Consolidated

Schedule

of

Investments

(unaudited)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.6%

(a)(b)

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

12/17/29

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

USD

100‌

$

99,913‌

CIFC

Funding

Ltd.,

Series

2025-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

5.41%,

04/15/38

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

250‌

248,950‌

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.99%,

10/20/37

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

250‌

249,153‌

OCP

CLO

Ltd.,

Series

2015-9A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

5.42%,

01/15/37

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

250‌

249,945‌

847,961‌

Ireland

—

1.1%

(b)(c)

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

6.31%,

02/15/37

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

EUR

100‌

108,130‌

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.76%,

11/15/37

.

100‌

107,839‌

Arcano

Euro

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.40%

Floor

+

3.40%),

0.00%,

04/25/39

.

100‌

108,130‌

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.17%,

01/15/39

.

100‌

108,130‌

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.31%,

10/25/37

.

100‌

108,213‌

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

+

3.10%),

5.58%,

10/15/37

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

100‌

107,911‌

CVC

Cordatus

Opportunity

Loan

Fund-R

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.21%,

08/15/33

(d)

.....

100‌

108,130‌

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.71%,

05/15/34

.......

100‌

108,141‌

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

5.81%,

08/15/38

.

100‌

108,033‌

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.99%,

10/15/38

.

100‌

107,795‌

Rockford

Tower

Europe

CLO

DAC,

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

0.00%,

10/25/27

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

100‌

107,725‌

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.41%,

04/20/37

.

110‌

118,246‌

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

0.00%,

04/16/39

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

100‌

108,130‌

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.62%,

10/20/38

.

EUR

100‌

$

107,948‌

1,522,501‌

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

....

GBP

25‌

33,543‌

United

States

—

1.2%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.88%,

05/25/36

(b)

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

USD

9‌

8,902‌

Ajax

Mortgage

Loan

Trust,

Series

2021-

E,

Class

A1,

1.74%,

12/25/60

(a)(b)

.

142‌

123,938‌

FNA

8

LLC,

Series

2025-1,

Class

A,

5.62%,

03/15/45

(a)(b)

..........

100‌

100,000‌

FS

Rialto

Issuer

LLC,

Series

2025-

FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/19/42

(a)(b)

..........

100‌

99,119‌

GoodLeap

Home

Improvement

Solutions

Trust,

Series

2024-1A,

Class

A,

5.35%,

10/20/46

(a)

.....

106‌

107,184‌

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

19‌

15,143‌

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A4,

5.67%,

06/25/59

(a)

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

74‌

75,049‌

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

5.51%,

04/15/60

(b)

.........

52‌

52,103‌

Series

2024-A,

Class

A,

5.66%,

10/15/72

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

120‌

122,422‌

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

B1,

2.85%,

04/20/62

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

100‌

87,699‌

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

100‌

89,824‌

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

100‌

86,798‌

Series

2025-AA,

Class

A1B,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.10%),

5.43%,

03/15/57

(b)

...

150‌

149,072‌

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

6‌

6,422‌

Regional

Management

Issuance

Trust,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(d)

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

200‌

190,000‌

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.86%),

9.18%,

10/15/41

(a)(b)

....

98‌

102,547‌

SMB

Private

Education

Loan

Trust

(a)

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

115‌

99,652‌

Series

2024-D,

Class

A1B,

(SOFR

30

day

Average

at

1.10%

Floor

+

1.10%),

5.45%,

07/15/53

(b)

...

128‌

128,335‌

SoFi

Personal

Loan

Trust,

Series

2024-

1A,

Class

A,

6.06%,

02/12/31

(a)

..

71‌

71,064‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(a)

...

USD

45‌

$

45,544‌

1,760,817‌

Total

Asset-Backed

Securities

—

2.9%

(Cost:

$4,236,795)

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

4,164,822‌

Shares

Shares

Common

Stocks

Australia

—

0.4%

BHP

Group

Ltd.

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

4,972

120,636‌

Brambles

Ltd.

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

1,411

17,826‌

Fortescue

Ltd.

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

3,897

37,719‌

Glencore

plc

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

46,264

169,332‌

IREN

Ltd.

(e)(f)

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

2,267

13,806‌

Macquarie

Group

Ltd.

...........

234

29,121‌

Quintis

HoldCo

Pty.

Ltd.

(d)(e)(g)

......

218,994

1‌

Rio

Tinto

Ltd.

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

280

20,317‌

Santos

Ltd.

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

6,921

29,002‌

Steadfast

Group

Ltd.

...........

5,241

19,058‌

Transurban

Group

(h)

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

4,067

34,255‌

Woolworths

Group

Ltd.

..........

3,774

70,073‌

561,146‌

Belgium

—

0.1%

Anheuser-Busch

InBev

SA/NV

.....

281

17,276‌

KBC

Group

NV

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

373

33,997‌

Syensqo

SA

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

9

614‌

UCB

SA

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

182

32,044‌

83,931‌

Brazil

—

0.3%

B3

SA

-

Brasil

Bolsa

Balcao

.......

46,676

99,708‌

Banco

do

Brasil

SA

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

10,855

53,681‌

Lojas

Renner

SA

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

14,866

32,043‌

Magazine

Luiza

SA

(e)

...........

11,087

19,701‌

MercadoLibre

,

Inc.

(e)

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

91

177,529‌

Seguridade

Participacoes

SA

......

5,579

39,449‌

422,111‌

Cambodia

—

0.0%

NagaCorp

Ltd.

(e)

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

8,000

3,507‌

Canada

—

1.0%

Agnico

Eagle

Mines

Ltd.

.........

444

48,104‌

Algoma

Steel

Group,

Inc.

........

4,547

24,645‌

Alimentation

Couche-Tard,

Inc.

.....

104

5,129‌

Bank

of

Nova

Scotia

(The)

(f)

.......

919

43,573‌

Barrick

Gold

Corp.

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

1,684

32,696‌

Cameco

Corp.

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

8,080

332,573‌

Canadian

National

Railway

Co.

....

784

76,294‌

Canadian

Natural

Resources

Ltd.

...

1,757

54,063‌

Cenovus

Energy,

Inc.

...........

3,870

53,785‌

Constellation

Software,

Inc.

.......

14

44,337‌

Franco-Nevada

Corp.

...........

507

79,740‌

Lionsgate

Studios

Corp.

(e)(f)

.......

2,108

15,747‌

Power

Corp.

of

Canada

(f)

.........

3,285

116,146‌

Shopify,

Inc.

,

Class

A

(e)

..........

195

18,551‌

Suncor

Energy,

Inc.

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

6,303

244,052‌

TC

Energy

Corp.

(f)

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

2,884

136,199‌

Thomson

Reuters

Corp.

.........

670

115,619‌

1,441,253‌

Security

Shares

Shares

Value

Cayman

Islands

—

0.0%

Teya

Services

Ltd.,

Series

C,

(Acquired

11/16/21,

cost

$73,809)

(d)(e)(

i

)

....

38

$

10,591‌

China

—

1.5%

Alibaba

Group

Holding

Ltd.

.......

21

348‌

Alibaba

Group

Holding

Ltd.

,

ADR

...

953

126,015‌

Baidu,

Inc.

,

ADR,

Class

A

(e)

.......

208

19,142‌

BYD

Co.

Ltd.

,

Class

H

..........

16,507

835,857‌

China

Tower

Corp.

Ltd.

,

Class

H

(a)(c)

.

7,900

10,642‌

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

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

6,535

228,298‌

Eastroc

Beverage

Group

Co.

Ltd.

,

Class

A

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

1,350

46,294‌

Great

Wall

Motor

Co.

Ltd.

,

Class

A

..

25,157

90,513‌

Great

Wall

Motor

Co.

Ltd.

,

Class

H

..

15,000

26,306‌

Haidilao

International

Holding

Ltd.

(a)(c)

8,000

18,043‌

JD.com,

Inc.

,

Class

A

...........

1,650

33,943‌

Lenovo

Group

Ltd.

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

6,000

8,154‌

NetEase,

Inc.

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

4,900

100,659‌

Nongfu

Spring

Co.

Ltd.

,

Class

H

(a)(c)

..

9,253

40,140‌

NXP

Semiconductors

NV

........

289

54,927‌

PDD

Holdings,

Inc.

,

ADR

(e)

.......

3

355‌

Prosus

NV

,

Class

N

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

1,234

57,331‌

Tencent

Holdings

Ltd.

...........

5,746

367,146‌

Trip.com

Group

Ltd.

,

ADR

........

3

191‌

Weichai

Power

Co.

Ltd.

,

Class

H

...

18,000

37,911‌

Xiaomi

Corp.

,

Class

B

(a)(c)(e)

.......

3,800

24,045‌

2,126,260‌

Colombia

—

0.0%

Bancolombia

SA

,

ADR

..........

136

5,467‌

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

130

6,303‌

Moneta

Money

Bank

A/S

(a)(c)

......

810

5,137‌

11,440‌

Denmark

—

0.7%

AP

Moller

-

Maersk

A/S

,

Class

B

....

8

13,923‌

Carlsberg

A/S

,

Class

B

..........

221

27,974‌

DSV

A/S

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

1,915

370,325‌

Genmab

A/S

(e)

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

125

24,352‌

Novo

Nordisk

A/S

,

Class

B

.......

6,837

467,503‌

Novonesis

(Novozymes)

,

Class

B

...

362

21,078‌

Vestas

Wind

Systems

A/S

(e)

.......

4,746

65,659‌

990,814‌

Finland

—

0.1%

Elisa

OYJ

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

521

25,396‌

Kone

OYJ

,

Class

B

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

631

34,816‌

Sampo

OYJ

,

Class

A

...........

1,395

13,369‌

73,581‌

France

—

2.2%

Accor

SA

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

5,365

244,672‌

AXA

SA

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

1,009

43,110‌

BNP

Paribas

SA

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

511

42,709‌

Bouygues

SA

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

1,299

51,207‌

Carrefour

SA

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

3,245

46,410‌

Cie

de

Saint-Gobain

SA

.........

5,627

560,544‌

Dassault

Systemes

SE

..........

2,236

85,131‌

Edenred

SE

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

1,289

41,888‌

Eiffage

SA

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

456

53,091‌

EssilorLuxottica

SA

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

1,827

526,484‌

FDJ

United

(a)(c)

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

236

7,426‌

Hermes

International

SCA

........

261

686,722‌

L'Oreal

SA

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

89

33,081‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

France

(continued)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

900

$

557,351‌

Orange

SA

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

4,392

56,895‌

Sodexo

SA

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

494

31,729‌

Vivendi

SE

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

6,908

20,708‌

3,089,158‌

Georgia

—

0.0%

Lion

Finance

Group

plc

..........

67

4,725‌

Germany

—

0.4%

Allianz

SE

(Registered)

..........

183

70,036‌

Commerzbank

AG

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

2,137

48,905‌

Evonik

Industries

AG

...........

2,237

48,496‌

Fresenius

Medical

Care

AG

.......

306

15,226‌

Heidelberg

Materials

AG

.........

211

36,372‌

Merck

KGaA

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

389

53,530‌

MTU

Aero

Engines

AG

..........

201

69,842‌

Northern

Data

AG

(e)

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

384

10,046‌

Rational

AG

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

31

25,828‌

RWE

AG

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

4,052

144,675‌

Siemens

Energy

AG

(e)

...........

678

40,193‌

Symrise

AG

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

559

57,954‌

621,103‌

Greece

—

0.0%

Athens

International

Airport

SA

.....

888

8,743‌

OPAP

SA

,

Class

R

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

225

4,470‌

13,213‌

Hong

Kong

—

0.2%

AIA

Group

Ltd.

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

26,800

202,873‌

Orient

Overseas

International

Ltd.

..

1,500

22,204‌

Prudential

plc

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

5,063

54,635‌

Techtronic

Industries

Co.

Ltd.

......

1,000

11,984‌

291,696‌

Hungary

—

0.0%

OTP

Bank

Nyrt

.

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

253

17,022‌

India

—

0.1%

Axis

Bank

Ltd.

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

202

2,591‌

Eicher

Motors

Ltd.

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

92

5,739‌

GAIL

India

Ltd.

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

1,872

3,989‌

Hindustan

Aeronautics

Ltd.

(c)

......

399

19,388‌

Hindustan

Petroleum

Corp.

Ltd.

....

594

2,486‌

ICICI

Bank

Ltd.

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

190

2,986‌

Infosys

Ltd.

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

1,124

20,596‌

JSW

Energy

Ltd.

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

326

2,043‌

Kotak

Mahindra

Bank

Ltd.

........

1,307

33,088‌

Tata

Consultancy

Services

Ltd.

....

1,376

57,884‌

Think

&

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$67,547)

(d)(e)(

i

)

....

45

—‌

150,790‌

Indonesia

—

0.0%

Astra

International

Tbk

.

PT

.......

32,700

9,678‌

Bank

Central

Asia

Tbk

.

PT

........

12,311

6,319‌

Bank

Mandiri

Persero

Tbk

.

PT

(e)

....

41,600

12,914‌

Bank

Syariah

Indonesia

Tbk

.

PT

....

23,892

3,348‌

Ciputra

Development

Tbk

.

PT

.....

128,500

5,778‌

Mitra

Adiperkasa

Tbk

.

PT

........

61,700

5,015‌

Telkom

Indonesia

Persero

Tbk

.

PT

..

68,400

9,934‌

52,986‌

Ireland

—

0.1%

Accenture

plc

,

Class

A

..........

110

34,325‌

Kingspan

Group

plc

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

680

54,929‌

89,254‌

Security

Shares

Shares

Value

Italy

—

1.2%

BPER

Banca

SpA

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

8,985

$

70,529‌

Ferrari

NV

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

324

138,368‌

FinecoBank

Banca

Fineco

SpA

....

547

10,834‌

Intesa

Sanpaolo

SpA

...........

136,204

701,951‌

Prysmian

SpA

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

2,254

124,076‌

UniCredit

SpA

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

12,363

693,962‌

Wizz

Air

Holdings

plc

(a)(c)(e)

........

446

8,606‌

1,748,326‌

Japan

—

1.7%

Asahi

Intecc

Co.

Ltd.

...........

1,700

27,461‌

Canon,

Inc.

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

900

28,065‌

Chugai

Pharmaceutical

Co.

Ltd.

....

600

27,487‌

Dai-ichi

Life

Holdings,

Inc.

........

8,000

61,084‌

Daiichi

Sankyo

Co.

Ltd.

..........

6,349

151,194‌

Daikin

Industries

Ltd.

...........

1,339

145,307‌

Daiwa

Securities

Group,

Inc.

......

2,500

16,833‌

Ebara

Corp.

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

1,600

24,353‌

FANUC

Corp.

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

976

26,592‌

Fast

Retailing

Co.

Ltd.

..........

100

29,769‌

FUJIFILM

Holdings

Corp.

........

4,543

87,039‌

GMO

Payment

Gateway,

Inc.

......

500

26,604‌

Hoya

Corp.

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

400

45,143‌

Isetan

Mitsukoshi

Holdings

Ltd.

(f)

...

2,100

30,454‌

Ito

En

Ltd.

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

14

299‌

J

Front

Retailing

Co.

Ltd.

.........

1,300

16,143‌

Japan

Exchange

Group,

Inc.

......

2,600

26,756‌

Japan

Post

Bank

Co.

Ltd.

........

1,700

17,261‌

Kakaku.com,

Inc.

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

1,100

15,755‌

Kansai

Paint

Co.

Ltd.

(f)

..........

972

13,895‌

Kawasaki

Kisen

Kaisha

Ltd.

(f)

......

3,600

48,933‌

KDDI

Corp.

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

1,800

28,432‌

Keyence

Corp.

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

100

39,321‌

Kuraray

Co.

Ltd.

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

1,800

22,181‌

Kyowa

Kirin

Co.

Ltd.

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

600

8,758‌

LY

Corp.

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

11,900

40,295‌

Mazda

Motor

Corp.

(f)

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

3,700

23,674‌

MISUMI

Group,

Inc.

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

1,300

21,638‌

Mitsubishi

Chemical

Group

Corp.

...

6,900

34,096‌

Mitsubishi

Corp.

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

2,300

40,606‌

Mitsubishi

Electric

Corp.

.........

5,300

97,744‌

Mitsubishi

UFJ

Financial

Group,

Inc.

.

7,906

107,789‌

Mitsui

&

Co.

Ltd.

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

2,700

50,904‌

Mitsui

OSK

Lines

Ltd.

...........

400

13,927‌

MS&AD

Insurance

Group

Holdings,

Inc.

1,400

30,447‌

Murata

Manufacturing

Co.

Ltd.

.....

1,300

20,052‌

Nexon

Co.

Ltd.

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

3,300

45,198‌

Nidec

Corp.

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

5,700

95,659‌

Nikon

Corp.

(f)

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

2,200

21,849‌

Nippon

Paint

Holdings

Co.

Ltd.

.....

5,254

39,455‌

Nippon

Yusen

KK

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

800

26,439‌

Nissan

Chemical

Corp.

..........

900

26,796‌

Nomura

Holdings,

Inc.

..........

3,700

22,799‌

Nomura

Research

Institute

Ltd.

....

416

13,542‌

Obayashi

Corp.

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

900

12,006‌

Rakus

Co.

Ltd.

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

1,373

18,510‌

Rakuten

Group,

Inc.

(e)

...........

4,300

24,669‌

Rohto

Pharmaceutical

Co.

Ltd.

.....

1,200

17,968‌

Santen

Pharmaceutical

Co.

Ltd.

....

1,763

16,791‌

Shimizu

Corp.

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

2,700

24,031‌

Socionext

,

Inc.

(f)

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

6,000

72,856‌

Sojitz

Corp.

(f)

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

1,200

26,448‌

Sumitomo

Mitsui

Financial

Group,

Inc.

3,000

77,144‌

Suzuki

Motor

Corp.

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

5,300

65,058‌

Tokio

Marine

Holdings,

Inc.

.......

3,000

116,709‌

Tokyo

Electron

Ltd.

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

200

27,427‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Japan

(continued)

Toyota

Motor

Corp.

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

1,900

$

33,587‌

Toyota

Tsusho

Corp.

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

2,700

45,489‌

Trend

Micro,

Inc.

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

500

33,754‌

Unicharm

Corp.

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

5,600

44,603‌

Yamaha

Motor

Co.

Ltd.

..........

5,176

41,441‌

2,436,519‌

Kazakhstan

—

0.0%

(c)

Halyk

Savings

Bank

of

Kazakhstan

JSC

,

GDR

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

246

6,064‌

Kaspi.KZ

JSC

,

ADR

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

147

13,649‌

19,713‌

Macau

—

0.0%

Wynn

Macau

Ltd.

(f)

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

40,737

29,190‌

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

2,100

3,327‌

Frontken

Corp.

Bhd.

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

8,600

7,267‌

10,594‌

Mexico

—

0.1%

Cemex

SAB

de

CV

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

65,649

36,859‌

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

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

384

10,492‌

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

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

11,872

82,425‌

Wal-Mart

de

Mexico

SAB

de

CV

....

7,122

19,687‌

149,463‌

Netherlands

—

1.4%

Adyen

NV

(a)(c)(e)

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

32

49,049‌

Argenx

SE

(e)

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

70

41,307‌

ASML

Holding

NV

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

1,221

808,026‌

ING

Groep

NV

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

4,290

84,047‌

Koninklijke

KPN

NV

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

20,195

85,539‌

Koninklijke

Vopak

NV

...........

266

11,556‌

Shell

plc

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

25,344

927,454‌

2,006,978‌

Norway

—

0.2%

DNB

Bank

ASA

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

2,543

66,913‌

Equinor

ASA

(f)

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

2,564

67,712‌

Kongsberg

Gruppen

ASA

........

318

46,624‌

Telenor

ASA

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

2,215

31,650‌

212,899‌

Peru

—

0.1%

Credicorp

Ltd.

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

351

65,342‌

Philippines

—

0.0%

Ayala

Land,

Inc.

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

15,400

6,208‌

Bloomberry

Resorts

Corp.

........

25,600

1,306‌

DigiPlus

Interactive

Corp.

........

8,800

5,552‌

International

Container

Terminal

Services,

Inc.

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

840

5,211‌

Metropolitan

Bank

&

Trust

Co.

.....

4,800

6,133‌

24,410‌

Poland

—

0.1%

LPP

SA

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

4

18,252‌

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

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

390

7,615‌

Powszechny

Zaklad

Ubezpieczen

SA

3,736

54,279‌

80,146‌

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

354

7,502‌

Security

Shares

Shares

Value

Republic

of

Turkiye

—

0.0%

Akbank

TAS

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

2,908

$

4,004‌

Eldorado

Gold

Corp.

(e)

..........

609

10,243‌

Turkiye

Is

Bankasi

A/S

,

Class

C

....

29,437

9,509‌

23,756‌

Romania

—

0.0%

Banca

Transilvania

SA

..........

966

6,018‌

Saudi

Arabia

—

0.0%

Abdullah

Al

Othaim

Markets

Co.

....

2,453

6,396‌

Al

Rajhi

Bank

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

865

23,481‌

Elm

Co.

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

22

5,689‌

Etihad

Etisalat

Co.

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

897

14,587‌

Saudi

Basic

Industries

Corp.

......

256

4,347‌

Saudi

National

Bank

(The)

........

359

3,421‌

Yanbu

National

Petrochemical

Co.

..

453

4,176‌

62,097‌

Singapore

—

0.1%

Sea

Ltd.

,

ADR,

Class

A

(e)

.........

319

41,626‌

STMicroelectronics

NV

..........

2,830

62,055‌

UOL

Group

Ltd.

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

1,810

7,942‌

111,623‌

South

Africa

—

0.1%

FirstRand

Ltd.

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

3,690

14,501‌

Harmony

Gold

Mining

Co.

Ltd.

.....

3,121

45,706‌

Kumba

Iron

Ore

Ltd.

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

510

8,680‌

Mr

Price

Group

Ltd.

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

1,705

20,682‌

89,569‌

South

Korea

—

0.3%

Coupang,

Inc.

,

Class

A

(e)

.........

187

4,101‌

Fila

Holdings

Corp.

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

164

4,242‌

GS

Engineering

&

Construction

Corp.

711

8,239‌

HD

Hyundai

Infracore

Co.

Ltd.

(e)

....

737

4,248‌

HD

Hyundai

Mipo

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

360

25,970‌

KakaoBank

Corp.

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

830

12,534‌

KB

Financial

Group,

Inc.

.........

815

44,176‌

Kia

Corp.

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

562

35,546‌

Krafton

,

Inc.

(e)

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

156

35,676‌

KT&G

Corp.

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

305

20,978‌

NAVER

Corp.

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

234

30,580‌

Samsung

C&T

Corp.

...........

226

18,052‌

Samsung

Electronics

Co.

Ltd.

.....

3,094

122,663‌

Samsung

Life

Insurance

Co.

Ltd.

...

245

13,850‌

SK

Hynix,

Inc.

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

209

27,861‌

408,716‌

Spain

—

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

.

14,514

198,081‌

Banco

de

Sabadell

SA

..........

19,446

54,598‌

Bankinter

SA

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

4,879

54,231‌

CaixaBank

SA

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

18,107

141,049‌

Cellnex

Telecom

SA

(a)(c)

..........

9,063

322,178‌

Industria

de

Diseno

Textil

SA

......

955

47,551‌

Repsol

SA

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

2,723

36,155‌

853,843‌

Sweden

—

0.2%

Atlas

Copco

AB

,

Class

A

.........

2,450

39,135‌

Boliden

AB

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

996

32,681‌

Evolution

AB

(a)(c)

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

805

59,980‌

SSAB

AB

,

Class

A

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

1,697

10,529‌

SSAB

AB

,

Class

B

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

3,437

20,942‌

Volvo

AB

,

Class

B

(e)

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

3,405

99,897‌

263,164‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Switzerland

—

0.5%

ABB

Ltd.

(Registered)

...........

1,120

$

57,790‌

Alcon

AG

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

638

60,537‌

Belimo

Holding

AG

(Registered)

....

42

25,894‌

Galderma

Group

AG

(e)

..........

2,990

316,236‌

Geberit

AG

(Registered)

.........

150

93,973‌

Kuehne

+

Nagel

International

AG

(Registered)

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

316

72,974‌

Logitech

International

SA

(Registered)

909

77,024‌

704,428‌

Taiwan

—

0.9%

Chicony

Electronics

Co.

Ltd.

......

1,379

7,059‌

Compal

Electronics,

Inc.

.........

20,519

19,945‌

Elite

Material

Co.

Ltd.

...........

1,000

16,749‌

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

4,000

26,819‌

Genius

Electronic

Optical

Co.

Ltd.

..

3,779

45,280‌

Global

Unichip

Corp.

...........

1,000

32,499‌

MediaTek,

Inc.

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

2,940

126,715‌

Quanta

Computer,

Inc.

..........

4,571

31,803‌

Realtek

Semiconductor

Corp.

.....

4,796

76,460‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

30,000

844,890‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

(f)

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

218

36,188‌

Wan

Hai

Lines

Ltd.

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

6,000

14,298‌

Yang

Ming

Marine

Transport

Corp.

..

24,000

54,293‌

1,332,998‌

Thailand

—

0.0%

CP

ALL

PCL

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

7,200

10,533‌

True

Corp.

PCL

,

NVDR

(e)

.........

16,800

5,818‌

16,351‌

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(e)

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

8,338

—‌

United

Kingdom

—

2.8%

Admiral

Group

plc

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

1,405

51,873‌

Auto

Trader

Group

plc

(a)(c)

........

3,665

35,439‌

BAE

Systems

plc

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

44,053

889,540‌

BP

plc

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

5,552

31,155‌

British

American

Tobacco

plc

......

3,172

130,129‌

Compass

Group

plc

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

20,518

678,660‌

Flutter

Entertainment

plc

(e)

........

859

190,311‌

Flutter

Entertainment

plc

(e)

........

176

39,017‌

Genius

Sports

Ltd.

(e)

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

5,166

51,712‌

Imperial

Brands

plc

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

1,006

37,224‌

J

Sainsbury

plc

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

15,679

47,791‌

Kingfisher

plc

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

7,620

25,100‌

Lloyds

Banking

Group

plc

........

34,456

32,317‌

Marks

&

Spencer

Group

plc

.......

8,606

39,733‌

National

Grid

plc

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

60,532

789,593‌

NatWest

Group

plc

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

10,201

60,231‌

RELX

plc

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

14,866

746,729‌

Rolls-Royce

Holdings

plc

(e)

.......

12,375

120,277‌

3,996,831‌

United

States

—

42.4%

AbbVie,

Inc.

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

479

100,360‌

Adobe,

Inc.

(e)

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

2,023

775,881‌

AES

Corp.

(The)

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

4,839

60,100‌

Agilent

Technologies,

Inc.

........

130

15,207‌

Air

Products

&

Chemicals,

Inc.

(f)

....

844

248,912‌

Airbnb,

Inc.

,

Class

A

(e)

...........

495

59,133‌

Alaska

Air

Group,

Inc.

(e)

..........

850

41,837‌

ALL

Health

Services

Corp.

(d)

......

1

—‌

Alphabet,

Inc.

,

Class

C

..........

14,093

2,201,749‌

Security

Shares

Shares

Value

United

States

(continued)

Altice

USA,

Inc.

,

Class

A

(e)

........

7,585

$

20,176‌

Altria

Group,

Inc.

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

2,531

151,911‌

Amazon.com,

Inc.

(e)(j)

...........

13,368

2,543,396‌

AMC

Networks,

Inc.

,

Class

A

(e)

.....

748

5,146‌

Amcor

plc

(f)

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

8,603

83,449‌

Amentum

Holdings,

Inc.

(e)

........

2,296

41,787‌

American

Express

Co.

..........

810

217,930‌

American

Water

Works

Co.,

Inc.

....

134

19,768‌

Amgen,

Inc.

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

53

16,512‌

Amphenol

Corp.

,

Class

A

........

515

33,779‌

ANSYS,

Inc.

(e)

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

601

190,253‌

Aon

plc

,

Class

A

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

61

24,344‌

Apollo

Global

Management,

Inc.

....

3,431

469,841‌

Apple,

Inc.

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

12,179

2,705,321‌

Applied

Materials,

Inc.

..........

567

82,283‌

Arista

Networks,

Inc.

(e)

..........

1,407

109,014‌

ARM

Holdings

plc

,

ADR

(e)

........

434

46,347‌

Atlassian

Corp.

,

Class

A

(e)

........

209

44,352‌

Autodesk,

Inc.

(e)

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

1,384

362,331‌

Automatic

Data

Processing,

Inc.

....

304

92,881‌

Avaya,

Inc.

(e)

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

10

58‌

Bank

of

America

Corp.

..........

21,613

901,910‌

Berkshire

Hathaway,

Inc.

,

Class

B

(e)

.

34

18,108‌

Boeing

Co.

(The)

(e)

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

3,589

612,104‌

Booking

Holdings,

Inc.

..........

33

152,028‌

BorgWarner,

Inc.

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

802

22,977‌

Boston

Scientific

Corp.

(e)(j)

........

6,935

699,603‌

Boyd

Gaming

Corp.

(f)

...........

300

19,749‌

Broadcom,

Inc.

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

4,253

712,080‌

Brown-Forman

Corp.

,

Class

B

(f)

....

472

16,020‌

Cadence

Design

Systems,

Inc.

(e)

...

668

169,892‌

Caesars

Entertainment,

Inc.

(e)

.....

683

17,075‌

Capital

One

Financial

Corp.

.......

4,950

887,535‌

CarMax,

Inc.

(e)

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

1,076

83,842‌

Carrier

Global

Corp.

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

532

33,729‌

Cheniere

Energy,

Inc.

...........

492

113,849‌

Chevron

Corp.

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

2,709

453,189‌

Citigroup,

Inc.

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

11,310

802,897‌

Clorox

Co.

(The)

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

357

52,568‌

Colgate-Palmolive

Co.

..........

432

40,478‌

Comcast

Corp.

,

Class

A

.........

774

28,561‌

Comerica,

Inc.

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

100

5,906‌

CommScope

Holding

Co.,

Inc.

(e)

....

5,213

27,681‌

Confluent,

Inc.

,

Class

A

(e)

........

14,027

328,793‌

ConocoPhillips

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

1,132

118,883‌

Consolidated

Edison,

Inc.

........

817

90,352‌

Coreweave

,

Inc.

,

Class

A

(e)(f)

......

404

14,981‌

Coreweave

,

Inc.

,

Class

A

(d)

.......

940

34,855‌

Corpay

,

Inc.

(e)

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

138

48,123‌

Costco

Wholesale

Corp.

.........

1,275

1,205,870‌

Coterra

Energy,

Inc.

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

1,300

37,570‌

CRH

plc

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

6,216

546,822‌

Crowdstrike

Holdings,

Inc.

,

Class

A

(e)

.

294

103,659‌

Crown

PropTech

Acquisitions

(d)(e)

...

1,992

1,976‌

Crown

PropTech

Acquisitions

,

Class

A

(e)

845

9,312‌

CSL

Ltd.

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

255

40,134‌

CSX

Corp.

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

2,096

61,685‌

CyberArk

Software

Ltd.

(e)

.........

1,182

399,516‌

Danaher

Corp.

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

811

166,255‌

Davidson

Kempner

Merchant

Co.-

Invest

Fund

LP,

(Acquired

04/07/21,

cost

$0)

(e)(

i

)(k)

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

—

(l)

169,918‌

Deckers

Outdoor

Corp.

(e)

.........

413

46,178‌

Dell

Technologies,

Inc.

,

Class

C

....

1,325

120,774‌

Delta

Air

Lines,

Inc.

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

4,878

212,681‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Dexcom,

Inc.

(e)

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

1,021

$

69,724‌

DF

Residential

I

LP

(e)

...........

69,771

69,771‌

DF

Residential

III

LP

(d)(e)

.........

32,451

33,100‌

Digital

Realty

Trust,

Inc.

.........

177

25,362‌

Discover

Financial

Services

.......

520

88,764‌

DoorDash

,

Inc.

,

Class

A

(e)

........

559

102,168‌

DR

Horton,

Inc.

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

460

58,480‌

DraftKings,

Inc.

,

Class

A

(e)

........

2,627

87,243‌

DuPont

de

Nemours,

Inc.

........

253

18,894‌

Eaton

Corp.

plc

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

689

187,291‌

Edison

International

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

730

43,012‌

Electronic

Arts,

Inc.

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

611

88,302‌

Elevance

Health,

Inc.

...........

108

46,976‌

Eli

Lilly

&

Co.

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

1,649

1,361,926‌

Entegris

,

Inc.

(f)

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

672

58,787‌

Enterprise

Products

Partners

LP

....

1,295

44,211‌

EOG

Resources,

Inc.

(f)

..........

1,009

129,394‌

EPAM

Systems,

Inc.

(e)

...........

47

7,935‌

Epic

Games,

Inc.,

(Acquired

07/02/22,

cost

$274,275)

(d)(e)(

i

)

..........

504

324,379‌

EQT

Corp.

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

6,207

331,640‌

Erie

Indemnity

Co.

,

Class

A

.......

48

20,114‌

Eversource

Energy

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

855

53,104‌

Expeditors

International

of

Washington,

Inc.

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

675

81,169‌

Experian

plc

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

2,257

104,579‌

Fair

Isaac

Corp.

(e)

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

41

75,611‌

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

08/17/22,

cost

$301,006)

(d)

(e)(

i

)

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

4,437

266,309‌

Farmers

Business

Network,

Inc.

(d)(e)

..

2,421

4,915‌

Fifth

Third

Bancorp

(f)

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

957

37,514‌

First

Citizens

BancShares

,

Inc.

,

Class

A

18

33,374‌

First

Horizon

Corp.

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

557

10,817‌

Flagstar

Financial,

Inc.

..........

8,913

103,573‌

Flowco

Holdings,

Inc.

,

Class

A

(e)

....

2,741

70,307‌

FMC

Corp.

(f)

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

243

10,252‌

Fox

Corp.

,

Class

A

(f)

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

1,438

81,391‌

Freeport-McMoRan,

Inc.

.........

9,648

365,273‌

FreeWire

Technologies,

Inc.

(d)(e)

....

1

—‌

Garmin

Ltd.

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

218

47,334‌

GE

Aerospace

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

355

71,053‌

GE

HealthCare

Technologies,

Inc.

..

1,112

89,750‌

GE

Vernova

,

Inc.

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

68

20,759‌

General

Motors

Co.

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

3,031

142,548‌

Gilead

Sciences,

Inc.

...........

232

25,996‌

Global

Payments,

Inc.

..........

355

34,762‌

Golden

Entertainment,

Inc.

.......

109

2,877‌

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$179,056)

(d)(e)(

i

)

....

67,553

50,665‌

GSK

plc

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

4,104

78,428‌

Healthpeak

Properties,

Inc.

.......

4,051

81,911‌

Hess

Corp.

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

1,507

240,713‌

Hewlett

Packard

Enterprise

Co.

....

1,171

18,069‌

Hilton

Worldwide

Holdings,

Inc.

....

615

139,943‌

Holcim

AG

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

614

66,075‌

Home

Depot,

Inc.

(The)

.........

1,580

579,054‌

Hormel

Foods

Corp.

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

814

25,185‌

Howmet

Aerospace,

Inc.

(f)

........

795

103,135‌

HP,

Inc.

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

6,556

181,536‌

IDEXX

Laboratories,

Inc.

(e)

........

170

71,392‌

iHeartMedia,

Inc.

,

Class

A

(e)

.......

60

99‌

Ingersoll

Rand,

Inc.

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

2,678

214,320‌

Intuit,

Inc.

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

1,386

850,990‌

Intuitive

Surgical,

Inc.

(e)

..........

1,458

722,104‌

Security

Shares

Shares

Value

United

States

(continued)

Invesco

Ltd.

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

4,469

$

67,795‌

Jabil,

Inc.

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

499

67,899‌

James

Hardie

Industries

plc

,

CDI

(e)

..

1,333

31,811‌

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(d)(e)(

i

)

........

—

—‌

JPMorgan

Chase

&

Co.

.........

3,411

836,718‌

Karman

Holdings,

Inc.

(e)

.........

1,767

59,053‌

Kinder

Morgan,

Inc.

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

2,149

61,311‌

Lam

Research

Corp.

...........

1,849

134,422‌

Landsea

Homes

Corp.

(e)

.........

2,588

16,615‌

Latch,

Inc.

(e)

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

4,082

735‌

Leidos

Holdings,

Inc.

...........

287

38,728‌

Liberty

Media

Corp.-Liberty

Live

,

Class

C

(e)

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

314

21,396‌

Lions

Gate

Entertainment

Corp.

,

Class

A

(e)

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

2,402

21,258‌

Lions

Gate

Entertainment

Corp.

,

Class

B

(e)

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

723

5,726‌

Live

Nation

Entertainment,

Inc.

(e)

...

3,526

460,425‌

Lockheed

Martin

Corp.

..........

476

212,634‌

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$16,643)

(d)(e)(

i

)

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

1,457

991‌

Lululemon

Athletica,

Inc.

(e)

........

310

87,749‌

Lumen

Technologies,

Inc.

(e)

.......

6,190

24,265‌

Marathon

Petroleum

Corp.

.......

226

32,926‌

MarketAxess

Holdings,

Inc.

.......

230

49,761‌

Marriott

International,

Inc.

,

Class

A

..

157

37,397‌

Marsh

&

McLennan

Cos.,

Inc.

.....

4,475

1,092,034‌

Marvell

Technology,

Inc.

.........

1,980

121,909‌

Masimo

Corp.

(e)

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

1,202

200,253‌

Mastercard,

Inc.

,

Class

A

.........

1,905

1,044,169‌

Match

Group,

Inc.

(f)

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

1,881

58,687‌

McKesson

Corp.

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

947

637,322‌

Medtronic

plc

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

4,828

433,844‌

Merck

&

Co.,

Inc.

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

4,119

369,721‌

Meta

Platforms,

Inc.

,

Class

A

......

3,132

1,805,160‌

Mettler-Toledo

International,

Inc.

(e)

..

38

44,875‌

MGM

Resorts

International

(e)

......

650

19,266‌

Micron

Technology,

Inc.

..........

6,188

537,675‌

Microsoft

Corp.

(j)

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

7,185

2,697,177‌

Molson

Coors

Beverage

Co.

,

Class

B

840

51,131‌

Monolithic

Power

Systems,

Inc.

....

16

9,280‌

Morgan

Stanley

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

1,112

129,737‌

MSCI,

Inc.

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

303

171,347‌

Nestle

SA

(Registered)

..........

248

25,062‌

NetApp,

Inc.

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

960

84,326‌

Netflix,

Inc.

(e)

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

804

749,754‌

NextEra

Energy,

Inc.

...........

9,005

638,364‌

Northern

Trust

Corp.

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

425

41,926‌

Northrop

Grumman

Corp.

........

70

35,841‌

NRG

Energy,

Inc.

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

756

72,168‌

Nucor

Corp.

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

320

38,509‌

Nutanix

,

Inc.

,

Class

A

(e)

..........

423

29,530‌

NVIDIA

Corp.

(j)

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

23,100

2,503,578‌

Omnicom

Group,

Inc.

(f)

..........

574

47,590‌

Opendoor

Technologies,

Inc.

,

Class

A

(e)

5,720

5,834‌

Oracle

Corp.

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

5,116

715,268‌

Palladyne

AI

Corp.

(e)

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

4,710

27,696‌

Palladyne

AI

Corp.

(e)(f)

...........

228

1,341‌

Palo

Alto

Networks,

Inc.

(e)

........

466

79,518‌

Paramount

Global

,

Class

B

.......

197

2,356‌

PepsiCo,

Inc.

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

889

133,297‌

Playstudios

,

Inc.

,

Class

A

(e)

.......

6,121

7,774‌

PNC

Financial

Services

Group,

Inc.

(The)

(f)

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

1,140

200,378‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Procter

&

Gamble

Co.

(The)

......

763

$

130,030‌

Progressive

Corp.

(The)

.........

3,114

881,293‌

Prologis,

Inc.

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

248

27,724‌

QUALCOMM,

Inc.

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

394

60,522‌

Regeneron

Pharmaceuticals,

Inc.

...

6

3,805‌

ResMed,

Inc.

(f)

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

232

51,933‌

Roche

Holding

AG

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

113

37,191‌

Rockwell

Automation,

Inc.

........

70

18,087‌

Royal

Caribbean

Cruises

Ltd.

.....

377

77,451‌

RTX

Corp.

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

109

14,438‌

S&P

Global,

Inc.

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

419

212,894‌

SailPoint,

Inc.

(e)

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

2,507

47,006‌

Salesforce,

Inc.

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

2,420

649,431‌

Samsara,

Inc.

,

Class

A

(e)

.........

769

29,476‌

Sanofi

SA

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

3,794

420,079‌

Schneider

Electric

SE

...........

85

19,622‌

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$21,956)

(e)

(

i

)

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

2,160

16,135‌

ServiceNow,

Inc.

(e)

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

46

36,622‌

ServiceTitan

,

Inc.

,

Class

A

(e)(f)

......

458

43,560‌

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$7,945)

(d)(e)(

i

)

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

529

4,740‌

Snowflake,

Inc.

,

Class

A

(e)

........

990

144,698‌

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

(f)

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

5,103

111,041‌

Sonder

Holdings,

Inc.

,

Class

A

(e)

....

778

1,556‌

SOURCE

Global

PBC

(d)(e)

........

1,116

89‌

Space

Exploration

Technologies

Corp.

,

Class

A

,

(Acquired

08/21/23,

cost

$65,367)

(d)(e)(

i

)

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

807

149,295‌

Space

Exploration

Technologies

Corp.

,

Class

C

,

(Acquired

08/21/23,

cost

$70,227)

(d)(e)(

i

)

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

867

160,395‌

Spotify

Technology

SA

(e)

.........

244

134,207‌

Standardaero

,

Inc.

(e)

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

3,549

94,545‌

State

Street

Corp.

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

1,545

138,324‌

Stellantis

NV

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

2,913

32,672‌

Stryker

Corp.

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

1,992

741,522‌

Synchrony

Financial

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

1,171

61,993‌

T.

Rowe

Price

Group,

Inc.

(f)

.......

1,321

121,360‌

Take-Two

Interactive

Software,

Inc.

(e)

.

349

72,330‌

Tenaris

SA

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

2,225

43,540‌

Tesla,

Inc.

(e)

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

1,796

465,451‌

Texas

Instruments,

Inc.

..........

189

33,963‌

Thermo

Fisher

Scientific,

Inc.

......

387

192,571‌

TJX

Cos.,

Inc.

(The)

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

6,002

731,044‌

T-Mobile

US,

Inc.

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

477

127,221‌

Toll

Brothers,

Inc.

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

2,158

227,863‌

Trane

Technologies

plc

..........

1,929

649,919‌

TransDigm

Group,

Inc.

..........

619

856,257‌

Uber

Technologies,

Inc.

(e)

........

3,281

239,054‌

Ulta

Beauty,

Inc.

(e)

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

405

148,449‌

Union

Pacific

Corp.

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

2,849

673,048‌

United

Airlines

Holdings,

Inc.

(e)

.....

246

16,986‌

United

States

Steel

Corp.

........

2,945

124,456‌

UnitedHealth

Group,

Inc.

.........

1,450

759,438‌

Universal

Health

Services,

Inc.

,

Class

B

329

61,819‌

Valero

Energy

Corp.

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

2,995

395,550‌

Ventas,

Inc.

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

587

40,362‌

Venture

Global,

Inc.

,

Class

A

(f)

.....

1,016

10,465‌

Verizon

Communications,

Inc.

.....

5,145

233,377‌

Vertex

Pharmaceuticals,

Inc.

(e)

.....

143

69,329‌

Vertiv

Holdings

Co.

,

Class

A

......

736

53,139‌

Viper

Energy,

Inc.

,

Class

A

.......

999

45,105‌

Security

Shares

Shares

Value

United

States

(continued)

Visa,

Inc.

,

Class

A

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

609

$

213,430‌

Vistra

Corp.

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

3,482

408,926‌

Walmart,

Inc.

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

11,237

986,496‌

Walt

Disney

Co.

(The)

..........

5,950

587,265‌

Warner

Bros

Discovery,

Inc.

(e)

.....

1,937

20,784‌

Wells

Fargo

&

Co.

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

11,852

850,855‌

Williams

Cos.,

Inc.

(The)

.........

4,245

253,681‌

Wynn

Resorts

Ltd.

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

271

22,629‌

Zoetis,

Inc.

,

Class

A

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

865

142,422‌

60,312,807‌

Total

Common

Stocks

—

59.8%

(Cost:

$82,975,689)

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

85,033,331‌

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Australia

—

0.1%

Mineral

Resources

Ltd.

(a)

9.25%,

10/01/28

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

USD

7‌

6,999‌

8.50%,

05/01/30

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

20‌

19,344‌

Oceana

Australian

Fixed

Income

Trust

(d)

12.00%,

07/31/25

...........

AUD

32‌

20,095‌

12.50%,

07/31/26

...........

47‌

30,214‌

12.50%,

07/31/27

...........

79‌

51,772‌

Quintis

Australia

Pty.

Ltd.

(a)(d)(e)(g)(m)(n)

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

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

USD

463‌

59,001‌

12.00%,

(12.00%

Cash

or

12.00%

PIK),

10/01/28

...........

414‌

—‌

187,425‌

Austria

—

0.1%

ams

-OSRAM

AG,

2.13%

,

11/03/27

(c)(o)

EUR

100‌

93,107‌

Canada

—

0.4%

(a)

1011778

BC

ULC,

4.00%

,

10/15/30

..

USD

100‌

90,502‌

Air

Canada

Pass-Through

Trust,

Series

2020-1,

Class

C,

10.50%

,

07/15/26

52‌

55,380‌

HR

Ottawa

LP,

11.00%

,

03/31/31

...

386‌

412,666‌

558,548‌

China

—

0.1%

Alibaba

Group

Holding

Ltd.,

0.50%

,

06/01/31

(a)(o)

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

39‌

55,692‌

RKPF

Overseas

2019

A

Ltd.,

5.90%

,

09/05/28

(c)

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

177‌

82,177‌

137,869‌

France

—

1.0%

Afflelou

SAS,

6.00%

,

07/25/29

(c)

....

EUR

100‌

111,617‌

Atos

SE

(c)(p)

9.00%,

12/18/29

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

56‌

65,541‌

5.00%,

12/18/30

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

58‌

51,112‌

1.00%,

12/18/32

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

51‌

21,074‌

Credit

Agricole

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.64%),

5.88%

(b)(c)

(q)

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

100‌

104,176‌

Elior

Group

SA,

5.63%

,

03/15/30

(c)

..

100‌

107,589‌

Forvia

SE,

2.75%

,

02/15/27

(c)

......

100‌

104,640‌

Iliad

Holding

SASU,

5.63%

,

10/15/28

(c)

100‌

109,989‌

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

6.30%

,

07/01/29

(b)(c)

..........

100‌

107,860‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Loxam

SAS,

6.38%

,

05/31/29

(c)

....

EUR

100‌

$

112,725‌

Lune

Holdings

SARL,

5.63%

,

11/15/28

(c)

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

100‌

80,557‌

RCI

Banque

SA

(b)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

...

100‌

112,520‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%,

03/24/37

...

100‌

107,954‌

Societe

Generale

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.79%),

8.13%

(a)

(b)(q)

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

USD

200‌

199,232‌

Worldline

SA,

0.00%

,

07/30/26

(c)(o)(r)

..

EUR

43‌

45,026‌

1,441,612‌

Germany

—

1.4%

APCOA

Group

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.91%

,

04/15/31

(b)(c)

..........

100‌

108,936‌

Aroundtown

Finance

SARL,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

(b)(c)(q)

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

100‌

108,054‌

Commerzbank

AG,

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(b)(c)(q)

....

200‌

223,829‌

Deutsche

Bank

AG

(b)(c)(q)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

..........

200‌

203,524‌

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13%

..........

200‌

213,016‌

Deutsche

Lufthansa

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%

,

01/15/55

(b)(c)

..........

100‌

107,724‌

Fressnapf

Holding

SE,

5.25%

,

10/31/31

(c)

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

100‌

107,995‌

Gruenenthal

GmbH,

4.63%

,

11/15/31

(c)

100‌

104,488‌

IHO

Verwaltungs

GmbH,

7.00%

,

11/15/31

(c)

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

100‌

110,819‌

Mahle

GmbH,

6.50%

,

05/02/31

(a)

...

100‌

106,730‌

Nidda

Healthcare

Holding

GmbH,

7.00%

,

02/21/30

(c)

...........

100‌

112,763‌

PrestigeBidCo

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.54%

,

07/01/29

(b)(c)

..........

100‌

108,462‌

Schaeffler

AG

(c)

4.25%,

04/01/28

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

100‌

107,860‌

5.38%,

04/01/31

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

100‌

107,555‌

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

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

100‌

107,454‌

1,939,209‌

Greece

—

0.1%

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%

,

02/07/36

(b)(c)

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

100‌

104,350‌

India

—

0.3%

Acropolis

Trade

&

Investments

Ltd.,

11.04%

,

04/02/28

...........

USD

235‌

235,000‌

REI

Agro

Ltd.

(d)(e)(m)(o)

5.50%,

11/13/14

(a)

...........

220‌

—‌

5.50%,

11/13/14

(c)

...........

152‌

—‌

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(c)

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

200‌

196,926‌

431,926‌

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.1%

Helios

Software

Holdings,

Inc.,

7.88%

,

05/01/29

(a)

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

EUR

100‌

$

109,739‌

Italy

—

0.8%

Bubbles

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.60%

,

09/30/31

(b)(c)

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

100‌

108,095‌

Eni

SpA

,

(5-Year

EUR

Swap

Annual

+

2.40%),

4.88%

(b)(c)(q)

..........

100‌

106,016‌

FIS

Fabbrica

Italiana

Sintetici

SpA

,

5.63%

,

08/01/27

(c)

...........

100‌

108,141‌

IMA

Industria

Macchine

Automatiche

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.54%

,

04/15/29

(b)(c)

100‌

108,091‌

Irca

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.25%

,

12/15/29

(b)(c)

100‌

108,130‌

Itelyum

Regeneration

Spa,

5.75%

,

04/15/30

(c)

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

100‌

107,319‌

Marcolin

SpA

,

6.13%

,

11/15/26

(a)

...

100‌

108,005‌

Nexi

SpA

,

0.00%

,

02/24/28

(c)(o)(r)

....

100‌

97,624‌

Pachelbel

Bidco

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.86%,

05/17/31

(b)

...

100‌

108,863‌

7.13%,

05/17/31

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

100‌

114,528‌

Rossini

SARL,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

6.23%

,

12/31/29

(b)(c)

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

100‌

108,671‌

1,183,483‌

Japan

—

0.1%

SoftBank

Group

Corp.,

5.38%

,

01/08/29

(c)

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

100‌

110,257‌

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%

,

03/31/29

(c)

..........

GBP

100‌

120,236‌

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%

,

10/02/25

(a)(r)

..........

USD

150‌

144,599‌

264,835‌

Luxembourg

—

0.4%

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

EUR

100‌

85,963‌

Matterhorn

Telecom

SA,

3.13%

,

09/15/26

(c)

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

101‌

108,302‌

Petroleos

Mexicanos

,

7.50%

,

03/20/26

(a)

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

USD

208‌

206,960‌

Vivion

Investments

SARL,

8.25%

,

(8.25%

Cash

or

7.90%

PIK),

08/31/28

(c)(n)

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

EUR

101‌

106,852‌

508,077‌

Netherlands

—

0.2%

(c)

NN

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

(b)(q)

..

200‌

209,707‌

Q-Park

Holding

I

BV,

5.13%

,

02/15/30

100‌

109,595‌

Sigma

Holdco

BV,

5.75%

,

05/15/26

..

27‌

29,349‌

348,651‌

Slovenia

—

0.1%

United

Group

BV,

6.50%

,

10/31/31

(c)

.

100‌

108,785‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

—

0.6%

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

+

2.50%),

4.84%

,

05/01/30

(b)(c)

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

EUR

100‌

$

108,186‌

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.75%

(b)(q)

...........

USD

200‌

195,770‌

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(c)

(o)

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

EUR

100‌

94,785‌

Cirsa

Finance

International

SARL,

6.50%

,

03/15/29

(c)

...........

100‌

112,271‌

Grifols

SA,

7.13%

,

05/01/30

(c)

.....

100‌

111,798‌

Iberdrola

Finanzas

SA,

Series

IBE,

1.50%

,

03/27/30

(c)(o)

..........

100‌

108,346‌

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(c)

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

100‌

108,665‌

839,821‌

Sweden

—

0.2%

(c)

Intrum

AB,

3.00%

,

09/15/27

(e)(m)

....

100‌

85,423‌

Stena

International

SA,

7.25%

,

01/15/31

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

USD

200‌

199,907‌

285,330‌

Switzerland

—

0.1%

UBS

Group

AG,

(USISSO05

+

3.63%),

6.85%

(a)(b)(q)

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

200‌

198,839‌

Thailand

—

0.1%

Kasikornbank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

5.28%

(b)

(c)(q)

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

200‌

198,600‌

United

Kingdom

—

1.7%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$58,511),

15.00%

,

06/19/26

(d)(

i

)

.........

GBP

47‌

65,158‌

Ardonagh

Finco

Ltd.,

6.88%

,

02/15/31

(a)

EUR

114‌

125,734‌

BCP

V

Modular

Services

Finance

II

plc

,

6.13%

,

11/30/28

(c)

...........

GBP

100‌

122,698‌

California

Buyer

Ltd.,

5.63%

,

02/15/32

(c)

EUR

100‌

109,470‌

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

(b)(c)

....

GBP

100‌

130,073‌

CPUK

Finance

Ltd.,

7.88%

,

08/28/29

(c)

100‌

130,728‌

Deuce

Finco

plc,

5.50%

,

06/15/27

(c)

.

100‌

126,752‌

Edge

Finco

plc,

8.13%

,

08/15/31

(c)

..

100‌

131,758‌

Heathrow

Finance

plc,

6.63%

,

03/01/31

(c)

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

100‌

127,945‌

INEOS

Quattro

Finance

2

plc,

6.75%

,

04/15/30

(c)

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

EUR

100‌

107,938‌

Market

Bidco

Finco

plc,

4.75%

,

11/04/27

(c)

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

100‌

104,756‌

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(c)(q)

..

GBP

100‌

123,362‌

Motion

Finco

SARL,

7.38%

,

06/15/30

(c)

EUR

100‌

106,878‌

National

Grid

plc,

0.16%

,

01/20/28

(c)

.

100‌

100,608‌

NatWest

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.29%),

7.50%

(b)(q)

...

GBP

200‌

251,396‌

Punch

Finance

plc,

6.13%

,

06/30/26

(c)

100‌

128,368‌

Virgin

Media

Secured

Finance

plc,

4.13%

,

08/15/30

(c)

...........

100‌

110,458‌

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

GBP

100‌

$

119,722‌

Vodafone

Group

plc

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

4.13%,

06/04/81

....

USD

4‌

3,551‌

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

(c)

.........

GBP

100‌

137,959‌

Zegona

Finance

plc,

6.75%

,

07/15/29

(c)

EUR

100‌

114,077‌

2,479,389‌

United

States

—

4.9%

Affinity

Interactive,

6.88%

,

12/15/27

(a)

USD

13‌

9,852‌

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

18‌

17,439‌

Alliant

Holdings

Intermediate

LLC,

6.75%

,

04/15/28

(a)

...........

100‌

100,391‌

Allied

Universal

Holdco

LLC

9.75%,

07/15/27

(a)

...........

13‌

13,041‌

4.88%,

06/01/28

(c)

...........

GBP

100‌

121,425‌

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

USD

43‌

44,559‌

4.25%,

02/15/29

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

42‌

31,506‌

Amentum

Holdings,

Inc.,

7.25%

,

08/01/32

(a)

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

8‌

7,869‌

American

Tower

Corp.,

0.45%

,

01/15/27

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

EUR

100‌

103,947‌

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

USD

15‌

15,036‌

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%

,

09/01/28

(c)

.......

EUR

100‌

97,722‌

Bank

of

New

York

Mellon

Corp.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.30%),

6.30%

(b)(q)

...........

USD

4‌

4,100‌

Bausch

+

Lomb

Corp.,

8.38%

,

10/01/28

(a)

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

5‌

5,187‌

Becton

Dickinson

Euro

Finance

SARL,

3.55%

,

09/13/29

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

EUR

100‌

109,900‌

Breeze

Aviation

Group,

Inc.

(d)(

i

)

(Acquired

01/26/24,

cost

$63,376)

20.00%,

(20.00%

Cash

or

20.00%

PIK),

01/30/28

(n)

.....

USD

63‌

60,366‌

(Acquired

01/26/24,

cost

$31,688)

20.00%,

01/30/28

.........

32‌

30,183‌

Caesars

Entertainment,

Inc.,

4.63%

,

10/15/29

(a)

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

135‌

124,083‌

California

Resources

Corp.,

8.25%

,

06/15/29

(a)

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

19‌

19,309‌

CCO

Holdings

LLC,

4.75%

,

02/01/32

(a)

11‌

9,767‌

Churchill

Downs,

Inc.,

4.75%

,

01/15/28

(a)

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

100‌

97,150‌

Citigroup,

Inc.,

Series

FF,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95%

(b)

(q)

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

4‌

3,988‌

Civitas

Resources,

Inc.

(a)

8.38%,

07/01/28

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

22‌

22,704‌

8.63%,

11/01/30

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

20‌

20,633‌

Clarios

Global

LP,

6.75%

,

02/15/30

(a)

.

125‌

126,191‌

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

39‌

37,910‌

9.00%,

09/30/29

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

17‌

16,956‌

8.25%,

06/30/32

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

29‌

29,485‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%

,

04/15/30

(a)

...........

USD

20‌

$

20,283‌

CommScope

LLC,

9.50%

,

12/15/31

(a)

10‌

10,300‌

Core

Scientific,

Inc.,

0.00%

,

06/15/31

(a)

(o)(r)

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

8‌

6,705‌

Crescent

Energy

Finance

LLC,

7.38%

,

01/15/33

(a)

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

20‌

19,284‌

CSC

Holdings

LLC,

11.25%

,

05/15/28

(a)

200‌

193,352‌

Diebold

Nixdorf,

Inc.,

7.75%

,

03/31/30

(a)

10‌

10,366‌

DISH

Network

Corp.

(o)

0.00%,

12/15/25

(r)

...........

46‌

41,860‌

3.38%,

08/15/26

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

14‌

11,620‌

EQT

Corp.

7.50%,

06/01/27

(a)(c)

..........

5‌

5,105‌

7.50%,

06/01/30

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

10‌

10,785‌

Exo

Imaging,

Inc.,

(Acquired

08/14/24,

cost

$3,025),

8.00%

,

08/14/25

(d)(

i

)

.

3‌

4,206‌

First

Citizens

BancShares

,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.97%),

6.25%

,

03/12/40

(b)

...........

126‌

123,637‌

FLYR,

Inc.,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.35%

,

05/10/27

(b)(d)

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

51‌

49,811‌

Fortrea

Holdings,

Inc.,

7.50%

,

07/01/30

(a)

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

5‌

4,547‌

Frontier

Communications

Holdings

LLC

5.00%,

05/01/28

(a)

...........

120‌

118,396‌

6.75%,

05/01/29

(a)

...........

35‌

35,176‌

5.88%,

11/01/29

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

5‌

5,000‌

6.00%,

01/15/30

(a)

...........

5‌

5,011‌

8.75%,

05/15/30

(a)

...........

57‌

60,046‌

8.63%,

03/15/31

(a)

...........

50‌

53,259‌

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

61‌

62,220‌

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

40‌

40,650‌

Global

Partners

LP,

8.25%

,

01/15/32

(a)

100‌

102,796‌

Goldman

Sachs

Group,

Inc.

(The),

0.25%

,

01/26/28

(c)

...........

EUR

32‌

32,355‌

GoTo

Group,

Inc.

5.50%,

05/01/28

(a)

...........

USD

16‌

8,803‌

GS

Finance

Corp.,

(10-Year

USD

Constant

Maturity

at

0.00%

Floor

and

5.00%

Cap

+

0.00%),

8.75%

,

02/14/30

(b)

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

240‌

245,515‌

Homes

By

West

Bay

LLC,

11.00%

,

02/06/30

(d)

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

317‌

317,000‌

JPMorgan

Chase

&

Co.,

Series

OO,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.15%),

6.50%

(b)(q)

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

4‌

4,094‌

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(d)

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

325‌

340,048‌

Lessen

LLC,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)(b)(d)

.

164‌

152,395‌

Level

3

Financing,

Inc.,

10.00%

,

10/15/32

(a)

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

49‌

49,075‌

LGI

Homes,

Inc.,

7.00%

,

11/15/32

(a)

.

33‌

31,208‌

LifePoint

Health,

Inc.,

8.38%

,

02/15/32

(a)

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

14‌

14,096‌

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%

,

04/15/29

(a)

...........

147‌

136,386‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

USD

15‌

$

12,160‌

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

04/15/27

(a)

........

118‌

115,640‌

Medline

Borrower

LP,

5.25%

,

10/01/29

(a)

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

100‌

95,957‌

MGM

Resorts

International,

6.50%

,

04/15/32

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

5‌

4,903‌

Morgan

Stanley,

(3-mo.

EURIBOR

+

0.83%),

1.34%

,

10/23/26

(b)

.....

EUR

100‌

107,308‌

NCR

Atleos

Corp.,

9.50%

,

04/01/29

(a)

USD

30‌

32,529‌

Netflix,

Inc.,

3.63%

,

05/15/27

......

EUR

100‌

110,397‌

New

Generation

Gas

Gathering

LLC,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

5.75%),

10.34%

,

09/30/29

(a)

(b)(d)

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

USD

92‌

90,194‌

NRG

Energy,

Inc.,

7.00%

,

03/15/33

(a)

5‌

5,390‌

Olympus

Water

US

Holding

Corp.,

9.75%

,

11/15/28

(a)

...........

200‌

207,643‌

OneMain

Finance

Corp.,

7.13%

,

11/15/31

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

5‌

5,030‌

Paramount

Global,

7.88%

,

07/30/30

.

45‌

49,435‌

Permian

Resources

Operating

LLC

(a)

5.38%,

01/15/26

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

3‌

2,987‌

8.00%,

04/15/27

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

16‌

16,302‌

Pitney

Bowes,

Inc.,

6.88%

,

03/15/27

(a)

39‌

38,951‌

Prestige

Brands,

Inc.,

3.75%

,

04/01/31

(a)

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

100‌

89,688‌

Quikrete

Holdings,

Inc.,

6.75%

,

03/01/33

(a)

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

10‌

9,954‌

Resort

Communities

LoanCo

.

LP,

12.00%

,

11/21/28

(a)(b)(d)

........

447‌

448,117‌

RingCentral,

Inc.,

8.50%

,

08/15/30

(a)

.

65‌

68,326‌

Sabre

GLBL,

Inc.

(a)

8.63%,

06/01/27

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

48‌

47,500‌

10.75%,

11/15/29

...........

96‌

96,699‌

Seagate

HDD

Cayman

8.25%,

12/15/29

(a)

...........

61‌

64,859‌

8.50%,

07/15/31

(a)

...........

29‌

30,799‌

9.63%,

12/01/32

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

45‌

50,612‌

Select

Medical

Corp.,

6.25%

,

12/01/32

(a)

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

36‌

35,076‌

Service

Properties

Trust

8.38%,

06/15/29

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

84‌

83,963‌

8.63%,

11/15/31

(a)

...........

15‌

15,824‌

8.88%,

06/15/32

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

92‌

91,044‌

SM

Energy

Co.,

6.75%

,

08/01/29

(a)

..

11‌

10,836‌

Sonder

Corp.,

10.00%

,

12/10/27

(d)

..

21‌

19,761‌

Sonder

Holdings,

Inc.,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

13.87%

,

12/10/27

(b)(d)

...

163‌

154,850‌

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

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

45‌

48,005‌

9.75%,

11/15/30

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

213‌

235,119‌

Spirit

Airlines

Pass-Through

Trust

Series

2015-1,Class

A,

4.10%,

04/01/28

(e)(m)

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

1‌

960‌

Series

2017-1,Class

AA,

3.38%,

02/15/30

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

14‌

12,968‌

Series

2017-1A,Class

A,

3.65%,

08/15/31

(e)(m)

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

37‌

33,307‌

Stem,

Inc.,

0.50%

,

12/01/28

(a)(o)

....

6‌

1,560‌

STL

Holding

Co.

LLC,

8.75%

,

02/15/29

(a)

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

9‌

9,237‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Talen

Energy

Supply

LLC,

8.63%

,

06/01/30

(a)

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

USD

25‌

$

26,518‌

Tenneco,

Inc.,

8.00%

,

11/17/28

(a)

...

43‌

41,011‌

Texas

Capital

Bancshares,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%

,

05/06/31

(b)

...........

64‌

62,275‌

TransDigm

,

Inc.,

4.63%

,

01/15/29

...

100‌

94,947‌

Transocean,

Inc.,

8.25%

,

05/15/29

(a)

.

25‌

24,437‌

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

A,

2.90%

,

05/01/28

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

6‌

5,799‌

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

64‌

67,987‌

Univision

Communications,

Inc.

(a)

6.63%,

06/01/27

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

15‌

14,876‌

8.00%,

08/15/28

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

10‌

10,031‌

USA

Compression

Partners

LP,

7.13%

,

03/15/29

(a)

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

100‌

101,707‌

UWM

Holdings

LLC,

6.63%

,

02/01/30

(a)

21‌

20,828‌

Venture

Global

LNG,

Inc.

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(b)(q)

.........

25‌

23,724‌

7.00%,

01/15/30

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

20‌

19,704‌

Viking

Cruises

Ltd.,

7.00%

,

02/15/29

(a)

100‌

100,336‌

Vistra

Operations

Co.

LLC,

5.63%

,

02/15/27

(a)

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

79‌

78,706‌

Wells

Fargo

&

Co.,

1.50%

,

05/24/27

(c)

EUR

100‌

105,405‌

Wildfire

Intermediate

Holdings

LLC,

7.50%

,

10/15/29

(a)

...........

USD

15‌

14,583‌

Wolfspeed

,

Inc.,

1.75%

,

05/01/26

(o)

..

10‌

6,300‌

Xerox

Corp.

(a)

10.25%,

10/15/30

...........

15‌

14,850‌

13.50%,

04/15/31

...........

20‌

19,075‌

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

7‌

6,376‌

7,019,454‌

Total

Corporate

Bonds

—

13.0%

(Cost:

$19,615,871)

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

18,549,306‌

Fixed

Rate

Loan

Interests

United

States

—

0.0%

Twitter,

Inc.,

1st

Lien

Term

Loan

B3,

9.50%

,

 02/14/30

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

15‌

15,378‌

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$15,000)

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

15,378‌

Floating

Rate

Loan

Interests

France

—

0.2%

(b)

Groupe

Babilou

,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.16%

,

 11/18/30

.

EUR

214‌

218,271‌

Parts

Europe

SA,

Facility

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.95%

,

 02/03/31

.

112‌

121,367‌

339,638‌

Security

Par

(000)

Par

(000)

Value

Germany

—

0.0%

TK

Elevator

Midco

GmbH,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.60%

,

 04/30/30

(b)

...........

EUR

54‌

$

57,849‌

Jersey,

Channel

Islands

—

0.1%

Vita

Global

FinCo

Ltd.,

1st

Lien

Term

Loan

B

(b)(d)

(6-mo.

EURIBOR

at

0.00%

Floor

+

7.00%),

9.66%, 04/23/27

....

60‌

55,948‌

(Daily

SONIA

at

1.19%

Floor

+

7.00%),

12.45%, 07/06/27

....

GBP

37‌

41,221‌

97,169‌

Netherlands

—

0.5%

(b)

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.86%

,

 06/29/28

.

EUR

48‌

51,729‌

Cypher

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.92%

,

 01/01/28

(d)

....

154‌

161,878‌

Upfield

BV,

1st

Lien

Term

Loan

B11,

(Daily

SONIA

at

0.00%

Floor

+

5.25%),

5.29%

,

 01/03/28

......

GBP

109‌

140,977‌

Ziggo

BV,

Facility

1st

Lien

Term

Loan

H,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.37%

,

 01/31/29

.....

EUR

311‌

323,529‌

678,113‌

Spain

—

0.1%

PAX

HoldCo

Spain

SL,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.52%

,

 12/31/29

(b)

...........

87‌

93,681‌

United

Kingdom

—

0.2%

(b)

Bellis

Acquisition

Co.

plc,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.09%

,

 05/12/31

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

88‌

90,529‌

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B8,

(Daily

SONIA

at

0.00%

Floor

+

5.25%),

5.25%

,

 04/30/29

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

GBP

34‌

44,043‌

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.62%

,

 06/30/28

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

EUR

51‌

55,291‌

INEOS

Quattro

Holdings

UK

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

6.86%

,

 04/03/29

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

64‌

67,436‌

Masorange

Holdco

Ltd.,

Facility

1st

Lien

Term

Loan

B5,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.75%),

5.22%

,

 03/25/31

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

94‌

100,511‌

357,810‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

—

0.9%

Altar

Bidco

,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

9.75%

,

 02/01/30

(b)

USD

120‌

$

113,704‌

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

8.80%

,

 12/30/27

(b)

...........

13‌

12,823‌

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.82%

,

 08/01/28

(b)

.....

—‌

(s)

270‌

Clover

Holdings

SPV

III

LLC,

1st

Lien

Term

Loan,

15.00%

,

 12/09/27

(b)

..

10‌

10,083‌

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.06%

,

 09/29/28

(b)

33‌

32,685‌

CPPIB

OVM

Member

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05%

,

 08/20/31

(b)

...........

42‌

41,581‌

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

9.00%

,

 04/15/27

(b)

....

15‌

14,310‌

CVR

CHC

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30%

,

 12/30/27

(b)

55‌

54,862‌

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.67%

,

 12/21/28

(b)(d)

..........

27‌

26,906‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.55%

,

 08/02/27

(b)

...........

5‌

5,383‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

B,

02/17/31

(b)(t)

..........

62‌

59,093‌

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82%

,

 08/30/30

(b)

...........

91‌

90,667‌

Emerald

Technologies

US

AcquisitionCo

,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.57%

,

 12/29/27

(b)(d)

.........

31‌

22,589‌

First

Brands

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

1.00%

Floor

+

5.00%),

7.61%

,

 03/30/27

(b)

EUR

52‌

52,715‌

Galaxy

Universal

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

10.94%

,

 11/12/26

(b)

(d)

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

USD

194‌

194,194‌

GoTo

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.19%, 04/30/28

(b)

.........

15‌

11,593‌

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.94%

,

 10/25/28

(b)(d)

..........

20‌

15,993‌

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

7.82%

,

 04/26/30

(b)

...........

34‌

33,810‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.32%

,

 01/28/32

(b)

...........

USD

13‌

$

12,954‌

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

(b)

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.81%, 06/05/28

.........

26‌

15,668‌

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.81%, 06/05/28

(d)

........

15‌

13,253‌

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.40%

,

 01/24/30

(b)

4‌

878‌

NGP

XI

Midstream

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80%

,

 07/25/31

(b)(d)

..........

21‌

20,843‌

Pitney

Bowes,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.07%

,

 03/19/32

(b)

...........

50‌

49,416‌

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.30%

,

 04/27/28

(b)

...........

64‌

33,680‌

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

12.30%

,

 04/27/29

(b)

..........

50‌

18,438‌

Solaris

Energy

Infrastructure

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

10.32%

,

 09/11/29

(b)(d)

.........

162‌

162,000‌

Twitter,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.98%

,

 10/26/29

(b)

15‌

14,902‌

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.60%

Floor

+

5.00%),

9.45%

,

 01/22/29

(b)

...........

32‌

29,430‌

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

08/20/25

(b)(t)

...........

65‌

58,188‌

Veritas

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

12.50%),

16.93%

,

 06/30/31

(b)

..........

16‌

15,585‌

Xerox

Corp.,

1st

Lien

Term

Loan,

11/19/29

(b)(t)

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

6‌

5,770‌

1,244,266‌

Total

Floating

Rate

Loan

Interests

—

2.0%

(Cost:

$3,034,975)

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

2,868,526‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Foreign

Agency

Obligations

France

—

0.1%

Electricite

de

France

SA,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

(b)(c)(q)

..

GBP

100‌

$

129,886‌

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$130,855)

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

129,886‌

Foreign

Government

Obligations

Brazil

—

0.1%

Federative

Republic

of

Brazil,

10.00%

,

01/01/27

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

BRL

1‌

156,503‌

Colombia

—

0.2%

Republic

of

Colombia

5.75%,

11/03/27

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

COP

362,600‌

78,522‌

6.00%,

04/28/28

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

742,100‌

157,432‌

7.75%,

09/18/30

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

257,600‌

52,762‌

288,716‌

Czech

Republic

—

0.1%

Czech

Republic

5.00%,

09/30/30

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

CZK

1,520‌

69,510‌

4.50%,

11/11/32

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

810‌

35,989‌

105,499‌

Egypt

—

0.0%

Arab

Republic

of

Egypt,

24.46%

,

10/01/27

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

EGP

290‌

5,887‌

Egypt

Government

Bond,

21.38%

,

02/04/28

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

463‌

9,030‌

14,917‌

Hungary

—

0.0%

Hungary

Government

Bond,

7.00%

,

10/24/35

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

HUF

8,890‌

23,402‌

Indonesia

—

0.1%

Republic

of

Indonesia

7.00%,

05/15/27

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

IDR

910,000‌

55,303‌

6.75%,

07/15/35

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

537,000‌

31,773‌

8.25%,

05/15/36

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

444,000‌

28,823‌

7.13%,

06/15/38

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

1,287,000‌

77,472‌

193,371‌

Ireland

—

0.3%

Republic

of

Ireland,

2.60%

,

10/18/34

(c)

EUR

478‌

499,986‌

Malaysia

—

0.2%

Malaysia

Government

Bond

3.89%,

08/15/29

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

MYR

424‌

96,695‌

4.64%,

11/07/33

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

327‌

78,325‌

3.83%,

07/05/34

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

221‌

49,982‌

225,002‌

Mexico

—

0.2%

United

Mexican

States

7.00%,

09/03/26

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

MXN

19‌

93,252‌

8.50%,

03/01/29

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

9‌

43,495‌

8.50%,

05/31/29

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

3‌

15,575‌

7.50%,

05/26/33

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

24‌

105,582‌

7.75%,

11/13/42

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

3‌

11,400‌

269,304‌

Poland

—

0.2%

Republic

of

Poland

5.75%,

04/25/29

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

PLN

425‌

111,331‌

Security

Par

(000)

Par

(000)

Value

Poland

(continued)

4.75%,

07/25/29

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

PLN

244‌

$

61,744‌

5.00%,

10/25/34

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

137‌

33,517‌

2.00%,

08/25/36

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

45‌

10,132‌

216,724‌

Republic

of

Turkiye

—

0.0%

Republic

of

Turkiye

(The)

31.08%,

11/08/28

...........

TRY

446‌

10,595‌

30.00%,

09/12/29

...........

560‌

13,077‌

23,672‌

South

Africa

—

0.3%

Republic

of

South

Africa

8.00%,

01/31/30

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

ZAR

4,761‌

248,604‌

7.00%,

02/28/31

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

1,908‌

92,301‌

9.00%,

01/31/40

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

880‌

39,643‌

380,548‌

Spain

—

0.5%

Bonos

y

Obligaciones

del

Estado,

3.15%

,

04/30/35

(a)(c)

..........

EUR

620‌

658,780‌

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

9.75%

,

07/20/33

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

UYU

258‌

6,191‌

Total

Foreign

Government

Obligations

—

2.2%

(Cost:

$3,151,759)

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

3,062,615‌

Shares

Shares

Investment

Companies

Health

Care

Select

Sector

SPDR

Fund

(f)

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

480

70,085‌

Invesco

Senior

Loan

ETF

(f)

.......

10,731

222,132‌

iShares

0-5

Year

TIPS

Bond

ETF

(g)

..

1,425

147,445‌

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(f)(g)

.......

4,187

154,123‌

iShares

China

Large-Cap

ETF

(f)(g)

...

4,256

152,535‌

iShares

Core

S&P

Small-Cap

ETF

(g)

.

637

66,611‌

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(f)(g)(j)

........

12,152

1,100,850‌

iShares

MSCI

Brazil

ETF

(f)(g)

.......

1,992

51,493‌

KraneShares

CSI

China

Internet

ETF

4,482

156,467‌

SPDR

Blackstone

Senior

Loan

ETF

(f)

8,948

368,031‌

SPDR

Gold

Shares

(j)

(k)

..........

10,487

3,021,724‌

SPDR

S&P

Homebuilders

ETF

.....

635

61,531‌

SPDR

S&P

Regional

Banking

ETF

..

886

50,369‌

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

(f)

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

8,227

196,296‌

VanEck

Semiconductor

ETF

(f)

......

442

93,470‌

Total

Investment

Companies

—

4.2%

(Cost:

$5,689,653)

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

5,913,162‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Municipal

Bonds

Arizona

-

0.1%

Maricopa

County

Industrial

Development

Authority

,

Series

2024,

RB,

7.38%, 10/01/29

(a)

........

USD

100‌

$

103,183‌

Total

Municipal

Bonds

—

0.1%

(Cost:

$100,000)

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

103,183‌

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.2%

United

States

—

0.2%

(a)(b)

J.P.

Morgan

Mortgage

Trust

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

115‌

94,468‌

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

165‌

147,209‌

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

78‌

53,541‌

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

6.87%,

10/25/39

.

56‌

56,184‌

351,402‌

Commercial

Mortgage-Backed

Securities

—

1.9%

Bermuda

—

0.1%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.57%,

01/19/37

(a)(b)

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

100‌

99,405‌

Cayman

Islands

—

0.1%

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.37%

Floor

+

3.37%),

7.69%,

12/15/34

(a)(b)

100‌

96,832‌

United

States

—

1.7%

BAMLL

Trust,

Series

2025-ASHF,

Class

E,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.25%),

9.57%,

02/15/42

(a)(b)

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

71‌

70,804‌

BMP,

Series

2024-MF23,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.39%

Floor

+

3.39%),

7.71%,

06/15/41

(a)(b)

20‌

19,750‌

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

7.23%,

06/15/38

...

94‌

91,704‌

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

7.24%,

05/15/38

...

70‌

69,650‌

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.68%,

10/15/38

...

85‌

84,973‌

Series

2024-GPA3,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.96%,

12/15/39

...

103‌

102,891‌

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

03/15/41

...

86‌

86,601‌

BX

Trust

(a)(b)

Series

2019-OC11,

Class

D,

3.94%,

12/09/41

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

64‌

58,677‌

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2019-OC11,

Class

E,

3.94%,

12/09/41

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

USD

89‌

$

80,424‌

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.68%,

01/15/34

...

14‌

13,870‌

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

7.43%,

01/15/34

...

28‌

27,704‌

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.76%,

04/15/41

...

85‌

84,690‌

Series

2024-VLT4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

7.21%,

07/15/29

...

22‌

21,670‌

Series

2024-VLT4,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.94%

Floor

+

3.94%),

8.26%,

07/15/29

...

55‌

54,037‌

Series

2025-ROIC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

2.94%),

7.26%,

03/15/30

...

43‌

42,732‌

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

10‌

9,344‌

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.49%

Floor

+

4.49%),

8.81%,

06/15/41

(a)(b)

....

30‌

30,007‌

CONE

Trust,

Series

2024-DFW1,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

8.21%,

08/15/41

(a)(b)

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

30‌

29,873‌

DBGS

Mortgage

Trust,

Series

2018-

BIOD,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.30%),

6.62%,

05/15/35

(a)(b)

..........

75‌

74,766‌

ELM

Trust,

Series

2024-ELM,

Class

E10,

7.27%,

06/10/39

(a)(b)

......

45‌

45,418‌

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.68%,

07/15/38

...

177‌

176,474‌

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

7.28%,

07/15/38

...

88‌

88,181‌

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2021-DM,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

3.05%),

7.37%,

11/15/36

...

60‌

59,322‌

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

+

2.15%),

6.97%,

11/18/29

..........

140‌

140,000‌

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

36‌

31,102‌

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

7.51%,

05/15/37

(a)(b)

....

100‌

99,500‌

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.81%),

7.13%,

04/15/38

...

60‌

59,812‌

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.31%),

7.63%,

04/15/38

...

20‌

19,925‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

7.51%,

06/15/39

(a)(b)

....

USD

20‌

$

20,059‌

LBA

Trust,

Series

2024-BOLT,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.76%,

06/15/39

(a)(b)

10‌

9,941‌

LoanCore

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/17/42

(a)(b)

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

100‌

99,739‌

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

E,

8.73%,

06/12/39

(a)

.

23‌

23,383‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

6.53%,

04/15/38

(a)(b)

....

125‌

124,478‌

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)(b)

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

17‌

15,767‌

PRM5

Trust,

Series

2025-PRM5,

Class

D,

5.25%,

03/10/33

(a)(b)

........

50‌

49,218‌

SREIT

Trust,

Series

2021-MFP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.63%

Floor

+

2.74%),

7.06%,

11/15/38

(a)(b)

88‌

86,749‌

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

6.36%,

07/15/36

(a)(b)

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

20‌

19,850‌

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

10‌

9,167‌

VEGAS

(a)(b)

Series

2024-GCS,

Class

C,

6.22%,

07/10/36

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

50‌

48,837‌

Series

2024-GCS,

Class

D,

6.22%,

07/10/36

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

64‌

59,851‌

Wells

Fargo

Commercial

Mortgage

Trust

(b)

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

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

30‌

29,868‌

Series

2024-1CHI,

Class

A,

4.95%,

07/15/35

(a)

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

100‌

100,412‌

2,471,220‌

Total

Non-Agency

Mortgage-Backed

Securities

—

2.1%

(Cost:

$3,111,506)

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

3,018,859‌

Preferred

Securities

Shares

Shares

Preferred

Stocks

—

2.4%

Brazil

—

0.2%

Banco

Bradesco

SA

(Preference)

...

15,606

34,568‌

Gerdau

SA

(Preference)

.........

8,235

23,436‌

Itau

Unibanco

Holding

SA

(

Preference

)

16,781

92,397‌

Neon

Payments

Ltd.

(d)(e)

.........

319

130,139‌

280,540‌

China

—

0.4%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$269,333)

(d)(e)(

i

)

....

2,458

531,715‌

Security

Shares

Shares

Value

Germany

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

628

$

49,968‌

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$159,572)

(d)(e)(

i

)

..........

30

—‌

49,968‌

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F,

(Acquired

12/11/20,

cost

$103,322)

(d)

(e)(

i

)

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

32

—‌

Israel

—

0.0%

(d)(e)(i)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$89,710)

14,760

1,181‌

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$84,498)

11,985

1,079‌

2,260‌

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$26,894)

(d)

(e)(

i

)

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

228

—‌

United

Kingdom

—

0.1%

10x

Future

Technologies

Services

Ltd.,

Series

D,

(Acquired

12/19/23,

cost

$183,387)

(d)(e)(

i

)

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

4,842

75,431‌

United

States

—

1.7%

Aiven

OY,

Series

D

(d)(e)

..........

647

30,623‌

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

01/26/24,

cost

$75,615)

(d)

(e)(

i

)

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

140

19,076‌

Caresyntax

,

Inc.,

Series

C-2

(d)(e)

....

567

1,486‌

Caresyntax

,

Inc.,

Series

C-3

(d)(e)

....

73

191‌

Coreweave

,

Inc.,

10.00%

(d)

.......

83,000

97,940‌

Databricks,

Inc.,

Series

F,

(Acquired

10/22/19,

cost

$88,431)

(d)(e)(

i

)

....

6,177

571,373‌

Databricks,

Inc.,

Series

G,

(Acquired

02/01/21,

cost

$102,873)

(d)(e)(

i

)

...

1,740

160,950‌

Davidson

Homes,

Inc.,

12.00%

(d)

...

139

139,712‌

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(d)(q)

.......

285

281,438‌

Exo

Imaging,

Inc.,

(Acquired

06/24/21,

cost

$62,470)

(d)(e)(

i

)

...........

10,664

49‌

FLYR,

Inc.

(d)(e)

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

18,486

118,867‌

GM

Cruise

Holdings

LLC,

Series

G,

Class

G,

(Acquired

03/25/21,

cost

$76,178)

(d)(e)(

i

)

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

2,891

2,891‌

HawkEye

360,

Inc.,

Series

D1

(d)(e)

...

4,447

55,187‌

Insightful

Corp.,

Series

D

(d)(e)

......

51,259

11,031‌

JumpCloud

,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$93,611)

(d)(e)(

i

)

....

51,330

117,546‌

JumpCloud

,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$20,218)

(d)(e)(

i

)

....

3,376

7,731‌

Lessen

Holdings,

Inc.,

Series

BX

(d)(e)

.

8,296

24,473‌

Loadsmart

,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$85,987)

(d)(e)(

i

)

....

10,057

61,549‌

Loadsmart

,

Inc.,

Series

D,

(Acquired

10/05/20,

cost

$19,100)

(d)(e)(

i

)

....

955

9,005‌

Lookout,

Inc.,

Series

F,

(Acquired

09/19/14,

cost

$243,061)

(d)(e)(

i

)

...

21,278

28,725‌

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$54,841)

(d)(e)(

i

)

....

2,388

34,172‌

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$48,256)

(d)(e)(

i

)

....

70

—‌

Noodle,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$73,361)

(d)(e)(

i

)

....

8,220

11,919‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$40,179)

(d)(e)(

i

)

....

1,532

$

57,312‌

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$68,894)

(d)

(e)(

i

)

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

3,017

30‌

SambaNova

Systems,

Inc.,

Series

C,

(Acquired

02/19/20,

cost

$91,575)

(d)

(e)(

i

)

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

1,720

78,742‌

SambaNova

Systems,

Inc.,

Series

D,

(Acquired

04/09/21,

cost

$52,640)

(d)

(e)(

i

)

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

554

29,993‌

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$28,447)

(d)(e)(

i

)

....

1,894

16,970‌

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$72,377)

(d)(e)(

i

)

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

12,134

27,665‌

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$9,855)

(d)(e)(

i

)

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

1,487

3,554‌

Verge

Genomics,

Series

B,

(Acquired

11/05/21,

cost

$65,877)

(d)(e)(

i

)

....

12,367

80,138‌

Verge

Genomics,

Series

C,

(Acquired

09/06/23,

cost

$10,528)

(d)(e)(

i

)

....

1,464

10,556‌

Veritas

Newco

(e)

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

294

6,756‌

Veritas

Newco,

Series

G-1

(e)

......

203

4,664‌

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$43,198),

12.00%, 

(d)(

i

)

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

14,803

78,308‌

Wells

Fargo

&

Co.,

Series

L,

7.50%

(o)(q)

46

55,237‌

XAI

Corp.,

Series

C,

(Acquired

11/27/24,

cost

$220,722)

(d)(e)(

i

)

....

10,195

220,722‌

2,456,581‌

Total

Preferred

Stocks

—

2.4%  

(Cost:

$3,958,763)

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

3,396,495‌

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(3-mo.

CME

Term

SOFR

+

6.63%),

10.92%, 10/30/40

(b)

3,609

107,765‌

Total

Trust

Preferreds

—

0.1%  

(Cost:

$98,903)

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

107,765‌

Total

Preferred

Securities

—

2.5%

(Cost:

$4,057,666)

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

3,504,260‌

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

(a)(b)

Federal

Home

Loan

Mortgage

Corp.

STACR

Trust

Variable

Rate

Notes,

Series

2022-DNA1,

Class

B1,

(SOFR

30

day

Average

at

0.00%

Floor

+

3.40%),

7.74%, 01/25/42

.

USD

17‌

17,418‌

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2021-

DNA2,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

6.00%),

10.34%, 08/25/33

...........

17‌

20,301‌

37,719‌

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.74%, 09/25/30

(b)

...........

USD

13‌

$

12,180‌

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

Series

K109,

Class

X1,

1.57%

,

 04/25/30

........

116‌

7,413‌

Series

K116,

Class

X1,

1.42%

,

 07/25/30

........

98‌

5,847‌

Series

K120,

Class

X1,

1.03%

,

 10/25/30

........

389‌

17,622‌

Series

KL06,

Class

XFX,

1.36%

,

 12/25/29

........

100‌

4,132‌

Series

KW09,

Class

X1,

0.79%

,

 05/25/29

........

435‌

10,374‌

45,388‌

Mortgage-Backed

Securities

—

0.7%

Uniform

Mortgage-Backed

Securities,

3.50%, 04/25/55

(u)

...........

1,146‌

1,033,464‌

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.8%  

(Cost:

$1,134,226)

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

1,128,751‌

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.63%, 02/15/55

47‌

47,316‌

U.S.

Treasury

Notes

3.50%, 09/15/25

(j)

(k)

..........

153‌

152,025‌

4.00%, 12/15/25

(j)

...........

1,017‌

1,016,237‌

4.13%, 02/28/27

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

77‌

77,693‌

4.63%, 09/30/28

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

546‌

558,302‌

Total

U.S.

Treasury

Obligations

—

1.3%

(Cost:

$1,832,365)

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

1,851,573‌

Shares

Shares

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

1

Share

for

1

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(e)

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

718

55‌

Israel

—

0.0%

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(d)(e)(

i

)

........

845

9‌

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$0)

(Issued/Exercisable

12/19/23,

1

Share

for

1

Warrant,

Expires

11/17/30,

Strike

Price

GBP

0.01)

(d)(e)

(

i

)

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

5,834

5,275‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

—

0.0%

(e)

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21,

1

Share

for

1

Warrant,

Expires

02/01/26,

Strike

Price

USD

11.50)

(d)

..........

2,120

$

550‌

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21,

1

Share

for

1

Warrant,

Expires

12/31/27,

Strike

Price

USD

11.50)

(d)

..........

1,268

—‌

Davidson

Homes,

Inc.

(Issued/

Exercisable

05/16/24,

1

Share

for

1

Warrant,

Expires

05/16/34,

Strike

Price

USD

8.47)

(d)

...........

965

5,616‌

EVgo

,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

07/01/26,

Strike

Price

USD

11.50)

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

1,130

227‌

Flagstar

Financial,

Inc.,

(Acquired

03/07/24,

cost

$0)

(Issued/

Exercisable

03/11/24,

1

Share

for

1

Warrant,

Expires

03/11/31,

Strike

Price

USD

2.50)

(

i

)

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

14

31,713‌

FLYR,

Inc.

(Issued/Exercisable

05/10/22,

1

Share

for

1

Warrant,

Expires

05/10/32,

Strike

Price

USD

3.95)

(d)

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

264

1,275‌

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

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

543

4,214‌

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(d)

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

217

974‌

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

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

1,369

10,624‌

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

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

938

12‌

Insight

M,

Inc.

(Issued/Exercisable

01/31/24,

1

Share

for

1

Warrant,

,

Strike

Price

USD

0.34)

(d)

.......

53,113

2,735‌

Latch,

Inc.

(Issued/Exercisable

12/29/20,

1

Share

for

1

Warrant,

Expires

06/04/26,

Strike

Price

USD

11.50)

(d)

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

840

—‌

Lightning

eMotors

,

Inc.

(Issued/

Exercisable

05/06/21,

1

Share

for

1

Warrant,

Expires

12/15/25,

Strike

Price

USD

11.50)

(d)

..........

2,348

—‌

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20,

1

Share

for

1

Warrant,

Expires

09/01/26,

Strike

Price

USD

11.50)

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

1,681

33‌

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

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

1,924

539‌

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

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

724

203‌

Security

Shares

Shares

Value

United

States

(continued)

Sonder

Corp.

(Issued/Exercisable

12/30/24,

1

Share

for

1

Warrant,

Expires

12/30/29,

Strike

Price

USD

0.01)

(d)

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

458

$

989‌

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$0)

(Issued/Exercisable

10/14/22,

1

Share

for

1

Warrant,

Expires

10/07/32,

Strike

Price

USD

0.01)

(d)(

i

)

1,825

7,921‌

Volato

Group,

Inc.,

(Acquired

12/03/23,

cost

$1,351)

(Issued/Exercisable

12/04/23,

1

Share

for

1

Warrant,

Expires

12/03/28,

Strike

Price

USD

11.50)

(

i

)

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

1,351

47‌

67,672‌

Total

Warrants

—

0.0%

(Cost:

$16,602)

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

73,011‌

Total

Long-Term

Investments

—

91.0%

(Cost:

$129,102,962)

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

129,416,663‌

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Foreign

Government

Obligations

—

0.0%

Brazil

—

0.0%

Letras

do

Tesouro

Nacional

Treasury

Bills,

15.00%

,

01/01/26

(v)

.......

BRL

—‌

(s)

26,319‌

Egypt

—

0.0%

Arab

Republic

of

Egypt

Treasury

Bills

(v)

26.05%,

11/18/25

...........

EGP

475‌

8,056‌

25.66%,

12/16/25

...........

1,100‌

18,208‌

26,264‌

Total

Foreign

Government

Obligations

—

0.0%

(Cost:

$50,936)

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

52,583‌

Shares

Shares

Money

Market

Funds

—

11.7%

(g)(w)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.50%

(x)

.....

3,409,748‌

3,411,453‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.22%

......

13,195,949‌

13,195,949‌

Total

Money

Market

Funds

—

11.7%

(Cost:

$16,607,402)

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

16,607,402‌

Total

Short-Term

Securities

—

11.7%

(Cost:

$16,658,338)

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

16,659,985‌

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Total

Options

Purchased

—

0.3%

(Cost:

$373,788

)

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

$

488,442‌

Total

Investments

Before

Options

Written

—

103.0%

(Cost:

$146,135,088)

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

146,565,090‌

Total

Options

Written

—

(0.2)%

(Premiums

Received

—

$(219,700))

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

(390,731‌)

Total

Investments

Net

of

Options

Written

—

102.8%

(Cost:

$145,915,388)

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

146,174,359‌

Liabilities

in

Excess

of

Other

Assets

—

(2.8)%

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

(4,009,318‌)

Net

Assets

—

100.0%

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

$

142,165,041‌

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Non-income

producing

security.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Affiliate

of

the

Fund.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$3,596,678,

representing

2.53%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$3,900,792.

(j)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(k)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

(l)

Investment

does

not

issue

shares.

(m)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(n)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(o)

Convertible

security.

(p)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(q)

Perpetual

security

with

no

stated

maturity

date.

(r)

Zero-coupon

bond.

(s)

Rounds

to

less

than

1,000.

(t)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(u)

Represents

or

includes

a

TBA

transaction.

(v)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(w)

Annualized

7-day

yield

as

of

period

end.

(x)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

20

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

March

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/25

Par/Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

2,755,438

$

656,239

(a)

$

—

$

(224)

$

—

$

3,411,453

3,409,748

$

4,246

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

5,936,703

7,259,246

(a)

—

—

—

13,195,949

13,195,949

113,819

—

iShares

0-5

Year

TIPS

Bond

ETF

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

143,355

—

—

—

4,090

147,445

1,425

206

—

iShares

Biotechnology

ETF

(c)

.

132,210

—

(132,779)

(10,305)

10,874

—

—

121

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

154,040

—

—

—

83

154,123

4,187

1,778

—

iShares

China

Large-Cap

ETF

—

149,331

—

—

3,204

152,535

4,256

—

—

iShares

Core

S&P

Small-Cap

ETF

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

73,395

—

—

—

(6,784)

66,611

637

206

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

179,322

—

(181,801)

(1,054)

3,533

—

—

821

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

1,082,014

—

—

—

18,836

1,100,850

12,152

10,044

—

iShares

Latin

America

40

ETF

(c)

36,990

—

(42,761)

(1,468)

7,239

—

—

—

—

iShares

MSCI

Brazil

ETF

...

44,840

—

—

—

6,653

51,493

1,992

—

—

iShares

MSCI

Emerging

Markets

ETF

(c)

.........

17,941

—

(19,203)

54

1,208

—

—

—

—

iShares

Russell

Mid-Cap

Growth

ETF

(c)

.........

23,829

—

(22,617)

4,691

(5,903)

—

—

19

—

Quintis

Australia

Pty.

Ltd.,

12.00%, 10/01/28

......

—

—

—

—

—

—

414,143

—

—

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

.......

59,000

90

—

—

(89)

59,001

462,748

—

—

Quintis

HoldCo

Pty.

Ltd.

....

1

—

—

—

—

1

218,994

—

—

$

(8,306)

$

42,944

$

18,339,461

$

131,260

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

21

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

IFSC

NIFTY

50

Index

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

13

04/24/25

$

605

$

(10,653)

Euro-Bobl

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

38

06/06/25

4,840

(27,576)

Euro-BTP

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

3

06/06/25

381

(6,704)

Euro-Bund

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

35

06/06/25

4,876

(86,725)

Euro-OAT

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

5

06/06/25

663

(11,878)

Euro-Schatz

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

5

06/06/25

578

125

OSE

Nikkei

225

Index

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

9

06/12/25

2,164

(41,973)

Australia

10-Year

Bond

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

35

06/16/25

2,464

14,677

U.S.

Treasury

Long

Bond

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

9

06/18/25

1,059

16,300

U.S.

Treasury

Ultra

Bond

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

19

06/18/25

2,335

18,885

EURO

STOXX

50

Index

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

31

06/20/25

586

(22,242)

Russell

2000

E-Mini

Index

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

7

06/20/25

709

(11,925)

S&P

500

E-Mini

Index

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

5

06/20/25

1,413

(25,251)

Long

Gilt

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

4

06/26/25

474

(6,023)

U.S.

Treasury

5-Year

Note

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

134

06/30/25

14,509

92,669

(108,294)

Short

Contracts

Euro-Buxl

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

1

06/06/25

129

7,509

U.S.

Treasury

10-Year

Note

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

49

06/18/25

5,460

(30,586)

U.S.

Treasury

10-Year

Ultra

Note

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

117

06/18/25

13,387

(192,148)

FTSE

100

Index

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

1

06/20/25

111

1,353

Nasdaq-100

E-Mini

Index

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

16

06/20/25

6,221

152,445

U.S.

Treasury

2-Year

Note

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

130

06/30/25

26,941

(54,018)

3-mo.

SOFR

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

8

03/17/26

1,928

(6,219)

(121,664)

$

(229,958)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

653,937

USD

112,480

Barclays

Bank

plc

04/02/25

$

2,116

BRL

369,238

USD

64,000

Citibank

NA

04/02/25

706

BRL

143,450

USD

25,000

Morgan

Stanley

&

Co.

International

plc

04/02/25

138

USD

26,000

BRL

147,489

Goldman

Sachs

International

04/02/25

154

TRY

503,880

USD

13,000

UBS

AG

04/11/25

106

INR

14,135,310

USD

162,000

Citibank

NA

04/16/25

3,195

AUD

41,000

USD

25,559

Bank

of

America

NA

04/24/25

64

BRL

1,724,086

USD

299,471

Bank

of

America

NA

04/24/25

1,427

CZK

4,218,317

USD

182,671

State

Street

Bank

and

Trust

Co.

04/24/25

159

EUR

24,000

USD

25,837

Barclays

Bank

plc

04/24/25

145

EUR

101,650

USD

109,840

Nomura

International

plc

04/24/25

204

INR

4,613,540

USD

53,437

HSBC

Bank

plc

04/24/25

441

JPY

3,210,271

USD

21,392

Bank

of

America

NA

04/24/25

64

RON

155,133

USD

33,626

Goldman

Sachs

International

04/24/25

51

THB

4,803,605

USD

141,418

Barclays

Bank

plc

04/24/25

391

THB

1,323,933

USD

39,000

Standard

Chartered

Bank

04/24/25

84

USD

16,656

CLP

15,563,866

Bank

of

America

NA

04/24/25

266

USD

9,344

CLP

8,725,894

BNP

Paribas

SA

04/24/25

155

USD

26,000

MXN

529,646

Goldman

Sachs

International

04/24/25

197

USD

3,458

PHP

198,126

HSBC

Bank

plc

04/24/25

1

USD

9,600

SGD

12,852

BNP

Paribas

SA

04/24/25

23

USD

26,000

SGD

34,786

State

Street

Bank

and

Trust

Co.

04/24/25

77

TRY

517,270

USD

13,000

Barclays

Bank

plc

04/30/25

114

USD

12,589

TRY

488,752

HSBC

Bank

plc

05/07/25

306

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

22

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

44,209

TRY

1,712,493

UBS

AG

05/07/25

$

1,170

THB

5,749,742

USD

169,681

Barclays

Bank

plc

05/20/25

385

USD

309,475

COP

1,283,654,100

Morgan

Stanley

&

Co.

International

plc

05/20/25

4,551

USD

116,276

CZK

2,678,286

UBS

AG

05/20/25

127

USD

24,550

HUF

9,056,724

State

Street

Bank

and

Trust

Co.

05/20/25

298

USD

123,165

IDR

2,022,255,048

JPMorgan

Chase

Bank

NA

05/20/25

2,057

USD

228,408

MXN

4,626,646

Barclays

Bank

plc

05/20/25

3,807

USD

43,993

MXN

889,580

JPMorgan

Chase

Bank

NA

05/20/25

808

USD

148,358

MYR

655,743

Goldman

Sachs

International

05/20/25

178

USD

242,548

PLN

936,731

UBS

AG

05/20/25

1,122

USD

171,084

THB

5,749,742

BNP

Paribas

SA

05/20/25

1,017

USD

27,474

ZAR

503,918

Credit

Agricole

Corporate

&

Investment

Bank

SA

05/20/25

96

EGP

641,201

USD

12,103

Societe

Generale

SA

05/27/25

228

TRY

288,120

USD

7,000

Barclays

Bank

plc

05/27/25

67

TRY

763,840

USD

18,547

State

Street

Bank

and

Trust

Co.

05/27/25

189

TRY

259,409

USD

6,308

Barclays

Bank

plc

06/02/25

9

BRL

2,884,570

EUR

445,576

Citibank

NA

06/18/25

13,323

EUR

7,236

USD

7,824

Barclays

Bank

plc

06/18/25

35

EUR

7,236

USD

7,856

JPMorgan

Chase

Bank

NA

06/18/25

3

GBP

233,887

EUR

276,600

Bank

of

New

York

Mellon

06/18/25

1,704

JPY

31,766,267

USD

213,326

JPMorgan

Chase

Bank

NA

06/18/25

314

NOK

7,236,081

CHF

594,549

State

Street

Bank

and

Trust

Co.

06/18/25

9,518

SEK

4,951,846

USD

494,838

Credit

Agricole

Corporate

&

Investment

Bank

SA

06/18/25

72

USD

9,648

CAD

13,796

Citibank

NA

06/18/25

24

USD

24,392

CNY

175,412

HSBC

Bank

plc

06/18/25

122

USD

1,072,668

EUR

987,185

Deutsche

Bank

AG

06/18/25

549

USD

16,898

EUR

15,436

JPMorgan

Chase

Bank

NA

06/18/25

134

USD

1,929,813

GBP

1,488,466

UBS

AG

06/18/25

7,227

USD

1,334,647

HKD

10,351,803

Credit

Agricole

Corporate

&

Investment

Bank

SA

06/18/25

1,931

USD

2,822

IDR

46,624,717

Barclays

Bank

plc

06/18/25

34

USD

313,341

MXN

6,433,646

Citibank

NA

06/18/25

2,198

ZAR

6,096,033

EUR

301,011

State

Street

Bank

and

Trust

Co.

06/18/25

3,495

ZAR

2,649,431

USD

143,415

Credit

Agricole

Corporate

&

Investment

Bank

SA

06/18/25

184

USD

320,000

HKD

2,481,760

HSBC

Bank

plc

08/15/25

219

NGN

9,636,000

USD

5,840

Morgan

Stanley

&

Co.

International

plc

09/04/25

64

67,843

BRL

148,270

USD

26,000

Citibank

NA

04/02/25

(17)

USD

40,943

BRL

253,618

JPMorgan

Chase

Bank

NA

04/02/25

(3,502)

USD

25,000

BRL

145,657

Barclays

Bank

plc

04/02/25

(525)

USD

25,000

BRL

144,200

Citibank

NA

04/02/25

(270)

USD

107,559

BRL

628,228

Goldman

Sachs

International

04/02/25

(2,532)

USD

68,639

INR

5,978,807

JPMorgan

Chase

Bank

NA

04/16/25

(1,233)

AUD

40,521

USD

25,415

Toronto

Dominion

Bank

04/24/25

(91)

CAD

82,791

USD

57,912

Natwest

Markets

plc

04/24/25

(319)

CHF

22,017

USD

25,000

Royal

Bank

of

Canada

04/24/25

(48)

CLP

46,331,446

USD

49,682

Citibank

NA

04/24/25

(892)

CNY

1,422,812

USD

196,224

Societe

Generale

SA

04/24/25

(65)

COP

107,867,240

USD

26,000

Barclays

Bank

plc

04/24/25

(283)

COP

94,370,953

USD

22,518

HSBC

Bank

plc

04/24/25

(18)

COP

160,875,000

USD

39,000

Societe

Generale

SA

04/24/25

(644)

EUR

24,000

NOK

274,190

Bank

of

America

NA

04/24/25

(80)

HUF

39,373,498

USD

106,293

Nomura

International

plc

04/24/25

(719)

IDR

2,234,457,900

USD

135,225

Standard

Chartered

Bank

04/24/25

(1,236)

MXN

266,258

USD

13,000

Goldman

Sachs

International

04/24/25

(28)

MXN

5,678,743

USD

281,174

HSBC

Bank

plc

04/24/25

(4,515)

MYR

1,080,797

USD

244,723

Barclays

Bank

plc

04/24/25

(679)

PEN

27,249

USD

7,485

Barclays

Bank

plc

04/24/25

(72)

PLN

102,135

EUR

24,433

UBS

AG

04/24/25

(101)

PLN

274,643

USD

70,980

Societe

Generale

SA

04/24/25

(124)

SGD

47,632

USD

35,600

HSBC

Bank

plc

04/24/25

(104)

USD

26,000

CLP

24,856,000

Deutsche

Bank

AG

04/24/25

(175)

USD

26,000

COP

109,226,000

Deutsche

Bank

AG

04/24/25

(41)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

23

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

25,946

EUR

24,000

Goldman

Sachs

International

04/24/25

$

(36)

USD

39,000

ZAR

717,639

Citibank

NA

04/24/25

(73)

ZAR

4,331,731

USD

237,376

Goldman

Sachs

International

04/24/25

(1,529)

USD

73,242

BRL

425,151

Barclays

Bank

plc

05/05/25

(808)

USD

26,000

BRL

150,930

Citibank

NA

05/05/25

(288)

TRY

4,129,198

USD

106,492

Barclays

Bank

plc

05/07/25

(2,716)

TRY

352,898

USD

9,123

BNP

Paribas

SA

05/07/25

(253)

IDR

1,733,979,076

USD

105,608

JPMorgan

Chase

Bank

NA

05/20/25

(1,763)

USD

405,944

BRL

2,386,302

Goldman

Sachs

International

05/20/25

(8,205)

USD

78,568

MYR

347,782

Credit

Agricole

Corporate

&

Investment

Bank

SA

05/20/25

(21)

USD

9,109

UYU

391,765

Citibank

NA

05/20/25

(187)

USD

366,714

ZAR

6,752,999

State

Street

Bank

and

Trust

Co.

05/20/25

(174)

AUD

436,300

USD

275,511

Morgan

Stanley

&

Co.

International

plc

06/18/25

(2,714)

AUD

3,103,630

USD

1,960,122

State

Street

Bank

and

Trust

Co.

06/18/25

(19,573)

CAD

2,443,799

USD

1,707,249

Bank

of

New

York

Mellon

06/18/25

(2,466)

CAD

372,400

USD

261,408

Standard

Chartered

Bank

06/18/25

(1,623)

CHF

2,853,949

USD

3,271,493

Natwest

Markets

plc

06/18/25

(15,707)

CNY

10,998,729

USD

1,528,951

UBS

AG

06/18/25

(7,104)

DKK

3,705,590

USD

544,973

Citibank

NA

06/18/25

(5,167)

EUR

647,096

CHF

618,839

Canadian

Imperial

Bank

of

Commerce

06/18/25

(3,201)

EUR

396,357

USD

433,461

Canadian

Imperial

Bank

of

Commerce

06/18/25

(3,003)

EUR

262,944

USD

287,961

JPMorgan

Chase

Bank

NA

06/18/25

(2,393)

EUR

2,474,429

USD

2,712,655

UBS

AG

06/18/25

(25,335)

GBP

717,675

USD

930,519

Bank

of

New

York

Mellon

06/18/25

(3,530)

HUF

54,365,616

USD

147,753

Goldman

Sachs

International

06/18/25

(2,402)

JPY

141,485,588

EUR

880,479

Canadian

Imperial

Bank

of

Commerce

06/18/25

(4,688)

JPY

31,681,637

USD

213,737

BNP

Paribas

SA

06/18/25

(666)

JPY

1,199,261,884

USD

8,181,834

Canadian

Imperial

Bank

of

Commerce

06/18/25

(116,346)

JPY

84,863,939

USD

575,378

Morgan

Stanley

&

Co.

International

plc

06/18/25

(4,636)

JPY

31,804,742

USD

215,398

State

Street

Bank

and

Trust

Co.

06/18/25

(1,499)

JPY

3,793,935

USD

25,857

UBS

AG

06/18/25

(341)

KRW

899,624,391

USD

622,875

Citibank

NA

06/18/25

(10,059)

MXN

9,959,124

EUR

443,947

JPMorgan

Chase

Bank

NA

06/18/25

(502)

MXN

625,845

USD

30,868

Citibank

NA

06/18/25

(601)

MXN

2,026,307

USD

99,032

JPMorgan

Chase

Bank

NA

06/18/25

(1,036)

NZD

123,715

USD

70,990

Natwest

Markets

plc

06/18/25

(616)

PLN

932,408

USD

241,662

Goldman

Sachs

International

06/18/25

(1,626)

SGD

367,019

USD

276,896

Bank

of

America

NA

06/18/25

(2,614)

TWD

20,514,792

USD

625,146

HSBC

Bank

plc

06/18/25

(4,918)

USD

299,642

BRL

1,772,005

Citibank

NA

06/18/25

(5,813)

USD

450,657

EUR

416,100

Citibank

NA

06/18/25

(1,243)

USD

335,062

EUR

308,600

Wells

Fargo

Bank

NA

06/18/25

(89)

USD

27,003

INR

2,368,662

BNP

Paribas

SA

06/18/25

(552)

USD

579,939

NOK

6,155,353

Toronto

Dominion

Bank

06/18/25

(5,119)

USD

13,000

TRY

570,570

Barclays

Bank

plc

07/31/25

(67)

NGN

18,616,124

USD

11,723

Citibank

NA

09/04/25

(316)

USD

13,000

TRY

603,655

UBS

AG

09/26/25

(42)

(291,973)

$

(224,130)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

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

Up

and

Out

Nomura

International

plc

04/22/25

CAD

1.47

CAD

1.55

USD

241

$

252

USD

Currency

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

One-Touch

Standard

Chartered

Bank

04/30/25

INR

88.00

INR

88.00

USD

3

81

USD

Currency

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

One-Touch

HSBC

Bank

plc

04/30/25

CNH

7.63

CNH

7.63

USD

6

14

USD

Currency

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

One-Touch

HSBC

Bank

plc

05/16/25

CAD

1.48

CAD

1.48

USD

2

209

AUD

Currency

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

One-Touch

UBS

AG

06/16/25

USD

0.67

USD

0.67

AUD

6

261

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

24

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

USD

Currency

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

Up

and

Out

HSBC

Bank

plc

07/02/25

CNH

7.35

CNH

7.74

USD

48

$

110

USD

Currency

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

One-Touch

UBS

AG

07/18/25

CAD

1.53

CAD

1.53

USD

4

219

USD

Currency

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

One-Touch

Standard

Chartered

Bank

08/29/25

TWD

34.60

TWD

34.60

USD

4

351

1,497

Put

USD

Currency

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

One-Touch

Bank

of

America

NA

04/08/25

CLP

950.00

CLP

950.00

USD

3

1,501

EUR

Currency

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

One-Touch

HSBC

Bank

plc

04/16/25

USD

1.02

USD

1.02

EUR

6

19

EUR

Currency

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

One-Touch

Barclays

Bank

plc

04/24/25

USD

1.01

USD

1.01

EUR

4

12

CNH

Currency

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

One-Touch

JPMorgan

Chase

Bank

NA

04/30/25

JPY

19.00

JPY

19.00

CNH

44

81

USD

Currency

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

Down

and

Out

UBS

AG

05/19/25

JPY

147.00

JPY

142.50

USD

25

53

USD

Currency

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

Down

and

Out

UBS

AG

06/05/25

JPY

150.00

JPY

142.00

USD

48

405

EUR

Currency

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

One-Touch

Bank

of

America

NA

06/06/25

CZK

24.50

CZK

24.50

EUR

6

558

USD

Currency

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

Down

and

Out

UBS

AG

06/17/25

MXN

19.90

MXN

19.45

USD

39

42

USD

Currency

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

Down

and

Out

UBS

AG

08/07/25

JPY

144.00

JPY

136.00

USD

79

335

3,006

$

4,503

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

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

90

04/11/25

USD

275.00

USD

2,593

$

125,550

CBOE

Volatility

Index

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

7

04/16/25

USD

30.00

USD

16

392

Alaska

Air

Group,

Inc.

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

8

04/17/25

USD

77.50

USD

39

260

Alphabet,

Inc.

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

16

04/17/25

USD

220.00

USD

250

24

Bank

of

America

Corp.

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

45

04/17/25

USD

48.00

USD

188

248

Citigroup,

Inc.

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

29

04/17/25

USD

85.00

USD

206

116

Delta

Air

Lines,

Inc.

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

8

04/17/25

USD

77.50

USD

35

24

Duke

Energy

Corp.

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

10

04/17/25

USD

115.00

USD

122

6,900

Eli

Lilly

&

Co.

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

1

04/17/25

USD

930.00

USD

83

119

JPMorgan

Chase

&

Co.

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

8

04/17/25

USD

290.00

USD

196

40

KraneShares

CSI

China

Internet

ETF

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

85

04/17/25

USD

38.00

USD

297

2,635

Sabre

Corp.

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

5

04/17/25

USD

4.50

USD

1

43

Sabre

Corp.

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

11

04/17/25

USD

7.00

USD

3

61

SPDR

Gold

Shares

(a)

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

82

04/17/25

USD

275.00

USD

2,363

114,800

Uber

Technologies,

Inc.

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

14

04/17/25

USD

72.50

USD

102

4,081

UnitedHealth

Group,

Inc.

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

9

04/17/25

USD

490.00

USD

471

37,868

Walmart,

Inc.

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

49

04/17/25

USD

110.00

USD

430

98

Warner

Bros

Discovery,

Inc.

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

8

04/17/25

USD

12.00

USD

9

52

Williams

Cos.,

Inc.

(The)

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

22

04/17/25

USD

65.00

USD

131

220

Invesco

QQQ

Trust,

Series

1

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

6

04/25/25

USD

500.00

USD

281

870

Invesco

QQQ

Trust,

Series

1

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

12

04/25/25

USD

507.00

USD

563

900

U.S.

Treasury

5-Year

Note

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

1

04/25/25

USD

109.00

USD

100

227

Invesco

QQQ

Trust,

Series

1

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

27

05/02/25

USD

500.00

USD

1,266

6,008

Citigroup,

Inc.

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

8

05/16/25

USD

75.00

USD

57

1,328

EURO

STOXX

Bank

Index

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

29

05/16/25

EUR

200.00

EUR

270

3,136

Invesco

QQQ

Trust,

Series

1

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

27

05/16/25

USD

505.00

USD

1,266

7,155

KraneShares

CSI

China

Internet

ETF

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

70

05/16/25

USD

41.00

USD

244

2,345

Lam

Research

Corp.

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

7

05/16/25

USD

85.00

USD

51

728

Marvell

Technology,

Inc.

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

12

05/16/25

USD

140.00

USD

74

60

SPDR

Gold

Shares

(a)

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

30

05/16/25

USD

282.00

USD

864

31,800

Union

Pacific

Corp.

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

4

05/16/25

USD

260.00

USD

94

430

Williams

Cos.,

Inc.

(The)

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

27

05/16/25

USD

60.00

USD

161

6,953

U.S.

Treasury

30-Year

Bond

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

1

05/23/25

USD

126.00

USD

100

219

Sabre

Corp.

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

5

06/20/25

USD

5.50

USD

1

48

Sabre

Corp.

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

10

06/20/25

USD

6.00

USD

3

35

Warner

Bros

Discovery,

Inc.

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

8

06/20/25

USD

14.00

USD

9

116

Informatica,

Inc.

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

2

07/18/25

USD

25.00

USD

3

50

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

25

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Informatica,

Inc.

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

3

11/21/25

USD

35.00

USD

5

$

150

356,089

Put

SPDR

S&P

500

ETF

Trust

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

3

04/04/25

USD

535.00

USD

168

276

SPDR

S&P

500

ETF

Trust

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

11

04/04/25

USD

555.00

USD

615

5,528

Wolfspeed,

Inc.

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

1

04/04/25

USD

2.00

USD

—

3

EURO

STOXX

50

Index

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

11

04/17/25

EUR

175.00

EUR

102

1,160

FedEx

Corp.

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

3

04/17/25

USD

210.00

USD

73

84

Ford

Motor

Co.

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

12

04/17/25

USD

8.85

USD

12

66

Forward

Air

Corp.

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

4

04/17/25

USD

15.00

USD

8

110

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

7

04/17/25

USD

78.50

USD

55

473

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

7

04/17/25

USD

77.00

USD

55

109

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

9

04/17/25

USD

78.00

USD

71

365

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

173

04/17/25

USD

108.00

USD

1,880

9,256

iShares

Russell

2000

ETF

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

3

04/17/25

USD

185.00

USD

60

234

iShares

Russell

2000

ETF

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

5

04/17/25

USD

190.00

USD

100

765

NVIDIA

Corp.

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

18

04/17/25

USD

110.00

USD

195

9,315

Southwest

Airlines

Co.

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

7

04/17/25

USD

25.00

USD

24

91

SPDR

S&P

500

ETF

Trust

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

3

04/17/25

USD

525.00

USD

168

593

United

Parcel

Service,

Inc.

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

9

04/17/25

USD

100.00

USD

99

180

Wolfspeed,

Inc.

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

2

04/17/25

USD

2.00

USD

1

31

American

Airlines

Group,

Inc.

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

7

05/16/25

USD

9.00

USD

7

193

CommScope

Holding

Co.,

Inc.

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

1

05/16/25

USD

4.00

USD

1

10

iShares

Russell

2000

ETF

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

4

05/16/25

USD

185.00

USD

80

872

SPDR

S&P

500

ETF

Trust

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

34

05/16/25

USD

555.00

USD

1,902

42,075

Southwest

Airlines

Co.

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

5

06/20/25

USD

22.50

USD

17

95

71,884

$

427,973

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........

Barclays

Bank

plc

—

04/02/25

BRL

6.00

USD

48

$

–

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/02/25

BRL

6.15

USD

36

–

EUR

Currency

...........

BNP

Paribas

SA

—

04/03/25

USD

1.07

EUR

23

279

USD

Currency

...........

Bank

of

America

NA

—

04/03/25

CAD

1.48

USD

547

4

AUD

Currency

...........

Bank

of

America

NA

—

04/08/25

USD

0.64

AUD

57

25

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/08/25

JPY

162.00

USD

56

–

USD

Currency

...........

Citibank

NA

—

04/14/25

MXN

21.00

USD

77

311

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

04/15/25

USD

1.06

EUR

525

12,290

USD

Currency

...........

Citibank

NA

—

04/15/25

MXN

20.40

USD

26

378

EUR

Currency

...........

BNP

Paribas

SA

—

04/16/25

USD

1.07

EUR

974

15,213

Intuit,

Inc.

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

Citibank

NA

—

04/17/25

USD

610.00

USD

—

4,008

USD

Currency

...........

UBS

AG

—

04/17/25

USD

1.47

USD

47

73

USD

Currency

...........

Standard

Chartered

Bank

—

04/29/25

THB

34.30

USD

39

209

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

04/30/25

CNH

7.35

USD

49

53

EUR

Currency

...........

BNP

Paribas

SA

—

05/05/25

USD

1.08

EUR

55

686

EUR

Currency

...........

Barclays

Bank

plc

—

05/08/25

NOK

11.80

EUR

18

20

EUR

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

05/16/25

USD

1.12

EUR

276

719

34,268

Put

EUR

Currency

...........

Goldman

Sachs

International

—

04/03/25

USD

1.00

EUR

604

–

USD

Currency

...........

HSBC

Bank

plc

—

04/03/25

SGD

1.33

USD

60

4

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/08/25

JPY

156.00

USD

56

2,306

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

04/10/25

BRL

5.75

USD

52

583

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

26

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........

Bank

of

America

NA

—

04/15/25

ZAR

18.18

USD

39

$

257

USD

Currency

...........

Deutsche

Bank

AG

—

04/15/25

MXN

19.90

USD

26

40

EUR

Currency

...........

Bank

of

America

NA

—

04/16/25

USD

1.08

EUR

71

474

USD

Currency

...........

Standard

Chartered

Bank

—

04/29/25

KRW

1,460.00

USD

39

229

EUR

Currency

...........

Goldman

Sachs

International

—

05/08/25

NOK

11.55

EUR

36

669

USD

Currency

...........

Goldman

Sachs

International

—

05/29/25

TRY

40.00

USD

13

279

USD

Currency

...........

Bank

of

America

NA

—

06/24/25

JPY

145.00

USD

861

9,464

EUR

Currency

...........

Barclays

Bank

plc

—

07/15/25

USD

1.02

EUR

107

201

EUR

Currency

...........

UBS

AG

—

07/15/25

USD

1.06

EUR

71

438

14,944

$

49,212

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Payout

at

expiry

if

EURUSD

WM10AMNY

<=

1.02

and

USDJPY

WM10AMNY

<=

148.00

.......

UBS

AG

4,375

07/15/25

USD

648

$

88

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

%

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

Quarterly

BNP

Paribas

SA

04/16/25

USD

104.00

USD

175

$

528

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

Quarterly

Goldman

Sachs

International

04/16/25

USD

104.00

USD

135

594

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5.00

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

04/16/25

USD

104.00

USD

165

498

$

1,620

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Citibank

NA

04/22/25

3.30

%

USD

371

$

119

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Goldman

Sachs

International

04/23/25

3.30

USD

296

110

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Deutsche

Bank

AG

04/25/25

3.30

USD

295

143

372

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

27

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

2.95%

Annual

6-mo.

EURIBOR

Semi-Annual

Citibank

NA

06/27/25

2.95

%

EUR

863

$

4,674

$

5,046

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

USD

Currency

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

One-Touch

Bank

of

America

NA

04/08/25

CLP

950.00

USD

950.00

USD

1

$

(771)

USD

Currency

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

One-Touch

Bank

of

America

NA

04/08/25

CLP

950.00

USD

950.00

USD

1

(730)

$

(1,501)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

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

90

04/11/25

USD

290.00

USD

2,593

$

(24,255)

CBOE

Volatility

Index

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

7

04/16/25

USD

50.00

USD

16

(108)

Alphabet,

Inc.

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

16

04/17/25

USD

240.00

USD

250

(32)

KraneShares

CSI

China

Internet

ETF

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

85

04/17/25

USD

42.00

USD

297

(1,275)

SPDR

Gold

Shares

(a)

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

82

04/17/25

USD

290.00

USD

2,363

(27,880)

UnitedHealth

Group,

Inc.

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

9

04/17/25

USD

530.00

USD

471

(14,467)

Walmart,

Inc.

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

49

04/17/25

USD

120.00

USD

430

(49)

EURO

STOXX

50

Index

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

44

05/16/25

EUR

215.00

EUR

410

(773)

KraneShares

CSI

China

Internet

ETF

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

70

05/16/25

USD

48.00

USD

244

(1,750)

SPDR

Gold

Shares

(a)

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

30

05/16/25

USD

295.00

USD

864

(12,375)

SPDR

Gold

Shares

(a)

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

45

05/16/25

USD

288.00

USD

1,297

(32,400)

United

States

Steel

Corp.

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

9

05/16/25

USD

45.00

USD

38

(3,037)

(118,401)

Put

SPDR

S&P

500

ETF

Trust

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

3

04/04/25

USD

510.00

USD

168

(61)

Air

Products

and

Chemicals,

Inc.

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

1

04/17/25

USD

270.00

USD

29

(70)

Alaska

Air

Group,

Inc.

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

6

04/17/25

USD

60.00

USD

30

(6,510)

Apple,

Inc.

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

8

04/17/25

USD

210.00

USD

178

(1,436)

Bank

of

America

Corp.

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

45

04/17/25

USD

41.00

USD

188

(4,477)

Capital

One

Financial

Corp.

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

4

04/17/25

USD

165.00

USD

72

(690)

Citigroup,

Inc.

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

37

04/17/25

USD

70.00

USD

263

(7,899)

Eli

Lilly

&

Co.

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

1

04/17/25

USD

810.00

USD

83

(1,772)

EURO

STOXX

Bank

Index

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

11

04/17/25

EUR

155.00

EUR

102

(223)

FedEx

Corp.

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

3

04/17/25

USD

170.00

USD

73

(63)

Forward

Air

Corp.

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

4

04/17/25

USD

10.00

USD

8

(100)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

7

04/17/25

USD

76.00

USD

55

(245)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

9

04/17/25

USD

75.00

USD

71

(49)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

173

04/17/25

USD

106.00

USD

1,880

(81,310)

iShares

Russell

2000

ETF

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

3

04/17/25

USD

150.00

USD

60

(18)

iShares

Russell

2000

ETF

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

5

04/17/25

USD

170.00

USD

100

(85)

JPMorgan

Chase

&

Co.

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

3

04/17/25

USD

225.00

USD

74

(501)

JPMorgan

Chase

&

Co.

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

8

04/17/25

USD

245.00

USD

196

(5,660)

Live

Nation

Entertainment,

Inc.

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

3

04/17/25

USD

120.00

USD

39

(405)

Netflix,

Inc.

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

1

04/17/25

USD

880.00

USD

93

(2,067)

SPDR

S&P

500

ETF

Trust

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

3

04/17/25

USD

475.00

USD

168

(136)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

28

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Wells

Fargo

&

Co.

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

12

04/17/25

USD

65.00

USD

86

$

(666)

Williams

Cos.,

Inc.

(The)

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

22

04/17/25

USD

55.00

USD

131

(495)

Invesco

QQQ

Trust,

Series

1

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

2

04/25/25

USD

460.00

USD

94

(1,679)

Invesco

QQQ

Trust,

Series

1

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

4

04/25/25

USD

470.00

USD

188

(4,868)

Bank

of

America

Corp.

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

42

05/16/25

USD

38.00

USD

175

(2,478)

Citigroup,

Inc.

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

26

05/16/25

USD

65.00

USD

185

(3,562)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

10

05/16/25

USD

73.00

USD

79

(341)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

102

05/16/25

USD

77.00

USD

805

(25,756)

JPMorgan

Chase

&

Co.

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

7

05/16/25

USD

230.00

USD

172

(3,132)

Lam

Research

Corp.

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

7

05/16/25

USD

72.00

USD

51

(2,975)

SPDR

S&P

500

ETF

Trust

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

34

05/16/25

USD

525.00

USD

1,902

(17,612)

Union

Pacific

Corp.

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

4

05/16/25

USD

225.00

USD

94

(1,520)

Amazon.com,

Inc.

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

15

06/20/25

USD

165.00

USD

285

(5,437)

Apple,

Inc.

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

3

06/20/25

USD

180.00

USD

67

(508)

Apple,

Inc.

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

15

06/20/25

USD

190.00

USD

333

(3,990)

Broadcom,

Inc.

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

22

06/20/25

USD

140.00

USD

368

(10,946)

Meta

Platforms,

Inc.

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

1

06/20/25

USD

480.00

USD

58

(1,020)

Meta

Platforms,

Inc.

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

5

06/20/25

USD

500.00

USD

288

(6,962)

Netflix,

Inc.

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

3

06/20/25

USD

780.00

USD

280

(5,355)

NVIDIA

Corp.

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

27

06/20/25

USD

85.00

USD

293

(6,115)

SPDR

Gold

Shares

(a)

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

23

06/20/25

USD

250.00

USD

663

(1,185)

(220,379)

$

(338,780)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

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

Barclays

Bank

plc

04/02/25

BRL

6.15

USD

72

$

—

AUD

Currency

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

Morgan

Stanley

&

Co.

International

plc

04/08/25

USD

0.64

AUD

57

(25)

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

04/08/25

JPY

160.00

USD

56

—

EUR

Currency

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

Morgan

Stanley

&

Co.

International

plc

04/16/25

USD

1.07

EUR

974

(15,215)

USD

Currency

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

Standard

Chartered

Bank

04/29/25

KRW

1,500.00

USD

39

(132)

EUR

Currency

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

BNP

Paribas

SA

05/05/25

USD

1.10

EUR

55

(271)

EUR

Currency

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

Goldman

Sachs

International

05/08/25

NOK

12.00

EUR

36

(13)

EUR

Currency

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

JPMorgan

Chase

Bank

NA

05/16/25

USD

1.12

EUR

1,104

(2,876)

USD

Currency

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

Bank

of

America

NA

05/23/25

CLP

950.00

USD

52

(1,063)

AUD

Currency

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

Bank

of

America

NA

05/28/25

USD

0.64

AUD

57

(244)

USD

Currency

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

Citibank

NA

05/29/25

MXN

22.00

USD

39

(205)

USD

Currency

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

Goldman

Sachs

International

05/29/25

TRY

48.00

USD

7

(92)

USD

Currency

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

Bank

of

America

NA

06/24/25

JPY

155.00

USD

861

(4,079)

–

(24,215)

–

Put

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

04/01/25

MXN

20.25

USD

24

(8)

EUR

Currency

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

Bank

of

America

NA

04/03/25

USD

1.01

EUR

547

—

EUR

Currency

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

Nomura

International

plc

04/03/25

USD

1.00

EUR

604

—

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

04/08/25

JPY

152.00

USD

112

(1,807)

USD

Currency

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

Barclays

Bank

plc

04/10/25

BRL

5.75

USD

52

(644)

EUR

Currency

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

JPMorgan

Chase

Bank

NA

04/15/25

USD

1.03

EUR

525

(26)

USD

Currency

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

Citibank

NA

04/15/25

MXN

19.90

USD

26

(40)

USD

Currency

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

Goldman

Sachs

International

04/15/25

ZAR

18.40

USD

26

(318)

USD

Currency

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

Goldman

Sachs

International

05/16/25

TRY

39.50

USD

26

(437)

USD

Currency

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

UBS

AG

05/28/25

MXN

20.10

USD

26

(232)

USD

Currency

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

Citibank

NA

05/29/25

CLP

930.00

USD

47

(575)

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

05/29/25

BRL

5.75

USD

52

(937)

USD

Currency

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

Bank

of

America

NA

06/24/25

JPY

140.00

USD

861

(3,876)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

29

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EUR

Currency

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

UBS

AG

07/15/25

USD

1.02

EUR

107

$

(

196)

–

(9,096)

–

$

(33,311)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5.00

%

Quarterly

BNP

Paribas

SA

04/16/25

B+

USD

99.00

USD

175

$

(115)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

04/16/25

B+

USD

99.00

USD

165

(108)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

5.00

Quarterly

BNP

Paribas

SA

04/16/25

B+

USD

99.50

USD

170

(122)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

5.00

Quarterly

Goldman

Sachs

International

04/16/25

NR

USD

100.00

USD

135

(27)

$

(372)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Citibank

NA

04/22/25

2.70

%

USD

371

$

—

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

04/23/25

2.70

USD

296

—

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

04/25/25

2.70

USD

295

(1)

5-Year

Interest

Rate

Swap

(a)

.

3.70%

Annual

6-mo.

PRIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/26/25

3.70

CZK

1,255

(641)

(642)

Put

5-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.10%

Annual

JPMorgan

Chase

Bank

NA

04/22/25

4.10

GBP

913

(2,197)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Citibank

NA

04/22/25

4.15

USD

129

(115)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Goldman

Sachs

International

04/23/25

4.15

USD

74

(73)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Deutsche

Bank

AG

04/25/25

4.15

USD

74

(88)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.05%

Annual

Goldman

Sachs

International

06/04/25

4.05

USD

1,050

(5,404)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.25%

Annual

JPMorgan

Chase

Bank

NA

06/09/25

4.25

USD

1,062

(2,718)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

2.74%

Annual

Citibank

NA

06/27/25

2.74

EUR

1,725

(4,202)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

30

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)

1-day

SOFR

Annual

4.80%

Annual

Goldman

Sachs

International

07/24/25

4.80

%

USD

1,365

$

(1,328)

(16,125)

$

(16,767)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Avis

Budget

Car

Rental

LLC

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

5.00

%

Quarterly

12/20/26

USD

90

$

(3,680)

$

(4,475)

$

795

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

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

1.00

Quarterly

12/20/27

USD

49

(816)

(38)

(778)

$

(4,496)

$

(4,513)

$

17

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

39.V4

...........

5.00

%

Quarterly

12/20/27

BB-

USD

149

$

8,747

$

4

$

8,743

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5.00

Quarterly

12/20/28

BB-

USD

257

15,470

7,172

8,298

iTraxx

Europe

Crossover

Index

Series

42.V2

..

5.00

Quarterly

12/20/29

BB-

EUR

857

69,336

77,737

(8,401)

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

...........

5.00

Quarterly

12/20/29

B+

USD

12

680

610

70

$

94,233

$

85,523

$

8,710

(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)

4.29%

At

Termination

1-day

EFFR

At

Termination

05/07/25

(a)

06/18/25

USD

3,858

$

(66)

$

—

$

(66)

9.31%

Monthly

1-day

MXIBTIIE

Monthly

N/A

01/09/26

MXN

2,975

(1,137)

—

(1,137)

1-day

MXIBTIIE

Monthly

8.47%

Monthly

N/A

02/25/26

MXN

5,365

631

—

631

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

221,465

5,662

—

5,662

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/26/26

ZAR

2,033

(653)

—

(653)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

8,960

87,241

891

86,350

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

2,826

(1,099)

—

(

1,099)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

31

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

1,923

$

3,327

$

—

$

3,327

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

844

2,343

—

2,343

5.24%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

09/19/26

PLN

477

(279)

—

(279)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

09/23/25

(a)

09/23/26

ZAR

385

82

—

82

1-day

SOFR

Annual

4.00%

Annual

N/A

10/28/26

USD

2,972

2,180

—

2,180

1-day

MXIBTIIE

Monthly

9.26%

Monthly

N/A

11/18/26

MXN

20,983

20,552

—

20,552

1-day

SOFR

Annual

4.07%

Annual

N/A

01/14/27

USD

2,905

13,358

—

13,358

6-mo.

BUBOR

Semi-Annual

6.50%

Annual

N/A

03/19/27

HUF

27,058

(132)

—

(132)

7.25%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/27

ZAR

1,149

147

—

147

5.13%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

239

(250)

—

(250)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

03/19/27

PLN

398

(442)

—

(442)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

45,379

4,726

—

4,726

3.88%

Annual

1-day

SOFR

Annual

N/A

03/20/27

USD

77

(209)

9

(218)

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

10,332

181,147

3,878

177,269

1-day

SOFR

Annual

4.10%

Annual

05/30/25

(a)

05/30/27

USD

2,318

19,669

—

19,669

1-day

SOFR

Annual

4.15%

Annual

05/30/25

(a)

05/30/27

USD

2,318

21,870

—

21,870

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

767

9,750

—

9,750

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

1,832

17,240

—

17,240

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

1,832

1,523

—

1,523

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

1,845

7,536

—

7,536

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

6,479

(54,133)

—

(54,133)

1-week

CNREPOFIX_

CFXS

Quarterly

1.58%

Quarterly

N/A

03/19/28

CNY

444

(21)

—

(21)

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

490

15,937

—

15,937

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

463

1,387

—

1,387

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

464

1,449

—

1,449

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

1,180

32,767

—

32,767

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

12,973

2,044

—

2,044

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

15,856

2,745

—

2,745

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

13,424

371,899

12,264

359,635

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

1,358

52,800

—

52,800

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

1,931

8,766

—

8,766

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

985

37,627

—

37,627

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/29

USD

959

(3,682)

—

(3,682)

1-day

MXIBTIIE

Monthly

9.04%

Monthly

N/A

11/14/29

MXN

6,646

12,962

—

12,962

8.97%

Monthly

1-day

MXIBTIIE

Monthly

N/A

12/14/29

MXN

623

(1,141)

—

(1,141)

1-day

SONIA

Annual

4.00%

Annual

N/A

01/16/30

GBP

1,099

(1,485)

—

(1,485)

1-day

SOFR

Annual

4.00%

Annual

N/A

01/23/30

USD

1,099

16,019

—

16,019

6-mo.

EURIBOR

Semi-Annual

2.42%

Annual

N/A

01/31/30

EUR

25

4

7

(3)

6-mo.

EURIBOR

Semi-Annual

2.43%

Annual

N/A

02/03/30

EUR

49

47

119

(72)

8.65%

Monthly

1-day

MXIBTIIE

Monthly

N/A

02/07/30

MXN

687

(835)

—

(835)

1-day

SOFR

Annual

3.23%

Annual

N/A

02/19/30

USD

1,074

(

21,812)

—

(21,812)

1-day

SOFR

Annual

3.90%

Annual

N/A

02/24/30

USD

935

9,915

—

9,915

6-mo.

PRIBOR

Semi-Annual

3.46%

Annual

N/A

03/19/30

CZK

1,268

(259)

—

(259)

6-mo.

WIBOR

Semi-Annual

4.88%

Annual

N/A

03/19/30

PLN

93

246

—

246

6-mo.

WIBOR

Semi-Annual

4.91%

Annual

N/A

03/19/30

PLN

109

315

—

315

6-mo.

WIBOR

Semi-Annual

4.94%

Annual

N/A

03/19/30

PLN

155

525

—

525

6-mo.

BUBOR

Semi-Annual

6.55%

Annual

N/A

03/19/30

HUF

10,850

(222)

—

(222)

7.94%

Quarterly

3-mo.

JIBAR

Quarterly

N/A

03/19/30

ZAR

2,197

(959)

—

(959)

6-mo.

PRIBOR

Semi-Annual

3.56%

Annual

06/18/25

(a)

06/18/30

CZK

323

—

—

—

6-mo.

PRIBOR

Semi-Annual

3.66%

Annual

06/18/25

(a)

06/18/30

CZK

502

101

60

41

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

762

122,026

—

122,026

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

576

(7,400)

—

(7,400)

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

2,161

10,066

—

10,066

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

1,080

5,037

—

5,037

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

1,080

5,115

—

5,115

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

8,347

2,343

—

2,343

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

8,347

2,410

—

2,410

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

10,109

412,854

16,976

395,878

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

32

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/34

USD

646

$

(7,721)

$

—

$

(7,721)

1-day

SOFR

Annual

3.67%

Annual

N/A

12/26/34

USD

1,129

(

10,514)

—

(10,514)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/06/35

USD

885

(5,872)

—

(5,872)

1-day

SOFR

Annual

3.75%

Annual

N/A

03/27/35

USD

875

(1,233)

—

(1,233)

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

374

10,357

—

10,357

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

118

(5,141)

73

(5,214)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

397

12,888

—

12,888

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

22,475

(16,827)

—

(16,827)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

22,475

(16,789)

—

(16,789)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

396

14,600

1,654

12,946

3.65%

Annual

1-day

SOFR

Annual

N/A

11/02/54

USD

3,526

107,157

996

106,161

1-day

SONIA

Annual

4.10%

Annual

N/A

11/07/54

GBP

350

(25,697)

1,629

(27,326)

3.99%

Annual

1-day

SOFR

Annual

N/A

02/19/55

USD

42

(1,418)

—

(1,418)

$

1,483,964

$

38,556

$

1,445,408

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

08/15/32

EUR

110

$

3,278

$

—

$

3,278

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Pitney

Bowes,

Inc.

.........

1.00

%

Quarterly

Citibank

NA

06/20/25

USD

10

$

(5)

$

192

$

(197)

Community

Health

Systems,

Inc.

5.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

5

385

285

100

BorgWarner,

Inc.

..........

1.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

10

(135)

76

(211)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/27

USD

10

163

1,455

(1,292)

Pitney

Bowes,

Inc.

.........

1.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

10

163

1,414

(1,251)

Xerox

Corp.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

10

1,727

637

1,090

Paramount

Global

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

3

(44)

95

(139)

Paramount

Global

.........

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

3

(42)

89

(131)

Paramount

Global

.........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

15

(191)

429

(620)

Simon

Property

Group

LP

....

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

30

(557)

445

(1,002)

UBS

Group

AG

...........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

40

(878)

890

(1,768)

Boeing

Co.

(The)

..........

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

100

(990)

(365)

(625)

Xerox

Corp.

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

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

5

1,534

452

1,082

Boeing

Co.

(The)

..........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

100

(936)

1,014

(1,950)

DXC

Technology

Co.

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

5

(751)

(473)

(278)

DXC

Technology

Co.

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

10

(1,502)

(1,070)

(432)

Best

Buy

Co.,

Inc.

.........

5.00

Quarterly

BNP

Paribas

SA

12/20/29

USD

37

(7,043)

(7,158)

115

Deutsche

Bank

AG

.........

1.00

Quarterly

BNP

Paribas

SA

12/20/29

EUR

35

(216)

(218)

2

Intesa

Sanpaolo

SpA

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

EUR

34

189

—

189

Telecom

Italia

SpA

.........

1.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

15

429

699

(270)

Ally

Financial,

Inc.

.........

5.00

Quarterly

Goldman

Sachs

International

06/20/30

USD

20

(2,937)

(3,048)

111

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

33

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

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)

Southwest

Airlines

Co.

......

1.00

%

Quarterly

Goldman

Sachs

International

06/20/30

USD

45

$

412

$

288

$

124

$

–

$

–

$

–

$

(11,225)

$

(3,872)

$

(7,353)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Altice

France

SA

......

5.00

%

Quarterly

Deutsche

Bank

AG

12/20/29

CC

EUR

32

$

(6,617)

$

(5,812)

$

(805)

Comcast

Cable

Communications

LLC

.

1.00

Quarterly

BNP

Paribas

SA

12/20/29

A-

USD

37

796

740

56

Eutelsat

SA

..........

5.00

Quarterly

Deutsche

Bank

AG

12/20/29

B

EUR

11

(1,103)

(1,023)

(80)

Forvia

SE

...........

5.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

8

446

547

(101)

Hannover

Rueck

SE

....

1.00

Quarterly

BNP

Paribas

SA

12/20/29

A

EUR

18

118

106

12

iTraxx

Europe

Crossover

Index

Series

42.V2

20-

35%

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

5.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

70

8,044

8,941

(897)

Muenchener

Rueckversicherungs-

Gesellschaft

AG

....

1.00

Quarterly

BNP

Paribas

SA

12/20/29

A+

EUR

18

120

110

10

Swedbank

AB

........

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

NR

EUR

34

(298)

(98)

(200)

Vistra

Operations

Co.

LLC

5.00

Quarterly

Citibank

NA

12/20/29

BB+

USD

5

798

848

(50)

Vistra

Operations

Co.

LLC

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

BB+

USD

5

798

801

(3)

$

3,102

$

5,160

$

(2,058)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

05/10/25

COP

261,057

$

244

$

—

$

244

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

05/10/25

COP

415,090

308

—

308

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

707

(1,448)

—

(1,448)

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Barclays

Bank

plc

07/01/25

BRL

76

(87)

—

(87)

1-day

BZDIOVER

At

Termination

12.16%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

599

(541)

—

(541)

14.18%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/26

BRL

370

60

—

60

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

20,705

79

—

79

11.49%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

451

4,490

—

4,490

11.57%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

271

2,565

—

2,565

12.21%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

62

463

—

463

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

34

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

15.41%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

189

$

(500)

$

—

$

(500)

1-day

BZDIOVER

At

Termination

10.00%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,081

(21,562)

—

(21,562)

1-day

BZDIOVER

At

Termination

10.07%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

677

(13,564)

—

(13,564)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,370

(26,785)

—

(26,785)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

1,314

(

25,679)

—

(25,679)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

7

(143)

—

(143)

1-day

BZDIOVER

At

Termination

14.55%

At

Termination

Bank

of

America

NA

01/04/27

BRL

439

(380)

—

(380)

1-day

BZDIOVER

At

Termination

9.79%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

298

(5,448)

—

(5,448)

1-day

BZDIOVER

At

Termination

14.03%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

153

(432)

—

(432)

$

(88,360)

$

—

$

(88,360)

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Invesco

Senior

Loan

ETF

...........

At

Termination

1-day

SOFR

minus

0.10%

At

Termination

BNP

Paribas

SA

05/14/25

USD

1

$

(32)

$

—

$

(

32)

Invesco

Senior

Loan

ETF

...........

At

Termination

1-day

SOFR

minus

0.20%

At

Termination

Morgan

Stanley

&

Co.

International

plc

05/30/25

USD

1

38

—

38

1-day

SOFR

minus

0.05%

.........

At

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

06/17/25

USD

4

(995)

—

(995)

1-day

SOFR

minus

0.80%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

06/17/25

USD

1

(441)

—

(441)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.65%

At

Termination

Goldman

Sachs

International

06/17/25

USD

3

738

—

738

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.65%

At

Termination

JPMorgan

Chase

Bank

NA

06/17/25

USD

7

1,970

—

1,970

1-day

SOFR

minus

0.95%

.........

Quarterly

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

Quarterly

Goldman

Sachs

International

06/20/25

USD

2

(1,195)

—

(1,195)

1-day

SOFR

plus

0.05%

Quarterly

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

6

(1,313)

—

(1,313)

0.00%

...........

Quarterly

DB

Variable

Notional

Long-

Short

Cross-

Currency

Carry

Index

v8

Quarterly

Deutsche

Bank

AG

12/19/25

USD

7

38

—

38

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

35

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

12

$

(29)

$

—

$

(29)

0.00%

...........

Quarterly

Goldman

Sachs

TY

Weekly

Volatility

Carry

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

6

(72)

—

(72)

0.00%

...........

Quarterly

J.P.

Morgan

EM

FX

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/19/25

USD

7

35

—

35

1-day

SOFR

.......

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/19/25

USD

11

(23)

—

(23)

$

(1,281)

$

—

$

(1,281)

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

Barclays

Bank

plc

(b)

07/25/25

$

(61,615‌)

$

7,226‌

(c)

$

(54,361‌)

0.0‌

%

Monthly

Citibank

NA

(d)

02/24/28

(4,802,395‌)

183,014‌

(e)

(4,622,018‌)

3.4‌

Monthly

JPMorgan

Chase

Bank

NA

(f)

05/09/25

(1,096,841‌)

(944‌)

(g)

(1,099,755‌)

0.9‌

$

189,296‌

$

(5,776,134‌)

(b)

(d)

(f)

Range:

20-638

basis

points

0-1,500

basis

points

0-500

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Barclays

Bank

(c)

Amount

includes

$(28)

of

net

dividends

and

financing

fees.

(d)

CitiBank

NA

(e)

Amount

includes

$2,637

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$1,970

of

net

dividends

and

financing

fees.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

36

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Barclays

Bank

plc,

as

of

period

end,

termination

date

July

25,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

States

AMC

Networks,

Inc.,

Class

A

..

682

$

4,692

(8.6)

%

Reference

Entity

—

Short

Common

Stocks

United

States

Karman

Holdings,

Inc.

......

(1,767)

(59,053)

108.6

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

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

$

(54,361)

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

period

end,

termination

date

February

24,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Common

Stocks

Brazil

Marfrig

Global

Foods

SA

....

(3,905)

(12,359)

0.3

Natura

&

Co.

Holding

SA

....

(2,577)

(4,548)

0.1

NU

Holdings

Ltd.,

Class

A

....

(11,798)

(120,811)

2.6

Suzano

SA

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

(10)

(93)

0.0

(137,811)

Canada

Brookfield

Asset

Management

Ltd.,

Class

A

..........

(986)

(47,729)

1.0

Canadian

Pacific

Kansas

City

Ltd.

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

(767)

(53,827)

1.2

Restaurant

Brands

International,

Inc.

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

(373)

(24,865)

0.5

(

126,421)

China

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

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

(4,500)

(12,727)

0.3

China

International

Capital

Corp.

Ltd.,

Class

H

..........

(31,200)

(58,663)

1.3

China

Overseas

Land

&

Investment

Ltd.

........

(7,500)

(13,425)

0.3

China

Railway

Group

Ltd.,

Class

H

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

(40,000)

(17,695)

0.4

China

Resources

Power

Holdings

Co.

Ltd.

.......

(20,932)

(49,795)

1.1

CRRC

Corp.

Ltd.,

Class

H

...

(25,000)

(15,597)

0.3

JD

Health

International,

Inc.

..

(9,600)

(40,993)

0.9

Kuaishou

Technology

.......

(10,700)

(75,035)

1.6

Li

Auto,

Inc.,

Class

A

.......

(800)

(10,082)

0.2

Meituan

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

(1,600)

(32,196)

0.7

MMG

Ltd.

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

(48,000)

(16,563)

0

.3

New

Oriental

Education

&

Technology

Group,

Inc.

...

(4,900)

(23,308)

0.5

NIO,

Inc.,

Class

A

.........

(2,260)

(8,556)

0.2

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

.......

(65,000)

(40,221)

0.9

Xinyi

Glass

Holdings

Ltd.

....

(7,000)

(6,925)

0.1

(421,781)

Denmark

Zealand

Pharma

A/S

.......

(386)

(28,986)

0.6

Shares

Value

%

of

Basket

Value

Finland

Neste

OYJ

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

(3,386)

$

(31,318)

0.7

%

France

Alstom

SA

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

(1,714)

(37,966)

0.8

Pernod

Ricard

SA

.........

(466)

(46,037)

1.0

Renault

SA

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

(686)

(34,751)

0.7

Societe

Generale

SA

.......

(1,214)

(54,768)

1.2

Teleperformance

SE

.......

(257)

(25,842)

0.6

(199,364)

Germany

BASF

SE

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

(446)

(22,358)

0.5

SAP

SE

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

(94)

(25,187)

0.5

(47,545)

Italy

DiaSorin

SpA

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

(224)

(22,246)

0.5

Nexi

SpA

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

(5,943)

(31,697)

0.7

(53,943)

Japan

Aeon

Co.

Ltd.

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

(500)

(12,540)

0.3

Dentsu

Group,

Inc.

........

(1,500)

(33,127)

0.7

DMG

Mori

Co.

Ltd.

........

(1,742)

(34,026)

0.7

Harmonic

Drive

Systems,

Inc.

.

(1,100)

(23,408)

0.5

Hoshizaki

Corp.

..........

(500)

(19,354)

0.4

IHI

Corp.

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

(200)

(13,958)

0.3

Kadokawa

Corp.

..........

(500)

(11,955)

0.3

Kawasaki

Heavy

Industries

Ltd.

(800)

(48,288)

1.0

Kobayashi

Pharmaceutical

Co.

Ltd.

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

(800)

(30,307)

0.7

Kobe

Bussan

Co.

Ltd.

......

(1,200)

(27,939)

0.6

Lasertec

Corp.

...........

(600)

(51,570)

1.1

MatsukiyoCocokara

&

Co.

...

(2,200)

(34,417)

0.7

Mercari,

Inc.

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

(4,553)

(72,205)

1.6

Mitsubishi

Heavy

Industries

Ltd.

(800)

(13,739)

0.3

MonotaRO

Co.

Ltd.

........

(800)

(14,945)

0.3

NEC

Corp.

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

(100)

(2,130)

0.1

Nippon

Express

Holdings,

Inc.

.

(271)

(4,936)

0.1

NTT

Data

Group

Corp.

......

(2,000)

(36,230)

0.8

Oji

Holdings

Corp.

.........

(6,500)

(27,247)

0.6

Rakuten

Bank

Ltd.

........

(1,000)

(43,484)

0.9

Rohm

Co.

Ltd.

...........

(1,800)

(17,391)

0.4

Seibu

Holdings,

Inc.

.......

(900)

(

19,947)

0.4

Seven

&

i

Holdings

Co.

Ltd.

..

(3,300)

(47,787)

1.0

Sharp

Corp.

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

(500)

(3,161)

0.1

Shimano,

Inc.

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

(100)

(14,041)

0.3

SoftBank

Group

Corp.

......

(1,100)

(56,265)

1.2

Square

Enix

Holdings

Co.

Ltd.

.

(96)

(4,459)

0.1

SUMCO

Corp.

...........

(5,400)

(36,592)

0.8

Sumitomo

Metal

Mining

Co.

Ltd.

(1,100)

(24,045)

0.5

Tokyo

Electric

Power

Co.

Holdings,

Inc.

..........

(12,200)

(35,120)

0.8

(814,613)

Mexico

Alfa

SAB

de

CV,

Class

A

....

(5,033)

(3,920)

0.1

Netherlands

ABN

AMRO

Bank

NV,

CVA

...

(1,409)

(29,689)

0.6

Poland

ORLEN

SA

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

(2,499)

(44,016)

1.0

Singapore

Seatrium

Ltd.

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

(12,800)

(19,967)

0.4

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

37

Shares

Value

%

of

Basket

Value

South

Korea

LG

Energy

Solution

Ltd.

.....

(72)

$

(16,491)

0.3

%

POSCO

Future

M

Co.

Ltd.

...

(93)

(7,682)

0.2

(24,173)

Spain

Grifols

SA,

Class

A

........

(4,537)

(40,393)

0.9

Sweden

Beijer

Ref

AB,

Class

B

......

(174)

(2,448)

0.1

Switzerland

Avolta

AG

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

(554)

(24,268)

0.5

Clariant

AG

(Registered)

....

(1,720)

(18,640)

0.4

Georg

Fischer

AG

(Registered)

(215)

(15,736)

0.3

Sandoz

Group

AG

.........

(1,311)

(54,976)

1.2

Swatch

Group

AG

(The)

.....

(283)

(48,802)

1.1

Temenos

AG

(Registered)

...

(444)

(34,473)

0.8

(

196,895)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(5,653)

(19,991)

0.4

Formosa

Chemicals

&

Fibre

Corp.

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

(13,000)

(10,299)

0.2

Formosa

Plastics

Corp.

.....

(17,000)

(18,890)

0.4

Fubon

Financial

Holding

Co.

Ltd.

(8,212)

(21,354)

0.5

Innolux

Corp.

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

(76,000)

(34,959)

0.8

Shin

Kong

Financial

Holding

Co.

Ltd.

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

(61,000)

(22,513)

0.5

(128,006)

United

Kingdom

Coca-Cola

Europacific

Partners

plc

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

(620)

(53,958)

1.2

Entain

plc

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

(2,589)

(19,561)

0.4

JD

Sports

Fashion

plc

......

(27,568)

(24,377)

0.5

Rentokil

Initial

plc

.........

(10,023)

(45,486)

1.0

(

143,382)

United

States

Albemarle

Corp.

..........

(1,374)

(98,956)

2.1

APA

Corp.

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

(6,274)

(131,880)

2.9

AppLovin

Corp.,

Class

A

.....

(275)

(72,867)

1.6

Axon

Enterprise,

Inc.

.......

(95)

(49,965)

1.1

Calumet,

Inc.

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

(329)

(4,172)

0.1

CH

Robinson

Worldwide,

Inc.

.

(600)

(61,440)

1.3

Charles

River

Laboratories

International,

Inc.

.......

(347)

(52,230)

1.1

Charter

Communications,

Inc.,

Class

A

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

(244)

(89,921)

1.9

Corteva,

Inc.

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

(500)

(31,465)

0.7

Diamondback

Energy,

Inc.

...

(574)

(91,771)

2.0

Dollar

General

Corp.

.......

(258)

(22,686)

0.5

Dollar

Tree,

Inc.

..........

(536)

(40,238)

0.9

Enphase

Energy,

Inc.

.......

(424)

(26,309)

0

.6

Equifax,

Inc.

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

(116)

(28,253)

0.6

First

Solar,

Inc.

...........

(484)

(61,192)

1.3

Flowco

Holdings,

Inc.,

Class

A

.

(1,159)

(29,728)

0.6

Henry

Schein,

Inc.

.........

(448)

(30,684)

0.7

Intel

Corp.

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

(1,320)

(

29,977)

0.6

International

Business

Machines

Corp.

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

(447)

(111,151)

2.4

International

Paper

Co.

.....

(1,437)

(76,664)

1.7

Kenvue,

Inc.

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

(5,605)

(134,408)

2.9

Lamb

Weston

Holdings,

Inc.

..

(2,329)

(124,136)

2.7

Las

Vegas

Sands

Corp.

.....

(1,270)

(49,060)

1.1

LKQ

Corp.

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

(2,866)

(121,920)

2.6

McDonald's

Corp.

.........

(101)

(31,549)

0.7

Shares

Value

%

of

Basket

Value

United

States

(continued)

Molina

Healthcare,

Inc.

.....

(131)

$

(43,150)

0.9

%

Norfolk

Southern

Corp.

.....

(224)

(

53,054)

1.1

O'Reilly

Automotive,

Inc.

....

(43)

(61,601)

1.3

Parker-Hannifin

Corp.

......

(119)

(72,334)

1.6

Smurfit

WestRock

plc

......

(3,351)

(150,996)

3.3

Solventum

Corp.

..........

(60)

(4,562)

0.1

Super

Micro

Computer,

Inc.

..

(1,564)

(53,551)

1.2

Western

Digital

Corp.

.......

(1,720)

(69,540)

1.5

(2,111,410)

Investment

Companies

United

States

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.......

(121)

(15,937)

0.3

Total

Reference

Entity

—

Short

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

(4,622,018)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(4,622,018)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

May

9,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Saudi

Arabia

Derayah

Financial

Co.

......

754

7,397

(0.7)

Rasan

Information

Technology

Co.

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

1,036

22,534

(2.0)

29,931

United

States

AMC

Networks,

Inc.,

Class

A

..

3,367

23,165

(2.1)

Eagle

Bancorp,

Inc.

........

262

5,502

(0.5)

Flagstar

Financial,

Inc.

......

2,891

33,593

(3.0)

62,260

Total

Reference

Entity

—

Long

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

92,191

Reference

Entity

—

Short

Common

Stocks

Australia

Dexus

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

(5,884)

(26,166)

2.4

Lynas

Rare

Earths

Ltd.

.....

(6,782)

(29,694)

2.7

Mineral

Resources

Ltd.

.....

(2,588)

(

39,076)

3.5

Pro

Medicus

Ltd.

..........

(59)

(7,468)

0.7

SEEK

Ltd.

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

(1,599)

(21,619)

2.0

Treasury

Wine

Estates

Ltd.

...

(5,661)

(34,709)

3.1

(158,732)

Brazil

Cosan

SA

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

(13,090)

(16,998)

1.6

Localiza

Rent

a

Car

SA

.....

(4,098)

(24,144)

2.2

Marfrig

Global

Foods

SA

....

(6,038)

(19,109)

1.7

Natura

&

Co.

Holding

SA

....

(4,699)

(8,292)

0.8

Suzano

SA

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

(1,338)

(12,457)

1.1

(81,000)

Canada

Power

Corp.

of

Canada

.....

(184)

(6,506)

0.6

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

38

Shares

Value

%

of

Basket

Value

China

China

International

Capital

Corp.

Ltd.,

Class

H

..........

(400)

$

(752)

0.1

%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..........

(14,000)

(25,924)

2.3

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

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

(8,750)

(20,895)

1.9

(47,571)

Denmark

Zealand

Pharma

A/S

.......

(106)

(7,960)

0.7

France

Sartorius

Stedim

Biotech

....

(162)

(32,095)

2.9

Italy

Telecom

Italia

SpA

........

(133,522)

(45,104)

4.1

Japan

Harmonic

Drive

Systems,

Inc.

.

(100)

(2,128)

0.2

Kansai

Electric

Power

Co.,

Inc.

(The)

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

(1,600)

(18,989)

1.7

Mercari,

Inc.

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

(11)

(174)

0.0

Rakuten

Group,

Inc.

.......

(89)

(511)

0.1

Sapporo

Holdings

Ltd.

......

(500)

(25,540)

2.3

Sharp

Corp.

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

(4,000)

(25,287)

2.3

Square

Enix

Holdings

Co.

Ltd.

.

(844)

(39,205)

3.6

(111,834)

Mexico

Alfa

SAB

de

CV,

Class

A

....

(13,516)

(10,528)

1.0

Poland

InPost

SA

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

(923)

(13,546)

1.2

Singapore

SATS

Ltd.

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

(6,800)

(15,539)

1.4

Seatrium

Ltd.

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

(8,800)

(13,727)

1.3

(29,266)

South

Africa

Impala

Platinum

Holdings

Ltd.

.

(7,407)

(50,992)

4.6

South

Korea

POSCO

Future

M

Co.

Ltd.

...

(125)

(10,325)

0.9

POSCO

Holdings,

Inc.

......

(52)

(9,917)

0.9

(20,242)

Shares

Value

%

of

Basket

Value

Sweden

Beijer

Ref

AB,

Class

B

......

(954)

$

(13,420)

1.2

%

Switzerland

Avolta

AG

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

(107)

(4,687)

0.4

Bachem

Holding

AG

.......

(186)

(10,986)

1.0

Clariant

AG

(Registered)

....

(317)

(

3,435)

0.3

Georg

Fischer

AG

(Registered)

(110)

(8,051)

0.7

Tecan

Group

AG

(Registered)

.

(32)

(6,089)

0.6

(33,248)

United

Kingdom

JD

Sports

Fashion

plc

......

(3,248)

(2,872)

0.3

St

James's

Place

plc

.......

(947)

(12,038)

1.1

(14,910)

United

States

Atlantic

Union

Bankshares

Corp.

(120)

(3,737)

0.3

Brandywine

Realty

Trust

....

(41)

(183)

0.0

Celanese

Corp.

..........

(64)

(

3,633)

0.3

Community

Financial

System,

Inc.

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

(111)

(6,311)

0.6

CVB

Financial

Corp.

.......

(288)

(5,316)

0.5

Enphase

Energy,

Inc.

.......

(15)

(931)

0.1

International

Paper

Co.

.....

(829)

(44,173)

4.0

Lamb

Weston

Holdings,

Inc.

..

(77)

(4,104)

0.4

Provident

Financial

Services,

Inc.

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

(410)

(7,040)

0.6

ServisFirst

Bancshares,

Inc.

..

(98)

(8,095)

0.7

(83,523)

Investment

Companies

United

States

Consumer

Discretionary

Select

Sector

SPDR

Fund

......

(360)

(71,086)

6.5

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(1,666)

(181,078)

16.5

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.......

(537)

(70,728)

6.4

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(1,328)

(108,577)

9.9

(431,469)

Total

Reference

Entity

—

Short

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

(1,191,946)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

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

$

(1,099,755)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

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

Overnight

Brazil

CETIP

—

Interbank

Rate

0.05

%

1-day

EFFR

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

Effective

Federal

Funds

Rate

4.33

1-day

ESTR

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

Euro

Short-Term

Rate

2.42

1-day

IBR

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

Colombian

Reference

Banking

Indicator

8.97

1-day

MIBOR

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

Mumbai

Interbank

Offered

Rate

7.20

1-day

MXIBTIIE

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

Mexico

Interbank

TIIE

1-day

9.05

1-day

SOFR

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

Secured

Overnight

Financing

Rate

4.33

1-day

SONIA

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

Sterling

Overnight

Index

Average

4.46

1-day

TONAR

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

Tokyo

Overnight

Average

Rate

0.48

1-week

CNREPOFIX_CFXS

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

China

Fixing

Repo

Rates

2.25

3-mo.

JIBAR

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

Johannesburg

Interbank

Average

Rate

7.56

6-mo.

BUBOR

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

Budapest

Interbank

Offered

Rate

6.53

6-mo.

EURIBOR

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

Euro

Interbank

Offered

Rate

2.34

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

39

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds,

that

may

not

have

a

secondary

market,

and/

or may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

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")

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Reference

Index

Reference

Rate

6-mo.

PRIBOR

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

Prague

Interbank

Offered

Rate

3.61

%

6-mo.

WIBOR

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

Warsaw

Interbank

Offered

Rate

5.66

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

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

$

—

$

847,961

$

—

$

847,961

Ireland

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

—

1,414,371

108,130

1,522,501

United

Kingdom

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

—

33,543

—

33,543

United

States

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

—

1,570,817

190,000

1,760,817

Common

Stocks

Australia

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

13,806

547,339

1

561,146

Belgium

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

—

83,931

—

83,931

Brazil

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

422,111

—

—

422,111

Cambodia

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

—

3,507

—

3,507

Canada

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

1,205,240

236,013

—

1,441,253

Cayman

Islands

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

—

—

10,591

10,591

China

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

181,488

1,944,772

—

2,126,260

Colombia

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

5,467

—

—

5,467

Czech

Republic

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

5,137

6,303

—

11,440

Denmark

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

—

990,814

—

990,814

Finland

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

25,396

48,185

—

73,581

France

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

31,729

3,057,429

—

3,089,158

Georgia

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

4,725

—

—

4,725

Germany

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

144,675

476,428

—

621,103

Greece

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

—

13,213

—

13,213

Hong

Kong

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

—

291,696

—

291,696

Hungary

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

—

17,022

—

17,022

India

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

—

150,790

—

150,790

Indonesia

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

6,319

46,667

—

52,986

Ireland

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

34,325

54,929

—

89,254

Italy

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

—

1,748,326

—

1,748,326

Japan

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

—

2,436,519

—

2,436,519

Kazakhstan

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

19,713

—

—

19,713

Macau

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

—

29,190

—

29,190

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

40

Level

1

Level

2

Level

3

Total

Malaysia

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

$

—

$

10,594

$

—

$

10,594

Mexico

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

149,463

—

—

149,463

Netherlands

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

—

2,006,978

—

2,006,978

Norway

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

—

212,899

—

212,899

Peru

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

65,342

—

—

65,342

Philippines

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

6,517

17,893

—

24,410

Poland

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

—

80,146

—

80,146

Portugal

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

7,502

—

—

7,502

Republic

of

Turkiye

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

14,247

9,509

—

23,756

Romania

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

—

6,018

—

6,018

Saudi

Arabia

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

31,019

31,078

—

62,097

Singapore

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

41,626

69,997

—

111,623

South

Africa

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

8,680

80,889

—

89,569

South

Korea

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

4,101

404,615

—

408,716

Spain

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

—

853,843

—

853,843

Sweden

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

—

263,164

—

263,164

Switzerland

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

316,236

388,192

—

704,428

Taiwan

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

36,188

1,296,810

—

1,332,998

Thailand

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

—

16,351

—

16,351

United

Arab

Emirates

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

—

—

—

—

United

Kingdom

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

242,023

3,754,808

—

3,996,831

United

States

..........................................

58,078,950

1,032,230

1,031,709

60,142,889

Corporate

Bonds

Australia

.............................................

—

26,343

161,082

187,425

Austria

..............................................

—

93,107

—

93,107

Canada

.............................................

—

558,548

—

558,548

China

...............................................

—

137,869

—

137,869

France

..............................................

—

1,441,612

—

1,441,612

Germany

............................................

—

1,939,209

—

1,939,209

Greece

..............................................

—

104,350

—

104,350

India

...............................................

—

431,926

—

431,926

Ireland

..............................................

—

109,739

—

109,739

Italy

................................................

—

1,183,483

—

1,183,483

Japan

...............................................

—

110,257

—

110,257

Jersey,

Channel

Islands

...................................

—

264,835

—

264,835

Luxembourg

..........................................

—

508,077

—

508,077

Netherlands

...........................................

—

348,651

—

348,651

Slovenia

.............................................

—

108,785

—

108,785

Spain

...............................................

—

839,821

—

839,821

Sweden

.............................................

—

285,330

—

285,330

Switzerland

...........................................

—

198,839

—

198,839

Thailand

.............................................

—

198,600

—

198,600

United

Kingdom

........................................

—

2,414,231

65,158

2,479,389

United

States

..........................................

—

5,352,523

1,666,931

7,019,454

Fixed

Rate

Loan

Interests

..................................

—

15,378

—

15,378

Floating

Rate

Loan

Interests

France

..............................................

—

339,638

—

339,638

Germany

............................................

—

57,849

—

57,849

Jersey,

Channel

Islands

...................................

—

—

97,169

97,169

Netherlands

...........................................

—

516,235

161,878

678,113

Spain

...............................................

—

93,681

—

93,681

United

Kingdom

........................................

—

357,810

—

357,810

United

States

..........................................

—

788,488

455,778

1,244,266

Foreign

Agency

Obligations

.................................

—

129,886

—

129,886

Foreign

Government

Obligations

..............................

—

3,062,615

—

3,062,615

Investment

Companies

....................................

5,913,162

—

—

5,913,162

Municipal

Bonds

.........................................

—

103,183

—

103,183

Non-Agency

Mortgage-Backed

Securities

........................

—

3,018,859

—

3,018,859

Preferred

Securities

Brazil

...............................................

126,965

23,436

130,139

280,540

China

...............................................

—

—

531,715

531,715

Germany

............................................

—

49,968

—

49,968

India

...............................................

—

—

—

—

Israel

...............................................

—

—

2,260

2,260

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

41

Level

1

Level

2

Level

3

Total

Sweden

.............................................

$

—

$

—

$

—

$

—

United

Kingdom

........................................

—

—

75,431

75,431

United

States

..........................................

163,002

11,420

2,389,924

2,564,346

U.S.

Government

Sponsored

Agency

Securities

....................

—

1,128,751

—

1,128,751

U.S.

Treasury

Obligations

...................................

—

1,851,573

—

1,851,573

Warrants

..............................................

799

32,030

40,182

73,011

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

52,583

—

52,583

Money

Market

Funds

......................................

16,607,402

—

—

16,607,402

Options

Purchased

Credit

contracts

..........................................

—

1,620

—

1,620

Equity

contracts

..........................................

427,527

4,008

—

431,535

Foreign

currency

exchange

contracts

...........................

—

49,707

—

49,707

Interest

rate

contracts

......................................

446

5,046

—

5,492

Other

contracts

..........................................

—

88

—

88

$

84,341,328

$

54,935,766

$

7,118,078

$

146,395,172

Investments

Valued

at

NAV

(a)

......................................

169,918

$

146,565,090

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

20,797

$

—

$

20,797

Equity

contracts

...........................................

152,445

194,412

—

346,857

Foreign

currency

exchange

contracts

............................

—

67,843

—

67,843

Interest

rate

contracts

.......................................

150,165

1,642,831

—

1,792,996

Other

contracts

...........................................

—

3,278

—

3,278

Liabilities

Credit

contracts

...........................................

—

(21,853)

—

(21,853)

Equity

contracts

...........................................

(375,956)

(79,912)

—

(455,868)

Foreign

currency

exchange

contracts

............................

—

(326,785)

—

(326,785)

Interest

rate

contracts

.......................................

(421,877)

(302,550)

—

(724,427)

$

(495,223)

$

1,198,061

$

—

$

702,838

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

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

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Preferred

Securities

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2024

........................

$

187,260

$

1,037,775

$

2,135,486

$

40,872

$

828,824

$

3,301,677

$

41,479

$

7,573,373

Transfers

into

Level

3

......................................

—

—

—

—

40,329

—

—

40,329

Transfers

out

of

Level

3

.....................................

—

—

—

—

(129,264)

(9,933)

—

(139,197)

Other

(a)

................................................

—

(4,056)

—

—

—

4,056

—

—

Accrued

discounts/premiums

..................................

—

—

2,858

—

698

—

—

3,556

Net

realized

gain

(loss)

.....................................

—

(470)

(61,402)

129

82

—

—

(61,661)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

.................

2,385

(96,266)

48,752

578

16,100

(70,702)

(1,297)

(100,450)

Purchases

..............................................

108,485

466,670

80,960

—

—

243,059

—

899,174

Sales

.................................................

—

(361,352)

(313,483)

(41,579)

(41,944)

(338,688)

—

(1,097,046)

Closing

balance,

as

of

March

31,

2025

...........................

$

298,130

$

1,042,301

$

1,893,171

$

—

$

714,825

$

3,129,469

$

40,182

$

7,118,078

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

March

31,

2025

(

b

)

.......................................

$

2,385

$

(146,311)

$

(16,572)

$

—

$

16,997

$

(341,661)

$

(1,297)

$

(

486,459)

(a)

Certain

Level

3

investments

were

re-classified

between

Common

Stocks

and

Preferred

Securities.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

March

31,

2025

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

42

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third

party

pricing

information

in

the

amount

of

$218,393.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset-Backed

Securities

........................

$

190,000

Income

Discount

Rate

7%

—

Common

Stocks

.............................

1,007,445

Market

Revenue

Multiple

1.10x

-

7.00x

3.37x

Volatility

36%

-

56%

42%

Time

to

Exit

0.5

–

0.8

years

0.7

years

EBITDA

Multiple

24.95x

—

Gross

Profit

Multiple

7.75x

—

Discount

for

Lack

of

Marketability

9%

—

Income

Discount

Rate

15%

—

Corporate

Bonds

.............................

1,917,348

Income

Discount

Rate

9%

-

30%

13%

Total

Gross

Bid

Value

37%

—

Market

Revenue

Multiple

3.72x

-

4.00x

3.98x

Time

to

Exit

0.3

-

1.0

years

0.3

years

Volatility

50%

-

80%

55%

Floating

Rate

Loan

Interests

......................

615,241

Income

Discount

Rate

8%

-

15%

10%

Preferred

Stocks

(b)

............................

3,129,469

Market

Revenue

Multiple

1.105x

–

21.08x

11.06x

EBITDAR

Multiple

10.00x

—

Volatility

36%

-

95%

70%

Time

to

Exit

0.3

-

5.0

years

2.4

years

Market

Adjustment

Multiple

1.00x

1.00x

Gross

Profit

Multiple

11.75x

—

Direct

Profit

Multiple

4.75x

—

Income

Discount

Rate

10%

-

16%

13%

Warrants

40,182

Market

Revenue

Multiple

2.75x

–

12.50x

7.52x

Volatility

45%

-

80%

67%

Time

to

Exit

0.3

–

3.0

years

2.3

years

Discount

for

Lack

of

Marketability

9%

—

Income

Discount

Rate

15%

-

16%

16%

$

6,899,685

(a)

A

significant

change

in

unobservable

input

could

result

in

a

correlated

or

inverse

change

in

value.

(b)

The

Fund

valued

certain

of

its

Level

3

Preferred

Stocks

using

recent

transactions

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtained

using

recent

prior

transaction

prices,

for

which

inputs

are

unobservable,

is

$223,613

as

of

March

31,

2025.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Global

Allocation

Portfolio

43

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

DKK

Danish

Krone

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BUBOR

Budapest

Interbank

Offered

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

DAC

Designated

Activity

Company

EM

Emerging

Markets

EFFR

Effective

Federal

Funds

Rate

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

JSC

Joint

Stock

Company

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TIPS

Treasury

Inflation

Protected

Securities

TONAR

Tokyo

Overnight

Average

Rate

WIBOR

Warsaw

Interbank

Offered

Rate