UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03091

Name of Fund:  BlackRock Series Fund, Inc.

BlackRock Advantage Large Cap Core Portfolio

BlackRock Capital Appreciation Portfolio

BlackRock Global Allocation Portfolio

BlackRock Government Money Market Portfolio

BlackRock Sustainable Balanced Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2024

Date of reporting period: 12/31/2024

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Advantage Large Cap Core Portfolio

LGCCS

Annual Shareholder Report — December 31, 2024

This annual shareholder report contains important information about BlackRock Advantage Large Cap Core Portfolio (the “Fund”) for the period of January 1, 2024 to December 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Advantage Large Cap Core Portfolio	$55	0.49%

How did the Fund perform last year?

• For the reporting period ended December 31, 2024, the Fund's Class I Shares returned 25.61%.

• For the same period, the Russell 1000^® Index returned 24.51%.

What contributed to performance?

The Fund delivered strong performance during the reporting period, driven primarily by sentiment- and macro-related insights. Tracking social media activity helped correctly position the portfolio in the consumer discretionary sector, contributing to absolute performance. Furthermore, measures that gather sentiment from informed investor positioning worked well in healthcare. Positioning in the sector was also driven by a macro-related insight favoring companies likely to benefit from growing demand for GLP-1 treatments. Macro-related insights that assess industry-level positioning, which led to holdings in information technology stocks that benefited from enthusiasm about artificial intelligence, further helped results.

What detracted from performance?

Given the Fund’s strong performance, there were no major detractors from absolute returns. However, certain fundamental measures struggled. Traditional valuation measures looking at company cash flow levels incorrectly positioned the portfolio in metals and mining companies that posted negative returns. Additionally, quality insights with a preference for more stable companies lagged due to the “risk-off” tone in the market.

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

Fund performance

Cumulative performance: January 1, 2015 through December 31, 2024

Initial Investment of $10,000 

	BlackRock Advantage Large Cap Core Portfolio	Russell 1000® Index
Jan 15	$9,506	$9,725
Feb 15	$10,167	$10,287
Mar 15	$10,021	$10,159
Apr 15	$10,036	$10,231
May 15	$10,235	$10,365
Jun 15	$10,075	$10,171
Jul 15	$10,311	$10,367
Aug 15	$9,694	$9,743
Sep 15	$9,404	$9,476
Oct 15	$10,186	$10,243
Nov 15	$10,189	$10,277
Dec 15	$10,060	$10,092
Jan 16	$9,378	$9,549
Feb 16	$9,260	$9,545
Mar 16	$9,893	$10,210
Apr 16	$9,829	$10,266
May 16	$9,996	$10,446
Jun 16	$9,863	$10,469
Jul 16	$10,258	$10,868
Aug 16	$10,365	$10,882
Sep 16	$10,377	$10,891
Oct 16	$10,266	$10,679
Nov 16	$10,898	$11,100
Dec 16	$11,135	$11,308
Jan 17	$11,381	$11,536
Feb 17	$11,902	$11,982
Mar 17	$11,873	$11,990
Apr 17	$12,082	$12,116
May 17	$12,156	$12,271
Jun 17	$12,197	$12,357
Jul 17	$12,444	$12,601
Aug 17	$12,532	$12,641
Sep 17	$12,861	$12,910
Oct 17	$13,131	$13,206
Nov 17	$13,506	$13,609
Dec 17	$13,611	$13,761
Jan 18	$14,513	$14,516
Feb 18	$14,059	$13,983
Mar 18	$13,807	$13,666
Apr 18	$13,774	$13,712
May 18	$14,070	$14,062
Jun 18	$14,115	$14,153
Jul 18	$14,584	$14,642
Aug 18	$15,119	$15,146
Sep 18	$15,154	$15,204
Oct 18	$13,980	$14,128
Nov 18	$14,202	$14,415
Dec 18	$12,915	$13,102
Jan 19	$14,046	$14,200
Feb 19	$14,549	$14,681
Mar 19	$14,713	$14,937
Apr 19	$15,321	$15,540
May 19	$14,464	$14,550
Jun 19	$15,314	$15,571
Jul 19	$15,482	$15,813
Aug 19	$15,142	$15,523
Sep 19	$15,364	$15,792
Oct 19	$15,672	$16,127
Nov 19	$16,240	$16,736
Dec 19	$16,673	$17,220
Jan 20	$16,770	$17,238
Feb 20	$15,396	$15,830
Mar 20	$13,387	$13,738
Apr 20	$15,187	$15,553
May 20	$15,940	$16,374
Jun 20	$16,317	$16,736
Jul 20	$17,196	$17,716
Aug 20	$18,530	$19,016
Sep 20	$17,803	$18,321
Oct 20	$17,224	$17,879
Nov 20	$19,229	$19,985
Dec 20	$20,006	$20,830
Jan 21	$19,822	$20,658
Feb 21	$20,465	$21,257
Mar 21	$21,276	$22,061
Apr 21	$22,432	$23,249
May 21	$22,677	$23,359
Jun 21	$23,190	$23,944
Jul 21	$23,794	$24,442
Aug 21	$24,350	$25,149
Sep 21	$23,176	$23,994
Oct 21	$24,734	$25,659
Nov 21	$24,624	$25,315
Dec 21	$25,694	$26,340
Jan 22	$24,232	$24,855
Feb 22	$23,393	$24,173
Mar 22	$24,138	$24,989
Apr 22	$22,053	$22,761
May 22	$22,025	$22,727
Jun 22	$20,167	$20,823
Jul 22	$21,825	$22,763
Aug 22	$20,929	$21,889
Sep 22	$19,059	$19,863
Oct 22	$20,686	$21,456
Nov 22	$21,815	$22,617
Dec 22	$20,583	$21,302
Jan 23	$21,906	$22,730
Feb 23	$21,412	$22,189
Mar 23	$22,054	$22,891
Apr 23	$22,212	$23,175
May 23	$22,202	$23,283
Jun 23	$23,800	$24,855
Jul 23	$24,511	$25,710
Aug 23	$24,165	$25,260
Sep 23	$23,050	$24,073
Oct 23	$22,567	$23,491
Nov 23	$24,688	$25,685
Dec 23	$25,813	$26,953
Jan 24	$26,259	$27,329
Feb 24	$27,547	$28,805
Mar 24	$28,814	$29,728
Apr 24	$27,607	$28,463
May 24	$29,037	$29,804
Jun 24	$30,091	$30,790
Jul 24	$30,501	$31,238
Aug 24	$31,238	$31,979
Sep 24	$31,842	$32,663
Oct 24	$31,504	$32,434
Nov 24	$33,356	$34,522
Dec 24	$32,424	$33,560

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

Average annual total returns

Average Annual Total Returns	1 Year	5 years	10 Years
BlackRock Advantage Large Cap Core Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.61%	14.23%	12.48%
Russell 1000® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.51	14.28	12.87

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$214,130,833
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	193
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$770,908
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	115%

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

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Core Portfolio.

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

What did the Fund invest in?

(as of December 31, 2024) 

Sector allocation

SectorFootnote Reference(a)	Percent of Net Assets
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.9%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(2.3)

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

Additional information

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

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

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

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Advantage Large Cap Core Portfolio

LGCCS

Annual Shareholder Report — December 31, 2024

LGCCS-12/24-AR

BlackRock Capital Appreciation Portfolio

FDGRS

Annual Shareholder Report — December 31, 2024

This annual shareholder report contains important information about BlackRock Capital Appreciation Portfolio (the “Fund”) for the period of January 1, 2024 to December 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Capital Appreciation Portfolio	$55	0.47%

How did the Fund perform last year?

• For the reporting period ended December 31, 2024, the Fund's Class I Shares returned 31.51%.

• For the same period, the S&P 500^® Index returned 25.02% and the Russell 1000^® Growth Index returned 33.36%.

What contributed to performance?

Positive contributions to the Fund’s performance over the reporting period were led by positioning in the information technology, communication services and consumer discretionary sectors. In information technology, holdings in the semiconductors and semiconductor equipment industry proved beneficial, most notably exposure to a provider of chips used in artificial intelligence applications. In communication services, positioning in interactive media and services was most additive, led by exposure to a social media platform operator. Finally, in consumer discretionary, positioning in the broadline retail industry contributed, most notably holdings of an online retail platform operator.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the real estate and energy sectors. In real estate, positioning in the management and development industry detracted, in particular exposure to a provider of real estate industry analytics. In energy, positioning in oil, gas, and consumable fuels weighed on return, most notably holdings of an exporter of liquified natural gas. While no other sector detracted from absolute performance, in information technology services holdings of a developer data platform provider was among the Fund’s largest individual detractors.

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

Fund performance

Cumulative performance: January 1, 2015 through December 31, 2024

Initial Investment of $10,000 

	BlackRock Capital Appreciation Portfolio	S&P 500® Index	Russell 1000® Growth Index
Jan 15	$9,830	$9,700	$9,847
Feb 15	$10,499	$10,257	$10,503
Mar 15	$10,401	$10,095	$10,384
Apr 15	$10,519	$10,192	$10,436
May 15	$10,735	$10,323	$10,583
Jun 15	$10,640	$10,123	$10,396
Jul 15	$11,121	$10,335	$10,749
Aug 15	$10,374	$9,712	$10,096
Sep 15	$9,917	$9,471	$9,846
Oct 15	$10,767	$10,270	$10,694
Nov 15	$10,896	$10,301	$10,724
Dec 15	$10,727	$10,138	$10,567
Jan 16	$9,886	$9,635	$9,977
Feb 16	$9,655	$9,622	$9,973
Mar 16	$10,189	$10,275	$10,645
Apr 16	$10,114	$10,315	$10,548
May 16	$10,470	$10,500	$10,753
Jun 16	$10,280	$10,527	$10,711
Jul 16	$10,849	$10,915	$11,216
Aug 16	$10,906	$10,931	$11,160
Sep 16	$11,087	$10,933	$11,201
Oct 16	$10,814	$10,733	$10,938
Nov 16	$10,693	$11,131	$11,176
Dec 16	$10,769	$11,351	$11,314
Jan 17	$11,250	$11,566	$11,696
Feb 17	$11,727	$12,025	$12,182
Mar 17	$11,865	$12,039	$12,322
Apr 17	$12,230	$12,163	$12,604
May 17	$12,583	$12,334	$12,932
Jun 17	$12,666	$12,411	$12,898
Jul 17	$13,228	$12,666	$13,241
Aug 17	$13,343	$12,705	$13,483
Sep 17	$13,363	$12,967	$13,659
Oct 17	$14,020	$13,270	$14,188
Nov 17	$14,306	$13,677	$14,619
Dec 17	$14,394	$13,829	$14,733
Jan 18	$15,894	$14,621	$15,776
Feb 18	$15,582	$14,082	$15,363
Mar 18	$15,238	$13,724	$14,941
Apr 18	$15,536	$13,777	$14,994
May 18	$16,182	$14,108	$15,651
Jun 18	$16,522	$14,195	$15,801
Jul 18	$16,712	$14,724	$16,265
Aug 18	$17,403	$15,203	$17,155
Sep 18	$17,486	$15,290	$17,251
Oct 18	$15,646	$14,245	$15,708
Nov 18	$16,089	$14,535	$15,875
Dec 18	$14,738	$13,223	$14,510
Jan 19	$16,211	$14,282	$15,814
Feb 19	$16,766	$14,741	$16,380
Mar 19	$17,265	$15,027	$16,846
Apr 19	$18,025	$15,636	$17,607
May 19	$17,160	$14,642	$16,495
Jun 19	$18,295	$15,674	$17,628
Jul 19	$18,385	$15,899	$18,026
Aug 19	$18,251	$15,648	$17,888
Sep 19	$17,855	$15,940	$17,890
Oct 19	$18,170	$16,286	$18,394
Nov 19	$19,122	$16,877	$19,210
Dec 19	$19,570	$17,386	$19,790
Jan 20	$20,269	$17,379	$20,232
Feb 20	$19,209	$15,949	$18,854
Mar 20	$17,256	$13,979	$17,000
Apr 20	$19,823	$15,771	$19,515
May 20	$21,406	$16,522	$20,825
Jun 20	$22,267	$16,850	$21,732
Jul 20	$23,563	$17,801	$23,404
Aug 20	$25,636	$19,080	$25,819
Sep 20	$24,732	$18,355	$24,604
Oct 20	$23,982	$17,867	$23,769
Nov 20	$26,400	$19,823	$26,203
Dec 20	$27,430	$20,585	$27,408
Jan 21	$27,065	$20,377	$27,205
Feb 21	$27,469	$20,939	$27,199
Mar 21	$27,547	$21,856	$27,666
Apr 21	$29,627	$23,022	$29,548
May 21	$29,252	$23,183	$29,140
Jun 21	$31,133	$23,724	$30,968
Jul 21	$32,204	$24,288	$31,988
Aug 21	$33,258	$25,026	$33,184
Sep 21	$31,336	$23,863	$31,326
Oct 21	$33,347	$25,534	$34,039
Nov 21	$32,888	$25,357	$34,247
Dec 21	$33,250	$26,494	$34,971
Jan 22	$29,517	$25,123	$31,970
Feb 22	$28,046	$24,371	$30,612
Mar 22	$28,744	$25,276	$31,809
Apr 22	$24,779	$23,071	$27,968
May 22	$24,256	$23,114	$27,318
Jun 22	$22,104	$21,206	$25,154
Jul 22	$24,863	$23,161	$28,173
Aug 22	$23,043	$22,217	$26,861
Sep 22	$20,508	$20,170	$24,249
Oct 22	$21,333	$21,804	$25,667
Nov 22	$22,588	$23,022	$26,836
Dec 22	$20,752	$21,696	$24,782
Jan 23	$23,034	$23,059	$26,847
Feb 23	$22,504	$22,496	$26,528
Mar 23	$24,262	$23,322	$28,342
Apr 23	$24,598	$23,686	$28,621
May 23	$25,949	$23,789	$29,926
Jun 23	$27,797	$25,361	$31,972
Jul 23	$28,561	$26,176	$33,050
Aug 23	$28,600	$25,759	$32,753
Sep 23	$26,776	$24,531	$30,972
Oct 23	$26,421	$24,015	$30,531
Nov 23	$29,745	$26,208	$33,859
Dec 23	$31,046	$27,399	$35,358
Jan 24	$32,260	$27,859	$36,240
Feb 24	$34,587	$29,347	$38,713
Mar 24	$35,257	$30,291	$39,394
Apr 24	$33,553	$29,054	$37,723
May 24	$35,502	$30,494	$39,981
Jun 24	$37,876	$31,589	$42,677
Jul 24	$36,879	$31,973	$41,951
Aug 24	$37,787	$32,749	$42,825
Sep 24	$38,488	$33,448	$44,038
Oct 24	$38,187	$33,145	$43,893
Nov 24	$40,577	$35,090	$46,740
Dec 24	$40,830	$34,254	$47,152

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

Average annual total returns

Average Annual Total Returns	1 Year	5 years	10 Years
BlackRock Capital Appreciation Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.51%	15.85%	15.11%
S&P 500® Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.02	14.53	13.10
Russell 1000® Growth Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.36	18.96	16.78

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$255,120,973
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$896,603
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27%

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

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

What did the Fund invest in?

(as of December 31, 2024) 

Sector allocation

SectorFootnote Reference(a)	Percent of Net Assets
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	47.0%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.1
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.4
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.1)

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

Additional information

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

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

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

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Capital Appreciation Portfolio

FDGRS

Annual Shareholder Report — December 31, 2024

FDGRS-12/24-AR

BlackRock Global Allocation Portfolio

GLALS

Annual Shareholder Report — December 31, 2024

This annual shareholder report contains important information about BlackRock Global Allocation Portfolio (the “Fund”) for the period of January 1, 2024 to December 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Global Allocation Portfolio	$60	0.57%

How did the Fund perform last year?

• For the reporting period ended December 31, 2024, the Fund's Class I Shares returned 9.74%.

• For the same period, the FTSE World Index returned 17.96% and the Reference Benchmark returned 9.09%.

What contributed to performance?

The Fund’s positive absolute return was primarily driven by equity positioning. Within equities, positioning in information technology and financials as well as, to a lesser extent, consumer discretionary and communication services were the primary contributors to absolute return. Within fixed income, positioning in high yield corporate bonds and securitized assets, notably commercial mortgage-backed securities and asset-backed securities, positively impacted return, as did positioning in nominal U.S. Treasuries.

The Fund’s exposure to cash and cash equivalents was actively managed over the period and used to help mitigate portfolio volatility while serving as a source of funds for new investments and to meet redemptions. The Fund’s cash exposure had a slight positive impact on absolute return.

What detracted from performance?

Within equities, positioning in index-related equity futures used mainly as a hedge during periods of heightened market volatility was the primary detractor from absolute return. Within fixed income, management of duration (interest rate sensitivity) via interest rate derivatives negatively impacted absolute performance along with exposure to agency mortgage-backed securities and U.K. interest rates.

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

Fund performance

Cumulative performance: January 1, 2015 through December 31, 2024

Initial Investment of $10,000 

	BlackRock Global Allocation Portfolio	FTSE World Index	Reference Benchmark
Jan 15	$10,013	$9,835	$9,919
Feb 15	$10,354	$10,390	$10,207
Mar 15	$10,284	$10,231	$10,097
Apr 15	$10,477	$10,503	$10,271
May 15	$10,509	$10,515	$10,235
Jun 15	$10,316	$10,280	$10,087
Jul 15	$10,313	$10,411	$10,193
Aug 15	$9,947	$9,722	$9,808
Sep 15	$9,665	$9,367	$9,644
Oct 15	$10,078	$10,106	$10,100
Nov 15	$10,032	$10,041	$10,007
Dec 15	$9,938	$9,863	$9,922
Jan 16	$9,603	$9,282	$9,655
Feb 16	$9,498	$9,227	$9,698
Mar 16	$9,896	$9,906	$10,185
Apr 16	$10,015	$10,061	$10,296
May 16	$9,966	$10,090	$10,280
Jun 16	$9,966	$10,015	$10,360
Jul 16	$10,252	$10,452	$10,636
Aug 16	$10,301	$10,472	$10,613
Sep 16	$10,356	$10,538	$10,671
Oct 16	$10,224	$10,363	$10,469
Nov 16	$10,259	$10,464	$10,394
Dec 16	$10,360	$10,716	$10,523
Jan 17	$10,551	$11,000	$10,710
Feb 17	$10,743	$11,317	$10,916
Mar 17	$10,835	$11,454	$10,990
Apr 17	$10,970	$11,639	$11,138
May 17	$11,147	$11,902	$11,337
Jun 17	$11,169	$11,958	$11,356
Jul 17	$11,401	$12,265	$11,588
Aug 17	$11,444	$12,306	$11,651
Sep 17	$11,515	$12,563	$11,747
Oct 17	$11,607	$12,817	$11,874
Nov 17	$11,743	$13,084	$12,063
Dec 17	$11,816	$13,296	$12,175
Jan 18	$12,247	$14,015	$12,596
Feb 18	$11,873	$13,450	$12,268
Mar 18	$11,772	$13,177	$12,168
Apr 18	$11,722	$13,317	$12,169
May 18	$11,715	$13,335	$12,178
Jun 18	$11,643	$13,290	$12,148
Jul 18	$11,864	$13,715	$12,374
Aug 18	$11,886	$13,846	$12,469
Sep 18	$11,835	$13,940	$12,480
Oct 18	$11,285	$12,911	$11,905
Nov 18	$11,424	$13,067	$12,026
Dec 18	$10,957	$12,131	$11,606
Jan 19	$11,528	$13,078	$12,198
Feb 19	$11,667	$13,436	$12,367
Mar 19	$11,790	$13,598	$12,524
Apr 19	$11,983	$14,077	$12,777
May 19	$11,667	$13,275	$12,421
Jun 19	$12,145	$14,149	$13,008
Jul 19	$12,103	$14,205	$13,017
Aug 19	$12,111	$13,892	$12,972
Sep 19	$12,204	$14,218	$13,101
Oct 19	$12,469	$14,609	$13,340
Nov 19	$12,640	$14,984	$13,495
Dec 19	$12,943	$15,496	$13,787
Jan 20	$12,967	$15,352	$13,785
Feb 20	$12,451	$14,060	$13,154
Mar 20	$11,337	$12,163	$12,128
Apr 20	$12,265	$13,483	$12,941
May 20	$12,741	$14,128	$13,310
Jun 20	$12,999	$14,536	$13,557
Jul 20	$13,676	$15,256	$14,072
Aug 20	$14,215	$16,225	$14,574
Sep 20	$13,995	$15,698	$14,286
Oct 20	$13,733	$15,232	$14,023
Nov 20	$15,032	$17,217	$15,149
Dec 20	$15,644	$18,027	$15,626
Jan 21	$15,566	$17,877	$15,497
Feb 21	$15,775	$18,323	$15,618
Mar 21	$15,905	$18,938	$15,870
Apr 21	$16,463	$19,814	$16,360
May 21	$16,689	$20,125	$16,580
Jun 21	$16,680	$20,391	$16,621
Jul 21	$16,680	$20,678	$16,850
Aug 21	$16,848	$21,187	$17,072
Sep 21	$16,310	$20,301	$16,534
Oct 21	$16,769	$21,363	$16,987
Nov 21	$16,310	$20,870	$16,763
Dec 21	$16,706	$21,804	$17,210
Jan 22	$16,042	$20,707	$16,593
Feb 22	$15,685	$20,222	$16,315
Mar 22	$15,556	$20,769	$16,367
Apr 22	$14,703	$19,060	$15,301
May 22	$14,842	$19,124	$15,374
Jun 22	$13,940	$17,419	$14,399
Jul 22	$14,583	$18,740	$15,144
Aug 22	$14,149	$18,003	$14,546
Sep 22	$13,203	$16,302	$13,463
Oct 22	$13,666	$17,434	$14,006
Nov 22	$14,462	$18,728	$14,870
Dec 22	$14,079	$17,979	$14,526
Jan 23	$14,817	$19,269	$15,290
Feb 23	$14,304	$18,787	$14,870
Mar 23	$14,632	$19,368	$15,356
Apr 23	$14,755	$19,701	$15,560
May 23	$14,612	$19,548	$15,355
Jun 23	$15,104	$20,689	$15,851
Jul 23	$15,390	$21,405	$16,194
Aug 23	$15,042	$20,872	$15,889
Sep 23	$14,499	$19,997	$15,339
Oct 23	$14,294	$19,417	$15,026
Nov 23	$15,257	$21,271	$16,114
Dec 23	$15,934	$22,326	$16,806
Jan 24	$15,944	$22,530	$16,835
Feb 24	$16,387	$23,469	$17,145
Mar 24	$16,809	$24,240	$17,523
Apr 24	$16,197	$23,369	$17,000
May 24	$16,767	$24,374	$17,513
Jun 24	$16,967	$24,906	$17,735
Jul 24	$17,155	$25,346	$18,117
Aug 24	$17,532	$26,028	$18,545
Sep 24	$17,822	$26,496	$18,848
Oct 24	$17,392	$25,946	$18,341
Nov 24	$17,919	$27,001	$18,731
Dec 24	$17,486	$26,336	$18,334

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

Average annual total returns

Average Annual Total Returns	1 Year	5 years	10 Years
BlackRock Global Allocation Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.74%	6.20%	5.75%
FTSE World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.96	11.19	10.17
Reference Benchmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.09	5.87	6.25

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$146,008,958
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,674
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$132,200
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	155%

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

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

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

What did the Fund invest in?

(as of December 31, 2024) 

Geographic allocation

	Percent of Total InvestmentsFootnote Reference(a)
Country/Geographic Region	Long	Short	Total
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	66.5%	-%	66.5%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8	-	4.8
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5	-	3.5
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3	-	3.3
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3	-	2.3
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3	-	2.3
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8	-	1.8
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7	-	1.7
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7	-	1.7
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3	-	1.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.8	-	10.8
Total........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.0%	-%	100.0%

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

Additional information

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

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

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

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Global Allocation Portfolio

BlackRock Global Allocation Portfolio| GLALS

Annual Shareholder Report — December 31, 2024

GLALS-12/24-AR

BlackRock Government Money Market Portfolio

MNRSV

Annual Shareholder Report — December 31, 2024

This annual shareholder report contains important information about BlackRock Government Money Market Portfolio (the “Fund”) for the period of January 1, 2024 to December 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Government Money Market Portfolio	$51	0.50%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$108,096,016
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	88
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$415,291
Current seven-day yields as of December 31, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.09%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.09%

What did the Fund invest in?

(as of December 31, 2024)

Portfolio composition

Asset Type	Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.5%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39.2
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.7
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6

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

Additional information

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

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Government Money Market Portfolio

MNRSV

Annual Shareholder Report — December 31, 2024

MNRSV-12/24-AR

BlackRock Sustainable Balanced Portfolio

BLCPS

Annual Shareholder Report — December 31, 2024

This annual shareholder report contains important information about BlackRock Sustainable Balanced Portfolio (the “Fund”) for the period of January 1, 2024 to December 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
BlackRock Sustainable Balanced Portfolio	$51	0.48%

How did the Fund perform last year?

• For the reporting period ended December 31, 2024, the Fund's Class I Shares returned 12.88%.

• For the same period, the MSCI All Country World Index returned 17.49% and the Bloomberg U.S. Aggregate Bond Index returned 1.25%.

What contributed to performance?

The portfolio has three main drivers of absolute performance: tactical asset allocation (including stock, bond, and currency positioning, as well as regional tilts), equity security selection, and fixed income security selection. Given the positive returns for global equities and U.S. bonds in 2024, all three strategies made positive contributions to absolute returns.

The Fund held derivatives as a part of its investment strategy. The portfolio management team used derivatives as a means to manage risk and/or take outright views on equities and bonds. Derivatives held to express active asset allocation views produced positive returns in the annual period.

What detracted from performance?

Currency positioning in tactical asset allocation strategy detracted. The Fund was positioned short in the U.S. dollar versus a basket of developed market currencies, which was a negative at a time of dollar strength. With respect to security selection in equities, environmental, social, and governance-related insights detracted. Fundamental valuation measures also experienced negative absolute returns given the market’s focus on a very narrow group of richly valued U.S. technology stocks.

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

Fund performance

Cumulative performance: January 1, 2015 through December 31, 2024

Initial Investment of $10,000 

	BlackRock Sustainable Balanced Portfolio	MSCI All Country World Index	Bloomberg U.S. Aggregate Bond Index	60% MSCI All Country World Index / 40% Bloomberg U.S. Aggregate Bond Index
Jan 15	$9,736	$9,844	$10,210	$9,990
Feb 15	$10,163	$10,392	$10,114	$10,286
Mar 15	$10,090	$10,231	$10,161	$10,210
Apr 15	$10,090	$10,528	$10,124	$10,373
May 15	$10,202	$10,514	$10,100	$10,355
Jun 15	$10,056	$10,266	$9,990	$10,163
Jul 15	$10,226	$10,355	$10,059	$10,244
Aug 15	$9,841	$9,646	$10,045	$9,817
Sep 15	$9,677	$9,296	$10,113	$9,630
Oct 15	$10,163	$10,026	$10,114	$10,084
Nov 15	$10,152	$9,943	$10,088	$10,024
Dec 15	$10,052	$9,764	$10,055	$9,902
Jan 16	$9,680	$9,175	$10,193	$9,599
Feb 16	$9,668	$9,112	$10,266	$9,586
Mar 16	$10,118	$9,787	$10,360	$10,048
Apr 16	$10,100	$9,931	$10,400	$10,152
May 16	$10,203	$9,944	$10,402	$10,161
Jun 16	$10,197	$9,884	$10,589	$10,197
Jul 16	$10,471	$10,310	$10,656	$10,486
Aug 16	$10,531	$10,344	$10,644	$10,503
Sep 16	$10,550	$10,408	$10,638	$10,539
Oct 16	$10,459	$10,231	$10,556	$10,399
Nov 16	$10,773	$10,309	$10,307	$10,348
Dec 16	$10,922	$10,531	$10,321	$10,488
Jan 17	$11,077	$10,819	$10,341	$10,669
Feb 17	$11,414	$11,123	$10,411	$10,877
Mar 17	$11,401	$11,259	$10,405	$10,954
Apr 17	$11,569	$11,434	$10,486	$11,091
May 17	$11,653	$11,687	$10,567	$11,272
Jun 17	$11,679	$11,740	$10,556	$11,298
Jul 17	$11,831	$12,068	$10,601	$11,507
Aug 17	$11,917	$12,114	$10,696	$11,575
Sep 17	$12,108	$12,348	$10,645	$11,687
Oct 17	$12,272	$12,605	$10,652	$11,835
Nov 17	$12,463	$12,849	$10,638	$11,966
Dec 17	$12,515	$13,056	$10,687	$12,104
Jan 18	$12,982	$13,793	$10,564	$12,458
Feb 18	$12,729	$13,213	$10,464	$12,097
Mar 18	$12,594	$12,931	$10,531	$11,973
Apr 18	$12,594	$13,054	$10,452	$12,006
May 18	$12,768	$13,070	$10,527	$12,049
Jun 18	$12,784	$13,000	$10,514	$12,004
Jul 18	$13,047	$13,392	$10,516	$12,222
Aug 18	$13,344	$13,497	$10,584	$12,311
Sep 18	$13,368	$13,555	$10,516	$12,312
Oct 18	$12,678	$12,540	$10,433	$11,719
Nov 18	$12,838	$12,723	$10,495	$11,850
Dec 18	$12,182	$11,827	$10,688	$11,436
Jan 19	$12,950	$12,761	$10,801	$12,027
Feb 19	$13,220	$13,102	$10,795	$12,217
Mar 19	$13,464	$13,267	$11,003	$12,403
Apr 19	$13,795	$13,715	$11,005	$12,655
May 19	$13,403	$12,901	$11,201	$12,295
Jun 19	$13,978	$13,746	$11,341	$12,840
Jul 19	$14,092	$13,786	$11,366	$12,874
Aug 19	$14,005	$13,459	$11,661	$12,824
Sep 19	$14,118	$13,742	$11,599	$12,958
Oct 19	$14,301	$14,119	$11,634	$13,187
Nov 19	$14,615	$14,463	$11,628	$13,377
Dec 19	$14,869	$14,973	$11,620	$13,656
Jan 20	$15,010	$14,807	$11,843	$13,671
Feb 20	$14,288	$13,611	$12,056	$13,107
Mar 20	$12,891	$11,774	$11,985	$12,014
Apr 20	$14,138	$13,035	$12,198	$12,872
May 20	$14,654	$13,602	$12,255	$13,232
Jun 20	$14,926	$14,036	$12,332	$13,519
Jul 20	$15,537	$14,779	$12,517	$14,028
Aug 20	$16,235	$15,683	$12,416	$14,498
Sep 20	$15,857	$15,178	$12,409	$14,215
Oct 20	$15,527	$14,809	$12,353	$13,982
Nov 20	$16,754	$16,634	$12,475	$15,071
Dec 20	$17,211	$17,406	$12,492	$15,499
Jan 21	$17,057	$17,327	$12,402	$15,412
Feb 21	$17,314	$17,729	$12,223	$15,537
Mar 21	$17,673	$18,202	$12,071	$15,709
Apr 21	$18,329	$18,998	$12,166	$16,170
May 21	$18,462	$19,294	$12,206	$16,343
Jun 21	$18,800	$19,548	$12,291	$16,518
Jul 21	$19,164	$19,682	$12,429	$16,660
Aug 21	$19,445	$20,175	$12,405	$16,897
Sep 21	$18,811	$19,342	$12,298	$16,420
Oct 21	$19,601	$20,329	$12,294	$16,921
Nov 21	$19,549	$19,839	$12,331	$16,697
Dec 21	$20,078	$20,633	$12,299	$17,080
Jan 22	$19,186	$19,620	$12,034	$16,430
Feb 22	$18,656	$19,113	$11,900	$16,102
Mar 22	$18,873	$19,527	$11,569	$16,132
Apr 22	$17,681	$17,964	$11,130	$15,113
May 22	$17,825	$17,985	$11,202	$15,162
Jun 22	$16,778	$16,469	$11,026	$14,300
Jul 22	$17,651	$17,619	$11,296	$15,039
Aug 22	$17,005	$16,970	$10,977	$14,537
Sep 22	$15,752	$15,346	$10,502	$13,451
Oct 22	$16,336	$16,272	$10,366	$13,868
Nov 22	$17,468	$17,534	$10,748	$14,717
Dec 22	$16,914	$16,844	$10,699	$14,343
Jan 23	$17,897	$18,051	$11,028	$15,137
Feb 23	$17,393	$17,534	$10,743	$14,720
Mar 23	$17,934	$18,075	$11,016	$15,142
Apr 23	$18,192	$18,334	$11,083	$15,309
May 23	$17,959	$18,138	$10,962	$15,144
Jun 23	$18,622	$19,191	$10,923	$15,650
Jul 23	$18,990	$19,894	$10,915	$15,989
Aug 23	$18,632	$19,338	$10,846	$15,680
Sep 23	$17,980	$18,538	$10,570	$15,132
Oct 23	$17,586	$17,981	$10,403	$14,764
Nov 23	$18,916	$19,640	$10,874	$15,849
Dec 23	$19,716	$20,584	$11,291	$16,548
Jan 24	$19,754	$20,704	$11,260	$16,588
Feb 24	$20,249	$21,593	$11,101	$16,921
Mar 24	$20,821	$22,271	$11,203	$17,303
Apr 24	$20,262	$21,536	$10,920	$16,785
May 24	$21,101	$22,411	$11,105	$17,308
Jun 24	$21,457	$22,910	$11,210	$17,605
Jul 24	$21,792	$23,279	$11,472	$17,940
Aug 24	$22,271	$23,870	$11,637	$18,316
Sep 24	$22,698	$24,425	$11,793	$18,670
Oct 24	$22,193	$23,877	$11,500	$18,233
Nov 24	$22,763	$24,770	$11,622	$18,719
Dec 24	$22,255	$24,183	$11,432	$18,331

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

Average annual total returns

Average Annual Total Returns	1 Year	5 years	10 Years
BlackRock Sustainable Balanced Portfolio........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.88%	8.40%	8.33%
MSCI All Country World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.49	10.06	9.23
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.25	(0.33)	1.35
60% MSCI All Country World Index / 40% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.77	6.06	6.25

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$454,358,052
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,533
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,674,651
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	104%

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

The Fund's returns shown prior to April 8, 2022, are the returns of the Fund when it followed different investment strategies under the name BlackRock Balanced Capital Portfolio.

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

What did the Fund invest in?

(as of December 31, 2024) 

Portfolio composition

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	61.2%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.

Material fund changes

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

On November 19, 2024, the Board approved a change in the name of the Fund to BlackRock Balanced Portfolio and changes to the Fund's investment strategy and process. The changes to the Fund's investment strategy and process removed requirements that the Fund seek to maintain certain ESG characteristics and utilize ESG screening criteria to determine eligible investments. These changes are expected to become effective on or about May 1, 2025.

Additional information

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

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 537-4942.

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

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Sustainable Balanced Portfolio

BLCPS

Annual Shareholder Report — December 31, 2024

BLCPS-12/24-AR

 (b) Not Applicable

Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-537-4942.

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

Neil A. Cotty
Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Advantage Large Cap Core Portfolio	$23,460	$23,460	$0	$0	$13,200	$13,200	$0	$407
BlackRock Capital Appreciation Portfolio	$26,316	$26,316	$0	$0	$13,200	$13,200	$0	$407
BlackRock Global Allocation Portfolio	$38,964	$38,964	$0	$0	$24,800	$24,800	$0	$407
BlackRock Government Money Market Portfolio	$27,030	$27,030	$0	$0	$9,900	$9,900	$0	$407
BlackRock Sustainable Balanced Portfolio	$34,578	$34,578	$0	$0	$15,800	$15,800	$0	$407

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,149,000	$2,154,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

               (e)(1) Audit Committee Pre-Approval Policies and Procedures:

          The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Advantage Large Cap Core Portfolio	$13,200	$13,607
BlackRock Capital Appreciation Portfolio	$13,200	$13,607
BlackRock Global Allocation Portfolio	$24,800	$25,207
BlackRock Government Money Market Portfolio	$9,900	$10,307
BlackRock Sustainable Balanced Portfolio	$15,800	$16,207

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,149,000	$2,154,000

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

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

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

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

December

31,

2024

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2024

Annual

Financial

Statements

and

Additional

Information

BlackRock

Series

Fund,

Inc.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

BlackRock

Government

Money

Market

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

BlackRock

Series

Fund

II,

Inc.

BlackRock

High

Yield

Portfolio

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

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

3

Derivative

Financial

Instruments

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

3

Schedules

of

Investments

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

4

Statements

of

Assets

and

Liabilities

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

92

Statements

of

Operations

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

98

Statements

of

Changes

in

Net

Assets

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

100

Financial

Highlights

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

103

Notes

to

Financial

Statements

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

109

Report

of

Independent

Registered

Public

Accounting

Firm

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

127

Additional

Information

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

128

Glossary

of

Terms

Used

in

these

Financial

Statements

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

130

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

each

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

each

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments, each

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to each

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in each

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

a

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Funds

had

not

used

leverage.  

Furthermore,

the

value

of

each

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

each

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

each

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

a

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

each

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of a

Fund’s

shares

than

if the

Fund

were

not

leveraged.

In

addition,

each

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit a

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

Each

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

each

Fund’s

shareholders

and

may

reduce

income.

Derivative

Financial

Instruments

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2024

BlackRock

Advantage

Large

Cap

Core

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

General

Electric

Co.

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

1,238

$

206,486‌

HEICO

Corp.

,

Class

A

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

1,499

278,934‌

Lockheed

Martin

Corp.

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

3,524

1,712,452‌

Northrop

Grumman

Corp.

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

4,671

2,192,054‌

RTX

Corp.

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

1,542

178,440‌

4,568,366‌

Air

Freight

&

Logistics

—

0.4%

Expeditors

International

of

Washington,

Inc.

..

6,805

753,790‌

Automobile

Components

—

0.2%

(a)

BorgWarner,

Inc.

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

7,921

251,809‌

Lear

Corp.

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

1,096

103,791‌

355,600‌

Automobiles

—

1.9%

Tesla,

Inc.

(b)

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

9,794

3,955,209‌

Banks

—

4.0%

Bank

of

America

Corp.

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

64,532

2,836,181‌

Citigroup,

Inc.

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

26,207

1,844,711‌

JPMorgan

Chase

&

Co.

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

9,711

2,327,824‌

PNC

Financial

Services

Group,

Inc.

(The)

...

8,269

1,594,677‌

8,603,393‌

Biotechnology

—

2.5%

AbbVie,

Inc.

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

915

162,595‌

Amgen,

Inc.

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

1,406

366,460‌

Biogen,

Inc.

(b)

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

7,672

1,173,202‌

BioMarin

Pharmaceutical,

Inc.

(b)

..........

10,503

690,362‌

Gilead

Sciences,

Inc.

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

3,216

297,062‌

Ionis

Pharmaceuticals,

Inc.

(b)

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

5,746

200,880‌

Moderna,

Inc.

(b)

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

1,581

65,738‌

Natera,

Inc.

(b)

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

2,665

421,870‌

Neurocrine

Biosciences,

Inc.

(b)

...........

7,592

1,036,308‌

Regeneron

Pharmaceuticals,

Inc.

(b)

........

605

430,960‌

Ultragenyx

Pharmaceutical,

Inc.

(b)

.........

4,693

197,435‌

United

Therapeutics

Corp.

(b)

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

912

321,790‌

5,364,662‌

Broadline

Retail

—

4.4%

(b)

Amazon.com,

Inc.

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

43,144

9,465,362‌

Etsy,

Inc.

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

750

39,668‌

9,505,030‌

Building

Products

—

0.9%

Trane

Technologies

plc

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

5,243

1,936,502‌

Capital

Markets

—

4.6%

Charles

Schwab

Corp.

(The)

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

4,975

368,200‌

CME

Group,

Inc.

,

Class

A

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

8,431

1,957,931‌

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

2,605

460,225‌

Intercontinental

Exchange,

Inc.

..........

14,102

2,101,339‌

Invesco

Ltd.

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

92,439

1,615,834‌

Moody's

Corp.

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

939

444,494‌

Morgan

Stanley

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

13,469

1,693,323‌

MSCI,

Inc.

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

519

311,405‌

Nasdaq,

Inc.

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

1,077

83,263‌

S&P

Global,

Inc.

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

830

413,365‌

State

Street

Corp.

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

4,660

457,379‌

9,906,758‌

Chemicals

—

0.5%

Ecolab,

Inc.

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

807

189,096‌

Huntsman

Corp.

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

16,506

297,603‌

LyondellBasell

Industries

NV

,

Class

A

......

5,378

399,424‌

Security

Shares

Shares

Value

Chemicals

(continued)

Mosaic

Co.

(The)

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

7,574

$

186,169‌

1,072,292‌

Commercial

Services

&

Supplies

—

1.7%

Cintas

Corp.

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

12,404

2,266,211‌

Waste

Management,

Inc.

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

7,288

1,470,645‌

3,736,856‌

Communications

Equipment

—

1.1%

Motorola

Solutions,

Inc.

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

5,149

2,380,022‌

Construction

&

Engineering

—

1.1%

Comfort

Systems

USA,

Inc.

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

2,421

1,026,649‌

EMCOR

Group,

Inc.

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

1,091

495,205‌

MasTec,

Inc.

(b)

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

5,603

762,793‌

2,284,647‌

Consumer

Finance

—

0.1%

American

Express

Co.

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

549

162,938‌

Consumer

Staples

Distribution

&

Retail

—

2.9%

Costco

Wholesale

Corp.

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

3,527

3,231,684‌

Kroger

Co.

(The)

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

7,933

485,103‌

Walmart,

Inc.

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

27,959

2,526,096‌

6,242,883‌

Containers

&

Packaging

—

1.2%

Crown

Holdings,

Inc.

(a)

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

4,650

384,508‌

Packaging

Corp.

of

America

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

10,077

2,268,635‌

2,653,143‌

Diversified

Consumer

Services

—

0.1%

Bright

Horizons

Family

Solutions,

Inc.

(b)

.....

984

109,076‌

Electric

Utilities

—

1.0%

Exelon

Corp.

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

16,871

635,024‌

NextEra

Energy,

Inc.

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

1,768

126,748‌

OGE

Energy

Corp.

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

10,667

440,014‌

Pinnacle

West

Capital

Corp.

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

12,238

1,037,415‌

2,239,201‌

Electrical

Equipment

—

1.1%

Eaton

Corp.

plc

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

7,149

2,372,539‌

Electronic

Equipment,

Instruments

&

Components

—

0.7%

Amphenol

Corp.

,

Class

A

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

19,723

1,369,762‌

Flex

Ltd.

(b)

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

1,562

59,965‌

Insight

Enterprises,

Inc.

(a)

(b)

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

418

63,578‌

TE

Connectivity

plc

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

181

25,878‌

1,519,183‌

Energy

Equipment

&

Services

—

0.6%

Halliburton

Co.

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

44,419

1,207,753‌

Entertainment

—

0.4%

(b)

Netflix,

Inc.

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

619

551,727‌

ROBLOX

Corp.

,

Class

A

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

3,736

216,165‌

Roku,

Inc.

,

Class

A

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

432

32,115‌

800,007‌

Financial

Services

—

3.0%

Berkshire

Hathaway,

Inc.

,

Class

B

(b)

.......

1,875

849,900‌

Mastercard,

Inc.

,

Class

A

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

4,096

2,156,831‌

Visa,

Inc.

,

Class

A

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

10,897

3,443,888‌

6,450,619‌

Ground

Transportation

—

0.7%

Uber

Technologies,

Inc.

(b)

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

23,967

1,445,689‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

1.9%

Becton

Dickinson

&

Co.

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

730

$

165,615‌

Boston

Scientific

Corp.

(b)

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

2,186

195,254‌

Medtronic

plc

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

28,290

2,259,805‌

Stryker

Corp.

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

3,764

1,355,228‌

3,975,902‌

Health

Care

Providers

&

Services

—

2.3%

Cardinal

Health,

Inc.

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

5,589

661,011‌

Centene

Corp.

(b)

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

13,168

797,717‌

Cigna

Group

(The)

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

521

143,869‌

Elevance

Health,

Inc.

(a)

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

1,249

460,756‌

Encompass

Health

Corp.

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

274

25,304‌

HCA

Healthcare,

Inc.

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

4,713

1,414,607‌

Molina

Healthcare,

Inc.

(b)

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

318

92,554‌

Tenet

Healthcare

Corp.

(b)

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

1,870

236,050‌

UnitedHealth

Group,

Inc.

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

2,231

1,128,574‌

4,960,442‌

Hotels,

Restaurants

&

Leisure

—

2.0%

Airbnb,

Inc.

,

Class

A

(b)

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

1,299

170,701‌

Booking

Holdings,

Inc.

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

416

2,066,863‌

DoorDash,

Inc.

,

Class

A

(a)

(b)

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

1,924

322,751‌

Texas

Roadhouse,

Inc.

(a)

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

7,383

1,332,115‌

Wingstop,

Inc.

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

1,339

380,544‌

4,272,974‌

Household

Durables

—

0.7%

DR

Horton,

Inc.

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

5,034

703,854‌

NVR,

Inc.

(b)

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

6

49,073‌

PulteGroup,

Inc.

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

240

26,136‌

Taylor

Morrison

Home

Corp.

(b)

...........

4,894

299,562‌

Toll

Brothers,

Inc.

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

3,945

496,873‌

1,575,498‌

Household

Products

—

0.8%

Colgate-Palmolive

Co.

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

14,819

1,347,195‌

Procter

&

Gamble

Co.

(The)

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

2,096

351,395‌

1,698,590‌

Industrial

Conglomerates

—

0.1%

3M

Co.

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

1,130

145,872‌

Industrial

REITs

—

0.3%

First

Industrial

Realty

Trust,

Inc.

..........

11,885

595,795‌

Prologis,

Inc.

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

1,214

128,320‌

724,115‌

Insurance

—

2.5%

Allstate

Corp.

(The)

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

3,621

698,092‌

Brown

&

Brown,

Inc.

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

3,133

319,628‌

Globe

Life,

Inc.

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

196

21,858‌

Hartford

Financial

Services

Group,

Inc.

(The)

.

295

32,273‌

Marsh

&

McLennan

Cos.,

Inc.

(a)

..........

4,332

920,160‌

Progressive

Corp.

(The)

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

11,329

2,714,542‌

Reinsurance

Group

of

America,

Inc.

.......

1,682

359,326‌

Travelers

Cos.,

Inc.

(The)

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

828

199,457‌

5,265,336‌

Interactive

Media

&

Services

—

7.2%

Alphabet,

Inc.

,

Class

A

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

31,456

5,954,621‌

Alphabet,

Inc.

,

Class

C

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

19,096

3,636,642‌

Meta

Platforms,

Inc.

,

Class

A

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

9,794

5,734,485‌

Pinterest,

Inc.

,

Class

A

(b)

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

4,172

120,988‌

15,446,736‌

Security

Shares

Shares

Value

IT

Services

—

0.8%

Accenture

plc

,

Class

A

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

4,496

$

1,581,648‌

MongoDB,

Inc.

,

Class

A

(b)

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

933

217,212‌

1,798,860‌

Life

Sciences

Tools

&

Services

—

0.9%

Agilent

Technologies,

Inc.

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

1,979

265,859‌

Thermo

Fisher

Scientific,

Inc.

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

3,282

1,707,395‌

1,973,254‌

Machinery

—

1.8%

Caterpillar,

Inc.

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

2,039

739,668‌

Flowserve

Corp.

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

1,289

74,143‌

Oshkosh

Corp.

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

4,243

403,382‌

Parker-Hannifin

Corp.

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

4,053

2,577,829‌

3,795,022‌

Media

—

1.8%

Comcast

Corp.

,

Class

A

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

63,783

2,393,776‌

Fox

Corp.

,

Class

A

(a)

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

27,473

1,334,638‌

Fox

Corp.

,

Class

B

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

560

25,615‌

New

York

Times

Co.

(The)

,

Class

A

........

3,345

174,107‌

3,928,136‌

Metals

&

Mining

—

0.8%

Freeport-McMoRan,

Inc.

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

18,669

710,916‌

Nucor

Corp.

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

8,923

1,041,403‌

1,752,319‌

Multi-Utilities

—

0.2%

CMS

Energy

Corp.

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

6,440

429,226‌

Oil,

Gas

&

Consumable

Fuels

—

1.9%

Cheniere

Energy,

Inc.

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

652

140,095‌

Chevron

Corp.

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

6,139

889,173‌

Devon

Energy

Corp.

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

42,860

1,402,808‌

Hess

Corp.

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

569

75,683‌

Marathon

Petroleum

Corp.

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

4,517

630,121‌

Ovintiv,

Inc.

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

1,894

76,707‌

Targa

Resources

Corp.

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

128

22,848‌

Valero

Energy

Corp.

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

3,689

452,235‌

Williams

Cos.,

Inc.

(The)

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

5,459

295,441‌

3,985,111‌

Pharmaceuticals

—

2.6%

Eli

Lilly

&

Co.

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

4,209

3,249,348‌

Merck

&

Co.,

Inc.

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

6,497

646,322‌

Pfizer,

Inc.

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

54,789

1,453,552‌

Zoetis,

Inc.

,

Class

A

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

1,558

253,845‌

5,603,067‌

Professional

Services

—

0.1%

Booz

Allen

Hamilton

Holding

Corp.

........

2,333

300,257‌

Residential

REITs

—

0.3%

AvalonBay

Communities,

Inc.

...........

259

56,972‌

Camden

Property

Trust

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

2,943

341,506‌

Essex

Property

Trust,

Inc.

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

798

227,781‌

626,259‌

Retail

REITs

—

1.2%

Simon

Property

Group,

Inc.

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

14,264

2,456,403‌

Semiconductors

&

Semiconductor

Equipment

—

10.3%

Applied

Materials,

Inc.

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

3,061

497,810‌

Broadcom,

Inc.

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

13,801

3,199,624‌

Intel

Corp.

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

16,769

336,218‌

KLA

Corp.

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

389

245,117‌

Lam

Research

Corp.

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

19,653

1,419,536‌

Micron

Technology,

Inc.

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

7,800

656,448‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Advantage

Large

Cap

Core

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Monolithic

Power

Systems,

Inc.

..........

467

$

276,324‌

NVIDIA

Corp.

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

102,836

13,809,846‌

QUALCOMM,

Inc.

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

10,614

1,630,523‌

Texas

Instruments,

Inc.

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

199

37,315‌

22,108,761‌

Software

—

10.5%

Adobe,

Inc.

(b)

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

3,915

1,740,922‌

Autodesk,

Inc.

(b)

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

720

212,810‌

Elastic

NV

(b)

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

890

88,181‌

Fortinet,

Inc.

(b)

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

10,125

956,610‌

Intuit,

Inc.

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

405

254,543‌

Manhattan

Associates,

Inc.

(b)

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

2,028

548,047‌

Microsoft

Corp.

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

34,985

14,746,177‌

Oracle

Corp.

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

388

64,656‌

Palo

Alto

Networks,

Inc.

(b)

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

3,510

638,680‌

ServiceNow,

Inc.

(b)

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

1,785

1,892,314‌

Smartsheet,

Inc.

,

Class

A

(b)

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

6,038

338,309‌

Synopsys,

Inc.

(b)

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

1,657

804,242‌

Tyler

Technologies,

Inc.

(b)

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

78

44,978‌

Workiva,

Inc.

,

Class

A

(b)

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

1,236

135,342‌

22,465,811‌

Specialty

Retail

—

2.0%

Abercrombie

&

Fitch

Co.

,

Class

A

(b)

........

1,444

215,835‌

Bath

&

Body

Works,

Inc.

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

5,194

201,371‌

Best

Buy

Co.,

Inc.

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

2,392

205,234‌

Burlington

Stores,

Inc.

(b)

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

292

83,237‌

Carvana

Co.

,

Class

A

(b)

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

130

26,437‌

Dick's

Sporting

Goods,

Inc.

(a)

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

107

24,486‌

Gap,

Inc.

(The)

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

3,772

89,132‌

Home

Depot,

Inc.

(The)

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

6,120

2,380,619‌

Lowe's

Cos.,

Inc.

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

1,624

400,803‌

Ross

Stores,

Inc.

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

931

140,832‌

TJX

Cos.,

Inc.

(The)

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

4,481

541,350‌

4,309,336‌

Technology

Hardware,

Storage

&

Peripherals

—

7.5%

Apple,

Inc.

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

63,522

15,907,179‌

NetApp,

Inc.

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

388

45,039‌

15,952,218‌

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Deckers

Outdoor

Corp.

(b)

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

2,796

567,840‌

Ralph

Lauren

Corp.

,

Class

A

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

586

135,354‌

Skechers

USA,

Inc.

,

Class

A

(b)

...........

3,716

249,864‌

953,058‌

Tobacco

—

0.5%

Altria

Group,

Inc.

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

1,333

69,702‌

Philip

Morris

International,

Inc.

...........

9,137

1,099,638‌

1,169,340‌

Trading

Companies

&

Distributors

—

0.4%

Ferguson

Enterprises,

Inc.

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

3,705

643,077‌

WW

Grainger,

Inc.

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

111

116,999‌

760,076‌

Total

Long-Term

Investments

—

99

.0

%

(Cost:

$

171,431,533

)

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

212,058,137‌

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

3.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.63

%

(e)

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

4,896,744

$

4,899,191‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.36

%

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

2,052,618

2,052,618‌

Total

Short-Term

Securities

—

3

.3

%

(Cost:

$

6,952,146

)

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

6,951,809‌

Total

Investments

—

102

.3

%

(Cost:

$

178,383,679

)

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

219,009,946‌

Liabilities

in

Excess

of

Other

Assets

—

(

2.3

)

%

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

(

4,879,113‌

)

Net

Assets

—

100.0%

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

$

214,130,833‌

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

7

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—‌

$

4,899,398‌

(a)

$

—‌

$

130‌

$

(

337‌

)

$

4,899,191‌

4,896,744‌

$

19,478‌

(b)

$

—‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

1,533,477‌

519,141‌

(a)

—‌

—‌

—‌

2,052,618‌

2,052,618‌

93,810‌

—‌

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

3,431,619‌

—‌

(

3,429,987‌

)

(a)

(

1,567‌

)

(

65‌

)

—‌

—‌

—‌

—‌

$

(

1,437‌

)

$

(

402‌

)

$

6,951,809‌

$

113,288‌

$

—‌

—‌

—‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Advantage

Large

Cap

Core

Portfolio

8

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

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

7

03/21/25

$

2,078

$

(

54,006

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

54,006

$

—

$

—

$

—

$

54,006

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

December

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

465,228

$

—

$

—

$

—

$

465,228

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

(

97,510

)

$

—

$

—

$

—

$

(

97,510

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,045,766

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

212,058,137

$

—

$

—

$

212,058,137

Short-Term

Securities

Money

Market

Funds

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

6,951,809

—

—

6,951,809

$

219,009,946

$

—

$

—

$

219,009,946

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

9

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

54,006

)

$

—

$

—

$

(

54,006

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2024

BlackRock

Capital

Appreciation

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.8%

TransDigm

Group,

Inc.

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

3,539

$

4,484,904‌

Automobiles

—

3.8%

Ferrari

NV

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

7,111

3,021,037‌

Tesla,

Inc.

(a)

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

16,440

6,639,130‌

9,660,167‌

Broadline

Retail

—

10.2%

Amazon.com,

Inc.

(a)

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

118,223

25,936,944‌

Building

Products

—

0.7%

Trane

Technologies

plc

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

4,721

1,743,701‌

Capital

Markets

—

2.4%

Blackstone,

Inc.

,

Class

A

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

19,489

3,360,293‌

S&P

Global,

Inc.

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

5,503

2,740,659‌

6,100,952‌

Chemicals

—

1.2%

Sherwin-Williams

Co.

(The)

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

9,405

3,197,042‌

Commercial

Services

&

Supplies

—

1.3%

Copart,

Inc.

(a)

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

57,984

3,327,702‌

Electrical

Equipment

—

1.5%

Vertiv

Holdings

Co.

,

Class

A

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

33,319

3,785,372‌

Entertainment

—

3.1%

Netflix,

Inc.

(a)

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

8,835

7,874,812‌

Financial

Services

—

5.0%

Mastercard,

Inc.

,

Class

A

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

5,366

2,825,574‌

Visa,

Inc.

,

Class

A

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

31,497

9,954,312‌

12,779,886‌

Ground

Transportation

—

0.8%

Old

Dominion

Freight

Line,

Inc.

..........

11,489

2,026,660‌

Health

Care

Equipment

&

Supplies

—

3.8%

(a)

Align

Technology,

Inc.

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

10,376

2,163,500‌

Boston

Scientific

Corp.

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

28,457

2,541,779‌

Intuitive

Surgical,

Inc.

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

9,664

5,044,221‌

9,749,500‌

Hotels,

Restaurants

&

Leisure

—

1.0%

Hilton

Worldwide

Holdings,

Inc.

..........

10,025

2,477,779‌

Interactive

Media

&

Services

—

9.5%

Alphabet,

Inc.

,

Class

A

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

48,971

9,270,210‌

Meta

Platforms,

Inc.

,

Class

A

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

25,601

14,989,642‌

24,259,852‌

IT

Services

—

1.5%

(a)

MongoDB,

Inc.

,

Class

A

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

4,486

1,044,386‌

Shopify,

Inc.

,

Class

A

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

26,537

2,821,679‌

3,866,065‌

Life

Sciences

Tools

&

Services

—

1.0%

Danaher

Corp.

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

11,494

2,638,448‌

Media

—

0.8%

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

17,469

2,053,132‌

Pharmaceuticals

—

3.4%

Eli

Lilly

&

Co.

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

11,308

8,729,776‌

Real

Estate

Management

&

Development

—

1.0%

CoStar

Group,

Inc.

(a)

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

35,506

2,541,874‌

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

20.4%

ASML

Holding

NV

(Registered),

NYRS

,

ADR

.

4,820

$

3,340,646‌

Broadcom,

Inc.

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

61,317

14,215,733‌

NVIDIA

Corp.

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

238,527

32,031,791‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

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

11,850

2,340,256‌

51,928,426‌

Software

—

16.6%

AppLovin

Corp.

,

Class

A

(a)

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

7,967

2,579,954‌

Cadence

Design

Systems,

Inc.

(a)

.........

22,938

6,891,951‌

Intuit,

Inc.

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

9,558

6,007,203‌

Microsoft

Corp.

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

53,042

22,357,203‌

Salesforce,

Inc.

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

13,529

4,523,151‌

42,359,462‌

Technology

Hardware,

Storage

&

Peripherals

—

8.5%

Apple,

Inc.

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

86,475

21,655,069‌

Total

Common

Stocks

—

99

.3

%

(Cost:

$

133,726,090

)

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

253,177,525‌

Preferred

Securities

Preferred

Stocks

—

0.7%

Interactive

Media

&

Services

—

0.7%

ByteDance

Ltd.

,

Series

E-1

,

(Acquired

11/11/20

,

cost

$

1,124,560

)

(a)

(b)

(c)

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

10,263

1,854,524‌

Total

Preferred

Securities

—

0

.7

%

(Cost:

$

1,124,560

)

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

1,854,524‌

Total

Long-Term

Investments

—

100.0%

(Cost:

$

134,850,650

)

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

255,032,049‌

Short-Term

Securities

Money

Market

Funds

—

0.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.36

%

(d)

(e)

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

337,890

337,890‌

Total

Short-Term

Securities

—

0

.1

%

(Cost:

$

337,890

)

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

337,890‌

Total

Investments

—

100

.1

%

(Cost:

$

135,188,540

)

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

255,369,939‌

Liabilities

in

Excess

of

Other

Assets

—

(

0.1

)

%

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

(

248,966‌

)

Net

Assets

—

100.0%

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

$

255,120,973‌

(a)

Non-income

producing

security.

(b)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,854,524,

representing

0.73%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,124,560.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Capital

Appreciation

Portfolio

Schedules

of

Investments

11

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

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

$

—‌

$

—‌

$

(

3,176‌

)

(b)

$

3,176‌

$

—‌

$

—‌

—‌

$

7,211‌

(c)

$

—‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

316,443‌

21,447‌

(b)

—‌

—‌

—‌

337,890‌

337,890‌

16,565‌

—‌

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

........

13,577,219‌

—‌

(

13,576,130‌

)

(b)

(

1,403‌

)

314‌

—‌

—‌

12,902‌

(c)

—‌

$

1,773‌

$

314‌

$

337,890‌

$

36,678‌

$

—‌

—‌

—‌

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Capital

Appreciation

Portfolio

12

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

253,177,525

$

—

$

—

$

253,177,525

Preferred

Securities

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

—

—

1,854,524

1,854,524

Short-Term

Securities

Money

Market

Funds

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

337,890

—

—

337,890

$

253,515,415

$

—

$

1,854,524

$

255,369,939

Consolidated

Schedule

of

Investments

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.3%

(a)(b)

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

6.26%,

10/20/37

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

USD

250

$

251,139

Voya

CLO

Ltd.,

Series

2017-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.30%),

5.92%,

04/20/34

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

150

150,244

401,383

Ireland

—

0.6%

(b)(c)

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.28%,

02/15/37

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

EUR

100

105,123

Arbour

CLO

VI

DAC,

Series

6X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.37%,

11/15/37

.

100

104,249

Capital

Four

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.31%,

10/25/37

.

100

105,091

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.50%,

05/15/34

.......

100

104,282

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.81%,

08/15/38

.

100

105,080

Providus

CLO

II

DAC,

Series

2X,

Class

DRR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.38%,

10/15/38

.

100

104,536

Sona

Fios

CLO

III

DAC,

Series

3X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.41%,

04/20/37

.

110

114,974

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

6.62%,

10/20/38

.

100

104,975

848,310

United

Kingdom

—

0.0%

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

....

GBP

15

19,616

United

States

—

0.9%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

5.08%,

05/25/36

(b)

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

USD

10

10,069

Ajax

Mortgage

Loan

Trust,

Series

2021-

E,

Class

A1,

1.74%,

12/25/60

(a)(b)

.

145

124,759

GoodLeap

Home

Improvement

Solutions

Trust,

Series

2024-1A,

Class

A,

5.35%,

10/20/46

(a)

.....

117

116,431

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

20

15,516

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A4,

5.67%,

06/25/59

(a)

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

94

94,809

Navient

Private

Education

Refi

Loan

Trust

(a)

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

5.76%,

04/15/60

(b)

.........

54

53,808

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

110

100,355

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-A,

Class

A,

5.66%,

10/15/72

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

USD

131

$

132,449

Nelnet

Student

Loan

Trust

(a)

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

100

84,697

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

100

85,799

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)

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

10

9,500

Regional

Management

Issuance

Trust,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(a)(d)

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

200

187,260

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.86%),

9.26%,

10/15/41

(a)(b)

....

101

104,845

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

C,

2.99%,

01/15/53

(a)

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

119

102,370

SoFi

Personal

Loan

Trust,

Series

2024-

1A,

Class

A,

6.06%,

02/12/31

(a)

..

89

89,412

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(a)

...

45

45,781

1,357,860

Total

Asset-Backed

Securities

—

1.8%

(Cost:

$2,754,685)

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

2,627,169

Shares

Shares

Common

Stocks

Australia

—

0.5%

BHP

Group

Ltd.

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

5,006

122,120

Brambles

Ltd.

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

1,725

20,516

Coles

Group

Ltd.

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

1,928

22,507

Fortescue

Ltd.

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

967

10,889

Glencore

plc

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

81,560

359,205

Macquarie

Group

Ltd.

...........

334

45,679

Medibank

Pvt

Ltd.

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

5,351

12,542

Quintis

HoldCo

Pty.

Ltd.

(d)(e)(f)

......

218,994

1

Rio

Tinto

Ltd.

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

454

32,921

Steadfast

Group

Ltd.

...........

5,241

18,789

Woolworths

Group

Ltd.

..........

3,576

67,410

712,579

Belgium

—

0.1%

KBC

Group

NV

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

1,218

94,041

Syensqo

SA

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

267

19,499

113,540

Brazil

—

0.3%

B3

SA

-

Brasil

Bolsa

Balcao

.......

60,564

101,222

Banco

do

Brasil

SA

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

12,196

47,292

Magazine

Luiza

SA

(f)

...........

27,948

29,419

MercadoLibre,

Inc.

(f)

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

68

115,630

Seguridade

Participacoes

SA

......

6,226

36,371

Ultrapar

Participacoes

SA

........

7,706

19,921

XP,

Inc.

,

Class

A

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

2,158

25,572

375,427

Cambodia

—

0.0%

NagaCorp

Ltd.

(f)

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

8,000

2,989

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Canada

—

1.3%

Algoma

Steel

Group,

Inc.

........

4,547

$

44,470

Barrick

Gold

Corp.

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

4,266

66,151

Cameco

Corp.

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

10,130

520,581

Canadian

National

Railway

Co.

....

552

56,054

Canadian

Natural

Resources

Ltd.

...

2,536

78,297

Cenovus

Energy,

Inc.

...........

4,235

64,197

Enbridge,

Inc.

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

2,148

91,168

Fairfax

Financial

Holdings

Ltd.

.....

93

129,396

Franco-Nevada

Corp.

...........

922

108,347

Lionsgate

Studios

Corp.

(f)(g)

.......

2,108

16,021

Power

Corp.

of

Canada

(g)

........

4,362

136,069

Shopify,

Inc.

,

Class

A

(f)

..........

792

84,294

Suncor

Energy,

Inc.

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

10,682

381,296

Teck

Resources

Ltd.

,

Class

B

.....

609

24,691

Thomson

Reuters

Corp.

.........

392

62,946

1,863,978

Cayman

Islands

—

0.0%

Teya

Services

Ltd.,

Series

C,

(Acquired

11/16/21,

cost

$73,809)

(d)(f)(h)

....

38

12,806

China

—

1.2%

BYD

Co.

Ltd.

,

Class

H

..........

17,500

595,230

China

Tower

Corp.

Ltd.

,

Class

H

(a)(c)

.

104,000

14,936

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

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

7,135

258,725

Great

Wall

Motor

Co.

Ltd.

,

Class

A

..

25,157

90,177

Great

Wall

Motor

Co.

Ltd.

,

Class

H

..

32,500

56,638

Haidilao

International

Holding

Ltd.

(a)(c)

13,000

26,245

Lenovo

Group

Ltd.

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

12,000

15,427

NetEase,

Inc.

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

5,800

103,239

Nongfu

Spring

Co.

Ltd.

,

Class

H

(a)(c)(g)

9,253

39,997

Prosus

NV

,

Class

N

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

2,339

92,916

Seres

Group

Co.

Ltd.

,

Class

A

.....

1,400

25,412

Tencent

Holdings

Ltd.

...........

5,441

290,401

Weichai

Power

Co.

Ltd.

,

Class

A

....

14,417

26,917

Weichai

Power

Co.

Ltd.

,

Class

H

...

18,000

27,338

Xiaomi

Corp.

,

Class

B

(a)(c)(f)

........

5,000

21,929

1,685,527

Colombia

—

0.0%

Bancolombia

SA

,

ADR

..........

136

4,285

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

130

4,540

Moneta

Money

Bank

A/S

(a)(c)

......

810

4,122

8,662

Denmark

—

0.7%

AP

Moller

-

Maersk

A/S

,

Class

B

....

29

48,249

Ascendis

Pharma

A/S

,

ADR

(f)

......

292

40,200

Carlsberg

A/S

,

Class

B

..........

461

44,276

DSV

A/S

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

1,079

229,790

Genmab

A/S

(f)

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

62

12,948

Novo

Nordisk

A/S

,

Class

B

.......

5,710

492,669

Novonesis

(Novozymes)

,

Class

B

...

1,484

84,093

Vestas

Wind

Systems

A/S

(f)

.......

4,398

60,327

1,012,552

Finland

—

0.0%

Elisa

OYJ

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

560

24,247

Sampo

OYJ

,

Class

A

...........

279

11,396

35,643

France

—

2.0%

Accor

SA

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

5,618

273,246

Atos

SE

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

5,511,718

14,844

AXA

SA

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

1,867

66,446

Security

Shares

Shares

Value

France

(continued)

BNP

Paribas

SA

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

511

$

31,374

Bouygues

SA

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

1,366

40,448

Carrefour

SA

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

3,245

46,185

Cie

de

Saint-Gobain

SA

.........

7,367

654,644

Dassault

Systemes

SE

..........

2,767

95,749

Edenred

SE

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

1,289

42,377

Eiffage

SA

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

456

39,987

EssilorLuxottica

SA

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

1,532

373,701

Hermes

International

SCA

........

194

465,478

La

Francaise

des

Jeux

SACA

(a)(c)

...

370

14,249

L'Oreal

SA

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

79

27,966

LVMH

Moet

Hennessy

Louis

Vuitton

SE

925

608,459

Orange

SA

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

7,764

77,468

Sodexo

SA

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

203

16,728

Vivendi

SE

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

2,433

6,435

2,895,784

Georgia

—

0.0%

Bank

of

Georgia

Group

plc

.......

67

3,951

Germany

—

0.7%

adidas

AG

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

1,774

436,341

CTS

Eventim

AG

&

Co.

KGaA

.....

67

5,664

Evonik

Industries

AG

...........

2,265

39,370

Fresenius

Medical

Care

AG

.......

767

34,922

Heidelberg

Materials

AG

.........

459

56,716

Merck

KGaA

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

384

55,881

MTU

Aero

Engines

AG

..........

321

107,213

Northern

Data

AG

(f)

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

301

13,935

Rational

AG

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

38

32,547

Rheinmetall

AG

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

72

46,001

RWE

AG

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

3,621

108,136

Zalando

SE

(a)(c)(f)

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

174

5,821

942,547

Greece

—

0.0%

Athens

International

Airport

SA

.....

888

7,359

OPAP

SA

,

Class

R

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

225

3,657

11,016

Hong

Kong

—

0.3%

AIA

Group

Ltd.

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

41,800

300,244

Orient

Overseas

International

Ltd.

..

1,500

22,102

Prudential

plc

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

5,063

40,180

362,526

Hungary

—

0.0%

OTP

Bank

Nyrt.

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

253

13,827

India

—

0.1%

Aditya

Birla

Capital

Ltd.

(f)

.........

1,609

3,334

Axis

Bank

Ltd.

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

356

4,415

Bharat

Electronics

Ltd.

..........

1,023

3,491

Bharat

Petroleum

Corp.

Ltd.

......

849

2,887

Cipla

Ltd.

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

751

13,384

Eicher

Motors

Ltd.

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

140

7,877

GAIL

India

Ltd.

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

4,239

9,421

Godrej

Consumer

Products

Ltd.

....

284

3,583

Hindustan

Aeronautics

Ltd.

(c)

......

399

19,419

Hindustan

Petroleum

Corp.

Ltd.

....

1,037

4,930

IndusInd

Bank

Ltd.

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

644

7,206

ITC

Ltd.

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

1,823

10,279

JSW

Energy

Ltd.

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

686

5,137

Kotak

Mahindra

Bank

Ltd.

........

3,740

77,849

Larsen

&

Toubro

Ltd.

...........

66

2,774

Maruti

Suzuki

India

Ltd.

.........

23

2,909

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

India

(continued)

Think

&

Learn

Pvt

Ltd.,

(Acquired

12/11/20,

cost

$67,547)

(d)(f)(h)

....

45

$

—

UltraTech

Cement

Ltd.

..........

22

2,931

181,826

Indonesia

—

0.1%

Astra

International

Tbk.

PT

.......

32,700

9,940

Bank

Central

Asia

Tbk.

PT

........

90,500

54,401

Bank

Negara

Indonesia

Persero

Tbk.

PT

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

100,900

27,155

Bank

Syariah

Indonesia

Tbk.

PT

....

93,200

15,745

Ciputra

Development

Tbk.

PT

.....

104,200

6,353

Mitra

Adiperkasa

Tbk.

PT

........

44,400

3,875

117,469

Ireland

—

0.0%

Kingspan

Group

plc

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

766

55,686

Israel

—

0.0%

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(f)

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

2,670

58,847

Italy

—

1.4%

BPER

Banca

SpA

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

10,225

65,213

Ferrari

NV

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

350

149,345

FinecoBank

Banca

Fineco

SpA

....

547

9,547

Intesa

Sanpaolo

SpA

...........

291,823

1,170,449

Stevanato

Group

SpA

...........

484

10,546

UniCredit

SpA

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

14,730

589,913

Wizz

Air

Holdings

plc

(a)(c)(f)

........

301

5,394

2,000,407

Japan

—

3.1%

Asahi

Intecc

Co.

Ltd.

...........

1,600

25,960

Bandai

Namco

Holdings,

Inc.

......

1,600

38,152

Dai-ichi

Life

Holdings,

Inc.

........

3,100

82,604

Daiichi

Sankyo

Co.

Ltd.

..........

6,649

181,938

Daikin

Industries

Ltd.

...........

1,739

202,908

Daiwa

Securities

Group,

Inc.

......

6,200

40,912

Ebara

Corp.

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

2,200

33,754

Eisai

Co.

Ltd.

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

1,000

27,230

FANUC

Corp.

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

1,976

51,619

FUJIFILM

Holdings

Corp.

........

3,643

75,372

GMO

Payment

Gateway,

Inc.

......

400

20,158

Hoya

Corp.

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

4,559

565,801

Isetan

Mitsukoshi

Holdings

Ltd.

....

1,900

32,622

Ito

En

Ltd.

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

514

11,544

J

Front

Retailing

Co.

Ltd.

.........

1,500

19,982

Kakaku.com,

Inc.

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

300

4,571

Kansai

Paint

Co.

Ltd.

...........

1,272

18,182

Kawasaki

Kisen

Kaisha

Ltd.

.......

3,500

49,794

Keyence

Corp.

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

1,187

482,482

Kokusai

Electric

Corp.

..........

700

9,173

Kuraray

Co.

Ltd.

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

900

12,891

Kyowa

Kirin

Co.

Ltd.

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

500

7,519

Kyushu

Railway

Co.

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

1,900

46,324

Mazda

Motor

Corp.

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

2,400

16,365

Mitsubishi

Chemical

Group

Corp.

...

8,300

41,920

Mitsubishi

Corp.

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

1,800

29,451

Mitsubishi

Electric

Corp.

.........

6,500

109,757

Mitsubishi

UFJ

Financial

Group,

Inc.

.

57,900

675,965

Mitsui

&

Co.

Ltd.

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

19,100

396,117

Mitsui

OSK

Lines

Ltd.

...........

1,400

48,718

Money

Forward,

Inc.

(f)

...........

100

3,030

MS&AD

Insurance

Group

Holdings,

Inc.

2,600

56,154

Nexon

Co.

Ltd.

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

1,200

17,850

Nidec

Corp.

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

8,400

150,878

Security

Shares

Shares

Value

Japan

(continued)

Nikon

Corp.

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

900

$

9,272

Nippon

Paint

Holdings

Co.

Ltd.

.....

4,954

31,985

Nippon

Yusen

KK

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

2,200

73,224

Nomura

Holdings,

Inc.

..........

3,700

21,467

Nomura

Research

Institute

Ltd.

....

1,416

41,576

Panasonic

Holdings

Corp.

........

3,500

35,772

Rakus

Co.

Ltd.

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

1,473

17,148

Rakuten

Group,

Inc.

(f)

...........

4,300

23,166

Santen

Pharmaceutical

Co.

Ltd.

....

1,563

16,004

Sekisui

House

Ltd.

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

800

19,075

Socionext,

Inc.

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

3,400

53,115

Sojitz

Corp.

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

1,400

28,532

Sompo

Holdings,

Inc.

...........

3,700

95,868

Sony

Group

Corp.

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

2,500

52,689

Sumitomo

Mitsui

Financial

Group,

Inc.

1,300

31,200

Suzuki

Motor

Corp.

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

4,000

44,817

Tokio

Marine

Holdings,

Inc.

.......

1,700

61,010

Tokyo

Electron

Ltd.

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

300

45,096

TOPPAN

Holdings,

Inc.

..........

500

13,264

Toyota

Tsusho

Corp.

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

3,000

53,054

Trend

Micro,

Inc.

(f)

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

1,100

59,304

Unicharm

Corp.

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

5,400

44,518

Yamaha

Motor

Co.

Ltd.

(g)

.........

7,776

68,512

4,527,365

Jordan

—

0.0%

Hikma

Pharmaceuticals

plc

.......

720

17,951

Kazakhstan

—

0.0%

(c)

Halyk

Savings

Bank

of

Kazakhstan

JSC

,

GDR

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

246

4,767

Kaspi.KZ

JSC

,

ADR

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

116

10,986

15,753

Macau

—

0.0%

Wynn

Macau

Ltd.

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

47,926

33,054

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

2,100

3,847

Frontken

Corp.

Bhd.

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

8,000

7,967

11,814

Mexico

—

0.1%

Cemex

SAB

de

CV

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

80,140

45,007

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

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

535

13,760

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

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

12,372

79,723

Wal-Mart

de

Mexico

SAB

de

CV

....

12,584

33,121

171,611

Netherlands

—

1.5%

ABN

AMRO

Bank

NV

,

CVA

(a)(c)

.....

578

8,919

Adyen

NV

(a)(c)(f)

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

15

22,291

Argenx

SE

(f)

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

41

25,326

ASML

Holding

NV

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

1,250

875,543

ING

Groep

NV

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

2,839

44,492

Koninklijke

Ahold

Delhaize

NV

.....

3,514

114,623

Koninklijke

KPN

NV

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

14,208

51,809

Koninklijke

Vopak

NV

...........

286

12,588

Shell

plc

(g)

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

26,844

842,451

Shell

plc

,

ADR

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

2,111

132,254

Wolters

Kluwer

NV

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

399

66,292

2,196,588

Norway

—

0.1%

DNB

Bank

ASA

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

828

16,531

Equinor

ASA

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

3,234

76,707

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Norway

(continued)

Kongsberg

Gruppen

ASA

........

214

$

24,077

Telenor

ASA

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

2,215

24,713

142,028

Peru

—

0.0%

Credicorp

Ltd.

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

351

64,345

Philippines

—

0.0%

Ayala

Land,

Inc.

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

19,500

8,777

Bloomberry

Resorts

Corp.

(f)

.......

53,600

4,225

International

Container

Terminal

Services,

Inc.

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

840

5,605

Metropolitan

Bank

&

Trust

Co.

.....

4,800

5,944

24,551

Poland

—

0.0%

LPP

SA

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

1

3,763

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

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

390

5,646

Powszechny

Zaklad

Ubezpieczen

SA

3,875

43,043

52,452

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

(g)

.....

354

6,765

Romania

—

0.0%

Banca

Transilvania

SA

..........

494

2,776

Saudi

Arabia

—

0.0%

Abdullah

Al

Othaim

Markets

Co.

....

2,453

6,855

Al

Rajhi

Bank

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

439

11,034

Elm

Co.

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

22

6,528

Etihad

Etisalat

Co.

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

829

11,769

Riyadh

Cables

Group

Co.

........

109

3,994

Saudi

Basic

Industries

Corp.

......

256

4,565

Saudi

National

Bank

(The)

........

936

8,306

Yanbu

National

Petrochemical

Co.

..

453

4,556

57,607

Singapore

—

0.0%

Sea

Ltd.

,

ADR,

Class

A

(f)

.........

88

9,337

STMicroelectronics

NV

..........

421

10,545

UOL

Group

Ltd.

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

2,010

7,591

27,473

South

Africa

—

0.0%

Anglo

American

plc

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

626

18,509

FirstRand

Ltd.

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

3,690

14,801

Kumba

Iron

Ore

Ltd.

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

510

8,817

42,127

South

Korea

—

0.3%

Coupang,

Inc.

,

Class

A

(f)

.........

2,468

54,247

Fila

Holdings

Corp.

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

164

4,451

GS

Engineering

&

Construction

Corp.

(f)

711

8,339

HD

Hyundai

Infracore

Co.

Ltd.

(f)

....

1,767

8,199

HD

Hyundai

Mipo

(f)

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

164

14,877

KakaoBank

Corp.

(f)

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

969

13,691

Kia

Corp.

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

500

33,835

Krafton,

Inc.

(f)

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

124

26,130

NAVER

Corp.

(f)

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

227

30,289

Samsung

C&T

Corp.

(f)

...........

226

17,463

Samsung

Electronics

Co.

Ltd.

.....

3,676

131,185

Samsung

Life

Insurance

Co.

Ltd.

(f)

..

343

21,949

364,655

Spain

—

0.5%

Amadeus

IT

Group

SA

..........

97

6,847

Banco

Bilbao

Vizcaya

Argentaria

SA

.

16,880

165,161

Security

Shares

Shares

Value

Spain

(continued)

Banco

de

Sabadell

SA

..........

7,712

$

14,987

Bankinter

SA

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

3,878

30,692

Cellnex

Telecom

SA

(a)(c)

..........

14,830

468,428

Industria

de

Diseno

Textil

SA

......

955

48,919

Repsol

SA

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

1,629

19,822

754,856

Sweden

—

0.2%

Boliden

AB

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

756

21,270

Evolution

AB

(a)(c)

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

679

52,362

SSAB

AB

,

Class

A

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

1,697

6,886

SSAB

AB

,

Class

B

(g)

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

3,437

13,640

Telia

Co.

AB

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

10,863

30,193

Volvo

AB

,

Class

B

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

3,815

92,713

217,064

Switzerland

—

0.8%

ABB

Ltd.

(Registered)

...........

1,788

96,549

Alcon

AG

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

493

41,800

Belimo

Holding

AG

(Registered)

....

38

25,130

Galderma

Group

AG

(f)

...........

4,085

452,994

Geberit

AG

(Registered)

.........

83

47,071

Kuehne

+

Nagel

International

AG

(Registered)

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

439

100,726

Logitech

International

SA

(Registered)

1,352

111,603

Novartis

AG

(Registered)

........

2,166

210,876

SGS

SA

(Registered)

...........

645

64,705

Sika

AG

(Registered)

...........

195

46,528

1,197,982

Taiwan

—

1.2%

ASMedia

Technology,

Inc.

........

1,000

60,289

Asustek

Computer,

Inc.

..........

1,000

18,744

Chicony

Electronics

Co.

Ltd.

......

5,379

24,902

Compal

Electronics,

Inc.

.........

30,519

34,942

Evergreen

Marine

Corp.

Taiwan

Ltd.

.

9,000

61,737

Fortune

Electric

Co.

Ltd.

.........

1,000

17,120

Genius

Electronic

Optical

Co.

Ltd.

..

3,779

58,304

Global

Unichip

Corp.

...........

1,000

41,288

MediaTek,

Inc.

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

2,940

126,390

Quanta

Computer,

Inc.

..........

6,571

57,190

Realtek

Semiconductor

Corp.

.....

4,796

82,887

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

32,000

1,040,002

Wan

Hai

Lines

Ltd.

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

14,000

34,597

Yang

Ming

Marine

Transport

Corp.

..

24,000

55,380

1,713,772

Thailand

—

0.0%

Advanced

Info

Service

PCL

.......

1,100

9,229

CP

ALL

PCL

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

6,000

9,781

True

Corp.

PCL

,

NVDR

(f)

.........

16,800

5,454

24,464

Turkey

—

0.0%

Eldorado

Gold

Corp.

(f)

...........

537

7,985

Turkiye

Is

Bankasi

A/S

,

Class

C

....

25,696

9,821

17,806

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(d)(f)

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

8,338

—

United

Kingdom

—

2.5%

Admiral

Group

plc

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

1,509

49,851

Auto

Trader

Group

plc

(a)(c)

........

7,293

72,163

BAE

Systems

plc

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

54,311

779,107

Barclays

plc

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

5,246

17,549

BP

plc

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

10,103

49,939

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

Kingdom

(continued)

British

American

Tobacco

plc

......

4,086

$

147,442

Compass

Group

plc

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

16,670

554,668

Flutter

Entertainment

plc

(f)

........

248

64,126

Genius

Sports

Ltd.

(f)

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

5,166

44,686

Hargreaves

Lansdown

plc

........

2,808

38,532

Imperial

Brands

plc

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

1,006

32,171

J

Sainsbury

plc

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

15,679

53,577

Kingfisher

plc

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

13,353

41,506

Lloyds

Banking

Group

plc

........

34,456

23,531

London

Stock

Exchange

Group

plc

..

1,367

192,959

Marks

&

Spencer

Group

plc

.......

8,606

40,304

National

Grid

plc

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

45,630

542,096

NatWest

Group

plc

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

10,201

51,120

RELX

plc

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

14,016

635,051

Rolls-Royce

Holdings

plc

(f)

........

12,375

87,756

Standard

Chartered

plc

..........

3,700

45,551

Tesco

plc

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

5,620

25,848

3,589,533

United

States

—

46.7%

3M

Co.

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

203

26,205

AbbVie,

Inc.

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

579

102,888

Adobe,

Inc.

(f)

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

2,163

961,843

Advanced

Micro

Devices,

Inc.

(f)

....

278

33,580

AES

Corp.

(The)

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

6,021

77,490

Airbnb,

Inc.

,

Class

A

(f)

...........

135

17,740

Akamai

Technologies,

Inc.

(f)

.......

492

47,060

Alaska

Air

Group,

Inc.

(f)

..........

800

51,800

Alphabet,

Inc.

,

Class

C

..........

14,177

2,699,868

Altice

USA,

Inc.

,

Class

A

(f)

........

7,585

18,280

Altria

Group,

Inc.

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

3,608

188,662

Amazon.com,

Inc.

(f)(i)

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

13,545

2,971,638

AMC

Networks,

Inc.

,

Class

A

(f)

.....

748

7,405

Amentum

Holdings,

Inc.

(f)

........

2,296

48,285

American

Water

Works

Co.,

Inc.

....

331

41,206

Amgen,

Inc.

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

59

15,378

ANSYS,

Inc.

(f)

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

835

281,671

Aon

plc

,

Class

A

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

266

95,537

Apollo

Global

Management,

Inc.

....

900

148,644

Apple,

Inc.

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

12,827

3,212,137

Applied

Materials,

Inc.

..........

544

88,471

Astra

Space,

Inc.

,

Class

A

(f)

.......

390

195

Autodesk,

Inc.

(f)

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

1,984

586,411

Avaya,

Inc.

(f)

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

16

97

Bank

of

America

Corp.

..........

26,858

1,180,409

Beacon

Roofing

Supply,

Inc.

(f)

.....

508

51,603

Biogen,

Inc.

(f)

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

291

44,500

Boeing

Co.

(The)

(f)

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

2,328

412,056

Booking

Holdings,

Inc.

..........

45

223,579

BorgWarner,

Inc.

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

976

31,027

Boston

Scientific

Corp.

(f)(i)

........

10,726

958,046

Boyd

Gaming

Corp.

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

300

21,762

Bristol-Myers

Squibb

Co.

.........

1,107

62,612

Broadcom,

Inc.

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

5,417

1,255,877

Builders

FirstSource,

Inc.

(f)

........

262

37,448

Bunge

Global

SA

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

225

17,496

Cadence

Design

Systems,

Inc.

(f)

....

872

262,001

Caesars

Entertainment,

Inc.

(f)

......

683

22,826

Capital

One

Financial

Corp.

.......

3,819

681,004

Cardinal

Health,

Inc.

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

308

36,427

CarMax,

Inc.

(f)

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

311

25,427

Carrier

Global

Corp.

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

773

52,765

Centene

Corp.

(f)

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

645

39,074

CF

Industries

Holdings,

Inc.

.......

5,260

448,783

Cheniere

Energy,

Inc.

...........

751

161,367

Chevron

Corp.

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

2,887

418,153

Security

Shares

Shares

Value

United

States

(continued)

Chipotle

Mexican

Grill,

Inc.

(f)

......

7,591

$

457,737

Citigroup,

Inc.

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

1,028

72,361

CME

Group,

Inc.

,

Class

A

........

208

48,304

Coinbase

Global,

Inc.

,

Class

A

(f)

....

231

57,357

Colgate-Palmolive

Co.

..........

388

35,273

Comerica,

Inc.

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

100

6,185

CommScope

Holding

Co.,

Inc.

(f)

....

2,860

14,901

Concentra

Group

Holdings

Parent,

Inc.

775

15,330

Confluent,

Inc.

,

Class

A

(f)

.........

13,110

366,556

ConocoPhillips

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

397

39,371

Consolidated

Edison,

Inc.

........

635

56,661

Constellium

SE

,

Class

A

(f)

........

763

7,836

Coreweave,

Inc.

(d)(f)

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

47

44,173

Corpay,

Inc.

(f)

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

211

71,407

Costco

Wholesale

Corp.

.........

1,261

1,155,416

Coterra

Energy,

Inc.

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

2,831

72,304

CRH

plc

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

7,832

724,617

CRH

plc

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

119

11,016

Crowdstrike

Holdings,

Inc.

,

Class

A

(f)

.

494

169,027

Crown

PropTech

Acquisitions

(d)(f)

....

1,992

307

Crown

PropTech

Acquisitions

,

Class

A

(f)

845

9,312

CSL

Ltd.

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

189

32,971

CyberArk

Software

Ltd.

(f)

.........

244

81,289

Danaher

Corp.

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

2,041

468,512

Datadog,

Inc.

,

Class

A

(f)(g)

........

2,284

326,361

Davidson

Kempner

Merchant

Co.-Invest

Fund

LP,

(Acquired

04/07/21,

cost

$36,787)

(f)(h)(j)

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

—

(k)

166,980

Deckers

Outdoor

Corp.

(f)

.........

210

42,649

Dell

Technologies,

Inc.

,

Class

C

....

177

20,398

Delta

Air

Lines,

Inc.

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

8,488

513,524

Devon

Energy

Corp.

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

1,189

38,916

Dexcom,

Inc.

(f)

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

1,363

106,001

DF

Residential

I

LP

(d)(f)

..........

23,229

22,996

Discover

Financial

Services

.......

2,320

401,894

DoorDash,

Inc.

,

Class

A

(f)(g)

.......

87

14,594

DR

Horton,

Inc.

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

742

103,746

DraftKings,

Inc.

,

Class

A

(f)

........

1,777

66,104

DuPont

de

Nemours,

Inc.

........

1,125

85,781

Eaton

Corp.

plc

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

936

310,630

Edwards

Lifesciences

Corp.

(f)

......

3,610

267,248

Electronic

Arts,

Inc.

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

693

101,386

Elevance

Health,

Inc.

(g)

..........

114

42,055

Eli

Lilly

&

Co.

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

907

700,204

Enterprise

Products

Partners

LP

....

1,501

47,071

EOG

Resources,

Inc.

...........

1,039

127,361

EPAM

Systems,

Inc.

(f)

...........

32

7,482

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$274,275)

(d)(f)(h)

..........

504

338,325

EQT

Corp.

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

5,117

235,945

Equinix,

Inc.

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

37

34,887

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

183

13,721

Eversource

Energy

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

1,173

67,365

Expedia

Group,

Inc.

(f)

...........

99

18,447

Expeditors

International

of

Washington,

Inc.

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

1,221

135,250

Experian

plc

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

2,780

119,484

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

08/17/22,

cost

$301,006)

(d)

(f)(h)

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

4,437

266,220

Farmers

Business

Network,

Inc.

(d)(f)

..

2,421

6,416

Fidelity

National

Information

Services,

Inc.

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

533

43,050

Fifth

Third

Bancorp

(g)

...........

1,445

61,095

First

Citizens

BancShares,

Inc.

,

Class

A

18

38,034

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

First

Horizon

Corp.

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

557

$

11,218

Flagstar

Financial,

Inc.

..........

8,913

83,161

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(f)

1,639

163,408

Ford

Motor

Co.

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

1,981

19,612

Fortinet,

Inc.

(f)

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

1,515

143,137

Franklin

Resources,

Inc.

(g)

........

2,463

49,974

Freeport-McMoRan,

Inc.

.........

11,280

429,542

FreeWire

Technologies,

Inc.

(d)(f)

.....

1

—

Garmin

Ltd.

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

264

54,453

Generac

Holdings,

Inc.

(f)

.........

120

18,606

General

Electric

Co.

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

196

32,691

General

Mills,

Inc.

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

261

16,644

General

Motors

Co.

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

1,105

58,863

Global

Payments,

Inc.

..........

801

89,760

Golden

Entertainment,

Inc.

.......

109

3,444

Goldman

Sachs

Group,

Inc.

(The)

..

504

288,600

Grand

Rounds,

Inc.,

(Acquired

02/11/22,

cost

$179,056)

(d)(f)(h)

....

67,553

50,665

GSK

plc

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

4,104

69,223

Healthpeak

Properties,

Inc.

.......

4,999

101,330

Hess

Corp.

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

1,889

251,256

Hilton

Worldwide

Holdings,

Inc.

....

445

109,986

Home

Depot,

Inc.

(The)

.........

1,909

742,582

Hormel

Foods

Corp.

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

1,230

38,585

HP,

Inc.

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

1,552

50,642

HubSpot,

Inc.

(f)

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

502

349,779

IDEXX

Laboratories,

Inc.

(f)

........

246

101,706

iHeartMedia,

Inc.

,

Class

A

(f)

.......

60

119

Ingersoll

Rand,

Inc.

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

4,132

373,781

Inspire

Medical

Systems,

Inc.

(f)

.....

79

14,645

Intel

Corp.

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

2,944

59,027

Intuit,

Inc.

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

475

298,538

Intuitive

Surgical,

Inc.

(f)

..........

1,177

614,347

Invesco

Ltd.

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

4,469

78,118

Jabil,

Inc.

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

212

30,507

Jack

Henry

&

Associates,

Inc.

.....

190

33,307

James

Hardie

Industries

plc

,

CDI

(f)

..

1,333

41,084

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(d)(f)(h)

........

6,968

—

Johnson

&

Johnson

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

1,471

212,736

JPMorgan

Chase

&

Co.

.........

5,372

1,287,722

Kimberly-Clark

Corp.

...........

625

81,900

Kinder

Morgan,

Inc.

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

2,149

58,883

KLA

Corp.

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

89

56,081

Lam

Research

Corp.

...........

3,850

278,086

Landsea

Homes

Corp.

(f)

.........

2,588

21,972

Latch,

Inc.

(f)

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

4,082

531

Liberty

Media

Corp.-Liberty

Live

,

Class

C

(f)

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

331

22,528

Lineage,

Inc.

(g)

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

332

19,445

Lions

Gate

Entertainment

Corp.

,

Class

A

(f)(g)

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

2,402

20,513

Lions

Gate

Entertainment

Corp.

,

Class

B

(f)

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

214

1,616

Live

Nation

Entertainment,

Inc.

(f)

....

3,048

394,716

Lockheed

Martin

Corp.

..........

346

168,135

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$16,643)

(d)(f)(h)

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

1,457

1,384

Lululemon

Athletica,

Inc.

(f)

........

116

44,360

Lumen

Technologies,

Inc.

(f)

.......

2,839

15,075

MarketAxess

Holdings,

Inc.

.......

393

88,834

Marriott

International,

Inc.

,

Class

A

..

132

36,820

Marsh

&

McLennan

Cos.,

Inc.

.....

4,756

1,010,222

Marvell

Technology,

Inc.

.........

2,003

221,231

Masimo

Corp.

(f)

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

1,407

232,577

Security

Shares

Shares

Value

United

States

(continued)

Mastercard,

Inc.

,

Class

A

.........

2,502

$

1,317,478

Match

Group,

Inc.

(f)

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

2,028

66,336

Medtronic

plc

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

1,797

143,544

Merck

&

Co.,

Inc.

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

3,240

322,315

Meta

Platforms,

Inc.

,

Class

A

......

2,867

1,678,657

Mettler-Toledo

International,

Inc.

(f)

...

19

23,250

MGM

Resorts

International

(f)(g)

.....

1,704

59,044

Micron

Technology,

Inc.

..........

4,399

370,220

Microsoft

Corp.

(i)

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

10,077

4,247,456

Moderna,

Inc.

(f)

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

805

33,472

Mondelez

International,

Inc.

,

Class

A

.

2,603

155,477

Monolithic

Power

Systems,

Inc.

....

187

110,648

Morgan

Stanley

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

676

84,987

MSCI,

Inc.

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

321

192,603

NetApp,

Inc.

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

1,584

183,871

Netflix,

Inc.

(f)

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

254

226,395

NextEra

Energy,

Inc.

...........

8,813

631,804

Northrop

Grumman

Corp.

........

178

83,534

NRG

Energy,

Inc.

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

1,098

99,062

Nucor

Corp.

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

205

23,926

NVIDIA

Corp.

(i)

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

27,302

3,666,386

Omnicom

Group,

Inc.

(g)

..........

546

46,978

Opendoor

Technologies,

Inc.

,

Class

A

(f)

5,720

9,152

Oracle

Corp.

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

4,871

811,703

Palladyne

AI

Corp.

(f)

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

4,710

57,796

Palladyne

AI

Corp.

(f)(g)

...........

228

2,797

Palo

Alto

Networks,

Inc.

(f)

........

940

171,042

Paramount

Global

,

Class

B

.......

1,550

16,213

PepsiCo,

Inc.

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

233

35,430

Pfizer,

Inc.

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

3,476

92,218

Philip

Morris

International,

Inc.

.....

520

62,582

Playstudios,

Inc.

,

Class

A

(f)

.......

6,121

11,385

PNC

Financial

Services

Group,

Inc.

(The)

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

1,004

193,621

Principal

Financial

Group,

Inc.

.....

1,155

89,409

Procter

&

Gamble

Co.

(The)

......

290

48,619

Progressive

Corp.

(The)

.........

4,320

1,035,115

PulteGroup,

Inc.

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

206

22,433

ResMed,

Inc.

(g)

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

164

37,505

Rollins,

Inc.

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

750

34,763

Royal

Caribbean

Cruises

Ltd.

.....

574

132,416

RTX

Corp.

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

847

98,015

S&P

Global,

Inc.

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

651

324,218

Salesforce,

Inc.

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

718

240,049

Sanofi

SA

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

4,010

389,815

Schneider

Electric

SE

...........

136

33,858

Screaming

Eagle

Acquistion

Corp.,

(Acquired

05/14/24,

cost

$21,956)

(f)(h)

2,160

16,416

Seagate

Technology

Holdings

plc

(g)

..

790

68,185

Sempra

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

5,281

463,249

ServiceNow,

Inc.

(f)

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

503

533,240

ServiceTitan,

Inc.

,

Class

A

(f)

.......

484

49,789

Skyworks

Solutions,

Inc.

(g)

........

508

45,049

Snorkel

AI,

Inc.,

(Acquired

06/30/21,

cost

$7,945)

(d)(f)(h)

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

529

5,327

Snowflake,

Inc.

,

Class

A

(f)

........

485

74,889

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

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

4,503

129,596

Sonder

Holdings,

Inc.

,

Class

A

(f)

....

778

2,474

Space

Exploration

Technologies

Corp.

,

Class

A

,

(Acquired

08/21/23,

cost

$65,367)

(d)(f)(h)

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

807

137,440

Space

Exploration

Technologies

Corp.

,

Class

C

,

(Acquired

08/21/23,

cost

$70,227)

(d)(f)(h)

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

867

147,659

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Standardaero,

Inc.

(f)(g)

...........

5,967

$

147,743

Stanley

Black

&

Decker,

Inc.

......

180

14,452

State

Street

Corp.

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

1,885

185,013

Stryker

Corp.

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

1,793

645,570

Super

Micro

Computer,

Inc.

(f)

......

1,417

43,190

T.

Rowe

Price

Group,

Inc.

........

1,708

193,158

Targa

Resources

Corp.

..........

211

37,664

Tenaris

SA

(g)

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

3,106

58,636

Tesla,

Inc.

(f)

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

3,089

1,247,462

Thermo

Fisher

Scientific,

Inc.

......

1,085

564,450

TJX

Cos.,

Inc.

(The)

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

9,051

1,093,451

Toll

Brothers,

Inc.

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

2,455

309,207

Trane

Technologies

plc

..........

2,720

1,004,632

TransDigm

Group,

Inc.

..........

192

243,318

Uber

Technologies,

Inc.

(f)

.........

1,235

74,495

Ulta

Beauty,

Inc.

(f)

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

194

84,376

Union

Pacific

Corp.

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

2,469

563,031

United

Airlines

Holdings,

Inc.

(f)

.....

520

50,492

United

States

Steel

Corp.

........

3,582

121,752

UnitedHealth

Group,

Inc.

.........

2,236

1,131,103

Universal

Health

Services,

Inc.

,

Class

B

339

60,823

Valero

Energy

Corp.

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

2,640

323,638

Vaxcyte,

Inc.

(f)

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

127

10,396

Ventas,

Inc.

(g)

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

706

41,576

Veritas,

Inc.

(d)(f)

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

203

4,056

Verizon

Communications,

Inc.

.....

2,975

118,970

Vertex

Pharmaceuticals,

Inc.

(f)

.....

89

35,840

Visa,

Inc.

,

Class

A

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

2,129

672,849

Vistra

Corp.

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

3,395

468,069

Walmart,

Inc.

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

12,631

1,141,211

Walt

Disney

Co.

(The)

..........

5,581

621,444

Warner

Bros

Discovery,

Inc.

(f)

......

1,937

20,474

Wells

Fargo

&

Co.

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

12,410

871,678

Workday,

Inc.

,

Class

A

(f)

.........

510

131,595

Wynn

Resorts

Ltd.

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

438

37,738

Zoetis,

Inc.

,

Class

A

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

873

142,237

68,130,982

Total

Common

Stocks

—

65.7%

(Cost:

$86,018,846)

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

95,877,248

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Australia

—

0.1%

Mineral

Resources

Ltd.,

9.25%

,

10/01/28

(a)

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

USD

7

7,344

Oceana

Australian

Fixed

Income

Trust

(d)

12.00%,

07/31/25

...........

AUD

32

19,856

12.50%,

07/31/26

...........

47

29,326

12.50%,

07/31/27

...........

79

49,631

Quintis

Australia

Pty.

Ltd.

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

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

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

USD

463

59,000

12.00%,

(12.00%

Cash

or

12.00%

PIK),

10/01/28

...........

414

—

165,157

Austria

—

0.1%

ams-OSRAM

AG,

2.13%

,

11/03/27

(c)(n)

EUR

100

79,553

Security

Par

(000)

Par

(000)

Value

Canada

—

0.3%

(a)

1011778

BC

ULC,

4.00%

,

10/15/30

..

USD

100

$

89,434

HR

Ottawa

LP,

11.00%

,

03/31/31

...

386

416,377

505,811

China

—

0.1%

RKPF

Overseas

2019

A

Ltd.,

5.90%

,

09/05/28

(c)

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

177

83,060

France

—

0.6%

Afflelou

SAS,

6.00%

,

07/25/29

(c)

....

EUR

100

107,981

Atos

SE

9.00%,

12/18/29

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

56

54,551

5.00%,

12/18/30

(c)

...........

58

33,106

Forvia

SE,

2.75%

,

02/15/27

(c)

......

100

99,594

Iliad

Holding

SASU,

5.63%

,

10/15/28

(c)

100

105,989

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

6.95%

,

07/01/29

(b)(c)

..........

100

103,948

Loxam

SAS,

6.38%

,

05/31/29

(c)

....

100

109,188

RCI

Banque

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%

,

10/09/34

(b)(c)

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

100

105,906

Societe

Generale

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.79%),

8.13%

(a)

(b)(o)

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

USD

200

196,059

Worldline

SA,

0.00%

,

07/30/26

(c)(n)(p)

.

EUR

31

31,225

947,547

Germany

—

0.9%

APCOA

Group

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.37%

,

04/15/31

(b)(c)

..........

100

103,976

Aroundtown

Finance

SARL,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

(b)(c)(o)

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

100

101,416

Commerzbank

AG,

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(b)(c)(o)

....

200

214,379

Deutsche

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

(b)(c)

(o)

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

200

196,811

Fressnapf

Holding

SE,

5.25%

,

10/31/31

(c)

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

100

106,693

Gruenenthal

GmbH,

4.63%

,

11/15/31

(c)

100

104,725

Mahle

GmbH,

6.50%

,

05/02/31

(a)

...

100

101,656

Nidda

Healthcare

Holding

GmbH,

7.00%

,

02/21/30

(c)

...........

100

109,077

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%

,

07/15/29

(c)

.......

100

106,885

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

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

100

103,326

1,248,944

India

—

0.1%

REI

Agro

Ltd.

(d)(f)(l)(n)

5.50%,

11/13/14

(a)

...........

USD

220

—

5.50%,

11/13/14

(c)

...........

152

—

TML

Holdings

Pte.

Ltd.,

4.35%

,

06/09/26

(c)

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

200

196,236

196,236

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

—

0.7%

Bubbles

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.93%

,

09/30/31

(b)(c)

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

EUR

100

$

103,378

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%

,

08/01/27

(c)

...........

100

104,399

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.93%

,

04/15/29

(b)(c)

100

104,105

Immobiliare

Grande

Distribuzione

SIIQ

SpA,

6.25%

,

05/17/27

(c)(q)

......

71

76,196

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.63%

,

12/15/29

(b)(c)

100

104,673

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

100

103,989

Nexi

SpA,

0.00%

,

02/24/28

(c)(n)(p)

....

100

91,544

Pachelbel

Bidco

SpA

(c)

7.13%,

05/17/31

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

100

110,771

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

7.30%,

05/17/31

(b)

...

100

104,287

Rossini

SARL,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

6.56%

,

12/31/29

(b)(c)

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

100

104,781

1,008,123

Japan

—

0.1%

SoftBank

Group

Corp.,

5.38%

,

01/08/29

(c)

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

100

107,394

Jersey,

Channel

Islands

—

0.4%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%

,

03/31/29

(c)

..........

GBP

100

123,062

TER

Finance

Jersey

Ltd.

(a)(p)

Series

21,

0.00%,

01/02/25

(d)

....

USD

273

270,898

Series

22,

0.00%,

10/02/25

.....

150

141,961

535,921

Luxembourg

—

0.4%

Cidron

Aida

Finco

SARL,

6.25%

,

04/01/28

(c)

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

GBP

100

119,276

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

EUR

100

86,027

Matterhorn

Telecom

SA,

3.13%

,

09/15/26

(c)

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

101

103,679

Opus-Chartered

Issuances

SA,

2.50%

,

07/04/25

(b)(c)(d)

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

22

22,880

Petroleos

Mexicanos,

7.50%

,

03/31/26

(a)

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

USD

208

207,740

Vivion

Investments

SARL,

8.00%

,

(8.00%

Cash

or

8.00%

PIK),

08/31/28

(c)(m)

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

EUR

100

98,923

638,525

Netherlands

—

0.1%

(c)

Q-Park

Holding

I

BV,

5.13%

,

02/15/30

100

106,388

Sigma

Holdco

BV,

5.75%

,

05/15/26

..

57

58,487

164,875

Slovenia

—

0.1%

United

Group

BV,

6.50%

,

10/31/31

(c)

.

100

105,488

Spain

—

0.2%

(c)

Cellnex

Telecom

SA,

0.75%

,

11/20/31

(n)

100

91,055

Grifols

SA,

7.13%

,

05/01/30

.......

100

106,453

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

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

100

105,505

303,013

Security

Par

(000)

Par

(000)

Value

Sweden

—

0.0%

Intrum

AB,

3.00%

,

09/15/27

(c)(f)(l)

....

EUR

100

$

74,737

Switzerland

—

0.1%

UBS

Group

AG,

(USISSO05

+

3.63%),

6.85%

(a)(b)(o)

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

USD

200

197,815

Thailand

—

0.1%

Kasikornbank

PCL,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

5.28%

(b)

(c)(o)

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

200

197,900

United

Kingdom

—

1.7%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$58,348),

15.00%

,

06/19/26

(d)(h)(n)

........

GBP

47

63,735

Ardonagh

Finco

Ltd.,

6.88%

,

02/15/31

(a)

EUR

114

121,781

BCP

V

Modular

Services

Finance

II

plc,

6.13%

,

11/30/28

(c)

...........

GBP

100

120,810

BCP

V

Modular

Services

Finance

plc,

6.75%

,

11/30/29

(a)

...........

EUR

128

119,993

Boparan

Finance

plc,

9.38%

,

11/07/29

(c)

GBP

100

121,034

BP

Capital

Markets

plc,

2.52%

,

04/07/28

(c)

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

EUR

100

102,573

California

Buyer

Ltd.,

5.63%

,

02/15/32

(c)

100

107,860

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

(b)(c)

....

GBP

100

126,918

CPUK

Finance

Ltd.,

7.88%

,

08/28/29

(c)

100

128,458

Deuce

Finco

plc,

5.50%

,

06/15/27

(c)

.

100

122,323

Edge

Finco

plc,

8.13%

,

08/15/31

(c)

..

100

127,850

Heathrow

Finance

plc,

6.63%

,

03/01/31

(c)

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

100

125,816

INEOS

Quattro

Finance

2

plc,

6.75%

,

04/15/30

(c)

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

EUR

100

107,400

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(b)(c)(o)

..

GBP

100

119,574

Motion

Finco

SARL,

7.38%

,

06/15/30

(c)

EUR

100

105,361

National

Grid

plc,

0.16%

,

01/20/28

(c)

.

100

95,360

Punch

Finance

plc,

6.13%

,

06/30/26

(c)

GBP

100

123,672

Virgin

Media

Secured

Finance

plc,

4.13%

,

08/15/30

(c)

...........

100

107,084

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

.......

100

116,689

Vodafone

Group

plc

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

4.13%,

06/04/81

....

USD

4

3,541

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

(c)

.........

GBP

100

135,644

Zegona

Finance

plc,

6.75%

,

07/15/29

(c)

EUR

100

110,225

2,413,701

United

States

—

4.1%

Affinity

Interactive,

6.88%

,

12/15/27

(a)

USD

13

9,758

Allegiant

Travel

Co.,

7.25%

,

08/15/27

(a)

18

18,091

Allied

Universal

Holdco

LLC

9.75%,

07/15/27

(a)

...........

13

13,089

4.88%,

06/01/28

(c)

...........

GBP

100

115,918

AMC

Networks,

Inc.

10.25%,

01/15/29

(a)

..........

USD

23

24,421

4.25%,

02/15/29

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

42

32,969

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Amentum

Holdings,

Inc.,

7.25%

,

08/01/32

(a)

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

USD

8

$

8,061

American

Tower

Corp.,

0.45%

,

01/15/27

EUR

100

98,709

Amkor

Technology,

Inc.,

6.63%

,

09/15/27

(a)

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

USD

15

14,995

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%

,

09/01/28

(c)

.......

EUR

100

94,190

Bausch

+

Lomb

Corp.,

8.38%

,

10/01/28

(a)

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

USD

5

5,175

Becton

Dickinson

Euro

Finance

SARL,

3.55%

,

09/13/29

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

EUR

100

105,794

Big

River

Steel

LLC,

6.63%

,

01/31/29

(a)

USD

11

10,989

Breeze

Aviation

Group,

Inc.

(Acquired

01/26/24,

cost

$87,605)

20.00%,

(20.00%

PIK),

01/30/28

(d)

(h)(m)

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

88

88,481

California

Resources

Corp.,

8.25%

,

06/15/29

(a)

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

19

19,267

Calumet

Specialty

Products

Partners

LP,

9.75%

,

07/15/28

(a)

.........

40

40,649

Civitas

Resources,

Inc.,

8.38%

,

07/01/28

(a)

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

22

22,849

Cloud

Software

Group,

Inc.

(a)

6.50%,

03/31/29

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

30

29,446

9.00%,

09/30/29

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

17

17,260

Clydesdale

Acquisition

Holdings,

Inc.,

8.75%

,

04/15/30

(a)

...........

20

20,217

CommScope

LLC,

6.00%

,

03/01/26

(a)

91

90,545

Core

Scientific,

Inc.,

0.00%

,

06/15/31

(a)

(n)(p)

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

8

7,840

CSC

Holdings

LLC,

11.25%

,

05/15/28

(a)

200

197,383

Diebold

Nixdorf,

Inc.,

7.75%

,

03/31/30

(a)

10

10,266

DISH

Network

Corp.

(n)

0.00%,

12/15/25

(p)

...........

46

41,170

3.38%,

08/15/26

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

14

11,620

Edison

International,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%

,

06/15/54

(b)

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

5

5,164

EQM

Midstream

Partners

LP

(a)

7.50%,

06/01/27

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

5

5,098

7.50%,

06/01/30

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

10

10,638

Exo

Imaging,

Inc.,

(Acquired

08/14/24,

cost

$3,025),

8.00%

,

08/14/25

(d)(h)

.

3

4,182

FLYR,

Inc.,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.60%

,

05/10/27

(b)(d)

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

51

51,465

Fortrea

Holdings,

Inc.,

7.50%

,

07/01/30

(a)

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

5

5,008

Freed

Corp.,

12.00%

,

11/21/28

(b)(d)

..

447

449,234

FreeWire

Technologies,

Inc.,

0.00%

,

02/20/28

(d)

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

75

—

Frontier

Communications

Holdings

LLC

(a)

6.75%,

05/01/29

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

20

20,100

6.00%,

01/15/30

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

5

4,989

8.75%,

05/15/30

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

57

60,243

8.63%,

03/15/31

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

50

53,177

Frontier

Florida

LLC,

Series

E,

6.86%

,

02/01/28

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

61

62,373

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

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

40

40,700

GCI

LLC,

4.75%

,

10/15/28

(a)

......

12

11,207

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Goldman

Sachs

Group,

Inc.

(The),

0.25%

,

01/26/28

(c)

...........

EUR

32

$

30,749

GoTo

Group,

Inc.

5.50%,

05/01/28

(a)

...........

USD

11

6,591

Helios

Software

Holdings,

Inc.,

7.88%

,

05/01/29

(a)

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

EUR

100

106,304

Homes

By

West

Bay

LLC,

11.00%

,

02/06/30

(d)

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

USD

317

318,585

Landsea

Homes

Corp.,

11.00%

,

07/17/28

(d)

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

325

348,173

Lessen

LLC,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)(b)(d)

..

161

149,777

Level

3

Financing,

Inc.,

10.00%

,

10/15/32

(a)

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

49

48,984

LGI

Homes,

Inc.,

7.00%

,

11/15/32

(a)

.

23

22,773

Lightning

eMotors,

Inc.,

7.50%

,

05/15/25

(a)(f)(l)(n)

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

27

270

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%

,

04/15/29

(a)

...........

147

131,198

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

10

7,842

Mauser

Packaging

Solutions

Holding

Co.,

7.88%

,

04/15/27

(a)

........

118

120,385

Medline

Borrower

LP,

5.25%

,

10/01/29

(a)

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

100

96,506

Morgan

Stanley,

(3-mo.

EURIBOR

+

0.83%),

1.34%

,

10/23/26

(b)

.....

EUR

100

102,318

NCR

Atleos

Corp.,

9.50%

,

04/01/29

(a)

USD

30

32,499

Netflix,

Inc.,

3.63%

,

05/15/27

......

EUR

100

105,775

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

42

40,997

NRG

Energy,

Inc.,

7.00%

,

03/15/33

(a)

5

5,397

Olympus

Water

US

Holding

Corp.,

9.75%

,

11/15/28

(a)

...........

200

212,203

Paramount

Global

7.88%,

07/30/30

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

45

48,710

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%,

03/30/62

(b)

...

44

42,530

Permian

Resources

Operating

LLC,

8.00%

,

04/15/27

(a)

...........

16

16,338

Pitney

Bowes,

Inc.,

6.88%

,

03/15/27

(a)

64

63,690

Prime

Security

Services

Borrower

LLC,

6.25%

,

01/15/28

(a)

...........

100

99,450

Rand

Parent

LLC,

8.50%

,

02/15/30

(a)

42

42,230

RingCentral,

Inc.,

8.50%

,

08/15/30

(a)

.

65

68,771

Sabre

GLBL,

Inc.

(a)

8.63%,

06/01/27

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

48

47,339

10.75%,

11/15/29

...........

96

99,038

Seagate

HDD

Cayman

8.25%,

12/15/29

(a)

...........

56

59,668

8.50%,

07/15/31

(a)

...........

29

31,011

9.63%,

12/01/32

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

45

50,708

Select

Medical

Corp.,

6.25%

,

12/01/32

(a)

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

36

34,649

Service

Properties

Trust

8.38%,

06/15/29

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

84

81,207

8.88%,

06/15/32

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

92

85,147

Sonder

Holdings,

Inc.,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

13.71%

,

12/10/27

(b)(d)

...

179

169,266

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Spirit

AeroSystems,

Inc.

(a)

9.38%,

11/30/29

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

USD

45

$

48,172

9.75%,

11/15/30

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

99

109,554

Spirit

Airlines

Pass-Through

Trust

Series

2015-1,Class

A,

4.10%,

10/01/29

(f)(l)

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

1

957

Series

2017-1,Class

AA,

3.38%,

02/15/30

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

15

13,332

Series

2017-1A,Class

A,

3.65%,

08/15/31

(f)(l)

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

39

34,068

Stem,

Inc.,

0.50%

,

12/01/28

(a)(n)

....

6

1,620

STL

Holding

Co.

LLC,

8.75%

,

02/15/29

(a)

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

9

9,515

Talen

Energy

Supply

LLC,

8.63%

,

06/01/30

(a)

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

25

26,643

Tenet

Healthcare

Corp.,

6.13%

,

10/01/28

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

100

99,815

Tenneco,

Inc.,

8.00%

,

11/17/28

(a)

...

43

40,076

Texas

Capital

Bancshares,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%

,

05/06/31

(b)

...........

64

61,466

Transocean,

Inc.,

8.25%

,

05/15/29

(a)

.

25

24,489

Uniti

Group

LP,

10.50%

,

02/15/28

(a)

..

66

70,375

Univision

Communications,

Inc.

(a)

6.63%,

06/01/27

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

10

9,960

8.00%,

08/15/28

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

10

10,181

8.50%,

07/31/31

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

5

4,902

USA

Compression

Partners

LP,

7.13%

,

03/15/29

(a)

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

100

101,765

UWM

Holdings

LLC,

6.63%

,

02/01/30

(a)

21

20,870

Venture

Global

LNG,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(a)

(b)(o)

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

25

26,139

Viking

Cruises

Ltd.,

7.00%

,

02/15/29

(a)

100

100,549

Vistra

Operations

Co.

LLC

(a)

5.63%,

02/15/27

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

79

78,683

7.75%,

10/15/31

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

25

26,227

Wells

Fargo

&

Co.,

1.50%

,

05/24/27

(c)

EUR

100

100,048

Wildfire

Intermediate

Holdings

LLC,

7.50%

,

10/15/29

(a)

...........

USD

15

14,433

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(a)

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

29

26,746

5,920,393

Total

Corporate

Bonds

—

10.2%

(Cost:

$16,330,861)

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

14,894,193

Fixed

Rate

Loan

Interests

United

States

—

0.0%

OD

Intermediate

Subi

HoldCo

II

LLC,

1st

Lien

Term

Loan,

10.00%

,

 04/01/26

(d)

..........

42

40,872

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$41,449)

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

40,872

Security

Par

(000)

Pa

r

(

000)

Value

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

$

215,691

Parts

Europe

SA,

Facility

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.34%

,

 02/03/31

.

112

116,822

332,513

Germany

—

0.0%

TK

Elevator

Midco

GmbH,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.59%

,

 04/30/30

(b)

...........

54

56,091

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%, 07/06/27

....

60

49,390

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

7.00%),

11.95%, 07/06/27

.........

GBP

37

36,661

86,051

Netherlands

—

0.5%

(b)

Bock

Capital

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.18%

,

 06/29/28

.

EUR

48

49,684

Cypher

Bidco

BV,

1st

Lien

Term

Loan

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

7.59%

,

 12/30/28

(d)

....

154

154,675

Upfield

BV,

1st

Lien

Term

Loan

B11,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.25%),

10.51%

,

 01/03/28

...........

GBP

109

135,809

Ziggo

BV,

Facility

1st

Lien

Term

Loan

H,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.90%

,

 01/31/29

......

EUR

311

318,458

658,626

Spain

—

0.1%

(b)

Lorca

Finco

plc,

Facility

1st

Lien

Term

Loan

B3,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.15%

,

 03/25/31

.

94

97,685

PAX

HoldCo

Spain

SL,

Facility

1st

Lien

Term

Loan

B2,

(6-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

7.64%

,

 12/31/29

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

87

90,153

187,838

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%

,

 05/09/31

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

88

88,763

CD&R

Firefly

Bidco

plc,

Facility

1st

Lien

Term

Loan

B8,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.25%),

5.25%

,

 06/21/28

......

GBP

34

42,708

Entain

Holdings

(Gibraltar)

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.93%

,

 06/30/28

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

EUR

51

53,075

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

INEOS

Quattro

Holdings

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

7.36%

,

 04/03/29

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

EUR

64

$

66,220

250,766

United

States

—

0.8%

Altar

Bidco,

Inc.,

2nd

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

10.40%

,

 02/01/30

(b)

USD

120

116,036

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

9.01%

,

 12/30/27

(b)

...........

13

12,944

Avaya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.86%

,

 08/01/28

(b)

.....

—

(r)

290

ConnectWise

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.09%

,

 09/29/28

(b)

33

33,002

CPPIB

OVM

Member

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.85%

,

 08/07/31

(b)

...........

42

42,157

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.17%

,

 04/15/27

(b)

...........

15

14,086

CVR

Energy,

Inc.,

1st

Lien

Term

Loan

B,

12/30/27

(b)(d)(s)

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

55

55,000

Digital

Room

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.71%

,

 12/21/28

(b)

...........

27

26,413

DIRECTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.85%

,

 08/02/27

(b)

...........

17

17,275

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.86%

,

 08/30/30

(b)

...........

91

91,781

Emerald

Technologies

US

AcquisitionCo,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.92%

,

 12/29/27

(b)(d)

.........

31

23,970

First

Brands

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

EURIBOR

at

1.00%

Floor

+

5.00%),

8.06%

,

 03/30/27

(b)(d)

EUR

52

51,877

Galaxy

Universal

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

10.94%

,

 11/12/26

(b)(d)

USD

195

193,976

GoTo

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.30%, 04/30/28

(b)

.........

10

6,838

Hydrofarm

Holdings

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

10.35%

,

 10/25/28

(b)(d)

.........

20

16,076

J&J

Ventures

Gaming

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.47%

,

 04/26/28

(b)

...........

34

34,530

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Jack

Ohio

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.22%

,

 10/04/28

(b)

...........

USD

15

$

15,522

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

10.92%

,

 04/16/29

(b)

..........

12

12,682

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.11%, 06/05/28

(b)

........

40

29,531

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.70%

,

 01/24/30

(b)

4

1,325

NGP

XI

Midstream

Holdings

LLC,

1st

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.33%

,

 07/25/31

(b)(d)

..........

21

21,157

Preferred

SPV

Borrower,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

+

5.00%),

9.17%

,

 06/30/31

(b)(d)

....

10

9,856

Quartz

Acquireco

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.08%

,

 06/28/30

(b)(d)

..........

32

31,797

Redstone

Holdco

2

LP,

1st

Lien

Term

Loan

(b)

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.60%, 04/27/28

64

37,539

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.75%),

12.60%, 04/27/29

50

22,719

Solaris

Energy

Infrastructure

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

10.36%

,

 09/11/29

(b)(d)

.........

162

162,000

Vaco

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.60%

Floor

+

5.00%),

9.48%

,

 01/22/29

(b)

32

29,529

VeriFone

Systems,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.78%

,

 08/20/25

(b)

...........

58

54,132

Veritas

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

12.50%),

16.93%

,

 06/30/31

(b)

(d)

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

23

22,389

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.32%

,

 10/22/29

(b)

...........

2

1,808

Xerox

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%;

3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%

+

4.00%),

8.36%

,

 11/19/29

(b)

.....

16

16,106

1,204,343

Total

Floating

Rate

Loan

Interests

—

1.9%

(Cost:

$2,975,833)

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

2,776,228

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

24

(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)(o)

..

GBP

100

$

127,238

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$130,855)

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

127,238

Foreign

Government

Obligations

Brazil

—

0.2%

Federative

Republic

of

Brazil

10.00%,

01/01/25

...........

BRL

1

84,451

10.00%,

01/01/27

...........

2

247,496

331,947

Colombia

—

0.3%

Republic

of

Colombia

5.75%,

11/03/27

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

COP

636,200

129,544

6.00%,

04/28/28

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

1,302,000

259,400

7.75%,

09/18/30

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

451,900

88,814

477,758

Czech

Republic

—

0.1%

Czech

Republic

5.00%,

09/30/30

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

CZK

2,670

115,792

4.50%,

11/11/32

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

2,240

94,388

210,180

Egypt

—

0.0%

Arab

Republic

of

Egypt,

24.46%

,

10/01/27

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

EGP

509

10,029

Hungary

—

0.0%

Hungary

Government

Bond,

7.00%

,

10/24/35

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

HUF

15,590

40,382

Indonesia

—

0.3%

Republic

of

Indonesia

7.00%,

05/15/27

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

IDR

1,477,000

91,722

8.25%,

05/15/36

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

1,349,000

90,855

7.13%,

06/15/38

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

3,274,000

203,906

386,483

Ireland

—

0.1%

Republic

of

Ireland,

2.60%

,

10/18/34

(c)

EUR

158

163,041

Malaysia

—

0.1%

Federation

of

Malaysia,

4.64%

,

11/07/33

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

MYR

574

135,951

Mexico

—

0.3%

United

Mexican

States

7.00%,

09/03/26

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

MXN

34

156,815

8.50%,

05/31/29

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

6

25,753

7.50%,

05/26/33

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

42

171,258

7.75%,

11/23/34

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

8

31,779

385,605

Poland

—

0.3%

Republic

of

Poland

5.75%,

04/25/29

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

PLN

745

181,251

4.75%,

07/25/29

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

428

100,347

5.00%,

10/25/34

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

240

54,296

2.00%,

08/25/36

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

206

43,923

379,817

Security

Par

(000)

Par

(000)

Value

South

Africa

—

0.4%

Republic

of

South

Africa

8.00%,

01/31/30

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

ZAR

5,707

$

289,569

7.00%,

02/28/31

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

1,957

92,104

9.00%,

01/31/40

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

1,544

69,643

8.75%,

01/31/44

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

2,126

91,337

542,653

Thailand

—

0.1%

Kingdom

of

Thailand,

2.40%

,

03/17/29

THB

5,830

172,925

Turkey

—

0.1%

Republic

of

Turkiye

(The)

37.00%,

02/18/26

...........

TRY

2,703

75,271

31.08%,

11/08/28

...........

783

21,886

26.20%,

10/05/33

...........

2,340

64,311

161,468

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

9.75%

,

07/20/33

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

UYU

452

10,352

Total

Foreign

Government

Obligations

—

2.3%

(Cost:

$3,729,212)

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

3,408,591

Shares

Shares

Investment

Companies

Invesco

Senior

Loan

ETF

........

10,731

226,102

iShares

0-5

Year

TIPS

Bond

ETF

(e)

..

1,425

143,355

iShares

Biotechnology

ETF

(e)(g)

.....

1,000

132,210

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(e)(g)

.......

4,187

154,040

iShares

Core

S&P

Small-Cap

ETF

(e)(g)

637

73,395

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(e)(g)

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

2,280

179,322

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(e)(g)(i)

........

12,152

1,082,014

iShares

Latin

America

40

ETF

(e)(g)

...

1,769

36,990

iShares

MSCI

Brazil

ETF

(e)

.......

1,992

44,840

iShares

MSCI

Emerging

Markets

ETF

(e)

(g)

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

429

17,941

iShares

Russell

Mid-Cap

Growth

ETF

(e)

(g)

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

188

23,829

SPDR

Blackstone

Senior

Loan

ETF

(g)

8,948

373,400

SPDR

Gold

Shares

(i)

(j)

...........

5,877

1,422,998

SPDR

S&P

Homebuilders

ETF

(g)

...

635

66,357

SPDR

S&P

Regional

Banking

ETF

(g)

.

886

53,470

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

(g)

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

8,227

190,126

VanEck

Semiconductor

ETF

(g)

.....

993

240,475

Total

Investment

Companies

—

3.0%

(Cost:

$4,490,222)

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

4,460,864

Par

(000)

Pa

r

(

000)

Municipal

Bonds

Arizona

-

0.1%

Maricopa

County

Industrial

Development

Authority

,

Series

2024,

RB,

7.38%, 10/01/29

(a)

........

USD

100

101,791

Total

Municipal

Bonds

—

0.1%

(Cost:

$100,000)

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

101,791

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.3%

United

States

—

0.3%

(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%),

7.97%,

01/25/42

.

USD

17

$

17,497

J.P.

Morgan

Mortgage

Trust

Series

2021-INV5,

Class

A2A,

2.50%,

12/25/51

..........

118

94,538

Series

2021-INV7,

Class

A3A,

2.50%,

02/25/52

..........

170

149,386

Series

2021-INV7,

Class

A4A,

2.50%,

02/25/52

..........

78

51,399

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

6.89%,

10/25/39

.......

67

67,256

380,076

Commercial

Mortgage-Backed

Securities

—

1.5%

Bermuda

—

0.1%

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.65%,

01/19/37

(a)(b)

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

100

100,655

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%),

7.77%,

12/15/34

(a)(b)

100

96,369

United

States

—

1.3%

BMP,

Series

2024-MF23,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.39%

Floor

+

3.39%),

7.79%,

06/15/41

(a)(b)

20

19,826

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

7.31%,

06/15/38

...

94

92,888

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

7.31%,

05/15/38

...

70

69,738

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.76%,

10/15/38

...

85

85,186

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.79%,

03/15/41

...

90

90,831

BX

Trust

(a)(b)

Series

2019-OC11,

Class

D,

3.94%,

12/09/41

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

64

58,206

Series

2019-OC11,

Class

E,

3.94%,

12/09/41

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

89

79,210

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.76%,

01/15/34

...

14

13,913

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

7.51%,

01/15/34

...

28

27,778

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.84%,

04/15/41

...

87

87,140

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-VLT4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

7.29%,

07/15/29

...

USD

22

$

22,096

Series

2024-VLT4,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.94%

Floor

+

3.94%),

8.33%,

07/15/29

...

55

54,974

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

10

9,239

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.49%

Floor

+

4.49%),

8.88%,

06/15/41

(a)(b)

....

30

30,030

CONE

Trust,

Series

2024-DFW1,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

8.29%,

08/15/41

(a)(b)

30

29,962

DBGS

Mortgage

Trust,

Series

2018-

BIOD,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.30%),

6.69%,

05/15/35

(a)(b)

..........

75

74,279

ELM

Trust,

Series

2024-ELM,

Class

E10,

7.79%,

06/10/39

(a)(b)

......

45

45,342

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.76%,

07/15/38

...

180

180,130

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

7.36%,

07/15/38

...

90

90,290

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.94%

Floor

+

3.05%),

7.45%,

11/15/36

(a)(b)

....

60

60,095

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

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

36

30,366

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

7.59%,

05/15/37

(a)(b)

....

100

99,219

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%),

7.21%,

04/15/38

...

60

60,075

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.31%),

7.71%,

04/15/38

...

20

20,025

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

7.59%,

06/15/39

(a)(b)

....

20

20,061

LBA

Trust,

Series

2024-BOLT,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.83%,

06/15/39

(a)(b)

10

9,986

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

E,

8.73%,

06/12/39

(a)

.

23

23,186

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

6.61%,

04/15/38

(a)(b)

....

125

124,868

Morgan

Stanley

Capital

I

Trust,

Series

2018-MP,

Class

A,

4.28%,

07/11/40

(a)

(b)

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

17

15,343

SREIT

Trust,

Series

2021-MFP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.63%

Floor

+

2.74%),

7.14%,

11/15/38

(a)(b)

96

95,923

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

6.44%,

07/15/36

(a)(b)

USD

25

$

24,969

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

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

10

8,963

VEGAS

(a)(b)

Series

2024-GCS,

Class

C,

6.22%,

07/10/36

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

50

47,946

Series

2024-GCS,

Class

D,

6.22%,

07/10/36

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

64

58,355

Wells

Fargo

Commercial

Mortgage

Trust

(b)

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

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

30

29,763

Series

2024-1CHI,

Class

A,

5.31%,

07/15/35

(a)

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

100

100,236

1,990,437

Total

Non-Agency

Mortgage-Backed

Securities

—

1.8%

(Cost:

$2,665,703)

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

2,567,537

Preferred

Securities

Capital

Trusts

—

0.0%

United

States

—

0.0%

USB

Capital

IX

,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

1.28%),

5.94%

(b)(o)

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

31

26,742

Total

Capital

Trusts

—

0.0%  

(Cost:

$28,719)

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

26,742

Shares

Shares

Preferred

Stocks

—

2.5%

Brazil

—

0.2%

Banco

Bradesco

SA

(Preference)

...

18,444

34,710

Cia

Energetica

de

Minas

Gerais

(Preference)

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

21,819

38,783

Gerdau

SA

(Preference)

.........

8,235

24,127

Itau

Unibanco

Holding

SA

(Preference)

9,350

46,329

Neon

Payments

Ltd.

(d)(f)

..........

319

130,139

Petroleo

Brasileiro

SA

(Preference)

..

8,118

48,107

322,195

China

—

0.3%

ByteDance

Ltd.,

Series

E-1,

(Acquired

11/11/20,

cost

$269,333)

(d)(f)(h)

....

2,458

444,161

Germany

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

618

54,221

Volocopter

GmbH,

(Acquired

03/03/21,

cost

$159,572)

(d)(f)(h)

..........

30

—

54,221

India

—

0.0%

Think

&

Learn

Pvt

Ltd.,

Series

F,

(Acquired

12/11/20,

cost

$103,322)

(d)

(f)(h)

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

32

—

Security

Shares

Shares

Value

Israel

—

0.1%

(d)(f)(h)

Deep

Instinct

Ltd.,

Series

D-2,

(Acquired

03/19/21,

cost

$89,710)

14,760

$

63,763

Deep

Instinct

Ltd.,

Series

D-4,

(Acquired

09/20/22,

cost

$84,498)

11,985

59,566

123,329

Sweden

—

0.0%

Volta

Greentech

AB,

Series

C,

(Acquired

02/22/22,

cost

$26,894)

(d)(f)

(h)

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

228

—

United

Kingdom

—

0.1%

10x

Future

Technologies

Services

Ltd.,

Series

D,

(Acquired

12/19/23,

cost

$183,387)

(d)(f)(h)

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

4,842

76,074

United

States

—

1.8%

Aiven,

Inc.,

Series

D

(d)(f)

..........

647

41,453

Breeze

Aviation

Group,

Inc.,

Series

B,

(Acquired

01/26/24,

cost

$75,615)

(d)(f)

(h)

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

140

24,107

Caresyntax,

Inc.,

Series

C-2

(d)(f)

....

567

16,182

Caresyntax,

Inc.,

Series

C-3

(d)(f)

....

73

1,594

CW

Opportunity

2

LP

(d)(f)

.........

83,000

105,410

Databricks,

Inc.,

Series

F,

(Acquired

10/22/19,

cost

$88,431)

(d)(f)(h)

....

6,177

566,925

Databricks,

Inc.,

Series

G,

(Acquired

02/01/21,

cost

$102,873)

(d)(f)(h)

...

1,740

159,697

Davidson

Homes,

Inc.,

12.00%

(d)(f)

...

139

126,715

Dream

Finders

Homes,

Inc.

(Preference),

9.00%

(d)(o)

.......

285

283,219

Exo

Imaging,

Inc.,

(Acquired

06/24/21,

cost

$62,470)

(d)(f)(h)

...........

10,664

640

FLYR,

Inc.

(d)(f)

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

18,486

131,807

GM

Cruise

Holdings

LLC,

Series

G,

Class

G,

(Acquired

03/25/21,

cost

$76,178)

(d)(f)(h)

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

2,891

2,891

HawkEye

360,

Inc.,

Series

D1

(d)(f)

...

4,447

51,941

Insightful

Corp.,

Series

D

(d)(f)

.......

51,259

13,558

JumpCloud,

Inc.,

Series

E-1,

(Acquired

10/30/20,

cost

$93,611)

(d)(f)(h)

....

51,330

112,926

JumpCloud,

Inc.,

Series

F,

(Acquired

09/03/21,

cost

$20,218)

(d)(f)(h)

....

3,376

7,427

Lessen

Holdings,

Inc.,

Series

B

(d)(f)

..

8,296

32,437

Loadsmart,

Inc.,

Series

C,

(Acquired

10/05/20,

cost

$85,987)

(d)(f)(h)

....

10,057

69,896

Loadsmart,

Inc.,

Series

D,

(Acquired

01/27/22,

cost

$19,100)

(d)(f)(h)

....

955

9,961

Lookout,

Inc.,

Series

F,

(Acquired

09/19/14,

cost

$243,061)

(d)(f)(h)

...

21,278

40,215

MNTN

Digital,

Series

D,

(Acquired

11/05/21,

cost

$54,841)

(d)(f)(h)

....

2,388

37,993

Mythic

AI,

Inc.,

Series

C,

(Acquired

01/26/21,

cost

$48,256)

(d)(f)(h)

....

70

—

Noodle

Partners,

Inc.,

Series

C,

(Acquired

08/26/21,

cost

$73,361)

(d)(f)

(h)

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

8,220

17,509

PsiQuantum

Corp.,

Series

D,

(Acquired

05/21/21,

cost

$40,179)

(d)(f)(h)

....

1,532

58,400

Relativity

Space,

Inc.,

Series

E,

(Acquired

05/27/21,

cost

$68,894)

(d)(f)

(h)

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

3,017

2,655

SambaNova

Systems,

Inc.,

Series

C,

(Acquired

02/19/20,

cost

$91,575)

(d)(f)

(h)

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

1,720

95,890

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

SambaNova

Systems,

Inc.,

Series

D,

(Acquired

04/09/21,

cost

$52,640)

(d)(f)

(h)

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

554

$

35,439

Snorkel

AI,

Inc.,

Series

C,

(Acquired

06/30/21,

cost

$28,447)

(d)(f)(h)

....

1,894

19,073

Source

Global

PBC,

Series

C-1,

(Acquired

05/07/20,

cost

$70,353)

(d)(f)

(h)

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

4,463

21,289

Source

Global

PBC,

Series

D,

(Acquired

07/05/22,

cost

$13,149)

(d)(f)

(h)

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

321

2,905

Source

Global

PBC,

Series

D-2,

(Acquired

05/16/24,

cost

$0)

(d)(f)(h)

.

228

643

Source

Global

PBC,

Series

D-3,

(Acquired

05/15/24,

cost

$12,125)

(d)(f)

(h)

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

333

2,677

Ursa

Major

Technologies,

Inc.,

Series

C,

(Acquired

09/13/21,

cost

$72,377)

(d)(f)(h)

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

12,134

34,218

Ursa

Major

Technologies,

Inc.,

Series

D,

(Acquired

10/14/22,

cost

$9,855)

(d)(f)(h)

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

1,487

4,387

Verge

Genomics,

Series

B,

(Acquired

11/05/21,

cost

$65,876)

(d)(f)(h)

....

12,367

80,138

Verge

Genomics,

Series

C,

(Acquired

09/06/23,

cost

$10,528)

(d)(f)(h)

....

1,464

10,556

Veritas,

Inc.

(d)(f)

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

294

5,875

Versa

Networks,

Inc.,

Series

E,

(Acquired

10/14/22,

cost

$43,198),

12.00%, 

(d)(f)(h)

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

14,803

78,604

Wells

Fargo

&

Co.,

Series

L,

7.50%

(n)(o)

46

54,938

XAI

Corp.,

(Acquired

11/27/24,

cost

$220,722)

(d)(f)(h)

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

10,195

220,722

2,582,912

Total

Preferred

Stocks

—

2.5%  

(Cost:

$4,126,926)

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

3,602,892

Trust

Preferreds

—

0.1%

United

States

—

0.1%

Citigroup

Capital

XIII

,

(3-mo.

CME

Term

SOFR

+

6.63%),

11.22%, 10/30/40

(b)

(g)

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

3,609

108,162

Total

Trust

Preferreds

—

0.1%  

(Cost:

$98,903)

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

108,162

Total

Preferred

Securities

—

2.6%

(Cost:

$4,254,548)

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

3,737,796

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes,

Series

2021-

DNA2,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

6.00%),

10.57%, 08/25/33

(a)(b)

.........

USD

17

20,250

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

$

11,919

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

Series

K109,

Class

X1,

1.57%

,

 04/25/30

........

116

7,713

Series

K116,

Class

X1,

1.42%

,

 07/25/30

........

99

6,012

Series

K120,

Class

X1,

1.03%

,

 10/25/30

........

390

18,110

Series

KL06,

Class

XFX,

1.36%

,

 12/25/29

........

100

4,389

Series

KW09,

Class

X1,

0.80%

,

 05/25/29

........

450

11,695

47,919

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%  

(Cost:

$84,150)

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

80,088

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

4.00%, 12/15/25

(i)

...........

1,017

1,015,279

4.63%, 09/30/28

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

546

550,702

Total

U.S.

Treasury

Obligations

—

1.1%

(Cost:

$1,556,151)

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

1,565,981

Shares

Shares

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22,

1

Share

for

1

Warrant,

Expires

12/27/27,

Strike

Price

USD

11.50)

(f)

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

718

94

France

—

0.0%

Atos

SE

(1

Share

for

1

Warrant,

Expires

12/17/27)

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

947,855

1,865

Israel

—

0.0%

(f)

Deep

Instinct

Ltd.,

(Acquired

09/20/22,

cost

$0)

(Issued/Exercisable

09/20/22,

1

Share

for

1

Warrant,

Expires

09/20/32)

(d)(h)

.........

845

76

Innovid

Corp.,

Class

A

(Issued/

Exercisable

01/28/21,

1

Share

for

1

Warrant,

Expires

11/30/26,

Strike

Price

USD

11.50)

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

375

41

117

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.,

(Acquired

12/19/23,

cost

$0)

(Issued/

Exercisable

12/19/23,

1

Share

for

1

Warrant,

Expires

11/17/30,

Strike

Price

GBP

0.01)

(d)(f)(h)

.........

5,834

5,551

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

—

0.0%

(f)

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

$

88

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

7,884

EVgo,

Inc.

(Issued/Exercisable

11/10/20,

1

Share

for

1

Warrant,

Expires

07/01/26,

Strike

Price

USD

11.50)

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

1,130

610

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)

(h)

...........

14

24,416

FLYR,

Inc.

(Issued/Exercisable

05/10/22,

1

Share

for

1

Warrant,

Expires

05/10/32,

Strike

Price

USD

3.95)

(d)

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

264

1,294

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

11.17)

(d)

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

217

887

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

9,802

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23,

1

Share

for

1

Warrant,

Expires

07/07/33,

Strike

Price

USD

0.01)

(d)

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

543

3,888

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21,

1

Share

for

1

Warrant,

Expires

08/02/26,

Strike

Price

USD

11.50)

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

938

7

Insight

M,

Inc.

(Issued/Exercisable

01/31/24,

1

Share

for

1

Warrant,

,

Strike

Price

USD

0.34)

(d)

.......

53,113

3,851

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)

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

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

13

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21,

1

Share

for

1

Warrant,

Expires

06/15/27,

Strike

Price

USD

11.50)

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

724

546

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20,

1

Share

for

1

Warrant,

Expires

09/24/26,

Strike

Price

USD

11.50)

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

1,924

1,453

Security

Shares

Shares

Value

United

States

(continued)

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)(h)

..........

1,825

$

8,158

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)

(h)

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

1,351

20

62,917

Total

Warrants

—

0.0%

(Cost:

$16,602)

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

70,544

Total

Long-Term

Investments

—

90.6%

(Cost:

$125,149,117)

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

132,336,140

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Foreign

Government

Obligations

—

0.1%

Brazil

—

0.0%

Letras

do

Tesouro

Nacional

Treasury

Bills,

13.80%

,

01/01/26

(t)

.......

BRL

—

(r)

41,056

Egypt

—

0.1%

Arab

Republic

of

Egypt

Treasury

Bills

(t)

23.64%,

02/18/25

...........

EGP

1,750

33,025

32.46%,

03/18/25

...........

2,900

54,017

87,042

Total

Foreign

Government

Obligations

—

0.1%

(Cost:

$128,765)

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

128,098

Shares

Shares

Money

Market

Funds

—

6.0%

(e)(u)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.63%

(v)

.......

2,754,061

2,755,438

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.36%

......

5,936,703

5,936,703

Total

Money

Market

Funds

—

6.0%

(Cost:

$8,692,141)

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

8,692,141

Total

Short-Term

Securities

—

6.1%

(Cost:

$8,820,906)

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

8,820,239

Total

Options

Purchased

—

0.2%

(Cost:

$695,857

)

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

335,248

Total

Investments

Before

Options

Written

—

96.9%

(Cost:

$134,665,880)

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

141,491,627

Total

Options

Written

—

(0.2)%

(Premiums

Received

—

$(304,791))

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

(341,467)

Total

Investments

Net

of

Options

Written

—

96.7%

(Cost:

$134,361,089)

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

141,150,160

Other

Assets

Less

Liabilities

—

3.3%

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

4,858,798

Net

Assets

—

100.0%

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

$

146,008,958

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

29

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Non-income

producing

security.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$3,699,188,

representing

2.53%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$4,025,583.

(i)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(j)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(k)

Investment

does

not

issue

shares.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

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.

(n)

Convertible

security.

(o)

Perpetual

security

with

no

stated

maturity

date.

(p)

Zero-coupon

bond.

(q)

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.

(r)

Rounds

to

less

than

1,000.

(s)

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.

(t)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(u)

Annualized

7-day

yield

as

of

period

end.

(v)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

30

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Par/Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—‌

$

2,755,754‌

(a)

$

—‌

$

(316‌)

$

—‌

$

2,755,438‌

2,754,061‌

$

13,144‌

(b)

$

—‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

11,764,105‌

—‌

(5,827,402‌)

(a)

—‌

—‌

5,936,703‌

5,936,703‌

410,241‌

—‌

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

3,262,819‌

—‌

(3,262,423‌)

(a)

(444‌)

48‌

—‌

—‌

—‌

—‌

iShares

0-5

Year

TIPS

Bond

ETF

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

140,491‌

—‌

—‌

—‌

2,864‌

143,355‌

1,425‌

3,750‌

—‌

iShares

Biotechnology

ETF

..

—‌

143,085‌

—‌

—‌

(10,875‌)

132,210‌

1,000‌

263‌

—‌

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

—‌

529,573‌

(375,664‌)

1,596‌

(1,465‌)

154,040‌

4,187‌

6,637‌

—‌

iShares

Core

S&P

Small-Cap

ETF

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

—‌

74,058‌

—‌

—‌

(663‌)

73,395‌

637‌

1,053‌

—‌

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

—‌

995,641‌

(811,910‌)

2,233‌

(6,642‌)

179,322‌

2,280‌

4,262‌

—‌

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(c)

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

96,496‌

—‌

(98,376‌)

3,206‌

(1,326‌)

—‌

—‌

2,778‌

—‌

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

1,532,099‌

—‌

(446,035‌)

10,148‌

(14,198‌)

1,082,014‌

12,152‌

62,159‌

—‌

iShares

Latin

America

40

ETF

85,669‌

—‌

(28,949‌)

(528‌)

(19,202‌)

36,990‌

1,769‌

3,533‌

—‌

iShares

MSCI

Brazil

ETF

...

116,067‌

—‌

(37,457‌)

(7,186‌)

(26,584‌)

44,840‌

1,992‌

5,211‌

—‌

iShares

MSCI

Emerging

Markets

ETF

..........

17,250‌

—‌

—‌

—‌

691‌

17,941‌

429‌

436‌

—‌

iShares

Russell

Mid-Cap

Growth

ETF

..........

39,381‌

—‌

(20,009‌)

1,987‌

2,470‌

23,829‌

188‌

138‌

—‌

Quintis

Australia

Pty.

Ltd.,

12.00%, 10/01/28

(d)

.....

—‌

37,169‌

—‌

—‌

(37,169‌)

—‌

414,143‌

—‌

—‌

Quintis

Australia

Pty.

Ltd.,

7.50%, 10/01/26

(d)

......

283,479‌

—‌

(134‌)

—‌

(224,345‌)

59,000‌

462,748‌

—‌

—‌

Quintis

HoldCo

Pty.

Ltd.

(d)

...

1‌

—‌

—‌

—‌

—‌

1‌

218,994‌

—‌

—‌

$

10,696‌

$

(336,396‌)

$

10,639,078‌

$

513,605‌

$

—‌

—‌

—‌

(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.

(d)

As

of

the

beginning

of

the

period,

the

entity

was

not

considered

an

affiliate.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

31

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

01/30/25

$

617

$

(

5,323

)

Euro-Bobl

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

50

03/06/25

6,104

(

80,977

)

Euro-BTP

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

3

03/06/25

373

(

7,597

)

Euro-Bund

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

34

03/06/25

4,700

(

92,011

)

Euro-OAT

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

6

03/06/25

767

(

15,704

)

Euro-Schatz

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

6

03/06/25

665

(

2,902

)

OSE

Nikkei

225

Index

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

11

03/13/25

2,755

14,847

Australia

10-Year

Bond

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

35

03/17/25

2,445

(

34,684

)

U.S.

Treasury

Long

Bond

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

9

03/20/25

1,025

(

24,291

)

U.S.

Treasury

Ultra

Bond

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

4

03/20/25

476

(

4,895

)

EURO

STOXX

Bank

Index

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

15

03/21/25

113

(

1,540

)

MSCI

Emerging

Markets

Index

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

2

03/21/25

107

(

4,072

)

Russell

2000

E-Mini

Index

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

7

03/21/25

787

(

44,697

)

Long

Gilt

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

4

03/27/25

463

(

13,458

)

U.S.

Treasury

5-Year

Note

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

94

03/31/25

9,993

(

72,567

)

(

389,871

)

Short

Contracts

Euro-Buxl

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

1

03/06/25

137

9,020

U.S.

Treasury

10-Year

Note

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

78

03/20/25

8,483

104,717

U.S.

Treasury

10-Year

Ultra

Note

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

123

03/20/25

13,691

181,692

EURO

STOXX

50

Index

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

1

03/21/25

51

955

FTSE

100

Index

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

1

03/21/25

102

890

Nasdaq-100

E-Mini

Index

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

13

03/21/25

5,519

224,585

S&P

500

E-Mini

Index

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

1

03/21/25

297

3,788

U.S.

Treasury

2-Year

Note

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

16

03/31/25

3,290

(

1,858

)

523,789

$

133,918

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

43,000

ZAR

808,254

Goldman

Sachs

International

01/02/25

$

170

USD

21,000

BRL

127,320

BNP

Paribas

SA

01/03/25

391

USD

63,000

BRL

373,590

Morgan

Stanley

&

Co.

International

plc

01/03/25

2,528

USD

632,726

BRL

3,693,220

Goldman

Sachs

International

01/21/25

36,993

USD

51,626

COP

224,948,400

JPMorgan

Chase

Bank

NA

01/21/25

697

USD

42,105

COP

183,947,774

JPMorgan

Chase

Bank

NA

01/21/25

458

USD

226,339

CZK

5,407,191

Barclays

Bank

plc

01/21/25

4,013

USD

41,604

HUF

16,012,356

Toronto

Dominion

Bank

01/21/25

1,328

USD

210,290

IDR

3,342,967,501

Morgan

Stanley

&

Co.

International

plc

01/21/25

3,925

USD

142,956

MXN

2,936,322

Barclays

Bank

plc

01/21/25

2,603

USD

236,097

MXN

4,849,848

Goldman

Sachs

International

01/21/25

4,279

USD

27,511

MXN

565,323

State

Street

Bank

and

Trust

Co.

01/21/25

489

USD

138,558

MYR

611,651

Barclays

Bank

plc

01/21/25

1,986

USD

128,395

PLN

524,107

Barclays

Bank

plc

01/21/25

1,577

USD

288,193

PLN

1,175,735

Toronto

Dominion

Bank

01/21/25

3,700

USD

13,549

UYU

586,085

HSBC

Bank

plc

01/21/25

126

USD

345,401

ZAR

6,275,349

Goldman

Sachs

International

01/21/25

13,441

USD

231,658

ZAR

4,207,962

Morgan

Stanley

&

Co.

International

plc

01/21/25

9,061

COP

350,006,658

USD

78,937

Citibank

NA

01/23/25

283

COP

938,011,677

USD

210,728

Societe

Generale

SA

01/23/25

1,581

GBP

28,317

EUR

34,069

Goldman

Sachs

International

01/23/25

125

IDR

666,250,000

USD

41,000

Barclays

Bank

plc

01/23/25

112

PEN

207,709

USD

53,989

BNP

Paribas

SA

01/23/25

1,249

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

32

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

PHP

3,289,440

USD

56,000

HSBC

Bank

plc

01/23/25

$

482

PLN

184,876

EUR

42,397

UBS

AG

01/23/25

778

PLN

567,250

USD

137,195

Canadian

Imperial

Bank

of

Commerce

01/23/25

52

THB

7,486,765

USD

216,800

Barclays

Bank

plc

01/23/25

3,025

THB

1,411,220

USD

41,000

Morgan

Stanley

&

Co.

International

plc

01/23/25

436

THB

1,452,150

USD

42,000

Nomura

International

plc

01/23/25

638

TRY

3,510,980

USD

96,482

Citibank

NA

01/23/25

777

USD

42,000

CAD

59,116

Barclays

Bank

plc

01/23/25

843

USD

63,000

CAD

88,476

BNP

Paribas

SA

01/23/25

1,403

USD

42,000

CAD

58,686

Canadian

Imperial

Bank

of

Commerce

01/23/25

1,143

USD

168,000

CNY

1,214,889

State

Street

Bank

and

Trust

Co.

01/23/25

2,405

USD

147,000

COP

640,080,000

Citibank

NA

01/23/25

2,125

USD

64,000

COP

281,664,000

Societe

Generale

SA

01/23/25

248

USD

43,000

CZK

1,027,110

Morgan

Stanley

&

Co.

International

plc

01/23/25

767

USD

104,133

EUR

100,000

Bank

of

New

York

Mellon

01/23/25

463

USD

85,416

EUR

81,000

Barclays

Bank

plc

01/23/25

1,444

USD

101,268

EUR

96,000

UBS

AG

01/23/25

1,745

USD

41,580

GBP

33,000

Morgan

Stanley

&

Co.

International

plc

01/23/25

275

USD

98,000

JPY

15,360,841

Standard

Chartered

Bank

01/23/25

136

USD

11,000

JPY

1,691,169

Toronto

Dominion

Bank

01/23/25

226

USD

86,000

KRW

122,008,200

Citibank

NA

01/23/25

3,350

USD

82,000

MXN

1,666,281

Citibank

NA

01/23/25

2,383

USD

77,702

SEK

855,445

Natwest

Markets

plc

01/23/25

299

USD

207,000

SGD

277,943

UBS

AG

01/23/25

3,298

USD

43,000

THB

1,448,240

Citibank

NA

01/23/25

477

USD

42,000

ZAR

768,432

Bank

of

America

NA

01/23/25

1,359

USD

21,000

ZAR

385,323

HSBC

Bank

plc

01/23/25

621

USD

31,000

BRL

189,925

Barclays

Bank

plc

02/04/25

446

EUR

647,096

CHF

596,874

Barclays

Bank

plc

03/19/25

9,272

NOK

7,581,867

CHF

594,549

Barclays

Bank

plc

03/19/25

5,269

USD

201,102

BRL

1,227,406

Barclays

Bank

plc

03/19/25

5,013

USD

1,318,383

EUR

1,250,501

Deutsche

Bank

AG

03/19/25

18,773

USD

1,665,573

GBP

1,306,550

Natwest

Markets

plc

03/19/25

30,831

USD

2,908

IDR

46,624,717

HSBC

Bank

plc

03/19/25

46

USD

27,735

INR

2,368,662

BNP

Paribas

SA

03/19/25

271

USD

351,029

JPY

54,586,869

Bank

of

America

NA

03/19/25

1,053

USD

551,845

NOK

6,155,353

Toronto

Dominion

Bank

03/19/25

11,216

USD

40,942

BRL

253,618

JPMorgan

Chase

Bank

NA

04/02/25

494

204,997

BRL

433,865

USD

73,000

Barclays

Bank

plc

01/03/25

(

2,771

)

BRL

259,268

USD

43,000

BNP

Paribas

SA

01/03/25

(

1,033

)

USD

32,000

BRL

197,797

Barclays

Bank

plc

01/03/25

(

17

)

EGP

515,138

USD

10,185

Societe

Generale

SA

01/08/25

(

74

)

USD

10,071

EGP

515,138

Societe

Generale

SA

01/08/25

(

41

)

USD

38,897

TRY

1,395,035

Barclays

Bank

plc

01/08/25

(

360

)

PEN

5,900

USD

1,579

Barclays

Bank

plc

01/21/25

(

10

)

PEN

135,322

USD

36,170

Citibank

NA

01/21/25

(

179

)

USD

403,505

COP

1,829,451,028

Morgan

Stanley

&

Co.

International

plc

01/21/25

(

10,691

)

USD

37,220

PEN

141,222

Morgan

Stanley

&

Co.

International

plc

01/21/25

(

341

)

USD

168,818

THB

5,863,905

BNP

Paribas

SA

01/21/25

(

3,340

)

USD

33,499

TRY

1,237,174

UBS

AG

01/21/25

(

846

)

AUD

64,000

USD

41,710

Barclays

Bank

plc

01/23/25

(

2,096

)

BRL

3,047,951

USD

519,644

BNP

Paribas

SA

01/23/25

(

28,183

)

CLP

62,181,000

USD

63,000

Citibank

NA

01/23/25

(

489

)

CLP

116,710,308

USD

119,935

Goldman

Sachs

International

01/23/25

(

2,604

)

CNY

298,764

USD

41,310

JPMorgan

Chase

Bank

NA

01/23/25

(

587

)

CNY

2,530,258

USD

346,890

UBS

AG

01/23/25

(

2,004

)

CZK

4,472,141

USD

186,451

Barclays

Bank

plc

01/23/25

(

2,566

)

EUR

34,069

GBP

28,429

Standard

Chartered

Bank

01/23/25

(

265

)

EUR

180,000

USD

189,020

Barclays

Bank

plc

01/23/25

(

2,414

)

EUR

20,000

USD

21,022

Deutsche

Bank

AG

01/23/25

(

288

)

EUR

63,430

USD

66,958

Standard

Chartered

Bank

01/23/25

(

1,200

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

33

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

79,083

USD

100,021

Barclays

Bank

plc

01/23/25

$

(

1,034

)

GBP

29,917

USD

37,858

Nomura

International

plc

01/23/25

(

411

)

HUF

16,426,200

USD

42,000

Citibank

NA

01/23/25

(

687

)

HUF

66,437,115

USD

169,945

UBS

AG

01/23/25

(

2,853

)

IDR

1,723,878,563

USD

107,973

HSBC

Bank

plc

01/23/25

(

1,599

)

INR

4,027,926

USD

47,610

HSBC

Bank

plc

01/23/25

(

668

)

JPY

9,552,595

USD

63,000

Bank

of

America

NA

01/23/25

(

2,140

)

JPY

12,823,541

USD

85,000

Barclays

Bank

plc

01/23/25

(

3,302

)

JPY

6,429,094

USD

43,000

BNP

Paribas

SA

01/23/25

(

2,040

)

JPY

3,216,196

USD

21,000

Goldman

Sachs

International

01/23/25

(

510

)

KRW

29,967,000

USD

21,000

BNP

Paribas

SA

01/23/25

(

700

)

KRW

121,075,837

USD

86,893

HSBC

Bank

plc

01/23/25

(

4,875

)

MXN

797,322

USD

38,743

Barclays

Bank

plc

01/23/25

(

646

)

MXN

833,694

USD

41,000

Citibank

NA

01/23/25

(

1,165

)

MXN

1,733,291

USD

85,000

Goldman

Sachs

International

01/23/25

(

2,182

)

MXN

7,385,378

USD

360,124

Morgan

Stanley

&

Co.

International

plc

01/23/25

(

7,241

)

MYR

1,517,815

USD

340,088

Barclays

Bank

plc

01/23/25

(

1,232

)

NOK

1,029,566

USD

93,000

Toronto

Dominion

Bank

01/23/25

(

2,560

)

RON

276,892

USD

58,348

Standard

Chartered

Bank

01/23/25

(

773

)

SEK

461,555

USD

42,000

Barclays

Bank

plc

01/23/25

(

237

)

SGD

261,648

USD

195,138

Morgan

Stanley

&

Co.

International

plc

01/23/25

(

3,378

)

USD

62,000

COP

274,164,000

Societe

Generale

SA

01/23/25

(

54

)

USD

95,055

GBP

76,000

Barclays

Bank

plc

01/23/25

(

73

)

USD

42,000

HUF

16,823,100

Barclays

Bank

plc

01/23/25

(

311

)

USD

42,000

MXN

879,144

Barclays

Bank

plc

01/23/25

(

7

)

USD

1,883

PLN

7,792

Barclays

Bank

plc

01/23/25

(

2

)

USD

21,000

THB

723,450

Barclays

Bank

plc

01/23/25

(

242

)

USD

20,000

TRY

727,940

Barclays

Bank

plc

01/23/25

(

165

)

ZAR

765,039

USD

43,000

Bank

of

America

NA

01/23/25

(

2,538

)

ZAR

809,841

USD

43,000

Goldman

Sachs

International

01/23/25

(

169

)

ZAR

380,541

USD

21,000

HSBC

Bank

plc

01/23/25

(

874

)

ZAR

6,990,627

USD

383,845

Toronto

Dominion

Bank

01/23/25

(

14,121

)

BRL

250,920

USD

41,000

Citibank

NA

02/04/25

(

633

)

COP

371,537,849

USD

93,398

Citibank

NA

02/21/25

(

9,626

)

USD

83,383

COP

371,537,849

Morgan

Stanley

&

Co.

International

plc

02/21/25

(

390

)

COP

509,007,000

USD

122,711

HSBC

Bank

plc

02/24/25

(

7,985

)

USD

103,417

COP

462,136,957

Societe

Generale

SA

02/24/25

(

745

)

EGP

1,088,640

USD

21,000

Societe

Generale

SA

02/25/25

(

48

)

AUD

3,249,813

USD

2,071,188

Natwest

Markets

plc

03/19/25

(

59,495

)

BRL

2,861,578

EUR

445,576

Goldman

Sachs

International

03/19/25

(

5,911

)

CAD

2,575,735

USD

1,826,916

State

Street

Bank

and

Trust

Co.

03/19/25

(

30,031

)

CHF

2,853,949

USD

3,261,719

UBS

AG

03/19/25

(

90,462

)

CNY

10,998,729

USD

1,515,883

Bank

of

America

NA

03/19/25

(

14,277

)

DKK

3,705,590

USD

524,415

Citibank

NA

03/19/25

(

7,554

)

EUR

414,831

USD

438,159

Bank

of

America

NA

03/19/25

(

7,037

)

EUR

1,357,914

USD

1,431,496

Bank

of

New

York

Mellon

03/19/25

(

20,255

)

EUR

631,791

USD

659,589

UBS

AG

03/19/25

(

2,986

)

GBP

228,752

EUR

276,600

Natwest

Markets

plc

03/19/25

(

1,250

)

GBP

367,675

USD

468,708

Bank

of

New

York

Mellon

03/19/25

(

8,676

)

HUF

54,365,616

USD

138,329

BNP

Paribas

SA

03/19/25

(

1,983

)

JPY

139,804,339

EUR

880,479

Deutsche

Bank

AG

03/19/25

(

18,721

)

JPY

969,773,461

USD

6,438,321

HSBC

Bank

plc

03/19/25

(

220,760

)

KRW

899,624,391

USD

630,762

BNP

Paribas

SA

03/19/25

(

20,122

)

MXN

9,561,659

EUR

443,947

Goldman

Sachs

International

03/19/25

(

8,498

)

MXN

3,935,124

USD

192,490

JPMorgan

Chase

Bank

NA

03/19/25

(

6,105

)

MXN

229,972

USD

11,000

Citibank

NA

03/19/25

(

108

)

NZD

123,715

USD

71,717

Toronto

Dominion

Bank

03/19/25

(

2,441

)

PLN

932,408

USD

228,352

Goldman

Sachs

International

03/19/25

(

3,233

)

SEK

4,951,846

USD

453,535

Toronto

Dominion

Bank

03/19/25

(

4,134

)

SGD

367,019

USD

274,224

Toronto

Dominion

Bank

03/19/25

(

4,660

)

TWD

15,635,470

USD

483,472

BNP

Paribas

SA

03/19/25

(

6,947

)

USD

1,332,780

HKD

10,351,803

Bank

of

America

NA

03/19/25

(

1,370

)

ZAR

5,668,024

EUR

301,011

Toronto

Dominion

Bank

03/19/25

(

14,531

)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

34

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

ZAR

4,376,017

USD

244,982

BNP

Paribas

SA

03/19/25

$

(

14,678

)

(

716,840

)

$

(

511,843

)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

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

One-Touch

Standard

Chartered

Bank

04/30/25

INR

88.00

INR

88.00

USD

11

$

1,867

USD

Currency

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

One-Touch

HSBC

Bank

plc

04/30/25

CNH

7.63

CNH

7.63

USD

11

1,337

USD

Currency

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

Up

and

Out

HSBC

Bank

plc

07/02/25

CNH

7.35

CNH

7.74

USD

84

465

3,669

Put

USD

Currency

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

One-Touch

UBS

AG

01/17/25

MXN

18.00

MXN

18.00

USD

6

—

USD

Currency

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

One-Touch

Bank

of

America

NA

03/17/25

BRL

5.75

BRL

5.75

USD

11

1,083

EUR

Currency

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

One-Touch

HSBC

Bank

plc

04/16/25

USD

1.02

USD

1.02

EUR

10

2,799

CNH

Currency

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

One-Touch

JPMorgan

Chase

Bank

NA

04/30/25

JPY

19.00

JPY

19.00

CNH

77

449

4,331

$

8,000

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

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

9

01/03/25

USD

612.00

USD

527

$

14

Alphabet,

Inc.

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

43

01/17/25

USD

200.00

USD

819

4,988

Amazon.com,

Inc.

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

35

01/17/25

USD

230.00

USD

768

5,040

Bank

of

America

Corp.

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

15

01/17/25

USD

49.00

USD

66

113

Capital

One

Financial

Corp.

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

8

01/17/25

USD

170.00

USD

143

8,520

Carrier

Global

Corp.

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

8

01/17/25

USD

77.50

USD

55

80

Costco

Wholesale

Corp.

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

2

01/17/25

USD

1,020.00

USD

183

84

Dell

Technologies,

Inc.

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

16

01/17/25

USD

145.00

USD

184

48

EQT

Corp.

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

71

01/17/25

USD

48.00

USD

327

4,757

Fifth

Third

Bancorp

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

20

01/17/25

USD

45.00

USD

85

150

Home

Depot,

Inc.

(The)

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

5

01/17/25

USD

445.00

USD

194

298

Informatica,

Inc.

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

3

01/17/25

USD

30.00

USD

8

38

Lowe's

Cos.,

Inc.

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

7

01/17/25

USD

300.00

USD

173

35

Mastercard,

Inc.

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

3

01/17/25

USD

540.00

USD

158

791

Meta

Platforms,

Inc.

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

11

01/17/25

USD

620.00

USD

644

4,510

Meta

Platforms,

Inc.

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

11

01/17/25

USD

630.00

USD

644

2,882

NVIDIA

Corp.

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

8

01/17/25

USD

160.00

USD

107

168

NVIDIA

Corp.

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

13

01/17/25

USD

145.00

USD

175

1,996

NVIDIA

Corp.

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

17

01/17/25

USD

155.00

USD

228

663

Oracle

Corp.

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

13

01/17/25

USD

210.00

USD

217

59

Paramount

Global

...........................

6

01/17/25

USD

15.00

USD

6

9

Paramount

Global

...........................

11

01/17/25

USD

14.00

USD

12

17

Paramount

Global

...........................

11

01/17/25

USD

12.50

USD

12

28

Sabre

Corp.

...............................

11

01/17/25

USD

5.00

USD

4

17

Shell

plc

..................................

45

01/17/25

USD

67.50

USD

282

450

SPDR

Gold

Shares

(a)

.........................

28

01/17/25

USD

250.00

USD

678

1,442

SPDR

Gold

Shares

(a)

.........................

29

01/17/25

USD

255.00

USD

702

537

SPDR

Gold

Shares

(a)

.........................

77

01/17/25

USD

260.00

USD

1,864

693

SPDR

S&P

500

ETF

Trust

......................

23

01/17/25

USD

605.00

USD

1,348

2,024

Uber

Technologies,

Inc.

.......................

19

01/17/25

USD

77.50

USD

115

76

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

35

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

United

Airlines

Holdings,

Inc.

....................

32

01/17/25

USD

100.00

USD

311

$

10,640

Uniti

Group,

Inc.

............................

9

01/17/25

USD

6.00

USD

5

68

Visa,

Inc.

.................................

9

01/17/25

USD

320.00

USD

284

2,969

Western

Digital

Corp.

.........................

6

01/17/25

USD

85.00

USD

36

24

U.S.

Treasury

5-Year

Note

.....................

2

01/24/25

USD

107.00

USD

200

391

SPDR

Gold

Shares

(a)

.........................

31

01/31/25

USD

248.00

USD

751

7,704

Adobe,

Inc.

................................

3

02/21/25

USD

475.00

USD

133

2,108

Advanced

Micro

Devices,

Inc.

...................

9

02/21/25

USD

150.00

USD

109

1,521

Apple,

Inc.

................................

36

02/21/25

USD

250.00

USD

902

34,290

DraftKings,

Inc.

.............................

24

02/21/25

USD

44.00

USD

89

1,812

Microsoft

Corp.

.............................

6

02/21/25

USD

470.00

USD

253

1,431

Netflix,

Inc.

................................

3

02/21/25

USD

980.00

USD

267

7,103

Netflix,

Inc.

................................

3

02/21/25

USD

900.00

USD

267

15,600

NVIDIA

Corp.

..............................

60

02/21/25

USD

160.00

USD

806

11,610

Salesforce,

Inc.

.............................

10

02/21/25

USD

390.00

USD

334

1,255

SPDR

Gold

Shares

(a)

.........................

43

02/21/25

USD

255.00

USD

1,041

6,923

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

........

11

02/21/25

USD

190.00

USD

217

18,535

Uber

Technologies,

Inc.

.......................

38

02/21/25

USD

67.50

USD

229

6,346

Walmart,

Inc.

..............................

65

02/21/25

USD

100.00

USD

587

4,778

Walt

Disney

Co.

(The)

........................

11

02/21/25

USD

120.00

USD

122

2,090

Sabre

Corp.

...............................

11

04/17/25

USD

7.00

USD

4

61

177,786

Put

Broadcom,

Inc.

.............................

11

01/17/25

USD

172.00

USD

255

165

HubSpot,

Inc.

..............................

5

01/17/25

USD

720.00

USD

348

17,275

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

20

01/17/25

USD

77.00

USD

157

430

SPDR

S&P

500

ETF

Trust

......................

28

01/17/25

USD

598.00

USD

1,641

36,302

SPDR

S&P

500

ETF

Trust

......................

42

01/17/25

USD

575.00

USD

2,462

12,957

SPDR

S&P

500

ETF

Trust

......................

9

01/31/25

USD

580.00

USD

527

5,868

Datadog,

Inc.

..............................

18

02/21/25

USD

155.00

USD

257

29,655

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

12

02/21/25

USD

74.00

USD

94

564

ServiceNow,

Inc.

............................

5

02/21/25

USD

940.00

USD

530

7,175

SPDR

S&P

500

ETF

Trust

......................

6

02/21/25

USD

580.00

USD

352

5,208

115,599

$

293,385

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........

Barclays

Bank

plc

—

01/17/25

JPY

155.00

USD

63

$

1,092

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

02/17/25

SEK

11.70

EUR

100

196

IFSC

NIFTY

50

Index

......

Morgan

Stanley

&

Co.

International

plc

18

03/27/25

USD

26,000.00

USD

426

1,525

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

04/30/25

CNH

7.35

USD

85

1,059

3,872

Put

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

01/06/25

USD

1.06

EUR

58

1,397

USD

Currency

...........

Barclays

Bank

plc

—

01/06/25

BRL

5.70

USD

83

–

EUR

Currency

...........

Barclays

Bank

plc

—

03/13/25

JPY

160.00

EUR

120

1,702

S&P

500

Index

..........

Barclays

Bank

plc

61

03/21/25

USD

5,750.00

USD

359

6,872

S&P

500

Index

..........

Goldman

Sachs

International

61

03/21/25

USD

5,700.00

USD

359

6,892

S&P

500

Index

..........

UBS

AG

61

03/21/25

USD

5,780.00

USD

359

7,247

24,110

$

27,982

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

36

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

Bank

of

America

NA

01/15/25

USD

106.00

USD

140

$

129

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

42.V1

Quarterly

Bank

of

America

NA

01/15/25

EUR

400.00

EUR

135

57

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

42.V1

Quarterly

JPMorgan

Chase

Bank

NA

02/19/25

EUR

425.00

EUR

135

245

$

431

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

3-mo.

JIBAR

Quarterly

8.75%

Quarterly

JPMorgan

Chase

Bank

NA

01/22/25

8

.75

%

ZAR

873

$

266

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.00%

Annual

Goldman

Sachs

International

01/23/25

3

.00

USD

1,947

2

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Citibank

NA

04/22/25

3

.30

USD

371

1,964

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Goldman

Sachs

International

04/23/25

3

.30

USD

296

1,591

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.30%

Annual

Deutsche

Bank

AG

04/25/25

3

.30

USD

295

1,627

$

5,450

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Broadcom,

Inc.

..............................

11

01/17/25

USD

210.00

USD

255

$

(

25,877

)

Costco

Wholesale

Corp.

........................

2

01/17/25

USD

1,100.00

USD

183

(

13

)

Home

Depot,

Inc.

(The)

........................

5

01/17/25

USD

470.00

USD

194

(

10

)

JPMorgan

Chase

&

Co.

........................

15

01/17/25

USD

250.00

USD

360

(

2,520

)

Meta

Platforms,

Inc.

...........................

11

01/17/25

USD

680.00

USD

644

(

357

)

NVIDIA

Corp.

...............................

8

01/17/25

USD

185.00

USD

107

(

16

)

ServiceNow,

Inc.

.............................

5

01/17/25

USD

1,120.00

USD

530

(

3,025

)

SPDR

S&P

500

ETF

Trust

.......................

23

01/17/25

USD

625.00

USD

1,348

(

103

)

United

Airlines

Holdings,

Inc.

.....................

32

01/17/25

USD

115.00

USD

311

(

1,216

)

Western

Digital

Corp.

..........................

6

01/17/25

USD

95.00

USD

36

(

102

)

Advanced

Micro

Devices,

Inc.

....................

9

02/21/25

USD

170.00

USD

109

(

580

)

Alphabet,

Inc.

...............................

8

02/21/25

USD

200.00

USD

152

(

4,340

)

Amazon.com,

Inc.

............................

26

02/21/25

USD

250.00

USD

570

(

5,629

)

Apple,

Inc.

.................................

36

02/21/25

USD

265.00

USD

902

(

11,610

)

Meta

Platforms,

Inc.

...........................

5

02/21/25

USD

720.00

USD

293

(

2,137

)

Netflix,

Inc.

.................................

3

02/21/25

USD

1,020.00

USD

267

(

4,710

)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.........

11

02/21/25

USD

210.00

USD

217

(

8,195

)

Uber

Technologies,

Inc.

........................

24

02/21/25

USD

80.00

USD

145

(

840

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

37

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Walmart,

Inc.

...............................

65

02/21/25

USD

110.00

USD

587

$

(

1,007

)

(

72,287

)

Put

Advanced

Micro

Devices,

Inc.

....................

9

01/17/25

USD

125.00

USD

109

(

5,850

)

Broadcom,

Inc.

..............................

11

01/17/25

USD

150.00

USD

255

(

38

)

Carrier

Global

Corp.

...........................

8

01/17/25

USD

65.00

USD

55

(

320

)

Costco

Wholesale

Corp.

........................

1

01/17/25

USD

910.00

USD

92

(

1,175

)

Dell

Technologies,

Inc.

.........................

4

01/17/25

USD

110.00

USD

46

(

592

)

EQT

Corp.

.................................

20

01/17/25

USD

39.00

USD

92

(

300

)

Freeport-McMoRan,

Inc.

........................

30

01/17/25

USD

40.00

USD

114

(

6,990

)

HubSpot,

Inc.

...............................

5

01/17/25

USD

660.00

USD

348

(

3,525

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

10

01/17/25

USD

75.00

USD

79

(

30

)

Lowe's

Cos.,

Inc.

.............................

7

01/17/25

USD

240.00

USD

173

(

1,253

)

NVIDIA

Corp.

...............................

60

01/17/25

USD

125.00

USD

806

(

10,710

)

SPDR

Gold

Shares

(a)

..........................

28

01/17/25

USD

225.00

USD

678

(

1,484

)

SPDR

Gold

Shares

(a)

..........................

43

01/17/25

USD

235.00

USD

1,041

(

2,064

)

SPDR

Gold

Shares

(a)

..........................

15

01/31/25

USD

232.00

USD

363

(

967

)

Adobe,

Inc.

.................................

3

02/21/25

USD

425.00

USD

133

(

2,415

)

Alphabet,

Inc.

...............................

5

02/21/25

USD

175.00

USD

95

(

1,550

)

Datadog,

Inc.

...............................

18

02/21/25

USD

135.00

USD

257

(

9,855

)

DraftKings,

Inc.

..............................

24

02/21/25

USD

37.00

USD

89

(

6,049

)

Microsoft

Corp.

..............................

6

02/21/25

USD

400.00

USD

253

(

4,290

)

Netflix,

Inc.

.................................

3

02/21/25

USD

830.00

USD

267

(

7,455

)

Salesforce,

Inc.

..............................

10

02/21/25

USD

320.00

USD

334

(

6,876

)

ServiceNow,

Inc.

.............................

5

02/21/25

USD

800.00

USD

530

(

2,075

)

SPDR

Gold

Shares

(a)

..........................

43

02/21/25

USD

238.00

USD

1,041

(

11,416

)

Uber

Technologies,

Inc.

........................

14

02/21/25

USD

65.00

USD

84

(

9,171

)

Uber

Technologies,

Inc.

........................

38

02/21/25

USD

52.50

USD

229

(

4,123

)

Walt

Disney

Co.

(The)

.........................

11

02/21/25

USD

100.00

USD

122

(

1,116

)

(

101,689

)

$

(

173,976

)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

..............

Barclays

Bank

plc

—

01/06/25

BRL

6.00

USD

83

$

(

2,584

)

USD

Currency

..............

Goldman

Sachs

International

—

01/06/25

TRY

36.30

USD

62

(

78

)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

04/30/25

CNH

7.60

USD

127

(

470

)

(

3,132

)

Put

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

01/06/25

USD

1.04

EUR

58

(

338

)

EUR

Currency

..............

JPMorgan

Chase

Bank

NA

—

01/23/25

USD

1.02

EUR

904

(

2,586

)

EUR

Currency

..............

Royal

Bank

of

Canada

—

03/06/25

USD

1.02

EUR

671

(

5,355

)

EUR

Currency

..............

Barclays

Bank

plc

—

03/13/25

JPY

154.00

EUR

180

(

966

)

EUR

Currency

..............

Deutsche

Bank

AG

—

03/20/25

USD

1.01

EUR

1,061

(

5,272

)

IFSC

NIFTY

50

Index

.........

Morgan

Stanley

&

Co.

International

plc

18

03/27/25

USD

22,000.00

USD

426

(

1,924

)

(

16,441

)

$

(

19,573

)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

38

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

Bank

of

America

NA

01/15/25

B+

USD

101.00

USD

140

$

(

52

)

(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

5-Year

Interest

Rate

Swap

(a)

.

3.15%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

01/24/25

3

.15

%

USD

1,134

$

(

12

)

1-Year

Interest

Rate

Swap

(a)

.

3.15%

At

Termination

1-day

SOFR

At

Termination

Goldman

Sachs

International

02/10/25

3

.15

USD

5,074

(

48

)

5-Year

Interest

Rate

Swap

(a)

.

3.23%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

02/14/25

3

.23

USD

1,074

(

214

)

5-Year

Interest

Rate

Swap

(a)

.

2.70%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

02/20/25

2

.70

USD

3,738

(

112

)

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Citibank

NA

04/22/25

2

.70

USD

371

(

249

)

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

04/23/25

2

.70

USD

296

(

204

)

30-Year

Interest

Rate

Swap

(a)

2.70%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

04/25/25

2

.70

USD

295

(

213

)

(

1,052

)

Put

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.70%

Annual

Goldman

Sachs

International

01/02/25

3

.70

USD

885

(

26,907

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.07%

Annual

Goldman

Sachs

International

01/10/25

4

.07

USD

2,905

(

3,795

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.00%

Annual

JPMorgan

Chase

Bank

NA

01/16/25

4

.00

GBP

1,099

(

6,032

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.30%

Annual

Deutsche

Bank

AG

01/17/25

4

.30

USD

1,926

(

512

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Deutsche

Bank

AG

01/21/25

4

.00

USD

1,099

(

5,935

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.23%

Annual

Goldman

Sachs

International

02/14/25

3

.23

USD

1,074

(

39,053

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Annual

Deutsche

Bank

AG

02/20/25

3

.90

USD

935

(

9,718

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Annual

Deutsche

Bank

AG

03/24/25

3

.75

USD

221

(

6,956

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Annual

JPMorgan

Chase

Bank

NA

03/25/25

3

.75

USD

875

(

27,663

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.10%

Annual

JPMorgan

Chase

Bank

NA

04/22/25

4

.10

GBP

913

(

8,509

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Citibank

NA

04/22/25

4

.15

USD

129

(

2,516

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Goldman

Sachs

International

04/23/25

4

.15

USD

74

(

1,455

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.15%

Annual

Deutsche

Bank

AG

04/25/25

4

.15

USD

74

(

1,465

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.60%

Annual

Morgan

Stanley

&

Co.

International

plc

06/13/25

4

.60

USD

1,851

(

2,824

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.60%

Annual

Citibank

NA

06/20/25

4

.60

USD

2,152

(

3,474

)

(

146,814

)

$

(

147,866

)

(a)

Forward

settling

swaption.

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

39

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

$

(

4,553

)

$

(

5,116

)

$

563

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1

.00

Quarterly

12/20/27

USD

49

(

959

)

(

41

)

(

918

)

Markit

CDX

North

American

Investment

Grade

Index

Series

43.V1

................

1

.00

Quarterly

12/20/29

USD

293

(

6,596

)

(

6,596

)

—

$

(

12,108

)

$

(

11,753

)

$

(

355

)

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

$

11,466

$

5

$

11,461

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5

.00

Quarterly

12/20/28

B+

USD

257

20,787

7,646

13,141

iTraxx

Europe

Crossover

Index

Series

42.V1

..

5

.00

Quarterly

12/20/29

BB-

EUR

79

6,516

6,659

(

143

)

$

38,769

$

14,310

$

24,459

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28-day

MXIBTIIE

Monthly

9.79%

Monthly

N/A

02/04/25

MXN

10,972

$

(

451

)

$

—

$

(

451

)

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

221,465

2,762

—

2,762

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

03/26/25

(a)

03/26/26

ZAR

3,567

(

1,200

)

—

(

1,200

)

1-day

SOFR

Annual

4.93%

Annual

N/A

04/26/26

USD

8,960

75,577

1,096

74,481

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

4,958

(

1,970

)

—

(

1,970

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

1,923

754

—

754

1-day

SOFR

Annual

4.35%

Annual

N/A

07/22/26

USD

844

425

—

425

5.16%

Annual

6-mo.

WIBOR

Semi-Annual

03/19/25

(a)

09/19/26

PLN

502

60

—

60

5.24%

Annual

6-mo.

WIBOR

Semi-Annual

03/19/25

(a)

09/19/26

PLN

836

(

120

)

—

(

120

)

6.92%

Quarterly

3-mo.

JIBAR

Quarterly

09/23/25

(a)

09/23/26

ZAR

675

121

—

121

1-day

SOFR

Annual

4.00%

Annual

N/A

10/28/26

USD

2,972

(

8,456

)

—

(

8,456

)

1-day

MXIBTIIE

Monthly

9.26%

Monthly

N/A

11/18/26

MXN

21,971

1,276

—

1,276

7.25%

Quarterly

3-mo.

JIBAR

Quarterly

03/19/25

(a)

03/19/27

ZAR

2,015

165

—

165

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

90,759

589

—

589

1-day

SOFR

Annual

4.73%

Annual

N/A

04/26/27

USD

10,332

115,581

4,340

111,241

1-day

SOFR

Annual

4.10%

Annual

05/30/25

(a)

05/30/27

USD

2,318

3,473

—

3,473

1-day

SOFR

Annual

4.15%

Annual

05/30/25

(a)

05/30/27

USD

2,318

5,641

—

5,641

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

767

2,815

—

2,815

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

1,832

(

122

)

—

(

122

)

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

1,832

18,541

—

18,541

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

1,845

24,650

—

24,650

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

6,479

(

52,794

)

—

(

52,794

)

6-mo.

PRIBOR

Semi-Annual

3.59%

Annual

03/19/25

(a)

03/19/28

CZK

1,625

(

30

)

—

(

30

)

6-mo.

PRIBOR

Semi-Annual

3.62%

Annual

03/19/25

(a)

03/19/28

CZK

1,908

35

—

35

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

40

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

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

490

$

13,727

$

—

$

13,727

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

463

97

—

97

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

464

160

—

160

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

1,180

53,323

—

53,323

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

25,946

144

—

144

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

31,712

723

—

723

1-day

SOFR

Annual

4.50%

Annual

N/A

04/26/29

USD

13,424

177,747

13,007

164,740

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

1,358

58,446

—

58,446

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

1,931

(

18,562

)

—

(

18,562

)

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

985

41,876

—

41,876

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/29

USD

959

(

18,254

)

—

(

18,254

)

1-day

MXIBTIIE

Monthly

9.04%

Monthly

N/A

11/14/29

MXN

7,099

(

2,009

)

—

(

2,009

)

8.97%

Monthly

1-day

MXIBTIIE

Monthly

N/A

12/14/29

MXN

1,093

465

—

465

6-mo.

WIBOR

Semi-Annual

4.88%

Annual

03/19/25

(a)

03/19/30

PLN

163

(

141

)

—

(

141

)

6-mo.

WIBOR

Semi-Annual

4.94%

Annual

03/19/25

(a)

03/19/30

PLN

272

(

76

)

—

(

76

)

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

762

119,983

—

119,983

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

576

1,843

—

1,843

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

2,161

9,462

—

9,462

3-mo.

JIBAR

Quarterly

9.90%

Quarterly

N/A

09/20/33

ZAR

1,080

4,734

—

4,734

3-mo.

JIBAR

Quarterly

9.92%

Quarterly

N/A

09/20/33

ZAR

1,080

4,811

—

4,811

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

16,693

1,248

—

1,248

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

16,693

1,386

—

1,386

1-day

SOFR

Annual

4.35%

Annual

N/A

04/26/34

USD

10,109

166,036

17,438

148,598

1-day

SOFR

Annual

3.66%

Annual

N/A

10/10/34

USD

646

(

22,863

)

—

(

22,863

)

1-day

SOFR

Annual

3.67%

Annual

N/A

12/26/34

USD

1,129

(

37,224

)

—

(

37,224

)

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

374

17,889

—

17,889

4.25%

Annual

1-day

SOFR

Annual

N/A

09/29/43

USD

118

(

1,904

)

73

(

1,977

)

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

397

21,103

—

21,103

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

22,475

(

11,108

)

—

(

11,108

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

22,475

(

11,079

)

—

(

11,079

)

1-day

SOFR

Annual

4.07%

Annual

N/A

04/26/54

USD

396

5,523

1,668

3,855

3.65%

Annual

1-day

SOFR

Annual

N/A

11/02/54

USD

3,526

178,949

1,004

177,945

1-day

SONIA

Annual

4.10%

Annual

N/A

11/07/54

GBP

350

(

10,039

)

1,643

(

11,682

)

$

933,738

$

40,269

$

893,469

(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

$

4,344

$

—

$

4,344

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

$

11

$

408

$

(

397

)

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

5

164

343

(

179

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

41

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)

BorgWarner,

Inc.

..........

1

.00

%

Quarterly

BNP

Paribas

SA

12/20/27

USD

10

$

(

173

)

$

82

$

(

255

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/27

USD

10

306

1,586

(

1,280

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

10

306

1,544

(

1,238

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

10

681

695

(

14

)

Paramount

Global

.........

1

.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

3

(

34

)

103

(

137

)

Paramount

Global

.........

1

.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

3

(

31

)

95

(

126

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

15

(

144

)

462

(

606

)

Simon

Property

Group

LP

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

30

(

596

)

479

(

1,075

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

40

(

798

)

957

(

1,755

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

100

(

358

)

(

389

)

31

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

5

667

482

185

Boeing

Co.

(The)

..........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

100

15

1,073

(

1,058

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

5

(

793

)

(

501

)

(

292

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

10

(

1,586

)

(

1,133

)

(

453

)

Republic

of

Panama

........

1

.00

Quarterly

Citibank

NA

12/20/29

USD

25

1,190

775

415

Southwest

Airlines

Co.

......

1

.00

Quarterly

Citibank

NA

12/20/29

USD

45

(

443

)

(

60

)

(

383

)

Telecom

Italia

SpA

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

EUR

15

577

734

(

157

)

$

–

$

–

$

–

$

(

1,039

)

$

7,735

$

(

8,774

)

$

–

$

–

$

–

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)

Virgin

Media

Finance

plc

.

5

.00

%

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

18

$

993

$

646

$

347

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

B-

EUR

34

1,897

1,207

690

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

16

904

649

255

Forvia

SE

...........

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB

EUR

8

485

574

(

89

)

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

BB+

USD

5

867

843

24

$

5,146

$

3,919

$

1,227

(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)

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

Barclays

Bank

plc

01/02/25

BRL

7,189

$

179

$

—

$

179

1-day

BZDIOVER

At

Termination

11.02%

At

Termination

Barclays

Bank

plc

01/02/25

BRL

942

(

15

)

—

(

15

)

1-day

BZDIOVER

At

Termination

13.18%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

3,325

14,238

—

14,238

1-day

BZDIOVER

At

Termination

13.21%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

3,323

14,573

—

14,573

1-day

BZDIOVER

At

Termination

13.25%

At

Termination

Citibank

NA

01/02/25

BRL

1,748

7,906

—

7,906

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

42

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

9.40%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

2,166

$

(

31,876

)

$

—

$

(

31,876

)

1-day

BZDIOVER

At

Termination

9.43%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

2,362

(

34,292

)

—

(

34,292

)

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

05/10/25

COP

457,994

364

—

364

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

05/10/25

COP

728,229

449

—

449

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

1,240

(

2,686

)

—

(

2,686

)

1-day

BZDIOVER

At

Termination

11.83%

At

Termination

Barclays

Bank

plc

07/01/25

BRL

134

(

179

)

—

(

179

)

1-day

BZDIOVER

At

Termination

12.16%

At

Termination

BNP

Paribas

SA

07/01/25

BRL

1,051

(

1,185

)

—

(

1,185

)

14.18%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/26

BRL

649

903

—

903

7.25%

Quarterly

1-day

IBR

Quarterly

Barclays

Bank

plc

09/25/26

COP

36,324

153

—

153

11.49%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

792

9,874

—

9,874

11.57%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

01/04/27

BRL

476

5,751

—

5,751

12.21%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

110

1,114

—

1,114

15.41%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/04/27

BRL

331

373

—

373

1-day

BZDIOVER

At

Termination

10.00%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,081

(

23,541

)

—

(

23,541

)

1-day

BZDIOVER

At

Termination

10.07%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

677

(

14,816

)

—

(

14,816

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

Bank

of

America

NA

01/04/27

BRL

1,370

(

29,398

)

—

(

29,398

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

1,314

(

28,188

)

—

(

28,188

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

7

(

157

)

—

(

157

)

1-day

BZDIOVER

At

Termination

9.79%

At

Termination

BNP

Paribas

SA

01/04/27

BRL

523

(

10,508

)

—

(

10,508

)

1-day

BZDIOVER

At

Termination

14.03%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

268

(

2,464

)

—

(

2,464

)

1-day

CLICP

Semi-Annual

4.90%

Semi-Annual

Goldman

Sachs

International

11/22/29

CLP

37,033

(

600

)

—

(

600

)

1-day

CLICP

Semi-Annual

4.91%

Semi-Annual

Goldman

Sachs

International

11/22/29

CLP

36,490

(

575

)

—

(

575

)

1-day

CLICP

Semi-Annual

4.93%

Semi-Annual

Goldman

Sachs

International

11/22/29

CLP

18,535

(

275

)

—

(

275

)

$

(

124,878

)

$

—

$

(

124,878

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

43

(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

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

minus

0.55%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

03/20/25

USD

1

$

3

$

—

$

3

1-day

SOFR

plus

0.30%

At

Termination

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

03/20/25

USD

14

306

—

306

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.70%

At

Termination

Goldman

Sachs

International

03/20/25

USD

3

631

—

631

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

At

Termination

1-day

SOFR

minus

0.70%

Quarterly

JPMorgan

Chase

Bank

NA

03/20/25

USD

7

1,671

—

1,671

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/19/25

USD

66

(

1,601

)

—

(

1,601

)

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/19/25

USD

12

—

—

—

1-day

SOFR

.......

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/19/25

USD

17

—

—

—

1-day

SOFR

.......

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/19/25

USD

11

(

169

)

—

(

169

)

$

841

$

—

$

841

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

$

6,377‌

$

321‌

(c)

$

6,752‌

0

.0‌

%

Monthly

Citibank

NA

(d)

02/24/28

(

4,676,985‌

)

(

6,238‌

)

(e)

(

4,675,794‌

)

3

.2‌

Monthly

JPMorgan

Chase

Bank

NA

(f)

02/10/25

(

1,277,382‌

)

70,110‌

(g)

(

1,206,317‌

)

1

.0‌

$

64,193‌

$

(

5,875,359‌

)

(b)

(d)

(f)

Range:

20

basis

points

10-150

basis

points

15-420

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

$(54)

of

net

dividends

and

financing

fees.

(d)

CitiBank

NA

(e)

Amount

includes

$(7,429)

of

net

dividends

and

financing

fees.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

44

(f)

JPMChase

(g)

Amount

includes

$(955)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

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

$

6,752

100

.0

%

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

................................

$

6,752

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

Belgium

D'ieteren

Group

..........

(

89

)

(

14,805

)

0

.3

UCB

SA

...............

(

368

)

(

73,255

)

1

.6

(

88,060

)

Brazil

BRF

SA

................

(

1,046

)

(

4,238

)

0

.1

Marfrig

Global

Foods

SA

....

(

3,905

)

(

10,758

)

0

.3

Natura

&

Co.

Holding

SA

....

(

2,577

)

(

5,318

)

0

.1

NU

Holdings

Ltd.

,

Class

A

....

(

6,268

)

(

64,937

)

1

.4

Suzano

SA

.............

(

592

)

(

5,983

)

0

.1

(

91,234

)

Canada

Canadian

Pacific

Kansas

City

Ltd.

................

(

596

)

(

43,154

)

0

.9

China

Alibaba

Group

Holding

Ltd.

...

(

1,200

)

(

12,700

)

0

.3

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

..............

(

5,500

)

(

14,001

)

0

.3

Baidu,

Inc.

,

Class

A

........

(

1,700

)

(

17,929

)

0

.4

China

International

Capital

Corp.

Ltd.

,

Class

H

..........

(

31,200

)

(

50,658

)

1

.1

China

Overseas

Land

&

Investment

Ltd.

........

(

8,500

)

(

13,428

)

0

.3

China

Railway

Group

Ltd.

,

Class

H

..................

(

40,000

)

(

20,267

)

0

.4

China

Resources

Power

Holdings

Co.

Ltd.

.......

(

18,932

)

(

45,837

)

1

.0

CRRC

Corp.

Ltd.

,

Class

H

...

(

25,000

)

(

16,076

)

0

.4

CSPC

Pharmaceutical

Group

Ltd.

................

(

10,000

)

(

6,096

)

0

.1

Longfor

Group

Holdings

Ltd.

..

(

36,500

)

(

46,290

)

1

.0

New

Oriental

Education

&

Technology

Group,

Inc.

...

(

1,700

)

(

10,843

)

0

.2

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

.......

(

65,000

)

(

38,154

)

0

.8

(

292,279

)

Denmark

Coloplast

A/S

,

Class

B

......

(

358

)

(

39,223

)

0

.8

Zealand

Pharma

A/S

.......

(

283

)

(

28,152

)

0

.6

(

67,375

)

Shares

Value

%

of

Basket

Value

Finland

Metso

OYJ

..............

(

121

)

$

(

1,127

)

0.0

%

Neste

OYJ

..............

(

2,963

)

(

37,497

)

0

.8

(

38,624

)

France

Alstom

SA

..............

(

2,698

)

(

60,201

)

1

.3

Pernod

Ricard

SA

.........

(

94

)

(

10,621

)

0

.2

Renault

SA

.............

(

938

)

(

45,665

)

1

.0

Teleperformance

SE

.......

(

286

)

(

24,531

)

0

.5

(

141,018

)

Italy

DiaSorin

SpA

............

(

244

)

(

25,167

)

0

.5

Nexi

SpA

...............

(

5,943

)

(

33,080

)

0

.7

Telecom

Italia

SpA

........

(

35,243

)

(

9,007

)

0

.2

(

67,254

)

Japan

Dentsu

Group,

Inc.

........

(

800

)

(

19,224

)

0

.4

DMG

Mori

Co.

Ltd.

........

(

1,242

)

(

19,763

)

0

.4

Hoshizaki

Corp.

..........

(

300

)

(

11,796

)

0

.2

Kadokawa

Corp.

..........

(

600

)

(

11,890

)

0

.3

Kawasaki

Heavy

Industries

Ltd.

(

1,200

)

(

54,665

)

1

.2

Kobayashi

Pharmaceutical

Co.

Ltd.

................

(

500

)

(

19,740

)

0

.4

Kobe

Bussan

Co.

Ltd.

......

(

1,000

)

(

21,860

)

0

.5

Koito

Manufacturing

Co.

Ltd.

..

(

200

)

(

2,532

)

0.0

Lasertec

Corp.

...........

(

200

)

(

18,749

)

0

.4

MatsukiyoCocokara

&

Co.

...

(

2,200

)

(

32,030

)

0

.7

Mercari,

Inc.

.............

(

8,253

)

(

93,137

)

2

.0

Mitsubishi

Heavy

Industries

Ltd.

(

1,800

)

(

25,099

)

0

.5

MonotaRO

Co.

Ltd.

........

(

700

)

(

11,896

)

0

.3

Nippon

Express

Holdings,

Inc.

.

(

1,671

)

(

25,336

)

0

.5

Nissan

Motor

Co.

Ltd.

......

(

11,400

)

(

34,574

)

0

.7

NTT

Data

Group

Corp.

......

(

1,400

)

(

26,621

)

0

.6

Oji

Holdings

Corp.

.........

(

2,200

)

(

8,408

)

0

.2

Rakuten

Bank

Ltd.

........

(

700

)

(

19,540

)

0

.4

Rohm

Co.

Ltd.

...........

(

2,500

)

(

23,229

)

0

.5

Sanrio

Co.

Ltd.

...........

(

700

)

(

24,401

)

0

.5

Seven

&

i

Holdings

Co.

Ltd.

..

(

5,000

)

(

78,388

)

1

.7

Sharp

Corp.

.............

(

500

)

(

3,099

)

0

.1

Shimano,

Inc.

............

(

200

)

(

26,903

)

0

.6

Square

Enix

Holdings

Co.

Ltd.

.

(

96

)

(

3,728

)

0

.1

SUMCO

Corp.

...........

(

8,200

)

(

60,389

)

1

.3

Sumitomo

Chemical

Co.

Ltd.

..

(

10,764

)

(

23,754

)

0

.5

Taisei

Corp.

.............

(

39

)

(

1,634

)

0.0

Tokyo

Electric

Power

Co.

Holdings,

Inc.

..........

(

11,900

)

(

35,570

)

0

.8

Tokyo

Gas

Co.

Ltd.

........

(

700

)

(

19,395

)

0

.4

(

757,350

)

Mexico

Alfa

SAB

de

CV

,

Class

A

....

(

5,033

)

(

3,628

)

0

.1

Poland

ORLEN

SA

.............

(

3,091

)

(

35,431

)

0

.8

Singapore

Seatrium

Ltd.

............

(

3,100

)

(

4,699

)

0

.1

South

Korea

LG

Energy

Solution

Ltd.

.....

(

72

)

(

16,815

)

0

.3

POSCO

Future

M

Co.

Ltd.

...

(

93

)

(

8,786

)

0

.2

(

25,601

)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

45

Shares

Value

%

of

Basket

Value

Spain

Grifols

SA

,

Class

A

........

(

4,858

)

$

(

45,908

)

1

.0

%

Sweden

Beijer

Ref

AB

,

Class

B

......

(

174

)

(

2,568

)

0

.1

Switzerland

Avolta

AG

..............

(

365

)

(

14,652

)

0

.3

Clariant

AG

(Registered)

....

(

1,557

)

(

17,378

)

0

.4

Georg

Fischer

AG

(Registered)

(

110

)

(

8,328

)

0

.2

Sandoz

Group

AG

.........

(

1,413

)

(

57,923

)

1

.2

Swatch

Group

AG

(The)

.....

(

388

)

(

70,523

)

1

.5

(

168,804

)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(

2,653

)

(

9,129

)

0

.2

Formosa

Plastics

Corp.

.....

(

17,000

)

(

18,392

)

0

.4

Fubon

Financial

Holding

Co.

Ltd.

(

8,212

)

(

22,583

)

0

.5

Innolux

Corp.

............

(

59,000

)

(

25,780

)

0

.5

Shin

Kong

Financial

Holding

Co.

Ltd.

................

(

14,000

)

(

5,033

)

0

.1

(

80,917

)

United

Kingdom

Coca-Cola

Europacific

Partners

plc

.................

(

1,497

)

(

114,985

)

2

.5

Entain

plc

..............

(

4,442

)

(

38,132

)

0

.8

JD

Sports

Fashion

plc

......

(

27,568

)

(

32,950

)

0

.7

Rentokil

Initial

plc

.........

(

12,654

)

(

63,162

)

1

.3

(

249,229

)

United

States

Air

Products

&

Chemicals,

Inc.

(

294

)

(

85,272

)

1

.8

Albemarle

Corp.

..........

(

1,702

)

(

146,508

)

3

.1

Align

Technology,

Inc.

......

(

137

)

(

28,566

)

0

.6

APA

Corp.

..............

(

4,975

)

(

114,873

)

2

.5

Axon

Enterprise,

Inc.

.......

(

134

)

(

79,639

)

1

.7

Blackstone,

Inc.

..........

(

112

)

(

19,311

)

0

.4

Celanese

Corp.

..........

(

516

)

(

35,712

)

0

.8

Charles

River

Laboratories

International,

Inc.

.......

(

262

)

(

48,365

)

1

.0

Charter

Communications,

Inc.

,

Class

A

..............

(

351

)

(

120,312

)

2

.6

Corteva,

Inc.

............

(

2,071

)

(

117,964

)

2

.5

Deere

&

Co.

.............

(

86

)

(

36,438

)

0

.8

Diamondback

Energy,

Inc.

...

(

610

)

(

99,936

)

2

.1

Enphase

Energy,

Inc.

.......

(

591

)

(

40,590

)

0

.9

FedEx

Corp.

............

(

241

)

(

67,801

)

1

.4

First

Solar,

Inc.

...........

(

387

)

(

68,205

)

1

.5

Fiserv,

Inc.

..............

(

420

)

(

86,276

)

1

.8

GE

HealthCare

Technologies,

Inc.

.................

(

1,296

)

(

101,321

)

2

.2

Humana,

Inc.

............

(

157

)

(

39,833

)

0

.9

Kenvue,

Inc.

.............

(

4,603

)

(

98,274

)

2

.1

Lamb

Weston

Holdings,

Inc.

..

(

2,134

)

(

142,615

)

3

.0

Las

Vegas

Sands

Corp.

.....

(

1,244

)

(

63,892

)

1

.4

LKQ

Corp.

..............

(

1,107

)

(

40,682

)

0

.9

Martin

Marietta

Materials,

Inc.

.

(

30

)

(

15,495

)

0

.3

Molina

Healthcare,

Inc.

.....

(

49

)

(

14,262

)

0

.3

Norfolk

Southern

Corp.

.....

(

199

)

(

46,705

)

1

.0

O'Reilly

Automotive,

Inc.

....

(

21

)

(

24,902

)

0

.5

Palantir

Technologies,

Inc.

,

Class

A

..................

(

158

)

(

11,950

)

0

.3

Parker-Hannifin

Corp.

......

(

214

)

(

136,111

)

2

.9

Smurfit

WestRock

plc

......

(

3,281

)

(

176,715

)

3

.8

Standardaero,

Inc.

........

(

2,418

)

(

59,870

)

1

.3

Starbucks

Corp.

..........

(

680

)

(

62,050

)

1

.3

Shares

Value

%

of

Basket

Value

United

States

(continued)

Take-Two

Interactive

Software,

Inc.

.................

(

167

)

$

(

30,741

)

0

.7

%

Tapestry,

Inc.

............

(

1,079

)

(

70,491

)

1

.5

Target

Corp.

.............

(

278

)

(

37,580

)

0

.8

Walgreens

Boots

Alliance,

Inc.

(

11,083

)

(

103,404

)

2

.2

(

2,472,661

)

Total

Reference

Entity

—

Short

............

(

4,675,794

)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(

4,675,794

)

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

February

10,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

United

States

AMC

Networks,

Inc.

,

Class

A

..

3,367

33,333

(

2

.8

)

Eagle

Bancorp,

Inc.

........

262

6,820

(

0

.6

)

Flagstar

Financial,

Inc.

......

2,891

26,973

(

2

.2

)

67,126

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(

1,666

)

(

177,995

)

14

.8

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.......

(

537

)

(

71,083

)

5

.9

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(

1,328

)

(

106,599

)

8

.8

(

355,677

)

Common

Stocks

Australia

CAR

Group

Ltd.

..........

(

130

)

(

2,893

)

0

.2

Dexus

.................

(

6,384

)

(

26,223

)

2

.2

IDP

Education

Ltd.

........

(

875

)

(

6,815

)

0

.5

Lynas

Rare

Earths

Ltd.

.....

(

7,305

)

(

28,806

)

2

.4

Mineral

Resources

Ltd.

.....

(

2,382

)

(

50,272

)

4

.2

Pro

Medicus

Ltd.

..........

(

276

)

(

42,634

)

3

.5

SEEK

Ltd.

..............

(

1,964

)

(

27,331

)

2

.3

Treasury

Wine

Estates

Ltd.

...

(

5,661

)

(

39,654

)

3

.3

WiseTech

Global

Ltd.

.......

(

900

)

(

67,188

)

5

.6

(

291,816

)

Brazil

BRF

SA

................

(

1,676

)

(

6,791

)

0

.6

Cosan

SA

..............

(

13,090

)

(

17,577

)

1

.4

Localiza

Rent

a

Car

SA

.....

(

6,524

)

(

33,981

)

2

.8

Marfrig

Global

Foods

SA

....

(

869

)

(

2,394

)

0

.2

Natura

&

Co.

Holding

SA

....

(

7,076

)

(

14,602

)

1

.2

Suzano

SA

.............

(

2,580

)

(

26,076

)

2

.2

(

101,421

)

Canada

Power

Corp.

of

Canada

.....

(

184

)

(

5,740

)

0

.5

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

46

Shares

Value

%

of

Basket

Value

China

China

International

Capital

Corp.

Ltd.

,

Class

H

..........

(

400

)

$

(

649

)

0.0

%

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

..........

(

26,000

)

(

40,893

)

3

.4

Shandong

Gold

Mining

Co.

Ltd.

,

Class

H

..............

(

8,250

)

(

13,285

)

1

.1

(

54,827

)

Finland

Metso

OYJ

..............

(

649

)

(

6,042

)

0

.5

France

Sartorius

Stedim

Biotech

....

(

191

)

(

37,289

)

3

.1

Italy

Telecom

Italia

SpA

........

(

124,921

)

(

31,927

)

2

.7

Japan

Kansai

Electric

Power

Co.,

Inc.

(The)

...............

(

1,700

)

(

18,843

)

1

.6

Mercari,

Inc.

.............

(

811

)

(

9,152

)

0

.8

Nissan

Motor

Co.

Ltd.

......

(

4,000

)

(

12,131

)

1

.0

Rakuten

Group,

Inc.

.......

(

89

)

(

480

)

0.0

Rohm

Co.

Ltd.

...........

(

700

)

(

6,504

)

0

.5

Sharp

Corp.

.............

(

4,600

)

(

28,510

)

2

.4

Shinko

Electric

Industries

Co.

Ltd.

................

(

1,200

)

(

43,380

)

3

.6

Square

Enix

Holdings

Co.

Ltd.

.

(

744

)

(

28,890

)

2

.4

(

147,890

)

Mexico

Alfa

SAB

de

CV

,

Class

A

....

(

12,287

)

(

8,857

)

0

.7

Poland

InPost

SA

..............

(

923

)

(

15,758

)

1

.3

Singapore

SATS

Ltd.

..............

(

6,800

)

(

18,125

)

1

.5

Seatrium

Ltd.

............

(

4,700

)

(

7,124

)

0

.6

(

25,249

)

Shares

Value

%

of

Basket

Value

South

Africa

Impala

Platinum

Holdings

Ltd.

.

(

7,804

)

$

(

36,487

)

3

.0

%

South

Korea

POSCO

Future

M

Co.

Ltd.

...

(

125

)

(

11,810

)

1

.0

POSCO

Holdings,

Inc.

......

(

52

)

(

8,870

)

0

.7

(

20,680

)

Sweden

Beijer

Ref

AB

,

Class

B

......

(

1,113

)

(

16,426

)

1

.4

Switzerland

Bachem

Holding

AG

.......

(

186

)

(

11,895

)

1

.0

Tecan

Group

AG

(Registered)

.

(

83

)

(

18,498

)

1

.5

(

30,393

)

United

Kingdom

DS

Smith

plc

............

(

5,932

)

(

40,120

)

3

.3

United

States

Albemarle

Corp.

..........

(

28

)

(

2,410

)

0

.2

Atlantic

Union

Bankshares

Corp.

(

120

)

(

4,546

)

0

.4

Brandywine

Realty

Trust

....

(

41

)

(

230

)

0.0

Celanese

Corp.

..........

(

64

)

(

4,429

)

0

.4

Community

Financial

System,

Inc.

.................

(

111

)

(

6,846

)

0

.6

CVB

Financial

Corp.

.......

(

288

)

(

6,166

)

0

.5

Enphase

Energy,

Inc.

.......

(

15

)

(

1,030

)

0

.1

Lamb

Weston

Holdings,

Inc.

..

(

77

)

(

5,146

)

0

.4

Provident

Financial

Services,

Inc.

.................

(

410

)

(

7,737

)

0

.6

ServisFirst

Bancshares,

Inc.

..

(

98

)

(

8,304

)

0

.7

(

46,844

)

Total

Reference

Entity

—

Short

............

(

1,273,443

)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(

1,206,317

)

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

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.04

1-day

ESTR

.........................................

Euro

Short-Term

Rate

2

.90

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

8

.96

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

7

.15

1-day

MXIBTIIE

.......................................

Mexico

Interbank

TIIE

1-day

10

.20

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

4

.53

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

4

.70

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

0

.23

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-day

10

.25

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

7

.75

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

2

.57

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

3

.79

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5

.70

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

47

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

54,579

$

(

11,753

)

$

1,123,096

$

(

201,179

)

$

—

OTC

Swaps

.....................................................

13,737

(

2,083

)

130,866

(

198,257

)

—

Options

Written

...................................................

N/A

N/A

120,907

(

157,583

)

(

341,467

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

245,065

$

—

$

295,429

$

—

$

540,494

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

204,997

—

—

204,997

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

431

315,530

13,446

5,841

—

335,248

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

25,165

—

—

1,093,587

4,344

1,123,096

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

15,684

73,042

—

55,877

—

144,603

$

—

$

41,280

$

633,637

$

218,443

$

1,450,734

$

4,344

$

2,348,438

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

55,632

$

—

$

350,944

$

—

$

406,576

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

716,840

—

—

716,840

Options

written

(b)

Options

written

at

value

.....................

—

52

175,900

17,649

147,866

—

341,467

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

1,061

—

—

200,118

—

201,179

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

11,577

8,008

—

180,755

—

200,340

$

—

$

12,690

$

239,540

$

734,489

$

879,683

$

—

$

1,866,402

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

48

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

December

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

(

519,594

)

$

—

$

(

191,371

)

$

—

$

(

710,965

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

1,416,727

)

—

—

(

1,416,727

)

Options

purchased

(a)

.....................

—

(

22,651

)

604,732

(

154,949

)

(

269,946

)

—

157,186

Options

written

........................

—

4,383

681,214

54,295

381,310

—

1,121,202

Swaps

..............................

—

469,772

(

2,902

)

—

(

1,292,767

)

3,342

(

822,555

)

$

—

$

451,504

$

763,450

$

(1,517,381)

$

(1,372,774)

$

3,342

$

(1,671,859)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

222,524

$

—

$

107,941

$

—

$

330,465

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

670,058

)

—

—

(

670,058

)

Options

purchased

(b)

.....................

—

204

(

326,547

)

30,150

(

225,444

)

6,525

(

515,112

)

Options

written

........................

—

46

(

21,917

)

(

4,350

)

(

26,386

)

—

(

52,607

)

Swaps

..............................

—

(

36,530

)

210,371

—

49,307

2,590

225,738

$

—

$

(36,280)

$

84,431

$

(644,258)

$

(94,582)

$

9,115

$

(681,574)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

46,304,054

Average

notional

value

of

contracts

—

short

.................................................................................

63,290,122

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

13,993,665

Average

amounts

sold

—

in

USD

........................................................................................

29,343,589

Options

Average

value

of

option

contracts

purchased

................................................................................

507,989

Average

value

of

option

contracts

written

...................................................................................

230,920

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

12,683,614

Average

notional

value

of

swaption

contracts

written

...........................................................................

46,618,343

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

1,057,113

Average

notional

value

—

sell

protection

...................................................................................

796,997

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

14,788,435

Average

notional

value

—

receives

fixed

rate

................................................................................

103,303,993

Inflation

swaps

Average

notional

value

—

receives

fixed

rate

................................................................................

118,217

Total

return

swaps

Average

notional

value

...............................................................................................

6,056,527

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

100,584

$

18,939

Forward

f

oreign

currency

exchange

contracts

.................................................................

204,997

716,840

Options

(a)

(b)

........................................................................................

335,248

341,467

Swaps

—

centrally

cleared

..............................................................................

—

4,488

Swaps

—

OTC

(c)

.....................................................................................

144,603

200,340

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

785,432

$

1,282,074

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

393,969

)

(

197,403

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

391,463

$

1,084,671

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

49

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

6,260

$

(

6,260

)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

463

(

463

)

—

—

—

Barclays

Bank

plc

................................

48,567

(

25,194

)

—

—

23,373

BNP

Paribas

SA

.................................

19,327

(

19,327

)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

1,195

—

—

—

1,195

Citibank

NA

....................................

22,350

(

22,350

)

—

—

—

Deutsche

Bank

AG

...............................

20,431

(

20,431

)

—

—

—

Goldman

Sachs

International

........................

67,672

(

67,672

)

—

—

—

HSBC

Bank

plc

..................................

5,876

(

5,876

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

112,409

(

112,409

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

18,881

(

18,881

)

—

—

—

Natwest

Markets

plc

..............................

31,130

(

31,130

)

—

—

—

Nomura

International

plc

...........................

638

(

411

)

—

—

227

Societe

Generale

SA

..............................

1,829

(

962

)

—

—

867

Standard

Chartered

Bank

...........................

2,003

(

2,003

)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

2,894

(

2,894

)

—

—

—

Toronto

Dominion

Bank

............................

16,470

(

16,470

)

—

—

—

UBS

AG

......................................

13,068

(

13,068

)

—

—

—

$

391,463

$

(

365,801

)

$

—

$

—

$

25,662

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(d)

Bank

of

America

NA

..............................

$

81,633

$

(

6,260

)

$

—

$

—

$

75,373

Bank

of

New

York

Mellon

...........................

28,931

(

463

)

—

—

28,468

Barclays

Bank

plc

................................

25,194

(

25,194

)

—

—

—

BNP

Paribas

SA

.................................

136,821

(

19,327

)

—

—

117,494

Citibank

NA

....................................

35,528

(

22,350

)

—

—

13,178

Deutsche

Bank

AG

...............................

49,581

(

20,431

)

—

—

29,150

Goldman

Sachs

International

........................

96,748

(

67,672

)

—

—

29,076

HSBC

Bank

plc

..................................

236,761

(

5,876

)

—

—

230,885

JPMorgan

Chase

Bank

NA

..........................

125,345

(

112,409

)

—

—

12,936

Morgan

Stanley

&

Co.

International

plc

..................

26,789

(

18,881

)

—

—

7,908

Natwest

Markets

plc

..............................

60,745

(

31,130

)

—

—

29,615

Nomura

International

plc

...........................

411

(

411

)

—

—

—

Royal

Bank

of

Canada

.............................

5,355

—

—

—

5,355

Societe

Generale

SA

..............................

962

(

962

)

—

—

—

Standard

Chartered

Bank

...........................

2,238

(

2,003

)

—

—

235

State

Street

Bank

and

Trust

Co.

......................

30,031

(

2,894

)

—

—

27,137

Toronto

Dominion

Bank

............................

42,447

(

16,470

)

—

—

25,977

UBS

AG

......................................

99,151

(

13,068

)

—

—

86,083

$

1,084,671

$

(

365,801

)

$

—

$

—

$

718,870

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

50

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Cayman

Islands

........................................

$

—

$

401,383

$

—

$

401,383

Ireland

..............................................

—

848,310

—

848,310

United

Kingdom

........................................

—

19,616

—

19,616

United

States

..........................................

—

1,170,600

187,260

1,357,860

Common

Stocks

Australia

.............................................

—

712,578

1

712,579

Belgium

.............................................

—

113,540

—

113,540

Brazil

...............................................

141,202

234,225

—

375,427

Cambodia

............................................

—

2,989

—

2,989

Canada

.............................................

1,863,978

—

—

1,863,978

Cayman

Islands

........................................

—

—

12,806

12,806

China

...............................................

92,916

1,592,611

—

1,685,527

Colombia

............................................

4,285

—

—

4,285

Czech

Republic

........................................

4,122

4,540

—

8,662

Denmark

.............................................

40,200

972,352

—

1,012,552

Finland

..............................................

24,247

11,396

—

35,643

France

..............................................

31,572

2,864,212

—

2,895,784

Georgia

.............................................

3,951

—

—

3,951

Germany

............................................

108,136

834,411

—

942,547

Greece

..............................................

7,359

3,657

—

11,016

Hong

Kong

...........................................

—

362,526

—

362,526

Hungary

.............................................

—

13,827

—

13,827

India

...............................................

—

181,826

—

181,826

Indonesia

............................................

54,401

63,068

—

117,469

Ireland

..............................................

—

55,686

—

55,686

Israel

...............................................

58,847

—

—

58,847

Italy

................................................

10,546

1,989,861

—

2,000,407

Japan

...............................................

—

4,527,365

—

4,527,365

Jordan

..............................................

—

17,951

—

17,951

Kazakhstan

...........................................

10,986

4,767

—

15,753

Macau

..............................................

—

33,054

—

33,054

Malaysia

.............................................

—

11,814

—

11,814

Mexico

..............................................

171,611

—

—

171,611

Netherlands

...........................................

246,877

1,949,711

—

2,196,588

Norway

..............................................

—

142,028

—

142,028

Peru

................................................

64,345

—

—

64,345

Philippines

...........................................

5,605

18,946

—

24,551

Poland

..............................................

—

52,452

—

52,452

Portugal

.............................................

6,765

—

—

6,765

Romania

.............................................

—

2,776

—

2,776

Saudi

Arabia

..........................................

17,948

39,659

—

57,607

Singapore

............................................

9,337

18,136

—

27,473

South

Africa

...........................................

8,817

33,310

—

42,127

South

Korea

..........................................

54,247

310,408

—

364,655

Spain

...............................................

—

754,856

—

754,856

Sweden

.............................................

—

217,064

—

217,064

Switzerland

...........................................

452,994

744,988

—

1,197,982

Taiwan

..............................................

—

1,713,772

—

1,713,772

Thailand

.............................................

19,010

5,454

—

24,464

Turkey

..............................................

7,985

9,821

—

17,806

United

Arab

Emirates

....................................

—

—

—

—

United

Kingdom

........................................

44,686

3,544,847

—

3,589,533

United

States

..........................................

66,084,741

854,293

1,024,968

67,964,002

Corporate

Bonds

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

51

Level

1

Level

2

Level

3

Total

Australia

.............................................

$

—

$

7,344

$

157,813

$

165,157

Austria

..............................................

—

79,553

—

79,553

Canada

.............................................

—

505,811

—

505,811

China

...............................................

—

83,060

—

83,060

France

..............................................

—

947,547

—

947,547

Germany

............................................

—

1,248,944

—

1,248,944

India

...............................................

—

196,236

—

196,236

Italy

................................................

—

1,008,123

—

1,008,123

Japan

...............................................

—

107,394

—

107,394

Jersey,

Channel

Islands

...................................

—

265,023

270,898

535,921

Luxembourg

..........................................

—

615,645

22,880

638,525

Netherlands

...........................................

—

164,875

—

164,875

Slovenia

.............................................

—

105,488

—

105,488

Spain

...............................................

—

303,013

—

303,013

Sweden

.............................................

—

74,737

—

74,737

Switzerland

...........................................

—

197,815

—

197,815

Thailand

.............................................

—

197,900

—

197,900

United

Kingdom

........................................

—

2,349,966

63,735

2,413,701

United

States

..........................................

—

4,300,233

1,620,160

5,920,393

Fixed

Rate

Loan

Interests

..................................

—

—

40,872

40,872

Floating

Rate

Loan

Interests

France

..............................................

—

332,513

—

332,513

Germany

............................................

—

56,091

—

56,091

Jersey,

Channel

Islands

...................................

—

—

86,051

86,051

Netherlands

...........................................

—

503,951

154,675

658,626

Spain

...............................................

—

187,838

—

187,838

United

Kingdom

........................................

—

250,766

—

250,766

United

States

..........................................

—

616,245

588,098

1,204,343

Foreign

Agency

Obligations

.................................

—

127,238

—

127,238

Foreign

Government

Obligations

..............................

—

3,408,591

—

3,408,591

Investment

Companies

....................................

4,460,864

—

—

4,460,864

Municipal

Bonds

.........................................

—

101,791

—

101,791

Non-Agency

Mortgage-Backed

Securities

........................

—

2,567,537

—

2,567,537

Preferred

Securities

Brazil

...............................................

—

192,056

130,139

322,195

China

...............................................

—

—

444,161

444,161

Germany

............................................

54,221

—

—

54,221

India

...............................................

—

—

—

—

Israel

...............................................

—

—

123,329

123,329

Sweden

.............................................

—

—

—

—

United

Kingdom

........................................

—

—

76,074

76,074

United

States

..........................................

163,100

26,742

2,527,974

2,717,816

U.S.

Government

Sponsored

Agency

Securities

....................

—

80,088

—

80,088

U.S.

Treasury

Obligations

...................................

—

1,565,981

—

1,565,981

Warrants

..............................................

2,218

26,847

41,479

70,544

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

128,098

—

128,098

Money

Market

Funds

......................................

8,692,141

—

—

8,692,141

Options

Purchased

Credit

contracts

..........................................

—

431

—

431

Equity

contracts

..........................................

292,994

22,536

—

315,530

Foreign

currency

exchange

contracts

...........................

—

13,446

—

13,446

Interest

rate

contracts

......................................

391

5,450

—

5,841

$

83,317,645

$

50,433,629

$

7,573,373

$

141,324,647

Investments

valued

at

NAV

(a)

......................................

166,980

$

141,491,627

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

27,112

$

—

$

27,112

Equity

contracts

...........................................

228,373

89,734

—

318,107

Foreign

currency

exchange

contracts

............................

—

204,997

—

204,997

Interest

rate

contracts

.......................................

295,429

1,149,464

—

1,444,893

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

52

Level

1

Level

2

Level

3

Total

Other

contracts

...........................................

$

—

$

4,344

$

—

$

4,344

Liabilities

Credit

contracts

...........................................

—

(

10,607

)

—

(

10,607

)

Equity

contracts

...........................................

(

222,745

)

(

16,795

)

—

(

239,540

)

Foreign

currency

exchange

contracts

............................

—

(

734,489

)

—

(

734,489

)

Interest

rate

contracts

.......................................

(

350,944

)

(

528,739

)

—

(

879,683

)

$

(

49,887

)

$

185,021

$

—

$

135,134

(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

year

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Other

Interests

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2023

.......

$

176,760

$

883,928

$

1,876,626

$

119,248

$

756,458

$

145,153

$

3,002,705

$

22

$

36,503

$

6,997,403

Transfers

into

Level

3

.....................

—

—

1,100

—

—

—

—

—

—

1,100

Transfers

out

of

Level

3

....................

—

—

—

—

—

—

—

—

(

183

)

(

183

)

Other

(a)

...............................

—

(

94,076

)

(

116,481

)

—

—

—

210,557

—

—

—

Accrued

discounts/premiums

.................

—

—

63,243

398

633

—

—

—

—

64,274

Net

realized

gain

(loss)

....................

—

(

60,667

)

(

771,681

)

390

(

946

)

(

15,424

)

553

—

—

(

847,775

)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

(c)

10,500

162,591

40,350

3,993

(

46,663

)

22,001

(

427,531

)

(

22

)

5,159

(

229,622

)

Purchases

.............................

—

155,915

1,284,776

62,174

880,589

—

567,801

—

—

2,951,255

Sales

................................

—

(

9,916

)

(

242,447

)

(

145,331

)

(

761,247

)

(

151,730

)

(

52,408

)

—

—

(

1,363,079

)

Closing

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

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2024

(c)

....

$

10,500

$

103,949

$

(

722,601

)

$

3,993

$

(

41,459

)

$

—

$

(

429,281

)

$

—

$

11,168

$

(

1,063,731

)

(a)

Certain

Level

3

investments

were

re-classified

between

Common

Stocks,

Corporate

Bonds

and

Preferred

Securities.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2024

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

53

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

Valuation

Committee

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

financial

instruments

as

of

period

end.

The

table

does

not

include

Level

3

financial

instruments

with

values

based

upon

unadjusted

third-party

pricing

information

in

the

amount

of

$535,831.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset

Backed

Securities

........................

$

187,260

Income

Discount

Rate

8%

—

Common

Stocks

.............................

1,033,719

Market

Revenue

Multiple

1.10x

–

21.00x

4.72x

Volatility

38%

–

75%

45%

Time

to

Exit

0.5

–

5.3

years

1.4

years

EBITDA

Multiple

22.95x

—

Gross

Profit

Multiple

10.00x

—

Discount

for

lack

of

marketability

8%

—

Income

Discount

Rate

15%

—

Corporate

Bonds

.............................

1,841,708

Income

Discount

Rate

8%

–

34%

14%

Total

Gross

Bid

Value

42%

—

Market

Revenue

Multiple

1.13x

—

Time

to

Exit

1.0

year

—

Volatility

50%

–

95%

52%

Fixed

Rate

Loan

Interests

.......................

40,872

Income

Discount

Rate

12%

—

Floating

Rate

Loan

Interests

......................

596,702

Income

Discount

Rate

8%

–

16%

11%

Preferred

Stocks

(b)

............................

3,295,802

Market

Revenue

Multiple

1.13x

–

24.00x

13.03x

EBITDAR

Multiple

9.50x

—

Volatility

38%

–

95%

65%

Time

to

Exit

0.5

–

5.0

years

2.2

years

Market

Adjustment

Multiple

1.00x

–

1.80x

1.31x

Gross

Profit

Multiple

17.75x

—

Direct

Profit

Multiple

4.00x

—

Income

Discount

Rate

9%

–

15%

11%

Warrants

..................................

41,479

Market

Revenue

Multiple

3.10x

–

11.76x

9.19x

Volatility

38%

–

80%

62%

Time

to

Exit

0.5

–

5.3

years

3.5

years

Discount

for

lack

of

Marketability

8%

—

$

7,037,542

(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

$667,774

as

of

December

31,

2024.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

December

31,

2024

BlackRock

Government

Money

Market

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

Federal

Farm

Credit

Bank

Bonds,

5.00%, 04/04/25

.................

USD

149‌

$

148,972‌

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.17%),

4.54

%

,

01/23/25

................

510‌

510,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

05/27/25

................

700‌

700,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.05%),

4.42

%

,

06/20/25

................

47‌

47,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.07%),

4.44

%

,

11/17/25

................

200‌

200,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

4.47

%

,

06/24/26

................

100‌

100,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

4.47

%

,

06/26/26

................

200‌

200,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

10/15/26

................

900‌

899,912‌

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.27%),

4.54

%

,

10/16/26

................

500‌

500,000‌

Federal

Home

Loan

Bank

Discount

Notes

(b)

4.27

%

,

01/03/25

..................

1,000‌

999,744‌

4.28

%

,

01/24/25

..................

140‌

139,572‌

4.28

%

,

01/27/25

..................

832‌

829,218‌

4.30

%

,

02/10/25

..................

325‌

323,281‌

4.30

%

,

02/11/25

..................

700‌

696,205‌

4.29

%

,

03/07/25

..................

800‌

793,727‌

4.26

%

,

04/04/25

..................

1,110‌

1,097,555‌

4.25

%

,

05/02/25

..................

300‌

295,664‌

Federal

Home

Loan

Bank

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

4.38

%

,

01/13/25

................

900‌

900,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.02%),

4.39

%

,

01/27/25

................

200‌

200,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

4.37

%

,

02/03/25

................

1,000‌

1,000,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

4.38

%

,

02/25/25

................

200‌

200,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

4.38

%

,

02/27/25

................

300‌

300,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.01%),

4.38

%

,

03/05/25

................

200‌

200,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.03%),

4.39

%

,

03/25/25

................

1,120‌

1,120,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.00%),

4.37

%

,

05/20/25

................

465‌

465,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.16%),

4.53

%

,

07/21/25

................

940‌

940,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.10%),

4.47

%

,

06/26/26

................

485‌

485,000‌

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

09/23/26

................

300‌

300,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

10/16/26

................

200‌

200,000‌

Federal

National

Mortgage

Association

Variable

Rate

Notes

(a)

(1-day

SOFR

at

0.00%

Floor

+

0.12%),

4.49

%

,

07/29/26

................

990‌

990,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

08/21/26

................

450‌

450,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

10/23/26

................

335‌

335,000‌

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

11/20/26

................

USD

1,200‌

$

1,200,000‌

(1-day

SOFR

at

0.00%

Floor

+

0.14%),

4.51

%

,

12/11/26

................

1,400‌

1,400,000‌

Total

U.S.

Government

Sponsored

Agency

Obligations

—

17.7%

(Cost:

$

19,165,850

)

...............................

19,165,850‌

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(b)

2.97

%

,

01/07/25

..................

1,500‌

1,498,798‌

3.32

%

,

01/09/25

..................

1,264‌

1,262,535‌

3.65

%

,

01/14/25

..................

1,765‌

1,762,020‌

3.76

%

,

01/16/25

..................

400‌

399,247‌

3.90

%

,

01/21/25

..................

975‌

972,476‌

3.94

%

,

01/23/25

..................

1,093‌

1,089,486‌

3.96

%

,

01/28/25

..................

2,360‌

2,352,141‌

4.02

%

,

01/30/25

..................

1,100‌

1,095,899‌

4.07

%

,

02/06/25

..................

135‌

134,401‌

4.06

%

,

02/11/25

..................

1,655‌

1,646,688‌

4.12

%

,

02/13/25

..................

522‌

519,012‌

4.13

%

,

02/25/25

..................

1,000‌

993,209‌

4.12

%

,

03/04/25

..................

2,200‌

2,183,215‌

4.16

%

,

03/18/25

..................

1,240‌

1,228,560‌

4.16

%

,

03/20/25

..................

200‌

198,158‌

4.18

%

,

03/25/25

..................

1,700‌

1,682,833‌

4.24

%

,

04/03/25

..................

723‌

714,717‌

4.20

%

,

04/08/25

..................

250‌

247,100‌

4.18

%

,

04/10/25

..................

191‌

189,137‌

4.21

%

,

04/15/25

..................

290‌

286,457‌

4.19

%

,

04/17/25

..................

1,200‌

1,184,913‌

4.22

%

,

04/22/25

..................

1,300‌

1,283,085‌

4.20

%

,

04/24/25

..................

525‌

517,876‌

4.20

%

,

05/01/25

..................

1,500‌

1,478,375‌

4.20

%

,

05/08/25

..................

2,250‌

2,216,186‌

4.22

%

,

05/29/25

..................

2,000‌

1,964,316‌

4.22

%

,

06/12/25

..................

1,000‌

981,100‌

4.21

%

,

06/20/25

..................

130‌

127,054‌

4.22

%

,

06/26/25

..................

1,100‌

1,077,575‌

4.22

%

,

07/03/25

..................

1,100‌

1,077,005‌

4.20

%

,

07/10/25

..................

900‌

877,319‌

4.15

%

,

10/02/25

..................

291‌

281,547‌

4.13

%

,

10/30/25

..................

375‌

362,103‌

4.11

%

,

11/28/25

..................

400‌

384,748‌

4.13

%

,

12/26/25

..................

1,100‌

1,055,354‌

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.20%),

4.48

%

,

01/31/25

(a)

...............

900‌

900,000‌

1.13

%

,

02/28/25

..................

26‌

25,842‌

2.75

%

,

02/28/25

..................

27‌

26,903‌

3.88

%

,

03/31/25

..................

25‌

24,930‌

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

4.45

%

,

10/31/25

(a)

...............

401‌

400,895‌

0.38

%

,

11/30/25

..................

100‌

96,405‌

0.38

%

,

12/31/25

..................

325‌

312,814‌

4.25

%

,

12/31/25

..................

140‌

139,989‌

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.25%),

4.52

%

,

01/31/26

(a)

...............

1,000‌

1,000,445‌

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.15%),

4.43

%

,

04/30/26

(a)

...............

1,300‌

1,300,142‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Government

Money

Market

Portfolio

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.18%),

4.46

%

,

07/31/26

(a)

...............

USD

975‌

$

974,179‌

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.21%),

4.48

%

,

10/31/26

(a)

...............

1,815‌

1,815,000‌

Total

U.S.

Treasury

Obligations

—

39

.2

%

(Cost:

$

42,342,189

)

...............................

42,342,189‌

Total

Repurchase

Agreements

—

39

.5

%

(Cost:

$

42,750,000

)

...............................

42,750,000‌

Total

Investments

—

96

.4

%

(Cost:

$

104,258,039

)

(c)

.............................

104,258,039‌

Other

Assets

Less

Liabilities

—

3.6

%

....................

3,837,977‌

Net

Assets

—

100.0%

...............................

$

108,096,016‌

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

...

4

.46‌

%

12/31/24

01/02/25

$

9,750‌

$

9,750,000‌

$

9,752,416‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

1.25%

to

7.51%,

due

03/15/28

to

07/20/70

$

32,627,716‌

$

9,945,000‌

–‌

–‌

Barclays

Capital,

Inc.

.

4

.48‌

(a)

12/31/24

02/06/25

1,000‌

1,000,000‌

1,004,604‌

U.S.

Government

Sponsored

Agency

Obligation,

0.00%,

due

05/25/51

.........

1,201,297‌

1,070,000‌

–‌

–‌

BNP

Paribas

SA

....

4

.46‌

12/31/24

01/02/25

7,000‌

7,000,000‌

7,001,735‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

6.75%,

due

06/15/26

to

07/20/64

33,058,851‌

7,156,669‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

4

.45‌

12/31/24

01/02/25

9,000‌

9,000,000‌

9,002,225‌

U.S.

Treasury

Obligation,

0.00%,

due

11/15/25

.........

9,525,944‌

9,180,000‌

–‌

–‌

Mizuho

Securities

USA

LLC

...........

4

.46‌

12/31/24

01/02/25

8,000‌

8,000,000‌

8,001,982‌

U.S.

Treasury

Obligations,

4.00%

to

4.88%,

due

10/31/28

to

02/15/34

.........

8,320,900‌

8,160,082‌

–‌

–‌

TD

Securities

USA

LLC

4

.46‌

12/31/24

01/02/25

8,000‌

8,000,000‌

8,001,982‌

U.S.

Treasury

Obligations,

0.50%

to

4.63%,

due

06/30/25

to

06/30/27

.........

8,689,400‌

8,160,017‌

–‌

–‌

$

42,750,000‌

$

43,671,768‌

–‌

–‌

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Government

Money

Market

Portfolio

56

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Repurchase

Agreements

...................................

$

—

$

42,750,000

$

—

$

42,750,000

U.S.

Government

Sponsored

Agency

Obligations

...................

—

19,165,850

—

19,165,850

U.S.

Treasury

Obligations

...................................

—

42,342,189

—

42,342,189

$

—

$

104,258,039

$

—

$

104,258,039

Schedule

of

Investments

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.1%

Boeing

Co.

(The)

(a)

...................

90

$

15,930

Building

Products

—

0.0%

JELD-WEN

Holding,

Inc.

(a)

..............

762

6,241

Commercial

Services

&

Supplies

—

0.0%

Veritas,

Inc.

(a)

(b)

.....................

42

842

Life

Sciences

Tools

&

Services

—

0.1%

Avantor,

Inc.

(a)

......................

790

16,645

Metals

&

Mining

—

0.1%

Constellium

SE

,

Class

A

(a)

..............

1,919

19,708

Specialized

REITs

—

0.1%

VICI

Properties,

Inc.

..................

865

25,267

Total

Common

Stocks

—

0

.4

%

(Cost:

$

93,998

)

.................................

84,633

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

3.2%

(c)

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

...

USD

17

17,240

Bombardier,

Inc.

6.00%

,

02/15/28

..................

36

35,854

8.75%

,

11/15/30

..................

30

32,248

7.25%

,

07/01/31

..................

15

15,469

7.00%

,

06/01/32

..................

27

27,466

BWX

Technologies,

Inc.

4.13%

,

06/30/28

..................

10

9,363

4.13%

,

04/15/29

..................

8

7,425

Goat

Holdco

LLC,

6.75%,

02/01/32

.......

20

19,805

Spirit

AeroSystems,

Inc.

9.38%

,

11/30/29

..................

40

42,820

9.75%

,

11/15/30

..................

32

35,411

TransDigm,

Inc.

6.75%

,

08/15/28

..................

38

38,332

6.38%

,

03/01/29

..................

78

78,173

6.88%

,

12/15/30

..................

6

6,089

7.13%

,

12/01/31

..................

47

48,126

6.63%

,

03/01/32

..................

103

103,930

6.00%

,

01/15/33

..................

93

91,145

Triumph

Group,

Inc.,

9.00%,

03/15/28

.....

65

67,680

676,576

Air

Freight

&

Logistics

—

0.1%

Rand

Parent

LLC,

8.50%,

02/15/30

(c)

......

11

11,060

Automobile

Components

—

1.5%

Clarios

Global

LP

(c)

8.50%

,

05/15/27

..................

118

118,180

6.75%

,

05/15/28

..................

53

53,969

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(c)

11

11,160

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%

,

07/15/29

..................

9

8,265

5.63%

,

04/30/33

..................

2

1,756

Icahn

Enterprises

LP

5.25%

,

05/15/27

..................

61

57,753

9.75%

,

01/15/29

..................

13

13,033

4.38%

,

02/01/29

..................

17

14,200

10.00%

,

11/15/29

(c)

................

16

16,038

Tenneco,

Inc.,

8.00%,

11/17/28

(c)

........

29

27,028

321,382

Security

Par

(000)

Par

(000)

Value

Banks

—

0.7%

Banco

Espirito

Santo

SA,

4.75%,

01/15/22

(a)

(d)

(e)

EUR

100

$

29,004

Citigroup,

Inc.

(f)(g)

Series

AA

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.21%),

7.63%

.......................

USD

1

1,042

Series

CC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

.......................

45

45,836

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75%

.......................

23

22,813

Series

DD

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00%

.................

15

15,818

Wells

Fargo

&

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85%

(f)

(g)

................

25

25,804

140,317

Broadline

Retail

—

0.2%

Match

Group

Holdings

II

LLC

(c)

4.13%

,

08/01/30

..................

15

13,287

3.63%

,

10/01/31

..................

26

22,187

35,474

Building

Products

—

2.5%

(c)

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

......................

23

23,002

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

..

13

12,830

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

......................

14

13,416

EMRLD

Borrower

LP

6.63%

,

12/15/30

..................

192

192,256

6.75%

,

07/15/31

..................

14

14,096

JELD-WEN,

Inc.,

7.00%,

09/01/32

.......

27

25,058

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%

,

07/15/28

..................

21

20,287

9.75%

,

07/15/28

..................

14

14,317

Smyrna

Ready

Mix

Concrete

LLC

6.00%

,

11/01/28

..................

31

30,236

8.88%

,

11/15/31

..................

50

52,423

Standard

Building

Solutions,

Inc.,

6.50%,

08/15/32

......................

45

45,072

Standard

Industries,

Inc.

4.75%

,

01/15/28

..................

2

1,914

4.38%

,

07/15/30

..................

18

16,492

3.38%

,

01/15/31

..................

20

17,148

Summit

Materials

LLC,

7.25%,

01/15/31

....

28

29,710

Wilsonart

LLC,

11.00%,

08/15/32

........

20

19,603

527,860

Capital

Markets

—

1.7%

Apollo

Debt

Solutions

BDC

(c)

6.90%

,

04/13/29

..................

20

20,690

6.70%

,

07/29/31

..................

10

10,270

Ares

Strategic

Income

Fund

(c)

5.70%

,

03/15/28

..................

13

12,998

5.60%

,

02/15/30

..................

18

17,789

Blackstone

Private

Credit

Fund

(c)

5.95%

,

07/16/29

..................

8

8,053

6.25%

,

01/25/31

..................

2

2,034

6.00%

,

11/22/34

..................

40

39,027

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

..

9

9,433

Blue

Owl

Credit

Income

Corp.

7.75%

,

09/16/27

..................

17

17,851

6.60%

,

09/15/29

(c)

.................

2

2,040

6.65%

,

03/15/31

..................

20

20,356

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Blue

Owl

Technology

Finance

Corp.

II,

6.75%,

04/04/29

(c)

.....................

USD

5

$

5,031

Brookfield

Finance,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30%,

01/15/55

(g)

...........

35

34,223

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(c)

................

19

18,237

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(c)

.....................

26

25,897

Goldman

Sachs

Group,

Inc.

(The),

Series

Y,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13%

(f)

(g)

49

48,369

HAT

Holdings

I

LLC

(c)

3.38%

,

06/15/26

..................

16

15,503

8.00%

,

06/15/27

..................

13

13,545

HPS

Corporate

Lending

Fund,

6.75%,

01/30/29

(c)

.....................

15

15,404

Oaktree

Strategic

Credit

Fund

8.40%

,

11/14/28

..................

2

2,143

6.50%

,

07/23/29

..................

7

7,073

State

Street

Corp.,

Series

I,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.61%),

6.70%

(f)

(g)

..........

8

8,158

354,124

Chemicals

—

2.0%

Chemours

Co.

(The)

5.38%

,

05/15/27

..................

13

12,513

5.75%

,

11/15/28

(c)

.................

23

21,365

4.63%

,

11/15/29

(c)

.................

4

3,475

8.00%

,

01/15/33

(c)

.................

18

17,587

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

..

83

78,728

HB

Fuller

Co.,

4.25%,

10/15/28

.........

10

9,405

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

....

17

17,213

Ingevity

Corp.,

3.88%,

11/01/28

(c)

........

9

8,228

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(c)

..

23

19,229

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(c)

...

11

11,314

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(c)

....

10

9,632

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(c)

.....................

13

12,862

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

20

19,250

Scotts

Miracle-Gro

Co.

(The)

4.50%

,

10/15/29

..................

2

1,843

4.00%

,

04/01/31

..................

6

5,231

4.38%

,

02/01/32

..................

10

8,731

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(c)

.....................

44

40,993

WR

Grace

Holdings

LLC

(c)

4.88%

,

06/15/27

..................

15

14,536

5.63%

,

08/15/29

..................

83

76,334

7.38%

,

03/01/31

..................

28

28,594

417,063

Commercial

Services

&

Supplies

—

4.8%

ADT

Security

Corp.

(The)

(c)

4.13%

,

08/01/29

..................

2

1,839

4.88%

,

07/15/32

..................

16

14,684

Allied

Universal

Holdco

LLC

(c)

4.63%

,

06/01/28

..................

200

189,099

7.88%

,

02/15/31

..................

109

111,407

APi

Group

DE,

Inc.

(c)

4.13%

,

07/15/29

..................

14

12,795

4.75%

,

10/15/29

..................

8

7,523

Aramark

Services,

Inc.,

5.00%,

02/01/28

(c)

...

13

12,633

Brink's

Co.

(The)

(c)

6.50%

,

06/15/29

..................

10

10,134

6.75%

,

06/15/32

..................

42

42,309

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Clean

Harbors,

Inc.,

6.38%,

02/01/31

(c)

.....

USD

5

$

5,034

Deluxe

Corp.,

8.13%,

09/15/29

(c)

.........

8

8,112

Garda

World

Security

Corp.

(c)

4.63%

,

02/15/27

..................

19

18,453

7.75%

,

02/15/28

..................

51

52,627

6.00%

,

06/01/29

..................

8

7,584

8.25%

,

08/01/32

..................

38

38,617

8.38%

,

11/15/32

..................

58

59,035

GFL

Environmental,

Inc.

(c)

4.00%

,

08/01/28

..................

38

35,982

4.38%

,

08/15/29

..................

33

31,194

6.75%

,

01/15/31

..................

31

31,833

Madison

IAQ

LLC,

5.88%,

06/30/29

(c)

......

43

40,602

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(c)

.....................

46

45,747

Raven

Acquisition

Holdings

LLC,

6.88%,

11/15/31

(c)

.....................

23

22,769

Reworld

Holding

Corp.

4.88%

,

12/01/29

(c)

.................

12

11,098

5.00%

,

09/01/30

..................

9

8,300

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(c)

.

43

43,665

Veritiv

Operating

Co.,

10.50%,

11/30/30

(c)

...

10

10,770

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

....

84

83,953

Williams

Scotsman,

Inc.

(c)

4.63%

,

08/15/28

..................

12

11,458

6.63%

,

06/15/29

..................

4

4,048

7.38%

,

10/01/31

..................

25

25,724

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(c)

..

8

8,144

1,007,172

Communications

Equipment

—

0.2%

(c)

CommScope

LLC,

4.75%,

09/01/29

.......

30

26,720

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

.....

7

6,312

33,032

Construction

&

Engineering

—

0.8%

(c)

Arcosa,

Inc.,

4.38%,

04/15/29

..........

40

37,271

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

......................

108

109,923

Dycom

Industries,

Inc.,

4.50%,

04/15/29

....

7

6,532

Pike

Corp.,

8.63%,

01/31/31

...........

6

6,330

160,056

Consumer

Finance

—

1.2%

Ally

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.65%,

01/17/40

(g)

...........

5

4,844

Azorra

Finance

Ltd.,

7.75%,

04/15/30

(c)

....

10

9,853

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(c)

.....................

4

4,299

GGAM

Finance

Ltd.

(c)

8.00%

,

02/15/27

..................

22

22,692

8.00%

,

06/15/28

..................

7

7,350

6.88%

,

04/15/29

..................

21

21,264

5.88%

,

03/15/30

..................

13

12,708

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(c)

.....................

14

14,183

Macquarie

Airfinance

Holdings

Ltd.

(c)

8.13%

,

03/30/29

..................

18

19,037

6.50%

,

03/26/31

..................

10

10,331

Navient

Corp.

5.50%

,

03/15/29

..................

11

10,377

9.38%

,

07/25/30

..................

18

19,231

OneMain

Finance

Corp.

6.63%

,

01/15/28

..................

4

4,049

6.63%

,

05/15/29

..................

19

19,237

5.38%

,

11/15/29

..................

19

18,267

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

7.88%

,

03/15/30

..................

USD

27

$

28,165

4.00%

,

09/15/30

..................

15

13,332

7.50%

,

05/15/31

..................

7

7,184

7.13%

,

11/15/31

..................

11

11,207

257,610

Consumer

Staples

Distribution

&

Retail

—

0.7%

(c)

Albertsons

Cos.,

Inc.

5.88%

,

02/15/28

..................

6

5,975

6.50%

,

02/15/28

..................

5

5,066

3.50%

,

03/15/29

..................

21

19,113

4.88%

,

02/15/30

..................

8

7,623

KeHE

Distributors

LLC,

9.00%,

02/15/29

....

5

5,187

Performance

Food

Group,

Inc.

4.25%

,

08/01/29

..................

16

14,845

6.13%

,

09/15/32

..................

31

30,999

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

.

9

8,867

US

Foods,

Inc.

4.75%

,

02/15/29

..................

27

25,857

7.25%

,

01/15/32

..................

15

15,524

139,056

Containers

&

Packaging

—

2.2%

Ball

Corp.,

3.13%,

09/15/31

...........

15

12,731

Clydesdale

Acquisition

Holdings,

Inc.

(c)

6.63%

,

04/15/29

..................

42

42,278

6.88%

,

01/15/30

..................

28

28,190

8.75%

,

04/15/30

..................

37

37,402

LABL,

Inc.

(c)

5.88%

,

11/01/28

..................

12

10,691

9.50%

,

11/01/28

..................

30

30,040

8.63%

,

10/01/31

..................

22

20,352

Mauser

Packaging

Solutions

Holding

Co.

(c)

7.88%

,

04/15/27

..................

212

216,284

9.25%

,

04/15/27

..................

10

10,117

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

05/15/31

(c)

.....................

8

7,786

Sealed

Air

Corp.

(c)

4.00%

,

12/01/27

..................

13

12,406

5.00%

,

04/15/29

..................

3

2,887

6.50%

,

07/15/32

..................

12

12,019

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(c)

7

7,722

450,905

Distributors

—

0.4%

(c)

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

23

22,917

Dealer

Tire

LLC,

8.00%,

02/01/28

........

8

7,856

Gates

Corp.,

6.88%,

07/01/29

..........

18

18,310

Resideo

Funding,

Inc.

4.00%

,

09/01/29

..................

5

4,529

6.50%

,

07/15/32

..................

24

24,030

77,642

Diversified

Consumer

Services

—

0.7%

Mavis

Tire

Express

Services

Topco

Corp.,

6.50%,

05/15/29

(c)

................

11

10,495

Service

Corp.

International

3.38%

,

08/15/30

..................

2

1,750

4.00%

,

05/15/31

..................

28

24,951

5.75%

,

10/15/32

..................

55

53,349

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(c)

....

52

53,410

143,955

Diversified

REITs

—

0.8%

(c)

Digital

Realty

Trust

LP,

1.88%,

11/15/29

(h)

...

4

4,120

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

....

7

6,388

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

........

22

20,248

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

Uniti

Group

LP,

10.50%,

02/15/28

........

USD

130

$

138,617

169,373

Diversified

Telecommunication

Services

—

5.4%

CCO

Holdings

LLC

5.38%

,

06/01/29

(c)

.................

25

23,886

6.38%

,

09/01/29

(c)

.................

110

109,060

4.75%

,

03/01/30

(c)

.................

41

37,440

4.50%

,

08/15/30

(c)

.................

5

4,488

4.25%

,

02/01/31

(c)

.................

21

18,302

7.38%

,

03/01/31

(c)

.................

87

88,695

4.75%

,

02/01/32

(c)

.................

6

5,266

4.50%

,

05/01/32

..................

2

1,720

4.25%

,

01/15/34

(c)

.................

32

25,961

Frontier

Communications

Holdings

LLC

5.88%

,

10/15/27

(c)

.................

10

9,969

5.00%

,

05/01/28

(c)

.................

49

47,903

5.88%

,

11/01/29

..................

3

2,486

6.00%

,

01/15/30

(c)

.................

10

9,978

8.75%

,

05/15/30

(c)

.................

115

121,542

8.63%

,

03/15/31

(c)

.................

15

15,953

Level

3

Financing,

Inc.

(c)

10.50%

,

04/15/29

.................

70

77,486

4.88%

,

06/15/29

..................

46

40,020

11.00%

,

11/15/29

.................

92

103,616

4.50%

,

04/01/30

..................

18

15,121

10.50%

,

05/15/30

.................

74

80,586

10.75%

,

12/15/30

.................

29

32,295

Lumen

Technologies,

Inc.

(c)

4.13%

,

04/15/29

..................

14

12,217

4.13%

,

04/15/30

..................

14

12,065

10.00%

,

10/15/32

.................

12

12,298

Windstream

Services

LLC,

8.25%,

10/01/31

(c)

78

80,560

Zayo

Group

Holdings,

Inc.

(c)

4.00%

,

03/01/27

..................

118

108,826

6.13%

,

03/01/28

..................

27

22,950

1,120,689

Electric

Utilities

—

1.5%

Alpha

Generation

LLC,

6.75%,

10/15/32

(c)

...

19

18,798

Duke

Energy

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45%,

09/01/54

(g)

...........

11

11,134

FirstEnergy

Corp.,

4.00%,

05/01/26

(h)

......

36

36,126

NextEra

Energy

Capital

Holdings,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%,

06/15/54

(g)

.....................

15

15,367

NRG

Energy,

Inc.

(c)

5.75%

,

07/15/29

..................

22

21,387

6.00%

,

02/01/33

..................

44

42,734

6.25%

,

11/01/34

..................

75

73,563

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

.....................

6

5,631

PG&E

Corp.

4.25%

,

12/01/27

(h)

.................

12

13,014

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38%

,

03/15/55

(g)

....................

3

3,079

Vistra

Operations

Co.

LLC

(c)

7.75%

,

10/15/31

..................

32

33,570

6.88%

,

04/15/32

..................

29

29,694

304,097

Electrical

Equipment

—

0.1%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(c)

.....

30

28,315

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.5%

(c)

Coherent

Corp.,

5.00%,

12/15/29

........

USD

35

$

33,400

Sensata

Technologies,

Inc.

4.38%

,

02/15/30

..................

50

45,802

3.75%

,

02/15/31

..................

17

14,862

Zebra

Technologies

Corp.,

6.50%,

06/01/32

..

7

7,101

101,165

Energy

Equipment

&

Services

—

2.3%

Archrock

Partners

LP

(c)

6.88%

,

04/01/27

..................

9

9,047

6.25%

,

04/01/28

..................

42

41,776

6.63%

,

09/01/32

..................

28

27,965

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(c)

11

11,415

Enerflex

Ltd.,

9.00%,

10/15/27

(c)

.........

9

9,346

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

(c)

.

33

33,662

Nabors

Industries

Ltd.,

7.50%,

01/15/28

(c)

...

12

11,112

Nabors

Industries,

Inc.

(c)

7.38%

,

05/15/27

..................

5

4,994

9.13%

,

01/31/30

..................

7

7,119

8.88%

,

08/15/31

..................

4

3,714

Noble

Finance

II

LLC,

8.00%,

04/15/30

(c)

....

25

25,249

Oceaneering

International,

Inc.,

6.00%,

02/01/28

......................

5

4,932

Star

Holding

LLC,

8.75%,

08/01/31

(c)

......

15

14,862

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(c)

..

8

8,352

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(c)

.....................

6

6,122

Transocean,

Inc.

(c)

8.00%

,

02/01/27

..................

8

7,985

8.25%

,

05/15/29

..................

35

34,285

8.75%

,

02/15/30

..................

45

46,461

8.50%

,

05/15/31

..................

43

42,156

USA

Compression

Partners

LP,

7.13%,

03/15/29

(c)

.....................

36

36,635

Valaris

Ltd.,

8.38%,

04/30/30

(c)

..........

56

56,590

Weatherford

International

Ltd.,

8.63%,

04/30/30

(c)

.....................

31

32,002

475,781

Entertainment

—

0.2%

(c)

Cinemark

USA,

Inc.,

7.00%,

08/01/32

.....

7

7,135

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%,

04/15/29

......................

16

14,280

Live

Nation

Entertainment,

Inc.

4.75%

,

10/15/27

..................

12

11,601

3.75%

,

01/15/28

..................

13

12,260

Playtika

Holding

Corp.,

4.25%,

03/15/29

....

5

4,533

49,809

Financial

Services

—

2.6%

Apollo

Global

Management,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00%,

12/15/54

(g)

....

20

19,689

Block,

Inc.

2.75%

,

06/01/26

..................

3

2,891

3.50%

,

06/01/31

..................

8

7,044

6.50%

,

05/15/32

(c)

.................

132

133,274

Corebridge

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38%,

09/15/54

(g)

...........

13

12,911

Enact

Holdings,

Inc.,

6.25%,

05/28/29

.....

4

4,076

Freedom

Mortgage

Corp.,

12.25%,

10/01/30

(c)

7

7,741

Freedom

Mortgage

Holdings

LLC

(c)

9.25%

,

02/01/29

..................

24

24,767

9.13%

,

05/15/31

..................

17

17,528

Global

Payments,

Inc.,

1.50%,

03/01/31

(c)

(h)

..

34

33,286

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

6.38%,

07/01/34

(c)

........

USD

14

$

13,634

Nationstar

Mortgage

Holdings,

Inc.

(c)

6.00%

,

01/15/27

..................

2

1,990

6.50%

,

08/01/29

..................

30

29,949

5.13%

,

12/15/30

..................

11

10,263

5.75%

,

11/15/31

..................

12

11,470

7.13%

,

02/01/32

..................

42

42,523

NCR

Atleos

Corp.,

9.50%,

04/01/29

(c)

......

3

3,250

PennyMac

Financial

Services,

Inc.

(c)

7.88%

,

12/15/29

..................

18

18,859

7.13%

,

11/15/30

..................

17

17,216

PHH

Escrow

Issuer

LLC,

9.88%,

11/01/29

(c)

..

8

8,036

Rocket

Mortgage

LLC

(c)

2.88%

,

10/15/26

..................

23

21,823

3.88%

,

03/01/31

..................

17

14,812

4.00%

,

10/15/33

..................

5

4,164

Shift4

Payments

LLC,

6.75%,

08/15/32

(c)

....

56

56,955

UWM

Holdings

LLC,

6.63%,

02/01/30

(c)

....

27

26,833

544,984

Food

Products

—

1.8%

(c)

B&G

Foods,

Inc.,

8.00%,

09/15/28

.......

6

6,168

Chobani

Holdco

II

LLC,

8.75%,

(8.75%

Cash

or

9.50%

PIK),

10/01/29

(i)

.............

71

73,753

Chobani

LLC

4.63%

,

11/15/28

..................

68

65,459

7.63%

,

07/01/29

..................

89

92,033

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

...

22

21,702

Fiesta

Purchaser,

Inc.

7.88%

,

03/01/31

..................

8

8,350

9.63%

,

09/15/32

..................

8

8,381

Lamb

Weston

Holdings,

Inc.

4.13%

,

01/31/30

..................

24

21,944

4.38%

,

01/31/32

..................

27

24,431

Post

Holdings,

Inc.

4.50%

,

09/15/31

..................

4

3,583

6.25%

,

02/15/32

..................

17

16,872

6.38%

,

03/01/33

..................

19

18,599

6.25%

,

10/15/34

..................

12

11,690

Simmons

Foods,

Inc.,

4.63%,

03/01/29

....

13

12,013

384,978

Gas

Utilities

—

0.1%

(c)

AltaGas

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20%,

10/15/54

(g)

................

12

12,065

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

......................

8

7,132

19,197

Ground

Transportation

—

0.5%

EquipmentShare.com,

Inc.,

8.00%,

03/15/33

(c)

8

8,101

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(c)

32

32,193

GN

Bondco

LLC,

9.50%,

10/15/31

(c)

......

15

15,795

Hertz

Corp.

(The),

12.63%,

07/15/29

(c)

.....

9

9,589

Uber

Technologies,

Inc.

(h)

0.00%

,

12/15/25

(j)

.................

6

6,048

Series

2028

,

0.88%

,

12/01/28

.........

31

34,100

105,826

Health

Care

Equipment

&

Supplies

—

1.4%

(c)

Avantor

Funding,

Inc.,

3.88%,

11/01/29

....

23

21,027

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

....

84

86,940

Medline

Borrower

LP

3.88%

,

04/01/29

..................

27

25,002

6.25%

,

04/01/29

..................

25

25,263

5.25%

,

10/01/29

..................

109

105,192

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

.

USD

13

$

13,943

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

12

12,157

Teleflex,

Inc.,

4.25%,

06/01/28

..........

10

9,487

299,011

Health

Care

Providers

&

Services

—

3.5%

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(c)

.

30

28,981

Community

Health

Systems,

Inc.

(c)

5.63%

,

03/15/27

..................

64

61,422

6.00%

,

01/15/29

..................

35

31,339

5.25%

,

05/15/30

..................

48

39,423

4.75%

,

02/15/31

..................

28

21,727

10.88%

,

01/15/32

.................

52

53,650

Concentra

Escrow

Issuer

Corp.,

6.88%,

07/15/32

(c)

.....................

21

21,440

DaVita,

Inc.,

6.88%,

09/01/32

(c)

.........

11

11,084

Encompass

Health

Corp.

4.75%

,

02/01/30

..................

13

12,324

4.63%

,

04/01/31

..................

23

21,241

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(c)

12

12,010

HealthEquity,

Inc.,

4.50%,

10/01/29

(c)

......

42

39,369

LifePoint

Health,

Inc.

(c)

9.88%

,

08/15/30

..................

25

26,974

11.00%

,

10/15/30

.................

40

43,907

10.00%

,

06/01/32

.................

19

19,318

Molina

Healthcare,

Inc.

(c)

4.38%

,

06/15/28

..................

5

4,738

3.88%

,

11/15/30

..................

7

6,232

6.25%

,

01/15/33

..................

17

16,802

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(c)

..

15

13,833

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(c)

.....................

6

5,836

Star

Parent,

Inc.,

9.00%,

10/01/30

(c)

.......

81

84,127

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(c)

.....................

66

67,326

Tenet

Healthcare

Corp.,

6.75%,

05/15/31

...

67

67,686

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(c)

.....................

23

23,440

734,229

Health

Care

REITs

—

0.3%

MPT

Operating

Partnership

LP

5.25%

,

08/01/26

..................

2

1,841

5.00%

,

10/15/27

..................

3

2,529

4.63%

,

08/01/29

..................

16

11,465

3.50%

,

03/15/31

..................

59

37,177

53,012

Hotel

&

Resort

REITs

—

1.2%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(c)

.....................

12

12,175

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(c)

...

7

6,900

Pebblebrook

Hotel

Trust,

1.75%,

12/15/26

(h)

..

1

929

RHP

Hotel

Properties

LP

(c)

7.25%

,

07/15/28

..................

19

19,509

4.50%

,

02/15/29

..................

16

15,106

6.50%

,

04/01/32

..................

43

43,216

RLJ

Lodging

Trust

LP

(c)

3.75%

,

07/01/26

..................

11

10,698

4.00%

,

09/15/29

..................

8

7,250

Service

Properties

Trust

8.63%

,

11/15/31

(c)

.................

86

89,491

8.88%

,

06/15/32

..................

30

27,765

XHR

LP,

6.63%,

05/15/30

(c)

............

7

7,023

240,062

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

5.2%

1011778

BC

ULC

(c)

5.63%

,

09/15/29

..................

USD

11

$

10,835

4.00%

,

10/15/30

..................

19

16,993

Boyne

USA,

Inc.,

4.75%,

05/15/29

(c)

......

18

17,063

Caesars

Entertainment,

Inc.

(c)

7.00%

,

02/15/30

..................

64

65,187

6.50%

,

02/15/32

..................

48

48,217

6.00%

,

10/15/32

..................

11

10,606

Carnival

Corp.,

6.00%,

05/01/29

(c)

........

35

34,917

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(c)

.....................

22

23,439

Cedar

Fair

LP,

5.38%,

04/15/27

.........

6

5,936

Churchill

Downs,

Inc.

(c)

4.75%

,

01/15/28

..................

28

27,010

5.75%

,

04/01/30

..................

23

22,573

6.75%

,

05/01/31

..................

56

56,606

Fertitta

Entertainment

LLC

(c)

4.63%

,

01/15/29

..................

16

14,827

6.75%

,

01/15/30

..................

4

3,690

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(c)

.....................

22

22,518

Hilton

Domestic

Operating

Co.,

Inc.

4.88%

,

01/15/30

..................

2

1,918

3.63%

,

02/15/32

(c)

.................

3

2,606

5.88%

,

03/15/33

(c)

.................

38

37,391

Life

Time,

Inc.,

8.00%,

04/15/26

(c)

........

19

19,021

Light

&

Wonder

International,

Inc.

(c)

7.25%

,

11/15/29

..................

14

14,282

7.50%

,

09/01/31

..................

22

22,652

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(c)

.....................

8

8,339

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(c)

.

19

19,007

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(c)

23

20,048

MGM

Resorts

International,

6.13%,

09/15/29

.

27

26,966

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(c)

.....................

11

10,371

NCL

Corp.

Ltd.

(c)

8.13%

,

01/15/29

..................

8

8,430

7.75%

,

02/15/29

..................

13

13,650

6.25%

,

03/01/30

..................

18

17,786

NCL

Finance

Ltd.,

6.13%,

03/15/28

(c)

......

11

11,035

Premier

Entertainment

Sub

LLC

(c)

5.63%

,

09/01/29

..................

10

7,850

5.88%

,

09/01/31

..................

13

9,457

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(c)

.....................

9

9,641

Royal

Caribbean

Cruises

Ltd.

(c)

5.63%

,

09/30/31

..................

67

65,905

6.25%

,

03/15/32

..................

9

9,108

6.00%

,

02/01/33

..................

55

54,869

Sabre

GLBL,

Inc.

(c)

8.63%

,

06/01/27

..................

23

22,684

10.75%

,

11/15/29

.................

11

11,348

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(c)

.....................

18

17,225

Six

Flags

Entertainment

Corp.,

6.63%,

05/01/32

(c)

.....................

6

6,081

Station

Casinos

LLC

(c)

4.50%

,

02/15/28

..................

16

15,182

4.63%

,

12/01/31

..................

15

13,437

6.63%

,

03/15/32

..................

17

16,893

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(c)

......

22

22,247

Viking

Cruises

Ltd.

(c)

5.88%

,

09/15/27

..................

16

15,880

7.00%

,

02/15/29

..................

3

3,016

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

9.13%

,

07/15/31

..................

USD

54

$

58,064

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(c)

.....................

8

7,873

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

.....................

9

8,555

Wynn

Resorts

Finance

LLC

(c)

5.13%

,

10/01/29

..................

49

46,931

7.13%

,

02/15/31

..................

33

34,367

6.25%

,

03/15/33

..................

23

22,597

1,093,129

Household

Durables

—

1.0%

(c)

Ashton

Woods

USA

LLC,

4.63%,

04/01/30

..

8

7,259

Beazer

Homes

USA,

Inc.,

7.50%,

03/15/31

..

6

6,093

Brookfield

Residential

Properties,

Inc.

5.00%

,

06/15/29

..................

17

15,803

4.88%

,

02/15/30

..................

15

13,546

CD&R

Smokey

Buyer,

Inc.,

9.50%,

10/15/29

.

22

21,624

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

.

6

6,251

Empire

Communities

Corp.,

9.75%,

05/01/29

.

5

5,260

K.

Hovnanian

Enterprises,

Inc.,

11.75%,

09/30/29

......................

44

47,907

LGI

Homes,

Inc.

8.75%

,

12/15/28

..................

8

8,392

7.00%

,

11/15/32

..................

15

14,852

Mattamy

Group

Corp.,

4.63%,

03/01/30

....

11

10,233

Meritage

Homes

Corp.,

1.75%,

05/15/28

(h)

...

15

14,700

New

Home

Co.,

Inc.

(The),

9.25%,

10/01/29

.

14

14,734

STL

Holding

Co.

LLC,

8.75%,

02/15/29

....

8

8,458

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

......................

5

4,785

Tempur

Sealy

International,

Inc.

4.00%

,

04/15/29

..................

2

1,843

3.88%

,

10/15/31

..................

4

3,490

205,230

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

4.13%

,

10/15/30

..................

10

8,981

4.13%

,

04/30/31

(c)

.................

9

7,959

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

06/30/31

(c)

.....................

4

3,810

Spectrum

Brands,

Inc.,

3.38%,

06/01/29

(c)

(h)

..

12

11,716

32,466

Independent

Power

and

Renewable

Electricity

Producers

—

0.7%

AES

Corp.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60%,

01/15/55

(g)

...........

17

17,461

Calpine

Corp.

(c)

5.13%

,

03/15/28

..................

23

22,305

5.00%

,

02/01/31

..................

6

5,643

Clearway

Energy

Operating

LLC

(c)

4.75%

,

03/15/28

..................

2

1,912

3.75%

,

01/15/32

..................

27

23,047

Lightning

Power

LLC,

7.25%,

08/15/32

(c)

....

6

6,169

NextEra

Energy

Partners

LP

(c)(h)

0.00%

,

11/15/25

(j)

.................

51

47,940

2.50%

,

06/15/26

..................

12

11,281

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(c)

(f)

(g)

....................

10

10,205

145,963

Insurance

—

6.1%

(c)

Alliant

Holdings

Intermediate

LLC

4.25%

,

10/15/27

..................

61

58,226

6.75%

,

10/15/27

..................

82

81,322

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

5.88%

,

11/01/29

..................

USD

57

$

54,759

7.00%

,

01/15/31

..................

61

61,238

7.38%

,

10/01/32

..................

52

52,478

AmWINS

Group,

Inc.

6.38%

,

02/15/29

..................

10

10,061

4.88%

,

06/30/29

..................

21

19,719

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

13

13,176

AssuredPartners,

Inc.,

7.50%,

02/15/32

....

24

25,831

Howden

UK

Refinance

plc

7.25%

,

02/15/31

..................

107

108,733

8.13%

,

02/15/32

..................

59

60,256

HUB

International

Ltd.

7.25%

,

06/15/30

..................

197

201,876

7.38%

,

01/31/32

..................

224

227,506

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%

,

03/15/30

..................

34

35,761

10.50%

,

12/15/30

.................

28

30,272

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

.

177

178,769

Ryan

Specialty

LLC

4.38%

,

02/01/30

..................

9

8,449

5.88%

,

08/01/32

..................

19

18,799

USI,

Inc.,

7.50%,

01/15/32

............

30

31,026

1,278,257

IT

Services

—

0.6%

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(c)

48

48,944

Snowflake,

Inc.

(c)(h)(j)

0.00%

,

10/01/27

..................

14

16,457

0.00%

,

10/01/29

..................

21

24,906

Twilio,

Inc.

3.63%

,

03/15/29

..................

12

11,036

3.88%

,

03/15/31

..................

17

15,246

116,589

Life

Sciences

Tools

&

Services

—

0.0%

(c)

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

.................

2

1,779

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

....

8

8,013

9,792

Machinery

—

1.9%

(c)

ATS

Corp.,

4.13%,

12/15/28

...........

9

8,342

Chart

Industries,

Inc.,

7.50%,

01/01/30

.....

43

44,706

Esab

Corp.,

6.25%,

04/15/29

...........

18

18,224

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/23/29

......................

6

5,340

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

......................

66

68,905

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

..

8

8,200

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

3

2,772

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

......................

10

9,344

Terex

Corp.,

6.25%,

10/15/32

..........

10

9,800

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

200

195,783

Wabash

National

Corp.,

4.50%,

10/15/28

...

17

15,523

386,939

Media

—

6.3%

Cable

One,

Inc.

0.00%

,

03/15/26

(h)

(j)

................

5

4,640

1.13%

,

03/15/28

(h)

.................

23

18,918

4.00%

,

11/15/30

(c)

.................

6

5,013

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

5.13%

,

08/15/27

..................

30

28,877

7.75%

,

04/15/28

..................

15

13,535

9.00%

,

09/15/28

..................

58

60,739

7.50%

,

06/01/29

..................

71

62,121

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

7.88%

,

04/01/30

..................

USD

65

$

66,898

CMG

Media

Corp.,

8.88%,

06/18/29

(c)

.....

12

9,003

CSC

Holdings

LLC,

11.75%,

01/31/29

(c)

....

200

197,515

DirecTV

Financing

LLC,

5.88%,

08/15/27

(c)

..

83

80,867

DISH

DBS

Corp.

(c)

5.25%

,

12/01/26

..................

46

41,811

5.75%

,

12/01/28

..................

35

29,925

DISH

Network

Corp.,

11.75%,

11/15/27

(c)

...

105

111,215

EchoStar

Corp.

10.75%

,

11/30/29

.................

92

99,167

6.75%

,

11/30/30

..................

81

72,572

GCI

LLC,

4.75%,

10/15/28

(c)

...........

12

11,207

Gray

Television,

Inc.,

10.50%,

07/15/29

(c)

...

46

45,997

Midcontinent

Communications,

8.00%,

08/15/32

(c)

.....................

22

22,597

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(c)

..

53

49,296

Outfront

Media

Capital

LLC

(c)

4.25%

,

01/15/29

..................

34

31,616

4.63%

,

03/15/30

..................

6

5,545

7.38%

,

02/15/31

..................

18

18,814

Radiate

Holdco

LLC,

4.50%,

09/15/26

(c)

....

20

17,460

Sirius

XM

Radio

LLC

(c)

3.13%

,

09/01/26

..................

24

23,053

5.00%

,

08/01/27

..................

58

56,407

4.00%

,

07/15/28

..................

4

3,685

Stagwell

Global

LLC,

5.63%,

08/15/29

(c)

....

8

7,617

Univision

Communications,

Inc.

(c)

6.63%

,

06/01/27

..................

19

18,923

8.00%

,

08/15/28

..................

68

69,232

8.50%

,

07/31/31

..................

23

22,552

1,306,817

Metals

&

Mining

—

2.5%

Arsenal

AIC

Parent

LLC

(c)

8.00%

,

10/01/30

..................

30

31,044

11.50%

,

10/01/31

.................

59

66,008

ATI,

Inc.

5.88%

,

12/01/27

..................

19

18,831

4.88%

,

10/01/29

..................

8

7,620

7.25%

,

08/15/30

..................

31

31,877

5.13%

,

10/01/31

..................

21

19,745

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

....

74

73,924

Carpenter

Technology

Corp.,

7.63%,

03/15/30

21

21,507

Cleveland-Cliffs,

Inc.

(c)

6.88%

,

11/01/29

..................

13

12,861

7.38%

,

05/01/33

..................

11

10,804

ERO

Copper

Corp.,

6.50%,

02/15/30

(c)

.....

24

23,130

Kaiser

Aluminum

Corp.

(c)

4.63%

,

03/01/28

..................

34

31,968

4.50%

,

06/01/31

..................

48

42,312

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(c)

..

5

5,246

Novelis

Corp.

(c)

3.25%

,

11/15/26

..................

59

56,198

4.75%

,

01/30/30

..................

35

32,156

3.88%

,

08/15/31

..................

36

30,996

516,227

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

(c)

Blackstone

Mortgage

Trust,

Inc.,

7.75%,

12/01/29

......................

6

6,168

Ladder

Capital

Finance

Holdings

LLLP

4.75%

,

06/15/29

..................

4

3,772

7.00%

,

07/15/31

..................

14

14,345

Starwood

Property

Trust,

Inc.

7.25%

,

04/01/29

..................

16

16,413

6.00%

,

04/15/30

..................

5

4,908

Security

Par

(000)

Par

(000)

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

6.50%

,

07/01/30

..................

USD

10

$

10,012

55,618

Multi-Utilities

—

0.1%

(g)

CenterPoint

Energy,

Inc.,

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85%,

02/15/55

.....

7

7,151

Dominion

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63%,

05/15/55

............

5

5,083

12,234

Oil,

Gas

&

Consumable

Fuels

—

9.8%

Aethon

United

BR

LP,

7.50%,

10/01/29

(c)

....

22

22,499

Antero

Midstream

Partners

LP,

5.38%,

06/15/29

(c)

.....................

17

16,555

Ascent

Resources

Utica

Holdings

LLC

(c)

9.00%

,

11/01/27

..................

10

12,089

8.25%

,

12/31/28

..................

16

16,333

5.88%

,

06/30/29

..................

30

29,216

Baytex

Energy

Corp.,

8.50%,

04/30/30

(c)

....

5

5,109

Blue

Racer

Midstream

LLC

(c)

7.00%

,

07/15/29

..................

14

14,299

7.25%

,

07/15/32

..................

11

11,300

Buckeye

Partners

LP

6.88%

,

07/01/29

(c)

.................

6

6,073

5.85%

,

11/15/43

..................

8

6,929

5.60%

,

10/15/44

..................

8

6,557

CITGO

Petroleum

Corp.

(c)

7.00%

,

06/15/25

..................

25

25,026

8.38%

,

01/15/29

..................

33

33,999

Civitas

Resources,

Inc.

(c)

8.38%

,

07/01/28

..................

8

8,308

8.63%

,

11/01/30

..................

11

11,520

8.75%

,

07/01/31

..................

68

70,892

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(c)

11

10,031

Comstock

Resources,

Inc.

(c)

6.75%

,

03/01/29

..................

32

31,170

5.88%

,

01/15/30

..................

51

47,564

Crescent

Energy

Finance

LLC

(c)

7.63%

,

04/01/32

..................

37

36,809

7.38%

,

01/15/33

..................

34

33,019

DT

Midstream,

Inc.

(c)

4.13%

,

06/15/29

..................

19

17,744

4.38%

,

06/15/31

..................

12

10,949

Enbridge,

Inc.

(g)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%

,

06/27/54

.....................

10

10,280

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%

,

03/15/55

.....................

13

13,499

Encino

Acquisition

Partners

Holdings

LLC,

8.75%,

05/01/31

(c)

................

12

12,660

Energy

Transfer

LP

(g)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%

,

05/15/54

.....................

31

32,486

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%

,

10/01/54

.....................

19

19,251

EQM

Midstream

Partners

LP

(c)

4.50%

,

01/15/29

..................

3

2,856

6.38%

,

04/01/29

..................

22

22,074

7.50%

,

06/01/30

..................

4

4,255

4.75%

,

01/15/31

..................

11

10,345

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Genesis

Energy

LP

7.75%

,

02/01/28

..................

USD

9

$

9,011

8.25%

,

01/15/29

..................

20

20,197

8.88%

,

04/15/30

..................

8

8,140

7.88%

,

05/15/32

..................

32

31,339

8.00%

,

05/15/33

..................

22

21,530

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(c)

.....................

11

11,077

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(c)

..

9

9,164

Hess

Midstream

Operations

LP,

6.50%,

06/01/29

(c)

.....................

16

16,158

Hilcorp

Energy

I

LP

(c)

6.25%

,

11/01/28

..................

5

4,842

5.75%

,

02/01/29

..................

13

12,403

6.00%

,

04/15/30

..................

1

940

8.38%

,

11/01/33

..................

62

63,289

6.88%

,

05/15/34

..................

23

21,438

7.25%

,

02/15/35

..................

9

8,461

Howard

Midstream

Energy

Partners

LLC

(c)

8.88%

,

07/15/28

..................

17

17,854

7.38%

,

07/15/32

..................

15

15,238

ITT

Holdings

LLC,

6.50%,

08/01/29

(c)

......

30

27,463

Kinetik

Holdings

LP,

5.88%,

06/15/30

(c)

.....

3

2,953

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(c)

.....................

9

8,910

Matador

Resources

Co.

(c)

6.88%

,

04/15/28

..................

17

17,235

6.50%

,

04/15/32

..................

19

18,785

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

09/01/31

(c)

.....................

7

6,845

Murphy

Oil

Corp.,

5.88%,

12/01/42

(k)

......

3

2,589

NFE

Financing

LLC,

12.00%,

11/15/29

(c)

....

21

21,718

NGL

Energy

Operating

LLC

(c)

8.13%

,

02/15/29

..................

32

32,421

8.38%

,

02/15/32

..................

70

70,536

Northern

Oil

&

Gas,

Inc.

(c)

8.13%

,

03/01/28

..................

71

72,088

8.75%

,

06/15/31

..................

14

14,451

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(c)

.....................

11

11,065

Parkland

Corp.,

6.63%,

08/15/32

(c)

.......

15

14,844

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(c)

...

13

12,757

Permian

Resources

Operating

LLC

(c)

8.00%

,

04/15/27

..................

15

15,317

7.00%

,

01/15/32

..................

22

22,332

6.25%

,

02/01/33

..................

29

28,625

Prairie

Acquiror

LP,

9.00%,

08/01/29

(c)

.....

12

12,363

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(c)

.....................

2

1,899

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(c)

................

25

25,702

SM

Energy

Co.,

7.00%,

08/01/32

(c)

.......

8

7,888

South

Bow

Canadian

Infrastructure

Holdings

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.95%),

7.63%,

03/01/55

(c)

(g)

....................

7

7,177

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29

(c)

.....................

9

9,334

Tallgrass

Energy

Partners

LP

(c)

5.50%

,

01/15/28

..................

8

7,694

7.38%

,

02/15/29

..................

36

36,114

6.00%

,

09/01/31

..................

4

3,775

Talos

Production,

Inc.

(c)

9.00%

,

02/01/29

..................

3

3,078

9.38%

,

02/01/31

..................

10

10,194

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(c)

.....................

USD

35

$

32,682

Venture

Global

Calcasieu

Pass

LLC,

3.88%,

08/15/29

(c)

.....................

17

15,618

Venture

Global

LNG,

Inc.

(c)

9.50%

,

02/01/29

..................

136

150,316

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(f)

(g)

.....................

196

204,927

8.38%

,

06/01/31

..................

53

55,275

9.88%

,

02/01/32

..................

70

76,809

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(c)

...

7

6,946

Vital

Energy,

Inc.

9.75%

,

10/15/30

..................

15

15,815

7.88%

,

04/15/32

(c)

.................

55

52,921

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(c)

.....................

11

10,584

2,030,822

Paper

&

Forest

Products

—

0.0%

Magnera

Corp.,

7.25%,

11/15/31

(c)

.......

8

7,810

Passenger

Airlines

—

0.4%

(c)

American

Airlines,

Inc.,

8.50%,

05/15/29

....

29

30,448

OneSky

Flight

LLC,

8.88%,

12/15/29

......

16

16,011

United

Airlines,

Inc.,

4.63%,

04/15/29

......

34

32,327

78,786

Personal

Care

Products

—

0.1%

Perrigo

Finance

Unlimited

Co.,

Series

USD,

6.13%,

09/30/32

.................

18

17,601

Pharmaceuticals

—

1.0%

1375209

BC

Ltd.,

9.00%,

01/30/28

(c)

......

14

13,989

Bausch

Health

Cos.,

Inc.

(c)

6.13%

,

02/01/27

..................

36

32,670

5.75%

,

08/15/27

..................

5

4,350

11.00%

,

09/30/28

.................

81

76,950

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(c)

26

27,548

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

3.15%,

10/01/26

..............

60

57,505

213,012

Professional

Services

—

0.8%

(c)

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

...

15

15,114

CoreLogic,

Inc.,

4.50%,

05/01/28

........

100

93,052

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

35

33,330

KBR,

Inc.,

4.75%,

09/30/28

............

20

19,176

Science

Applications

International

Corp.,

4.88%,

04/01/28

......................

10

9,622

170,294

Real

Estate

Management

&

Development

—

0.4%

Anywhere

Real

Estate

Group

LLC

Series

AI

,

7.00%

,

04/15/30

...........

21

18,807

7.00%

,

04/15/30

(c)

.................

11

9,759

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(c)

................

31

33,374

Howard

Hughes

Corp.

(The)

(c)

4.13%

,

02/01/29

..................

18

16,633

4.38%

,

02/01/31

..................

11

9,904

88,477

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(c)

.....................

11

10,432

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Entegris,

Inc.,

4.75%,

04/15/29

(c)

........

40

38,300

MKS

Instruments,

Inc.,

1.25%,

06/01/30

(c)

(h)

..

25

24,200

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(h)

.

USD

11

$

10,357

72,857

Software

—

6.6%

(c)

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

..

217

206,225

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

...

57

59,001

Central

Parent

LLC,

8.00%,

06/15/29

......

39

39,562

Central

Parent,

Inc.,

7.25%,

06/15/29

......

59

58,303

Clarivate

Science

Holdings

Corp.

3.88%

,

07/01/28

..................

75

69,867

4.88%

,

07/01/29

..................

66

61,526

Cloud

Software

Group,

Inc.

6.50%

,

03/31/29

..................

167

163,918

9.00%

,

09/30/29

..................

179

181,737

8.25%

,

06/30/32

..................

116

119,544

Elastic

NV,

4.13%,

07/15/29

...........

30

27,812

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

....

29

29,012

Fair

Isaac

Corp.,

4.00%,

06/15/28

........

19

17,929

McAfee

Corp.,

7.38%,

02/15/30

.........

49

47,590

Nutanix,

Inc.,

0.50%,

12/15/29

(h)

.........

5

4,943

SS&C

Technologies,

Inc.

5.50%

,

09/30/27

..................

33

32,684

6.50%

,

06/01/32

..................

43

43,375

UKG,

Inc.,

6.88%,

02/01/31

............

178

180,587

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

31

28,172

1,371,787

Specialized

REITs

—

0.6%

Iron

Mountain,

Inc.

(c)

7.00%

,

02/15/29

..................

35

35,762

6.25%

,

01/15/33

..................

49

48,804

SBA

Communications

Corp.,

3.13%,

02/01/29

43

38,813

123,379

Specialty

Retail

—

1.9%

Asbury

Automotive

Group,

Inc.

4.50%

,

03/01/28

..................

9

8,627

4.75%

,

03/01/30

..................

2

1,870

5.00%

,

02/15/32

(c)

.................

2

1,824

Carvana

Co.

(c)(i)

11.00%

,

(

11.00

%

Cash

or

13.00

%

PIK),

06/01/30

.....................

49

51,791

14.00%

,

(

14.00

%

Cash

or

14.00

%

PIK),

06/01/31

.....................

65

74,727

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(c)

11

11,414

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(c)

.

9

9,018

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(c)

...

36

33,954

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

7

6,722

LCM

Investments

Holdings

II

LLC

(c)

4.88%

,

05/01/29

..................

39

36,416

8.25%

,

08/01/31

..................

21

21,785

Staples,

Inc.,

10.75%,

09/01/29

(c)

........

13

12,789

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

...

134

132,516

403,453

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

(c)

Diebold

Nixdorf,

Inc.,

7.75%,

03/31/30

.....

10

10,265

Seagate

HDD

Cayman

8.25%

,

12/15/29

..................

13

13,851

8.50%

,

07/15/31

..................

18

19,249

43,365

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

(c)

Crocs,

Inc.,

4.13%,

08/15/31

...........

16

13,920

Hanesbrands,

Inc.

4.88%

,

05/15/26

..................

10

9,845

9.00%

,

02/15/31

..................

2

2,132

Levi

Strauss

&

Co.,

3.50%,

03/01/31

......

20

17,492

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

S&S

Holdings

LLC,

8.38%,

10/01/31

......

USD

5

$

5,035

48,424

Trading

Companies

&

Distributors

—

1.5%

(c)

Beacon

Roofing

Supply,

Inc.,

6.50%,

08/01/30

11

11,160

Fortress

Transportation

&

Infrastructure

Investors

LLC

5.50%

,

05/01/28

..................

49

47,924

7.88%

,

12/01/30

..................

43

45,258

7.00%

,

05/01/31

..................

74

75,491

7.00%

,

06/15/32

..................

47

47,926

5.88%

,

04/15/33

..................

23

22,196

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

2

1,828

Herc

Holdings,

Inc.,

6.63%,

06/15/29

......

15

15,190

Imola

Merger

Corp.,

4.75%,

05/15/29

......

15

14,224

United

Rentals

North

America,

Inc.,

6.13%,

03/15/34

......................

11

10,914

WESCO

Distribution,

Inc.,

6.63%,

03/15/32

..

12

12,197

304,308

Total

Corporate

Bonds

—

93

.8

%

(Cost:

$

19,453,566

)

...............................

19,527,880

Floating

Rate

Loan

Interests

Diversified

Consumer

Services

—

0.1%

(b)(g)

Preferred

SPV

Borrower,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

+

5.00%),

9.17

%

,

06/30/31

..................

2

2,089

Veritas

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

12.50%),

16.93

%

,

06/30/31

.................

5

4,651

6,740

Diversified

Telecommunication

Services

—

0.0%

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

10.36

%

,

06/01/28

(g)

...........

4

3,778

Machinery

—

0.0%

(b)(g)

GrafTech

International

Ltd.,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

10.17

%

,

12/21/29

............

4

4,140

GrafTech

International

Ltd.,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

11/13/29

.......

2

2,521

6,661

Total

Floating

Rate

Loan

Interests

—

0

.1

%

(Cost:

$

16,954

)

.................................

17,179

Shares

Shares

Investment

Companies

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(l)

..........................

5,700

448,305

Total

Investment

Companies

—

2

.2

%

(Cost:

$

420,670

)

.................................

448,305

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Beneficial

Interest

(000)

Value

Other

Interests

(m)

Capital

Markets

—

0.0%

(a)(d)

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

.........................

USD

110

$

77

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

.........................

30

21

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

98

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

1.0%

Aerospace

&

Defense

—

0.3%

Boeing

Co.

(The)

,

6.00

%

,

10/15/27

(h)

.......

1

56,019

Banks

—

0.1%

PNC

Financial

Services

Group,

Inc.

(The)

(f)(g)

Series

V

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20

%

.......................

8

8,035

Series

W

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25

%

.......................

17

17,160

25,195

Electric

Utilities

—

0.3%

Edison

International

(f)(g)

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38

%

.......................

10

9,861

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00

%

.......................

11

10,722

NRG

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25

%

(c)

(f)

(g)

................

35

38,641

PG&E

Corp.

,

Series

A

,

6.00

%

,

12/01/27

(h)

...

—

(n)

4,979

64,203

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Vistra

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00

%

(c)

(f)

(g)

......................

USD

39

$

39,223

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP

,

Series

H

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50

%

(f)

(g)

..........

30

30,012

Total

Capital

Trusts

—

1

.0

%

(Cost:

$

202,144

)

.................................

214,652

Shares

Shares

Preferred

Stocks

—

0.0%

Commercial

Services

&

Supplies

—

0.0%

Veritas,

Inc.

(a)

(b)

.....................

61

1,220

Total

Preferred

Stocks

—

0.0

%

(Cost:

$

1,220

)

..................................

1,220

Total

Preferred

Securities

—

1

.0

%

(Cost:

$

203,364

)

.................................

215,872

Total

Long-Term

Investments

—

97.5%

(Cost:

$

20,188,552

)

...............................

20,293,967

Short-Term

Securities

Money

Market

Funds

—

1.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.36

%

(l)

(o)

..................

335,134

335,134

Total

Short-Term

Securities

—

1

.6

%

(Cost:

$

335,134

)

.................................

335,134

Total

Investments

—

99

.1

%

(Cost:

$

20,523,686

)

...............................

20,629,101

Other

Assets

Less

Liabilities

—

0.9

%

....................

194,362

Net

Assets

—

100.0%

...............................

$

20,823,463

(a)

Non-income

producing

security.

(b)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

Perpetual

security

with

no

stated

maturity

date.

(g)

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.

(h)

Convertible

security.

(i)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(j)

Zero-coupon

bond.

(k)

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.

(l)

Affiliate

of

the

Fund.

(m)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(n)

Rounds

to

less

than

1,000.

(o)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

67

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

258,917‌

$

76,217‌

(a)

$

—‌

$

—‌

$

—‌

$

335,134‌

335,134‌

$

18,911‌

$

—‌

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

441,123‌

—‌

—‌

—‌

7,182‌

448,305‌

5,700‌

26,927‌

—‌

$

—‌

$

7,182‌

$

783,439‌

$

45,838‌

$

—‌

—‌

—‌

(a)

Represents

net

amount

purchased

(sold).

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

68

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

404,000

USD

423,375

HSBC

Bank

plc

03/19/25

$

(

3,510

)

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

43.V1

...........

5

.00

%

Quarterly

12/20/29

B+

USD

200

$

15,725

$

13,991

$

1,734

(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.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

13,991

$

—

$

1,734

$

—

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

$

—

$

1,734

$

—

$

—

$

—

$

—

$

1,734

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

$

—

$

—

$

—

$

3,510

$

—

$

—

$

3,510

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

69

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

December

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

(

13,954

)

$

—

$

(

9,013

)

$

—

$

(

22,967

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

29,337

)

—

—

(

29,337

)

Options

purchased

(a)

.....................

—

—

(

4,905

)

—

—

—

(

4,905

)

Options

written

........................

—

—

1,445

—

—

—

1,445

Swaps

..............................

—

23,206

—

—

—

—

23,206

$

—

$

23,206

$

(17,414)

$

(29,337)

$

(9,013)

$

—

$

(32,558)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

—

$

—

$

9,534

$

—

$

9,534

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

9,268

)

—

—

(

9,268

)

Options

purchased

(b)

.....................

—

—

1,752

—

—

—

1,752

Options

written

........................

—

—

(

597

)

—

—

—

(

597

)

Swaps

..............................

—

(

7,891

)

—

—

—

—

(

7,891

)

$

—

$

(7,891)

$

1,155

$

(9,268)

$

9,534

$

—

$

(6,470)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

—

(a)

Average

notional

value

of

contracts

—

short

.................................................................................

—

(a)

Forward

foreign

currency

exchange

contracts

Average

amounts

sold

—

in

USD

........................................................................................

437,658

Options

Average

value

of

option

contracts

purchased

................................................................................

—

(a)

Average

value

of

option

contracts

written

...................................................................................

—

(a)

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

200,000

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Liabilities

Derivative

Financial

Instruments

Forward

f

oreign

currency

exchange

contracts

................................................................................

$

3,510

Swaps

—

centrally

cleared

.............................................................................................

435

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

...........................................................

$

3,945

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

.......................................................

(

435

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

...........................................................................

$

3,510

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

pledged

by

the

Fund:

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(a)(b)

HSBC

Bank

plc

..................................

$

3,510

$

—

$

—

$

—

$

3,510

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

High

Yield

Portfolio

70

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

(a)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

15,930

$

—

$

—

$

15,930

Building

Products

.......................................

6,241

—

—

6,241

Commercial

Services

&

Supplies

.............................

—

—

842

842

Life

Sciences

Tools

&

Services

..............................

16,645

—

—

16,645

Metals

&

Mining

........................................

19,708

—

—

19,708

Specialized

REITs

......................................

25,267

—

—

25,267

Corporate

Bonds

........................................

—

19,527,880

—

19,527,880

Floating

Rate

Loan

Interests

Diversified

Consumer

Services

..............................

—

—

6,740

6,740

Diversified

Telecommunication

Services

........................

—

3,778

—

3,778

Machinery

............................................

—

—

6,661

6,661

Investment

Companies

....................................

448,305

—

—

448,305

Other

Interests

..........................................

—

98

—

98

Preferred

Securities

Aerospace

&

Defense

....................................

56,019

—

—

56,019

Banks

...............................................

—

25,195

—

25,195

Commercial

Services

&

Supplies

.............................

—

—

1,220

1,220

Electric

Utilities

........................................

4,979

59,224

—

64,203

Independent

Power

and

Renewable

Electricity

Producers

............

—

39,223

—

39,223

Oil,

Gas

&

Consumable

Fuels

...............................

—

30,012

—

30,012

Short-Term

Securities

Money

Market

Funds

......................................

335,134

—

—

335,134

$

928,228

$

19,685,410

$

15,463

$

20,629,101

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

1,734

$

—

$

1,734

Liabilities

Foreign

currency

exchange

contracts

............................

—

(

3,510

)

—

(

3,510

)

$

—

$

(

1,776

)

$

—

$

(

1,776

)

(a)

Derivative

financial

instruments

are

swaps

and

forward

foreign

currency

exchange

contracts.

Swaps

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

4.71%,

05/25/37

(a)

......................

USD

42‌

$

6,899‌

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

4.93%,

05/25/35

(a)

......

46‌

36,475‌

BCMSC

Trust

(a)

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

49‌

4,141‌

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

35‌

3,156‌

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

6.18%,

08/25/34

................

—‌

(b)

72‌

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.73%,

03/25/37

................

10‌

8,995‌

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.73%,

03/25/37

................

12‌

11,234‌

Series

2007-HE3,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

4.70%,

04/25/37

................

5‌

4,591‌

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

4.61%,

10/25/36

(a)

.................

20‌

19,385‌

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

4.65%,

05/25/37

................

126‌

81,636‌

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

4.72%,

05/25/37

................

57‌

37,017‌

Conseco

Finance

Securitizations

Corp.,

Series

2000-5,

Class

A6,

7.96%,

05/01/31

......

36‌

7,879‌

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

4.67%,

12/25/25

(a)

......................

—‌

(b)

507‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

......................

9‌

9,004‌

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

5.44%,

01/25/29

(c)

1‌

2,974‌

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

1‌

2,274‌

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

4.69%,

05/15/35

..........

1‌

1,442‌

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

4.66%,

11/15/36

...........

3‌

3,144‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.05%,

01/25/36

(a)

......................

42‌

37,312‌

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

4.85%,

01/25/47

................

19‌

9,240‌

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

7.83%,

02/25/47

................

25‌

24,207‌

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.75%,

05/25/37

(a)

..........

USD

27‌

$

19,148‌

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

4.68%,

05/25/37

(a)

.

592‌

135,305‌

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

23‌

23,126‌

Series

2002-A,

Class

C,

0.00%,

06/15/33

.

3‌

2,750‌

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.75%,

06/25/36

.....................

20‌

9,223‌

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.77%,

08/25/36

.....................

12‌

4,851‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

4.93%,

05/25/37

(a)

.................

9‌

6,299‌

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.05%,

12/25/34

(a)

......................

78‌

71,157‌

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

....

7‌

3,281‌

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

4.66%,

03/25/37

(a)

...............

40‌

33,539‌

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(c)

....................

27‌

22,837‌

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(c)

....................

29‌

25,105‌

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1M

Sofr

FWD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.16%,

10/15/37

(a)

(d)

................

4‌

3,626‌

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(c)

.........

24‌

20,892‌

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.77%,

07/25/36

(a)

15‌

3,148‌

Total

Asset-Backed

Securities

—

0

.2

%

(Cost:

$

995,505

)

.................................

695,871‌

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.7%

BAE

Systems

plc

....................

21,651

310,590‌

Bharat

Electronics

Ltd.

................

46,335

158,119‌

Curtiss-Wright

Corp.

..................

1,257

446,072‌

Dassault

Aviation

SA

.................

168

34,328‌

Embraer

SA

(e)

......................

6,814

62,438‌

General

Electric

Co.

..................

284

47,368‌

Hindustan

Aeronautics

Ltd.

(f)

............

127

6,181‌

Kongsberg

Gruppen

ASA

..............

614

69,079‌

Northrop

Grumman

Corp.

..............

3,839

1,801,604‌

Rolls-Royce

Holdings

plc

(e)

.............

3,225

22,870‌

Thales

SA

.........................

132

18,955‌

2,977,604‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Air

Freight

&

Logistics

—

0.1%

CJ

Logistics

Corp.

...................

2,778

$

158,029‌

United

Parcel

Service,

Inc.

,

Class

B

.......

2,888

364,177‌

522,206‌

Automobile

Components

—

0.4%

Apollo

Tyres

Ltd.

....................

2,766

17,035‌

BorgWarner,

Inc.

(g)

...................

40,202

1,278,022‌

Hankook

Tire

&

Technology

Co.

Ltd.

(e)

......

1,543

39,840‌

Hanon

Systems

(e)

....................

5,794

15,616‌

HL

Mando

Co.

Ltd.

(e)

..................

1,832

49,946‌

Hyundai

Mobis

Co.

Ltd.

................

215

34,193‌

Lear

Corp.

(g)

.......................

2,014

190,726‌

Valeo

SE

.........................

1,631

15,699‌

1,641,077‌

Automobiles

—

0.9%

BYD

Co.

Ltd.

,

Class

A

.................

15,400

592,566‌

BYD

Co.

Ltd.

,

Class

H

................

2,000

68,026‌

Tesla,

Inc.

(e)

........................

8,748

3,532,792‌

Tofas

Turk

Otomobil

Fabrikasi

A/S

........

1,082

6,274‌

Toyota

Motor

Corp.

..................

2,800

54,671‌

4,254,329‌

Banks

—

4.7%

AU

Small

Finance

Bank

Ltd.

(d)

(f)

..........

719

4,684‌

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

4,855

47,503‌

Banco

Santander

SA

.................

52,864

244,562‌

Bancolombia

SA

....................

4,068

34,867‌

Bank

Hapoalim

BM

..................

3,487

42,096‌

Bank

of

America

Corp.

................

70,784

3,110,957‌

Bank

Polska

Kasa

Opieki

SA

............

3,942

131,768‌

BNP

Paribas

SA

....................

27,436

1,684,483‌

Citigroup,

Inc.

......................

36,067

2,538,756‌

Credit

Agricole

SA

...................

45,085

620,348‌

DBS

Group

Holdings

Ltd.

..............

23,800

762,682‌

Erste

Group

Bank

AG

.................

1,168

72,295‌

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

16,042

103,372‌

ICICI

Bank

Ltd.

.....................

3,196

47,754‌

IndusInd

Bank

Ltd.

...................

2,154

24,102‌

ING

Groep

NV

......................

37,754

591,665‌

Intesa

Sanpaolo

SpA

.................

76,682

307,558‌

JPMorgan

Chase

&

Co.

...............

5,113

1,225,637‌

KBC

Group

NV

.....................

4,277

330,224‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

11,651

170,151‌

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

17,900

208,977‌

Mizuho

Financial

Group,

Inc.

............

91,800

2,241,072‌

NatWest

Group

plc

...................

16,450

82,435‌

Nordea

Bank

Abp

...................

53,204

580,496‌

PNC

Financial

Services

Group,

Inc.

(The)

...

11,418

2,201,961‌

Royal

Bank

of

Canada

................

1,292

155,782‌

Standard

Chartered

plc

................

13,989

172,222‌

State

Bank

of

India

...................

1,666

15,435‌

Sumitomo

Mitsui

Financial

Group,

Inc.

......

31,000

744,008‌

Sumitomo

Mitsui

Trust

Group,

Inc.

........

600

14,016‌

Svenska

Handelsbanken

AB

,

Class

A

......

42,100

434,685‌

Swedbank

AB

,

Class

A

................

55,739

1,100,620‌

Truist

Financial

Corp.

.................

645

27,980‌

UniCredit

SpA

......................

16,095

644,578‌

United

Overseas

Bank

Ltd.

.............

4,400

116,846‌

US

Bancorp

.......................

1,525

72,941‌

Wells

Fargo

&

Co.

...................

8,925

626,892‌

21,536,410‌

Beverages

—

0.4%

Ambev

SA

........................

91,719

175,591‌

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S

,

Class

A

........................

21,063

113,892‌

Security

Shares

Shares

Value

Beverages

(continued)

Arca

Continental

SAB

de

CV

............

1,957

$

16,193‌

Coca-Cola

Femsa

SAB

de

CV

...........

8,501

66,101‌

Coca-Cola

Icecek

A/S

.................

6,578

11,132‌

United

Spirits

Ltd.

...................

1,524

28,894‌

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

.........

67,000

1,278,824‌

1,690,627‌

Biotechnology

—

0.8%

AbbVie,

Inc.

.......................

5,379

955,848‌

Alkermes

plc

(e)

......................

2,263

65,084‌

Amgen,

Inc.

.......................

1,419

369,848‌

BeiGene

Ltd.

(e)

.....................

1,800

25,664‌

BioMarin

Pharmaceutical,

Inc.

(e)

..........

2,803

184,241‌

Blueprint

Medicines

Corp.

(e)

.............

1,381

120,451‌

CSL

Ltd.

..........................

907

158,227‌

Genmab

A/S

(e)

......................

882

184,199‌

Gilead

Sciences,

Inc.

.................

5,864

541,658‌

Hugel,

Inc.

(e)

.......................

737

139,144‌

Innovent

Biologics,

Inc.

(d)

(e)

(f)

.............

22,500

105,265‌

Ionis

Pharmaceuticals,

Inc.

(e)

............

1,220

42,651‌

Natera,

Inc.

(e)

......................

702

111,127‌

Neurocrine

Biosciences,

Inc.

(e)

...........

1,370

187,005‌

PharmaResearch

Co.

Ltd.

(e)

.............

80

14,124‌

Regeneron

Pharmaceuticals,

Inc.

(e)

........

202

143,891‌

Seegene,

Inc.

......................

693

10,682‌

Vertex

Pharmaceuticals,

Inc.

(e)

(g)

..........

559

225,109‌

3,584,218‌

Broadline

Retail

—

2.2%

Alibaba

Group

Holding

Ltd.

.............

95,600

1,011,769‌

Amazon.com,

Inc.

(e)

..................

38,082

8,354,810‌

Coupang,

Inc.

,

Class

A

(e)

...............

3,289

72,292‌

Etsy,

Inc.

(e)

........................

360

19,041‌

J

Front

Retailing

Co.

Ltd.

...............

13,600

181,171‌

JD.com,

Inc.

,

Class

A

.................

20,600

357,682‌

MercadoLibre,

Inc.

(e)

..................

53

90,123‌

Poya

International

Co.

Ltd.

.............

1,020

15,449‌

10,102,337‌

Building

Products

—

0.6%

Blue

Star

Ltd.

......................

6,534

162,887‌

Daikin

Industries

Ltd.

.................

3,500

408,384‌

Lennox

International,

Inc.

..............

24

14,623‌

Trane

Technologies

plc

................

6,252

2,309,176‌

2,895,070‌

Capital

Markets

—

1.8%

Amundi

SA

(d)

(f)

......................

457

30,414‌

CBOE

Global

Markets,

Inc.

.............

176

34,391‌

Charles

Schwab

Corp.

(The)

............

2,711

200,641‌

CME

Group,

Inc.

,

Class

A

..............

458

106,361‌

Daiwa

Securities

Group,

Inc.

............

80,300

529,878‌

Goldman

Sachs

Group,

Inc.

(The)

........

541

309,788‌

IGM

Financial,

Inc.

...................

2,533

80,900‌

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

46

8,127‌

Intercontinental

Exchange,

Inc.

..........

138

20,563‌

Invesco

Ltd.

.......................

15,632

273,247‌

Macquarie

Group

Ltd.

.................

6,536

893,883‌

Moody's

Corp.

......................

115

54,438‌

Morgan

Stanley

.....................

20,463

2,572,608‌

MSCI,

Inc.

........................

121

72,601‌

Multi

Commodity

Exchange

of

India

Ltd.

....

222

16,121‌

Nippon

Life

India

Asset

Management

Ltd.

(d)

(f)

.

2,667

22,593‌

Nomura

Holdings,

Inc.

................

21,800

126,480‌

S&P

Global,

Inc.

....................

5,331

2,654,998‌

8,008,032‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

—

0.7%

Asahi

Kasei

Corp.

...................

42,000

$

289,390‌

Asian

Paints

Ltd.

....................

1,632

43,421‌

Castrol

India

Ltd.

....................

2,529

5,815‌

Chambal

Fertilisers

&

Chemicals

Ltd.

......

1,888

10,861‌

DSM-Firmenich

AG

..................

7,235

731,343‌

DuPont

de

Nemours,

Inc.

..............

3,978

303,323‌

Ecolab,

Inc.

.......................

4,123

966,101‌

Evonik

Industries

AG

.................

1,930

33,547‌

Hyosung

TNC

Corp.

(e)

.................

35

5,639‌

Johnson

Matthey

plc

.................

2,241

37,597‌

KCC

Corp.

........................

317

50,352‌

LG

Chem

Ltd.

(e)

.....................

3,231

541,295‌

Orica

Ltd.

.........................

621

6,366‌

Pidilite

Industries

Ltd.

.................

397

13,461‌

Supreme

Industries

Ltd.

...............

241

13,209‌

UPL

Ltd.

..........................

1,756

10,258‌

3,061,978‌

Commercial

Services

&

Supplies

—

0.0%

Cintas

Corp.

.......................

313

57,185‌

Waste

Management,

Inc.

...............

124

25,022‌

82,207‌

Communications

Equipment

—

0.3%

Accton

Technology

Corp.

..............

2,000

47,008‌

Arcadyan

Technology

Corp.

.............

4,000

21,367‌

Motorola

Solutions,

Inc.

...............

2,350

1,086,240‌

Nokia

OYJ

........................

36,761

162,609‌

Telefonaktiebolaget

LM

Ericsson

,

Class

B

...

26,808

217,103‌

1,534,327‌

Construction

&

Engineering

—

1.2%

ACS

Actividades

de

Construccion

y

Servicios

SA

...........................

2,341

117,313‌

AECOM

..........................

11,997

1,281,519‌

Comfort

Systems

USA,

Inc.

.............

122

51,735‌

Eiffage

SA

........................

3,653

320,337‌

EMCOR

Group,

Inc.

..................

2,781

1,262,296‌

HDC

Hyundai

Development

Co-Engineering

&

Construction

(e)

....................

1,475

17,991‌

ITD

Cementation

India

Ltd.

.............

2,928

18,347‌

KEC

International

Ltd.

................

2,270

31,713‌

MasTec,

Inc.

(e)

......................

3,925

534,349‌

NCC

Ltd.

.........................

1,559

4,970‌

Obayashi

Corp.

.....................

19,300

254,128‌

Praj

Industries

Ltd.

...................

2,643

25,280‌

Samsung

E&A

Co.

Ltd.

(e)

...............

2,251

25,092‌

Shimizu

Corp.

......................

800

6,318‌

Stantec,

Inc.

.......................

10,306

808,592‌

Voltas

Ltd.

........................

22,803

475,846‌

Worley

Ltd.

........................

41,855

353,911‌

5,589,737‌

Consumer

Finance

—

0.6%

American

Express

Co.

................

9,146

2,714,441‌

Cholamandalam

Investment

&

Finance

Co.

Ltd.

724

10,009‌

Synchrony

Financial

..................

89

5,785‌

2,730,235‌

Consumer

Staples

Distribution

&

Retail

—

1.4%

Costco

Wholesale

Corp.

...............

2,843

2,604,956‌

E-MART,

Inc.

.......................

157

6,696‌

J

Sainsbury

plc

.....................

8,298

28,355‌

Migros

Ticaret

A/S

...................

23,592

364,198‌

Tesco

plc

.........................

242,378

1,114,782‌

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Walmart,

Inc.

.......................

26,998

$

2,439,269‌

6,558,256‌

Containers

&

Packaging

—

0.2%

Crown

Holdings,

Inc.

.................

8,507

703,444‌

Diversified

Consumer

Services

—

0.0%

H&R

Block,

Inc.

.....................

836

44,174‌

Diversified

REITs

—

0.0%

British

Land

Co.

plc

(The)

..............

3,656

16,481‌

Diversified

Telecommunication

Services

—

0.7%

Deutsche

Telekom

AG

(Registered)

.......

68,633

2,056,457‌

Telefonica

Brasil

SA

..................

27,975

213,148‌

Verizon

Communications,

Inc.

...........

27,723

1,108,643‌

3,378,248‌

Electric

Utilities

—

0.6%

CPFL

Energia

SA

....................

14,445

73,965‌

Enel

SpA

.........................

255,302

1,821,881‌

Energisa

SA

.......................

9,970

58,830‌

Exelon

Corp.

.......................

11,251

423,488‌

Iberdrola

SA

.......................

14,701

202,583‌

Power

Grid

Corp.

of

India

Ltd.

...........

9,380

33,761‌

2,614,508‌

Electrical

Equipment

—

1.1%

ABB

Ltd.

(Registered)

.................

42,747

2,308,274‌

Acuity

Brands,

Inc.

...................

2,306

673,652‌

Bizlink

Holding,

Inc.

..................

12,954

241,018‌

CS

Wind

Corp.

.....................

4,699

131,861‌

Eaton

Corp.

plc

.....................

621

206,091‌

GE

Vernova

T&D

India

Ltd.

.............

857

20,701‌

Hitachi

Energy

India

Ltd.

...............

111

18,624‌

KEI

Industries

Ltd.

...................

287

14,834‌

LS

Corp.

(e)

........................

240

15,150‌

Nidec

Corp.

.......................

3,000

53,885‌

Schneider

Electric

SE

.................

3,424

852,426‌

Siemens

Energy

AG

(e)

.................

1,939

102,906‌

Triveni

Turbine

Ltd.

..................

2,418

20,852‌

Vestas

Wind

Systems

A/S

(e)

.............

40,094

549,965‌

5,210,239‌

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Chroma

ATE,

Inc.

....................

28,000

348,386‌

Delta

Electronics,

Inc.

.................

26,000

340,320‌

Lotes

Co.

Ltd.

......................

1,000

59,418‌

Murata

Manufacturing

Co.

Ltd.

...........

3,000

47,594‌

Primax

Electronics

Ltd.

................

1,000

2,315‌

Sinbon

Electronics

Co.

Ltd.

.............

1,000

7,975‌

TE

Connectivity

plc

..................

12,475

1,783,551‌

2,589,559‌

Energy

Equipment

&

Services

—

0.2%

Halliburton

Co.

.....................

1,185

32,220‌

Schlumberger

NV

...................

3,746

143,622‌

TechnipFMC

plc

.....................

20,760

600,794‌

776,636‌

Entertainment

—

0.4%

NCSoft

Corp.

(e)

.....................

88

10,867‌

NetEase,

Inc.

......................

4,900

87,219‌

Netflix,

Inc.

(e)

.......................

720

641,751‌

Nintendo

Co.

Ltd.

....................

16,900

984,286‌

PVR

Inox

Ltd.

(e)

.....................

1,304

19,821‌

1,743,944‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

—

1.2%

Bajaj

Finserv

Ltd.

....................

1,240

$

22,659‌

Berkshire

Hathaway,

Inc.

,

Class

B

(e)

.......

2,661

1,206,178‌

Essent

Group

Ltd.

...................

838

45,621‌

FirstRand

Ltd.

......................

4,449

17,846‌

Groupe

Bruxelles

Lambert

NV

...........

1,567

107,145‌

Investor

AB

,

Class

B

..................

11,560

306,189‌

Mastercard,

Inc.

,

Class

A

...............

5,758

3,031,990‌

MGIC

Investment

Corp.

...............

1,674

39,691‌

Pagseguro

Digital

Ltd.

,

Class

A

(e)

.........

7,023

43,964‌

Power

Finance

Corp.

Ltd.

..............

1,295

6,765‌

Visa,

Inc.

,

Class

A

...................

2,252

711,722‌

5,539,770‌

Food

Products

—

0.7%

AVI

Ltd.

..........................

11,681

67,915‌

BRF

SA

..........................

12,785

51,801‌

Danone

SA

........................

21,685

1,465,467‌

Guangdong

Haid

Group

Co.

Ltd.

,

Class

A

...

1,500

10,027‌

Ingredion,

Inc.

......................

1,117

153,655‌

JBS

SA

..........................

6,238

36,934‌

Marfrig

Global

Foods

SA

...............

2,130

5,868‌

Tyson

Foods,

Inc.

,

Class

A

.............

23,096

1,326,634‌

3,118,301‌

Gas

Utilities

—

0.0%

ENN

Energy

Holdings

Ltd.

..............

2,900

20,607‌

Ground

Transportation

—

0.1%

Uber

Technologies,

Inc.

(e)

..............

10,635

641,503‌

Health

Care

Equipment

&

Supplies

—

1.1%

Becton

Dickinson

&

Co.

...............

1,392

315,803‌

Boston

Scientific

Corp.

(e)

...............

13,058

1,166,341‌

Koninklijke

Philips

NV

(e)

................

6,016

152,393‌

Medtronic

plc

......................

28,907

2,309,091‌

ResMed,

Inc.

(g)

.....................

909

207,879‌

Stryker

Corp.

......................

2,243

807,592‌

4,959,099‌

Health

Care

Providers

&

Services

—

0.8%

Cardinal

Health,

Inc.

..................

2,798

330,920‌

Cigna

Group

(The)

...................

4,093

1,130,241‌

Dr

Lal

PathLabs

Ltd.

(d)

(f)

................

1,666

58,307‌

Elevance

Health,

Inc.

(g)

................

1,799

663,651‌

Fleury

SA

.........................

2,273

4,457‌

Fortis

Healthcare

Ltd.

.................

1,973

16,550‌

HCA

Healthcare,

Inc.

.................

3,142

943,071‌

Tenet

Healthcare

Corp.

(e)

...............

144

18,177‌

UnitedHealth

Group,

Inc.

...............

569

287,834‌

Universal

Health

Services,

Inc.

,

Class

B

....

138

24,760‌

3,477,968‌

Hotels,

Restaurants

&

Leisure

—

0.9%

Aramark

..........................

260

9,701‌

Aristocrat

Leisure

Ltd.

.................

4,978

210,224‌

Booking

Holdings,

Inc.

................

453

2,250,694‌

MakeMyTrip

Ltd.

(e)

...................

1,276

143,269‌

Meituan

,

Class

B

(d)

(e)

(f)

.................

52,420

1,019,221‌

Trip.com

Group

Ltd.

(e)

.................

4,107

282,645‌

Wingstop,

Inc.

......................

51

14,494‌

Wowprime

Corp.

....................

2,000

14,416‌

Zomato

Ltd.

(e)

......................

18,415

59,653‌

4,004,317‌

Household

Durables

—

0.5%

Barratt

Redrow

plc

...................

7,599

41,657‌

Crompton

Greaves

Consumer

Electricals

Ltd.

.

36,124

166,717‌

Dixon

Technologies

India

Ltd.

(f)

...........

2,635

550,601‌

Security

Shares

Shares

Value

Household

Durables

(continued)

Lennar

Corp.

,

Class

A

.................

1,379

$

188,054‌

NVR,

Inc.

(e)

........................

8

65,431‌

Panasonic

Holdings

Corp.

..............

28,700

293,332‌

Sekisui

House

Ltd.

...................

1,800

42,919‌

Sony

Group

Corp.

...................

32,000

674,418‌

Taylor

Morrison

Home

Corp.

(e)

...........

954

58,394‌

Toll

Brothers,

Inc.

....................

2,551

321,299‌

2,402,822‌

Household

Products

—

1.0%

Colgate-Palmolive

Co.

................

25,593

2,326,660‌

Procter

&

Gamble

Co.

(The)

............

11,979

2,008,279‌

Unicharm

Corp.

.....................

1,200

9,893‌

4,344,832‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Drax

Group

plc

.....................

16,361

132,521‌

ReNew

Energy

Global

plc

,

Class

A

(e)

.......

7,423

50,699‌

183,220‌

Industrial

Conglomerates

—

0.3%

3M

Co.

...........................

5,902

761,889‌

CJ

Corp.

.........................

1,260

84,014‌

Doosan

Co.

Ltd.

....................

253

43,025‌

Hitachi

Ltd.

........................

1,400

34,286‌

KOC

Holding

A/S

....................

1,234

6,228‌

Samsung

C&T

Corp.

(e)

................

360

27,817‌

Siemens

Ltd.

.......................

475

36,174‌

SK,

Inc.

..........................

334

29,648‌

Smiths

Group

plc

....................

20,992

450,080‌

1,473,161‌

Industrial

REITs

—

0.4%

Prologis,

Inc.

.......................

16,986

1,795,420‌

Insurance

—

2.0%

AIA

Group

Ltd.

.....................

150,800

1,083,176‌

Allianz

SE

(Registered)

................

2,246

690,337‌

Allstate

Corp.

(The)

..................

1,430

275,690‌

Aviva

plc

.........................

1,181

6,922‌

AXA

SA

..........................

13,296

473,200‌

Direct

Line

Insurance

Group

plc

..........

25,231

80,735‌

Hannover

Rueck

SE

..................

114

28,548‌

Hartford

Financial

Services

Group,

Inc.

(The)

.

10,160

1,111,504‌

Japan

Post

Insurance

Co.

Ltd.

...........

1,200

22,042‌

Marsh

&

McLennan

Cos.,

Inc.

...........

1,641

348,565‌

Max

Financial

Services

Ltd.

(e)

............

1,454

18,888‌

MetLife,

Inc.

.......................

4,857

397,691‌

NN

Group

NV

......................

6,285

274,080‌

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

........................

80,000

469,548‌

Progressive

Corp.

(The)

...............

5,111

1,224,647‌

Reinsurance

Group

of

America,

Inc.

.......

3,073

656,485‌

Travelers

Cos.,

Inc.

(The)

..............

8,702

2,096,225‌

9,258,283‌

Interactive

Media

&

Services

—

3.4%

Alphabet,

Inc.

,

Class

A

................

25,388

4,805,948‌

Alphabet,

Inc.

,

Class

C

................

14,256

2,714,913‌

Auto

Trader

Group

plc

(d)

(f)

..............

50,282

497,533‌

Baidu,

Inc.

,

Class

A

(e)

.................

18,350

193,530‌

Bilibili,

Inc.

,

Class

Z

(e)

.................

3,120

56,467‌

Meta

Platforms,

Inc.

,

Class

A

............

6,975

4,083,932‌

NAVER

Corp.

(e)

.....................

1,957

261,123‌

REA

Group

Ltd.

.....................

2,283

328,441‌

Tencent

Holdings

Ltd.

.................

48,500

2,588,582‌

15,530,469‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

0.8%

Accenture

plc

,

Class

A

................

5,172

$

1,819,458‌

CGI,

Inc.

,

Class

A

...................

555

60,726‌

Fujitsu

Ltd.

........................

5,600

98,373‌

Gartner,

Inc.

(e)

......................

13

6,298‌

HCL

Technologies

Ltd.

................

15,540

346,999‌

Infosys

Ltd.

........................

40,795

893,637‌

Persistent

Systems

Ltd.

...............

80

6,014‌

Tata

Consultancy

Services

Ltd.

..........

2,936

140,110‌

VeriSign,

Inc.

(e)

.....................

709

146,735‌

Wipro

Ltd.

.........................

1,954

6,866‌

Wix.com

Ltd.

(e)

......................

208

44,626‌

3,569,842‌

Life

Sciences

Tools

&

Services

—

0.4%

Agilent

Technologies,

Inc.

..............

4,661

626,159‌

IQVIA

Holdings,

Inc.

(e)

.................

5,455

1,071,962‌

Mettler-Toledo

International,

Inc.

(e)

........

48

58,736‌

1,756,857‌

Machinery

—

0.3%

Alfa

Laval

AB

......................

579

24,234‌

Amada

Co.

Ltd.

.....................

42,900

417,095‌

Cummins

India

Ltd.

..................

4,015

153,126‌

DMG

Mori

Co.

Ltd.

...................

800

12,730‌

Donaldson

Co.,

Inc.

..................

796

53,611‌

Ebara

Corp.

(g)

......................

700

10,740‌

FANUC

Corp.

......................

6,700

175,024‌

Hyundai

Rotem

Co.

Ltd.

(e)

..............

387

12,982‌

IHI

Corp.

.........................

600

35,076‌

MISUMI

Group,

Inc.

..................

1,300

19,985‌

Wartsila

OYJ

Abp

....................

18,575

329,199‌

Westinghouse

Air

Brake

Technologies

Corp.

..

1,623

307,705‌

1,551,507‌

Marine

Transportation

—

0.3%

AP

Moller

-

Maersk

A/S

,

Class

A

..........

5

8,044‌

AP

Moller

-

Maersk

A/S

,

Class

B

..........

81

134,765‌

Kuehne

+

Nagel

International

AG

(Registered)

4,645

1,065,766‌

Nippon

Yusen

KK

....................

600

19,970‌

1,228,545‌

Media

—

0.6%

Comcast

Corp.

,

Class

A

...............

23,753

891,450‌

Fox

Corp.

,

Class

A

(g)

..................

13,091

635,961‌

Fox

Corp.

,

Class

B

...................

4,771

218,225‌

Informa

plc

........................

71,590

714,011‌

Publicis

Groupe

SA

..................

361

38,432‌

2,498,079‌

Metals

&

Mining

—

0.8%

Anglo

American

plc

..................

10,064

295,081‌

Freeport-McMoRan,

Inc.

...............

26,754

1,018,792‌

Hindustan

Zinc

Ltd.

..................

20,778

107,655‌

Hyundai

Steel

Co.

...................

4,191

59,400‌

IGO

Ltd.

..........................

5,850

17,199‌

Kinross

Gold

Corp.

...................

3,283

30,490‌

Rio

Tinto

Ltd.

......................

3,458

250,750‌

Rio

Tinto

plc

.......................

2,195

129,571‌

Teck

Resources

Ltd.

,

Class

B

...........

4,756

192,827‌

Vedanta

Ltd.

.......................

1,274

6,602‌

Wheaton

Precious

Metals

Corp.

..........

24,497

1,378,867‌

3,487,234‌

Multi-Utilities

—

0.2%

E.ON

SE

.........................

2,006

23,366‌

Engie

SA

.........................

59,752

947,632‌

970,998‌

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

—

2.2%

Aker

BP

ASA

.......................

6,764

$

132,970‌

BP

plc

...........................

36,554

180,685‌

Chevron

Corp.

......................

19,307

2,796,426‌

ConocoPhillips

.....................

12,866

1,275,921‌

Cosan

SA

.........................

7,672

10,302‌

EOG

Resources,

Inc.

(g)

................

4,307

527,952‌

Equinor

ASA

.......................

20,575

488,020‌

Exxon

Mobil

Corp.

...................

1,567

168,562‌

Great

Eastern

Shipping

Co.

Ltd.

(The)

......

440

4,932‌

Inpex

Corp.

........................

500

6,291‌

Keyera

Corp.

......................

13,322

407,413‌

Marathon

Petroleum

Corp.

.............

2,645

368,978‌

New

Fortress

Energy,

Inc.

(e)

.............

2,994

45,269‌

OMV

AG

.........................

1,314

50,959‌

Petronet

LNG

Ltd.

...................

2,532

10,219‌

Repsol

SA

........................

28,219

343,368‌

Santos

Ltd.

........................

1,220

5,052‌

Shell

plc

..........................

84,285

2,627,248‌

Ultrapar

Participacoes

SA

..............

32,314

83,533‌

Valero

Energy

Corp.

..................

2,865

351,220‌

9,885,320‌

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(e)

................

3,700

239,575‌

ANA

Holdings,

Inc.

...................

26,800

486,408‌

Delta

Air

Lines,

Inc.

..................

2,119

128,199‌

easyJet

plc

........................

3,447

24,097‌

United

Airlines

Holdings,

Inc.

(e)

...........

110

10,681‌

888,960‌

Personal

Care

Products

—

0.0%

Amorepacific

Group

(e)

.................

1,655

23,232‌

Natura

&

Co.

Holding

SA

...............

20,468

42,238‌

65,470‌

Pharmaceuticals

—

3.1%

Ajanta

Pharma

Ltd.

..................

934

31,936‌

Alkem

Laboratories

Ltd.

...............

826

54,297‌

Astellas

Pharma,

Inc.

.................

49,600

481,652‌

AstraZeneca

plc

....................

2,214

288,661‌

Bristol-Myers

Squibb

Co.

(g)

.............

22,025

1,245,734‌

Daiichi

Sankyo

Co.

Ltd.

................

13,900

380,349‌

Eli

Lilly

&

Co.

......................

2,829

2,183,988‌

GSK

plc

..........................

11,550

194,817‌

Johnson

&

Johnson

..................

8,532

1,233,898‌

Merck

&

Co.,

Inc.

....................

15,920

1,583,722‌

Merck

KGaA

.......................

117

17,026‌

Novartis

AG

(Registered)

..............

19,561

1,904,406‌

Novo

Nordisk

A/S

,

Class

B

.............

18,726

1,615,713‌

Onesource

Speciality

Pharma

Ltd.

(e)

.......

639

12,482‌

Pfizer,

Inc.

........................

67,553

1,792,181‌

Sanofi

SA

.........................

2,754

267,719‌

Santen

Pharmaceutical

Co.

Ltd.

..........

800

8,191‌

Strides

Pharma

Science

Ltd.

............

2,221

17,078‌

Takeda

Pharmaceutical

Co.

Ltd.

..........

14,200

375,907‌

Zoetis,

Inc.

,

Class

A

..................

1,319

214,905‌

Zydus

Lifesciences

Ltd.

...............

11,249

127,424‌

14,032,086‌

Professional

Services

—

1.0%

Automatic

Data

Processing,

Inc.

..........

4,101

1,200,486‌

Computer

Age

Management

Services

Ltd.

...

338

19,970‌

Experian

plc

.......................

18,973

815,457‌

Intertek

Group

plc

...................

1,938

114,497‌

Recruit

Holdings

Co.

Ltd.

..............

2,800

194,622‌

SGS

SA

(Registered)

.................

600

60,190‌

Thomson

Reuters

Corp.

...............

10,513

1,688,136‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

TransUnion

........................

317

$

29,389‌

Verisk

Analytics,

Inc.

..................

1,162

320,050‌

4,442,797‌

Real

Estate

Management

&

Development

—

0.4%

CBRE

Group,

Inc.

,

Class

A

(e)

............

3,414

448,224‌

Daiwa

House

Industry

Co.

Ltd.

...........

300

9,210‌

FirstService

Corp.

...................

938

169,916‌

Jones

Lang

LaSalle,

Inc.

(e)

..............

55

13,923‌

Mitsubishi

Estate

Co.

Ltd.

..............

7,200

99,949‌

Mitsui

Fudosan

Co.

Ltd.

...............

121,700

973,275‌

Nomura

Real

Estate

Holdings,

Inc.

........

7,100

175,213‌

Oberoi

Realty

Ltd.

...................

336

9,052‌

Prestige

Estates

Projects

Ltd.

...........

621

12,267‌

1,911,029‌

Retail

REITs

—

0.2%

Brixmor

Property

Group,

Inc.

............

317

8,825‌

Klepierre

SA

.......................

1,224

35,251‌

Simon

Property

Group,

Inc.

.............

5,954

1,025,338‌

1,069,414‌

Semiconductors

&

Semiconductor

Equipment

—

6.0%

Advanced

Micro

Devices,

Inc.

(e)

..........

71

8,576‌

Applied

Materials,

Inc.

................

10,598

1,723,553‌

Broadcom,

Inc.

.....................

8,694

2,015,617‌

Elan

Microelectronics

Corp.

.............

17,000

78,183‌

GigaDevice

Semiconductor,

Inc.

,

Class

A

(e)

...

16,536

240,519‌

Intel

Corp.

........................

1,918

38,456‌

KLA

Corp.

.........................

348

219,282‌

Lam

Research

Corp.

.................

15,927

1,150,407‌

MediaTek,

Inc.

......................

26,000

1,117,733‌

Micron

Technology,

Inc.

................

10,115

851,278‌

NVIDIA

Corp.

......................

97,879

13,144,171‌

Parade

Technologies

Ltd.

..............

7,000

163,465‌

QUALCOMM,

Inc.

...................

9,258

1,422,214‌

Realtek

Semiconductor

Corp.

...........

13,000

224,672‌

Rockchip

Electronics

Co.

Ltd.

...........

400

5,993‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

86,000

2,795,005‌

Tokyo

Electron

Ltd.

..................

11,300

1,698,609‌

Will

Semiconductor

Co.

Ltd.

Shanghai

,

Class

A

15,200

216,110‌

27,113,843‌

Software

—

4.7%

Adobe,

Inc.

(e)

.......................

4,156

1,848,090‌

Birlasoft

Ltd.

.......................

31,620

206,251‌

CyberArk

Software

Ltd.

(e)

...............

21

6,996‌

Dropbox,

Inc.

,

Class

A

(e)

...............

1,760

52,870‌

Fortinet,

Inc.

(e)

......................

5,578

527,010‌

Guidewire

Software,

Inc.

(e)

..............

6,351

1,070,652‌

Intuit,

Inc.

.........................

1,846

1,160,211‌

KPIT

Technologies

Ltd.

................

1,177

20,066‌

Manhattan

Associates,

Inc.

(e)

............

238

64,317‌

Microsoft

Corp.

.....................

29,686

12,512,649‌

Nice

Ltd.

(e)

........................

879

149,275‌

Nutanix,

Inc.

,

Class

A

(e)

................

5,768

352,886‌

Pegasystems,

Inc.

...................

1,653

154,060‌

SAP

SE

..........................

1,158

284,838‌

ServiceNow,

Inc.

(e)

...................

2,495

2,644,999‌

TOTVS

SA

........................

20,489

88,363‌

Xero

Ltd.

(e)

........................

2,483

258,389‌

21,401,922‌

Specialty

Retail

—

0.4%

Fast

Retailing

Co.

Ltd.

................

100

33,734‌

Gap,

Inc.

(The)

.....................

2,203

52,057‌

Industria

de

Diseno

Textil

SA

............

25,018

1,281,521‌

Security

Shares

Shares

Value

Specialty

Retail

(continued)

JB

Hi-Fi

Ltd.

.......................

447

$

25,573‌

Lojas

Renner

SA

....................

225,749

443,729‌

Trent

Ltd.

.........................

588

48,787‌

Vibra

Energia

SA

....................

10,718

31,023‌

Zalando

SE

(d)

(e)

(f)

....................

456

15,255‌

1,931,679‌

Technology

Hardware,

Storage

&

Peripherals

—

4.0%

Apple,

Inc.

........................

61,849

15,488,226‌

Chicony

Electronics

Co.

Ltd.

............

12,000

55,553‌

Logitech

International

SA

(Registered)

......

1,601

132,157‌

NetApp,

Inc.

.......................

15,490

1,798,079‌

Samsung

Electronics

Co.

Ltd.

...........

17,562

626,732‌

18,100,747‌

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

adidas

AG

........................

117

28,778‌

Deckers

Outdoor

Corp.

(e)

...............

4,257

864,554‌

Hermes

International

SCA

..............

32

76,780‌

HUGO

BOSS

AG

....................

5,327

244,787‌

Kering

SA

.........................

132

32,603‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

653

429,539‌

Makalot

Industrial

Co.

Ltd.

..............

22,460

219,571‌

Moncler

SpA

.......................

9,958

525,689‌

2,422,301‌

Trading

Companies

&

Distributors

—

0.1%

Ferguson

Enterprises,

Inc.

..............

97

16,836‌

Finning

International,

Inc.

..............

3,882

102,866‌

Mitsubishi

Corp.

.....................

900

14,726‌

Sojitz

Corp.

........................

800

16,304‌

Sumitomo

Corp.

....................

9,500

205,591‌

356,323‌

Transportation

Infrastructure

—

0.0%

TAV

Havalimanlari

Holding

A/S

(e)

.........

246

1,904‌

Water

Utilities

—

0.1%

United

Utilities

Group

plc

...............

20,024

263,411‌

Wireless

Telecommunication

Services

—

0.2%

KDDI

Corp.

........................

3,000

95,552‌

MTN

Group

Ltd.

.....................

25,396

123,430‌

SK

Telecom

Co.

Ltd.

..................

6,634

248,590‌

SoftBank

Corp.

.....................

99,000

124,971‌

SoftBank

Group

Corp.

................

3,400

194,296‌

TIM

SA

..........................

14,507

34,289‌

821,128‌

Total

Common

Stocks

—

59

.5

%

(Cost:

$

231,808,069

)

..............................

270,367,051‌

Par

(000)

Par

(000)

Corporate

Bonds

Automobile

Components

—

0.0%

(d)

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

USD

49‌

49,712‌

Patrick

Industries,

Inc.,

6.38%,

11/01/32

....

13‌

12,580‌

Phinia,

Inc.,

6.63%,

10/15/32

...........

44‌

43,762‌

106,054‌

Automobiles

—

0.1%

Honda

Motor

Co.

Ltd.,

2.53%,

03/10/27

....

280‌

267,576‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

—

3.0%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.70%),

6.14%,

09/14/28

(a)

.....................

USD

600‌

$

613,924‌

Banco

Santander

SA

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

4.18%

,

03/24/28

(a)

....................

400‌

391,690‌

5.59%

,

08/08/28

..................

400‌

405,349‌

6.61%

,

11/07/28

..................

400‌

420,653‌

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.84%),

3.82%

,

01/20/28

.....................

78‌

76,427‌

(1-day

SOFR

+

1.05%),

2.55%

,

02/04/28

.

379‌

361,360‌

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%

,

04/24/28

.....................

89‌

86,681‌

(1-day

SOFR

+

1.58%),

4.38%

,

04/27/28

.

240‌

237,451‌

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%

,

07/21/28

.....................

39‌

37,762‌

(1-day

SOFR

+

1.99%),

6.20%

,

11/10/28

.

210‌

217,416‌

(1-day

SOFR

+

1.32%),

2.69%

,

04/22/32

.

315‌

270,771‌

Bank

of

Montreal,

5.20%,

02/01/28

.......

360‌

362,797‌

BPCE

SA,

2.70%,

10/01/29

(d)

...........

274‌

245,258‌

Citigroup,

Inc.

(a)

(3-mo.

CME

Term

SOFR

+

1.65%),

3.67%

,

07/24/28

.....................

266‌

257,664‌

(1-day

SOFR

+

1.34%),

4.54%

,

09/19/30

.

460‌

446,981‌

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

.

510‌

451,223‌

(1-day

SOFR

+

2.11%),

2.57%

,

06/03/31

.

350‌

305,047‌

(1-day

SOFR

+

1.17%),

2.56%

,

05/01/32

.

20‌

16,928‌

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

.

310‌

278,324‌

(1-day

SOFR

+

2.06%),

5.83%

,

02/13/35

.

230‌

228,875‌

Fifth

Third

Bancorp,

(1-day

SOFR

+

2.34%),

6.34%,

07/27/29

(a)

................

30‌

31,125‌

HSBC

Holdings

plc,

(1-day

SOFR

+

1.90%),

5.87%,

11/18/35

(a)

................

200‌

195,245‌

ING

Groep

NV,

(1-day

SOFR

+

1.83%),

4.02%,

03/28/28

(a)

.....................

670‌

656,285‌

Intesa

Sanpaolo

SpA,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%,

06/01/32

(a)

(d)

..........

98‌

85,213‌

JPMorgan

Chase

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.60%),

3.78%

,

02/01/28

.....................

127‌

124,306‌

(1-day

SOFR

+

1.17%),

2.95%

,

02/24/28

.

266‌

255,875‌

(1-day

SOFR

+

1.89%),

2.18%

,

06/01/28

.

6‌

5,636‌

(1-day

SOFR

+

1.99%),

4.85%

,

07/25/28

.

590‌

589,807‌

(3-mo.

CME

Term

SOFR

+

1.59%),

4.45%

,

12/05/29

.....................

13‌

12,740‌

(1-day

SOFR

+

1.26%),

2.96%

,

01/25/33

.

220‌

190,162‌

(1-day

SOFR

+

2.58%),

5.72%

,

09/14/33

.

650‌

663,902‌

(1-day

SOFR

+

1.85%),

5.35%

,

06/01/34

.

330‌

329,770‌

Mitsubishi

UFJ

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.83%),

2.34%,

01/19/28

(a)

.....................

380‌

361,541‌

Mizuho

Financial

Group,

Inc.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.75%),

1.55%,

07/09/27

(a)

....

500‌

475,900‌

Morgan

Stanley

Bank

NA,

(1-day

SOFR

+

0.68%),

4.45%,

10/15/27

(a)

...........

281‌

279,137‌

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.34%),

5.30%

,

01/21/28

.

170‌

171,458‌

(1-day

SOFR

+

1.60%),

5.40%

,

07/23/35

.

360‌

357,201‌

Royal

Bank

of

Canada,

5.20%,

08/01/28

....

420‌

423,484‌

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Santander

Holdings

USA,

Inc.

(a)

(1-day

SOFR

+

2.36%),

6.50%

,

03/09/29

.

USD

780‌

$

801,471‌

(1-day

SOFR

+

2.70%),

6.57%

,

06/12/29

.

250‌

258,142‌

Santander

UK

Group

Holdings

plc,

(1-day

SOFR

+

2.60%),

6.53%,

01/10/29

(a)

.....

680‌

700,784‌

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%

,

01/13/28

..................

200‌

203,177‌

1.90%

,

09/17/28

..................

200‌

179,207‌

Toronto-Dominion

Bank

(The),

Series

FXD,

1.95%,

01/12/27

.................

370‌

349,953‌

Truist

Financial

Corp.,

(1-day

SOFR

+

2.36%),

5.87%,

06/08/34

(a)

................

65‌

66,176‌

UniCredit

SpA,

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(a)

(d)

..........

59‌

61,640‌

US

Bancorp,

(1-day

SOFR

+

1.86%),

5.68%,

01/23/35

(a)

.....................

40‌

40,338‌

Washington

Mutual

Escrow

Bonds

(e)(h)(i)

0.00%

,

11/06/09

..................

100‌

1,300‌

0.00%

,

09/29/17

..................

400‌

—‌

13,583,556‌

Beverages

—

0.7%

Coca-Cola

Co.

(The)

3.00%

,

03/05/51

..................

1,460‌

961,254‌

2.50%

,

03/15/51

..................

220‌

128,968‌

Diageo

Capital

plc

2.00%

,

04/29/30

..................

780‌

673,289‌

2.13%

,

04/29/32

..................

270‌

220,480‌

5.50%

,

01/24/33

..................

1,030‌

1,048,469‌

3,032,460‌

Biotechnology

—

0.3%

Amgen,

Inc.,

2.20%,

02/21/27

..........

200‌

189,637‌

Gilead

Sciences,

Inc.

5.25%

,

10/15/33

..................

160‌

160,584‌

5.55%

,

10/15/53

..................

180‌

177,061‌

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

09/15/30

......................

1,160‌

965,437‌

1,492,719‌

Broadline

Retail

—

0.1%

Rakuten

Group,

Inc.

(d)

11.25%

,

02/15/27

.................

74‌

80,662‌

9.75%

,

04/15/29

..................

135‌

146,121‌

226,783‌

Building

Products

—

0.4%

Owens

Corning

3.40%

,

08/15/26

..................

110‌

107,583‌

4.30%

,

07/15/47

..................

410‌

326,729‌

Trane

Technologies

Financing

Ltd.,

3.80%,

03/21/29

......................

1,280‌

1,227,564‌

1,661,876‌

Capital

Markets

—

1.6%

Ares

Capital

Corp.

2.88%

,

06/15/27

..................

145‌

137,900‌

2.88%

,

06/15/28

..................

190‌

175,140‌

5.95%

,

07/15/29

..................

70‌

70,779‌

Bank

of

New

York

Mellon

Corp.

(The),

(1-day

SOFR

+

1.51%),

4.71%,

02/01/34

(a)

.....

180‌

173,070‌

Barings

BDC,

Inc.,

7.00%,

02/15/29

.......

30‌

30,731‌

Blackstone

Private

Credit

Fund,

4.00%,

01/15/29

......................

129‌

121,888‌

Deutsche

Bank

AG,

(1-day

SOFR

+

1.59%),

5.71%,

02/08/28

(a)

................

150‌

151,599‌

FactSet

Research

Systems,

Inc.

2.90%

,

03/01/27

..................

790‌

758,719‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.45%

,

03/01/32

..................

USD

37‌

$

32,651‌

FS

KKR

Capital

Corp.

2.63%

,

01/15/27

..................

125‌

118,313‌

3.13%

,

10/12/28

..................

330‌

298,837‌

6.13%

,

01/15/30

..................

20‌

19,985‌

Goldman

Sachs

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.11%),

2.64%

,

02/24/28

.

886‌

845,033‌

(3-mo.

CME

Term

SOFR

+

1.77%),

3.69%

,

06/05/28

.....................

206‌

200,080‌

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

.

440‌

366,696‌

(1-day

SOFR

+

1.55%),

5.85%

,

04/25/35

.

263‌

267,970‌

(3-mo.

CME

Term

SOFR

+

1.63%),

4.02%

,

10/31/38

.....................

123‌

104,158‌

Golub

Capital

BDC,

Inc.,

6.00%,

07/15/29

...

377‌

376,694‌

Main

Street

Capital

Corp.,

6.95%,

03/01/29

..

270‌

280,699‌

Moody's

Corp.,

3.25%,

01/15/28

.........

69‌

66,105‌

Morgan

Stanley

(a)

(1-day

SOFR

+

1.00%),

2.48%

,

01/21/28

.

280‌

266,830‌

3.59%

,

07/22/28

..................

35‌

33,751‌

(1-day

SOFR

+

1.59%),

5.16%

,

04/20/29

.

85‌

85,239‌

(1-day

SOFR

+

1.14%),

2.70%

,

01/22/31

.

295‌

262,110‌

(1-day

SOFR

+

1.03%),

1.79%

,

02/13/32

.

762‌

621,665‌

(1-day

SOFR

+

1.02%),

1.93%

,

04/28/32

.

24‌

19,630‌

(1-day

SOFR

+

1.20%),

2.51%

,

10/20/32

.

516‌

432,360‌

(1-day

SOFR

+

1.87%),

5.25%

,

04/21/34

.

470‌

462,807‌

(1-day

SOFR

+

1.88%),

5.42%

,

07/21/34

.

240‌

238,326‌

StoneX

Group,

Inc.,

7.88%,

03/01/31

(d)

.....

32‌

33,466‌

7,053,231‌

Chemicals

—

0.1%

Chemours

Co.

(The),

8.00%,

01/15/33

(d)

....

70‌

68,394‌

Ecolab,

Inc.,

2.70%,

12/15/51

..........

210‌

127,583‌

Nufarm

Australia

Ltd.,

5.00%,

01/27/30

(d)

....

37‌

34,015‌

229,992‌

Commercial

Services

&

Supplies

—

0.0%

Deluxe

Corp.,

8.13%,

09/15/29

(d)

........

25‌

25,350‌

Republic

Services,

Inc.,

5.20%,

11/15/34

....

140‌

138,660‌

164,010‌

Communications

Equipment

—

0.3%

Cisco

Systems,

Inc.,

5.30%,

02/26/54

.....

95‌

92,341‌

Motorola

Solutions,

Inc.

2.30%

,

11/15/30

..................

450‌

385,332‌

2.75%

,

05/24/31

..................

440‌

381,019‌

5.60%

,

06/01/32

..................

240‌

244,903‌

5.40%

,

04/15/34

..................

220‌

220,089‌

1,323,684‌

Construction

&

Engineering

—

0.2%

Quanta

Services,

Inc.,

2.90%,

10/01/30

....

1,190‌

1,061,871‌

Tutor

Perini

Corp.,

11.88%,

04/30/29

(d)

.....

31‌

34,273‌

1,096,144‌

Construction

Materials

—

0.0%

Martin

Marietta

Materials,

Inc.,

5.15%,

12/01/34

150‌

147,288‌

Consumer

Finance

—

0.8%

Ally

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.65%,

01/17/40

(a)

...........

59‌

57,161‌

American

Express

Co.

2.55%

,

03/04/27

..................

199‌

190,516‌

(SOFR

Index

+

1.28%),

5.28%

,

07/27/29

(a)

290‌

293,262‌

(1-day

SOFR

+

1.84%),

5.04%

,

05/01/34

(a)

130‌

127,734‌

(1-day

SOFR

+

1.93%),

5.63%

,

07/28/34

(a)

50‌

50,487‌

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(d)

.....................

42‌

45,139‌

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

3.07%),

7.62%

,

10/30/31

.

USD

890‌

$

982,653‌

(1-day

SOFR

+

2.37%),

5.27%

,

05/10/33

.

100‌

97,378‌

(1-day

SOFR

+

2.60%),

5.82%

,

02/01/34

.

360‌

361,557‌

Credit

Acceptance

Corp.,

9.25%,

12/15/28

(d)

.

15‌

15,865‌

Discover

Financial

Services,

(SOFR

Index

+

3.37%),

7.96%,

11/02/34

(a)

...........

480‌

548,572‌

goeasy

Ltd.

(d)

9.25%

,

12/01/28

..................

35‌

37,302‌

7.63%

,

07/01/29

..................

29‌

29,632‌

Series

144*

,

6.88%

,

05/15/30

.........

34‌

34,284‌

OneMain

Finance

Corp.

6.63%

,

01/15/28

..................

43‌

43,532‌

9.00%

,

01/15/29

..................

28‌

29,690‌

6.63%

,

05/15/29

..................

30‌

30,374‌

Synchrony

Financial,

2.88%,

10/28/31

.....

620‌

513,873‌

3,489,011‌

Consumer

Staples

Distribution

&

Retail

—

0.0%

Kroger

Co.

(The),

5.00%,

09/15/34

.......

105‌

101,693‌

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(d)

60‌

59,110‌

Walgreens

Boots

Alliance,

Inc.,

8.13%,

08/15/29

15‌

14,848‌

175,651‌

Diversified

REITs

—

0.0%

Uniti

Group

LP,

10.50%,

02/15/28

(d)

.......

82‌

87,435‌

Diversified

Telecommunication

Services

—

0.1%

CCO

Holdings

LLC

(d)

5.38%

,

06/01/29

..................

67‌

64,014‌

6.38%

,

09/01/29

..................

72‌

71,384‌

7.38%

,

03/01/31

..................

132‌

134,572‌

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(d)

.....................

8‌

7,697‌

Koninklijke

KPN

NV,

8.38%,

10/01/30

.....

260‌

299,838‌

Windstream

Services

LLC,

8.25%,

10/01/31

(d)

41‌

42,346‌

619,851‌

Electric

Utilities

—

0.7%

Avangrid,

Inc.

3.20%

,

04/15/25

..................

500‌

497,466‌

3.80%

,

06/01/29

..................

140‌

132,674‌

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

18‌

15,234‌

Commonwealth

Edison

Co.,

4.90%,

02/01/33

.

460‌

450,312‌

Eversource

Energy

Series

U

,

1.40%

,

08/15/26

...........

60‌

56,755‌

2.90%

,

03/01/27

..................

270‌

259,168‌

3.38%

,

03/01/32

..................

220‌

192,557‌

Exelon

Corp.

2.75%

,

03/15/27

..................

19‌

18,193‌

5.45%

,

03/15/34

..................

130‌

129,699‌

5.10%

,

06/15/45

..................

10‌

9,055‌

4.10%

,

03/15/52

..................

7‌

5,321‌

NRG

Energy,

Inc.,

6.25%,

11/01/34

(d)

......

17‌

16,674‌

NSTAR

Electric

Co.

3.25%

,

05/15/29

..................

280‌

261,652‌

3.95%

,

04/01/30

..................

250‌

238,964‌

Public

Service

Co.

of

New

Hampshire,

5.15%,

01/15/53

......................

110‌

102,008‌

Public

Service

Electric

&

Gas

Co.

3.65%

,

09/01/28

..................

80‌

76,941‌

5.20%

,

08/01/33

..................

650‌

650,431‌

2.05%

,

08/01/50

..................

31‌

16,315‌

3,129,419‌

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/01/27

15‌

14,465‌

CDW

LLC,

3.57%,

12/01/31

...........

66‌

58,741‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Keysight

Technologies,

Inc.

4.60%

,

04/06/27

..................

USD

620‌

$

616,758‌

3.00%

,

10/30/29

..................

170‌

154,984‌

4.95%

,

10/15/34

..................

35‌

33,666‌

878,614‌

Energy

Equipment

&

Services

—

0.0%

Helix

Energy

Solutions

Group,

Inc.,

9.75%,

03/01/29

(d)

.....................

28‌

29,760‌

Entertainment

—

0.0%

Electronic

Arts,

Inc.,

1.85%,

02/15/31

......

122‌

101,311‌

Financial

Services

—

0.6%

Burford

Capital

Global

Finance

LLC

(d)

6.88%

,

04/15/30

..................

10‌

10,004‌

9.25%

,

07/01/31

..................

5‌

5,308‌

CPI

CG,

Inc.,

10.00%,

07/15/29

(d)

........

37‌

39,531‌

Fidelity

National

Information

Services,

Inc.,

1.65%,

03/01/28

.................

58‌

52,440‌

Fiserv,

Inc.

5.45%

,

03/02/28

..................

130‌

132,049‌

5.60%

,

03/02/33

..................

275‌

278,526‌

Freedom

Mortgage

Corp.

(d)

12.00%

,

10/01/28

.................

14‌

15,226‌

12.25%

,

10/01/30

.................

22‌

24,330‌

Freedom

Mortgage

Holdings

LLC

(d)

9.25%

,

02/01/29

..................

31‌

31,990‌

9.13%

,

05/15/31

..................

36‌

37,119‌

Mastercard,

Inc.

3.30%

,

03/26/27

..................

100‌

97,524‌

2.00%

,

11/18/31

..................

390‌

323,990‌

3.85%

,

03/26/50

..................

370‌

286,300‌

MGIC

Investment

Corp.,

5.25%,

08/15/28

...

830‌

812,024‌

Nationstar

Mortgage

Holdings,

Inc.

(d)

6.50%

,

08/01/29

..................

29‌

28,951‌

5.13%

,

12/15/30

..................

89‌

83,040‌

PennyMac

Financial

Services,

Inc.,

7.13%,

11/15/30

(d)

.....................

27‌

27,343‌

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(d)

.....................

30‌

28,897‌

UWM

Holdings

LLC,

6.63%,

02/01/30

(d)

....

40‌

39,753‌

Visa,

Inc.,

3.65%,

09/15/47

............

180‌

137,837‌

2,492,182‌

Food

Products

—

0.3%

Kellanova

3.40%

,

11/15/27

..................

190‌

183,370‌

4.30%

,

05/15/28

..................

460‌

452,420‌

Unilever

Capital

Corp.,

1.75%,

08/12/31

....

600‌

495,883‌

1,131,673‌

Gas

Utilities

—

0.0%

AmeriGas

Partners

LP

5.75%

,

05/20/27

..................

40‌

37,136‌

9.38%

,

06/01/28

(d)

.................

14‌

13,465‌

ONE

Gas,

Inc.,

4.25%,

09/01/32

.........

45‌

42,540‌

93,141‌

Ground

Transportation

—

0.1%

Canadian

National

Railway

Co.,

3.85%,

08/05/32

......................

160‌

147,646‌

Ryder

System,

Inc.

5.65%

,

03/01/28

..................

25‌

25,580‌

6.30%

,

12/01/28

..................

310‌

324,908‌

498,134‌

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

—

0.0%

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(d)

...

USD

54‌

$

55,890‌

Zimmer

Biomet

Holdings,

Inc.,

5.35%,

12/01/28

40‌

40,584‌

96,474‌

Health

Care

Providers

&

Services

—

1.5%

Cardinal

Health,

Inc.,

5.35%,

11/15/34

.....

210‌

205,494‌

Cencora,

Inc.

2.70%

,

03/15/31

..................

590‌

511,740‌

4.30%

,

12/15/47

..................

340‌

274,222‌

Centene

Corp.,

2.45%,

07/15/28

.........

370‌

332,966‌

Cigna

Group

(The)

4.38%

,

10/15/28

..................

280‌

274,479‌

5.25%

,

02/15/34

..................

170‌

166,727‌

DaVita,

Inc.,

4.63%,

06/01/30

(d)

.........

23‌

21,144‌

Elevance

Health,

Inc.,

3.65%,

12/01/27

....

260‌

252,936‌

HCA,

Inc.

5.25%

,

06/15/26

..................

230‌

230,557‌

3.13%

,

03/15/27

..................

160‌

153,976‌

5.20%

,

06/01/28

..................

170‌

170,417‌

5.45%

,

04/01/31

..................

265‌

264,467‌

3.63%

,

03/15/32

..................

338‌

297,903‌

5.60%

,

04/01/34

..................

245‌

241,348‌

5.45%

,

09/15/34

..................

45‌

43,861‌

4.63%

,

03/15/52

..................

100‌

78,038‌

5.90%

,

06/01/53

..................

80‌

75,497‌

Icon

Investments

Six

DAC,

6.00%,

05/08/34

.

930‌

938,947‌

McKesson

Corp.,

5.10%,

07/15/33

.......

780‌

775,795‌

Quest

Diagnostics,

Inc.

4.60%

,

12/15/27

..................

280‌

279,595‌

4.63%

,

12/15/29

..................

340‌

334,470‌

Tenet

Healthcare

Corp.,

6.13%,

10/01/28

...

49‌

48,909‌

UnitedHealth

Group,

Inc.

5.30%

,

02/15/30

..................

350‌

355,641‌

4.50%

,

04/15/33

..................

90‌

85,390‌

5.88%

,

02/15/53

..................

60‌

60,160‌

5.05%

,

04/15/53

..................

420‌

378,209‌

6,852,888‌

Health

Care

REITs

—

0.0%

MPT

Operating

Partnership

LP,

5.25%,

08/01/26

25‌

23,016‌

Health

Care

Technology

—

0.3%

IQVIA,

Inc.

5.70%

,

05/15/28

..................

1,000‌

1,011,140‌

6.25%

,

02/01/29

..................

395‌

408,405‌

1,419,545‌

Hotel

&

Resort

REITs

—

0.0%

XHR

LP,

6.63%,

05/15/30

(d)

............

76‌

76,249‌

Hotels,

Restaurants

&

Leisure

—

0.1%

Darden

Restaurants,

Inc.

4.35%

,

10/15/27

..................

85‌

83,850‌

4.55%

,

10/15/29

..................

85‌

82,920‌

Hyatt

Hotels

Corp.,

5.38%,

12/15/31

......

390‌

388,150‌

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(d)

.....................

20‌

21,425‌

Sabre

GLBL,

Inc.

(d)

11.25%

,

12/15/27

.................

19‌

20,458‌

10.75%

,

11/15/29

.................

21‌

21,664‌

Viking

Cruises

Ltd.

(d)

7.00%

,

02/15/29

..................

25‌

25,137‌

9.13%

,

07/15/31

..................

27‌

29,032‌

672,636‌

Household

Durables

—

0.3%

K.

Hovnanian

Enterprises,

Inc.,

11.75%,

09/30/29

(d)

.....................

47‌

51,173‌

MDC

Holdings,

Inc.,

3.97%,

08/06/61

......

100‌

74,589‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

NVR,

Inc.,

3.00%,

05/15/30

............

USD

620‌

$

559,392‌

PulteGroup,

Inc.

5.00%

,

01/15/27

..................

470‌

470,687‌

6.38%

,

05/15/33

..................

240‌

252,915‌

1,408,756‌

Industrial

Conglomerates

—

0.2%

3M

Co.,

2.38%,

08/26/29

.............

370‌

332,022‌

Honeywell

International,

Inc.,

5.35%,

03/01/64

90‌

84,373‌

Pentair

Finance

SARL

4.50%

,

07/01/29

..................

450‌

437,508‌

5.90%

,

07/15/32

..................

190‌

194,895‌

1,048,798‌

Insurance

—

0.5%

Allstate

Corp.

(The),

3.85%,

08/10/49

.....

140‌

104,590‌

Ambac

Assurance

Corp.,

5.10%

(d)

(j)

.......

5‌

6,672‌

Fairfax

Financial

Holdings

Ltd.,

6.35%,

03/22/54

110‌

113,267‌

Marsh

&

McLennan

Cos.,

Inc.

5.15%

,

03/15/34

..................

280‌

278,597‌

5.45%

,

03/15/53

..................

270‌

260,693‌

5.70%

,

09/15/53

..................

290‌

290,643‌

Progressive

Corp.

(The),

4.95%,

06/15/33

...

580‌

574,225‌

Reinsurance

Group

of

America,

Inc.,

5.75%,

09/15/34

......................

330‌

332,596‌

Stewart

Information

Services

Corp.,

3.60%,

11/15/31

......................

170‌

147,181‌

Willis

North

America,

Inc.

4.65%

,

06/15/27

..................

160‌

159,618‌

5.90%

,

03/05/54

..................

220‌

216,662‌

2,484,744‌

IT

Services

—

0.4%

Accenture

Capital,

Inc.,

4.50%,

10/04/34

....

25‌

23,758‌

CGI,

Inc.,

2.30%,

09/14/31

............

520‌

430,603‌

Cogent

Communications

Group

LLC,

7.00%,

06/15/27

(d)

.....................

87‌

87,419‌

IBM

International

Capital

Pte.

Ltd.

4.90%

,

02/05/34

..................

720‌

699,628‌

5.30%

,

02/05/54

..................

420‌

386,936‌

International

Business

Machines

Corp.,

2.20%,

02/09/27

......................

280‌

266,026‌

1,894,370‌

Machinery

—

0.0%

Cummins,

Inc.,

4.90%,

02/20/29

.........

160‌

160,998‌

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

23‌

20,431‌

181,429‌

Media

—

0.1%

Cable

One,

Inc.,

4.00%,

11/15/30

(d)

.......

34‌

28,410‌

DirecTV

Financing

LLC

(d)

5.88%

,

08/15/27

..................

98‌

95,481‌

8.88%

,

02/01/30

..................

15‌

14,761‌

Interpublic

Group

of

Cos.,

Inc.

(The),

2.40%,

03/01/31

......................

32‌

27,257‌

Nexstar

Media,

Inc.

(d)

5.63%

,

07/15/27

..................

34‌

33,162‌

4.75%

,

11/01/28

..................

73‌

68,064‌

Paramount

Global,

4.20%,

05/19/32

......

45‌

39,659‌

306,794‌

Metals

&

Mining

—

0.2%

Cleveland-Cliffs,

Inc.,

7.38%,

05/01/33

(d)

....

59‌

57,950‌

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%,

04/15/32

(d)

.....................

7‌

6,914‌

Reliance,

Inc.,

2.15%,

08/15/30

.........

370‌

315,752‌

Steel

Dynamics,

Inc.,

2.40%,

06/15/25

.....

330‌

326,096‌

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Taseko

Mines

Ltd.,

8.25%,

05/01/30

(d)

.....

USD

15‌

$

15,311‌

722,023‌

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(d)

Blackstone

Mortgage

Trust,

Inc.,

7.75%,

12/01/29

......................

15‌

15,420‌

Starwood

Property

Trust,

Inc.,

7.25%,

04/01/29

42‌

43,084‌

58,504‌

Multi-Utilities

—

0.0%

San

Diego

Gas

&

Electric

Co.,

5.55%,

04/15/54

110‌

106,608‌

Oil,

Gas

&

Consumable

Fuels

—

1.2%

California

Resources

Corp.,

8.25%,

06/15/29

(d)

99‌

100,391‌

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

..................

30‌

30,161‌

3.70%

,

11/15/29

..................

170‌

159,601‌

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

....

830‌

811,997‌

Civitas

Resources,

Inc.,

8.38%,

07/01/28

(d)

..

15‌

15,579‌

ConocoPhillips

Co.,

5.00%,

01/15/35

......

465‌

451,690‌

Coterra

Energy,

Inc.,

5.40%,

02/15/35

.....

50‌

48,485‌

Diamondback

Energy,

Inc.

5.75%

,

04/18/54

..................

50‌

46,922‌

5.90%

,

04/18/64

..................

40‌

37,549‌

Enbridge,

Inc.,

6.20%,

11/15/30

.........

25‌

26,326‌

Expand

Energy

Corp.,

5.70%,

01/15/35

....

100‌

98,148‌

Global

Partners

LP,

8.25%,

01/15/32

(d)

.....

48‌

49,350‌

Kinder

Morgan

Energy

Partners

LP

7.50%

,

11/15/40

..................

16‌

17,999‌

5.00%

,

08/15/42

..................

20‌

17,417‌

Kinder

Morgan,

Inc.,

5.95%,

08/01/54

.....

130‌

127,006‌

NFE

Financing

LLC,

12.00%,

11/15/29

(d)

....

468‌

491,830‌

Occidental

Petroleum

Corp.,

6.05%,

10/01/54

70‌

66,415‌

ONEOK,

Inc.

5.85%

,

01/15/26

..................

330‌

332,897‌

5.65%

,

11/01/28

..................

460‌

469,380‌

6.35%

,

01/15/31

..................

380‌

399,495‌

6.05%

,

09/01/33

..................

170‌

174,935‌

7.15%

,

01/15/51

..................

120‌

130,263‌

Saturn

Oil

&

Gas,

Inc.,

9.63%,

06/15/29

(d)

...

25‌

24,304‌

Talos

Production,

Inc.

(d)

9.00%

,

02/01/29

..................

11‌

11,285‌

9.38%

,

02/01/31

..................

15‌

15,291‌

Targa

Resources

Corp.

6.15%

,

03/01/29

..................

810‌

840,742‌

6.50%

,

02/15/53

..................

210‌

218,857‌

TotalEnergies

Capital

SA,

5.49%,

04/05/54

..

150‌

143,761‌

Venture

Global

LNG,

Inc.

(d)

9.50%

,

02/01/29

..................

25‌

27,632‌

9.88%

,

02/01/32

..................

61‌

66,934‌

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(d)

...

47‌

46,635‌

5,499,277‌

Passenger

Airlines

—

0.1%

American

Airlines

Pass-Through

Trust

Series

2017-1

,

Class

B

,

4.95%

,

02/15/25

..

9‌

9,356‌

Series

2019-1

,

Class

B

,

3.85%

,

02/15/28

..

43‌

40,166‌

American

Airlines,

Inc.

(d)

7.25%

,

02/15/28

..................

54‌

55,352‌

8.50%

,

05/15/29

..................

86‌

90,294‌

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(d)

...

29‌

30,809‌

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

B,

3.50%,

05/01/28

......

21‌

19,802‌

245,779‌

Pharmaceuticals

—

0.6%

Bausch

Health

Cos.,

Inc.

(d)

6.13%

,

02/01/27

..................

141‌

127,958‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

11.00%

,

09/30/28

.................

USD

130‌

$

123,500‌

Eli

Lilly

&

Co.,

5.05%,

08/14/54

.........

260‌

240,839‌

Merck

&

Co.,

Inc.

2.15%

,

12/10/31

..................

370‌

309,433‌

2.45%

,

06/24/50

..................

30‌

17,270‌

2.75%

,

12/10/51

..................

19‌

11,515‌

5.00%

,

05/17/53

..................

85‌

77,373‌

Novartis

Capital

Corp.,

2.20%,

08/14/30

....

855‌

748,735‌

Organon

&

Co.,

7.88%,

05/15/34

(d)

.......

96‌

98,147‌

Zoetis,

Inc.

3.00%

,

09/12/27

..................

110‌

105,419‌

2.00%

,

05/15/30

..................

800‌

688,437‌

2,548,626‌

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.,

1.70%,

05/15/28

......................

1,510‌

1,378,966‌

Real

Estate

Management

&

Development

—

0.2%

CBRE

Services,

Inc.

4.88%

,

03/01/26

..................

170‌

169,747‌

5.50%

,

04/01/29

..................

320‌

325,762‌

5.95%

,

08/15/34

..................

500‌

515,570‌

Howard

Hughes

Corp.

(The),

5.38%,

08/01/28

(d)

37‌

35,939‌

1,047,018‌

Semiconductors

&

Semiconductor

Equipment

—

1.0%

Broadcom,

Inc.,

3.75%,

02/15/51

(d)

.......

130‌

96,750‌

Intel

Corp.,

4.88%,

02/10/28

...........

440‌

437,755‌

Lam

Research

Corp.,

1.90%,

06/15/30

.....

1,050‌

900,018‌

NVIDIA

Corp.

1.55%

,

06/15/28

..................

190‌

172,536‌

2.00%

,

06/15/31

..................

870‌

739,155‌

3.50%

,

04/01/50

..................

50‌

37,154‌

3.70%

,

04/01/60

..................

480‌

354,129‌

NXP

BV

3.88%

,

06/18/26

..................

25‌

24,650‌

4.30%

,

06/18/29

..................

172‌

166,525‌

3.40%

,

05/01/30

..................

70‌

64,133‌

2.50%

,

05/11/31

..................

189‌

160,926‌

Texas

Instruments,

Inc.

1.90%

,

09/15/31

..................

97‌

81,267‌

3.65%

,

08/16/32

..................

1,020‌

936,138‌

4.90%

,

03/14/33

..................

220‌

218,483‌

TSMC

Arizona

Corp.,

3.25%,

10/25/51

.....

220‌

156,556‌

4,546,175‌

Software

—

1.0%

Adobe,

Inc.,

2.30%,

02/01/30

...........

1,010‌

898,299‌

Autodesk,

Inc.

3.50%

,

06/15/27

..................

81‌

78,664‌

2.40%

,

12/15/31

..................

54‌

45,369‌

Cloud

Software

Group,

Inc.

(d)

6.50%

,

03/31/29

..................

40‌

39,262‌

9.00%

,

09/30/29

..................

49‌

49,749‌

Dye

&

Durham

Ltd.,

8.63%,

04/15/29

(d)

.....

25‌

26,219‌

Intuit,

Inc.

1.35%

,

07/15/27

..................

860‌

793,390‌

1.65%

,

07/15/30

..................

1,060‌

893,022‌

5.20%

,

09/15/33

..................

90‌

90,179‌

5.50%

,

09/15/53

..................

30‌

29,375‌

Oracle

Corp.

5.38%

,

09/27/54

..................

55‌

50,695‌

4.10%

,

03/25/61

..................

120‌

86,148‌

Roper

Technologies,

Inc.,

1.75%,

02/15/31

..

26‌

21,356‌

Salesforce,

Inc.,

3.05%,

07/15/61

........

260‌

160,229‌

ServiceNow,

Inc.,

1.40%,

09/01/30

.......

850‌

706,444‌

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Workday,

Inc.,

3.80%,

04/01/32

.........

USD

500‌

$

455,004‌

4,423,404‌

Specialized

REITs

—

0.2%

American

Tower

Corp.

1.45%

,

09/15/26

..................

120‌

113,446‌

5.80%

,

11/15/28

..................

10‌

10,266‌

Crown

Castle,

Inc.,

3.65%,

09/01/27

......

260‌

252,134‌

Equinix,

Inc.

1.00%

,

09/15/25

..................

151‌

147,018‌

1.45%

,

05/15/26

..................

160‌

153,023‌

Iron

Mountain,

Inc.,

7.00%,

02/15/29

(d)

.....

28‌

28,609‌

704,496‌

Specialty

Retail

—

0.3%

Bath

&

Body

Works,

Inc.

6.95%

,

03/01/33

..................

45‌

45,430‌

6.88%

,

11/01/35

..................

74‌

75,718‌

Carvana

Co.

(d)(k)

9.00%

,

(

9.00

%

Cash

or

12.00

%

PIK),

12/01/28

.....................

51‌

51,806‌

11.00%

,

(

11.00

%

Cash

or

13.00

%

PIK),

06/01/30

.....................

59‌

61,404‌

14.00%

,

(

14.00

%

Cash

or

14.00

%

PIK),

06/01/31

.....................

107‌

122,642‌

Foot

Locker,

Inc.,

4.00%,

10/01/29

(d)

......

25‌

21,561‌

Home

Depot,

Inc.

(The)

1.50%

,

09/15/28

..................

300‌

268,189‌

1.38%

,

03/15/31

..................

31‌

25,104‌

1.88%

,

09/15/31

..................

400‌

330,444‌

4.50%

,

12/06/48

..................

17‌

14,521‌

3.35%

,

04/15/50

..................

240‌

167,316‌

Lowe's

Cos.,

Inc.

3.35%

,

04/01/27

..................

250‌

242,814‌

3.65%

,

04/05/29

..................

93‌

88,559‌

1,515,508‌

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

(d)

Diebold

Nixdorf,

Inc.,

7.75%,

03/31/30

.....

10‌

10,265‌

Xerox

Holdings

Corp.,

5.50%,

08/15/28

....

59‌

50,609‌

60,874‌

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Tapestry,

Inc.

3.05%

,

03/15/32

..................

142‌

120,968‌

5.50%

,

03/11/35

..................

65‌

63,223‌

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

(d)

49‌

43,028‌

227,219‌

Trading

Companies

&

Distributors

—

0.0%

Fortress

Transportation

&

Infrastructure

Investors

LLC

(d)

7.88%

,

12/01/30

..................

49‌

51,573‌

5.88%

,

04/15/33

..................

23‌

22,196‌

73,769‌

Wireless

Telecommunication

Services

—

0.0%

T-Mobile

USA,

Inc.,

5.50%,

01/15/55

......

90‌

84,698‌

Total

Corporate

Bonds

—

18

.2

%

(Cost:

$

83,994,153

)

...............................

82,820,198‌

Foreign

Government

Obligations

Chile

—

0.1%

Republic

of

Chile

,

3.25%

,

09/21/71

........

320‌

189,299‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.0%

United

Mexican

States

,

3.77%

,

05/24/61

....

USD

250‌

$

143,203‌

Total

Foreign

Government

Obligations

—

0

.1

%

(Cost:

$

365,440

)

.................................

332,502‌

Shares

Shares

Investment

Companies

iShares

Russell

1000

Value

ETF

(l)

.........

24,988

4,626,030‌

Total

Investment

Companies

—

1

.0

%

(Cost:

$

3,951,265

)

...............................

4,626,030‌

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

5.42%

Cap

+

0.46%),

4.80%,

06/25/35

(a)

.....

36‌

31,037‌

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

19‌

8,514‌

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

4.91%,

11/25/36

(a)

...............

23‌

19,189‌

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.73%,

04/25/47

(a)

...............

18‌

16,172‌

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.81%,

06/25/47

(a)

...............

10‌

7,994‌

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

and

10.00%

Cap

+

0.59%),

4.93%,

08/25/47

(a)

.....

4‌

3,712‌

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

5.77%,

10/25/46

(a)

.

40‌

26,354‌

APS

Resecuritization

Trust,

Series

2016-1,

Class

1MZ,

2.79%,

07/31/57

(a)

(d)

........

140‌

51,616‌

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)

(d)

......

50‌

16,734‌

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

11.00%

Cap

+

0.39%),

4.73%,

08/25/36

(a)

...........

8‌

8,248‌

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

265‌

107,006‌

Citicorp

Mortgage

Securities

Trust,

Series

2008-

2,

Class

1A1,

6.50%,

06/25/38

.........

20‌

15,774‌

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(d)

......................

109‌

42,248‌

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

and

6.25%

Cap

+

1.46%),

5.80%,

11/25/35

(a)

..

18‌

3,747‌

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

.........

23‌

10,941‌

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.79%,

08/25/47

(a)

......................

74‌

64,322‌

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

6.83%,

03/25/36

(a)

.................

USD

4‌

$

3,802‌

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

—‌

(b)

712‌

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

4.04%,

09/25/37

(a)

.

26‌

16,779‌

J.P.

Morgan

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

11.50%

Cap

+

0.53%),

4.87%,

03/25/37

(a)

...........

18‌

13,683‌

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

(d)

..

25‌

24,259‌

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.84%

Floor

+

0.95%),

5.29%,

06/25/37

(a)

.................

4‌

3,095‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

4.13%,

04/25/36

(a)

......................

7‌

3,532‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

4.83%,

06/25/36

(a)

..........

10‌

8,527‌

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

28‌

25,395‌

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(c)

35‌

29,408‌

562,800‌

Commercial

Mortgage-Backed

Securities

—

0.0%

Bayview

Commercial

Asset

Trust

(a)(d)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.90%,

01/25/36

.....................

11‌

10,066‌

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.79%),

5.13%,

01/25/36

.....................

8‌

7,501‌

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.65%),

4.99%,

04/25/36

.....................

5‌

4,575‌

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.49%),

4.83%,

10/25/36

.....................

5‌

5,187‌

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

4.90%,

10/25/36

.....................

5‌

5,196‌

32,525‌

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

One

Market

Plaza

Trust,

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(a)

(d)

........

831‌

2,587‌

Total

Non-Agency

Mortgage-Backed

Securities

—

0

.1

%

(Cost:

$

792,404

)

.................................

597,912‌

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Beneficial

Interest

(000)

Value

Other

Interests

(m)

Capital

Markets

—

0.0%

(e)(h)(i)

Lehman

Brothers

Holdings,

Inc.

..........

USD

490‌

$

—‌

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

............................

130‌

—‌

Total

Other

Interests

—

0.0

%

(Cost:

$

6

)

.....................................

—‌

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.1%

Banks

—

0.0%

Banco

Bradesco

SA

(Preference)

.........

22,865

43,030‌

Bancolombia

SA

(Preference)

...........

9,851

78,792‌

121,822‌

Chemicals

—

0.1%

Braskem

SA

(Preference)

,

Series

A

,

Class

A

(e)

71,317

136,537‌

Sociedad

Quimica

y

Minera

de

Chile

SA

(Preference)

,

Class

B

...............

1,205

44,293‌

180,830‌

Electric

Utilities

—

0.0%

Energisa

SA

(Preference)

..............

2

2‌

ISA

Energia

Brasil

SA

(Preference)

(e)

.......

1,991

7,423‌

7,425‌

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

154

13,511‌

Metals

&

Mining

—

0.0%

Gerdau

SA

(Preference)

...............

38,168

111,827‌

Passenger

Airlines

—

0.0%

Azul

SA

(Preference)

(e)

................

11,664

6,802‌

Total

Preferred

Securities

—

0

.1

%

(Cost:

$

820,931

)

.................................

442,217‌

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Mortgage-Backed

Securities

—

7.3%

Federal

Home

Loan

Mortgage

Corp.

2.50

%

,

01/01/29

-

04/01/31

...........

97‌

92,949‌

3.00

%

,

09/01/27

-

12/01/46

...........

192‌

175,190‌

3.50

%

,

04/01/31

-

01/01/48

...........

317‌

292,812‌

4.00

%

,

08/01/40

-

12/01/45

...........

50‌

47,239‌

4.50

%

,

02/01/39

-

04/01/49

...........

387‌

372,049‌

5.00

%

,

10/01/41

-

11/01/48

...........

75‌

75,136‌

5.50

%

,

06/01/41

..................

34‌

34,609‌

6.00

%

,

01/01/34

..................

26‌

26,903‌

Federal

National

Mortgage

Association

,

4.00

%

,

01/01/41

..................

4‌

3,468‌

Government

National

Mortgage

Association

2.00

%

,

08/20/50

-

04/20/52

...........

4,215‌

3,376,147‌

2.00

%

,

01/15/55

(n)

.................

1,163‌

930,106‌

2.50

%

,

07/20/51

-

07/20/52

...........

4,252‌

3,553,359‌

2.50

%

,

01/15/55

(n)

.................

300‌

250,500‌

3.00

%

,

02/15/45

-

09/20/52

...........

2,755‌

2,395,113‌

3.50

%

,

01/15/42

-

02/20/52

...........

969‌

877,780‌

4.00

%

,

04/20/39

-

12/20/47

...........

172‌

161,503‌

4.00

%

,

01/15/55

(n)

.................

444‌

408,916‌

4.50

%

,

12/20/39

-

04/20/50

...........

231‌

222,457‌

5.00

%

,

12/15/38

-

07/20/53

...........

192‌

187,967‌

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

5.00

%

,

01/15/55

(n)

.................

USD

250‌

$

242,510‌

5.50

%

,

12/20/52

-

07/20/53

...........

192‌

191,190‌

5.50

%

,

01/15/55

(n)

.................

775‌

768,593‌

6.00

%

,

09/20/53

-

08/20/54

...........

118‌

119,146‌

6.00

%

,

01/15/55

(n)

.................

300‌

301,969‌

6.50

%

,

07/20/54

-

08/20/54

...........

130‌

132,349‌

6.50

%

,

01/15/55

(n)

.................

150‌

152,569‌

7.50

%

,

03/15/32

..................

1‌

861‌

Uniform

Mortgage-Backed

Securities

2.00

%

,

10/01/31

-

02/01/52

...........

3,320‌

2,654,164‌

2.00

%

,

01/25/40

(n)

.................

1,400‌

1,236,013‌

2.50

%

,

09/01/27

-

02/01/52

...........

1,593‌

1,369,577‌

2.50

%

,

01/25/40

-

01/25/55

(n)

..........

1,150‌

983,289‌

3.00

%

,

04/01/29

-

03/01/52

...........

1,609‌

1,435,974‌

3.50

%

,

08/01/30

-

01/01/51

...........

2,205‌

1,986,435‌

3.50

%

,

01/25/40

(n)

.................

61‌

57,649‌

4.00

%

,

10/01/33

-

01/01/51

...........

1,130‌

1,059,234‌

4.00

%

,

01/25/40

-

01/25/55

(n)

..........

350‌

325,722‌

4.50

%

,

02/01/25

-

08/01/53

...........

1,835‌

1,760,069‌

5.00

%

,

09/01/35

-

05/01/49

...........

125‌

124,187‌

5.00

%

,

01/25/55

(n)

.................

675‌

651,425‌

5.50

%

,

02/01/35

-

11/01/54

...........

315‌

315,916‌

5.50

%

,

01/25/55

(n)

.................

825‌

814,068‌

6.00

%

,

12/01/27

-

08/01/54

...........

929‌

940,705‌

6.00

%

,

01/25/55

(n)

.................

600‌

602,766‌

6.50

%

,

05/01/40

-

09/01/54

...........

613‌

633,456‌

6.50

%

,

01/25/55

(n)

.................

500‌

510,312‌

32,854,351‌

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2017-3

,

Class

B

,

0.00

%

,

07/25/56

(d)

(o)

..........

37‌

4,982‌

Total

U.S.

Government

Sponsored

Agency

Securities

—

7

.3

%

(Cost:

$

35,912,885

)

...............................

32,859,333‌

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25

%

,

05/15/39

..................

66‌

62,600‌

4.50

%

,

08/15/39

..................

382‌

371,827‌

4.38

%

,

11/15/39

..................

82‌

78,591‌

4.63

%

,

02/15/40

..................

3,000‌

2,953,353‌

1.13

%

,

05/15/40

-

08/15/40

...........

694‌

415,600‌

1.38

%

,

11/15/40

..................

347‌

214,771‌

2.25

%

,

05/15/41

-

02/15/52

...........

13,000‌

8,191,335‌

2.38

%

,

02/15/42

..................

4,000‌

2,847,435‌

3.13

%

,

02/15/43

..................

332‌

262,257‌

2.88

%

,

05/15/43

-

11/15/46

...........

597‌

443,985‌

3.63

%

,

08/15/43

..................

332‌

281,231‌

3.75

%

,

11/15/43

..................

332‌

285,871‌

4.75

%

,

11/15/43

..................

400‌

394,951‌

2.50

%

,

02/15/45

..................

593‌

411,437‌

3.00

%

,

02/15/47

..................

1,500‌

1,111,505‌

1.63

%

,

11/15/50

..................

3‌

1,564‌

1.88

%

,

11/15/51

..................

1,000‌

551,542‌

U.S.

Treasury

Notes

0.25

%

,

09/30/25

..................

5,511‌

5,350,805‌

4.00

%

,

12/15/25

-

01/15/27

...........

700‌

697,204‌

4.13

%

,

06/15/26

..................

2,100‌

2,096,392‌

0.50

%

,

05/31/27

..................

129‌

117,951‌

2.25

%

,

08/15/27

..................

798‌

758,527‌

1.25

%

,

03/31/28

-

09/30/28

...........

1,047‌

949,594‌

2.88

%

,

08/15/28

..................

188‌

178,837‌

3.13

%

,

11/15/28

..................

363‌

347,350‌

3.75

%

,

12/31/28

..................

200‌

195,510‌

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.75

%

,

01/31/29

-

11/15/29

...........

USD

1,239‌

$

1,098,853‌

2.63

%

,

02/15/29

..................

63‌

58,901‌

1.88

%

,

02/28/29

-

02/15/32

...........

12,352‌

10,923,939‌

2.38

%

,

05/15/29

..................

7,063‌

6,510,424‌

1.63

%

,

08/15/29

-

05/15/31

...........

492‌

426,792‌

1.50

%

,

02/15/30

..................

23‌

19,971‌

1.13

%

,

02/15/31

..................

179‌

147,719‌

1.38

%

,

11/15/31

..................

3‌

2,452‌

Total

U.S.

Treasury

Obligations

—

10

.7

%

(Cost:

$

57,995,255

)

...............................

48,761,076‌

Total

Long-Term

Investments

—

97.2%

(Cost:

$

416,635,913

)

..............................

441,502,190‌

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

4.6%

(l)(p)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.63

%

(q)

..................

3,621,296

3,623,106‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.36

%

....................

17,343,295

17,343,295‌

Total

Short-Term

Securities

—

4

.6

%

(Cost:

$

20,966,558

)

...............................

20,966,401‌

Total

Investments

Before

TBA

Sale

Commitments

—

101

.8

%

(Cost:

$

437,602,471

)

..............................

462,468,591‌

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

Mortgage-Backed

Securities

—

(0.0)

%

Uniform

Mortgage-Backed

Securities

,

4.00

%

,

01/25/40

(n)

.................

(

25‌

)

(

23,997‌

)

Total

TBA

Sale

Commitments

—

(0.0)

%

(Proceeds:

$

(

24,328

)

)

.............................

(

23,997‌

)

Total

Investments

Net

of

TBA

Sale

Commitments

—

101

.8

%

(Cost:

$

437,578,143

)

..............................

462,444,594‌

Liabilities

in

Excess

of

Other

Assets

—

(

1.8

)

%

.............

(

8,086,542‌

)

Net

Assets

—

100.0%

...............................

$

454,358,052‌

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Rounds

to

less

than

1,000.

(c)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

Non-income

producing

security.

(f)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(j)

Perpetual

security

with

no

stated

maturity

date.

(k)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(l)

Affiliate

of

the

Fund.

(m)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(n)

Represents

or

includes

a

TBA

transaction.

(o)

Zero-coupon

bond.

(p)

Annualized

7-day

yield

as

of

period

end.

(q)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

85

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

Held

at

12/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—‌

$

3,622,695‌

(a)

$

—‌

$

568‌

$

(

157‌

)

$

3,623,106‌

3,621,296‌

$

21,477‌

(b)

$

—‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

6,692,438‌

10,650,857‌

(a)

—‌

—‌

—‌

17,343,295‌

17,343,295‌

746,359‌

—‌

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

4,494,602‌

—‌

(

4,493,676‌

)

(a)

(

1,152‌

)

226‌

—‌

—‌

—‌

—‌

iShares

Russell

1000

Value

ETF

................

9,123,783‌

—‌

(

5,672,777‌

)

893,562‌

281,462‌

4,626,030‌

24,988‌

156,663‌

—‌

$

892,978‌

$

281,531‌

$

25,592,431‌

$

924,499‌

$

—‌

—‌

—‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

86

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

TOPIX

Index

.............................................................

25

03/13/25

$

4,373

$

11,244

U.S.

Treasury

10-Year

Ultra

Note

...............................................

21

03/20/25

2,338

(

55,323

)

U.S.

Treasury

Long

Bond

.....................................................

30

03/20/25

3,415

(

106,454

)

MSCI

EAFE

Index

.........................................................

5

03/21/25

567

(

16,954

)

MSCI

Emerging

Markets

Index

.................................................

4

03/21/25

215

(

5,640

)

S&P

500

E-Mini

Index

.......................................................

5

03/21/25

1,484

(

49,522

)

U.S.

Treasury

2-Year

Note

....................................................

72

03/31/25

14,804

(

7,549

)

(

230,198

)

Short

Contracts

S&P/TSX

60

Index

.........................................................

2

03/20/25

413

12,197

U.S.

Treasury

10-Year

Note

...................................................

185

03/20/25

20,119

154,529

U.S.

Treasury

Ultra

Bond

.....................................................

136

03/20/25

16,171

531,016

MSCI

EAFE

Index

.........................................................

37

03/21/25

4,195

134,888

MSCI

Emerging

Markets

Index

.................................................

47

03/21/25

2,523

95,988

Nasdaq-100

E-Mini

Index

.....................................................

21

03/21/25

8,915

176,664

S&P

500

E-Mini

Index

.......................................................

37

03/21/25

10,981

356,147

U.S.

Treasury

5-Year

Note

....................................................

45

03/31/25

4,784

41,141

1,502,570

$

1,272,372

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

4,583,821

AUD

7,336,456

Bank

of

America

NA

03/19/25

$

42,423

USD

119,967

EUR

113,000

BNP

Paribas

SA

03/19/25

2,529

USD

126,581

GBP

99,100

Toronto

Dominion

Bank

03/19/25

2,589

USD

139,692

JPY

20,879,000

Societe

Generale

SA

03/19/25

5,828

53,369

AUD

20,839,575

USD

13,470,847

Barclays

Bank

plc

03/19/25

(

570,775

)

AUD

1,275,000

USD

813,907

Standard

Chartered

Bank

03/19/25

(

24,659

)

CAD

5,860,654

USD

4,166,015

Credit

Agricole

Corporate

&

Investment

Bank

SA

03/19/25

(

77,506

)

JPY

702,720,280

EUR

4,476,723

Citibank

NA

03/19/25

(

147,140

)

JPY

702,585,116

USD

4,536,469

Barclays

Bank

plc

03/19/25

(

31,947

)

(

852,027

)

$

(

798,658

)

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

43.V1

...........

5

.00

%

Quarterly

12/20/29

B+

USD

4,360

$

342,805

$

367,894

$

(

25,089

)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

87

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

plus

0.34%

Quarterly

MSCI

ACWI

ESG

Universal

Index

Quarterly

BNP

Paribas

SA

04/03/25

USD

31,807

$

(

560,290

)

$

—

$

(

560,290

)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

4

.53

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

367,894

$

—

$

—

$

(

25,089

)

OTC

Swaps

...................................................................

—

—

—

(

560,290

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

787,128

$

—

$

726,686

$

—

$

1,513,814

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

53,369

—

—

53,369

$

—

$

—

$

787,128

$

53,369

$

726,686

$

—

$

1,567,183

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

72,116

$

—

$

169,326

$

—

$

241,442

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

852,027

—

—

852,027

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

25,089

—

—

—

—

25,089

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

560,290

—

—

—

560,290

$

—

$

25,089

$

632,406

$

852,027

$

169,326

$

—

$

1,678,848

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

88

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

December

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

(

1,896,814

)

$

—

$

1,099,013

$

—

$

(

797,801

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

759,388

)

—

—

(

759,388

)

Swaps

..............................

—

(

254,661

)

6,496,691

—

—

—

6,242,030

$

—

$

(254,661)

$

4,599,877

$

(759,388)

$

1,099,013

$

—

$

4,684,841

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

1,248,992

$

—

$

1,739,345

$

—

$

2,988,337

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

1,090,697

)

—

—

(

1,090,697

)

Swaps

..............................

—

919

(

3,491,661

)

—

—

—

(

3,490,742

)

$

—

$

919

$

(2,242,669)

$

(1,090,697)

$

1,739,345

$

—

$

(1,593,102)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

39,987,711

Average

notional

value

of

contracts

—

short

.................................................................................

69,994,400

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

3,147,113

Average

amounts

sold

—

in

USD

........................................................................................

27,272,758

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

6,924,150

Average

notional

value

—

sell

protection

...................................................................................

3,011,250

Total

return

swaps

Average

notional

value

...............................................................................................

29,498,120

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

247,294

$

52,776

Forward

f

oreign

currency

exchange

contracts

.................................................................

53,369

852,027

Swaps

—

centrally

cleared

..............................................................................

—

9,431

Swaps

—

OTC

(a)

.....................................................................................

—

560,290

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

300,663

$

1,474,524

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

247,294

)

(

62,207

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

53,369

$

1,412,317

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

42,423

$

—

$

—

$

—

$

42,423

BNP

Paribas

SA

.................................

2,529

(

2,529

)

—

—

—

Societe

Generale

SA

..............................

5,828

—

—

—

5,828

Toronto

Dominion

Bank

............................

2,589

—

—

—

2,589

$

53,369

$

(

2,529

)

$

—

$

—

$

50,840

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

89

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(b)(e)

Barclays

Bank

plc

................................

$

602,722

$

—

$

—

$

—

$

602,722

BNP

Paribas

SA

.................................

560,290

(

2,529

)

—

(

480,000

)

77,761

Citibank

NA

....................................

147,140

—

—

—

147,140

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

77,506

—

—

—

77,506

Standard

Chartered

Bank

...........................

24,659

—

—

—

24,659

$

1,412,317

$

(

2,529

)

$

—

$

(

480,000

)

$

929,788

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

695,871

$

—

$

695,871

Common

Stocks

Aerospace

&

Defense

....................................

2,295,044

682,560

—

2,977,604

Air

Freight

&

Logistics

....................................

364,177

158,029

—

522,206

Automobile

Components

..................................

1,468,748

172,329

—

1,641,077

Automobiles

..........................................

3,539,066

715,263

—

4,254,329

Banks

...............................................

10,064,278

11,472,132

—

21,536,410

Beverages

...........................................

82,294

1,608,333

—

1,690,627

Biotechnology

.........................................

2,946,913

637,305

—

3,584,218

Broadline

Retail

........................................

8,536,266

1,566,071

—

10,102,337

Building

Products

.......................................

2,323,799

571,271

—

2,895,070

Capital

Markets

........................................

6,388,663

1,619,369

—

8,008,032

Chemicals

............................................

1,269,424

1,792,554

—

3,061,978

Commercial

Services

&

Supplies

.............................

82,207

—

—

82,207

Communications

Equipment

................................

1,086,240

448,087

—

1,534,327

Construction

&

Engineering

................................

3,938,491

1,651,246

—

5,589,737

Consumer

Finance

......................................

2,720,226

10,009

—

2,730,235

Consumer

Staples

Distribution

&

Retail

........................

5,044,225

1,514,031

—

6,558,256

Containers

&

Packaging

..................................

703,444

—

—

703,444

Diversified

Consumer

Services

..............................

44,174

—

—

44,174

Diversified

REITs

.......................................

—

16,481

—

16,481

Diversified

Telecommunication

Services

........................

1,108,643

2,269,605

—

3,378,248

Electric

Utilities

........................................

423,488

2,191,020

—

2,614,508

Electrical

Equipment

.....................................

879,743

4,330,496

—

5,210,239

Electronic

Equipment,

Instruments

&

Components

.................

1,783,551

806,008

—

2,589,559

Energy

Equipment

&

Services

..............................

776,636

—

—

776,636

Entertainment

.........................................

641,751

1,102,193

—

1,743,944

Financial

Services

......................................

5,079,166

460,604

—

5,539,770

Food

Products

.........................................

1,554,072

1,564,229

—

3,118,301

Gas

Utilities

...........................................

—

20,607

—

20,607

Ground

Transportation

...................................

641,503

—

—

641,503

Health

Care

Equipment

&

Supplies

...........................

4,806,706

152,393

—

4,959,099

Health

Care

Providers

&

Services

............................

3,398,654

79,314

—

3,477,968

Hotels,

Restaurants

&

Leisure

..............................

2,418,158

1,586,159

—

4,004,317

Household

Durables

.....................................

633,178

1,769,644

—

2,402,822

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

90

Level

1

Level

2

Level

3

Total

Household

Products

.....................................

$

4,334,939

$

9,893

$

—

$

4,344,832

Independent

Power

and

Renewable

Electricity

Producers

............

50,699

132,521

—

183,220

Industrial

Conglomerates

..................................

761,889

711,272

—

1,473,161

Industrial

REITs

........................................

1,795,420

—

—

1,795,420

Insurance

............................................

6,110,807

3,147,476

—

9,258,283

Interactive

Media

&

Services

...............................

11,604,793

3,925,676

—

15,530,469

IT

Services

...........................................

2,077,843

1,491,999

—

3,569,842

Life

Sciences

Tools

&

Services

..............................

1,756,857

—

—

1,756,857

Machinery

............................................

361,316

1,190,191

—

1,551,507

Marine

Transportation

....................................

—

1,228,545

—

1,228,545

Media

...............................................

1,745,636

752,443

—

2,498,079

Metals

&

Mining

........................................

2,620,976

866,258

—

3,487,234

Multi-Utilities

..........................................

—

970,998

—

970,998

Oil,

Gas

&

Consumable

Fuels

...............................

5,896,472

3,988,848

—

9,885,320

Passenger

Airlines

......................................

378,455

510,505

—

888,960

Personal

Care

Products

..................................

—

65,470

—

65,470

Pharmaceuticals

.......................................

8,254,428

5,777,658

—

14,032,086

Professional

Services

....................................

3,238,061

1,204,736

—

4,442,797

Real

Estate

Management

&

Development

.......................

632,063

1,278,966

—

1,911,029

Retail

REITs

..........................................

1,034,163

35,251

—

1,069,414

Semiconductors

&

Semiconductor

Equipment

....................

20,573,554

6,540,289

—

27,113,843

Software

.............................................

20,394,740

1,007,182

—

21,401,922

Specialty

Retail

........................................

52,057

1,879,622

—

1,931,679

Technology

Hardware,

Storage

&

Peripherals

....................

17,286,305

814,442

—

18,100,747

Textiles,

Apparel

&

Luxury

Goods

............................

864,554

1,557,747

—

2,422,301

Trading

Companies

&

Distributors

............................

119,702

236,621

—

356,323

Transportation

Infrastructure

...............................

—

1,904

—

1,904

Water

Utilities

.........................................

—

263,411

—

263,411

Wireless

Telecommunication

Services

.........................

—

821,128

—

821,128

Corporate

Bonds

Automobile

Components

..................................

—

106,054

—

106,054

Automobiles

..........................................

—

267,576

—

267,576

Banks

...............................................

—

13,582,256

1,300

13,583,556

Beverages

...........................................

—

3,032,460

—

3,032,460

Biotechnology

.........................................

—

1,492,719

—

1,492,719

Broadline

Retail

........................................

—

226,783

—

226,783

Building

Products

.......................................

—

1,661,876

—

1,661,876

Capital

Markets

........................................

—

7,053,231

—

7,053,231

Chemicals

............................................

—

229,992

—

229,992

Commercial

Services

&

Supplies

.............................

—

164,010

—

164,010

Communications

Equipment

................................

—

1,323,684

—

1,323,684

Construction

&

Engineering

................................

—

1,096,144

—

1,096,144

Construction

Materials

....................................

—

147,288

—

147,288

Consumer

Finance

......................................

—

3,489,011

—

3,489,011

Consumer

Staples

Distribution

&

Retail

........................

—

175,651

—

175,651

Diversified

REITs

.......................................

—

87,435

—

87,435

Diversified

Telecommunication

Services

........................

—

619,851

—

619,851

Electric

Utilities

........................................

—

3,129,419

—

3,129,419

Electronic

Equipment,

Instruments

&

Components

.................

—

878,614

—

878,614

Energy

Equipment

&

Services

..............................

—

29,760

—

29,760

Entertainment

.........................................

—

101,311

—

101,311

Financial

Services

......................................

—

2,492,182

—

2,492,182

Food

Products

.........................................

—

1,131,673

—

1,131,673

Gas

Utilities

...........................................

—

93,141

—

93,141

Ground

Transportation

...................................

—

498,134

—

498,134

Health

Care

Equipment

&

Supplies

...........................

—

96,474

—

96,474

Health

Care

Providers

&

Services

............................

—

6,852,888

—

6,852,888

Health

Care

REITs

......................................

—

23,016

—

23,016

Health

Care

Technology

..................................

—

1,419,545

—

1,419,545

Hotel

&

Resort

REITs

....................................

—

76,249

—

76,249

Hotels,

Restaurants

&

Leisure

..............................

—

672,636

—

672,636

Household

Durables

.....................................

—

1,408,756

—

1,408,756

Industrial

Conglomerates

..................................

—

1,048,798

—

1,048,798

Insurance

............................................

—

2,484,744

—

2,484,744

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

December

31,

2024

BlackRock

Sustainable

Balanced

Portfolio

Schedules

of

Investments

91

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

IT

Services

...........................................

$

—

$

1,894,370

$

—

$

1,894,370

Machinery

............................................

—

181,429

—

181,429

Media

...............................................

—

306,794

—

306,794

Metals

&

Mining

........................................

—

722,023

—

722,023

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

58,504

—

58,504

Multi-Utilities

..........................................

—

106,608

—

106,608

Oil,

Gas

&

Consumable

Fuels

...............................

—

5,499,277

—

5,499,277

Passenger

Airlines

......................................

—

245,779

—

245,779

Pharmaceuticals

.......................................

—

2,548,626

—

2,548,626

Professional

Services

....................................

—

1,378,966

—

1,378,966

Real

Estate

Management

&

Development

.......................

—

1,047,018

—

1,047,018

Semiconductors

&

Semiconductor

Equipment

....................

—

4,546,175

—

4,546,175

Software

.............................................

—

4,423,404

—

4,423,404

Specialized

REITs

......................................

—

704,496

—

704,496

Specialty

Retail

........................................

—

1,515,508

—

1,515,508

Technology

Hardware,

Storage

&

Peripherals

....................

—

60,874

—

60,874

Textiles,

Apparel

&

Luxury

Goods

............................

—

227,219

—

227,219

Trading

Companies

&

Distributors

............................

—

73,769

—

73,769

Wireless

Telecommunication

Services

.........................

—

84,698

—

84,698

Foreign

Government

Obligations

..............................

—

332,502

—

332,502

Investment

Companies

....................................

4,626,030

—

—

4,626,030

Non-Agency

Mortgage-Backed

Securities

........................

—

597,912

—

597,912

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

Banks

...............................................

—

121,822

—

121,822

Chemicals

............................................

—

180,830

—

180,830

Electric

Utilities

........................................

—

7,425

—

7,425

Household

Products

.....................................

13,511

—

—

13,511

Metals

&

Mining

........................................

—

111,827

—

111,827

Passenger

Airlines

......................................

—

6,802

—

6,802

U.S.

Government

Sponsored

Agency

Securities

....................

—

32,859,333

—

32,859,333

U.S.

Treasury

Obligations

...................................

—

48,761,076

—

48,761,076

Short-Term

Securities

Money

Market

Funds

......................................

20,966,401

—

—

20,966,401

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(

23,997

)

—

(

23,997

)

$

214,594,599

$

247,848,695

$

1,300

$

462,444,594

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

775,884

$

11,244

$

—

$

787,128

Foreign

currency

exchange

contracts

............................

—

53,369

—

53,369

Interest

rate

contracts

.......................................

726,686

—

—

726,686

Liabilities

Credit

contracts

...........................................

—

(

25,089

)

—

(

25,089

)

Equity

contracts

...........................................

(

72,116

)

(

560,290

)

—

(

632,406

)

Foreign

currency

exchange

contracts

............................

—

(

852,027

)

—

(

852,027

)

Interest

rate

contracts

.......................................

(

169,326

)

—

—

(

169,326

)

$

1,261,128

$

(

1,372,793

)

$

—

$

(

111,665

)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

December

31,

2024

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

92

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

.........................................

$

212,058,137‌

$

255,032,049‌

$

130,852,549‌

$

61,508,039‌

Investments,

at

value

—

affiliated

(d)

............................................

6,951,809‌

337,890‌

10,639,078‌

—‌

Cash

...............................................................

748‌

3,284‌

4,771,597‌

6,064,916‌

Cash

held

for

investments

sold

short

...........................................

—‌

—‌

313,817‌

—‌

Cash

pledged:

Futures

contracts

......................................................

123,000‌

—‌

1,141,000‌

—‌

Centrally

cleared

swaps

..................................................

—‌

—‌

1,488,000‌

—‌

Foreign

currency,

at

value

(e)

.................................................

—‌

—‌

349,468‌

—‌

Repurchase

agreements,

at

value

(f)

............................................

—‌

—‌

—‌

42,750,000‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

......................................................

1,002,908‌

—‌

125,987‌

—‌

Securities

lending

income

—

affiliated

........................................

1,397‌

263‌

1,322‌

—‌

Swaps  

............................................................

—‌

—‌

307,989‌

—‌

Dividends

—

unaffiliated

.................................................

160,974‌

8,056‌

88,992‌

—‌

Dividends

—

affiliated

...................................................

7,695‌

1,058‌

26,075‌

—‌

Interest

—

unaffiliated

...................................................

—‌

—‌

375,836‌

141,950‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

100,584‌

—‌

Swap

premiums

paid

.....................................................

—‌

—‌

13,737‌

—‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

204,997‌

—‌

OTC

swaps

..........................................................

—‌

—‌

130,866‌

—‌

Prepaid

e

xpenses

.......................................................

1,011‌

1,113‌

906‌

694‌

Other

assets

...........................................................

—‌

—‌

1,090‌

12,163‌

Total

a

ssets

...........................................................

220,307,679‌

255,383,713‌

150,933,890‌

110,477,762‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

..............................................

—‌

—‌

320,000‌

—‌

Collateral

on

securities

loaned

...............................................

4,901,338‌

—‌

2,755,088‌

—‌

Options

written,

at

value

(g)

..................................................

—‌

—‌

341,467‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

1,011,726‌

—‌

142,976‌

1,077,005‌

Swaps  

............................................................

—‌

—‌

236‌

—‌

Accounting

services

fees

.................................................

21,108‌

21,854‌

91,805‌

11,417‌

Capital

shares

redeemed

.................................................

3,717‌

4,380‌

2,675‌

1,153,226‌

Custodian

fees

........................................................

17,135‌

4,218‌

132,376‌

5,649‌

Deferred

foreign

capital

gain

tax

............................................

—‌

—‌

1,307‌

—‌

Interest

expense

......................................................

259‌

302‌

192‌

—‌

Investment

advisory

fees

.................................................

69,119‌

82,102‌

26,043‌

34,788‌

Directors'

and

Officer's

fees

...............................................

799‌

814‌

795‌

770‌

Professional

fees

......................................................

39,540‌

40,707‌

75,815‌

44,395‌

Registration

fees

......................................................

17‌

17‌

17‌

2,933‌

Transfer

agent

fees

....................................................

86,238‌

101,307‌

69,280‌

40,323‌

Other

accrued

expenses

.................................................

16,582‌

7,039‌

24,253‌

11,240‌

Variation

margin

on

futures

contracts

.........................................

9,268‌

—‌

18,939‌

—‌

Variation

margin

on

centrally

cleared

swaps

....................................

—‌

—‌

4,488‌

—‌

Swap

premiums

received

..................................................

—‌

—‌

2,083‌

—‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

—‌

716,840‌

—‌

OTC

swaps

..........................................................

—‌

—‌

198,257‌

—‌

Total

li

abilities

..........................................................

6,176,846‌

262,740‌

4,924,932‌

2,381,746‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

214,130,833‌

$

255,120,973‌

$

146,008,958‌

$

108,096,016‌

See

notes

to

financial

statements.

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

93

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

166,414,237‌

$

125,702,844‌

$

139,580,663‌

$

108,087,556‌

Accumulated

earnings

....................................................

47,716,596‌

129,418,129‌

6,428,295‌

8,460‌

NET

ASSETS

..........................................................

$

214,130,833‌

$

255,120,973‌

$

146,008,958‌

$

108,096,016‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

.......................................

$

171,431,533‌

$

134,850,650‌

$

123,024,261‌

$

61,508,039‌

(c)

  Securities

loaned,

at

value

............................................

$

4,802,325‌

$

—‌

$

2,675,329‌

$

—‌

(d)

  Investments,

at

cost

—

affiliated

.........................................

$

6,952,146‌

$

337,890‌

$

11,641,619‌

$

—‌

(e)

  Foreign

currency,

at

cost

.............................................

$

—‌

$

—‌

$

350,797‌

$

—‌

(f)

  Repurchase

agreements,

at

cost

........................................

$

—‌

$

—‌

$

—‌

$

42,750,000‌

(g)

  Premiums

received

.................................................

$

—‌

$

—‌

$

304,791‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

94

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

NET

ASSET

VALUE

Net

assets

.........................................................

$

214,130,833‌

$

255,120,973‌

$

146,008,958‌

$

108,096,016‌

Shares

outstanding

...................................................

7,736,977‌

4,397,560‌

9,722,839‌

108,087,562‌

Net

asset

value

.....................................................

$

27.68‌

$

58.01‌

$

15.02‌

$

1.00‌

Shares

authorized

...................................................

100

million

100

million

100

million

2.0

billion

Par

value

.........................................................

$

0.10‌

$

0.10‌

$

0.10‌

$

0.10‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

95

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

19,845,662‌

$

436,876,160‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

783,439‌

25,592,431‌

Cash

..............................................................................................

4,810‌

26,765‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

—‌

480,000‌

Futures

contracts

.....................................................................................

—‌

2,688,000‌

Centrally

cleared

swaps

.................................................................................

16,000‌

347,000‌

Foreign

currency,

at

value

(d)

................................................................................

1,404‌

761,006‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

—‌

890,807‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

695‌

TBA

sale

commitments

.................................................................................

—‌

24,328‌

Dividends

—

unaffiliated

................................................................................

802‌

351,947‌

Dividends

—

affiliated

..................................................................................

1,646‌

68,801‌

Interest

—

unaffiliated

..................................................................................

364,701‌

1,509,275‌

From

the

Manager

....................................................................................

8,212‌

—‌

Variation

margin

on

futures

contracts

........................................................................

—‌

247,294‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

53,369‌

Prepaid

e

xpenses

......................................................................................

388‌

2,544‌

Other

assets

..........................................................................................

—‌

559‌

Total

a

ssets

..........................................................................................

21,027,064‌

469,920,981‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

—‌

3,631,503‌

TBA

sale

commitments,

at

value

(e)

...........................................................................

—‌

23,997‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

—‌

9,512,311‌

Accounting

services

fees

................................................................................

16,793‌

28,208‌

Capital

shares

redeemed

................................................................................

369‌

327,410‌

Custodian

fees

.......................................................................................

6,174‌

58,825‌

Deferred

foreign

capital

gain

tax

...........................................................................

—‌

74,142‌

Income

dividend

distributions

.............................................................................

111,600‌

—‌

Interest

expense

.....................................................................................

26‌

585‌

Investment

advisory

fees

................................................................................

—‌

143,543‌

Directors'

and

Officer's

fees

..............................................................................

653‌

888‌

Professional

fees

.....................................................................................

50,972‌

79,310‌

Registration

fees

.....................................................................................

17‌

17‌

Transfer

agent

fees

...................................................................................

9,941‌

197,267‌

Other

accrued

expenses

................................................................................

3,111‌

10,399‌

Variation

margin

on

futures

contracts

........................................................................

—‌

52,776‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

435‌

9,431‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

3,510‌

852,027‌

OTC

swaps

.........................................................................................

—‌

560,290‌

Total

li

abilities

.........................................................................................

203,601‌

15,562,929‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

20,823,463‌

$

454,358,052‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

96

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

24,005,368‌

$

425,790,136‌

Accumulated

earnings

(loss)

...............................................................................

(

3,181,905‌

)

28,567,916‌

NET

ASSETS

.........................................................................................

$

20,823,463‌

$

454,358,052‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

19,767,882‌

$

412,684,648‌

(b)

  Securities

loaned,

at

value

........................................................................

$

—‌

$

3,428,219‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

755,804‌

$

24,917,823‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

1,440‌

$

772,586‌

(e)

  Proceeds

received

from

TBA

sale

commitments

...........................................................

$

—‌

$

24,328‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2024

97

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

NET

ASSET

VALUE

Net

assets

.........................................................................................

$

20,823,463‌

$

454,358,052‌

Shares

outstanding

...................................................................................

4,121,400‌

29,068,794‌

Net

asset

value

.....................................................................................

$

5.05‌

$

15.63‌

Shares

authorized

...................................................................................

100

million

300

million

Par

value

.........................................................................................

$

0.0001‌

$

0.10‌

Statements

of

Operations

Year

Ended

December

31,

2024

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

98

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

2,600,647‌

$

1,268,898‌

$

1,700,002‌

$

—‌

Dividends

—

affiliated

...................................................

93,810‌

16,565‌

500,461‌

—‌

Interest

—

unaffiliated

...................................................

5,750‌

217‌

2,663,805‌

5,929,755‌

Securities

lending

income

—

affiliated

—

net

...................................

19,478‌

20,113‌

13,144‌

—‌

Foreign

taxes

withheld

..................................................

(

14‌

)

(

20,268‌

)

(

93,023‌

)

—‌

Foreign

withholding

tax

claims

.............................................

—‌

—‌

32,142‌

—‌

Total

investment

income

...................................................

2,719,671‌

1,285,525‌

4,816,531‌

5,929,755‌

EXPENSES

Investment

advisory

....................................................

772,300‌

896,849‌

553,379‌

424,967‌

Transfer

agent

........................................................

284,256‌

341,311‌

206,866‌

176,461‌

Professional

.........................................................

59,147‌

60,225‌

131,303‌

71,395‌

Accounting

services

....................................................

43,586‌

45,189‌

182,562‌

26,625‌

Custodian

...........................................................

26,761‌

6,181‌

280,848‌

10,052‌

Printing

and

postage

...................................................

16,870‌

10,514‌

11,497‌

11,727‌

Directors

and

Officer

...................................................

8,692‌

8,969‌

8,275‌

8,222‌

Pricing

.............................................................

—‌

—‌

76,686‌

—‌

Miscellaneous

........................................................

6,352‌

6,256‌

19,127‌

7,056‌

Total

expenses

excluding

dividend

expense

and

interest

expense

.......................

1,217,964‌

1,375,494‌

1,470,543‌

736,505‌

Dividend

expense

—

unaffiliated

............................................

—‌

—‌

1,020‌

—‌

Interest

expense

......................................................

483‌

1,354‌

2,332‌

2,108‌

Total

e

xpenses

.........................................................

1,218,447‌

1,376,848‌

1,473,895‌

738,613‌

Less:

–‌

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(

1,392‌

)

(

246‌

)

(

421,179‌

)

(

9,676‌

)

Transfer

agent

fees

reimbursed

by

the

Manager

.................................

(

213,094‌

)

(

240,303‌

)

(

201,866‌

)

(

164,694‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

................................

1,003,961‌

1,136,299‌

850,850‌

564,243‌

Net

investment

income

....................................................

1,715,710‌

149,226‌

3,965,681‌

5,365,512‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

44,714,607‌

$

64,497,095‌

$

9,702,969‌

$

6,086‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

............................................

$

33,249,036‌

$

22,884,641‌

$

11,950,483‌

$

6,086‌

Investments

—

affiliated

...............................................

(

1,437‌

)

1,773‌

10,696‌

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

(

1,416,727‌

)

—‌

Foreign

currency

transactions

...........................................

375‌

(

3,916‌

)

(

107,211‌

)

—‌

Futures

contracts

....................................................

465,228‌

—‌

(

710,965‌

)

—‌

Options

written

.....................................................

—‌

—‌

1,121,202‌

—‌

Short

sales

—

unaffiliated

..............................................

—‌

—‌

(

49,949‌

)

—‌

Swaps  

..........................................................

—‌

—‌

(

822,555‌

)

—‌

33,713,202‌

22,882,498‌

9,974,974‌

6,086‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

............................................

11,099,317‌

41,614,661‌

180,474‌

—‌

Investments

—

affiliated

...............................................

(

402‌

)

314‌

(

336,396‌

)

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

—‌

(

670,058‌

)

—‌

Foreign

currency

translations

............................................

—‌

(

378‌

)

4,470‌

—‌

Futures

contracts

....................................................

(

97,510‌

)

—‌

330,465‌

—‌

Options

written

.....................................................

—‌

—‌

(

52,607‌

)

—‌

Short

sales

—

unaffiliated

..............................................

—‌

—‌

45,932‌

—‌

Swaps  

..........................................................

—‌

—‌

225,738‌

—‌

Unfunded

floating

rate

loan

interests

.......................................

—‌

—‌

(

22‌

)

—‌

11,001,405‌

41,614,597‌

(272,004‌)

—‌

Net

realized

and

unrealized

gain

.............................................

44,714,607‌

64,497,095‌

9,702,970‌

6,086‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

46,430,317‌

$

64,646,321‌

$

13,668,651‌

$

5,371,598‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

.................

$

—‌

$

—‌

$

(

976‌

)

$

—‌

(c)

  Net

of

reduction

in

deferred

foreign

capital

gain

tax

of

..............................

$

—‌

$

—‌

$

584‌

$

—‌

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

December

31,

2024

99

Statements

of

Operations

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

3,038‌

$

5,283,563‌

Dividends

—

affiliated

..................................................................................

45,838‌

903,022‌

Interest

—

unaffiliated

..................................................................................

1,465,846‌

7,193,779‌

Securities

lending

income

—

affiliated

—

net

..................................................................

—‌

21,477‌

Foreign

taxes

withheld

.................................................................................

—‌

(

338,219‌

)

Foreign

withholding

tax

claims

............................................................................

—‌

17,816‌

Total

investment

income

..................................................................................

1,514,722‌

13,081,438‌

EXPENSES

Professional

........................................................................................

88,873‌

70,979‌

Investment

advisory

...................................................................................

78,541‌

1,710,812‌

Printing

and

postage

..................................................................................

41,046‌

21,020‌

Accounting

services

...................................................................................

35,699‌

57,932‌

Transfer

agent

.......................................................................................

32,650‌

653,005‌

Custodian

..........................................................................................

12,595‌

106,046‌

Directors

and

Officer

..................................................................................

2,239‌

10,167‌

Miscellaneous

.......................................................................................

9,006‌

35,116‌

Total

expenses

excluding

interest

expense

......................................................................

300,649‌

2,665,077‌

Interest

expense

.....................................................................................

84‌

29,374‌

Total

e

xpenses

........................................................................................

300,733‌

2,694,451‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(

168,898‌

)

(

36,161‌

)

Transfer

agent

fees

reimbursed

by

the

Manager

................................................................

(

27,650‌

)

(

465,507‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

...............................................................

104,185‌

2,192,783‌

Net

investment

income

...................................................................................

1,410,537‌

10,888,655‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

189,966‌

$

44,437,403‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

...........................................................................

$

6,192‌

$

35,555,261‌

Investments

—

affiliated

..............................................................................

—‌

892,978‌

Forward

foreign

currency

exchange

contracts

................................................................

(

29,337‌

)

(

759,388‌

)

Foreign

currency

transactions

..........................................................................

4,281‌

(

20,409‌

)

Futures

contracts

...................................................................................

(

22,967‌

)

(

797,801‌

)

Options

written

....................................................................................

1,445‌

—‌

Swaps  

.........................................................................................

23,206‌

6,242,030‌

(17,180‌)

41,112,671‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

...........................................................................

208,247‌

4,718,969‌

Investments

—

affiliated

..............................................................................

7,182‌

281,531‌

Forward

foreign

currency

exchange

contracts

................................................................

(

9,268‌

)

(

1,090,697‌

)

Foreign

currency

translations

...........................................................................

(

61‌

)

(

82,666‌

)

Futures

contracts

...................................................................................

9,534‌

2,988,337‌

Options

written

....................................................................................

(

597‌

)

—‌

Swaps  

.........................................................................................

(

7,891‌

)

(

3,490,742‌

)

207,146‌

3,324,732‌

Net

realized

and

unrealized

gain

............................................................................

189,966‌

44,437,403‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

1,600,503‌

$

55,326,058‌

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

—‌

$

(

8,811‌

)

(c)

  Net

of

increase

in

deferred

foreign

capital

gain

tax

of

.............................................................

$

—‌

$

(

52,534‌

)

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

100

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Capital

Appreciation

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

1,715,710‌

$

1,799,821‌

$

149,226‌

$

352,484‌

Net

realized

gain

................................................

33,713,202‌

6,046,976‌

22,882,498‌

6,797,779‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

11,001,405‌

32,152,969‌

41,614,597‌

66,939,502‌

Net

increase

in

net

assets

resulting

from

operations

...........................

46,430,317‌

39,999,766‌

64,646,321‌

74,089,765‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(30,086,035‌)

(4,991,092‌)

(15,400,888‌)

(5,361,092‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

9,292,397‌

(12,557,885‌)

(7,071,894‌)

(11,577,028‌)

NET

ASSETS

Total

increase

in

net

assets

...........................................

25,636,679‌

22,450,789‌

42,173,539‌

57,151,645‌

Beginning

of

year

..................................................

188,494,154‌

166,043,365‌

212,947,434‌

155,795,789‌

End

of

year

......................................................

$

214,130,833‌

$

188,494,154‌

$

255,120,973‌

$

212,947,434‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

101

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Global

Allocation

Portfolio

(a)

BlackRock

Government

Money

Market

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

3,965,681‌

$

3,786,471‌

$

5,365,512‌

$

4,933,447‌

Net

realized

gain

................................................

9,974,974‌

3,265,701‌

6,086‌

324‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

(

272,004‌

)

10,877,960‌

—‌

—‌

Net

increase

in

net

assets

resulting

from

operations

...........................

13,668,651‌

17,930,132‌

5,371,598‌

4,933,771‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(14,104,809‌)

(4,183,933‌)

(5,367,621‌)

(4,931,339‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(1,093,929‌)

(10,869,028‌)

(7,410,184‌)

21,403,982‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

1,530,087‌

)

2,877,171‌

(

7,406,207‌

)

21,406,414‌

Beginning

of

year

..................................................

147,539,045‌

144,661,874‌

115,502,223‌

94,095,809‌

End

of

year

......................................................

$

146,008,958‌

$

147,539,045‌

$

108,096,016‌

$

115,502,223‌

(a)

Consolidated

Statements

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

102

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

BlackRock

Sustainable

Balanced

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

1,410,537‌

$

1,290,309‌

$

10,888,655‌

$

10,254,081‌

Net

realized

gain

(loss)

............................................

(

17,180‌

)

(

988,440‌

)

41,112,671‌

9,832,966‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

207,146‌

2,179,686‌

3,324,732‌

46,346,146‌

Net

increase

in

net

assets

resulting

from

operations

...........................

1,600,503‌

2,481,555‌

55,326,058‌

66,433,193‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(1,420,055‌)

(1,311,289‌)

(49,952,122‌)

(14,721,517‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(1,063,217‌)

726,041‌

4,650,471‌

(29,900,777‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

882,769‌

)

1,896,307‌

10,024,407‌

21,810,899‌

Beginning

of

year

..................................................

21,706,232‌

19,809,925‌

444,333,645‌

422,522,746‌

End

of

year

......................................................

$

20,823,463‌

$

21,706,232‌

$

454,358,052‌

$

444,333,645‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

103

Financial

Highlights

BlackRock

Advantage

Large

Cap

Core

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Net

asset

value,

beginning

of

year

.................................

$

25.46

‌

$

20.86

‌

$

27.24

‌

$

26.14

‌

$

23.90

‌

Net

investment

income

(a)

........................................

0

.24

‌

0

.24

‌

0

.26

‌

0

.25

‌

0

.28

‌

Net

realized

and

unrealized

gain

(loss)

...............................

6.40

‌

5.05

‌

(5.69

)

6.98

‌

4.43

‌

Net

increase

(decrease)

from

investment

operations

.......................

6.64

‌

5.29

‌

(5.43

)

7.23

‌

4.71

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.26

)

(

0

.24

)

(

0

.27

)

(

0

.25

)

(

0

.34

)

From

net

realized

gain

..........................................

(

4

.16

)

(

0

.45

)

(

0

.68

)

(

5

.88

)

(

2

.13

)

Total

distributions

..............................................

(4.42

)

(0.69

)

(0.95

)

(6.13

)

(2.47

)

Net

asset

value,

end

of

year

......................................

$

27.68

‌

$

25.46

‌

$

20.86

‌

$

27.24

‌

$

26.14

‌

Total

Return

(c)

Based

on

net

asset

value

.........................................

25.61

%

25.41

%

(19.89

)%

28.43

%

19.99

%

Ratios

to

Average

Net

Assets

(d)

Total

expen

ses

................................................

0.59

%

0.63

%

0.60

%

0.57

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.49

%

0.50

%

0.50

%

0.47

%

0.49

%

Net

investment

income

...........................................

0.83

%

1.02

%

1.14

%

0.85

%

1.18

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

214,131

‌

$

188,494

‌

$

166,043

‌

$

232,661

‌

$

196,166

‌

Portfolio

turnover

rate

............................................

115

%

113

%

117

%

116

%

124

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

104

BlackRock

Capital

Appreciation

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Net

asset

value,

beginning

of

year

.................................

$

46.82

‌

$

32.11

‌

$

57.19

‌

$

56.30

‌

$

43.39

‌

Net

investment

income

(loss)

(a)

....................................

0

.03

‌

0

.08

‌

0

.09

‌

(

0

.01

)

(

0

.00

)

(b)

Net

realized

and

unrealized

gain

(loss)

...............................

14.82

‌

15.83

‌

(21.45

)

11.61

‌

17.32

‌

Net

increase

(decrease)

from

investment

operations

.......................

14.85

‌

15.91

‌

(21.36

)

11.60

‌

17.32

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.05

)

(

0

.04

)

(

0

.09

)

(

0

.02

)

(

0

.01

)

From

net

realized

gain

..........................................

(

3

.61

)

(

1

.16

)

(

3

.63

)

(

10.69

)

(

4

.40

)

Total

distributions

..............................................

(3.66

)

(1.20

)

(3.72

)

(10.71

)

(4.41

)

Net

asset

value,

end

of

year

......................................

$

58.01

‌

$

46.82

‌

$

32.11

‌

$

57.19

‌

$

56.30

‌

Total

Return

(d)

Based

on

net

asset

value

.........................................

31.51

%

49.60

%

(37.59

)%

21.22

%

40.16

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.57

%

0.60

%

0.59

%

0.57

%

0.59

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.47

%

0.51

%

0.50

%

0.47

%

0.49

%

Net

investment

income

(loss)

.......................................

0.06

%

0.19

%

0.21

%

(0.02

)%

(0.01

)%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

255,121

‌

$

212,947

‌

$

155,796

‌

$

276,081

‌

$

247,240

‌

Portfolio

turnover

rate

............................................

27

%

22

%

63

%

41

%

38

%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

greater

than

$(0.005)

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

105

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Global

Allocation

Portfolio

(a)

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Net

asset

value,

beginning

of

year

...............................

$

15.12

‌

$

13.74

‌

$

16.85

‌

$

17.96

‌

$

16.03

‌

Net

investment

income

(b)

......................................

0

.43

‌

0

.38

‌

0

.24

‌

0

.25

‌

0

.18

‌

Net

realized

and

unrealized

gain

(loss)

.............................

1.03

‌

1.44

‌

(2.89

)

0.97

‌

3.15

‌

Net

increase

(decrease)

from

investment

operations

.....................

1.46

‌

1.82

‌

(2.65

)

1.22

‌

3.33

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

...................................

(

0

.27

)

(

0

.36

)

—

‌

(

0

.22

)

(

0

.26

)

From

net

realized

gain

........................................

(

1

.29

)

(

0

.08

)

(

0

.44

)

(

2

.11

)

(

1

.14

)

Return

of

capital

............................................

—

‌

—

‌

(

0

.02

)

—

‌

—

‌

Total

distributions

............................................

(1.56

)

(0.44

)

(0.46

)

(2.33

)

(1.40

)

Net

asset

value,

end

of

year

....................................

$

15.02

‌

$

15.12

‌

$

13.74

‌

$

16.85

‌

$

17.96

‌

Total

Return

(d)

Based

on

net

asset

value

.......................................

9.74

%

13.25

%

(15.73

)%

6.79

%

20.95

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

..............................................

1.00

%

1.01

%

1.02

%

0.87

%

0.83

%

Total

expenses

after

fees

waived

and/or

reimbursed

.....................

0.57

%

0.57

%

0.57

%

0.58

%

0.58

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense,

broker

fees

and

expenses

on

short

sales

...............

0.57

%

0.57

%

0.57

%

0.57

%

0.57

%

Net

investment

income

.........................................

2.68

%

2.63

%

1.65

%

1.34

%

1.08

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.....................................

$

146,009

‌

$

147,539

‌

$

144,662

‌

$

192,500

‌

$

200,541

‌

Portfolio

turnover

rate

(f)

.........................................

155

%

(g)

211

%

(g)

114

%

134

%

159

%

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

136%

152%

105%

123%

158%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

106

BlackRock

Government

Money

Market

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Net

asset

value,

beginning

of

year

.................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

.........................................

0

.0472

‌

0

.0459

‌

0

.0121

‌

0

.0000

(a)

0

.0026

‌

Net

realized

and

unrealized

gain

(loss)

...............................

0.0000

(a)

(0.0003

)

(b)

0.0003

‌

0.0001

‌

0.0000

(a)

Net

increase

from

investment

operations

...............................

0.0472

‌

0.0456

‌

0.0124

‌

0.0001

‌

0.0026

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.0472

)

(

0

.0456

)

(

0

.0124

)

(

0

.0001

)

(

0

.0026

)

From

net

realized

gain

..........................................

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0000

)

(d)

(

0

.0000

)

(d)

Total

distributions

..............................................

(0.0472

)

(0.0456

)

(0.0124

)

(0.0001

)

(0.0026

)

Net

asset

value,

end

of

year

......................................

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

.........................................

4.82

%

4.65

%

1.26

%

0.01

%

0.26

%

Ratios

to

Average

Net

Assets

Total

expen

ses

................................................

0.65

%

0.68

%

0.51

%

0.50

%

0.62

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.50

%

0.50

%

0.40

%

0.08

%

0.33

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

0.49

%

0.50

%

0.40

%

0.08

%

0.33

%

Net

investment

income

...........................................

4.72

%

4.59

%

1.21

%

0.00

%

(f)

0.28

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

108,096

‌

$

115,502

‌

$

94,096

‌

$

103,786

‌

$

108,915

‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.00005)

per

share.

(e)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(f)

Amount

is

less

than

0.005%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

107

Financial

Highlights

BlackRock

High

Yield

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Net

asset

value,

beginning

of

year

................................

$

5.01

‌

$

4.73

‌

$

5.59

‌

$

5.54

‌

$

5.43

‌

Net

investment

income

(a)

.......................................

0

.34

‌

0

.30

‌

0

.26

‌

0

.27

‌

0

.29

‌

Net

realized

and

unrealized

gain

(loss)

..............................

0.04

‌

0.28

‌

(0.85

)

0.05

‌

0.11

‌

Net

increase

(decrease)

from

investment

operations

......................

0.38

‌

0.58

‌

(0.59

)

0.32

‌

0.40

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

....................................

(

0

.34

)

(

0

.30

)

(

0

.26

)

(

0

.27

)

(

0

.29

)

Return

of

capital

.............................................

—

‌

—

‌

(

0

.01

)

(

0

.00

)

(c)

—

‌

Total

distributions

.............................................

(0.34

)

(0.30

)

(0.27

)

(0.27

)

(0.29

)

Net

asset

value,

end

of

year

.....................................

$

5.05

‌

$

5.01

‌

$

4.73

‌

$

5.59

‌

$

5.54

‌

Total

Return

(d)

Based

on

net

asset

value

........................................

7.82

%

12.80

%

(10.64

)%

5.93

%

7.80

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

1.43

%

1.45

%

(f)

1.26

%

1.46

%

1.27

%

Total

expenses

after

fees

waived

and/or

reimbursed

......................

0.50

%

0.53

%

(f)

0.50

%

0.50

%

0.50

%

Net

investment

income

..........................................

6.71

%

6.23

%

5.27

%

4.83

%

5.48

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

20,823

‌

$

21,706

‌

$

19,810

‌

$

24,851

‌

$

28,919

‌

Portfolio

turnover

rate

...........................................

55

%

56

%

55

%

55

%

89

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

1.42%

and

0.50%

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

108

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(e)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Sustainable

Balanced

Portfolio

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Net

asset

value,

beginning

of

year

.................................

$

15.51

‌

$

13.76

‌

$

16.67

‌

$

16.79

‌

$

15.86

‌

Net

investment

income

(a)

........................................

0

.40

‌

0

.35

‌

0

.26

‌

0

.19

‌

0

.25

‌

Net

realized

and

unrealized

gain

(loss)

...............................

1.60

‌

1.93

‌

(2.89

)

2.59

‌

2.23

‌

Net

increase

(decrease)

from

investment

operations

.......................

2.00

‌

2.28

‌

(2.63

)

2.78

‌

2.48

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.....................................

(

0

.64

)

(

0

.26

)

(

0

.13

)

(

0

.19

)

(

0

.29

)

From

net

realized

gain

..........................................

(

1

.24

)

(

0

.27

)

(

0

.15

)

(

2

.71

)

(

1

.26

)

Total

distributions

..............................................

(1.88

)

(0.53

)

(0.28

)

(2.90

)

(1.55

)

Net

asset

value,

end

of

year

......................................

$

15.63

‌

$

15.51

‌

$

13.76

‌

$

16.67

‌

$

16.79

‌

Total

Return

(c)

Based

on

net

asset

value

.........................................

12.88

%

16.56

%

(15.76

)%

16.65

%

15.75

%

Ratios

to

Average

Net

Assets

(d)

Total

expen

ses

................................................

0.59

%

0.63

%

0.62

%

0.59

%

0.61

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......................

0.48

%

0.51

%

0.50

%

0.49

%

0.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

0.47

%

0.50

%

0.48

%

0.48

%

0.48

%

Net

investment

income

...........................................

2.38

%

2.37

%

1.78

%

1.08

%

1.56

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

454,358

‌

$

444,334

‌

$

422,523

‌

$

552,083

‌

$

523,771

‌

Portfolio

turnover

rate

(e)

...........................................

104

%

121

%

229

%

343

%

345

%

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

82%

97%

187%

218%

238%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

109

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Series

Fund,

Inc.

(“Series

Fund”)

and

BlackRock

Series

Fund

II,

Inc.

(“Series

Fund

II”

and

together

with

Series

Fund,

the

“Companies”

and

each,

a

“Company”)

are

each

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

open-end

management

investment

companies.

Each

Company

is

organized

as

a

Maryland

corporation

and

is

comprised

of

the

separate

portfolios

indicated

below.

Series

Fund

is

comprised

of

5

separate

portfolios

and

Series

Fund

II

is

comprised

of 1

separate

portfolio.

The

following

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

The

Funds

offer

shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. 

Advantage

Large

Cap

Core,

Capital

Appreciation,

Global

Allocation,

Government

Money

Market

and

Sustainable

Balanced,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”)

or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

High

Yield,

together

with

certain

other

registered

investment

companies

advised

by

the

Manager

or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

Government

Money

Market

operates

as

a

“government

money

market

fund”

under

Rule

2a-7

under

the

1940

Act.

The

Fund

is

not

subject

to

discretionary

liquidity

fees.

On

November

19,

2024,

the

Board

of

Directors

of

Series

Fund

approved

a

change

in

the

name

of

BlackRock

Sustainable

Balanced

Portfolio

to

BlackRock

Balanced

Portfolio

and

changes

to

the

Fund's

investment

strategy

and

process.

The

changes

to

the

Fund's

investment

strategy

and

process

removed

requirements

that

the

Fund

seek

to

maintain

certain

ESG

characteristics

and

utilize

ESG

screening

criteria

to

determine

eligible

investments.

These

changes

are

expected

to

become

effective

on

or

about

May

1,

2025.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

Global

Allocation

include

the

accounts

of

BlackRock

Cayman

Global

Allocation

Portfolio

I,

Ltd.

(the

“Cayman

Subsidiary”),

which

is

a

wholly-owned

subsidiary

of

Global

Allocation

and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Cayman

Subsidiary

enables

Global

Allocation

to

hold

these

commodity-related

instruments

and

satisfy

regulated

investment

company

tax

requirements.

Global

Allocation

may

invest

up

to

25%

of

its

total

assets

in

the

Cayman

Subsidiary.

The

net

assets

of

the

Cayman

Subsidiary

as

of

period

end

were

$1,596,894,

which

is

1.1%

of

Global

Allocation's

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Global

Allocation,

except

that

the

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed

(the

"trade

dates")

.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income and

capital

gain

distributions,

if

any,

are recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value. Dividends

from

foreign

securities

where

the

ex-

dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Cash:

The

Funds

may

maintain

cash

at their

custodian

which,

at

times,

may

exceed

United

States

federally

insured

limits.

The

Funds

maintain

these

balances

with

a

high

credit-quality

financial

institution

to

minimize

credit

risk

exposure.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

Fund

Name

Company

Herein

Referred

To

As

Diversification

Classification

BlackRock

Advantage

Large

Cap

Core

Portfolio

...................

Series

Fund

Advantage

Large

Cap

Core

Diversified

BlackRock

Capital

Appreciation

Portfolio

........................

Series

Fund

Capital

Appreciation

Diversified

BlackRock

Global

Allocation

Portfolio

..........................

Series

Fund

Global

Allocation

Diversified

BlackRock

Government

Money

Market

Portfolio

...................

Series

Fund

Government

Money

Market

Diversified

BlackRock

High

Yield

Portfolio

...............................

Series

Fund

II

High

Yield

Diversified

BlackRock

Sustainable

Balanced

Portfolio

.......................

Series

Fund

Sustainable

Balanced

Diversified

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

110

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Consistent

with

U.S.

GAAP

accrual

requirements

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

it

is

more

likely

than

not

that each

Fund

will

sustain

its

position

that

it

is

due

the

reclaim. 

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

For

Government

Money

Market

and

High

Yield,

distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

For

Advantage

Large

Cap

Core,

Capital

Appreciation,

Global

Allocation

and

Sustainable

Balanced,

distributions

from

net

investment

income

are

declared

and

paid

at

least

annually.

For

each

Fund,

distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Net

income

and

realized

gains

from

investments

held

by

the

Cayman

Subsidiary,

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Cayman

Subsidiary

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Fund’s

ordinary

income

and/or

capital

gains

for

that

year.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Directors

of

Series

Fund

II,

the

Directors

who

are

not

“interested

persons”

of

High

Yield,

as

defined

in

the

1940

Act

(“Series

Fund

II

Independent

Directors”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Series

Fund

II

Independent

Directors.

This

has

the

same

economic

effect

for

the

Series

Fund

II

Independent

Directors

as

if

the

Series

Fund

II

Independent

Directors

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

High

Yield,

as

applicable.

Deferred

compensation

liabilities,

if

any,

are

included

in

the

Directors’

and

Officer’s

fees

payable

in

the

Statements

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Funds

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Directors

and

Officer

expense

on

the

Statements

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to a

Fund

are

charged

to

that

Fund.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.

Segment

Reporting:

The

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Funds'

adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund's

financial

position

or

results

of

operations.

The

Chief

Financial

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

(“CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

have

a

single

investment

strategy

as

disclosed

in

their

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

(except

Government

Money

Market’s)

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Boards

of

Directors

of

the

Companies

(each

a

"Board"

and

together

the

"Boards")

have

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

Notes

to

Financial

Statements

(continued)

111

Notes

to

Financial

Statements

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

U.S.

GAAP

defines

fair

value

as

the

price

Government

Money

Market

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Government

Money

Market’s

investments

are

valued

under

the

amortized

cost

method

which

approximates

current

market

value

in

accordance

with

Rule

2a-7

under

the

1940

Act.

Under

this

method,

investments

are

valued

at

cost

when

purchased

and,

thereafter,

a

constant

proportionate

accretion

of

discounts

and

amortization

of

premiums

are

recorded

until

the

maturity

of

the

security.

Government

Money

Market

seeks

to

maintain

its

net

asset

value

(“NAV”)

per

share

at

$1.00,

although

there

is

no

assurance

that

it

will

be

able

to

do

so

on

a

continuing

basis.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

(except

Government

Money

Market’s)

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

NAV. 

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Interest

rate,

credit

default,

inflation

and

currency

swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

market

data

and discounted

cash

flows.

Total

return

swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

of

the

underlying

reference

instruments. 

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

112

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying

investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund. Certain

information

made

available

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

December

31,

2024,

certain

investments

of

the Funds

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

Notes

to

Financial

Statements

(continued)

113

Notes

to

Financial

Statements

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-

indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

114

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

The

Funds

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made. The

Funds

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement, the

Funds

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty, the

Funds'

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

These

types

of

securities

may

be

considered

unfunded

and

may

obligate

the

Funds

to

make

future

cash

payments.

An

unfunded

commitment

is

marked-to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the Schedules

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Funds

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities. 

Notes

to

Financial

Statements

(continued)

115

Notes

to

Financial

Statements

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering.

Such

agreements

may

obligate

a

fund

to

make

future

cash

payments.

As

of

December

31,

2024,

Global

Allocation

had

outstanding

commitments

of

$346,437.

These

commitments

are

not

included

in

the

net

assets

of

Global

Allocation

as

of

December

31,

2024.

Repurchase

Agreements:

Repurchase

agreements

are

commitments

to

purchase

a

security

from

a

counterparty

who

agrees

to

repurchase

the

same

security

at

a

mutually

agreed

upon

date

and

price.

On

a

daily

basis,

the

counterparty

is

required

to

maintain

collateral

subject

to

the

agreement

and

in

value

no

less

than

the

agreed

upon

repurchase

amount.

Repurchase

agreements

may

be

traded

bilaterally,

in

a

tri-party

arrangement

or

may

be

centrally

cleared

through

a

sponsoring

agent.

Subject

to

the

custodial

undertaking

associated

with

a

tri-party

repurchase

arrangement

and

for

centrally

cleared

repurchase

agreements,

a

third-party

custodian

maintains

accounts

to

hold

collateral

for

a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively.

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty, the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

Short

Sale

Transactions:

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser.

To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statements

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedules

of

Investments.

A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statements

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Securities

Lending:

 The

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,

are

shown

separately

in

the

 Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

116

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks, each

Fund benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by each

Fund.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

(b)

Advantage

Large

Cap

Core

Citigroup

Global

Markets,

Inc.

....................

$

2,145,176‌

$

(

2,145,176‌

)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

......................

62,817‌

(

62,817‌

)

—‌

—‌

Jefferies

LLC

...............................

685,634‌

(

685,634‌

)

—‌

—‌

Morgan

Stanley

..............................

892,122‌

(

892,122‌

)

—‌

—‌

Toronto-Dominion

Bank

........................

1,016,576‌

(

1,016,576‌

)

—‌

—‌

$

4,802,325‌

$

(

4,802,325‌

)

$

—‌

$

—‌

Global

Allocation

Barclays

Capital,

Inc.

..........................

226,655‌

(

226,655‌

)

—‌

—‌

BofA

Securities,

Inc.

...........................

52,927‌

(

52,927‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

321,952‌

(

321,952‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

1,035,195‌

(

1,035,195‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

351,073‌

(

351,073‌

)

—‌

—‌

Jefferies

LLC

...............................

267,007‌

(

267,007‌

)

—‌

—‌

Morgan

Stanley

..............................

147,588‌

(

147,588‌

)

—‌

—‌

National

Financial

Services

LLC

...................

19,753‌

(

19,080‌

)

—‌

673‌

Toronto-Dominion

Bank

........................

253,179‌

(

253,179‌

)

—‌

—‌

$

2,675,329‌

$

(

2,674,656‌

)

$

—‌

$

673‌

Sustainable

Balanced

Citigroup

Global

Markets,

Inc.

....................

2,551,387‌

(

2,551,387‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

693,880‌

(

693,880‌

)

—‌

—‌

Morgan

Stanley

..............................

182,952‌

(

182,952‌

)

—‌

—‌

$

3,428,219‌

$

(

3,428,219‌

)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

these

tables.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds'

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

December

31,

2024.

Additional

collateral

is

delivered

to

the

Funds

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

117

Notes

to

Financial

Statements

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statements

of

Assets

and

Liabilities.

Swaptions

–

The

Funds

may purchase

and

write options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Funds’

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option.

Interest

rate

caps

and

floors –

Interest

rate

caps

and

floors

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

(interest

rate

risk

and/or

other

risk).

Caps

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

exceed

a

specified

rate,

or

“cap.”

Floors

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

fall

below

a

specified

rate,

or

“floor.”

The

maximum

potential

amount

of

future

payments

that

a

Fund

would

be

required

to

make

under

an

interest

rate

cap

would

be

the

notional

amount

times

the

percentage

increase

in

interest

rates

determined

by

the

difference

between

the

interest

rate

index

current

value

and

the

value

at

the

time

the

cap

was

entered

into.

Foreign

currency

options - The

Funds

may purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

Barrier

options

– The

Funds

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Funds

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

instant

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-

and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

In

purchasing

and

writing

options,

the

Funds

bear

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

they

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Funds

purchasing

or

selling

a

security

when they

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

118

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

 Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

 Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

Notes

to

Financial

Statements

(continued)

119

Notes

to

Financial

Statements

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

Each

Company,

on

behalf

of its

respective

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

based

on

the

percentage

of

the six

combined

Funds’

average

daily

net

assets

at

the

following

annual

rates:

The

portion

of

the

assets

of

a

Fund

to

which

the

rate

at

each

breakpoint

level

applies

will

be

determined

on

a

“uniform

percentage”

basis.

The

uniform

percentage

applicable

to

a

breakpoint

level

is

determined

by

dividing

the

amount

of

the

aggregate

average

daily

net

assets

of

the

six

combined

Funds

that

falls

within

that

breakpoint

level

by

the

aggregate

average

daily

net

assets

of

the six

combined

Funds.

The

amount

of

the

fee

for

a

Fund

at

each

breakpoint

level

is

determined

by

multiplying

the

average

daily

net

assets

of

that

Fund

by

the

uniform

percentage

applicable

to

that

breakpoint

level

and

multiplying

the

product

by

the

applicable

advisory

fee

rate.

The

Manager

provides

investment

management

and

other

services

to

the

Cayman Subsidiary.

The

Manager

does

not

receive

separate

compensation

from

the Cayman

Subsidiary

for

providing

investment

management

or

administrative

services.

However, Global

Allocation pays

the

Manager

based

on

the

Fund's

net

assets,

which

includes

the

assets

of

the Cayman Subsidiary.

With

respect

to

High

Yield,

the

Manager

entered

into

a

separate

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

High

Yield

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

High

Yield

to

the

Manager.

With

respect

to

Sustainable

Balanced,

the

Manager

entered

into

separate

sub-advisory

agreements

with

BIL

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

Sustainable

Balanced

for

which

BIL

or

BSL,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Sustainable

Balanced

to

the

Manager.

With

respect

to

Global

Allocation,

the

Manager

entered

into

separate

sub-advisory

agreements

with BIL,

effective

March

11,

2024

and

BSL

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

Global

Allocation

for

which

BIL

and

BSL,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Global

Allocation

to

the

Manager.

Distribution

Fees:

Each

Company,

on

behalf

of

its

respective

Funds,

entered

into

a

Distribution

Agreement

and

a

Distribution

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Transfer

Agent:

On

behalf

of each

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Funds

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

.

For

the

year

ended

December

31,

2024

,

the

Funds

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

Average

Daily

Net

Assets

of

the

Six

Combined

Funds

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.50%

$250

million

-

$300

million

.................................................................................................

0.45

$300

million

-

$400

million

................................................................................................

0.40

$400

million

-

$800

million

.................................................................................................

0.35

Greater

than

$800

million

.................................................................................................

0.30

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

120

Expense

Limitations,

Waivers

and

Reimbursements:

With

respect

to

each

Fund

(other

than

Government

Money

Market),

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2024

,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

each

Fund’s

(other

than

Government

Money

Market’s)

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the year ended

December

31,

2024,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows: 

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

unless

approved

by each

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

by

the

Manager in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2024,

expense

reimbursements

were

as

follows: 

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..............................................................................................

$

1,392‌

Capital

Appreciation

...................................................................................................

246‌

Global

Allocation

.....................................................................................................

6,093‌

High

Yield

..........................................................................................................

283‌

Sustainable

Balanced

..................................................................................................

11,276‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Global

Allocation

.........................................................................................................

$

5,556‌

High

Yield

..............................................................................................................

1,335‌

Sustainable

Balanced

......................................................................................................

24,885‌

Advantage

Large

Cap

Core

...........................................................................................

0

.04‌

%

Capital

Appreciation

................................................................................................

0

.04‌

Global

Allocation

..................................................................................................

0

.04‌

Government

Money

Market

...........................................................................................

0

.02‌

High

Yield

.......................................................................................................

0

.05‌

Sustainable

Balanced

...............................................................................................

0

.04‌

Fund

Name

Transfer

agent

fees

reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

196,583‌

Capital

Appreciation

.......................................................................................................

240,303‌

Global

Allocation

.........................................................................................................

142,639‌

Government

Money

Market

..................................................................................................

148,724‌

High

Yield

..............................................................................................................

17,143‌

Sustainable

Balanced

......................................................................................................

464,891‌

Fund

Name

Advantage

Large

Cap

Core

...................................................................................................

0

.50‌

%

Capital

Appreciation

........................................................................................................

0

.57‌

Global

Allocation

..........................................................................................................

0

.57‌

Government

Money

Market

...................................................................................................

0

.50‌

High

Yield

...............................................................................................................

0

.50‌

Sustainable

Balanced

.......................................................................................................

0

.50‌

Notes

to

Financial

Statements

(continued)

121

Notes

to

Financial

Statements

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2025.

The

contractual

agreement

may

be

terminated,

with

respect

to

each

Fund,

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the year

ended

December

31,

2024,

the

following

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

by

the

Manager

in

the

Statements

of

Operations:

.

The

Manager

has

also

voluntarily

agreed

to

waive

a

portion

of

its

investment

advisory

fees

and/or

reimburse

operating

expenses

to

enable

Government

Money

Market

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statements

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

by

the

Manager.

The

Manager

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

year ended

December

31,

2024,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

under

this

agreement

for

Government

Money

Market.

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

The

money

market

fund

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

the

money

market

fund

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

of

Advantage

Large

Cap

Core

and

Capital

Appreciation

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

each

of

Advantage

Large

Cap

Core

and

Capital

Appreciation,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

to

the

current

securities

lending

agreement,

each

of

Global

Allocation

and

Sustainable

Balanced

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

each

of

Global

Allocation

and

Sustainable

Balanced,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Global

Allocation

.........................................................................................................

$

409,530‌

Government

Money

Market

..................................................................................................

9,676‌

High

Yield

..............................................................................................................

167,280‌

Fund

Name

Transfer

agent

fees

Reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

16,511‌

Global

Allocation

.........................................................................................................

59,227‌

Government

Money

Market

..................................................................................................

15,970‌

High

Yield

..............................................................................................................

10,507‌

Sustainable

Balanced

......................................................................................................

616‌

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

122

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the year

ended

December

31,

2024, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2024,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the 

Companies

 are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Companies’

 Chief

Compliance

Officer,

which

is

included

in

Directors

 and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common 

directors

.

For

the

year

ended

December

31,

2024

,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the year ended

December

31,

2024,

purchases

and

sales

of

investments,

including

paydowns/payups,

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the year ended

December

31,

2024,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

December

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect

which

may

impact

the

Funds’

NAV.

Fund

Name

Amounts

Advantage

Large

Cap

Core

..................................................................................................

$

3,823‌

Capital

Appreciation

.......................................................................................................

3,738‌

Global

Allocation

.........................................................................................................

3,059‌

Sustainable

Balanced

......................................................................................................

4,503‌

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Advantage

Large

Cap

Core

...............................................................

$

20,597,509‌

$

30,814,620‌

$

7,225,753‌

Capital

Appreciation

....................................................................

265,854‌

—‌

—‌

Sustainable

Balanced

...................................................................

38,465,332‌

60,747,914‌

11,469,139‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Advantage

Large

Cap

Core

...............................................

$

—‌

$

—‌

$

234,350,135‌

$

253,151,558‌

Capital

Appreciation

....................................................

—‌

—‌

63,798,215‌

86,063,902‌

Global

Allocation

......................................................

49,982,374‌

54,776,448‌

163,940,169‌

174,703,810‌

High

Yield

...........................................................

—‌

—‌

11,234,005‌

12,468,676‌

Sustainable

Balanced

...................................................

177,951,689‌

178,531,192‌

283,475,005‌

325,324,207‌

Fund

Name

Purchases

Sales

Global

Allocation

......................................................................................

$

26,364,123‌

$

26,347,016‌

Sustainable

Balanced

...................................................................................

94,350,373‌

94,305,803‌

Notes

to

Financial

Statements

(continued)

123

Notes

to

Financial

Statements

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or NAVs

per

share.

As

of

period

end,

permanent

differences

attributable

to

nondeductible

expenses

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2024,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

15

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

amortization

and

accretion

methods

of

premiums

and

discounts

on

fixed

income

securities,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

the

accrual

of

income

on

securities

in

default,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements,

the

characterization

of

corporate

actions

and

the

classification

of

investments.

(c)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year. 

As

of

December

31,

2024, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

Fund

Name

Paid-in

Capital

Accumulated

Earnings

(Loss)

Global

Allocation

...........................................................................

$

41,182‌

$

(

41,182‌

)

Fund

Name

Year

Ended

12/31/24

Year

Ended

12/31/23

Advantage

Large

Cap

Core

Ordinary

income

...........................................................................................

$

16,224,843‌

$

1,724,219‌

Long-term

capital

gains

......................................................................................

$

13,861,192‌

$

3,266,873‌

$

30,086,035‌

$

4,991,092‌

Capital

Appreciation

Ordinary

income

...........................................................................................

$

677,812‌

$

1,758,434‌

Long-term

capital

gains

......................................................................................

$

14,723,076‌

$

3,602,658‌

$

15,400,888‌

$

5,361,092‌

Global

Allocation

Ordinary

income

...........................................................................................

$

13,968,343‌

$

4,183,933‌

Long-term

capital

gains

......................................................................................

$

136,466‌

$

—‌

$

14,104,809‌

$

4,183,933‌

Government

Money

Market

Ordinary

income

...........................................................................................

$

5,367,487‌

$

4,931,339‌

Long-term

capital

gains

......................................................................................

$

134‌

$

—‌

$

5,367,621‌

$

4,931,339‌

High

Yield

Ordinary

income

...........................................................................................

$

1,420,055‌

$

1,311,289‌

Sustainable

Balanced

Ordinary

income

...........................................................................................

$

30,127,352‌

$

7,130,405‌

Long-term

capital

gains

......................................................................................

$

19,824,770‌

$

7,591,112‌

$

49,952,122‌

$

14,721,517‌

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Capital

Losses

(c)

Qualified

Late-Year

Ordinary

Losses

(c)

Total

Advantage

Large

Cap

Core

.....

$

2,112,471‌

$

5,297,443‌

$

—‌

$

40,306,682‌

$

—‌

$

—‌

$

47,716,596‌

Capital

Appreciation

..........

145,794‌

9,239,919‌

—‌

120,163,947‌

(131,531‌)

—‌

129,418,129‌

Global

Allocation

............

2,320,033‌

120,508‌

—‌

4,858,166‌

—‌

(870,412‌)

6,428,295‌

Government

Money

Market

.....

8,460‌

—‌

—‌

—‌

—‌

—‌

8,460‌

High

Yield

.................

—‌

—‌

(3,157,372‌)

(2,399‌)

—‌

(22,134‌)

(3,181,905‌)

Sustainable

Balanced

.........

3,200,082‌

1,790,801‌

—‌

24,243,066‌

—‌

(666,033‌)

28,567,916‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Advantage

Large

Cap

Core

..........................................

$

178,703,264‌

$

46,627,171‌

$

(

6,320,489‌

)

$

40,306,682‌

Capital

Appreciation

...............................................

135,205,979‌

122,947,253‌

(

2,783,293‌

)

120,163,960‌

Global

Allocation

..................................................

135,609,008‌

16,974,224‌

(

10,189,923‌

)

6,784,301‌

High

Yield

......................................................

20,542,334‌

421,448‌

(

333,280‌

)

88,168‌

Sustainable

Balanced

..............................................

438,065,935‌

51,947,956‌

(

27,552,146‌

)

24,395,810‌

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

124

9.

BANK

BORROWINGS 

Each

Company,

on

behalf

of

each

Fund

(except

for

Government

Money

Market),

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2025

unless

extended

or

renewed.

Prior

to

April

11,

2024,

the

aggregate

commitment

amount

was

$2.50

billion.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2024,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk

:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

Notes

to

Financial

Statements

(continued)

125

Notes

to

Financial

Statements

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

each

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain

Funds invest

a

significant

portion

of their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

Certain

Funds invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates. Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

certain

Funds' performance.

Certain

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

As

of

period

end,

Capital

Appreciation’s

investments

had

the

following

industry

classifications:

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

INDUSTRY

ALLOCATION

Industry

Percent

of

Long-Term

Investments

Semiconductors

&

Semiconductor

Equipment

...................................................................................

20

.4‌

%

Software

...........................................................................................................

16

.6‌

Interactive

Media

&

Services

..............................................................................................

10

.2‌

Broadline

Retail

.......................................................................................................

10

.2‌

Technology

Hardware,

Storage

&

Peripherals

...................................................................................

8

.5‌

Financial

Services

.....................................................................................................

5

.0‌

Other

(a)

.............................................................................................................

29

.1‌

(a)

All

other

industries

held

were

less

than

5%

of

long-term

investments.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

126

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/24

Year

Ended

12/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Advantage

Large

Cap

Core

Shares

sold

66,740‌

$

1,997,452‌

99,170‌

$

2,319,502‌

Shares

issued

in

reinvestment

of

distributions

..................

1,046,798‌

30,086,035‌

198,690‌

4,991,092‌

Shares

redeemed

(

779,946‌

)

(

22,791,090‌

)

(

855,191‌

)

(

19,868,479‌

)

333,592‌

$

9,292,397‌

(

557,331‌

)

$

(

12,557,885‌

)

Capital

Appreciation

Shares

sold

85,505‌

$

4,566,779‌

72,761‌

$

2,871,968‌

Shares

issued

in

reinvestment

of

distributions

..................

256,855‌

15,400,888‌

115,902‌

5,361,092‌

Shares

redeemed

(

492,628‌

)

(

27,039,561‌

)

(

493,134‌

)

(

19,810,088‌

)

(

150,268‌

)

$

(

7,071,894‌

)

(

304,471‌

)

$

(

11,577,028‌

)

Global

Allocation

Shares

sold

154,536‌

$

2,485,833‌

103,811‌

$

1,507,077‌

Shares

issued

in

reinvestment

of

distributions

..................

922,677‌

14,104,809‌

276,350‌

4,183,933‌

Shares

redeemed

(

1,113,970‌

)

(

17,684,571‌

)

(

1,148,215‌

)

(

16,560,038‌

)

(

36,757‌

)

$

(

1,093,929‌

)

(

768,054‌

)

$

(

10,869,028‌

)

Government

Money

Market

Shares

sold

55,330,094‌

$

55,330,094‌

74,943,421‌

$

74,943,421‌

Shares

issued

in

reinvestment

of

distributions

..................

5,364,201‌

5,364,201‌

4,927,928‌

4,927,928‌

Shares

redeemed

(

68,104,479‌

)

(

68,104,479‌

)

(

58,467,367‌

)

(

58,467,367‌

)

(

7,410,184‌

)

$

(

7,410,184‌

)

21,403,982‌

$

21,403,982‌

High

Yield

Shares

sold

88,750‌

$

447,034‌

748,894‌

$

3,609,726‌

Shares

issued

in

reinvestment

of

distributions

..................

281,613‌

1,416,559‌

269,753‌

1,298,640‌

Shares

redeemed

(

582,704‌

)

(

2,926,810‌

)

(

873,791‌

)

(

4,182,325‌

)

(

212,341‌

)

$

(

1,063,217‌

)

144,856‌

$

726,041‌

Sustainable

Balanced

Shares

sold

321,174‌

$

5,218,055‌

235,977‌

$

3,526,284‌

Shares

issued

in

reinvestment

of

distributions

..................

3,142,052‌

49,952,122‌

948,567‌

14,721,516‌

Shares

redeemed

(

3,045,341‌

)

(

50,519,706‌

)

(

3,248,754‌

)

(

48,148,577‌

)

417,885‌

$

4,650,471‌

(

2,064,210‌

)

$

(

29,900,777‌

)

Report

of

Independent

Registered

Public

Accounting

Firm

127

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

Government

Money

Market

Portfolio,

BlackRock

Sustainable

Balanced

Portfolio,

and

BlackRock

High

Yield

Portfolio,

and

the

Board

of

Directors

of

BlackRock

Series

Fund,

Inc.

and

BlackRock

Series

Fund

II,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

Government

Money

Market

Portfolio,

and

BlackRock

Sustainable

Balanced

Portfolio

of

BlackRock

Series

Fund,

Inc.,

and

of

BlackRock

High

Yield

Portfolio

of

BlackRock

Series

Fund

II,

Inc.

(collectively,

the

“Funds”),

including

the

schedules

of

investments,

as

of

December

31,

2024,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

Such

financial

statements

and

financial

highlights

are

consolidated

for

BlackRock

Global

Allocation

Portfolio.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

December

31,

2024,

and

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2024,

by

correspondence

with

custodians

or

counterparties;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

17,

2025

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Additional

Information

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

128

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Directors,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Company

is

paid

by

the

Company,

on

behalf

of

the

Funds.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual financial

statements, and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

537-4942

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

129

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

(a)

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

(b)

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02110

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

(c)

New

York,

NY

10019

Willkie

Farr

&

Gallagher

LLP

(d)

New

York,

NY

10019

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Global

Allocation

Portfolio,

BlackRock

High

Yield

Portfolio

and

BlackRock

Sustainable

Balanced

Portfolio.

(b)

For

BlackRock

Global

Allocation

Portfolio

and

BlackRock

Sustainable

Balanced

Portfolio.

(c)

For

all

Funds

except

BlackRock

High

Yield

Portfolio.

(d)

For

BlackRock

High

Yield

Portfolio.

Glossary

of

Terms

Used

in

these

Financial

Statements

2024

BlackRock

Annual

Financial

Statements

and

Additional

Information

130

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

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CDI

Crest

Depository

Interests

CLICP

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

DAC

Designated

Activity

Company

EM

Emerging

Markets

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

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

NYRS

New

York

Registered

Shares

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

TIPS

Treasury

Inflation

Protected

Securities

TONAR

Tokyo

Overnight

Average

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-537-4942

This

report

is

authorized

for

distribution

only

to

Policyowners

of

certain

variable

life

insurance

policies,

which

are

funded

by

shares

of

BlackRock

Series

Fund,

Inc.

and

BlackRock

Series

Fund

II,

Inc.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

or

the

policies.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Performance

information

used

throughout

this

report

does

not

include

insurance-related

fees

and

expenses.

An

investment

in

BlackRock

Government

Money

Market

Portfolio

is

not

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

Government

agency.

BlackRock

Government

Money

Market

Portfolio's

sponsor

is

not

required

to

reimburse

the

Portfolio

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Portfolio

at

any

time,

including

during

periods

of

market

stress.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance,

call

(800)

626-1960.

BlackRock

Government

Money

Market

Portfolio's

current

7-day

yield

more

closely

reflects

the

current

earnings

of

the

Portfolio

than

the

total

returns

quoted.

Although

BlackRock

Government

Money

Market

Portfolio

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so

and

it

is

possible

to

lose

money

by

investing

in

the

Portfolio.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

Please

see

the

Fund’s

prospectus

for

a

description

of

risks

associated

with

global

investments.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached.

              <<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

<<section906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Series Fund, Inc. 

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Series Fund, Inc. 

Date: February 17, 2025 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Series Fund, Inc. 

Date: February 17, 2025 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Series Fund, Inc. 

Date: February 17, 2025