%,

02/15/29

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

10

10,630

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

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

9

9,699

Boise

Cascade

Co.,

4.88%

,

07/01/30

(a)

4

4,190

Bristow

Group,

Inc.,

6.88%

,

03/01/28

(a)

35

34,887

Broadcom,

Inc.

(a)

:

1.95%,

02/15/28

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

10

9,775

3.75%,

02/15/51

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

26

24,862

Buckeye

Partners

LP:

4.15%,

07/01/23

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

1

1,026

4.35%,

10/15/24

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

9

9,247

4.13%,

03/01/25

(a)

...........

47

47,954

Builders

FirstSource

,

Inc.,

6.75%

,

06/01/27

(a)

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

3

3,229

BY

Crown

Parent

LLC,

4.25%

,

01/31/26

(a)

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

4

4,154

Caesars

Entertainment,

Inc.

(a)

:

6.25%,

07/01/25

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

119

126,856

8.13%,

07/01/27

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

65

71,678

Caesars

Resort

Collection

LLC,

5.75%

,

07/01/25

(a)

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

24

25,327

Calpine

Corp.

(a)

:

4.50%,

02/15/28

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

4

4,033

5.13%,

03/15/28

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

12

12,056

Carrier

Global

Corp.,

3.58%

,

04/05/50

35

34,370

CCO

Holdings

LLC,

4.75%

,

03/01/30

(a)

12

12,435

Cedar

Fair

LP:

5.50%,

05/01/25

(a)

...........

4

4,210

5.38%,

04/15/27

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

2

2,050

5.25%,

07/15/29

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

2

2,056

Centene

Corp.,

4.25%

,

12/15/27

...

11

11,571

Charter

Communications

Operating

LLC:

2.80%,

04/01/31

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

122

120,400

3.50%,

06/01/41

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

17

16,123

3.70%,

04/01/51

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

6

5,612

Cheniere

Energy

Partners

LP:

5.63%,

10/01/26

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

5

5,229

4.50%,

10/01/29

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

5

5,185

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

(a)

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

33

34,272

Chesapeake

Energy

Corp.

(a)

:

5.50%,

02/01/26

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

39

40,595

5.88%,

02/01/29

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

8

8,480

Chobani

LLC,

4.63%

,

11/15/28

(a)

...

4

4,080

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Churchill

Downs,

Inc.,

5.50%

,

04/01/27

(a)

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

USD

3

$

3,136

Citigroup,

Inc.

(b)

:

(SOFR

+

3.91%),

4.41%,

03/31/31

51

58,202

(SOFR

+

4.55%),

5.32%,

03/26/41

12

15,450

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(a)

2

2,110

CommScope

,

Inc.,

7.13%

,

07/01/28

(a)

14

14,869

Community

Health

Systems,

Inc.,

8.00%

,

03/15/26

(a)

...........

15

16,219

Crown

Castle

International

Corp.,

3.25%

,

01/15/51

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

6

5,523

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

6

6,121

CSC

Holdings

LLC,

4.63%

,

12/01/30

(a)

200

196,723

CVS

Health

Corp.,

5.05%

,

03/25/48

.

5

6,138

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(a)

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

2

2,103

DaVita,

Inc.

(a)

:

4.63%,

06/01/30

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

73

74,377

3.75%,

02/15/31

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

117

111,586

DCP

Midstream

Operating

LP,

5.38%

,

07/15/25

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

2

2,167

Dell

International

LLC,

8.35%

,

07/15/46

(a)

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

11

16,735

DISH

DBS

Corp.,

7.75%

,

07/01/26

..

5

5,519

Elanco

Animal

Health,

Inc.

(l)

:

4.91%,

08/27/21

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

2

2,018

5.90%,

08/28/28

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

3

3,401

Emergent

BioSolutions

,

Inc.,

3.88%

,

08/15/28

(a)

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

4

3,910

Encompass

Health

Corp.,

4.50%

,

02/01/28

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

3

3,072

Endeavor

Energy

Resources

LP

(a)

:

6.63%,

07/15/25

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

2

2,137

5.50%,

01/30/26

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

2

2,076

5.75%,

01/30/28

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

8

8,451

Endo

Luxembourg

Finance

Co.

I

Sarl

,

6.13%

,

04/01/29

(a)

...........

18

18,158

Energizer

Holdings,

Inc.

(a)

:

4.75%,

06/15/28

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

9

9,281

4.38%,

03/31/29

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

5

5,018

Energy

Transfer

Operating

LP,

5.00%

,

05/15/50

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

16

16,548

Enterprise

Products

Operating

LLC,

3.20%

,

02/15/52

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

27

24,629

Equinix

,

Inc.,

2.95%

,

09/15/51

.....

18

15,847

Ford

Motor

Co.:

9.00%,

04/22/25

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

8

9,689

9.63%,

04/22/30

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

2

2,791

Forestar

Group,

Inc.

(a)

:

8.00%,

04/15/24

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

24

25,050

5.00%,

03/01/28

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

97

100,668

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

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

6

6,376

4.63%,

08/01/30

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

11

11,970

Fresh

Market,

Inc.

(The),

9.75%

,

05/01/23

(a)

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

26

26,748

Frontier

Communications

Corp.:

10.50%,

09/15/22

(d)(j)

.........

87

59,486

6.75%,

05/01/29

(a)

...........

18

18,985

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

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

7

7,457

GCI

LLC,

4.75%

,

10/15/28

(a)

......

12

12,285

General

Electric

Co.,

4.35%

,

05/01/50

20

22,199

General

Motors

Co.,

5.95%

,

04/01/49

17

21,572

BlackRock

Global

Allocation

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

General

Motors

Financial

Co.,

Inc.,

2.70%

,

08/20/27

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

USD

69

$

70,295

Genesis

Energy

LP,

8.00%

,

01/15/27

10

10,125

Gilead

Sciences,

Inc.,

2.80%

,

10/01/50

18

15,998

Graham

Packaging

Co.,

Inc.,

7.13%

,

08/15/28

(a)

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

3

3,191

Gray

Television,

Inc.,

7.00%

,

05/15/27

(a)

4

4,350

Great

Western

Petroleum

LLC,

12.00%

,

09/01/25

(a)

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

9

8,010

Herc

Holdings,

Inc.,

5.50%

,

07/15/27

(a)

2

2,128

Hess

Corp.:

4.30%,

04/01/27

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

36

39,234

5.60%,

02/15/41

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

14

16,151

Hilton

Domestic

Operating

Co.,

Inc.:

4.88%,

01/15/30

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

4

4,243

4.00%,

05/01/31

(a)

...........

7

7,000

3.63%,

02/15/32

(a)

...........

113

109,678

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

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

3

3,131

Hologic

,

Inc.,

3.25%

,

02/15/29

(a)

....

69

68,138

Howard

Hughes

Corp.

(The)

(a)

:

5.38%,

08/01/28

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

54

56,767

4.13%,

02/01/29

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

29

28,354

4.38%,

02/01/31

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

32

31,340

Hughes

Satellite

Systems

Corp.,

7.63%

,

06/15/21

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

19

19,219

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

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

6

6,182

5.25%,

08/15/27

(a)

...........

3

3,086

4.75%,

01/15/28

(a)

...........

2

2,015

Iron

Mountain,

Inc.

(a)

:

4.88%,

09/15/27

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

3

3,069

5.25%,

03/15/28

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

2

2,077

5.25%,

07/15/30

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

72

74,290

4.50%,

02/15/31

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

83

82,054

Jaguar

Holding

Co.

II/PPD

Development

LP,

5.00%

,

06/15/28

(a)

6

6,249

JBS

USA

LUX

SA

(a)

:

6.75%,

02/15/28

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

4

4,370

6.50%,

04/15/29

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

6

6,777

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%

,

08/01/28

(a)

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

6

6,720

JPMorgan

Chase

&

Co.,

(SOFR

+

2.44%),

3.11%

,

04/22/51

(b)

.....

16

15,670

Kinder

Morgan,

Inc.,

3.60%

,

02/15/51

26

24,226

Kraft

Heinz

Foods

Co.,

5.00%

,

07/15/35

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

2

2,302

Kroger

Co.

(The),

3.95%

,

01/15/50

..

8

8,644

L

Brands,

Inc.:

5.25%,

02/01/28

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

3

3,218

6.63%,

10/01/30

(a)

...........

3

3,425

Lamar

Media

Corp.,

4.88%

,

01/15/29

3

3,127

Lamb

Weston

Holdings,

Inc.,

4.88%

,

11/01/26

(a)

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

4

4,137

Legends

Hospitality

Holding

Co.

LLC,

5.00%

,

02/01/26

(a)

...........

4

4,070

Level

3

Financing,

Inc.

(a)

:

4.25%,

07/01/28

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

144

145,628

3.63%,

01/15/29

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

77

74,594

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

37

37,004

Lowe's

Cos.,

Inc.,

3.00%

,

10/15/50

..

9

8,394

Lumen

Technologies,

Inc.

(a)

:

5.13%,

12/15/26

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

4

4,213

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.00%,

02/15/27

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

USD

4

$

4,086

LYB

International

Finance

III

LLC,

3.63%

,

04/01/51

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

6

5,910

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(a)

...........

56

59,479

6.50%,

09/15/26

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

3

3,133

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

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

3

3,184

Mauser

Packaging

Solutions

Holding

Co.,

7.25%

,

04/15/25

(a)

........

10

10,000

McDonald's

Corp.,

4.45%

,

09/01/48

.

44

51,310

Meritor,

Inc.,

6.25%

,

06/01/25

(a)

....

15

15,975

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

5

5,367

4.63%,

06/15/25

(a)

...........

8

8,438

5.75%,

02/01/27

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

2

2,205

3.88%,

02/15/29

(a)

...........

28

27,891

MGM

Resorts

International:

6.75%,

05/01/25

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

3

3,232

5.50%,

04/15/27

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

4

4,300

Michaels

Stores,

Inc.,

8.00%

,

07/15/27

(a)

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

18

19,890

Molina

Healthcare,

Inc.,

3.88%

,

11/15/30

(a)

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

10

10,288

Morgan

Stanley,

(SOFR

+

1.43%),

2.80%

,

01/25/52

(b)

...........

9

8,284

Motorola

Solutions,

Inc.,

5.50%

,

09/01/44

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

13

15,761

MPT

Operating

Partnership

LP:

5.00%,

10/15/27

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

6

6,312

4.63%,

08/01/29

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

3

3,156

Nationstar

Mortgage

Holdings,

Inc.

(a)

:

5.50%,

08/15/28

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

17

17,069

5.13%,

12/15/30

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

10

9,862

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

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

21

21,739

Nexstar

Broadcasting,

Inc.

(a)

:

5.63%,

07/15/27

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

5

5,241

4.75%,

11/01/28

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

26

26,274

NRG

Energy,

Inc.:

5.75%,

01/15/28

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

4

4,250

5.25%,

06/15/29

(a)

...........

6

6,420

NuStar

Logistics

LP,

5.75%

,

10/01/25

67

71,725

ONEOK

Partners

LP,

4.90%

,

03/15/25

79

87,752

Oracle

Corp.,

3.95%

,

03/25/51

.....

54

55,667

Outfront

Media

Capital

LLC

(a)

:

6.25%,

06/15/25

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

3

3,172

5.00%,

08/15/27

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

3

3,030

Park

Intermediate

Holdings

LLC,

5.88%

,

10/01/28

(a)

...........

9

9,542

Parsley

Energy

LLC,

5.63%

,

10/15/27

(a)

3

3,251

PBF

Holding

Co.

LLC,

9.25%

,

05/15/25

(a)

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

26

26,545

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

10

10,750

PG&E

Corp.:

5.00%,

07/01/28

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

47

49,654

5.25%,

07/01/30

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

9

9,540

Picasso

Finance

Sub,

Inc.,

6.13%

,

06/15/25

(a)

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

9

9,563

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(a)

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

4

4,287

BlackRock

Global

Allocation

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Pioneer

Natural

Resources

Co.,

1.90%

,

08/15/30

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

USD

57

$

52,900

Pitney

Bowes,

Inc.

(a)

:

6.88%,

03/15/27

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

33

32,711

7.25%,

03/15/29

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

30

29,668

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

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

17

16,748

Post

Holdings,

Inc.,

4.63%

,

04/15/30

(a)

13

13,033

Prime

Security

Services

Borrower

LLC

(a)

:

3.38%,

08/31/27

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

9

8,730

6.25%,

01/15/28

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

4

4,164

Quicken

Loans

LLC

(a)

:

3.63%,

03/01/29

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

88

84,700

3.88%,

03/01/31

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

95

91,438

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(a)

14

14,700

Radiate

Holdco

LLC,

4.50%

,

09/15/26

(a)

21

21,236

Reynolds

Group

Issuer,

Inc.,

4.00%

,

10/15/27

(a)

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

4

3,920

Royalty

Pharma

plc,

3.55%

,

09/02/50

(a)

17

16,200

Scientific

Games

International,

Inc.,

5.00%

,

10/15/25

(a)

...........

2

2,071

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%

,

08/01/25

(a)

...........

9

9,781

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

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

152

161,540

Service

Properties

Trust:

5.00%,

08/15/22

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

95

96,419

4.50%,

06/15/23

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

70

71,110

7.50%,

09/15/25

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

10

11,364

Shea

Homes

LP,

4.75%

,

04/01/29

(a)

.

21

21,241

Shift4

Payments

LLC,

4.63%

,

11/01/26

(a)

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

2

2,075

Sirius

XM

Radio,

Inc.

(a)

:

5.00%,

08/01/27

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

7

7,343

5.50%,

07/01/29

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

5

5,406

4.13%,

07/01/30

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

69

69,080

Six

Flags

Entertainment

Corp.,

4.88%

,

07/31/24

(a)

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

4

4,038

SM

Energy

Co.:

1.50%,

07/01/21

(

i

)

...........

49

48,515

10.00%,

01/15/25

(a)

..........

44

49,500

Spirit

Loyalty

Cayman

Ltd.,

8.00%

,

09/20/25

(a)

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

9

10,694

Standard

Industries,

Inc.

(a)

:

5.00%,

02/15/27

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

2

2,085

4.38%,

07/15/30

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

12

12,108

3.38%,

01/15/31

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

5

4,738

Steel

Dynamics,

Inc.,

3.25%

,

10/15/50

17

15,864

Stericycle,

Inc.,

3.88%

,

01/15/29

(a)

..

4

3,950

Summit

Materials

LLC,

5.25%

,

01/15/29

(a)

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

6

6,263

Sunoco

LP:

6.00%,

04/15/27

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

3

3,139

4.50%,

05/15/29

(a)

...........

10

9,962

Talen

Energy

Supply

LLC,

7.63%

,

06/01/28

(a)

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

63

63,787

Targa

Resources

Partners

LP:

5.88%,

04/15/26

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

4

4,187

5.38%,

02/01/27

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

2

2,074

6.50%,

07/15/27

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

4

4,347

6.88%,

01/15/29

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

4

4,407

4.00%,

01/15/32

(a)

...........

84

79,004

TEGNA,

Inc.,

4.75%

,

03/15/26

(a)

....

16

16,980

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

USD

2

$

2,117

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

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

6

6,124

4.63%,

09/01/24

(a)

...........

3

3,086

5.13%,

05/01/25

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

6

6,084

4.88%,

01/01/26

(a)

...........

9

9,358

6.25%,

02/01/27

(a)

...........

7

7,391

4.63%,

06/15/28

(a)

...........

8

8,200

Terex

Corp.,

5.63%

,

02/01/25

(a)

....

3

3,084

T-Mobile

USA,

Inc.

(a)

:

4.50%,

04/15/50

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

8

8,983

3.30%,

02/15/51

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

17

15,888

TransDigm

,

Inc.:

6.25%,

03/15/26

(a)

...........

299

317,000

6.38%,

06/15/26

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

4

4,135

Travel

+

Leisure

Co.,

6.63%

,

07/31/26

(a)

28

31,790

Uber

Technologies,

Inc.,

6.25%

,

01/15/28

(a)

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

5

5,446

United

Airlines

Pass-Through

Trust:

Series

2020-1,

Class

B,

4.88%,

01/15/26

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

5

5,187

Series

2020-1,

Class

A,

5.88%,

10/15/27

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

164

181,758

United

Rentals

North

America,

Inc.:

5.50%,

05/15/27

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

4

4,266

4.88%,

01/15/28

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

7

7,374

3.88%,

02/15/31

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

20

20,100

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

82

85,485

UnitedHealth

Group,

Inc.:

2.90%,

05/15/50

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

9

8,618

3.13%,

05/15/60

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

17

16,689

US

Concrete,

Inc.,

5.13%

,

03/01/29

(a)

16

16,480

Verizon

Communications,

Inc.:

2.88%,

11/20/50

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

21

18,664

3.55%,

03/22/51

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

36

35,950

3.70%,

03/22/61

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

25

24,703

ViacomCBS

,

Inc.,

4.95%

,

05/19/50

..

14

16,410

VICI

Properties

LP,

3.50%

,

02/15/25

(a)

29

29,526

Vistra

Operations

Co.

LLC

(a)

:

5.63%,

02/15/27

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

93

96,662

5.00%,

07/31/27

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

6

6,180

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

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

25

25,625

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

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

2

2,112

Williams

Scotsman

International,

Inc.,

4.63%

,

08/15/28

(a)

...........

4

4,075

WPX

Energy,

Inc.:

5.25%,

10/15/27

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

3

3,197

4.50%,

01/15/30

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

3

3,230

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%

,

08/15/28

(a)

...........

10

10,115

Wynn

Las

Vegas

LLC,

5.25%

,

05/15/27

(a)

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

3

3,141

Wynn

Resorts

Finance

LLC

(a)

:

7.75%,

04/15/25

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

2

2,168

5.13%,

10/01/29

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

3

3,071

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

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

20

20,873

XHR

LP,

6.38%

,

08/15/25

(a)

.......

65

68,656

Yum!

Brands,

Inc.:

4.75%,

01/15/30

(a)

...........

3

3,172

3.63%,

03/15/31

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

25

24,031

BlackRock

Global

Allocation

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

USD

3

$

2,948

6,358,494

Total

Corporate

Bonds

—

4.6%

(Cost:

$10,495,282)

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

9,150,881

Floating

Rate

Loan

Interests

—

2.1%

Canada

—

0.1%

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 12/22/25

(b)

.....

EUR

190

222,257

France

—

0.1%

Babar

Bidco

,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 11/17/27

(b)

...........

214

251,063

Germany

—

0.1%

HSE24,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

0.00%

,

 01/01/28

(b)

(c)

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

218

254,052

Netherlands

—

0.4%

(b)

Boels

Topholding

BV,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 02/06/27

......

250

293,574

Cypher

Bidco

BV,

Term

Loan,

01/01/28

(m)

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

154

164,278

Ziggo

BV,

Facility

Term

Loan

H,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 01/31/29

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

311

362,344

820,196

United

States

—

1.4%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.75%

,

 02/02/26

(b)(c)

....

USD

75

74,625

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

-

5.25%

,

 09/19/24

(b)

14

13,937

athenahealth

,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.45%

,

 02/11/26

(b)

...........

21

21,017

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

3.25%

,

 11/08/27

(b)

...........

15

14,536

Avaya,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 12/15/27

(b)

...........

22

21,977

Avaya,

Inc.,

Term

Loan

B2,

12/15/27

(b)

(m)

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

15

14,989

BCA

Central

Ltd.,

Facility

Term

Loan

A,

(EUR002M

+

0.00%),

5.50%

,

 04/29/23

(b)

...........

EUR

167

197,860

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(b)

...........

USD

20

19,900

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.61%

,

 07/21/25

(b)

.....

36

35,865

City

Brewing

Co.,

LLC,

Term

Loan,

0.00%

,

 03/01/26

(b)(c)

..........

32

31,920

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Douglas

Dynamics

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/08/26

(b)

...........

USD

10

$

9,994

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/06/26

(b)

.....

22

21,808

Ecl

Entertainment,

LLC,

Term

Loan,

0.00%

,

 01/01/28

(b)(c)

..........

50

50,000

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

03/03/28

(b)(m)

........

22

21,957

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%, 01/31/28

(b)

.........

20

19,362

Galaxy

Universal

LLC,

Term

Loan,

0.00%

,

 01/01/28

(b)

...........

63

61,875

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

07/02/25

(b)(m)

.....

57

56,112

Herschend

Entertainment

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(b)(c)

....

91

91,903

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 06/22/26

(b)

.....

151

149,406

Informatica

LLC,

Term

Loan,

02/25/27

(b)

(m)

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

59

58,153

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(b)(m)

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

84

83,973

LATAM,

Facility

Term

Loan:

(LIBOR

USD

3

Month

+

0.00%),

0.00%, 01/01/28

(b)(c)

........

259

260,312

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Week

+

3.75%),

4.50%

,

 12/17/27

(b)

.....

25

24,804

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(b)(m)

....

6

5,512

Leslie's

Poolmart

,

Inc.,Term

Loan,

03/09/28

(b)(m)

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

62

61,586

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.85%

,

 08/31/27

(b)

...........

75

74,555

Luxembourg

Life

Fund,

Term

Loan

G,

0.00%

-

10.00%

,

 01/01/28

(c)(n)

...

93

95,888

McAfee

LLC,

Term

Loan

B,

09/30/24

(b)

(m)

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

22

21,932

Opendoor

,

Term

Loan,

01/23/26

(c)(m)(n)

60

60,467

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 12/28/27

(b)

.....

48

47,670

Peraton

Corp.,

1st

Lien

Term

Loan

B,

02/01/28

(b)(m)

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

17

17,324

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

02/26/29

(b)(c)(m)

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

14

14,210

Peraton

Corp.,

Term

Loan,

02/01/28

(b)(m)

31

30,489

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/23/25

(b)

...........

49

48,526

Playtika

Holding

Corp.,

Term

Loan

B1,

03/13/28

(b)(m)

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

125

124,219

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 03/10/28

(b)

90

89,588

Realpage

,

Inc.,

Term

Loan,

02/18/28

(b)

(m)

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

53

52,728

BlackRock

Global

Allocation

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/06/25

(b)

...........

USD

15

$

14,478

Shearer's

Foods

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 06/30/21

(b)

...........

31

30,449

Signal

Parent,

Inc.,

Term

Loan

B,

03/24/28

(b)(c)(m)

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

50

49,625

Surf

Holdings

SARL,

1st

Lien

Term

Loan,

03/05/27

(b)(m)

...........

66

65,319

The

Enterprise

Development

Authority,

Term

Loan

B,

02/18/28

(b)(c)(m)

....

111

111,278

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(b)(m)

.......

45

44,789

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 05/04/26

(b)

...........

35

34,913

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/28/27

(b)

...........

22

21,844

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/29/23

(b)

...........

22

21,963

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

6

Month

+

4.00%),

4.50%

,

 10/19/27

(b)

...........

134

133,331

WIN

Waste

Innovations

Holdings

Inc.,

Term

Loan,

03/24/28

(b)(m)

.......

16

15,940

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

12/21/27

(b)(m)

...........

15

14,507

2,659,415

Total

Floating

Rate

Loan

Interests

—

2.1%

(Cost:

$4,116,787)

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

4,206,983

Foreign

Government

Obligations

—

6.0%

Argentina

—

0.1%

Argentine

Republic

(The):

1.00%,

07/09/29

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

30

10,573

0.12%,

07/09/30

(l)

...........

295

98,159

0.12%,

07/09/35

(l)

...........

331

97,553

0.12%,

01/09/38

(l)

...........

119

43,284

249,569

Australia

—

0.6%

Commonwealth

of

Australia,

3.00%

,

03/21/47

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

AUD

1,405

1,134,886

Brazil

—

0.2%

Federative

Republic

of

Brazil,

10.00%

,

01/01/27

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

BRL

2

312,310

China

—

2.5%

People's

Republic

of

China:

3.29%,

05/23/29

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

CNY

16,170

2,469,503

2.68%,

05/21/30

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

17,290

2,514,205

4,983,708

Germany

—

0.1%

Federal

Republic

of

Germany,

0.00%

,

08/15/50

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

EUR

191

207,761

Greece

—

0.2%

Hellenic

Republic,

2.00%

,

04/22/27

(a)

343

441,494

Security

Par

(000)

Par

(000)

Value

Italy

—

1.6%

Republic

of

Italy:

1.35%,

04/01/30

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

EUR

1,009

$

1,266,624

0.95%,

08/01/30

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

823

997,114

3.85%,

09/01/49

(a)

...........

494

874,370

3,138,108

Japan

—

0.7%

Japan

Government

Bond,

0.40%

,

09/20/49

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

JPY

171,150

1,444,399

Total

Foreign

Government

Obligations

—

6.0%

(Cost:

$11,643,107)

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

11,912,235

Shares

Shares

Investment

Companies

—

8.7%

Consumer

Discretionary

Select

Sector

SPDR

Fund

(f)

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

1,006

169,078

Energy

Select

Sector

SPDR

Fund

..

3,186

156,305

Financial

Select

Sector

SPDR

Fund

.

1,731

58,941

Health

Care

Select

Sector

SPDR

Fund

1,533

178,962

Industrial

Select

Sector

SPDR

Fund

.

3,689

363,182

Invesco

QQQ

Trust,

Series

1

......

3,300

1,053,129

iShares

China

Large-Cap

ETF

*

.....

3,630

169,376

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(f)*

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

12,380

1,079,288

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

*

.........

293

38,105

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(f)*

.........

18,201

1,981,725

iShares

Latin

America

40

ETF

(f)*

....

2,948

81,394

iShares

MSCI

Brazil

ETF

*

........

1,750

58,538

iShares

MSCI

Emerging

Markets

ETF

(f)*

429

22,883

iShares

Nasdaq

Biotechnology

ETF

(f)*

153

23,036

iShares

Russell

2000

ETF

(f)*

......

6,077

1,342,652

iShares

S&P

500

Value

ETF

(f)*

.....

1,761

248,724

KraneShares

Bosera

MSCI

China

A

ETF

(f)

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

1,371

60,653

KraneShares

CSI

China

Internet

ETF

(f)

1,005

76,732

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

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

168

18,278

SPDR

EURO

STOXX

50

ETF

.....

671

29,866

SPDR

Gold

Shares

(o)

...........

5,446

871,142

SPDR

S&P

500

ETF

Trust

........

23,300

9,234,489

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

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

1,528

124,288

United

States

Oil

Fund

LP

(o)

.......

458

18,563

Total

Investment

Companies

—

8.7%

(Cost:

$17,231,632)

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

17,459,329

Par

(000)

Pa

r

(

000)

Municipal

Bonds

—

0.2%

Ohio

-

0.1%

Buckeye

Tobacco

Settlement

Financing

Authority,

Series

2020B-2,

RB,

5.00%, 06/01/55

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

USD

100

112,604

Puerto

Rico

-

0.1%

Puerto

Rico

Sales

Tax

Financing

Corp.:

Series

2018A-1,

RB,

4.75%, 07/01/53

..........

12

13,001

BlackRock

Global

Allocation

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Par

(000)

Par

(000)

Value

Puerto

Rico

(continued)

Series

2018A-1,

RB,

5.00%, 07/01/58

..........

USD

175

$

192,388

205,389

Total

Municipal

Bonds

—

0.2%

(Cost:

$314,034)

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

317,993

Non-Agency

Mortgage-Backed

Securities

—

0.6%

Collateralized

Mortgage

Obligations

—

0.1%

United

States

—

0.1%

(a)(b)

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes:

Series

2020-DNA6,

Class

B1,

(SOFR30A

+

3.00%),

3.02%,

12/25/50

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

17

17,080

Series

2021-HQA1,

Class

B1,

(SOFR30A

+

3.00%),

3.02%,

08/25/33

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

32

31,922

Series

2021-HQA1,

Class

B2,

(SOFR30A

+

5.00%),

5.02%,

08/25/33

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

20

18,805

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes:

Series

2021-DNA2,

Class

B1,

(SOFR30A

+

3.40%),

3.42%,

08/25/33

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

18

17,820

Series

2021-DNA2,

Class

B2,

(SOFR30A

+

6.00%),

6.02%,

08/25/33

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

17

16,491

102,118

Commercial

Mortgage-Backed

Securities

—

0.5%

United

States

—

0.5%

BANK:

Series

2017-BNK8,

Class

B,

3.93%,

11/15/50

(b)

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

13

13,623

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

..........

17

19,026

BBCMS

Trust,

Series

2019-CLP,

Class

E,

(LIBOR

USD

1

Month

+

2.11%),

2.22%,

12/15/31

(a)(b)

..........

17

17,000

BX

Commercial

Mortgage

Trust,

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.76%,

10/15/36

(a)

(b)

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

94

93,992

BX

Trust

(a)(b)

:

Series

2019-OC11,

Class

D,

4.08%,

12/09/41

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

64

66,475

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

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

89

88,512

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

01/15/34

..........

20

19,976

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

01/15/34

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

40

39,976

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

10

10,611

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

D,

5.09%,

03/10/47

(a)(b)

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

10

10,550

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

45

48,454

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

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

USD

16

$

18,427

Commercial

Mortgage

Trust:

Series

2014-CR17,

Class

C,

4.78%,

05/10/47

(b)

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

15

16,195

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

..........

32

34,114

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

12/15/31

(a)

(b)

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

15

15,254

CSAIL

Commercial

Mortgage

Trust:

Series

2016-C5,

Class

C,

4.63%,

11/15/48

(b)

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

10

10,685

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

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

94

94,993

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

36

36,258

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

35

39,223

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

(a)

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

18

18,471

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

03/15/38

(a)(b)

....

117

117,187

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C24,

Class

C,

(LIBOR

USD

1

Month

+

0.00%),

4.34%,

05/15/48

(b)

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

10

10,265

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

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

27

29,769

Morgan

Stanley

Capital

I

Trust:

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)(b)

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

17

18,287

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

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

29

29,347

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

10

10,366

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.03%,

08/10/49

(a)(b)

..........

14

14,276

Wells

Fargo

Commercial

Mortgage

Trust

(b)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

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

30

32,554

Series

2017-C38,

Class

C,

3.90%,

07/15/50

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

10

10,829

Series

2017-C41,

Class

B,

4.19%,

11/15/50

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

25

26,525

1,011,220

Total

Non-Agency

Mortgage-Backed

Securities

—

0.6%

(Cost:

$1,112,981)

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

1,113,338

BlackRock

Global

Allocation

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Value

Other

Interests

-

0.1%

Capital

Markets

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(c)(d)(p)

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

USD

166

$

198,529

Total

Other

Interests

-

0.1%

(Cost:

$167,154)

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

198,529

Preferred

Securities

—

2.6%

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.3%

United

States

—

0.3%

(b)

American

Express

Co.,

Series

C

,

(LIBOR

USD

3

Month

+

3.29%),

3.47%

(q)

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

73

72,340

Charles

Schwab

Corp.

(The),

Series

H

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

(q)

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

39

38,337

Citigroup,

Inc.,

Series

Q

,

(LIBOR

USD

3

Month

+

4.10%),

4.29%

(q)

.....

101

101,030

General

Motors

Financial

Co.,

Inc.,

Series

C

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(q)

.......

12

12,960

Morgan

Stanley,

Series

H

,

(LIBOR

USD

3

Month

+

3.61%),

3.85%

(q)

.....

84

84,126

Prudential

Financial,

Inc.:

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

..........

44

47,152

(LIBOR

USD

3

Month

+

4.18%),

5.87%, 09/15/42

..........

64

67,583

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.50%

(q)

...........

31

29,760

Wells

Fargo

&

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

(q)

41

41,406

494,694

Total

Capital

Trusts

—

0.3%  

(Cost:

$489,690)

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

494,694

Shares

Shares

Preferred

Stocks

—

2.2%

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA

(Preference)

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

330

2,029

Itau

Unibanco

Holding

SA

(Preference)

7,480

37,143

39,172

China

—

0.2%

ByteDance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$272,511)

(c)(e)

.....

2,487

326,984

Germany

—

0.1%

Volocopter

Gmbh

(Acquired

03/03/21,

cost

$159,412)

(c)(d)(e)

..........

30

154,999

Security

Shares

Shares

Value

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$103,122)

(c)

(d)(e)

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

32

$

103,876

Jersey

—

0.0%

Loadsmart

,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$85,987)

(c)(d)(e)

....

10,057

102,783

United

Kingdom

—

0.3%

(d)(e)

Arrival

Ltd.,

Series

A

(Acquired

10/8/20,

cost

$252,641)

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

35,173

537,576

Exscientia

Ltd.,

C-1

(Acquired

02/24/21,

cost

$

80,550)

(c)

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

46

80,655

618,231

United

States

—

1.6%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(a)(

i

)

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

277

311,528

Aptiv

plc,

Series

A,

5.50%

(

i

)

.......

1,083

170,995

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(f)

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

4,094

219,930

Boston

Scientific

Corp.,

Series

A,

5.50%

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

713

76,476

C3

ai

,

Inc.,

(Acquired

12/6/2020,

cost

$175,999)

(d)(e)

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

5,293

342,250

Cruise,

Series

G

(Acquired

03/25/21,

cost

$76,178)

(c)(d)(e)

...........

2,891

76,178

Databricks

,

Inc

,

Series

G

(Acquired

02/01/21,

cost

$102,873)

(c)(d)(e)

...

580

92,249

Databricks

,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$88,431)

(c)(d)(e)

....

2,059

327,484

Deep

Instinct

Ltd.,

Series

D-2

(Acquired

03/19/21,

cost

$89,710)

(c)(d)(e)

....

14,760

89,710

DoubleVerify

Holdings,

Inc.,

Series

A

(Acquired

11/18/20,

cost

$55,816)

(c)

(d)(e)

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

9,729

72,968

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$69,518)

(c)(d)(e)

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

2,103

80,587

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$127,944)

(c)(e)

....

46,081

170,500

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$51,112)

(c)(e)

.....

21,089

77,397

Jumpcloud

,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$93,611)

(c)(d)(e)

....

51,330

96,500

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$243,061)

(c)

(e)

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

21,278

250,016

Mount

Sinai

Genomics,

Inc.,

Sema

4

Series

C

(Acquired

07/17/20,

cost

$82,846)

(c)(e)

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

135

202,817

Mythic

AI

Inc.,

Series

C

(Acquired

01/26/21,

cost

$48,256)

(c)(d)(e)

....

7,024

48,114

Neon

Parent,

Inc.

(c)(d)

...........

217

76,304

Nuvia

,

Inc.,

Series

B

(Acquired

09/17/20,

cost

$40,480)

(c)(d)(e)

....

12,621

103,997

SambaNova

Systems,

Inc.

Series

C

(Acquired

02/19/20,

cost

$91,575)

(c)

(d)(e)

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

1,720

133,764

Wells

Fargo

&

Co.,

Series

L,

7.50%

(

i

)(q)

46

65,201

BlackRock

Global

Allocation

Portfolio

15

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

United

States

(continued)

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$70,353)

(c)

(d)(e)

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

4,463

$

74,175

3,159,140

Total

Preferred

Stocks

—

2.2%  

(Cost:

$3,264,840)

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

4,505,185

Trust

Preferreds

—

0.1%

United

States

—

0.1%

(b)

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

6.58%, 10/30/40

5,096

137,082

GMAC

Capital

Trust

I,

Series

2

,

(LIBOR

USD

3

Month

+

5.79%),

5.98%, 02/15/40

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

5,598

142,637

279,719

Total

Trust

Preferreds

—

0.1%  

(Cost:

$280,385)

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

279,719

Total

Preferred

Securities

—

2.6%

(Cost:

$4,034,915)

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

5,279,598

Rights

—

0.0%

Chile

—

0.0%

Sociedad

Quimica

y

Minera

de

Chile

SA

(Expires

04/19/21)

(d)(r)

......

66

205

Total

Rights

—

0.0%

(Cost:

$–)

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

205

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.70%, 09/25/30

(b)

...........

USD

17

19,495

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

100

9,315

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

:

Series

K105,

Class

X1,

1.52%

,

 01/25/30

........

279

32,222

Series

K109,

Class

X1,

1.58%

,

 04/25/30

........

118

14,416

Series

K116,

Class

X1,

1.43%

,

 07/25/30

........

100

11,105

Series

K120,

Class

X1,

1.04%

,

 10/25/30

........

396

32,984

Series

KW09,

Class

X1,

0.80%

,

 05/25/29

........

465

25,071

125,113

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%  

(Cost:

$147,253)

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

144,608

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

2.5%

U.S.

Treasury

Bonds:

1.13%, 05/15/40

-

08/15/40

(o)

....

USD

1,262

$

1,026,874

2.38%, 11/15/49

(o)

...........

1,135

1,127,099

1.63%, 11/15/50

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

157

130,742

U.S.

Treasury

Inflation

Linked

Notes:

0.13%, 01/15/30

-

01/15/31

.....

741

800,346

U.S.

Treasury

Notes:

2.00%, 11/15/21

(g)(o)

..........

1,750

1,771,192

1.13%, 02/15/31

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

198

187,457

Total

U.S.

Treasury

Obligations

—

2.5%

(Cost:

$5,226,492)

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

5,043,710

Shares

Shares

Warrants

—

0.0%

Brazil

—

0.0%

(c)(d)

Neon

Payments

Ltd.

(Issued/

exercisable

06/19/20,

1

share

for

1

warrant,

Expires

04/08/21,

Strike

Price

USD

1.00)

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

22

126

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

1

share

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

1.00)

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

80

457

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

exercisable

11/27/20,

1

share

for

1

warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(d)

..........

36

14

United

States

—

0.0%

(d)

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.

(Issued/

exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

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

1,130

3,684

Crown

Proptech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(c)

...........

2,120

3,180

Jaws

Acquisition

Corp.

(Issued/

exercisable

07/06/20,

1

share

for

1

warrant,

Expires

07/06/25,

Strike

Price

USD

11.50)

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

950

3,021

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

01/31/26,

Strike

Price

USD

11.50)

(c)

...........

780

780

Tortoise

Acquisition

Corp.

II

(Issued/

exercisable

10/22/20,

1

share

for

1

warrant,

Expires

06/14/27,

Strike

Price

USD

11.50)

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

1,160

3,793

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

510

3,810

BlackRock

Global

Allocation

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Security

Shares

Shares

Value

United

States

(continued)

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/08/20,

cost

$0)

(Issued/exercisable

05/08/20,

1

share

for

1

warrant,

Expires

11/08/21,

Strike

Price

USD

18.92)

(c)

(e)

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

4,463

$

5,802

Total

Warrants

—

0.0%

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

24,667

Total

Long-Term

Investments

—

97.3%

(Cost:

$160,522,996)

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

194,473,200

Short-Term

Securities

—

8.3%

Money

Market

Funds

—

4.4%

(s)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

2,441,011

2,441,011

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.16%

(t)

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

6,272,248

6,274,130

Total

Money

Market

Funds

—

4.4%

(Cost:

$8,715,407)

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

8,715,141

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Australia

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.54)%, 04/01/21

...........

AUD

—

(u)

80

Canada

—

0.0%

Royal

Bank

of

Canada,

0.01%, 04/01/21

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

CAD

49

38,873

Denmark

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.47)%, 04/06/21

...........

DKK

1

228

Hong

Kong

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.06)%, 04/01/21

...........

HKD

7

903

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.31)%, 04/01/21

...........

JPY

18

165

South

Africa

—

0.0%

Brown

Brothers

Harriman

&

Co.,

5.40%, 04/01/21

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

ZAR

2

134

Sweden

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.26)%, 04/01/21

...........

SEK

1

107

Switzerland

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(1.85)%, 04/01/21

...........

CHF

—

(u)

129

United

Kingdom

—

0.0%

Citibank

NA,

0.01%, 04/01/21

.....

GBP

15

21,158

Total

Time

Deposits

—

0.0%

(Cost:

$61,777)

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

61,777

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

3.9%

U.S.

Treasury

Bills

(v)

:

0.00%, 04/27/21

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

USD

1,400

$

1,399,985

0.01%, 04/06/21

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

2,250

2,249,998

0.02%, 04/13/21

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

1,800

1,799,997

0.02%, 06/10/21

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

1,500

1,499,949

0.03%, 06/17/21

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

500

499,984

0.07%, 04/15/21

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

300

299,998

Total

U.S.

Treasury

Obligations

—

3.9%

(Cost:

$7,749,878)

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

7,749,911

Total

Short-Term

Securities

—

8.3%

(Cost:

$16,527,062)

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

16,526,829

Total

Options

Purchased

—

0.8%

(Cost:

$1,355,761)

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

1,626,146

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

106.4%

(Cost:

$178,405,819)

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

212,626,175

Total

Options

Written

—

(0.5)%

(Premiums

Received

—

$792,896)

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

(969,134)

Shares

Shares

Investments

Sold

Short

—

(0.9)%

Common

Stocks

—

(0.9)%

United

States

—

(0.9)%

Appian

Corp.

(d)

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

3,012

(400,445)

DoorDash

,

Inc.,

Class

A

(d)

........

2,498

(327,563)

Hershey

Co.

(The)

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

388

(61,366)

JM

Smucker

Co.

(The)

..........

412

(52,130)

Nordstrom,

Inc.

(d)

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

620

(23,479)

Opendoor

Technologies,

Inc.

(d)

.....

9,297

(197,004)

Seagate

Technology

plc

.........

875

(67,156)

Snowflake,

Inc.,

Class

A

(d)

........

1,217

(279,034)

Walgreens

Boots

Alliance,

Inc.

.....

6,011

(330,004)

(1,738,181)

Total

Common

Stocks

—

(0.9)%

(Proceeds:

$1,900,167)

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

(1,738,181)

Total

Investments

Sold

Short

—

(0.9)%

(Proceeds:

$1,900,167

)

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

(1,738,181)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

105.0%

(Cost:

$175,712,756)

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

209,918,860

Liabilities

in

Excess

of

Other

Assets

—

(5.0)%

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

(9,992,141)

Net

Assets

—

100.0%

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

$

199,926,719

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

BlackRock

Global

Allocation

Portfolio

17

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$5,179,032,

representing

2.59%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$3,595,840.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(h)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(i)

Convertible

security.

(j)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(k)

Zero-coupon

bond.

(l)

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.

(m)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(n)

Fixed

rate.

(o)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

(p)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(q)

Perpetual

security

with

no

stated

maturity

date.

(r)

When-issued

security.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(u)

Amount

is

less

than

500.

(v)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

*

*    

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)

..

$

110,670

$

2,330,341

$

—

$

—

$

—

$

2,441,011

2,441,011

$

43

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

6,400,603

—

(125,875)

(332)

(266)

6,274,130

6,272,248

11,081

(b)

—

iShares

China

Large-Cap

ETF

..

252,719

—

(83,907)

3,224

(2,660)

169,376

3,630

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

2,408,432

—

(1,308,400)

28,884

(49,628)

1,079,288

12,380

17,245

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

1,062,634

—

(987,480)

(13,468)

(23,581)

38,105

293

4,127

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

2,370,707

690,664

(908,682)

(49,153)

(121,811)

1,981,725

18,201

18,311

—

iShares

Latin

America

40

ETF

..

129,140

—

(39,044)

2,741

(11,443)

81,394

2,948

—

—

iShares

MSCI

Brazil

ETF

.....

97,012

—

(27,827)

1,238

(11,885)

58,538

1,750

—

—

iShares

MSCI

Emerging

Markets

ETF

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

33,120

—

(11,200)

1,737

(774)

22,883

429

—

—

iShares

Nasdaq

Biotechnology

ETF

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

34,691

—

(11,293)

2,660

(3,022)

23,036

153

30

—

iShares

Russell

2000

ETF

.....

2,452,907

311,303

(1,658,948)

329,886

(92,496)

1,342,652

6,077

2,419

—

iShares

S&P

500

Value

ETF

...

225,443

—

—

—

23,281

248,724

1,761

1,210

—

$

307,417

$

(294,285)

$

13,760,862

$

54,466

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Global

Allocation

Portfolio

18

Consolidated

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-BTP

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

1

06/08/21

$

175

$

1,363

Euro-OAT

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

4

06/08/21

760

1,261

Australia

10

Year

Bond

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

5

06/15/21

525

(2,086)

DAX

Index

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

2

06/18/21

881

26,886

EURO

STOXX

50

Index

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

24

06/18/21

1,088

17,538

MSCI

Emerging

Markets

E-Mini

Index

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

4

06/18/21

265

(5,511)

Russell

2000

E-mini

Index

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

7

06/18/21

778

(46,492)

U.S.

Treasury

10

Year

Note

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

10

06/21/21

1,310

(965)

(8,006)

Short

Contracts

Euro-Bund

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

7

06/08/21

1,406

(2,735)

FTSE

100

Index

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

1

06/18/21

92

651

NASDAQ

100

E-Mini

Index

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

19

06/18/21

4,974

(11,265)

S&P

500

E-Mini

Index

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

122

06/18/21

24,201

(71,733)

U.S.

Treasury

10

Year

Ultra

Note

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

30

06/21/21

4,316

12,788

U.S.

Treasury

Long

Bond

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

1

06/21/21

155

6,694

U.S.

Treasury

Ultra

Bond

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

16

06/21/21

2,910

12,456

Long

Gilt

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

8

06/28/21

1,407

3,952

U.S.

Treasury

2

Year

Note

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

53

06/30/21

11,699

7,692

U.S.

Treasury

5

Year

Note

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

136

06/30/21

16,790

115,935

74,435

$

66,429

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CNY

40,000

USD

6,082

BNP

Paribas

SA

04/01/21

$

11

CNY

5,306,000

USD

806,980

HSBC

Bank

plc

04/01/21

1,245

GBP

132,000

USD

178,951

Deutsche

Bank

AG

04/01/21

3,022

USD

775,829

JPY

85,553,000

BNP

Paribas

SA

04/01/21

3,167

USD

9,195

JPY

1,014,000

JPMorgan

Chase

Bank

NA

04/01/21

37

USD

800,078

JPY

88,507,791

Bank

of

America

NA

04/02/21

730

USD

205,990

EUR

170,000

HSBC

Bank

plc

04/08/21

6,619

USD

202,779

EUR

169,000

JPMorgan

Chase

Bank

NA

04/09/21

4,576

USD

186,652

EUR

153,985

UBS

AG

04/09/21

6,059

CAD

309,000

USD

241,943

Bank

of

America

NA

04/15/21

3,948

GBP

361,000

USD

492,885

Morgan

Stanley

&

Co.

International

plc

04/15/21

4,806

USD

489,599

EUR

403,555

Goldman

Sachs

International

04/15/21

16,251

GBP

360,000

USD

491,585

Citibank

NA

04/16/21

4,729

USD

295,316

EUR

244,871

Deutsche

Bank

AG

04/16/21

8,091

GBP

536,000

USD

731,752

Barclays

Bank

plc

04/22/21

7,219

USD

504,402

BRL

2,664,000

BNP

Paribas

SA

04/22/21

31,595

USD

830,902

CNY

5,399,000

Barclays

Bank

plc

04/22/21

9,577

USD

505,595

NOK

4,315,000

JPMorgan

Chase

Bank

NA

04/22/21

1,096

GBP

536,000

USD

731,756

Barclays

Bank

plc

04/23/21

7,218

USD

753,283

AUD

973,000

Morgan

Stanley

&

Co.

International

plc

04/23/21

14,160

USD

1,365,802

CNY

8,923,365

HSBC

Bank

plc

04/29/21

9,051

GBP

427,842

USD

584,698

Deutsche

Bank

AG

05/06/21

5,187

USD

602,529

CNY

3,919,000

Barclays

Bank

plc

05/06/21

6,982

USD

841,892

HKD

6,525,000

Citibank

NA

05/06/21

2,491

USD

343,787

CNY

2,235,000

JPMorgan

Chase

Bank

NA

05/07/21

4,173

USD

842,236

HKD

6,528,000

Citibank

NA

05/13/21

2,435

USD

503,610

EUR

414,610

JPMorgan

Chase

Bank

NA

05/20/21

16,931

USD

596,946

SEK

5,067,000

Bank

of

America

NA

06/03/21

16,445

BlackRock

Global

Allocation

Portfolio

19

Consolidated

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

394,756

CNY

2,588,000

Morgan

Stanley

&

Co.

International

plc

06/09/21

$

2,496

USD

816,641

CNY

5,357,000

HSBC

Bank

plc

06/10/21

4,748

USD

401,035

EUR

337,000

Bank

of

America

NA

06/10/21

5,272

USD

339,638

EUR

284,493

Citibank

NA

06/10/21

5,537

USD

403,828

CNY

2,637,000

Morgan

Stanley

&

Co.

International

plc

06/17/21

4,385

GBP

320,472

EUR

373,000

BNP

Paribas

SA

06/24/21

3,742

GBP

859

EUR

1,000

Citibank

NA

06/24/21

10

USD

404,389

CNY

2,650,000

Morgan

Stanley

&

Co.

International

plc

06/24/21

3,190

JPY

33,195,798

EUR

255,000

Citibank

NA

06/25/21

477

USD

505,964

CNY

3,313,000

Morgan

Stanley

&

Co.

International

plc

06/25/21

4,428

232,136

JPY

86,567,000

USD

834,546

Citibank

NA

04/01/21

(52,726)

USD

812,956

CNY

5,346,000

HSBC

Bank

plc

04/01/21

(1,362)

JPY

88,507,791

USD

853,268

Citibank

NA

04/02/21

(53,920)

EUR

327,000

USD

402,393

Citibank

NA

04/08/21

(18,896)

JPY

56,345,499

EUR

446,000

UBS

AG

04/08/21

(14,162)

JPY

87,372,000

USD

851,811

UBS

AG

04/08/21

(62,695)

EUR

222,865

USD

274,254

Citibank

NA

04/09/21

(12,879)

EUR

5,135

USD

6,319

JPMorgan

Chase

Bank

NA

04/09/21

(297)

EUR

126,947

USD

152,983

Morgan

Stanley

&

Co.

International

plc

04/09/21

(4,099)

USD

345,212

INR

25,525,000

JPMorgan

Chase

Bank

NA

04/09/21

(3,354)

EUR

657,476

USD

802,534

JPMorgan

Chase

Bank

NA

04/15/21

(31,351)

JPY

59,174,000

USD

570,373

UBS

AG

04/15/21

(35,891)

EUR

250,000

USD

304,597

HSBC

Bank

plc

04/16/21

(11,356)

JPY

59,112,000

USD

569,776

Morgan

Stanley

&

Co.

International

plc

04/16/21

(35,849)

AUD

1,311,000

USD

1,006,376

Morgan

Stanley

&

Co.

International

plc

04/23/21

(10,497)

JPY

63,218,000

USD

607,880

BNP

Paribas

SA

04/23/21

(36,822)

EUR

140,085

USD

167,039

Morgan

Stanley

&

Co.

International

plc

04/29/21

(2,679)

MXN

203,707

USD

10,052

BNP

Paribas

SA

04/29/21

(111)

MXN

9,156,293

USD

451,776

JPMorgan

Chase

Bank

NA

04/29/21

(4,972)

JPY

92,661,817

EUR

735,000

Citibank

NA

04/30/21

(25,290)

JPY

62,796,000

USD

606,409

JPMorgan

Chase

Bank

NA

04/30/21

(39,120)

JPY

65,156,000

USD

620,420

Barclays

Bank

plc

05/06/21

(31,775)

MXN

6,218,000

USD

304,986

BNP

Paribas

SA

05/06/21

(1,795)

USD

300,721

MXN

6,218,000

Citibank

NA

05/06/21

(2,471)

JPY

65,816,000

USD

627,126

Barclays

Bank

plc

05/07/21

(32,513)

JPY

80,346,000

USD

759,658

BNP

Paribas

SA

05/13/21

(33,741)

CHF

367,000

USD

413,594

JPMorgan

Chase

Bank

NA

05/14/21

(24,879)

JPY

81,795,000

USD

781,975

JPMorgan

Chase

Bank

NA

05/14/21

(42,961)

EUR

414,610

USD

500,014

JPMorgan

Chase

Bank

NA

05/20/21

(13,335)

JPY

72,039,593

USD

680,982

Citibank

NA

05/21/21

(30,072)

JPY

45,503,000

USD

426,785

UBS

AG

06/03/21

(15,603)

EUR

707,000

USD

846,768

Citibank

NA

06/10/21

(16,488)

JPY

101,337,000

USD

935,374

Morgan

Stanley

&

Co.

International

plc

06/10/21

(19,590)

EUR

270,000

USD

324,016

Citibank

NA

06/11/21

(6,928)

USD

135,187

INR

10,067,000

BNP

Paribas

SA

06/11/21

(882)

EUR

423,000

USD

505,731

Deutsche

Bank

AG

06/17/21

(8,897)

EUR

415,292

USD

496,245

JPMorgan

Chase

Bank

NA

06/18/21

(8,453)

HUF

123,669,000

USD

400,788

Bank

of

America

NA

06/18/21

(781)

GBP

277,000

USD

384,175

Citibank

NA

06/24/21

(2,206)

CAD

1,085,000

USD

869,208

Goldman

Sachs

International

06/25/21

(5,741)

JPY

85,553,000

USD

776,600

BNP

Paribas

SA

07/08/21

(3,225)

USD

801,023

CNY

5,306,000

HSBC

Bank

plc

07/08/21

(1,423)

JPY

85,985,000

USD

778,008

Bank

of

America

NA

07/09/21

(719)

(762,806)

$

(530,670)

BlackRock

Global

Allocation

Portfolio

20

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Advanced

Micro

Devices,

Inc.

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

7

04/01/21

USD

84.50

USD

55

$

18

Advanced

Micro

Devices,

Inc.

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

6

04/16/21

USD

84.00

USD

47

357

Alibaba

Group

Holding

Ltd.

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

13

04/16/21

USD

280.00

USD

295

189

Allianz

SE

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

4

04/16/21

EUR

205.00

EUR

87

5,981

Alphabet,

Inc.

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

1

04/16/21

USD

2,200.00

USD

207

305

BNP

Paribas

SA

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

35

04/16/21

EUR

48.00

EUR

182

17,649

Farfetch

Ltd.

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

10

04/16/21

USD

75.00

USD

53

135

Home

Depot,

Inc.

(The)

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

2

04/16/21

USD

270.00

USD

61

7,265

Invesco

QQQ

Trust

1

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

15

04/16/21

USD

340.00

USD

479

548

iShares

MSCI

Emerging

Markets

ETF

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

26

04/16/21

USD

59.00

USD

139

78

Lowe's

Cos.,

Inc.

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

3

04/16/21

USD

170.00

USD

57

6,173

Mastercard,

Inc.

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

6

04/16/21

USD

365.00

USD

214

2,175

Micron

Technology,

Inc.

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

7

04/16/21

USD

85.00

USD

62

3,710

Microsoft

Corp.

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

10

04/16/21

USD

255.00

USD

236

365

Sabre

Corp.

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

1

04/16/21

USD

18.00

USD

1

8

SPDR

S&P

500

ETF

Trust

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

93

04/16/21

USD

407.00

USD

3,686

7,859

SPDR

S&P

500

ETF

Trust

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

129

04/16/21

USD

409.00

USD

5,113

7,676

SPDR

S&P

500

ETF

Trust

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

141

04/16/21

USD

410.00

USD

5,588

7,121

Visa,

Inc.

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

9

04/16/21

USD

220.00

USD

191

1,130

Walt

Disney

Co.

(The)

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

4

04/16/21

USD

200.00

USD

74

340

Western

Digital

Corp.

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

6

04/16/21

USD

85.00

USD

40

93

Western

Digital

Corp.

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

6

04/16/21

USD

70.00

USD

40

996

U.S.

Treasury

10

Year

Note

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

46

04/23/21

USD

135.50

USD

4,600

719

SPDR

S&P

500

ETF

Trust

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

52

04/30/21

USD

405.00

USD

2,061

14,196

Advance

Auto

Parts,

Inc.

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

2

05/21/21

USD

190.00

USD

37

1,160

Alphabet,

Inc.

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

1

05/21/21

USD

2,200.00

USD

207

3,695

Amazon.com,

Inc.

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

1

05/21/21

USD

3,300.00

USD

309

5,513

Apple,

Inc.

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

16

05/21/21

USD

130.00

USD

195

4,312

ConocoPhillips

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

28

05/21/21

USD

55.00

USD

148

6,580

DR

Horton,

Inc.

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

15

05/21/21

USD

85.00

USD

134

11,025

Edwards

Lifesciences

Corp.

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

6

05/21/21

USD

85.00

USD

50

1,755

Facebook,

Inc.

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

7

05/21/21

USD

290.00

USD

206

13,073

Global

Payment,

Inc.

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

11

05/21/21

USD

205.00

USD

222

8,665

Home

Depot,

Inc.

(The)

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

6

05/21/21

USD

280.00

USD

183

17,100

Las

Vegas

Sands

Corp.

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

26

05/21/21

USD

72.50

USD

158

1,833

Mastercard,

Inc.

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

3

05/21/21

USD

395.00

USD

107

1,150

Microsoft

Corp.

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

8

05/21/21

USD

250.00

USD

189

2,820

Raytheon

Technologies

Corp.

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

29

05/21/21

USD

75.00

USD

224

13,703

salesforce.com,

Inc.

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

3

05/21/21

USD

260.00

USD

64

192

SPDR

S&P

500

ETF

Trust

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

23

05/21/21

USD

395.00

USD

912

22,931

U.S.

Treasury

10

Year

Note

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

35

05/21/21

USD

134.50

USD

3,500

3,828

VanEck

Vectors

Semiconductor

ETF

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

34

05/21/21

USD

240.00

USD

828

43,520

Deere

&

Co.

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

1

06/18/21

USD

380.00

USD

37

1,720

Deere

&

Co.

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

3

06/18/21

USD

400.00

USD

112

3,293

Intel

Corp.

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

49

06/18/21

USD

65.00

USD

314

15,558

Mastercard,

Inc.

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

5

06/18/21

USD

420.00

USD

178

1,083

Mastercard,

Inc.

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

12

06/18/21

USD

350.00

USD

427

25,500

Monster

Beverage

Corp.

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

2

06/18/21

USD

90.00

USD

18

990

Monster

Beverage

Corp.

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

10

06/18/21

USD

95.00

USD

91

2,675

PVH

Corp.

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

9

06/18/21

USD

95.00

USD

95

14,625

Ulta

Beauty,

Inc.

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

2

06/18/21

USD

315.00

USD

62

3,810

SPDR

S&P

500

ETF

Trust

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

10

12/17/21

USD

360.00

USD

396

48,945

366,140

Put

Invesco

QQQ

Trust

1

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

26

04/01/21

USD

307.00

USD

830

65

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

5

04/01/21

USD

85.50

USD

44

15

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

10

04/01/21

USD

85.00

USD

87

70

U.S.

Treasury

10

Year

Note

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

45

04/02/21

USD

131.00

USD

4,500

12,656

Industrial

Select

Sector

SPDR

Fund

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

3

04/16/21

USD

90.00

USD

30

227

Invesco

QQQ

Trust

1

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

66

04/16/21

USD

305.00

USD

2,106

12,936

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

5

04/16/21

USD

85.50

USD

44

90

BlackRock

Global

Allocation

Portfolio

21

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

iShares

Russell

2000

ETF

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

4

04/16/21

USD

205.00

USD

88

$

588

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

......

6

04/16/21

USD

105.00

USD

65

105

SPDR

S&P

500

ETF

Trust

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

106

04/16/21

USD

380.00

USD

4,201

15,423

SPDR

S&P

500

ETF

Trust

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

122

04/30/21

USD

380.00

USD

4,835

37,088

Bank

of

America

Corp.

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

54

05/21/21

USD

38.00

USD

209

7,722

Invesco

QQQ

Trust

1

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

22

05/21/21

USD

300.00

USD

702

10,868

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

52

05/21/21

USD

85.00

USD

453

3,016

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

202

05/21/21

USD

84.00

USD

1,761

8,686

JPMorgan

Chase

&

Co.

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

14

05/21/21

USD

150.00

USD

213

7,630

Morgan

Stanley

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

26

05/21/21

USD

82.50

USD

202

17,225

SPDR

S&P

500

ETF

Trust

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

18

05/21/21

USD

380.00

USD

713

8,964

SPDR

S&P

500

ETF

Trust

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

132

05/21/21

USD

385.00

USD

5,232

79,002

Anthem,

Inc.

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

3

06/18/21

USD

350.00

USD

108

4,455

Anthem,

Inc.

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

5

06/18/21

USD

340.00

USD

179

5,600

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

101

06/18/21

USD

84.00

USD

881

7,676

Pitney

Bowes,

Inc.

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

2

07/16/21

USD

7.00

USD

2

135

240,242

$

606,382

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........

Citibank

NA

—

04/01/21

USD

1.23

EUR

1,262

$

–

SPDR

Gold

Shares

(a)

......

JPMorgan

Chase

Bank

NA

1,185

04/16/21

USD

176.00

USD

190

163

adidas

AG

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

Barclays

Bank

plc

331

05/21/21

EUR

310.00

EUR

88

418

Alibaba

Group

Holding

Ltd.

..

Nomura

International

plc

503

05/21/21

USD

255.00

USD

114

1,610

EURO

STOXX

50

Index

....

Credit

Suisse

International

67

05/21/21

EUR

3,875.00

EUR

263

6,380

SPDR

Gold

Shares

(a)

......

Morgan

Stanley

&

Co.

International

plc

332

05/21/21

USD

166.00

USD

53

416

Starbucks

Corp.

.........

Citibank

NA

980

05/21/21

USD

115.00

USD

107

1,756

Autodesk,

Inc.

...........

Nomura

International

plc

1,125

06/18/21

USD

280.00

USD

312

19,575

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

197

06/18/21

EUR

560.00

EUR

112

6,073

Raytheon

Technologies

Corp.

Goldman

Sachs

International

2,847

06/18/21

USD

77.50

USD

220

10,628

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

663

06/18/21

USD

168.00

USD

106

1,127

SPDR

S&P

500

ETF

Trust

...

Morgan

Stanley

&

Co.

International

plc

4,400

06/18/21

USD

360.00

USD

1,744

176,441

EURO

STOXX

50

Index

....

Credit

Suisse

International

67

07/16/21

EUR

3,900.00

EUR

263

8,439

EURO

STOXX

50

Index

....

Credit

Suisse

International

67

09/17/21

EUR

3,925.00

EUR

263

10,086

243,112

Put

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/12/21

JPY

103.00

USD

1,367

3

USD

Currency

...........

Goldman

Sachs

International

—

04/22/21

JPY

101.00

USD

1,272

9

EUR

Currency

...........

Bank

of

America

NA

—

04/28/21

NOK

10.29

EUR

384

12,773

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/28/21

NOK

8.48

USD

384

3,444

EUR

Currency

...........

BNP

Paribas

SA

—

08/02/21

USD

1.19

EUR

1,492

37,352

iShares

National

Muni

Bond

ETF

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

Credit

Suisse

International

27

08/20/21

USD

113.00

USD

3

11

iShares

National

Muni

Bond

ETF

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

Credit

Suisse

International

27

08/20/21

USD

114.00

USD

3

42

53,634

$

296,746

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

BlackRock

Global

Allocation

Portfolio

22

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.52%

Semi-Annual

Goldman

Sachs

International

04/01/21

1.52

%

USD

770

$

—

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.53%

Semi-Annual

Goldman

Sachs

International

04/06/21

1.53

USD

804

—

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.48%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/21/21

1.48

USD

552

5

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.80%

Semi-Annual

Deutsche

Bank

AG

05/28/21

1.80

USD

461

2,049

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

06/04/21

1.00

USD

798

106

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

BNP

Paribas

SA

06/11/21

1.00

USD

260

54

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Goldman

Sachs

International

08/23/21

1.75

USD

455

5,727

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.77%

Semi-Annual

Goldman

Sachs

International

08/23/21

1.77

USD

450

6,004

1-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.80

USD

10,341

23,686

37,631

Put

5-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

04/06/21

0.60

USD

5,900

130,183

5-Year

Interest

Rate

Swap

(a)

.

0.62%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

04/06/21

0.62

USD

2,429

51,209

5-Year

Interest

Rate

Swap

(a)

.

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

05/24/21

0.63

USD

5,690

133,079

5-Year

Interest

Rate

Swap

(a)

.

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

05/25/21

0.64

USD

5,748

131,985

5-Year

Interest

Rate

Swap

(a)

.

0.85%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

05/25/21

0.85

USD

2,874

38,227

5-Year

Interest

Rate

Swap

(a)

.

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

Nomura

International

plc

05/25/21

0.64

USD

2,874

65,992

30-Year

Interest

Rate

Swap

(a)

0.48%

Annual

6

month

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.48

EUR

760

47,656

30-Year

Interest

Rate

Swap

(a)

0.49%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

11/24/21

0.49

EUR

742

46,174

30-Year

Interest

Rate

Swap

(a)

0.52%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

12/09/21

0.52

EUR

687

40,882

685,387

$

723,018

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

.

Down

and

In

Credit

Suisse

International

233

12/17/21

EUR

3,100.00

EUR

2,700.00

EUR

—

$

(16,433)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Advanced

Micro

Devices,

Inc.

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

7

04/01/21

USD

90.00

USD

55

$

(7)

Advanced

Micro

Devices,

Inc.

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

6

04/16/21

USD

90.00

USD

47

(114)

Alphabet,

Inc.

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

1

04/16/21

USD

2,300.00

USD

207

(220)

Bank

of

America

Corp.

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

17

04/16/21

USD

39.00

USD

66

(1,590)

BlackRock

Global

Allocation

Portfolio

23

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Capital

One

Financial

Corp.

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

11

04/16/21

USD

135.00

USD

140

$

(891)

Capital

One

Financial

Corp.

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

11

04/16/21

USD

130.00

USD

140

(2,321)

Citigroup,

Inc.

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

14

04/16/21

USD

72.50

USD

102

(3,290)

Johnson

&

Johnson

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

6

04/16/21

USD

180.00

USD

99

(30)

JPMorgan

Chase

&

Co.

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

8

04/16/21

USD

165.00

USD

122

(424)

Mastercard,

Inc.

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

6

04/16/21

USD

395.00

USD

214

(198)

Morgan

Stanley

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

19

04/16/21

USD

95.00

USD

148

(67)

Morgan

Stanley

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

19

04/16/21

USD

90.00

USD

148

(219)

UWM

Holdings

Corp.

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

9

04/16/21

USD

12.50

USD

7

(45)

Visa,

Inc.

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

17

04/16/21

USD

235.00

USD

360

(315)

Walt

Disney

Co.

(The)

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

12

04/16/21

USD

210.00

USD

221

(408)

Western

Digital

Corp.

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

6

04/16/21

USD

76.00

USD

40

(369)

Alphabet,

Inc.

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

2

05/21/21

USD

2,400.00

USD

414

(1,330)

Amazon.com,

Inc.

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

1

05/21/21

USD

3,500.00

USD

309

(2,030)

Apple,

Inc.

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

33

05/21/21

USD

140.00

USD

403

(3,168)

Bank

of

America

Corp.

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

54

05/21/21

USD

44.00

USD

209

(1,863)

ConocoPhillips

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

11

05/21/21

USD

70.00

USD

58

(226)

ConocoPhillips

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

25

05/21/21

USD

60.00

USD

132

(2,613)

Facebook,

Inc.

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

15

05/21/21

USD

320.00

USD

442

(9,788)

Global

Payment,

Inc.

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

11

05/21/21

USD

225.00

USD

222

(1,469)

Home

Depot,

Inc.

(The)

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

3

05/21/21

USD

310.00

USD

92

(2,438)

Invesco

QQQ

Trust

1

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

6

05/21/21

USD

350.00

USD

191

(666)

JPMorgan

Chase

&

Co.

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

14

05/21/21

USD

175.00

USD

213

(1,078)

Mastercard,

Inc.

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

3

05/21/21

USD

425.00

USD

107

(194)

Micron

Technology,

Inc.

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

14

05/21/21

USD

100.00

USD

123

(2,695)

Microsoft

Corp.

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

17

05/21/21

USD

275.00

USD

401

(1,131)

Morgan

Stanley

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

26

05/21/21

USD

95.00

USD

202

(598)

NVIDIA

Corp.

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

2

05/21/21

USD

600.00

USD

107

(1,440)

NXP

Semiconductors

NV

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

6

05/21/21

USD

220.00

USD

121

(3,015)

Raytheon

Technologies

Corp.

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

29

05/21/21

USD

85.00

USD

224

(2,378)

ServiceNow,

Inc.

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

2

05/21/21

USD

660.00

USD

100

(205)

Toll

Brothers,

Inc.

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

17

05/21/21

USD

60.00

USD

96

(2,975)

VanEck

Vectors

Semiconductor

ETF

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

34

05/21/21

USD

265.00

USD

828

(10,183)

Anthem,

Inc.

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

3

06/18/21

USD

410.00

USD

108

(743)

Anthem,

Inc.

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

5

06/18/21

USD

390.00

USD

179

(3,325)

HCA

Healthcare,

Inc.

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

12

06/18/21

USD

210.00

USD

226

(4,320)

Intel

Corp.

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

43

06/18/21

USD

75.00

USD

275

(3,075)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

101

06/18/21

USD

87.00

USD

881

(5,555)

Mastercard,

Inc.

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

10

06/18/21

USD

450.00

USD

356

(675)

Mastercard,

Inc.

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

12

06/18/21

USD

390.00

USD

427

(7,110)

SPDR

S&P

500

ETF

Trust

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

87

06/18/21

USD

430.00

USD

3,448

(9,614)

SPDR

S&P

500

ETF

Trust

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

91

06/18/21

USD

400.00

USD

3,607

(87,315)

(183,723)

Put

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

15

04/01/21

USD

82.00

USD

131

(30)

Alibaba

Group

Holding

Ltd.

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

6

04/16/21

USD

220.00

USD

136

(1,950)

Alphabet,

Inc.

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

1

04/16/21

USD

1,750.00

USD

207

(173)

BNP

Paribas

SA

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

35

04/16/21

EUR

41.00

EUR

182

(308)

Farfetch

Ltd.

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

10

04/16/21

USD

55.00

USD

53

(4,000)

Invesco

QQQ

Trust

1

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

66

04/16/21

USD

285.00

USD

2,106

(3,036)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

5

04/16/21

USD

83.00

USD

44

(40)

iShares

Russell

2000

ETF

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

4

04/16/21

USD

190.00

USD

88

(136)

Mastercard,

Inc.

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

6

04/16/21

USD

315.00

USD

214

(255)

Micron

Technology,

Inc.

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

7

04/16/21

USD

70.00

USD

62

(88)

Microsoft

Corp.

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

10

04/16/21

USD

220.00

USD

236

(735)

Microsoft

Corp.

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

14

04/16/21

USD

210.00

USD

330

(455)

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.......

6

04/16/21

USD

100.00

USD

65

(150)

SPDR

S&P

500

ETF

Trust

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

106

04/16/21

USD

365.00

USD

4,201

(6,042)

U.S.

Treasury

10

Year

Note

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

46

04/23/21

USD

129.50

USD

4,600

(10,063)

SPDR

S&P

500

ETF

Trust

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

122

04/30/21

USD

370.00

USD

4,835

(23,241)

Advance

Auto

Parts,

Inc.

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

2

05/21/21

USD

160.00

USD

37

(355)

Bank

of

America

Corp.

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

54

05/21/21

USD

34.00

USD

209

(2,079)

DR

Horton,

Inc.

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

13

05/21/21

USD

72.50

USD

116

(969)

BlackRock

Global

Allocation

Portfolio

24

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Edwards

Lifesciences

Corp.

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

6

05/21/21

USD

70.00

USD

50

$

(255)

Generac

Holdings,

Inc.

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

4

05/21/21

USD

270.00

USD

131

(1,820)

Global

Payments,

Inc.

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

11

05/21/21

USD

170.00

USD

222

(1,375)

Invesco

QQQ

Trust

1

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

22

05/21/21

USD

270.00

USD

702

(2,970)

Invesco

QQQ

Trust

1

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

25

05/21/21

USD

265.00

USD

798

(2,750)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

52

05/21/21

USD

75.00

USD

453

(494)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

202

05/21/21

USD

81.00

USD

1,761

(4,545)

JPMorgan

Chase

&

Co.

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

14

05/21/21

USD

135.00

USD

213

(2,121)

Las

Vegas

Sands

Corp.

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

10

05/21/21

USD

60.00

USD

61

(3,325)

Mastercard,

Inc.

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

2

05/21/21

USD

340.00

USD

71

(1,590)

Morgan

Stanley

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

26

05/21/21

USD

72.50

USD

202

(4,472)

Raytheon

Technologies

Corp.

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

29

05/21/21

USD

60.00

USD

224

(609)

salesforce.com,

Inc.

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

3

05/21/21

USD

210.00

USD

64

(2,235)

SPDR

S&P

500

ETF

Trust

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

18

05/21/21

USD

350.00

USD

713

(3,150)

SPDR

S&P

500

ETF

Trust

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

132

05/21/21

USD

360.00

USD

5,232

(32,274)

U.S.

Treasury

10

Year

Note

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

35

05/21/21

USD

129.50

USD

3,500

(17,500)

Anthem,

Inc.

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

3

06/18/21

USD

310.00

USD

108

(1,440)

Anthem,

Inc.

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

5

06/18/21

USD

300.00

USD

179

(1,775)

Deere

&

Co.

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

1

06/18/21

USD

330.00

USD

37

(633)

Deere

&

Co.

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

3

06/18/21

USD

350.00

USD

112

(3,248)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

101

06/18/21

USD

75.00

USD

881

(1,768)

Mastercard,

Inc.

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

10

06/18/21

USD

310.00

USD

356

(4,050)

Monster

Beverage

Corp.

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

2

06/18/21

USD

80.00

USD

18

(470)

Monster

Beverage

Corp.

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

10

06/18/21

USD

85.00

USD

91

(2,275)

PVH

Corp.

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

9

06/18/21

USD

75.00

USD

95

(563)

salesforce.com,

Inc.

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

12

06/18/21

USD

200.00

USD

254

(7,800)

SPDR

S&P

500

ETF

Trust

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

28

06/18/21

USD

250.00

USD

1,110

(1,204)

Ulta

Beauty,

Inc.

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

2

06/18/21

USD

255.00

USD

62

(800)

SPDR

S&P

500

ETF

Trust

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

5

12/17/21

USD

270.00

USD

198

(1,848)

(163,464)

$

(347,187)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

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

Citibank

NA

—

04/01/21

USD

1.25

EUR

1,262

$

–

Disco

Corp.

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

Morgan

Stanley

&

Co.

International

plc

50

04/09/21

JPY

38,390.00

JPY

1,738

(8)

Hoya

Corp.

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

Morgan

Stanley

&

Co.

International

plc

643

04/09/21

JPY

14,393.50

JPY

8,362

(14)

Recruit

Holdings

Co.

Ltd.

......

BNP

Paribas

SA

459

04/09/21

JPY

5,606.07

JPY

2,479

(77)

Shin-Etsu

Chemical

Co.

Ltd.

....

Morgan

Stanley

&

Co.

International

plc

637

04/09/21

JPY

19,866.00

JPY

11,855

(131)

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

—

04/12/21

JPY

108.00

USD

1,367

(33,756)

Alphabet,

Inc.

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

Morgan

Stanley

&

Co.

International

plc

145

04/16/21

USD

2,275.00

USD

300

(579)

DR

Horton,

Inc.

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

BNP

Paribas

SA

1,260

04/16/21

USD

85.00

USD

112

(6,309)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

1,912

04/16/21

USD

188.00

USD

306

(48)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......

JPMorgan

Chase

Bank

NA

7,620

04/21/21

USD

671.64

USD

4,473

(87)

Tencent

Holdings

Ltd.

.........

Morgan

Stanley

&

Co.

International

plc

1,107

04/29/21

HKD

807.59

HKD

675

(3)

Disco

Corp.

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

Goldman

Sachs

International

50

05/14/21

JPY

36,736.80

JPY

1,738

(373)

FANUC

Corp.

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

Goldman

Sachs

International

88

05/14/21

JPY

29,255.10

JPY

2,304

(116)

Hoya

Corp.

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

Morgan

Stanley

&

Co.

International

plc

641

05/14/21

JPY

13,620.00

JPY

8,336

(1,378)

Keyence

Corp.

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

UBS

AG

76

05/14/21

JPY

56,618.50

JPY

3,821

(75)

Kose

Corp.

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

Goldman

Sachs

International

143

05/14/21

JPY

20,558.44

JPY

2,239

(3)

Recruit

Holdings

Co.

Ltd.

......

BNP

Paribas

SA

462

05/14/21

JPY

5,602.10

JPY

2,495

(459)

Shin-Etsu

Chemical

Co.

Ltd.

....

Morgan

Stanley

&

Co.

International

plc

640

05/14/21

JPY

19,965.00

JPY

11,910

(1,198)

Sony

Group

Corp.

...........

Goldman

Sachs

International

262

05/14/21

JPY

12,358.21

JPY

3,038

(487)

adidas

AG

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

Barclays

Bank

plc

331

05/21/21

EUR

340.00

EUR

88

(76)

DR

Horton,

Inc.

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

BNP

Paribas

SA

1,260

05/21/21

USD

87.50

USD

112

(7,214)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

664

05/21/21

USD

176.00

USD

106

(214)

Starbucks

Corp.

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

Citibank

NA

980

05/21/21

USD

130.00

USD

107

(292)

BlackRock

Global

Allocation

Portfolio

25

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Options

Written

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Walt

Disney

Co.

(The)

........

Morgan

Stanley

&

Co.

International

plc

1,639

05/21/21

USD

215.00

USD

302

$

(2,611)

FANUC

Corp.

..............

Goldman

Sachs

International

91

06/11/21

JPY

30,232.09

JPY

2,383

(242)

Keyence

Corp.

.............

Goldman

Sachs

International

69

06/11/21

JPY

58,269.78

JPY

3,469

(347)

Kose

Corp.

................

Goldman

Sachs

International

142

06/11/21

JPY

17,944.64

JPY

2,224

(192)

Sony

Group

Corp.

...........

Goldman

Sachs

International

253

06/11/21

JPY

13,593.55

JPY

2,934

(281)

Autodesk,

Inc.

..............

Nomura

International

plc

1,613

06/18/21

USD

330.00

USD

447

(4,403)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

197

06/18/21

EUR

620.00

EUR

112

(1,436)

Raytheon

Technologies

Corp.

...

Goldman

Sachs

International

2,847

06/18/21

USD

90.00

USD

220

(1,950)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

1,326

06/18/21

USD

178.00

USD

212

(769)

(65,128)

Put

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

04/12/21

JPY

100.00

USD

1,367

–

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

356

04/16/21

USD

162.00

USD

57

(1,036)

EUR

Currency

..............

Bank

of

America

NA

—

04/28/21

NOK

10.08

EUR

384

(5,573)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

04/28/21

NOK

8.31

USD

384

(1,150)

Alibaba

Group

Holding

Ltd.

.....

Nomura

International

plc

336

04/30/21

USD

215.00

USD

76

(1,429)

adidas

AG

................

Barclays

Bank

plc

246

05/21/21

EUR

260.00

EUR

65

(3,161)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

678

05/21/21

USD

158.00

USD

108

(1,718)

Autodesk,

Inc.

..............

Nomura

International

plc

1,125

06/18/21

USD

240.00

USD

312

(6,272)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

164

06/18/21

EUR

480.00

EUR

93

(706)

Raytheon

Technologies

Corp.

...

Goldman

Sachs

International

2,847

06/18/21

USD

62.50

USD

220

(1,169)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

1,017

06/18/21

USD

154.00

USD

163

(2,201)

EUR

Currency

..............

BNP

Paribas

SA

—

08/02/21

USD

1.15

EUR

2,239

(16,150)

(40,565)

$

(105,693)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

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)

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/20/21

0.55

%

USD

430

$

(179)

1-Year

Interest

Rate

Swap

(a)

.

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.40

USD

10,341

(8,998)

1-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.60

USD

10,341

(14,871)

(24,048)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Goldman

Sachs

International

04/01/21

1.40

USD

1,860

(65,464)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

Bank

of

America

NA

04/06/21

0.87

USD

2,429

(21,286)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.42%

Semi-Annual

Goldman

Sachs

International

04/06/21

1.42

USD

1,072

(35,756)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

Bank

of

America

NA

04/06/21

0.85

USD

5,900

(57,474)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

Deutsche

Bank

AG

05/25/21

1.00

USD

2,874

(22,322)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

Goldman

Sachs

International

05/25/21

1.00

USD

2,874

(22,322)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.25%

Semi-Annual

Goldman

Sachs

International

08/23/21

2.25

USD

455

(19,549)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.27%

Semi-Annual

Goldman

Sachs

International

08/23/21

2.27

USD

450

(18,387)

BlackRock

Global

Allocation

Portfolio

26

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/20/21

1.40

%

USD

859

$

(43,647)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.78%

Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.78

EUR

760

(19,946)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.79%

Annual

Goldman

Sachs

International

11/24/21

0.79

EUR

742

(19,611)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.82%

Annual

Goldman

Sachs

International

12/09/21

0.82

EUR

687

(17,787)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.76%

Semi-Annual

Goldman

Sachs

International

01/26/22

1.76

USD

2,974

(112,222)

(475,773)

$

(499,821)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.33.V1

...................

1.00

%

Quarterly

12/20/24

USD

6,863

$

(127,250)

$

(112,436)

$

(14,814)

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

337

(31,267)

4,823

(36,090)

CDX.NA.IG.36.V1

...................

1.00

Quarterly

06/20/26

USD

944

(22,386)

(20,033)

(2,353)

$

(180,903)

$

(127,646)

$

(53,257)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V2

.

5.00

%

Quarterly

12/20/25

B-

EUR

558

$

80,925

$

47,182

$

33,743

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

BA

Semi-Annual

1.91%

Semi-Annual

N/A

07/09/21

CAD

5,597

$

31,937

$

—

$

31,937

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

8,345

(70,775)

(714)

(70,061)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

4,668

(46,365)

—

(46,365)

28

day

MXIBTIIE

Monthly

4.42%

Monthly

N/A

02/28/23

MXN

7,323

(4,220)

—

(4,220)

28

day

MXIBTIIE

Monthly

4.50%

Monthly

N/A

03/03/23

MXN

7,321

(3,677)

—

(3,677)

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

5,196

(5,502)

—

(5,502)

28

day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

5,196

(4,216)

—

(4,216)

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/24

USD

6,570

17,509

—

17,509

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

1,612

7,826

—

7,826

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

3,339

(117,116)

35

(117,151)

BlackRock

Global

Allocation

Portfolio

27

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

1,240

$

29,473

$

—

$

29,473

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

N/A

10/29/25

USD

3,586

(89,084)

—

(89,084)

3

month

LIBOR

Quarterly

0.46%

Semi-Annual

N/A

11/23/25

USD

996

(21,841)

—

(21,841)

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

N/A

02/10/26

USD

2,506

(75,508)

—

(75,508)

0.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/19/26

USD

1,232

19,591

—

19,591

0.70%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/26

USD

337

5,125

—

5,125

3

month

LIBOR

Quarterly

0.83%

Semi-Annual

N/A

03/08/26

USD

4,030

(37,672)

—

(37,672)

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

392

34,852

—

34,852

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

936

(53,847)

—

(53,847)

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

427

(41,667)

—

(41,667)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

154

(14,769)

—

(14,769)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

234

(22,903)

—

(22,903)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

234

21,858

—

21,858

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

187

(17,796)

—

(17,796)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

187

16,598

—

16,598

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/23/30

USD

656

55,432

—

55,432

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/31

USD

426

23,469

—

23,469

1.20%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/31

USD

251

13,318

—

13,318

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

291

87,416

—

87,416

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

192

58,325

—

58,325

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

416

(108,368)

—

(108,368)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

98

(25,387)

—

(25,387)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

N/A

10/21/50

USD

288

(74,272)

—

(74,272)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/23/50

USD

615

129,712

—

129,712

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

N/A

10/28/50

USD

234

(65,771)

—

(65,771)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/28/50

USD

243

56,958

—

56,958

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/29/50

USD

709

197,467

—

197,467

1.30%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/19/50

USD

538

110,270

—

110,270

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/27/50

USD

243

54,425

—

54,425

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/11/50

USD

179

30,557

—

30,557

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

N/A

12/22/50

USD

943

(216,624)

—

(216,624)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/30/50

USD

243

51,923

—

51,923

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/07/51

USD

583

101,471

—

101,471

1.52%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/08/51

USD

199

31,241

—

31,241

1.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/25/51

USD

424

56,480

—

56,480

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/28/51

USD

754

125,809

—

125,809

1.58%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/01/51

USD

435

63,009

—

63,009

1.66%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/51

USD

243

30,408

—

30,408

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/51

USD

251

30,340

—

30,340

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

N/A

02/10/51

USD

683

(152,840)

—

(152,840)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/10/51

USD

456

138,868

—

138,868

1.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/51

USD

98

6,676

—

6,676

$

368,123

$

(679)

$

368,802

(a)

Forward

swap.

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

..........

5.00

%

Quarterly

Barclays

Bank

plc

06/20/23

USD

69

$

(1,866)

$

8,614

$

(10,480)

$

–

$

–

$

–

BlackRock

Global

Allocation

Portfolio

28

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(252)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(594)

of

net

dividends

and

financing

fees.

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)

Bombardier,

Inc.

......

5.00

%

Quarterly

Barclays

Bank

plc

12/20/21

CCC

USD

100

$

2,079

$

(3,330)

$

5,409

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swap

s

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

126,220

Goldman

Sachs

International

06/20/21

USD

126

$

(152)

$

(1)

$

(151)

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

116,416

Goldman

Sachs

International

06/20/21

USD

116

(396)

(55)

(341)

S&P

500

Annual

Dividend

Index

Futures

December

2021

...

USD

48,550

BNP

Paribas

SA

12/17/21

USD

49

10,200

—

10,200

GSCBBL8X

Index

.........

USD

46,003

Goldman

Sachs

International

02/22/22

USD

46

(8,291)

—

(8,291)

$

1,361

$

(56)

$

1,417

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Citibank

NA

(b)

01/25/21-05/31/23

$

230,801

$

(40,439)

(c)

$

190,614

0.4

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(225,980)

(139)

(e)

(225,525)

0.1

$

(40,578)

$

(34,911)

(b)

(d)

Range:

18-175

basis

points

18-150

basis

points

Benchmarks:

Intercontinental

Exchange

LIBOR:

Intercontinental

Exchange

LIBOR:

USD

1

Week

USD

1

Month

USD

1

Month

USD

Overnight

Bank

Funding

Rate

BlackRock

Global

Allocation

Portfolio

29

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

March

31,

2021,

expiration

dates

01/25/21-05/31/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Italy

Leonardo

SpA

...........

54,099

$

437,643

229.6

%

Total

Reference

Entity

—

Long

............

437,643

Reference

Entity

—

Short

China

BeiGene

Ltd.,

ADR

........

(9)

(3,133)

(1.6)

China

Conch

Venture

Holdings

Ltd.

................

(3,500)

(16,490)

(8.7)

China

Evergrande

Group

....

(1,000)

(1,909)

(1.0)

China

Literature

Ltd.

.......

(400)

(3,980)

(2.1)

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

......

(3,000)

(4,097)

(2.1)

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(6,000)

(3,663)

(1.9)

China

Vanke

Co.

Ltd.,

Class

H

(1,800)

(7,073)

(3.7)

Cosco

Shipping

Holdings

Co.

Ltd.,

Class

H

..........

(2,000)

(2,589)

(1.4)

GSX

Techedu,

Inc.,

ADR

....

(63)

(2,134)

(1.1)

Longfor

Group

Holdings

Ltd.

..

(2,000)

(13,265)

(7.0)

Microport

Scientific

Corp.

....

(1,000)

(5,677)

(3.0)

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(1,500)

(6,421)

(3.4)

Sunny

Optical

Technology

Group

Co.

Ltd.

..............

(200)

(4,595)

(2.4)

TravelSky

Technology

Ltd.,

Class

H

..................

(1,000)

(2,346)

(1.2)

Zai

Lab

Ltd.,

ADR

.........

(6)

(801)

(0.4)

Zijin

Mining

Group

Co.

Ltd.,

Class

H

..............

(4,000)

(4,947)

(2.6)

(83,120)

Denmark

Vestas

Wind

Systems

A/S

...

(27)

(5,570)

(2.9)

Finland

Sampo

OYJ,

Class

A

.......

(123)

(5,546)

(2.9)

France

Air

Liquide

SA

...........

(61)

(9,960)

(5.2)

Airbus

SE

..............

(79)

(8,960)

(4.7)

Bouygues

SA

............

(122)

(4,886)

(2.6)

Engie

SA

...............

(238)

(3,381)

(1.8)

Vinci

SA

...............

(50)

(5,121)

(2.7)

(32,308)

Germany

Porsche

Automobil

Holding

SE

(Preference)

..........

(90)

(9,549)

(5.0)

Hong

Kong

Sino

Biopharmaceutical

Ltd.

..

(5,000)

(5,019)

(2.6)

Italy

Atlantia

SpA

.............

(322)

(6,026)

(3.2)

Poland

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

.......

(1,259)

(1,915)

(1.0)

Shares

Value

%

of

Basket

Value

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(60)

$

(7,242)

(3.8)

%

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(47)

(5,575)

(2.9)

(12,817)

Spain

Grifols

SA

..............

(99)

(2,591)

(1.4)

Sweden

Telia

Co.

AB

.............

(1,704)

(7,388)

(3.9)

Taiwan

E.Sun

Financial

Holding

Co.

Ltd.

(2,000)

(1,831)

(1.0)

United

Kingdom

HSBC

Holdings

plc

........

(673)

(3,923)

(2.0)

Prudential

plc

............

(543)

(11,567)

(6.1)

SSE

plc

................

(153)

(3,068)

(1.6)

(18,558)

United

States

AmerisourceBergen

Corp.

...

(35)

(4,132)

(2.2)

Archer-Daniels-Midland

Co.

..

(51)

(2,907)

(1.5)

Boeing

Co.

(The)

.........

(49)

(12,481)

(6.5)

Booking

Holdings,

Inc.

......

(2)

(4,660)

(2.4)

Honeywell

International,

Inc.

..

(18)

(3,907)

(2.1)

Keurig

Dr

Pepper,

Inc.

......

(264)

(9,074)

(4.8)

Moderna,

Inc.

............

(27)

(3,536)

(1.9)

Paychex,

Inc.

............

(102)

(9,998)

(5.2)

Simon

Property

Group,

Inc.

..

(36)

(4,096)

(2.1)

(54,791)

Total

Reference

Entity

—

Short

............

(247,029)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

190,614

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

March

31,

2021,

expiration

date

02/08/23:

Reference

Entity

—

Short

Australia

Afterpay

Ltd.

............

(69)

(5,389)

2.4

National

Australia

Bank

Ltd.

..

(199)

(3,942)

1.7

Scentre

Group

...........

(1,050)

(2,261)

1.0

Westpac

Banking

Corp.

.....

(240)

(4,452)

2.0

(16,044)

Belgium

UCB

SA

...............

(36)

(3,422)

1.5

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(3,929)

(10,366)

4.6

Raia

Drogasil

SA

.........

(1,163)

(5,199)

2.3

(15,565)

Canada

Pembina

Pipeline

Corp.

.....

(149)

(4,304)

1.9

Shaw

Communications,

Inc.,

Class

B

..............

(427)

(11,104)

4.9

(15,408)

China

Bilibili,

Inc.,

ADR

..........

(54)

(5,781)

2.6

BYD

Electronic

International

Co.

Ltd.

................

(500)

(2,947)

1.3

China

Gas

Holdings

Ltd.

....

(400)

(1,642)

0.7

BlackRock

Global

Allocation

Portfolio

30

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Shares

Value

%

of

Basket

Value

China

(continued)

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(10,000)

$

(7,424)

3.3

%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

..........

(400)

(2,386)

1.1

GDS

Holdings

Ltd.,

ADR

....

(22)

(1,784)

0.8

Geely

Automobile

Holdings

Ltd.

(2,000)

(5,144)

2.3

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(2,500)

(6,990)

3.1

iQIYI,

Inc.,

ADR

..........

(328)

(5,451)

2.4

Kunlun

Energy

Co.

Ltd.

.....

(2,000)

(2,110)

0.9

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

..............

(2,500)

(4,716)

2.1

Shenzhou

International

Group

Holdings

Ltd.

..........

(200)

(4,183)

1.8

Tencent

Music

Entertainment

Group,

ADR

...........

(175)

(3,586)

1.6

Weibo

Corp.,

ADR

.........

(41)

(2,069)

0.9

(56,213)

Hong

Kong

Jardine

Strategic

Holdings

Ltd.

(100)

(3,304)

1.5

Link

REIT

..............

(510)

(4,653)

2.0

(7,957)

Japan

Chugai

Pharmaceutical

Co.

Ltd.

(100)

(4,063)

1.8

ORIX

Corp.

.............

(300)

(5,074)

2.3

Secom

Co.

Ltd.

...........

(100)

(8,430)

3.7

SoftBank

Group

Corp.

......

(100)

(8,514)

3.8

(26,081)

Mexico

Wal-Mart

de

Mexico

SAB

de

CV

(1,324)

(4,181)

1.9

Peru

Credicorp

Ltd.

...........

(17)

(2,322)

1.0

Shares

Value

%

of

Basket

Value

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(89)

$

(8,556)

3.8

%

Shoprite

Holdings

Ltd.

......

(194)

(2,064)

0.9

Vodacom

Group

Ltd.

.......

(237)

(2,026)

0.9

(12,646)

South

Korea

AMOREPACIFIC

Group

(Preference)

..........

(7)

(251)

0.1

Samsung

C&T

Corp.

.......

(19)

(2,102)

1.0

(2,353)

Spain

Aena

SME

SA

...........

(21)

(3,407)

1.5

Amadeus

IT

Group

SA

......

(27)

(1,923)

0.9

(5,330)

Switzerland

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(2)

(17,423)

7.7

Schindler

Holding

AG

......

(19)

(5,582)

2.5

(23,005)

United

Kingdom

Compass

Group

plc

........

(211)

(4,263)

1.9

United

States

AvalonBay

Communities,

Inc.

.

(29)

(5,351)

2.4

Centene

Corp.

...........

(56)

(3,579)

1.6

General

Dynamics

Corp.

....

(41)

(7,444)

3.3

Liberty

Broadband

Corp.,

Class

C

..................

(16)

(2,402)

1.1

Norfolk

Southern

Corp.

.....

(19)

(5,102)

2.2

Roper

Technologies,

Inc.

....

(17)

(6,857)

3.0

(30,735)

Total

Reference

Entity

—

Short

............

(225,525)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(225,525)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.29

%

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.44

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.19

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.51)

BlackRock

Global

Allocation

Portfolio

31

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

INR

Indian

Rupee

JPY

Japanese

Yen

MXN

Mexican

Peso

NOK

Norwegian

Krone

SEK

Swedish

Krona

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

BlackRock

Global

Allocation

Portfolio

32

Consolidated

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

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

........................................

$

—

$

250,000

$

150,000

$

400,000

Ireland

..............................................

—

116,863

—

116,863

United

States

..........................................

—

1,551,599

—

1,551,599

Common

Stocks:

Argentina

............................................

38,974

—

—

38,974

Australia

.............................................

—

276,505

172,991

449,496

Belgium

.............................................

—

4,293

—

4,293

Brazil

...............................................

172,556

—

—

172,556

Canada

.............................................

1,634,222

—

—

1,634,222

Chile

...............................................

18,893

—

—

18,893

China

...............................................

1,007,937

3,852,124

1,892

4,861,953

Denmark

.............................................

—

415,788

—

415,788

Finland

..............................................

—

420,820

—

420,820

France

..............................................

—

5,860,230

—

5,860,230

Germany

............................................

964,701

5,537,292

—

6,501,993

Hong

Kong

...........................................

—

1,267,427

—

1,267,427

India

...............................................

—

448,355

146,075

594,430

Indonesia

............................................

—

54,825

—

54,825

Ireland

..............................................

—

202,541

—

202,541

Israel

...............................................

31,171

—

—

31,171

Italy

................................................

—

3,305,524

—

3,305,524

Japan

...............................................

—

3,610,084

—

3,610,084

Luxembourg

..........................................

—

114,982

—

114,982

Macau

..............................................

—

18,372

—

18,372

Mexico

..............................................

6,059

—

—

6,059

Netherlands

...........................................

983,948

4,425,383

—

5,409,331

BlackRock

Global

Allocation

Portfolio

33

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Level

1

Level

2

Level

3

Total

Norway

..............................................

$

28,656

$

—

$

—

$

28,656

Poland

..............................................

81,120

11,496

—

92,616

Portugal

.............................................

35,205

—

—

35,205

Saudi

Arabia

..........................................

—

1,853

—

1,853

Singapore

............................................

—

129,883

—

129,883

South

Africa

...........................................

—

138,311

—

138,311

South

Korea

..........................................

—

1,027,441

—

1,027,441

Spain

...............................................

—

566,221

—

566,221

Sweden

.............................................

—

2,054,654

—

2,054,654

Switzerland

...........................................

85,760

586,772

—

672,532

Taiwan

..............................................

134,608

2,267,473

—

2,402,081

Thailand

.............................................

—

53,830

—

53,830

Turkey

..............................................

5,929

—

—

5,929

United

Kingdom

........................................

1,450,409

2,526,918

—

3,977,327

United

States

..........................................

89,803,910

1,266,853

301,396

91,372,159

Corporate

Bonds

Australia

.............................................

—

13,024

808,887

821,911

Belgium

.............................................

—

21,558

—

21,558

Brazil

...............................................

—

46,376

—

46,376

Canada

.............................................

—

67,375

—

67,375

China

...............................................

—

300

—

300

Germany

............................................

—

257,210

—

257,210

Greece

..............................................

—

146,441

—

146,441

India

...............................................

—

2,115

—

2,115

Italy

................................................

—

294,289

—

294,289

Luxembourg

..........................................

—

327,711

—

327,711

Peru

................................................

—

3,202

—

3,202

South

Korea

..........................................

—

6,349

—

6,349

Turkey

..............................................

—

—

75,040

75,040

United

Arab

Emirates

....................................

—

4,082

—

4,082

United

Kingdom

........................................

—

718,428

—

718,428

United

States

..........................................

—

6,358,494

—

6,358,494

Floating

Rate

Loan

Interests:

Canada

.............................................

—

222,257

—

222,257

France

..............................................

—

251,063

—

251,063

Germany

............................................

—

—

254,052

254,052

Netherlands

...........................................

—

820,196

—

820,196

United

States

..........................................

—

1,819,187

840,228

2,659,415

Foreign

Government

Obligations

..............................

—

11,912,235

—

11,912,235

Investment

Companies

....................................

17,459,329

—

—

17,459,329

Municipal

Bonds

.........................................

—

317,993

—

317,993

Non-Agency

Mortgage-Backed

Securities

........................

—

1,113,338

—

1,113,338

Other

Interests

..........................................

—

—

198,529

198,529

Preferred

Securities:

Brazil

...............................................

39,172

—

—

39,172

China

...............................................

—

—

326,984

326,984

Germany

............................................

—

—

154,999

154,999

India

...............................................

—

—

103,876

103,876

Jersey

..............................................

—

—

102,783

102,783

United

Kingdom

........................................

—

537,576

80,655

618,231

United

States

..........................................

1,123,849

836,944

1,972,760

3,933,553

Rights

................................................

205

—

—

205

U.S.

Government

Sponsored

Agency

Securities

....................

—

144,608

—

144,608

U.S.

Treasury

Obligations

...................................

—

5,043,710

—

5,043,710

Warrants

..............................................

14,322

—

10,345

24,667

Short-Term

Securities:

Money

Market

Funds

......................................

2,441,011

—

—

2,441,011

Time

Deposits

..........................................

—

61,777

—

61,777

U.S.

Treasury

Obligations

...................................

—

7,749,911

—

7,749,911

Options

Purchased:

Equity

contracts

..........................................

589,179

243,165

—

832,344

Foreign

currency

exchange

contracts

...........................

—

53,581

—

53,581

Interest

rate

contracts

......................................

17,203

723,018

—

740,221

BlackRock

Global

Allocation

Portfolio

34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

Level

1

Level

2

Level

3

Total

Liabilities:

Investments

Sold

Short

....................................

$

(1,738,181)

$

—

$

—

$

(1,738,181)

Subtotal

....................................................

$

116,430,147

$

82,482,225

$

5,701,492

$

204,613,864

Investments

Valued

at

NAV

(a)

......................................

6,274,130

$

—

Total

Investments

..............................................

$

210,887,994

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

39,152

$

—

$

39,152

Equity

contracts

...........................................

45,075

10,200

—

55,275

Foreign

currency

exchange

contracts

............................

—

232,136

—

232,136

Interest

rate

contracts

.......................................

162,141

1,638,343

—

1,800,484

Liabilities:

Credit

contracts

...........................................

—

(63,737)

—

(63,737)

Equity

contracts

...........................................

(454,625)

(114,366)

—

(568,991)

Foreign

currency

exchange

contracts

............................

—

(819,435)

—

(819,435)

Interest

rate

contracts

.......................................

(33,349)

(1,769,854)

—

(1,803,203)

$

(280,758)

$

(847,561)

$

—

$

(1,128,319)

(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.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Options

Purchased

Other

Interests

Preferred

Securities

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2020

.........

$

—

$

371,145

$

899,115

$

982,823

$

1,862

$

—

$

2,517,063

$

8,398

$

4,780,406

Transfers

into

level

3

.......................

—

5,477

—

91,226

—

—

—

—

96,703

Transfers

out

of

level

3

......................

—

—

—

(208,991)

—

—

—

—

(208,991)

Accrued

discounts/premiums

...................

—

—

(251)

573

—

—

—

—

322

Net

realized

gain

(loss)

......................

—

74

—

730

(1,862)

—

5

—

(1,053)

Net

change

in

unrealized

appreciation

(depreciation)

(a)

..

—

181,146

(14,937)

(1,180)

—

31,375

(79,504)

(2,013)

114,887

Purchases

...............................

150,000

69,991

—

255,700

—

167,154

809,620

3,960

1,456,425

Sales

..................................

—

(5,479)

—

(26,601)

—

—

(505,127)

—

(537,207)

Closing

balance,

as

of

March

31,

2021

............

$

150,000

$

622,354

$

883,927

$

1,094,280

$

—

$

198,529

$

2,742,057

$

10,345

$

5,701,492

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

March

31,

2021

(a)

........

$

—

$

181,147

$

(14,937)

$

(1,180)

$

—

$

31,375

$

523,925

$

(2,013)

$

718,317

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

March

31,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Allocation

Portfolio

35

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2021

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

investments

as

of

period

end.

The

table

does

not

include

Level

3

investments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$575,452.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Common

Stocks

(b)

..........................

$

620,462

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

15.50x

—

Volatility

66%

—

Time

to

Exit

1.2

—

Recent

Transactions

—

—

Corporate

Bonds

...........................

883,927

Income

Discount

Rate

16%

–

29%

17%

Floating

Rate

Loan

Interests

(c)

670,720

Income

Discount

Rate

4%

-

11%

6%

Market

Recent

Transactions

—

—

Other

Interests

............................

198,529

Market

Recent

Transactions

—

—

Preferred

Stocks

(d)

..........................

2,742,057

Income

Discount

Rate

27%

—

Market

Revenue

Multiple

2.70x

–

42.00x

16.85x

Time

to

Exit

0.5

–

2.8

1.7

Volatility

42%

–

66%

58%

Recent

Transactions

—

—

Warrants

................................

10,345

Market

Revenue

Multiple

7.25x

-

9.50x

7.91x

Time

to

Exit

0.5

–

2.1

2.0

Volatility

42%

-

46%

46%

Recent

Transactions

—

—

$

5,126,040

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

March

31,

2021,

the

valuation

technique

for

investments

classified

as

Common

Stocks

amounting

to

$292,050

changed

to

Current

Value

approach.

The

investments

were

previously

valued

utilizing

Transaction

Price

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(c)

For

the

period

end

March

31,

2021,

the

valuation

technique

for

investments

classified

as

Floating

Rate

Loan

Interests

amounting

to

$95,888

changed

to

Transaction

Price

approach.

The

investments

were

previously

valued

utilizing

Discounted

Cash

Flow.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(d)

For

the

period

end

March

31,

2021,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$502,735

changed

to

Current

Value

approach.

The

investments

were

previously

valued

utilizing

Transaction

Price

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.