DECEMBER 31, 2024

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

Not FDIC Insured - May Lose Value - No Bank Guarantee

BNM0225U-4254142-13432747
Table of Contents
Page
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

2
BNM0225U-4254142-13432747
The Benefits and Risks of Leveraging
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.

The Benefits and Risks of Leveraging / D e r i v a t i v e F i n a n c i a l I n s tr u m e n t s 3

BNM0225U-4254142-13432747
Schedule of Investments BlackRock Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Common Stocks Chemicals (continued)

Mosaic Co. (The). . . . . . . . . . . . . . . . . . . . . 7,574 $ 186,169‌
Aerospace & Defense — 2.1%
General Electric Co.. . . . . . . . . . . . . . . . . . . 1,238 $ 206,486‌ 1,072,292‌
HEICO Corp., Class A. . . . . . . . . . . . . . . . . 1,499 278,934‌ Commercial Services & Supplies — 1.7%
Lockheed Martin Corp.. . . . . . . . . . . . . . . . . 3,524 1,712,452‌ Cintas Corp.. . . . . . . . . . . . . . . . . . . . . . . . 12,404 2,266,211‌
Northrop Grumman Corp.. . . . . . . . . . . . . . . 4,671 2,192,054‌ Waste Management, Inc.. . . . . . . . . . . . . . . 7,288 1,470,645‌
RTX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1,542 178,440‌
3,736,856‌
4,568,366‌ Communications Equipment — 1.1%
Air Freight & Logistics — 0.4% Motorola Solutions, Inc.. . . . . . . . . . . . . . . . 5,149 2,380,022‌
Expeditors International of Washington, Inc.. . . 6,805 753,790‌
Construction & Engineering — 1.1%
Automobile Components — 0.2%(a) Comfort Systems USA, Inc.. . . . . . . . . . . . . . 2,421 1,026,649‌
BorgWarner, Inc.. . . . . . . . . . . . . . . . . . . . . 7,921 251,809‌ EMCOR Group, Inc.. . . . . . . . . . . . . . . . . . . 1,091 495,205‌
Lear Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1,096 103,791‌ MasTec, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . 5,603 762,793‌
355,600‌ 2,284,647‌
Automobiles — 1.9% Consumer Finance — 0.1%
Tesla, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . 9,794 3,955,209‌ American Express Co.. . . . . . . . . . . . . . . . . 549 162,938‌
Banks — 4.0% Consumer Staples Distribution & Retail — 2.9%
Bank of America Corp.. . . . . . . . . . . . . . . . . 64,532 2,836,181‌ Costco Wholesale Corp.. . . . . . . . . . . . . . . . 3,527 3,231,684‌
Citigroup, Inc.. . . . . . . . . . . . . . . . . . . . . . . 26,207 1,844,711‌ Kroger Co. (The). . . . . . . . . . . . . . . . . . . . . 7,933 485,103‌
JPMorgan Chase & Co.. . . . . . . . . . . . . . . . 9,711 2,327,824‌ Walmart, Inc... . . . . . . . . . . . . . . . . . . . . . . 27,959 2,526,096‌
PNC Financial Services Group, Inc. (The). . . . 8,269 1,594,677‌
6,242,883‌
8,603,393‌ Containers & Packaging — 1.2%
Biotechnology — 2.5% Crown Holdings, Inc.(a). . . . . . . . . . . . . . . . . 4,650 384,508‌
AbbVie, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 915 162,595‌ Packaging Corp. of America. . . . . . . . . . . . . 10,077 2,268,635‌
Amgen, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 1,406 366,460‌
Biogen, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . 7,672 1,173,202‌ 2,653,143‌
BioMarin Pharmaceutical, Inc.(b). . . . . . . . . . . 10,503 690,362‌ Diversified Consumer Services — 0.1%
Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . 3,216 297,062‌ Bright Horizons Family Solutions, Inc.(b). . . . . . 984 109,076‌
Ionis Pharmaceuticals, Inc.(b). . . . . . . . . . . . . 5,746 200,880‌ Electric Utilities — 1.0%
Moderna, Inc.(b). . . . . . . . . . . . . . . . . . . . . . 1,581 65,738‌ Exelon Corp... . . . . . . . . . . . . . . . . . . . . . . 16,871 635,024‌
Natera, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . 2,665 421,870‌ NextEra Energy, Inc.. . . . . . . . . . . . . . . . . . 1,768 126,748‌
Neurocrine Biosciences, Inc.(b). . . . . . . . . . . . 7,592 1,036,308‌ OGE Energy Corp... . . . . . . . . . . . . . . . . . . 10,667 440,014‌
Regeneron Pharmaceuticals, Inc.(b). . . . . . . . . 605 430,960‌ Pinnacle West Capital Corp.. . . . . . . . . . . . . 12,238 1,037,415‌
Ultragenyx Pharmaceutical, Inc.(b). . . . . . . . . . 4,693 197,435‌
United Therapeutics Corp.(b).. . . . . . . . . . . . . 912 321,790‌ 2,239,201‌
Electrical Equipment — 1.1%
5,364,662‌ Eaton Corp. plc. . . . . . . . . . . . . . . . . . . . . . 7,149 2,372,539‌
Broadline Retail — 4.4%(b)
Amazon.com, Inc.. . . . . . . . . . . . . . . . . . . . 43,144 9,465,362‌ Electronic Equipment, Instruments & Components — 0.7%
Etsy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 750 39,668‌ Amphenol Corp., Class A. . . . . . . . . . . . . . . 19,723 1,369,762‌
Flex Ltd.(b).. . . . . . . . . . . . . . . . . . . . . . . . . 1,562 59,965‌
9,505,030‌ Insight Enterprises, Inc.(a)(b). . . . . . . . . . . . . . 418 63,578‌
Building Products — 0.9% TE Connectivity plc. . . . . . . . . . . . . . . . . . . 181 25,878‌
Trane Technologies plc. . . . . . . . . . . . . . . . . 5,243 1,936,502‌
1,519,183‌
Capital Markets — 4.6% Energy Equipment & Services — 0.6%
Charles Schwab Corp. (The). . . . . . . . . . . . . 4,975 368,200‌ Halliburton Co.. . . . . . . . . . . . . . . . . . . . . . 44,419 1,207,753‌
CME Group, Inc., Class A. . . . . . . . . . . . . . . 8,431 1,957,931‌
Interactive Brokers Group, Inc., Class A. . . . . . 2,605 460,225‌ Entertainment — 0.4% (b)

Intercontinental Exchange, Inc.. . . . . . . . . . . 14,102 2,101,339‌ Netflix, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 619 551,727‌

Invesco Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 92,439 1,615,834‌ ROBLOX Corp., Class A. . . . . . . . . . . . . . . . 3,736 216,165‌
Moody's Corp... . . . . . . . . . . . . . . . . . . . . . 939 444,494‌ Roku, Inc., Class A.. . . . . . . . . . . . . . . . . . . 432 32,115‌
Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . 13,469 1,693,323‌
800,007‌
MSCI, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 519 311,405‌
Financial Services — 3.0%
Nasdaq, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 1,077 83,263‌
Berkshire Hathaway, Inc., Class B(b). . . . . . . . 1,875 849,900‌
S&P Global, Inc.. . . . . . . . . . . . . . . . . . . . . 830 413,365‌
Mastercard, Inc., Class A.. . . . . . . . . . . . . . . 4,096 2,156,831‌
State Street Corp.. . . . . . . . . . . . . . . . . . . . 4,660 457,379‌
Visa, Inc., Class A. . . . . . . . . . . . . . . . . . . . 10,897 3,443,888‌
9,906,758‌
6,450,619‌
Chemicals — 0.5%
Ground Transportation — 0.7%
Ecolab, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 807 189,096‌
Uber Technologies, Inc.(b). . . . . . . . . . . . . . . 23,967 1,445,689‌
Huntsman Corp.. . . . . . . . . . . . . . . . . . . . . 16,506 297,603‌
LyondellBasell Industries NV, Class A. . . . . . . 5,378 399,424‌

4 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Health Care Equipment & Supplies — 1.9% IT Services — 0.8%

Becton Dickinson & Co.. . . . . . . . . . . . . . . . 730 $ 165,615‌ Accenture plc, Class A. . . . . . . . . . . . . . . . . 4,496 $ 1,581,648‌
Boston Scientific Corp.(b). . . . . . . . . . . . . . . . 2,186 195,254‌ MongoDB, Inc., Class A(b). . . . . . . . . . . . . . . 933 217,212‌
Medtronic plc. . . . . . . . . . . . . . . . . . . . . . . 28,290 2,259,805‌
Stryker Corp.. . . . . . . . . . . . . . . . . . . . . . . 3,764 1,355,228‌ 1,798,860‌
Life Sciences Tools & Services — 0.9%
3,975,902‌ Agilent Technologies, Inc.. . . . . . . . . . . . . . . 1,979 265,859‌
Health Care Providers & Services — 2.3% Thermo Fisher Scientific, Inc... . . . . . . . . . . . 3,282 1,707,395‌
Cardinal Health, Inc... . . . . . . . . . . . . . . . . . 5,589 661,011‌
Centene Corp.(b). . . . . . . . . . . . . . . . . . . . . 13,168 797,717‌ 1,973,254‌
Cigna Group (The). . . . . . . . . . . . . . . . . . . . 521 143,869‌ Machinery — 1.8%
Elevance Health, Inc.(a). . . . . . . . . . . . . . . . . 1,249 460,756‌ Caterpillar, Inc.. . . . . . . . . . . . . . . . . . . . . . 2,039 739,668‌
Encompass Health Corp.. . . . . . . . . . . . . . . 274 25,304‌ Flowserve Corp.. . . . . . . . . . . . . . . . . . . . . 1,289 74,143‌
HCA Healthcare, Inc.. . . . . . . . . . . . . . . . . . 4,713 1,414,607‌ Oshkosh Corp.. . . . . . . . . . . . . . . . . . . . . . 4,243 403,382‌
Molina Healthcare, Inc.(b). . . . . . . . . . . . . . . . 318 92,554‌ Parker-Hannifin Corp... . . . . . . . . . . . . . . . . 4,053 2,577,829‌
Tenet Healthcare Corp.(b).. . . . . . . . . . . . . . . 1,870 236,050‌ 3,795,022‌
UnitedHealth Group, Inc... . . . . . . . . . . . . . . 2,231 1,128,574‌ Media — 1.8%
4,960,442‌ Comcast Corp., Class A. . . . . . . . . . . . . . . . 63,783 2,393,776‌
Hotels, Restaurants & Leisure — 2.0% Fox Corp., Class A(a).. . . . . . . . . . . . . . . . . . 27,473 1,334,638‌
Airbnb, Inc., Class A(b).. . . . . . . . . . . . . . . . . 1,299 170,701‌ Fox Corp., Class B.. . . . . . . . . . . . . . . . . . . 560 25,615‌
Booking Holdings, Inc.. . . . . . . . . . . . . . . . . 416 2,066,863‌ New York Times Co. (The), Class A.. . . . . . . . 3,345 174,107‌
DoorDash, Inc., Class A(a)(b). . . . . . . . . . . . . . 1,924 322,751‌ 3,928,136‌
Texas Roadhouse, Inc.(a). . . . . . . . . . . . . . . . 7,383 1,332,115‌ Metals & Mining — 0.8%
Wingstop, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1,339 380,544‌ Freeport-McMoRan, Inc.. . . . . . . . . . . . . . . . 18,669 710,916‌
4,272,974‌ Nucor Corp.. . . . . . . . . . . . . . . . . . . . . . . . 8,923 1,041,403‌
Household Durables — 0.7% 1,752,319‌
DR Horton, Inc.. . . . . . . . . . . . . . . . . . . . . . 5,034 703,854‌ Multi-Utilities — 0.2%
NVR, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . 6 49,073‌ CMS Energy Corp... . . . . . . . . . . . . . . . . . . 6,440 429,226‌
PulteGroup, Inc.. . . . . . . . . . . . . . . . . . . . . 240 26,136‌
Taylor Morrison Home Corp.(b). . . . . . . . . . . . 4,894 299,562‌ Oil, Gas & Consumable Fuels — 1.9%
Toll Brothers, Inc... . . . . . . . . . . . . . . . . . . . 3,945 496,873‌ Cheniere Energy, Inc.. . . . . . . . . . . . . . . . . . 652 140,095‌
Chevron Corp... . . . . . . . . . . . . . . . . . . . . . 6,139 889,173‌
1,575,498‌ Devon Energy Corp... . . . . . . . . . . . . . . . . . 42,860 1,402,808‌
Household Products — 0.8% Hess Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 569 75,683‌
Colgate-Palmolive Co.. . . . . . . . . . . . . . . . . 14,819 1,347,195‌ Marathon Petroleum Corp.. . . . . . . . . . . . . . 4,517 630,121‌
Procter & Gamble Co. (The). . . . . . . . . . . . . 2,096 351,395‌ Ovintiv, Inc... . . . . . . . . . . . . . . . . . . . . . . . 1,894 76,707‌
1,698,590‌ Targa Resources Corp.. . . . . . . . . . . . . . . . . 128 22,848‌
Industrial Conglomerates — 0.1% Valero Energy Corp.. . . . . . . . . . . . . . . . . . . 3,689 452,235‌
3M Co... . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130 145,872‌ Williams Cos., Inc. (The). . . . . . . . . . . . . . . . 5,459 295,441‌

Industrial REITs — 0.3% 3,985,111‌

First Industrial Realty Trust, Inc.. . . . . . . . . . . 11,885 595,795‌ Pharmaceuticals — 2.6%
Prologis, Inc... . . . . . . . . . . . . . . . . . . . . . . 1,214 128,320‌ Eli Lilly & Co.. . . . . . . . . . . . . . . . . . . . . . . 4,209 3,249,348‌
Merck & Co., Inc.. . . . . . . . . . . . . . . . . . . . . 6,497 646,322‌
724,115‌ Pfizer, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 54,789 1,453,552‌
Insurance — 2.5% Zoetis, Inc., Class A. . . . . . . . . . . . . . . . . . . 1,558 253,845‌
Allstate Corp. (The). . . . . . . . . . . . . . . . . . . 3,621 698,092‌
Brown & Brown, Inc... . . . . . . . . . . . . . . . . . 3,133 319,628‌ 5,603,067‌
Globe Life, Inc.. . . . . . . . . . . . . . . . . . . . . . 196 21,858‌ Professional Services — 0.1%
Hartford Financial Services Group, Inc. (The).. 295 32,273‌ Booz Allen Hamilton Holding Corp.. . . . . . . . . 2,333 300,257‌
Marsh & McLennan Cos., Inc.(a). . . . . . . . . . . 4,332 920,160‌ Residential REITs — 0.3%
Progressive Corp. (The). . . . . . . . . . . . . . . . 11,329 2,714,542‌ AvalonBay Communities, Inc.. . . . . . . . . . . . 259 56,972‌
Reinsurance Group of America, Inc.. . . . . . . . 1,682 359,326‌ Camden Property Trust.. . . . . . . . . . . . . . . . 2,943 341,506‌
Travelers Cos., Inc. (The). . . . . . . . . . . . . . . 828 199,457‌ Essex Property Trust, Inc.. . . . . . . . . . . . . . . 798 227,781‌
5,265,336‌ 626,259‌
Interactive Media & Services — 7.2% Retail REITs — 1.2%
Alphabet, Inc., Class A. . . . . . . . . . . . . . . . . 31,456 5,954,621‌ Simon Property Group, Inc.. . . . . . . . . . . . . . 14,264 2,456,403‌
Alphabet, Inc., Class C. . . . . . . . . . . . . . . . . 19,096 3,636,642‌
Meta Platforms, Inc., Class A. . . . . . . . . . . . . 9,794 5,734,485‌ Semiconductors & Semiconductor Equipment — 10.3%
Pinterest, Inc., Class A(b). . . . . . . . . . . . . . . . 4,172 120,988‌ Applied Materials, Inc.. . . . . . . . . . . . . . . . . 3,061 497,810‌
Broadcom, Inc.. . . . . . . . . . . . . . . . . . . . . . 13,801 3,199,624‌
15,446,736‌ 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

Schedules of Investments 5
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Semiconductors & Semiconductor Equipment (continued) Short-Term Securities

Monolithic Power Systems, Inc.. . . . . . . . . . . 467 $ 276,324‌
NVIDIA Corp.. . . . . . . . . . . . . . . . . . . . . . . 102,836 13,809,846‌ Money Market Funds — 3.3%(c)(d)
QUALCOMM, Inc.. . . . . . . . . . . . . . . . . . . . 10,614 1,630,523‌ BlackRock Cash Funds: Institutional, SL Agency
Texas Instruments, Inc.. . . . . . . . . . . . . . . . . 199 37,315‌ Shares, 4.63%(e). . . . . . . . . . . . . . . . . . . 4,896,744 $ 4,899,191‌
22,108,761‌ BlackRock Liquidity Funds, T-Fund, Institutional
Software — 10.5% Class, 4.36%. . . . . . . . . . . . . . . . . . . . . 2,052,618 2,052,618‌
Adobe, Inc.(b).. . . . . . . . . . . . . . . . . . . . . . . 3,915 1,740,922‌ Total Short-Term Securities — 3.3%
Autodesk, Inc.(b).. . . . . . . . . . . . . . . . . . . . . 720 212,810‌ (Cost: $6,952,146). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,951,809‌
Elastic NV(b). . . . . . . . . . . . . . . . . . . . . . . . 890 88,181‌                                                                                                      

Fortinet, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . 10,125 956,610‌ Total Investments — 102.3%

Intuit, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 405 254,543‌ (Cost: $178,383,679).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,009,946‌
Manhattan Associates, Inc.(b). . . . . . . . . . . . . 2,028 548,047‌ Liabilities in Excess of Other Assets — (2.3)%. . . . . . . . . . . . . . (4,879,113‌)
Microsoft Corp.. . . . . . . . . . . . . . . . . . . . . . 34,985 14,746,177‌
                                                                                                     

Net Assets — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 214,130,833‌

Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . 388 64,656‌
Palo Alto Networks, Inc.(b). . . . . . . . . . . . . . . 3,510 638,680‌
ServiceNow, Inc.(b). . . . . . . . . . . . . . . . . . . . 1,785 1,892,314‌ (a)
All or a portion of this security is on loan.
Smartsheet, Inc., Class A(b). . . . . . . . . . . . . . 6,038 338,309‌ (b)
Non-income producing security.
Synopsys, Inc.(b). . . . . . . . . . . . . . . . . . . . . 1,657 804,242‌ (c)
Affiliate of the Fund.
Tyler Technologies, Inc.(b). . . . . . . . . . . . . . . 78 44,978‌ (d)
Annualized 7-day yield as of period end.
Workiva, Inc., Class A(b). . . . . . . . . . . . . . . . 1,236 135,342‌ (e)
All or a portion of this security was purchased with the cash collateral from loaned
22,465,811‌ securities.
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

6 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio
December 31, 2024

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:
                                                                                  

Capital Gain
Change in Distributions
Net Unrealized Shares from
Value at Purchases Proceeds Realized Appreciation Value at Held at Underlying
Affiliated Issuer 12/31/23 at Cost from Sales Gain (Loss) (Depreciation) 12/31/24 12/31/24 Income 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.

Schedules of Investments 7
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio
December 31, 2024

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
Value/
Unrealized
Number of Expiration Notional Appreciation
Description Contracts Date Amount (000) (Depreciation)
Long Contracts
S&P 500 E-Mini Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 03/21/25 $ 2,078 $ (54,006)
                    

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts 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:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts Contracts Total
Net Realized Gain (Loss) from
Futures contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 465,228 $ — $ — $ — $ 465,228
                                                      
Net Change in Unrealized Appreciation
(Depreciation) on
Futures contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (97,510) $ — $ — $ — $ (97,510)
                                                                                

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,045,766
      

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.
                                            

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
                   

8 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Advantage Large Cap Core Portfolio
December 31, 2024

Fair Value Hierarchy as of Period End (continued)

                                            

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.
See notes to financial statements.

Schedules of Investments 9
BNM0225U-4254142-13432747
Schedule of Investments BlackRock Capital Appreciation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Common Stocks Semiconductors & Semiconductor Equipment — 20.4%

ASML Holding NV (Registered), NYRS, ADR.. 4,820 $ 3,340,646‌
Aerospace & Defense — 1.8% Broadcom, Inc.. . . . . . . . . . . . . . . . . . . . . . 61,317 14,215,733‌
TransDigm Group, Inc.. . . . . . . . . . . . . . . . . 3,539 $ 4,484,904‌ NVIDIA Corp.. . . . . . . . . . . . . . . . . . . . . . . 238,527 32,031,791‌
Automobiles — 3.8% Taiwan Semiconductor Manufacturing Co. Ltd.,
Ferrari NV. . . . . . . . . . . . . . . . . . . . . . . . . 7,111 3,021,037‌ ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,850 2,340,256‌
Tesla, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . 16,440 6,639,130‌ 51,928,426‌
9,660,167‌ Software — 16.6%
Broadline Retail — 10.2% AppLovin Corp., Class A(a). . . . . . . . . . . . . . . 7,967 2,579,954‌
Amazon.com, Inc.(a). . . . . . . . . . . . . . . . . . . 118,223 25,936,944‌ Cadence Design Systems, Inc.(a). . . . . . . . . . 22,938 6,891,951‌
Intuit, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 9,558 6,007,203‌
Building Products — 0.7% Microsoft Corp.. . . . . . . . . . . . . . . . . . . . . . 53,042 22,357,203‌
Trane Technologies plc. . . . . . . . . . . . . . . . . 4,721 1,743,701‌ Salesforce, Inc.. . . . . . . . . . . . . . . . . . . . . . 13,529 4,523,151‌
Capital Markets — 2.4% 42,359,462‌
Blackstone, Inc., Class A.. . . . . . . . . . . . . . . 19,489 3,360,293‌ Technology Hardware, Storage & Peripherals — 8.5%
S&P Global, Inc.. . . . . . . . . . . . . . . . . . . . . 5,503 2,740,659‌ Apple, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 86,475 21,655,069‌
6,100,952‌ Total Common Stocks — 99.3%
Chemicals — 1.2% (Cost: $133,726,090).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,177,525‌
Sherwin-Williams Co. (The). . . . . . . . . . . . . . 9,405 3,197,042‌

Commercial Services & Supplies — 1.3%

Preferred Securities
Copart, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . 57,984 3,327,702‌ Preferred Stocks — 0.7%
Electrical Equipment — 1.5% Interactive Media & Services — 0.7%
Vertiv Holdings Co., Class A. . . . . . . . . . . . . 33,319 3,785,372‌ ByteDance Ltd., Series E-1, (Acquired 11/11/20,
cost $1,124,560)(a)(b)(c). . . . . . . . . . . . . . . . 10,263 1,854,524‌
Entertainment — 3.1%
                               

Total Preferred Securities — 0.7%

Netflix, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . 8,835 7,874,812‌
(Cost: $1,124,560). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,854,524‌
Financial Services — 5.0%
                                                                                                                                     

Total Long-Term Investments — 100.0%

Mastercard, Inc., Class A.. . . . . . . . . . . . . . . 5,366 2,825,574‌ (Cost: $134,850,650).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,032,049‌
Visa, Inc., Class A. . . . . . . . . . . . . . . . . . . . 31,497 9,954,312‌

12,779,886‌ Short-Term Securities

Ground Transportation — 0.8%
Money Market Funds — 0.1%
Old Dominion Freight Line, Inc.. . . . . . . . . . . 11,489 2,026,660‌
BlackRock Liquidity Funds, T-Fund, Institutional
Health Care Equipment & Supplies — 3.8%(a) Class, 4.36%(d)(e). . . . . . . . . . . . . . . . . . . 337,890 337,890‌
Align Technology, Inc.. . . . . . . . . . . . . . . . . . 10,376 2,163,500‌
Boston Scientific Corp.. . . . . . . . . . . . . . . . . 28,457 2,541,779‌ Total Short-Term Securities — 0.1%
Intuitive Surgical, Inc.. . . . . . . . . . . . . . . . . . 9,664 5,044,221‌ (Cost: $337,890).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337,890‌
                                                                                                     

9,749,500‌ Total Investments — 100.1%

Hotels, Restaurants & Leisure — 1.0% (Cost: $135,188,540).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,369,939‌
Hilton Worldwide Holdings, Inc.. . . . . . . . . . . 10,025 2,477,779‌ Liabilities in Excess of Other Assets — (0.1)%. . . . . . . . . . . . . . (248,966‌)
                                                                                                     

Net Assets — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 255,120,973‌

Interactive Media & Services — 9.5%
Alphabet, Inc., Class A. . . . . . . . . . . . . . . . . 48,971 9,270,210‌
Meta Platforms, Inc., Class A. . . . . . . . . . . . . 25,601 14,989,642‌
(a)
Non-income producing security.
24,259,852‌ (b)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
IT Services — 1.5%(a) securities with a current value of $1,854,524, representing 0.73% of its net assets as of
MongoDB, Inc., Class A. . . . . . . . . . . . . . . . 4,486 1,044,386‌ period end, and an original cost of $1,124,560.
Shopify, Inc., Class A. . . . . . . . . . . . . . . . . . 26,537 2,821,679‌ (c)
Security is valued using significant unobservable inputs and is classified as Level 3 in
the fair value hierarchy.
3,866,065‌ (d)
Affiliate of the Fund.
Life Sciences Tools & Services — 1.0% (e)
Annualized 7-day yield as of period end.
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

10 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Capital Appreciation Portfolio
December 31, 2024

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:
                                                                                  

Capital Gain
Change in Distributions
Net Unrealized Shares from
Value at Purchases Proceeds Realized Appreciation Value at Held at Underlying
Affiliated Issuer 12/31/23 at Cost from Sales Gain (Loss) (Depreciation) 12/31/24 12/31/24 Income 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.

Schedules of Investments 11
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Capital Appreciation Portfolio
December 31, 2024

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major
categories is disclosed in the Schedule of Investments above.
                                            

Level 1 Level 2 Level 3 Total

                                                        

Assets
Investments
Long-Term Investments
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 253,177,525 $ — $ — $ 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

                   

See notes to financial statements.

12 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Asset-Backed Securities United States (continued)

Series 2024-A, Class A, 5.66%,
Cayman Islands — 0.3% (a)(b)
10/15/72. . . . . . . . . . . . . . . . USD 131 $ 132,449
Elmwood CLO II Ltd., Series 2019-2A, Nelnet Student Loan Trust(a)
Class BRR, (3-mo. CME Term SOFR Series 2021-A, Class D, 4.93%,
at 1.70% Floor + 1.70%), 6.26%, 04/20/62. . . . . . . . . . . . . . . . 100 84,697
10/20/37. . . . . . . . . . . . . . . . . . USD 250 $ 251,139
Series 2021-BA, Class C, 3.57%,
Voya CLO Ltd., Series 2017-3A, Class 04/20/62. . . . . . . . . . . . . . . . 100 85,799
A1R, (3-mo. CME Term SOFR
Pagaya AI Debt Selection Trust, Series
at 0.00% Floor + 1.30%), 5.92%,
2021-2, Class NOTE, 3.00%,
04/20/34. . . . . . . . . . . . . . . . . . 150 150,244
01/25/29(a). . . . . . . . . . . . . . . . . 10 9,500
Regional Management Issuance Trust,
                                                                                                                      

401,383
Ireland — 0.6%(b)(c) Series 2021-3, Class A, 3.88%,
AB Carval Euro CLO II-C DAC, Series 10/17/33(a)(d). . . . . . . . . . . . . . . . 200 187,260
2X, Class D, (3-mo. EURIBOR SLM Private Education Loan Trust,
at 3.75% Floor + 3.75%), 7.28%, Series 2010-C, Class A5, (1-mo.
02/15/37. . . . . . . . . . . . . . . . . . EUR 100 105,123 CME Term SOFR at 0.00% Floor +
Arbour CLO VI DAC, Series 6X, Class 4.86%), 9.26%, 10/15/41(a)(b). . . . . 101 104,845
DR, (3-mo. EURIBOR at 3.20% SMB Private Education Loan Trust,
Floor + 3.20%), 6.37%, 11/15/37.. 100 104,249 Series 2021-A, Class C, 2.99%,
Capital Four CLO VIII DAC, Series 8X, 01/15/53(a). . . . . . . . . . . . . . . . . 119 102,370
Class D, (3-mo. EURIBOR at 3.25% SoFi Personal Loan Trust, Series 2024-
Floor + 3.25%), 6.31%, 10/25/37.. 100 105,091 1A, Class A, 6.06%, 02/12/31(a). . . 89 89,412
Palmer Square European Loan Funding Subway Funding LLC, Series 2024-1A,
DAC, Series 2024-2X, Class D, Class A2II, 6.27%, 07/30/54(a). . . . 45 45,781
(3-mo. EURIBOR at 3.15% Floor +
                                                                                                                      

1,357,860
3.15%), 6.50%, 05/15/34. . . . . . . 100 104,282   

Penta CLO DAC, Series 2024-17X, Total Asset-Backed Securities — 1.8%

Class D, (3-mo. EURIBOR at 3.25% (Cost: $2,754,685). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,627,169
Floor + 3.25%), 6.81%, 08/15/38.. 100 105,080                                                    

Providus CLO II DAC, Series 2X, Class Shares

DRR, (3-mo. EURIBOR at 3.20% Shares
Floor + 3.20%), 6.38%, 10/15/38.. 100 104,536
Sona Fios CLO III DAC, Series 3X, Common Stocks
Class D, (3-mo. EURIBOR at 3.25%
Australia — 0.5%
Floor + 3.25%), 6.41%, 04/20/37.. 110 114,974
BHP Group Ltd... . . . . . . . . . . . . . . 5,006 122,120
Tikehau CLO XII DAC, Series 12X,
Brambles Ltd.. . . . . . . . . . . . . . . . . 1,725 20,516
Class D, (3-mo. EURIBOR at 3.25%
Coles Group Ltd.. . . . . . . . . . . . . . . 1,928 22,507
Floor + 3.25%), 6.62%, 10/20/38.. 100 104,975
                                                                                                                      
Fortescue Ltd... . . . . . . . . . . . . . . . 967 10,889
848,310 Glencore plc. . . . . . . . . . . . . . . . . . 81,560 359,205
United Kingdom — 0.0% Macquarie Group Ltd... . . . . . . . . . . 334 45,679
Unique Pub Finance Co. plc (The), Medibank Pvt Ltd.. . . . . . . . . . . . . . 5,351 12,542
Series N, 6.46%, 03/30/32(c). . . . . GBP 15 19,616 Quintis HoldCo Pty. Ltd.(d)(e)(f). . . . . . . 218,994 1
                                                                                                                      

Rio Tinto Ltd.. . . . . . . . . . . . . . . . . 454 32,921

United States — 0.9% Steadfast Group Ltd.. . . . . . . . . . . . 5,241 18,789
AccessLex Institute, Series 2007-A, Woolworths Group Ltd.. . . . . . . . . . . 3,576 67,410
Class A3, (3-mo. CME Term SOFR                                

at 0.00% Floor + 0.56%), 5.08%, 712,579

05/25/36(b). . . . . . . . . . . . . . . . . USD 10 10,069 Belgium — 0.1%
Ajax Mortgage Loan Trust, Series 2021- KBC Group NV. . . . . . . . . . . . . . . . 1,218 94,041
E, Class A1, 1.74%, 12/25/60(a)(b).. 145 124,759 Syensqo SA. . . . . . . . . . . . . . . . . . 267 19,499
GoodLeap Home Improvement                                

Solutions Trust, Series 2024-1A, 113,540

Class A, 5.35%, 10/20/46(a). . . . . . 117 116,431 Brazil — 0.3%
GoodLeap Sustainable Home Solutions B3 SA - Brasil Bolsa Balcao.. . . . . . . 60,564 101,222
Trust, Series 2021-3CS, Class A, Banco do Brasil SA. . . . . . . . . . . . . 12,196 47,292
2.10%, 05/20/48(a). . . . . . . . . . . . 20 15,516 Magazine Luiza SA(f). . . . . . . . . . . . 27,948 29,419
GreenSky Home Improvement Trust, MercadoLibre, Inc.(f). . . . . . . . . . . . . 68 115,630
Series 2024-1, Class A4, 5.67%, Seguridade Participacoes SA.. . . . . . 6,226 36,371
06/25/59(a). . . . . . . . . . . . . . . . . 94 94,809 Ultrapar Participacoes SA. . . . . . . . . 7,706 19,921
Navient Private Education Refi Loan XP, Inc., Class A. . . . . . . . . . . . . . . 2,158 25,572
Trust(a)
                               

375,427
Series 2021-DA, Class A, (US Prime
Cambodia — 0.0%
Rate at 0.00% Floor - 1.99%),
NagaCorp Ltd.(f).. . . . . . . . . . . . . . . 8,000 2,989
5.76%, 04/15/60(b). . . . . . . . . . 54 53,808         

Series 2021-DA, Class C, 3.48%,

04/15/60. . . . . . . . . . . . . . . . 110 100,355
Consolidated Schedule of Investments 13
BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Canada — 1.3% France (continued)

Algoma Steel Group, Inc.. . . . . . . . . 4,547 $ 44,470 BNP Paribas SA. . . . . . . . . . . . . . . 511 $ 31,374
Barrick Gold Corp.. . . . . . . . . . . . . . 4,266 66,151 Bouygues SA. . . . . . . . . . . . . . . . . 1,366 40,448
Cameco Corp... . . . . . . . . . . . . . . . 10,130 520,581 Carrefour SA.. . . . . . . . . . . . . . . . . 3,245 46,185
Canadian National Railway Co.. . . . . 552 56,054 Cie de Saint-Gobain SA. . . . . . . . . . 7,367 654,644
Canadian Natural Resources Ltd.. . . . 2,536 78,297 Dassault Systemes SE. . . . . . . . . . . 2,767 95,749
Cenovus Energy, Inc.. . . . . . . . . . . . 4,235 64,197 Edenred SE. . . . . . . . . . . . . . . . . . 1,289 42,377
Enbridge, Inc.. . . . . . . . . . . . . . . . . 2,148 91,168 Eiffage SA. . . . . . . . . . . . . . . . . . . 456 39,987
Fairfax Financial Holdings Ltd.. . . . . . 93 129,396 EssilorLuxottica SA. . . . . . . . . . . . . 1,532 373,701
Franco-Nevada Corp.. . . . . . . . . . . . 922 108,347 Hermes International SCA. . . . . . . . . 194 465,478
Lionsgate Studios Corp.(f)(g). . . . . . . . 2,108 16,021 La Francaise des Jeux SACA(a)(c). . . . 370 14,249
Power Corp. of Canada(g). . . . . . . . . 4,362 136,069 L'Oreal SA. . . . . . . . . . . . . . . . . . . 79 27,966
Shopify, Inc., Class A(f). . . . . . . . . . . 792 84,294 LVMH Moet Hennessy Louis Vuitton SE. 925 608,459
Suncor Energy, Inc.. . . . . . . . . . . . . 10,682 381,296 Orange SA. . . . . . . . . . . . . . . . . . . 7,764 77,468
Teck Resources Ltd., Class B. . . . . . 609 24,691 Sodexo SA. . . . . . . . . . . . . . . . . . . 203 16,728
Thomson Reuters Corp.. . . . . . . . . . 392 62,946 Vivendi SE. . . . . . . . . . . . . . . . . . . 2,433 6,435
                                                               

1,863,978 2,895,784
Cayman Islands — 0.0% Georgia — 0.0%
Teya Services Ltd., Series C, (Acquired Bank of Georgia Group plc. . . . . . . . 67 3,951
11/16/21, cost $73,809)(d)(f)(h). . . . . 38 12,806         

         Germany — 0.7%

China — 1.2% adidas AG. . . . . . . . . . . . . . . . . . . 1,774 436,341
BYD Co. Ltd., Class H. . . . . . . . . . . 17,500 595,230 CTS Eventim AG & Co. KGaA. . . . . . 67 5,664
China Tower Corp. Ltd., Class H(a)(c).. 104,000 14,936 Evonik Industries AG. . . . . . . . . . . . 2,265 39,370
Contemporary Amperex Technology Co. Fresenius Medical Care AG. . . . . . . . 767 34,922
Ltd., Class A. . . . . . . . . . . . . . . . 7,135 258,725 Heidelberg Materials AG. . . . . . . . . . 459 56,716
Great Wall Motor Co. Ltd., Class A. . . 25,157 90,177 Merck KGaA. . . . . . . . . . . . . . . . . . 384 55,881
Great Wall Motor Co. Ltd., Class H. . . 32,500 56,638 MTU Aero Engines AG. . . . . . . . . . . 321 107,213
Haidilao International Holding Ltd.(a)(c). 13,000 26,245 Northern Data AG(f). . . . . . . . . . . . . 301 13,935
Lenovo Group Ltd.. . . . . . . . . . . . . . 12,000 15,427 Rational AG. . . . . . . . . . . . . . . . . . 38 32,547
NetEase, Inc.. . . . . . . . . . . . . . . . . 5,800 103,239 Rheinmetall AG. . . . . . . . . . . . . . . . 72 46,001
Nongfu Spring Co. Ltd., Class H(a)(c)(g). 9,253 39,997 RWE AG. . . . . . . . . . . . . . . . . . . . 3,621 108,136
Prosus NV, Class N. . . . . . . . . . . . . 2,339 92,916 Zalando SE(a)(c)(f). . . . . . . . . . . . . . . 174 5,821
Seres Group Co. Ltd., Class A. . . . . . 1,400 25,412                                

Tencent Holdings Ltd.. . . . . . . . . . . . 5,441 290,401 942,547

Weichai Power Co. Ltd., Class A.. . . . 14,417 26,917 Greece — 0.0%
Weichai Power Co. Ltd., Class H. . . . 18,000 27,338 Athens International Airport SA.. . . . . 888 7,359
Xiaomi Corp., Class B(a)(c)(f). . . . . . . . 5,000 21,929 OPAP SA, Class R.. . . . . . . . . . . . . 225 3,657
                               

11,016
                               

1,685,527
Colombia — 0.0% Hong Kong — 0.3%
Bancolombia SA, ADR. . . . . . . . . . . 136 4,285 AIA Group Ltd.. . . . . . . . . . . . . . . . 41,800 300,244
        
Orient Overseas International Ltd.. . . 1,500 22,102
Czech Republic — 0.0% Prudential plc. . . . . . . . . . . . . . . . . 5,063 40,180
Komercni Banka A/S. . . . . . . . . . . . 130 4,540                                

Moneta Money Bank A/S(a)(c). . . . . . . 810 4,122 362,526

                               
Hungary — 0.0%
8,662 OTP Bank Nyrt.. . . . . . . . . . . . . . . . 253 13,827
Denmark — 0.7%         

AP Moller - Maersk A/S, Class B.. . . . 29 48,249 India — 0.1%

Ascendis Pharma A/S, ADR(f). . . . . . . 292 40,200 Aditya Birla Capital Ltd.(f). . . . . . . . . . 1,609 3,334
Carlsberg A/S, Class B. . . . . . . . . . . 461 44,276 Axis Bank Ltd... . . . . . . . . . . . . . . . 356 4,415
DSV A/S.. . . . . . . . . . . . . . . . . . . . 1,079 229,790 Bharat Electronics Ltd.. . . . . . . . . . . 1,023 3,491
Genmab A/S(f). . . . . . . . . . . . . . . . . 62 12,948 Bharat Petroleum Corp. Ltd.. . . . . . . 849 2,887
Novo Nordisk A/S, Class B. . . . . . . . 5,710 492,669 Cipla Ltd.. . . . . . . . . . . . . . . . . . . . 751 13,384
Novonesis (Novozymes), Class B. . . . 1,484 84,093 Eicher Motors Ltd.. . . . . . . . . . . . . . 140 7,877
Vestas Wind Systems A/S(f). . . . . . . . 4,398 60,327 GAIL India Ltd.. . . . . . . . . . . . . . . . 4,239 9,421
                               
Godrej Consumer Products Ltd.. . . . . 284 3,583
1,012,552 Hindustan Aeronautics Ltd.(c). . . . . . . 399 19,419
Finland — 0.0% Hindustan Petroleum Corp. Ltd.. . . . . 1,037 4,930
Elisa OYJ. . . . . . . . . . . . . . . . . . . . 560 24,247 IndusInd Bank Ltd.. . . . . . . . . . . . . . 644 7,206
Sampo OYJ, Class A. . . . . . . . . . . . 279 11,396 ITC Ltd.. . . . . . . . . . . . . . . . . . . . . 1,823 10,279
JSW Energy Ltd.. . . . . . . . . . . . . . . 686 5,137
                               

35,643
Kotak Mahindra Bank Ltd.. . . . . . . . . 3,740 77,849
France — 2.0%
Larsen & Toubro Ltd.. . . . . . . . . . . . 66 2,774
Accor SA. . . . . . . . . . . . . . . . . . . . 5,618 273,246
Maruti Suzuki India Ltd.. . . . . . . . . . 23 2,909
Atos SE. . . . . . . . . . . . . . . . . . . . . 5,511,718 14,844
AXA SA. . . . . . . . . . . . . . . . . . . . . 1,867 66,446

14 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

India (continued) Japan (continued)

Think & Learn Pvt Ltd., (Acquired Nikon Corp.. . . . . . . . . . . . . . . . . . 900 $ 9,272
12/11/20, cost $67,547)(d)(f)(h). . . . . 45 $ — Nippon Paint Holdings Co. Ltd... . . . . 4,954 31,985
UltraTech Cement Ltd.. . . . . . . . . . . 22 2,931 Nippon Yusen KK. . . . . . . . . . . . . . 2,200 73,224
                               

Nomura Holdings, Inc.. . . . . . . . . . . 3,700 21,467

181,826 Nomura Research Institute Ltd.. . . . . 1,416 41,576
Indonesia — 0.1% Panasonic Holdings Corp.. . . . . . . . . 3,500 35,772
Astra International Tbk. PT. . . . . . . . 32,700 9,940 Rakus Co. Ltd.. . . . . . . . . . . . . . . . 1,473 17,148
Bank Central Asia Tbk. PT.. . . . . . . . 90,500 54,401 Rakuten Group, Inc.(f). . . . . . . . . . . . 4,300 23,166
Bank Negara Indonesia Persero Tbk. Santen Pharmaceutical Co. Ltd.. . . . . 1,563 16,004
PT. . . . . . . . . . . . . . . . . . . . . . 100,900 27,155
Sekisui House Ltd.. . . . . . . . . . . . . . 800 19,075
Bank Syariah Indonesia Tbk. PT.. . . . 93,200 15,745
Socionext, Inc.. . . . . . . . . . . . . . . . 3,400 53,115
Ciputra Development Tbk. PT. . . . . . 104,200 6,353
Sojitz Corp... . . . . . . . . . . . . . . . . . 1,400 28,532
Mitra Adiperkasa Tbk. PT. . . . . . . . . 44,400 3,875
Sompo Holdings, Inc.. . . . . . . . . . . . 3,700 95,868
Sony Group Corp.. . . . . . . . . . . . . . 2,500 52,689
                               

117,469
Ireland — 0.0% Sumitomo Mitsui Financial Group, Inc.. 1,300 31,200
Kingspan Group plc. . . . . . . . . . . . . 766 55,686 Suzuki Motor Corp.. . . . . . . . . . . . . 4,000 44,817
        

Tokio Marine Holdings, Inc.. . . . . . . . 1,700 61,010

Israel — 0.0% Tokyo Electron Ltd.. . . . . . . . . . . . . 300 45,096
Teva Pharmaceutical Industries Ltd., TOPPAN Holdings, Inc... . . . . . . . . . 500 13,264
ADR(f). . . . . . . . . . . . . . . . . . . . 2,670 58,847 Toyota Tsusho Corp.. . . . . . . . . . . . 3,000 53,054
Trend Micro, Inc.(f). . . . . . . . . . . . . . 1,100 59,304
        

Italy — 1.4%
Unicharm Corp.. . . . . . . . . . . . . . . . 5,400 44,518
BPER Banca SpA. . . . . . . . . . . . . . 10,225 65,213
Yamaha Motor Co. Ltd.(g).. . . . . . . . . 7,776 68,512
Ferrari NV. . . . . . . . . . . . . . . . . . . 350 149,345
FinecoBank Banca Fineco SpA. . . . . 547 9,547
                               

4,527,365
Intesa Sanpaolo SpA. . . . . . . . . . . . 291,823 1,170,449 Jordan — 0.0%
Stevanato Group SpA.. . . . . . . . . . . 484 10,546 Hikma Pharmaceuticals plc. . . . . . . . 720 17,951
UniCredit SpA. . . . . . . . . . . . . . . . . 14,730 589,913         

Wizz Air Holdings plc(a)(c)(f). . . . . . . . . 301 5,394 Kazakhstan — 0.0%(c)

                               

Halyk Savings Bank of Kazakhstan

2,000,407 JSC, GDR. . . . . . . . . . . . . . . . . 246 4,767
Japan — 3.1% Kaspi.KZ JSC, ADR. . . . . . . . . . . . . 116 10,986
Asahi Intecc Co. Ltd.. . . . . . . . . . . . 1,600 25,960                                

Bandai Namco Holdings, Inc.. . . . . . . 1,600 38,152 15,753

Dai-ichi Life Holdings, Inc.. . . . . . . . . 3,100 82,604 Macau — 0.0%
Daiichi Sankyo Co. Ltd... . . . . . . . . . 6,649 181,938 Wynn Macau Ltd... . . . . . . . . . . . . . 47,926 33,054
Daikin Industries Ltd.. . . . . . . . . . . . 1,739 202,908
        

Malaysia — 0.0%
Daiwa Securities Group, Inc.. . . . . . . 6,200 40,912
CIMB Group Holdings Bhd.. . . . . . . . 2,100 3,847
Ebara Corp.. . . . . . . . . . . . . . . . . . 2,200 33,754
Frontken Corp. Bhd... . . . . . . . . . . . 8,000 7,967
Eisai Co. Ltd.. . . . . . . . . . . . . . . . . 1,000 27,230                                

FANUC Corp.. . . . . . . . . . . . . . . . . 1,976 51,619 11,814

FUJIFILM Holdings Corp.. . . . . . . . . 3,643 75,372 Mexico — 0.1%
GMO Payment Gateway, Inc... . . . . . 400 20,158 Cemex SAB de CV. . . . . . . . . . . . . 80,140 45,007
Hoya Corp.. . . . . . . . . . . . . . . . . . . 4,559 565,801 Grupo Aeroportuario del Sureste SAB
Isetan Mitsukoshi Holdings Ltd.. . . . . 1,900 32,622 de CV, Class B. . . . . . . . . . . . . . 535 13,760
Ito En Ltd.. . . . . . . . . . . . . . . . . . . 514 11,544 Grupo Financiero Banorte SAB de CV,
J Front Retailing Co. Ltd... . . . . . . . . 1,500 19,982 Class O. . . . . . . . . . . . . . . . . . . 12,372 79,723
Kakaku.com, Inc.. . . . . . . . . . . . . . . 300 4,571 Wal-Mart de Mexico SAB de CV. . . . . 12,584 33,121
Kansai Paint Co. Ltd.. . . . . . . . . . . . 1,272 18,182                                

Kawasaki Kisen Kaisha Ltd... . . . . . . 3,500 49,794 171,611

Keyence Corp.. . . . . . . . . . . . . . . . 1,187 482,482 Netherlands — 1.5%
Kokusai Electric Corp.. . . . . . . . . . . 700 9,173 ABN AMRO Bank NV, CVA(a)(c). . . . . . 578 8,919
Kuraray Co. Ltd.. . . . . . . . . . . . . . . 900 12,891 Adyen NV(a)(c)(f).. . . . . . . . . . . . . . . . 15 22,291
Kyowa Kirin Co. Ltd... . . . . . . . . . . . 500 7,519 Argenx SE(f). . . . . . . . . . . . . . . . . . 41 25,326
Kyushu Railway Co.. . . . . . . . . . . . . 1,900 46,324 ASML Holding NV. . . . . . . . . . . . . . 1,250 875,543
Mazda Motor Corp.. . . . . . . . . . . . . 2,400 16,365 ING Groep NV.. . . . . . . . . . . . . . . . 2,839 44,492
Mitsubishi Chemical Group Corp.. . . . 8,300 41,920 Koninklijke Ahold Delhaize NV. . . . . . 3,514 114,623
Mitsubishi Corp.. . . . . . . . . . . . . . . 1,800 29,451 Koninklijke KPN NV. . . . . . . . . . . . . 14,208 51,809
Mitsubishi Electric Corp.. . . . . . . . . . 6,500 109,757 Koninklijke Vopak NV. . . . . . . . . . . . 286 12,588
Mitsubishi UFJ Financial Group, Inc... 57,900 675,965 Shell plc(g).. . . . . . . . . . . . . . . . . . . 26,844 842,451
Mitsui & Co. Ltd.. . . . . . . . . . . . . . . 19,100 396,117 Shell plc, ADR.. . . . . . . . . . . . . . . . 2,111 132,254
Mitsui OSK Lines Ltd.. . . . . . . . . . . . 1,400 48,718 Wolters Kluwer NV.. . . . . . . . . . . . . 399 66,292
Money Forward, Inc.(f).. . . . . . . . . . . 100 3,030
                               

2,196,588
MS&AD Insurance Group Holdings, Inc.. 2,600 56,154 Norway — 0.1%
Nexon Co. Ltd.. . . . . . . . . . . . . . . . 1,200 17,850 DNB Bank ASA. . . . . . . . . . . . . . . . 828 16,531
Nidec Corp.. . . . . . . . . . . . . . . . . . 8,400 150,878 Equinor ASA. . . . . . . . . . . . . . . . . . 3,234 76,707
Consolidated Schedule of Investments 15
BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Norway (continued) Spain (continued)

Kongsberg Gruppen ASA. . . . . . . . . 214 $ 24,077 Banco de Sabadell SA. . . . . . . . . . . 7,712 $ 14,987
Telenor ASA. . . . . . . . . . . . . . . . . . 2,215 24,713 Bankinter SA.. . . . . . . . . . . . . . . . . 3,878 30,692
                               

Cellnex Telecom SA(a)(c).. . . . . . . . . . 14,830 468,428

142,028 Industria de Diseno Textil SA. . . . . . . 955 48,919
Peru — 0.0% Repsol SA. . . . . . . . . . . . . . . . . . . 1,629 19,822
Credicorp Ltd.. . . . . . . . . . . . . . . . . 351 64,345                                

        

754,856
Philippines — 0.0% Sweden — 0.2%
Ayala Land, Inc... . . . . . . . . . . . ... 19,500 8,777 Boliden AB. . . . . . . . . . . . . . . . . . . 756 21,270
Bloomberry Resorts Corp.(f). . . . . ... 53,600 4,225 Evolution AB(a)(c).. . . . . . . . . . . . . . . 679 52,362
International Container Terminal SSAB AB, Class A. . . . . . . . . . . . . . 1,697 6,886
Services, Inc.. . . . . . . . . . . . ... 840 5,605 SSAB AB, Class B(g). . . . . . . . . . . . . 3,437 13,640
Metropolitan Bank & Trust Co.. . . ... 4,800 5,944 Telia Co. AB. . . . . . . . . . . . . . . . . . 10,863 30,193
Volvo AB, Class B. . . . . . . . . . . . . . 3,815 92,713
                               

24,551
Poland — 0.0%
                               

217,064
LPP SA. . . . . . . . . . . . . . . . . . . . . 1 3,763 Switzerland — 0.8%
Powszechna Kasa Oszczednosci Bank ABB Ltd. (Registered).. . . . . . . . . . . 1,788 96,549
Polski SA. . . . . . . . . . . . . . . . . . 390 5,646
Alcon AG. . . . . . . . . . . . . . . . . . . . 493 41,800
Powszechny Zaklad Ubezpieczen SA. 3,875 43,043
Belimo Holding AG (Registered). . . . . 38 25,130
Galderma Group AG(f).. . . . . . . . . . . 4,085 452,994
                               

52,452
Portugal — 0.0% Geberit AG (Registered). . . . . . . . . . 83 47,071
Jeronimo Martins SGPS SA(g). . . . . . 354 6,765 Kuehne + Nagel International AG
        

(Registered). . . . . . . . . . . . . . . . 439 100,726

Romania — 0.0% Logitech International SA (Registered). 1,352 111,603
Banca Transilvania SA. . . . . . . . . . . 494 2,776 Novartis AG (Registered). . . . . . . . . 2,166 210,876
SGS SA (Registered). . . . . . . . . . . . 645 64,705
        

Saudi Arabia — 0.0%

Sika AG (Registered). . . . . . . . . . . . 195 46,528
Abdullah Al Othaim Markets Co.. . . . . 2,453 6,855                                

Al Rajhi Bank. . . . . . . . . . . . . . . . . 439 11,034 1,197,982

Elm Co.. . . . . . . . . . . . . . . . . . . . . 22 6,528 Taiwan — 1.2%
Etihad Etisalat Co.. . . . . . . . . . . . . . 829 11,769 ASMedia Technology, Inc.. . . . . . . . . 1,000 60,289
Riyadh Cables Group Co.. . . . . . . . . 109 3,994 Asustek Computer, Inc... . . . . . . . . . 1,000 18,744
Saudi Basic Industries Corp.. . . . . . . 256 4,565 Chicony Electronics Co. Ltd.. . . . . . . 5,379 24,902
Saudi National Bank (The). . . . . . . . 936 8,306 Compal Electronics, Inc.. . . . . . . . . . 30,519 34,942
Yanbu National Petrochemical Co.. . . 453 4,556 Evergreen Marine Corp. Taiwan Ltd... 9,000 61,737
Fortune Electric Co. Ltd.. . . . . . . . . . 1,000 17,120
                               

57,607
Genius Electronic Optical Co. Ltd.. . . 3,779 58,304
Singapore — 0.0%
Global Unichip Corp.. . . . . . . . . . . . 1,000 41,288
Sea Ltd., ADR, Class A(f). . . . . . . . . . 88 9,337
MediaTek, Inc... . . . . . . . . . . . . . . . 2,940 126,390
STMicroelectronics NV. . . . . . . . . . . 421 10,545
Quanta Computer, Inc.. . . . . . . . . . . 6,571 57,190
UOL Group Ltd.. . . . . . . . . . . . . . . . 2,010 7,591
                               
Realtek Semiconductor Corp.. . . . . . 4,796 82,887
27,473 Taiwan Semiconductor Manufacturing
South Africa — 0.0% Co. Ltd.. . . . . . . . . . . . . . . . . . . 32,000 1,040,002
Anglo American plc. . . . . . . . . . . . . 626 18,509 Wan Hai Lines Ltd... . . . . . . . . . . . . 14,000 34,597
FirstRand Ltd.. . . . . . . . . . . . . . . . . 3,690 14,801 Yang Ming Marine Transport Corp.. . . 24,000 55,380
Kumba Iron Ore Ltd... . . . . . . . . . . . 510 8,817
                               

                               
1,713,772
42,127 Thailand — 0.0%
South Korea — 0.3% Advanced Info Service PCL. . . . . . . . 1,100 9,229
Coupang, Inc., Class A(f). . . . . . . . . . 2,468 54,247 CP ALL PCL. . . . . . . . . . . . . . . . . . 6,000 9,781
Fila Holdings Corp.. . . . . . . . . . . . . 164 4,451 True Corp. PCL, NVDR(f). . . . . . . . . . 16,800 5,454
GS Engineering & Construction Corp.(f). 711 8,339
                               

24,464
HD Hyundai Infracore Co. Ltd.(f). . . . . 1,767 8,199
Turkey — 0.0%
HD Hyundai Mipo(f).. . . . . . . . . . . . . 164 14,877
Eldorado Gold Corp.(f).. . . . . . . . . . . 537 7,985
KakaoBank Corp.(f).. . . . . . . . . . . . . 969 13,691
Turkiye Is Bankasi A/S, Class C. . . . . 25,696 9,821
Kia Corp.. . . . . . . . . . . . . . . . . . . . 500 33,835                                

Krafton, Inc.(f). . . . . . . . . . . . . . . . . 124 26,130 17,806

NAVER Corp.(f). . . . . . . . . . . . . . . . 227 30,289 United Arab Emirates — 0.0%
Samsung C&T Corp.(f).. . . . . . . . . . . 226 17,463 NMC Health plc(d)(f). . . . . . . . . . . . . . 8,338 —
Samsung Electronics Co. Ltd.. . . . . . 3,676 131,185         

Samsung Life Insurance Co. Ltd.(f). . . 343 21,949 United Kingdom — 2.5%
                               

Admiral Group plc. . . . . . . . . . . . . . 1,509 49,851

364,655 Auto Trader Group plc(a)(c). . . . . . . . . 7,293 72,163
Spain — 0.5% BAE Systems plc. . . . . . . . . . . . . . . 54,311 779,107
Amadeus IT Group SA. . . . . . . . . . . 97 6,847 Barclays plc. . . . . . . . . . . . . . . . . . 5,246 17,549
Banco Bilbao Vizcaya Argentaria SA.. 16,880 165,161 BP plc. . . . . . . . . . . . . . . . . . . . . . 10,103 49,939

16 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

United Kingdom (continued) United States (continued)

British American Tobacco plc. . . . . . . 4,086 $ 147,442 Chipotle Mexican Grill, Inc.(f). . . . . . . 7,591 $ 457,737
Compass Group plc. . . . . . . . . . . . . 16,670 554,668 Citigroup, Inc.. . . . . . . . . . . . . . . . . 1,028 72,361
Flutter Entertainment plc(f). . . . . . . . . 248 64,126 CME Group, Inc., Class A. . . . . . . . . 208 48,304
Genius Sports Ltd.(f). . . . . . . . . . . . . 5,166 44,686 Coinbase Global, Inc., Class A(f). . . . . 231 57,357
Hargreaves Lansdown plc. . . . . . . . . 2,808 38,532 Colgate-Palmolive Co.. . . . . . . . . . . 388 35,273
Imperial Brands plc. . . . . . . . . . . . . 1,006 32,171 Comerica, Inc... . . . . . . . . . . . . . . . 100 6,185
J Sainsbury plc. . . . . . . . . . . . . . . . 15,679 53,577 CommScope Holding Co., Inc.(f). . . . . 2,860 14,901
Kingfisher plc. . . . . . . . . . . . . . . . . 13,353 41,506 Concentra Group Holdings Parent, Inc.. 775 15,330
Lloyds Banking Group plc. . . . . . . . . 34,456 23,531 Confluent, Inc., Class A(f). . . . . . . . . . 13,110 366,556
London Stock Exchange Group plc. . . 1,367 192,959 ConocoPhillips. . . . . . . . . . . . . . . . 397 39,371
Marks & Spencer Group plc.. . . . . . . 8,606 40,304 Consolidated Edison, Inc.. . . . . . . . . 635 56,661
National Grid plc. . . . . . . . . . . . . . . 45,630 542,096 Constellium SE, Class A(f). . . . . . . . . 763 7,836
NatWest Group plc.. . . . . . . . . . . . . 10,201 51,120 Coreweave, Inc.(d)(f). . . . . . . . . . . . . 47 44,173
RELX plc. . . . . . . . . . . . . . . . . . . . 14,016 635,051 Corpay, Inc.(f). . . . . . . . . . . . . . . . . 211 71,407
Rolls-Royce Holdings plc(f).. . . . . . . . 12,375 87,756 Costco Wholesale Corp.. . . . . . . . . . 1,261 1,155,416
Standard Chartered plc.. . . . . . . . . . 3,700 45,551 Coterra Energy, Inc.. . . . . . . . . . . . . 2,831 72,304
Tesco plc. . . . . . . . . . . . . . . . . . . . 5,620 25,848 CRH plc. . . . . . . . . . . . . . . . . . . . . 7,832 724,617
                               

CRH plc. . . . . . . . . . . . . . . . . . . . . 119 11,016

3,589,533 Crowdstrike Holdings, Inc., Class A(f).. 494 169,027
United States — 46.7% Crown PropTech Acquisitions(d)(f).. . . . 1,992 307
3M Co... . . . . . . . . . . . . . . . . . . . . 203 26,205 Crown PropTech Acquisitions, Class A(f). 845 9,312
AbbVie, Inc.. . . . . . . . . . . . . . . . . . 579 102,888 CSL Ltd... . . . . . . . . . . . . . . . . . . . 189 32,971
Adobe, Inc.(f). . . . . . . . . . . . . . . . . . 2,163 961,843 CyberArk Software Ltd.(f). . . . . . . . . . 244 81,289
Advanced Micro Devices, Inc.(f). . . . . 278 33,580 Danaher Corp.. . . . . . . . . . . . . . . . 2,041 468,512
AES Corp. (The). . . . . . . . . . . . . . . 6,021 77,490 Datadog, Inc., Class A(f)(g). . . . . . . . . 2,284 326,361
Airbnb, Inc., Class A(f). . . . . . . . . . . . 135 17,740 Davidson Kempner Merchant Co.-Invest
Akamai Technologies, Inc.(f). . . . . . . . 492 47,060 Fund LP, (Acquired 04/07/21, cost
Alaska Air Group, Inc.(f). . . . . . . . . . . 800 51,800 $36,787)(f)(h)(j).. . . . . . . . . . . . . . . —(k) 166,980
Alphabet, Inc., Class C. . . . . . . . . . . 14,177 2,699,868 Deckers Outdoor Corp.(f). . . . . . . . . . 210 42,649
Altice USA, Inc., Class A(f). . . . . . . . . 7,585 18,280 Dell Technologies, Inc., Class C. . . . . 177 20,398
Altria Group, Inc.. . . . . . . . . . . . . . . 3,608 188,662 Delta Air Lines, Inc.. . . . . . . . . . . . . 8,488 513,524
Amazon.com, Inc.(f)(i).. . . . . . . . . . . . 13,545 2,971,638 Devon Energy Corp... . . . . . . . . . . . 1,189 38,916
AMC Networks, Inc., Class A(f). . . . . . 748 7,405 Dexcom, Inc.(f). . . . . . . . . . . . . . . . . 1,363 106,001
Amentum Holdings, Inc.(f). . . . . . . . . 2,296 48,285 DF Residential I LP(d)(f). . . . . . . . . . . 23,229 22,996
American Water Works Co., Inc... . . . 331 41,206 Discover Financial Services.. . . . . . . 2,320 401,894
Amgen, Inc.. . . . . . . . . . . . . . . . . . 59 15,378 DoorDash, Inc., Class A(f)(g). . . . . . . . 87 14,594
ANSYS, Inc.(f). . . . . . . . . . . . . . . . . 835 281,671 DR Horton, Inc.. . . . . . . . . . . . . . . . 742 103,746
Aon plc, Class A. . . . . . . . . . . . . . . 266 95,537 DraftKings, Inc., Class A(f). . . . . . . . . 1,777 66,104
Apollo Global Management, Inc... . . . 900 148,644 DuPont de Nemours, Inc.. . . . . . . . . 1,125 85,781
Apple, Inc.. . . . . . . . . . . . . . . . . . . 12,827 3,212,137 Eaton Corp. plc. . . . . . . . . . . . . . . . 936 310,630
Applied Materials, Inc.. . . . . . . . . . . 544 88,471 Edwards Lifesciences Corp.(f).. . . . . . 3,610 267,248
Astra Space, Inc., Class A(f). . . . . . . . 390 195 Electronic Arts, Inc.. . . . . . . . . . . . . 693 101,386
Autodesk, Inc.(f). . . . . . . . . . . . . . . . 1,984 586,411 Elevance Health, Inc.(g). . . . . . . . . . . 114 42,055
Avaya, Inc.(f). . . . . . . . . . . . . . . . . . 16 97 Eli Lilly & Co.. . . . . . . . . . . . . . . . . 907 700,204
Bank of America Corp.. . . . . . . . . . . 26,858 1,180,409 Enterprise Products Partners LP.. . . . 1,501 47,071
Beacon Roofing Supply, Inc.(f). . . . . . 508 51,603 EOG Resources, Inc.. . . . . . . . . . . . 1,039 127,361
Biogen, Inc.(f).. . . . . . . . . . . . . . . . . 291 44,500 EPAM Systems, Inc.(f). . . . . . . . . . . . 32 7,482
Boeing Co. (The)(f). . . . . . . . . . . . . . 2,328 412,056 Epic Games, Inc., (Acquired 07/02/20,
Booking Holdings, Inc.. . . . . . . . . . . 45 223,579 cost $274,275)(d)(f)(h). . . . . . . . . . . 504 338,325
BorgWarner, Inc.. . . . . . . . . . . . . . . 976 31,027 EQT Corp.. . . . . . . . . . . . . . . . . . . 5,117 235,945
Boston Scientific Corp.(f)(i). . . . . . . . . 10,726 958,046 Equinix, Inc.. . . . . . . . . . . . . . . . . . 37 34,887
Boyd Gaming Corp.. . . . . . . . . . . . . 300 21,762 Estee Lauder Cos., Inc. (The), Class A. 183 13,721
Bristol-Myers Squibb Co... . . . . . . . . 1,107 62,612 Eversource Energy. . . . . . . . . . . . . 1,173 67,365
Broadcom, Inc.. . . . . . . . . . . . . . . . 5,417 1,255,877 Expedia Group, Inc.(f). . . . . . . . . . . . 99 18,447
Builders FirstSource, Inc.(f).. . . . . . . . 262 37,448 Expeditors International of Washington,
Bunge Global SA. . . . . . . . . . . . . . . 225 17,496 Inc.. . . . . . . . . . . . . . . . . . . . . . 1,221 135,250
Cadence Design Systems, Inc.(f).. . . . 872 262,001 Experian plc. . . . . . . . . . . . . . . . . . 2,780 119,484
Caesars Entertainment, Inc.(f).. . . . . . 683 22,826 Fanatics Holdings, Inc., Class A,
Capital One Financial Corp... . . . . . . 3,819 681,004 (Acquired 08/17/22, cost $301,006)(d)
Cardinal Health, Inc... . . . . . . . . . . . 308 36,427 (f)(h)
...................... 4,437 266,220
CarMax, Inc.(f). . . . . . . . . . . . . . . . . 311 25,427 Farmers Business Network, Inc.(d)(f). . . 2,421 6,416
Carrier Global Corp.. . . . . . . . . . . . . 773 52,765 Fidelity National Information Services,
Centene Corp.(f).. . . . . . . . . . . . . . . 645 39,074 Inc.. . . . . . . . . . . . . . . . . . . . . . 533 43,050
CF Industries Holdings, Inc... . . . . . . 5,260 448,783 Fifth Third Bancorp(g). . . . . . . . . . . . 1,445 61,095
Cheniere Energy, Inc.. . . . . . . . . . . . 751 161,367 First Citizens BancShares, Inc., Class A. 18 38,034
Chevron Corp... . . . . . . . . . . . . . . . 2,887 418,153
Consolidated Schedule of Investments 17
BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

United States (continued) United States (continued)

First Horizon Corp... . . . . . . . . . . . . 557 $ 11,218 Mastercard, Inc., Class A.. . . . . . . . . 2,502 $ 1,317,478
Flagstar Financial, Inc.. . . . . . . . . . . 8,913 83,161 Match Group, Inc.(f). . . . . . . . . . . . . 2,028 66,336
Floor & Decor Holdings, Inc., Class A(f). 1,639 163,408 Medtronic plc. . . . . . . . . . . . . . . . . 1,797 143,544
Ford Motor Co.. . . . . . . . . . . . . . . . 1,981 19,612 Merck & Co., Inc.. . . . . . . . . . . . . . . 3,240 322,315
Fortinet, Inc.(f). . . . . . . . . . . . . . . . . 1,515 143,137 Meta Platforms, Inc., Class A. . . . . . . 2,867 1,678,657
Franklin Resources, Inc.(g). . . . . . . . . 2,463 49,974 Mettler-Toledo International, Inc.(f). . . . 19 23,250
Freeport-McMoRan, Inc.. . . . . . . . . . 11,280 429,542 MGM Resorts International(f)(g). . . . . . 1,704 59,044
FreeWire Technologies, Inc.(d)(f).. . . . . 1 — Micron Technology, Inc... . . . . . . . . . 4,399 370,220
Garmin Ltd.. . . . . . . . . . . . . . . . . . 264 54,453 Microsoft Corp.(i). . . . . . . . . . . . . . . 10,077 4,247,456
Generac Holdings, Inc.(f). . . . . . . . . . 120 18,606 Moderna, Inc.(f). . . . . . . . . . . . . . . . 805 33,472
General Electric Co.. . . . . . . . . . . . . 196 32,691 Mondelez International, Inc., Class A.. 2,603 155,477
General Mills, Inc.. . . . . . . . . . . . . . 261 16,644 Monolithic Power Systems, Inc.. . . . . 187 110,648
General Motors Co.. . . . . . . . . . . . . 1,105 58,863 Morgan Stanley. . . . . . . . . . . . . . . . 676 84,987
Global Payments, Inc.. . . . . . . . . . . 801 89,760 MSCI, Inc.. . . . . . . . . . . . . . . . . . . 321 192,603
Golden Entertainment, Inc.. . . . . . . . 109 3,444 NetApp, Inc.. . . . . . . . . . . . . . . . . . 1,584 183,871
Goldman Sachs Group, Inc. (The). . . 504 288,600 Netflix, Inc.(f). . . . . . . . . . . . . . . . . . 254 226,395
Grand Rounds, Inc., (Acquired NextEra Energy, Inc.. . . . . . . . . . . . 8,813 631,804
02/11/22, cost $179,056)(d)(f)(h). . . . 67,553 50,665 Northrop Grumman Corp.. . . . . . . . . 178 83,534
GSK plc. . . . . . . . . . . . . . . . . . . . . 4,104 69,223 NRG Energy, Inc... . . . . . . . . . . . . . 1,098 99,062
Healthpeak Properties, Inc.. . . . . . . . 4,999 101,330 Nucor Corp.. . . . . . . . . . . . . . . . . . 205 23,926
Hess Corp.. . . . . . . . . . . . . . . . . . . 1,889 251,256 NVIDIA Corp.(i). . . . . . . . . . . . . . . . 27,302 3,666,386
Hilton Worldwide Holdings, Inc.. . . . . 445 109,986 Omnicom Group, Inc.(g). . . . . . . . . . . 546 46,978
Home Depot, Inc. (The). . . . . . . . . . 1,909 742,582 Opendoor Technologies, Inc., Class A(f). 5,720 9,152
Hormel Foods Corp... . . . . . . . . . . . 1,230 38,585 Oracle Corp.. . . . . . . . . . . . . . . . . . 4,871 811,703
HP, Inc.. . . . . . . . . . . . . . . . . . . . . 1,552 50,642 Palladyne AI Corp.(f). . . . . . . . . . . . . 4,710 57,796
HubSpot, Inc.(f). . . . . . . . . . . . . . . . 502 349,779 Palladyne AI Corp.(f)(g). . . . . . . . . . . . 228 2,797
IDEXX Laboratories, Inc.(f). . . . . . . . . 246 101,706 Palo Alto Networks, Inc.(f). . . . . . . . . 940 171,042
iHeartMedia, Inc., Class A(f). . . . . . . . 60 119 Paramount Global, Class B. . . . . . . . 1,550 16,213
Ingersoll Rand, Inc.. . . . . . . . . . . . . 4,132 373,781 PepsiCo, Inc.. . . . . . . . . . . . . . . . . 233 35,430
Inspire Medical Systems, Inc.(f).. . . . . 79 14,645 Pfizer, Inc.. . . . . . . . . . . . . . . . . . . 3,476 92,218
Intel Corp.. . . . . . . . . . . . . . . . . . . 2,944 59,027 Philip Morris International, Inc.. . . . . . 520 62,582
Intuit, Inc.. . . . . . . . . . . . . . . . . . . . 475 298,538 Playstudios, Inc., Class A(f). . . . . . . . 6,121 11,385
Intuitive Surgical, Inc.(f). . . . . . . . . . . 1,177 614,347 PNC Financial Services Group, Inc.
Invesco Ltd.. . . . . . . . . . . . . . . . . . 4,469 78,118 (The). . . . . . . . . . . . . . . . . . . . . 1,004 193,621
Jabil, Inc.. . . . . . . . . . . . . . . . . . . . 212 30,507 Principal Financial Group, Inc.. . . . . . 1,155 89,409
Jack Henry & Associates, Inc.. . . . . . 190 33,307 Procter & Gamble Co. (The). . . . . . . 290 48,619
James Hardie Industries plc, CDI(f). . . 1,333 41,084 Progressive Corp. (The). . . . . . . . . . 4,320 1,035,115
Jawbone Health Hub, Inc., (Acquired PulteGroup, Inc.. . . . . . . . . . . . . . . 206 22,433
01/24/17, cost $0)(d)(f)(h). . . . . . . . . 6,968 — ResMed, Inc.(g). . . . . . . . . . . . . . . . 164 37,505
Johnson & Johnson. . . . . . . . . . . . . 1,471 212,736 Rollins, Inc... . . . . . . . . . . . . . . . . . 750 34,763
JPMorgan Chase & Co.. . . . . . . . . . 5,372 1,287,722 Royal Caribbean Cruises Ltd.. . . . . . 574 132,416
Kimberly-Clark Corp.. . . . . . . . . . . . 625 81,900 RTX Corp.. . . . . . . . . . . . . . . . . . . 847 98,015
Kinder Morgan, Inc.. . . . . . . . . . . . . 2,149 58,883 S&P Global, Inc.. . . . . . . . . . . . . . . 651 324,218
KLA Corp... . . . . . . . . . . . . . . . . . . 89 56,081 Salesforce, Inc.. . . . . . . . . . . . . . . . 718 240,049
Lam Research Corp.. . . . . . . . . . . . 3,850 278,086 Sanofi SA. . . . . . . . . . . . . . . . . . . . 4,010 389,815
Landsea Homes Corp.(f). . . . . . . . . . 2,588 21,972 Schneider Electric SE.. . . . . . . . . . . 136 33,858
Latch, Inc.(f).. . . . . . . . . . . . . . . . . . 4,082 531 Screaming Eagle Acquistion Corp.,
Liberty Media Corp.-Liberty Live, Class (Acquired 05/14/24, cost $21,956)(f)(h). 2,160 16,416
C(f). . . . . . . . . . . . . . . . . . . . . . 331 22,528 Seagate Technology Holdings plc(g). . . 790 68,185
Lineage, Inc.(g).. . . . . . . . . . . . . . . . 332 19,445 Sempra. . . . . . . . . . . . . . . . . . . . . 5,281 463,249
Lions Gate Entertainment Corp., Class ServiceNow, Inc.(f). . . . . . . . . . . . . . 503 533,240
A(f)(g). . . . . . . . . . . . . . . . . . . . . 2,402 20,513 ServiceTitan, Inc., Class A(f). . . . . . . . 484 49,789
Lions Gate Entertainment Corp., Class Skyworks Solutions, Inc.(g). . . . . . . . . 508 45,049
B(f).. . . . . . . . . . . . . . . . . . . . . . 214 1,616 Snorkel AI, Inc., (Acquired 06/30/21,
Live Nation Entertainment, Inc.(f).. . . . 3,048 394,716 cost $7,945)(d)(f)(h). . . . . . . . . . . . . 529 5,327
Lockheed Martin Corp.. . . . . . . . . . . 346 168,135 Snowflake, Inc., Class A(f). . . . . . . . . 485 74,889
Lookout, Inc., (Acquired 03/04/15, cost Solaris Energy Infrastructure, Inc.,
$16,643)(d)(f)(h). . . . . . . . . . . . . . . 1,457 1,384 Class A. . . . . . . . . . . . . . . . . . . 4,503 129,596
Lululemon Athletica, Inc.(f). . . . . . . . . 116 44,360 Sonder Holdings, Inc., Class A(f). . . . . 778 2,474
Lumen Technologies, Inc.(f). . . . . . . . 2,839 15,075 Space Exploration Technologies Corp.,
MarketAxess Holdings, Inc.. . . . . . . . 393 88,834 Class A, (Acquired 08/21/23, cost
Marriott International, Inc., Class A. . . 132 36,820 $65,367)(d)(f)(h). . . . . . . . . . . . . . . 807 137,440
Marsh & McLennan Cos., Inc.. . . . . . 4,756 1,010,222 Space Exploration Technologies Corp.,
Marvell Technology, Inc.. . . . . . . . . . 2,003 221,231 Class C, (Acquired 08/21/23, cost
Masimo Corp.(f). . . . . . . . . . . . . . . . 1,407 232,577 $70,227)(d)(f)(h). . . . . . . . . . . . . . . 867 147,659

18 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Par (000)

Security Shares Value Security Par (000) Value

United States (continued) Canada — 0.3% (a)

Standardaero, Inc.(f)(g). . . . . . . . . . . . 5,967 $ 147,743 1011778 BC ULC, 4.00%, 10/15/30. . USD 100 $ 89,434
Stanley Black & Decker, Inc.. . . . . . . 180 14,452 HR Ottawa LP, 11.00%, 03/31/31. . . . 386 416,377
State Street Corp.. . . . . . . . . . . . . . 1,885 185,013              

Stryker Corp.. . . . . . . . . . . . . . . . . 1,793 645,570 505,811

Super Micro Computer, Inc.(f). . . . . . . 1,417 43,190 China — 0.1%
T. Rowe Price Group, Inc.. . . . . . . . . 1,708 193,158 RKPF Overseas 2019 A Ltd., 5.90%,
Targa Resources Corp.. . . . . . . . . . . 211 37,664 09/05/28(c). . . . . . . . . . . . . . . . . 177 83,060
Tenaris SA(g). . . . . . . . . . . . . . . . . . 3,106 58,636
             

France — 0.6%
Tesla, Inc.(f). . . . . . . . . . . . . . . . . . . 3,089 1,247,462
Afflelou SAS, 6.00%, 07/25/29(c). . . . . EUR 100 107,981
Thermo Fisher Scientific, Inc... . . . . . 1,085 564,450
Atos SE
TJX Cos., Inc. (The). . . . . . . . . . . . . 9,051 1,093,451
9.00%, 12/18/29. . . . . . . . . . . . . 56 54,551
Toll Brothers, Inc... . . . . . . . . . . . . . 2,455 309,207
5.00%, 12/18/30(c). . . . . . . . . . . . 58 33,106
Trane Technologies plc. . . . . . . . . . . 2,720 1,004,632
TransDigm Group, Inc.. . . . . . . . . . . 192 243,318 Forvia SE, 2.75%, 02/15/27(c).. . . . . . 100 99,594
Uber Technologies, Inc.(f).. . . . . . . . . 1,235 74,495 Iliad Holding SASU, 5.63%, 10/15/28(c). 100 105,989
Ulta Beauty, Inc.(f). . . . . . . . . . . . . . 194 84,376 Lion/Polaris Lux 4 SA, (3-mo.
Union Pacific Corp.. . . . . . . . . . . . . 2,469 563,031 EURIBOR at 0.00% Floor + 3.63%),
United Airlines Holdings, Inc.(f). . . . . . 520 50,492 6.95%, 07/01/29(b)(c). . . . . . . . . . . 100 103,948
United States Steel Corp.. . . . . . . . . 3,582 121,752 Loxam SAS, 6.38%, 05/31/29(c). . . . . 100 109,188
UnitedHealth Group, Inc... . . . . . . . . 2,236 1,131,103 RCI Banque SA, (5-Year EURIBOR
Universal Health Services, Inc., Class B. 339 60,823 ICE Swap Rate + 2.75%), 5.50%,
Valero Energy Corp.. . . . . . . . . . . . . 2,640 323,638 10/09/34(b)(c). . . . . . . . . . . . . . . . 100 105,906
Vaxcyte, Inc.(f). . . . . . . . . . . . . . . . . 127 10,396 Societe Generale SA, (5-Year US
Ventas, Inc.(g). . . . . . . . . . . . . . . . . 706 41,576 Treasury Yield Curve Rate T Note
Veritas, Inc.(d)(f).. . . . . . . . . . . . . . . . 203 4,056 Constant Maturity + 3.79%), 8.13%(a)
Verizon Communications, Inc.. . . . . . 2,975 118,970
(b)(o)
. . . . . . . . . . . . . . . . . . . . . . USD 200 196,059
Vertex Pharmaceuticals, Inc.(f). . . . . . 89 35,840 Worldline SA, 0.00%, 07/30/26(c)(n)(p).. EUR 31 31,225
Visa, Inc., Class A. . . . . . . . . . . . . . 2,129 672,849
             

947,547
Vistra Corp.. . . . . . . . . . . . . . . . . . 3,395 468,069
Germany — 0.9%
Walmart, Inc... . . . . . . . . . . . . . . . . 12,631 1,141,211
APCOA Group GmbH, (3-mo.
Walt Disney Co. (The). . . . . . . . . . . 5,581 621,444
EURIBOR at 0.00% Floor + 4.13%),
Warner Bros Discovery, Inc.(f). . . . . . . 1,937 20,474
Wells Fargo & Co.. . . . . . . . . . . . . . 12,410 871,678 7.37%, 04/15/31(b)(c). . . . . . . . . . . 100 103,976
Workday, Inc., Class A(f). . . . . . . . . . 510 131,595 Aroundtown Finance SARL, (5-Year
Wynn Resorts Ltd.. . . . . . . . . . . . . . 438 37,738 EURIBOR ICE Swap Rate + 4.51%),
7.13%(b)(c)(o). . . . . . . . . . . . . . . . . 100 101,416
Zoetis, Inc., Class A. . . . . . . . . . . . . 873 142,237
                               
Commerzbank AG, (5-Year EUR Swap
68,130,982 Annual + 6.74%), 6.50%(b)(c)(o).. . . . 200 214,379
                                         

Deutsche Bank AG, (5-Year EURIBOR

Total Common Stocks — 65.7% ICE Swap Rate + 4.55%), 4.50%(b)(c)
(Cost: $86,018,846). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,877,248 (o)
....................... 200 196,811
Fressnapf Holding SE, 5.25%,
         

Par (000)
10/31/31(c). . . . . . . . . . . . . . . . . 100 106,693
Par (000)
Gruenenthal GmbH, 4.63%, 11/15/31(c). 100 104,725
Corporate Bonds Mahle GmbH, 6.50%, 05/02/31(a). . . . 100 101,656
Nidda Healthcare Holding GmbH,
Australia — 0.1% 7.00%, 02/21/30(c). . . . . . . . . . . . 100 109,077
Mineral Resources Ltd., 9.25%, Techem Verwaltungsgesellschaft 675
10/01/28(a). . . . . . . . . . . . . . . . . USD 7 7,344
mbH, 5.38%, 07/15/29(c). . . . . . . . 100 106,885
Oceana Australian Fixed Income Trust(d)
TK Elevator Midco GmbH, 4.38%,
12.00%, 07/31/25. . . . . . . . . . . . AUD 32 19,856
07/15/27(c). . . . . . . . . . . . . . . . . 100 103,326
12.50%, 07/31/26. . . . . . . . . . . . 47 29,326              

12.50%, 07/31/27. . . . . . . . . . . . 79 49,631 1,248,944

Quintis Australia Pty. Ltd.(a)(d)(e)(f)(l)(m) India — 0.1%
7.50%, (7.50% Cash or 8.00% PIK), REI Agro Ltd.(d)(f)(l)(n)
10/01/26. . . . . . . . . . . . . . . . USD 463 59,000 5.50%, 11/13/14(a). . . . . . . . . . . . USD 220 —
12.00%, (12.00% Cash or 12.00% 5.50%, 11/13/14(c). . . . . . . . . . . . 152 —
PIK), 10/01/28. . . . . . . . . . . . 414 — TML Holdings Pte. Ltd., 4.35%,
06/09/26(c). . . . . . . . . . . . . . . . . 200 196,236
             

165,157
Austria — 0.1%
             

196,236
ams-OSRAM AG, 2.13%, 11/03/27(c)(n). EUR 100 79,553
             

Consolidated Schedule of Investments 19

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Italy — 0.7% Sweden — 0.0%

Bubbles Bidco SpA, (3-mo. EURIBOR Intrum AB, 3.00%, 09/15/27(c)(f)(l). . . . . EUR 100 $ 74,737
at 0.00% Floor + 4.25%), 6.93%,              

09/30/31(b)(c). . . . . . . . . . . . . . . . EUR 100 $ 103,378 Switzerland — 0.1%

FIS Fabbrica Italiana Sintetici SpA, UBS Group AG, (USISSO05 + 3.63%),
6.85%(a)(b)(o). . . . . . . . . . . . . . . . . USD 200 197,815
5.63%, 08/01/27(c). . . . . . . . . . . . 100 104,399              

IMA Industria Macchine Automatiche Thailand — 0.1%

SpA, (3-mo. EURIBOR at 0.00% Kasikornbank PCL, (5-Year US
Floor + 3.75%), 6.93%, 04/15/29(b)(c). 100 104,105 Treasury Yield Curve Rate T Note
Immobiliare Grande Distribuzione SIIQ Constant Maturity + 4.94%), 5.28%(b)
SpA, 6.25%, 05/17/27(c)(q). . . . . . . 71 76,196 (c)(o)
...................... 200 197,900
Irca SpA, (3-mo. EURIBOR at 0.00%
             

United Kingdom — 1.7%

Floor + 3.75%), 6.63%, 12/15/29(b)(c). 100 104,673
10x Future Technologies Services Ltd.,
Marcolin SpA, 6.13%, 11/15/26(a). . . . 100 103,989 (Acquired 12/19/23, cost $58,348),
Nexi SpA, 0.00%, 02/24/28(c)(n)(p). . . . . 100 91,544 15.00%, 06/19/26(d)(h)(n). . . . . . . . . GBP 47 63,735
Pachelbel Bidco SpA(c)
Ardonagh Finco Ltd., 6.88%, 02/15/31(a).EUR 114 121,781
7.13%, 05/17/31. . . . . . . . . . . . . 100 110,771
BCP V Modular Services Finance II plc,
(3-mo. EURIBOR at 0.00% Floor +
6.13%, 11/30/28(c). . . . . . . . . . . . GBP 100 120,810
4.25%), 7.30%, 05/17/31(b). . . . 100 104,287
BCP V Modular Services Finance plc,
Rossini SARL, (3-mo. EURIBOR at
6.75%, 11/30/29(a). . . . . . . . . . . . EUR 128 119,993
0.00% Floor + 3.88%), 6.56%,
12/31/29(b)(c). . . . . . . . . . . . . . . . 100 104,781 Boparan Finance plc, 9.38%, 11/07/29(c).GBP 100 121,034
             
BP Capital Markets plc, 2.52%,
1,008,123 04/07/28(c). . . . . . . . . . . . . . . . . EUR 100 102,573
Japan — 0.1% California Buyer Ltd., 5.63%, 02/15/32(c). 100 107,860
SoftBank Group Corp., 5.38%, Centrica plc, (5-Year U.K. Government
01/08/29(c). . . . . . . . . . . . . . . . . 100 107,394 Bonds Note Generic Bid Yield +
2.51%), 6.50%, 05/21/55(b)(c). . . . . GBP 100 126,918
             

Jersey, Channel Islands — 0.4%

Aston Martin Capital Holdings Ltd., CPUK Finance Ltd., 7.88%, 08/28/29(c). 100 128,458
Deuce Finco plc, 5.50%, 06/15/27(c).. 100 122,323
10.38%, 03/31/29(c). . . . . . . . . . . GBP 100 123,062
TER Finance Jersey Ltd.(a)(p) Edge Finco plc, 8.13%, 08/15/31(c). . . 100 127,850
Series 21, 0.00%, 01/02/25(d). . . . . USD 273 270,898 Heathrow Finance plc, 6.63%,
Series 22, 0.00%, 10/02/25. . . . . . 150 141,961 03/01/31(c). . . . . . . . . . . . . . . . . 100 125,816
             

INEOS Quattro Finance 2 plc, 6.75%,

535,921 04/15/30(c). . . . . . . . . . . . . . . . . EUR 100 107,400
Luxembourg — 0.4% Mobico Group plc, (5-Year U.K.
Cidron Aida Finco SARL, 6.25%, Government Bonds Note Generic
04/01/28(c). . . . . . . . . . . . . . . . . GBP 100 119,276 Bid Yield + 4.14%), 4.25%(b)(c)(o). . . GBP 100 119,574
Herens Midco SARL, 5.25%, 05/15/29(a).EUR 100 86,027 Motion Finco SARL, 7.38%, 06/15/30(c). EUR 100 105,361
Matterhorn Telecom SA, 3.13%, National Grid plc, 0.16%, 01/20/28(c).. 100 95,360
09/15/26(c). . . . . . . . . . . . . . . . . 101 103,679 Punch Finance plc, 6.13%, 06/30/26(c). GBP 100 123,672
Opus-Chartered Issuances SA, 2.50%, Virgin Media Secured Finance plc,
07/04/25(b)(c)(d). . . . . . . . . . . . . . . 22 22,880 4.13%, 08/15/30(c). . . . . . . . . . . . 100 107,084
Petroleos Mexicanos, 7.50%, Virgin Media Vendor Financing Notes III
03/31/26(a). . . . . . . . . . . . . . . . . USD 208 207,740 DAC, 4.88%, 07/15/28(c). . . . . . . . 100 116,689
Vivion Investments SARL, 8.00%, Vodafone Group plc(b)
(8.00% Cash or 8.00% PIK), (5-Year US Treasury Yield Curve
08/31/28(c)(m). . . . . . . . . . . . . . . . EUR 100 98,923 Rate T Note Constant Maturity +
2.77%), 4.13%, 06/04/81. . . . . USD 4 3,541
             

638,525
(5-Year U.K. Government Bonds
Netherlands — 0.1%(c)
Note Generic Bid Yield + 3.84%),
Q-Park Holding I BV, 5.13%, 02/15/30. 100 106,388 8.00%, 08/30/86(c). . . . . . . . . . GBP 100 135,644
Sigma Holdco BV, 5.75%, 05/15/26.. . 57 58,487 Zegona Finance plc, 6.75%, 07/15/29(c). EUR 100 110,225
             

164,875
             

2,413,701
Slovenia — 0.1% United States — 4.1%
United Group BV, 6.50%, 10/31/31(c).. 100 105,488 Affinity Interactive, 6.88%, 12/15/27(a). USD 13 9,758
Allegiant Travel Co., 7.25%, 08/15/27(a).
             

Spain — 0.2% (c) 18 18,091

Cellnex Telecom SA, 0.75%, 11/20/31(n). 100 91,055 Allied Universal Holdco LLC
Grifols SA, 7.13%, 05/01/30. . . . . . . 100 106,453 9.75%, 07/15/27(a). . . . . . . . . . . . 13 13,089
Kaixo Bondco Telecom SA, 5.13%, 4.88%, 06/01/28(c). . . . . . . . . . . . GBP 100 115,918
09/30/29. . . . . . . . . . . . . . . . . . 100 105,505 AMC Networks, Inc.
              10.25%, 01/15/29(a). . . . . . . . . . . USD 23 24,421
303,013 4.25%, 02/15/29. . . . . . . . . . . . . 42 32,969

20 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

United States (continued) United States (continued)

Amentum Holdings, Inc., 7.25%, Goldman Sachs Group, Inc. (The),
08/01/32(a). . . . . . . . . . . . . . . . . USD 8 $ 8,061 0.25%, 01/26/28(c). . . . . . . . . . . . EUR 32 $ 30,749
American Tower Corp., 0.45%, 01/15/27.EUR 100 98,709 GoTo Group, Inc.
Amkor Technology, Inc., 6.63%, 5.50%, 05/01/28(a). . . . . . . . . . . . USD 11 6,591
09/15/27(a). . . . . . . . . . . . . . . . . USD 15 14,995 Helios Software Holdings, Inc., 7.88%,
Ardagh Metal Packaging Finance USA 05/01/29(a). . . . . . . . . . . . . . . . . EUR 100 106,304
LLC, 2.00%, 09/01/28(c). . . . . . . . EUR 100 94,190 Homes By West Bay LLC, 11.00%,
Bausch + Lomb Corp., 8.38%, 02/06/30(d). . . . . . . . . . . . . . . . . USD 317 318,585
10/01/28(a). . . . . . . . . . . . . . . . . USD 5 5,175 Landsea Homes Corp., 11.00%,
Becton Dickinson Euro Finance SARL, 07/17/28(d). . . . . . . . . . . . . . . . . 325 348,173
3.55%, 09/13/29. . . . . . . . . . . . . EUR 100 105,794 Lessen LLC, (3-mo. CME Term SOFR +
Big River Steel LLC, 6.63%, 01/31/29(a). USD 11 10,989 8.50%), 13.40%, 01/05/28(a)(b)(d). . . 161 149,777
Breeze Aviation Group, Inc. Level 3 Financing, Inc., 10.00%,
(Acquired 01/26/24, cost $87,605) 10/15/32(a). . . . . . . . . . . . . . . . . 49 48,984
20.00%, (20.00% PIK), 01/30/28(d) LGI Homes, Inc., 7.00%, 11/15/32(a).. 23 22,773
.. . . . . . . . . . . . . . . . . . .
(h)(m)
88 88,481 Lightning eMotors, Inc., 7.50%,
California Resources Corp., 8.25%, 05/15/25(a)(f)(l)(n).. . . . . . . . . . . . . . 27 270
06/15/29(a). . . . . . . . . . . . . . . . . 19 19,267 Lions Gate Capital Holdings 1, Inc.,
Calumet Specialty Products Partners 5.50%, 04/15/29(a). . . . . . . . . . . . 147 131,198
LP, 9.75%, 07/15/28(a).. . . . . . . . . 40 40,649 Lions Gate Capital Holdings LLC,
Civitas Resources, Inc., 8.38%, 5.50%, 04/15/29(a). . . . . . . . . . . . 10 7,842
07/01/28(a). . . . . . . . . . . . . . . . . 22 22,849 Mauser Packaging Solutions Holding
Cloud Software Group, Inc.(a) Co., 7.88%, 04/15/27(a). . . . . . . . . 118 120,385
6.50%, 03/31/29. . . . . . . . . . . . . 30 29,446 Medline Borrower LP, 5.25%,
9.00%, 09/30/29. . . . . . . . . . . . . 17 17,260 10/01/29(a). . . . . . . . . . . . . . . . . 100 96,506
Clydesdale Acquisition Holdings, Inc., Morgan Stanley, (3-mo. EURIBOR +
8.75%, 04/15/30(a). . . . . . . . . . . . 20 20,217 0.83%), 1.34%, 10/23/26(b). . . . . . EUR 100 102,318
CommScope LLC, 6.00%, 03/01/26(a). 91 90,545 NCR Atleos Corp., 9.50%, 04/01/29(a). USD 30 32,499
Core Scientific, Inc., 0.00%, 06/15/31(a) Netflix, Inc., 3.63%, 05/15/27. . . . . . . EUR 100 105,775
(n)(p)
...................... 8 7,840 New Generation Gas Gathering LLC,
CSC Holdings LLC, 11.25%, 05/15/28(a). 200 197,383 (3-mo. CME Term SOFR at 2.00%
Diebold Nixdorf, Inc., 7.75%, 03/31/30(a). 10 10,266 Floor + 5.75%), 10.34%, 09/30/29(a)
DISH Network Corp.(n) (b)(d)
. . . . . . . . . . . . . . . . . . . . . . USD 42 40,997
0.00%, 12/15/25(p).. . . . . . . . . . . 46 41,170 NRG Energy, Inc., 7.00%, 03/15/33(a). 5 5,397
3.38%, 08/15/26. . . . . . . . . . . . . 14 11,620 Olympus Water US Holding Corp.,
Edison International, (5-Year US 9.75%, 11/15/28(a). . . . . . . . . . . . 200 212,203
Treasury Yield Curve Rate T Note Paramount Global
Constant Maturity + 3.66%), 7.88%, 7.88%, 07/30/30. . . . . . . . . . . . . 45 48,710
06/15/54(b). . . . . . . . . . . . . . . . . 5 5,164 (5-Year US Treasury Yield Curve
EQM Midstream Partners LP(a) Rate T Note Constant Maturity +
7.50%, 06/01/27. . . . . . . . . . . . . 5 5,098 4.00%), 6.38%, 03/30/62(b). . . . 44 42,530
7.50%, 06/01/30. . . . . . . . . . . . . 10 10,638 Permian Resources Operating LLC,
Exo Imaging, Inc., (Acquired 08/14/24, 8.00%, 04/15/27(a). . . . . . . . . . . . 16 16,338
cost $3,025), 8.00%, 08/14/25(d)(h).. 3 4,182 Pitney Bowes, Inc., 6.88%, 03/15/27(a). 64 63,690
FLYR, Inc., (1-mo. CME Term SOFR Prime Security Services Borrower LLC,
at 0.50% Floor + 5.00%), 9.60%, 6.25%, 01/15/28(a). . . . . . . . . . . . 100 99,450
05/10/27(b)(d). . . . . . . . . . . . . . . . 51 51,465 Rand Parent LLC, 8.50%, 02/15/30(a). 42 42,230
Fortrea Holdings, Inc., 7.50%, RingCentral, Inc., 8.50%, 08/15/30(a).. 65 68,771
07/01/30(a). . . . . . . . . . . . . . . . . 5 5,008
Sabre GLBL, Inc.(a)
Freed Corp., 12.00%, 11/21/28(b)(d). . . 447 449,234 8.63%, 06/01/27. . . . . . . . . . . . . 48 47,339
FreeWire Technologies, Inc., 0.00%, 10.75%, 11/15/29. . . . . . . . . . . . 96 99,038
02/20/28(d). . . . . . . . . . . . . . . . . 75 — Seagate HDD Cayman
Frontier Communications Holdings 8.25%, 12/15/29(a). . . . . . . . . . . . 56 59,668
LLC(a) 8.50%, 07/15/31(a). . . . . . . . . . . . 29 31,011
6.75%, 05/01/29. . . . . . . . . . . . . 20 20,100 9.63%, 12/01/32. . . . . . . . . . . . . 45 50,708
6.00%, 01/15/30. . . . . . . . . . . . . 5 4,989 Select Medical Corp., 6.25%,
8.75%, 05/15/30. . . . . . . . . . . . . 57 60,243 12/01/32(a). . . . . . . . . . . . . . . . . 36 34,649
8.63%, 03/15/31. . . . . . . . . . . . . 50 53,177 Service Properties Trust
Frontier Florida LLC, Series E, 6.86%, 8.38%, 06/15/29. . . . . . . . . . . . . 84 81,207
02/01/28. . . . . . . . . . . . . . . . . . 61 62,373 8.88%, 06/15/32. . . . . . . . . . . . . 92 85,147
Frontier North, Inc., Series G, 6.73%, Sonder Holdings, Inc., (3-mo. CME
02/15/28. . . . . . . . . . . . . . . . . . 40 40,700 Term SOFR at 1.00% Floor +
GCI LLC, 4.75%, 10/15/28(a). . . . . . . 12 11,207 9.00%), 13.71%, 12/10/27(b)(d). . . . 179 169,266

Consolidated Schedule of Investments 21

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

United States (continued) Floating Rate Loan Interests

Spirit AeroSystems, Inc.(a)
9.38%, 11/30/29. . . . . . . . . . . . . USD 45 $ 48,172 France — 0.2%(b)
9.75%, 11/15/30. . . . . . . . . . . . . 99 109,554 Groupe Babilou, Facility 1st Lien Term
Loan B4, (6-mo. EURIBOR at 0.00%
Spirit Airlines Pass-Through Trust
Series 2015-1,Class A, 4.10%, Floor + 4.00%), 7.16%, 11/18/30.. EUR 214 $ 215,691
10/01/29(f)(l).. . . . . . . . . . . . . . 1 957 Parts Europe SA, Facility 1st Lien Term
Series 2017-1,Class AA, 3.38%, Loan, (3-mo. EURIBOR at 0.00%
02/15/30. . . . . . . . . . . . . . . . 15 13,332 Floor + 3.25%), 6.34%, 02/03/31.. 112 116,822
Series 2017-1A,Class A, 3.65%,
         

332,513
08/15/31(f)(l).. . . . . . . . . . . . . . 39 34,068
Germany — 0.0%
Stem, Inc., 0.50%, 12/01/28(a)(n). . . . . 6 1,620 TK Elevator Midco GmbH, Facility
STL Holding Co. LLC, 8.75%, 1st Lien Term Loan B2, (6-mo.
02/15/29(a). . . . . . . . . . . . . . . . . 9 9,515 EURIBOR at 0.00% Floor + 4.00%),
Talen Energy Supply LLC, 8.63%, 7.59%, 04/30/30(b). . . . . . . . . . . . 54 56,091
06/01/30(a). . . . . . . . . . . . . . . . . 25 26,643          

Tenet Healthcare Corp., 6.13%,

Jersey, Channel Islands — 0.1%
10/01/28. . . . . . . . . . . . . . . . . . 100 99,815
Vita Global Finco Ltd., 1st Lien Term
Tenneco, Inc., 8.00%, 11/17/28(a). . . . 43 40,076 Loan B(b)(d)
Texas Capital Bancshares, Inc., (5-Year (6-mo. EURIBOR at 0.00% Floor +
US Treasury Yield Curve Rate T 7.00%), 9.66%, 07/06/27. . . . . 60 49,390
Note Constant Maturity + 3.15%), (Sterling Overnight Index Average
4.00%, 05/06/31(b). . . . . . . . . . . . 64 61,466 at 0.00% Floor + 7.00%),
Transocean, Inc., 8.25%, 05/15/29(a).. 25 24,489 11.95%, 07/06/27. . . . . . . . . . GBP 37 36,661
Uniti Group LP, 10.50%, 02/15/28(a).. . 66 70,375          

Univision Communications, Inc.(a) 86,051

6.63%, 06/01/27. . . . . . . . . . . . . 10 9,960 Netherlands — 0.5%(b)
8.00%, 08/15/28. . . . . . . . . . . . . 10 10,181 Bock Capital Bidco BV, 1st Lien Term
8.50%, 07/31/31. . . . . . . . . . . . . 5 4,902 Loan B, (3-mo. EURIBOR at 0.00%
USA Compression Partners LP, 7.13%, Floor + 3.50%), 6.18%, 06/29/28.. EUR 48 49,684
03/15/29(a). . . . . . . . . . . . . . . . . 100 101,765 Cypher Bidco BV, 1st Lien Term Loan
UWM Holdings LLC, 6.63%, 02/01/30(a). 21 20,870 B, (3-mo. EURIBOR at 0.00% Floor
Venture Global LNG, Inc., (5-Year US + 4.50%), 7.59%, 12/30/28(d). . . . . 154 154,675
Treasury Yield Curve Rate T Note Upfield BV, 1st Lien Term Loan
Constant Maturity + 5.44%), 9.00%(a) B11, (Sterling Overnight Index
(b)(o)
...................... 25 26,139 Average at 0.00% Floor + 5.25%),
Viking Cruises Ltd., 7.00%, 02/15/29(a). 100 100,549 10.51%, 01/03/28. . . . . . . . . . . . GBP 109 135,809
Vistra Operations Co. LLC(a) Ziggo BV, Facility 1st Lien Term Loan H,
5.63%, 02/15/27. . . . . . . . . . . . . 79 78,683 (1-mo. EURIBOR at 0.00% Floor +
7.75%, 10/15/31. . . . . . . . . . . . . 25 26,227 3.00%), 5.90%, 01/31/29. . . . . . . EUR 311 318,458
Wells Fargo & Co., 1.50%, 05/24/27(c). EUR 100 100,048
         

658,626
Wildfire Intermediate Holdings LLC, Spain — 0.1%(b)
7.50%, 10/15/29(a). . . . . . . . . . . . USD 15 14,433 Lorca Finco plc, Facility 1st Lien Term
Zayo Group Holdings, Inc., 4.00%, Loan B3, (6-mo. EURIBOR at 0.00%
03/01/27(a). . . . . . . . . . . . . . . . . 29 26,746 Floor + 3.50%), 6.15%, 03/25/31.. 94 97,685
PAX HoldCo Spain SL, Facility
             

5,920,393
  
1st Lien Term Loan B2, (6-mo.
Total Corporate Bonds — 10.2% EURIBOR at 0.00% Floor + 5.00%),
(Cost: $16,330,861). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,894,193 7.64%, 12/31/29. . . . . . . . . . . . . 87 90,153
         

187,838
                                                   

Fixed Rate Loan Interests United Kingdom — 0.2%(b)

United States — 0.0% Bellis Acquisition Co. plc, Facility
OD Intermediate Subi HoldCo 1st Lien Term Loan B, (6-mo.
II LLC, 1st Lien Term Loan, EURIBOR at 0.00% Floor + 4.00%),
10.00%, 04/01/26(d). . . . . . . . . . . 42 40,872 7.09%, 05/09/31. . . . . . . . . . . . . 88 88,763
         

CD&R Firefly Bidco plc, Facility 1st Lien

Term Loan B8, (Sterling Overnight
Total Fixed Rate Loan Interests — 0.0% Index Average at 0.00% Floor +
(Cost: $41,449). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,872
                                                   
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

22 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

United Kingdom (continued) United States (continued)

INEOS Quattro Holdings Ltd., Facility Jack Ohio Finance LLC, 1st Lien
1st Lien Term Loan B, (1-mo. Term Loan, (1-mo. CME Term
EURIBOR at 0.00% Floor + 4.50%), SOFR at 0.00% Floor + 4.75%),
7.36%, 04/03/29. . . . . . . . . . . . . EUR 64 $ 66,220 9.22%, 10/04/28(b). . . . . . . . . . . . USD 15 $ 15,522
         

Level 3 Financing, Inc., 1st Lien

250,766 Term Loan B1, (1-mo. CME Term
United States — 0.8% SOFR at 2.00% Floor + 6.56%),
Altar Bidco, Inc., 2nd Lien Term Loan,
10.92%, 04/16/29(b). . . . . . . . . . . 12 12,682
(12-mo. CME Term SOFR at 0.50%
Maverick Gaming LLC, 1st Lien Term
Floor + 5.60%), 10.40%, 02/01/30(b). USD 120 116,036 Loan
American Auto Auction Group LLC, 1st (3-mo. CME Term SOFR at
Lien Term Loan B, (3-mo. CME Term 1.00% Floor + 7.50%),
SOFR at 0.75% Floor + 4.50%), 12.11%, 06/05/28(b). . . . . . . . . 40 29,531
9.01%, 12/30/27(b). . . . . . . . . . . . 13 12,944 Naked Juice LLC, 2nd Lien Term Loan,
Avaya, Inc., 1st Lien Term Loan, (1-mo. (3-mo. CME Term SOFR at 0.50%
CME Term SOFR at 1.00% Floor + Floor + 6.00%), 10.70%, 01/24/30(b). 4 1,325
7.50%), 11.86%, 08/01/28(b).. . . . . —(r) 290 NGP XI Midstream Holdings LLC, 1st
ConnectWise LLC, 1st Lien Term Loan, Lien Term Loan, (12-mo. CME Term
(3-mo. CME Term SOFR at 0.50% SOFR at 0.00% Floor + 4.50%),
Floor + 3.50%), 8.09%, 09/29/28(b). 33 33,002 8.33%, 07/25/31(b)(d). . . . . . . . . . . 21 21,157
CPPIB OVM Member US LLC, 1st Preferred SPV Borrower, 1st Lien Term
Lien Term Loan, (3-mo. CME Term Loan B, (12-mo. CME Term SOFR +
SOFR at 0.00% Floor + 3.25%), 5.00%), 9.17%, 06/30/31(b)(d). . . . . 10 9,856
7.85%, 08/07/31(b). . . . . . . . . . . . 42 42,157 Quartz Acquireco LLC, 1st Lien
CSC Holdings LLC, 1st Lien Term Term Loan B1, (3-mo. CME Term
Loan B5, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%),
SOFR at 0.00% Floor + 2.50%), 7.08%, 06/28/30(b)(d). . . . . . . . . . . 32 31,797
7.17%, 04/15/27(b). . . . . . . . . . . . 15 14,086 Redstone Holdco 2 LP, 1st Lien Term
CVR Energy, Inc., 1st Lien Term Loan Loan(b)
B, 12/30/27(b)(d)(s). . . . . . . . . . . . . 55 55,000 (3-mo. CME Term SOFR at 0.00%
Digital Room Holdings, Inc., 1st Lien Floor + 4.75%), 9.60%, 04/27/28. 64 37,539
Term Loan, (1-mo. CME Term (3-mo. CME Term SOFR at 0.00%
SOFR at 0.00% Floor + 5.25%), Floor + 7.75%), 12.60%, 04/27/29. 50 22,719
9.71%, 12/21/28(b). . . . . . . . . . . . 27 26,413 Solaris Energy Infrastructure LLC, 1st
DIRECTV Financing LLC, 1st Lien Lien Term Loan, (1-mo. CME Term
Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%),
SOFR at 0.75% Floor + 5.00%), 10.36%, 09/11/29(b)(d). . . . . . . . . . 162 162,000
9.85%, 08/02/27(b). . . . . . . . . . . . 17 17,275 Vaco Holdings LLC, 1st Lien Term Loan,
ECL Entertainment LLC, Facility 1st (3-mo. CME Term SOFR at 0.60%
Lien Term Loan B, (1-mo. CME Term Floor + 5.00%), 9.48%, 01/22/29(b). 32 29,529
SOFR at 0.00% Floor + 3.50%), VeriFone Systems, Inc., 1st Lien
7.86%, 08/30/30(b). . . . . . . . . . . . 91 91,781 Term Loan, (3-mo. CME Term
Emerald Technologies US SOFR at 0.00% Floor + 4.00%),
AcquisitionCo, Inc., 1st Lien 8.78%, 08/20/25(b). . . . . . . . . . . . 58 54,132
Term Loan B, (1-mo. CME Term Veritas Corp., 1st Lien Term Loan B,
SOFR at 0.75% Floor + 6.25%), (3-mo. CME Term SOFR at 0.00%
10.92%, 12/29/27(b)(d). . . . . . . . . . 31 23,970 Floor + 12.50%), 16.93%, 06/30/31(b)
First Brands Group LLC, 1st Lien Term (d)
....................... 23 22,389
Loan, (3-mo. EURIBOR at 1.00% Waystar Technologies, Inc., 1st Lien
Floor + 5.00%), 8.06%, 03/30/27(b)(d). EUR 52 51,877 Term Loan, (1-mo. CME Term
Galaxy Universal LLC, Term Loan, SOFR at 0.00% Floor + 2.75%),
(6-mo. CME Term SOFR at 1.00% 7.32%, 10/22/29(b). . . . . . . . . . . . 2 1,808
Floor + 6.25%), 10.94%, 11/12/26(b)(d).USD 195 193,976 Xerox Corp., 1st Lien Term Loan,
GoTo Group, Inc., 1st Lien Term Loan (1-mo. CME Term SOFR at 0.50%
(1-mo. CME Term SOFR at Floor + 4.00%; 3-mo. CME Term
0.00% Floor + 4.75%), SOFR at 0.50% Floor + 4.00% +
9.30%, 04/30/28(b). . . . . . . . . . 10 6,838 4.00%), 8.36%, 11/19/29(b). . . . . . 16 16,106
Hydrofarm Holdings Group, Inc., 1st          

Lien Term Loan, (3-mo. CME Term 1,204,343

SOFR at 1.00% Floor + 5.50%),
         

10.35%, 10/25/28(b)(d). . . . . . . . . . 20 16,076 Total Floating Rate Loan Interests — 1.9%

J&J Ventures Gaming LLC, 1st Lien (Cost: $2,975,833). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,776,228
Term Loan, (1-mo. CME Term
                                                   

SOFR at 0.00% Floor + 4.00%),

8.47%, 04/26/28(b). . . . . . . . . . . . 34 34,530
Consolidated Schedule of Investments 23
BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Foreign Agency Obligations South Africa — 0.4%

Republic of South Africa
France — 0.1% 8.00%, 01/31/30. . . . . . . . . . . . . ZAR 5,707 $ 289,569
Electricite de France SA, (5-Year U.K. 7.00%, 02/28/31. . . . . . . . . . . . . 1,957 92,104
Government Bonds Note Generic
9.00%, 01/31/40. . . . . . . . . . . . . 1,544 69,643
Bid Yield + 3.78%), 7.38%(b)(c)(o). . . GBP 100 $ 127,238
                                                                                                                      
8.75%, 01/31/44. . . . . . . . . . . . . 2,126 91,337
                                                                                                                      

Total Foreign Agency Obligations — 0.1% 542,653

(Cost: $130,855).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,238 Thailand — 0.1%
Kingdom of Thailand, 2.40%, 03/17/29. THB 5,830 172,925
                                                   

Foreign Government Obligations                                                                                                                       

Turkey — 0.1%
Brazil — 0.2% Republic of Turkiye (The)
Federative Republic of Brazil 37.00%, 02/18/26. . . . . . . . . . . . TRY 2,703 75,271
10.00%, 01/01/25. . . . . . . . . . . . BRL 1 84,451 31.08%, 11/08/28. . . . . . . . . . . . 783 21,886
10.00%, 01/01/27. . . . . . . . . . . . 2 247,496 26.20%, 10/05/33. . . . . . . . . . . . 2,340 64,311
                                                                                                                      

331,947
                                                                                                                      

161,468
Colombia — 0.3% Uruguay — 0.0%
Republic of Colombia Oriental Republic of Uruguay, 9.75%,
5.75%, 11/03/27. . . . . . . . . . . . . COP 636,200 129,544 07/20/33. . . . . . . . . . . . . . . . . . UYU 452 10,352
6.00%, 04/28/28. . . . . . . . . . . . . 1,302,000 259,400                                                                                                                       

7.75%, 09/18/30. . . . . . . . . . . . . 451,900 88,814 Total Foreign Government Obligations — 2.3%

(Cost: $3,729,212). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,408,591
                                                                                                                      

477,758
Czech Republic — 0.1%
                                                   

Shares
Czech Republic Shares
5.00%, 09/30/30. . . . . . . . . . . . . CZK 2,670 115,792
4.50%, 11/11/32. . . . . . . . . . . . .
                                                                                                            
2,240
         
94,388 Investment Companies
210,180 Invesco Senior Loan ETF. . . . . . . . . 10,731 226,102
Egypt — 0.0% iShares 0-5 Year TIPS Bond ETF(e). . . 1,425 143,355
Arab Republic of Egypt, 24.46%, iShares Biotechnology ETF(e)(g). . . . . . 1,000 132,210
10/01/27. . . . . . . . . . . . . . . . . . EGP 509 10,029 iShares Broad USD High Yield
                                                                                                                      

Corporate Bond ETF(e)(g). . . . . . . . 4,187 154,040

Hungary — 0.0% iShares Core S&P Small-Cap ETF(e)(g). 637 73,395
Hungary Government Bond, 7.00%, iShares iBoxx $ High Yield Corporate
10/24/35. . . . . . . . . . . . . . . . . . HUF 15,590 40,382 Bond ETF(e)(g). . . . . . . . . . . . . . . 2,280 179,322
iShares J.P. Morgan USD Emerging
                                                                                                                      

Indonesia — 0.3%
Markets Bond ETF(e)(g)(i).. . . . . . . . 12,152 1,082,014
Republic of Indonesia
iShares Latin America 40 ETF(e)(g). . . . 1,769 36,990
7.00%, 05/15/27. . . . . . . . . . . . . IDR 1,477,000 91,722
iShares MSCI Brazil ETF(e). . . . . . . . 1,992 44,840
8.25%, 05/15/36. . . . . . . . . . . . . 1,349,000 90,855
iShares MSCI Emerging Markets ETF(e)
7.13%, 06/15/38. . . . . . . . . . . . . 3,274,000 203,906
                                                                                                                      
(g)
....................... 429 17,941
386,483 iShares Russell Mid-Cap Growth ETF(e)
Ireland — 0.1% (g)
....................... 188 23,829
Republic of Ireland, 2.60%, 10/18/34(c). EUR 158 163,041 SPDR Blackstone Senior Loan ETF(g). 8,948 373,400
                                                                                                                      

SPDR Gold Shares(i)(j).. . . . . . . . . . . 5,877 1,422,998

Malaysia — 0.1% SPDR S&P Homebuilders ETF(g). . . . 635 66,357
Federation of Malaysia, 4.64%, SPDR S&P Regional Banking ETF(g).. 886 53,470
11/07/33.. . . . . . . . . . . . . . . . . . MYR 574 135,951 VanEck JPMorgan EM Local Currency
Bond ETF(g). . . . . . . . . . . . . . . . 8,227 190,126
                                                                                                                      

Mexico — 0.3%
VanEck Semiconductor ETF(g). . . . . . 993 240,475
United Mexican States
7.00%, 09/03/26. . . . . . . . . . . . . MXN 34 156,815                                  

8.50%, 05/31/29. . . . . . . . . . . . . 6 25,753 Total Investment Companies — 3.0%

7.50%, 05/26/33. . . . . . . . . . . . . 42 171,258 (Cost: $4,490,222). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,460,864
7.75%, 11/23/34. . . . . . . . . . . . . 8 31,779
         

                                                                                                                      
Par (000)
385,605 Par (000)
Poland — 0.3%
Republic of Poland Municipal Bonds
5.75%, 04/25/29. . . . . . . . . . . . . PLN 745 181,251 Arizona - 0.1%
4.75%, 07/25/29. . . . . . . . . . . . . 428 100,347 Maricopa County Industrial
5.00%, 10/25/34. . . . . . . . . . . . . 240 54,296 Development Authority, Series 2024,
2.00%, 08/25/36. . . . . . . . . . . . . 206 43,923 RB, 7.38%, 10/01/29(a). . . . . . . . . USD 100 101,791
                                                                                                                  
                                                                                                                      

379,817 Total Municipal Bonds — 0.1%

(Cost: $100,000).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,791
                                                   

24 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Non-Agency Mortgage-Backed Securities United States (continued)

Series 2024-VLT4, Class E, (1-mo.
Collateralized Mortgage Obligations — 0.3% CME Term SOFR at 2.89% Floor
United States — 0.3%(a)(b) + 2.89%), 7.29%, 07/15/29. . . . USD 22 $ 22,096
Federal Home Loan Mortgage Corp. Series 2024-VLT4, Class F, (1-mo.
STACR Trust Variable Rate Notes, CME Term SOFR at 3.94% Floor
Series 2022-DNA1, Class B1, + 3.94%), 8.33%, 07/15/29. . . . 55 54,974
(SOFR 30 day Average at 0.00% CD Mortgage Trust, Series 2017-CD6,
Floor + 3.40%), 7.97%, 01/25/42.. USD 17 $ 17,497 Class B, 3.91%, 11/13/50(b). . . . . . 10 9,239
J.P. Morgan Mortgage Trust Commercial Mortgage Trust, Series
Series 2021-INV5, Class A2A, 2024-WCL1, Class E, (1-mo. CME
2.50%, 12/25/51. . . . . . . . . . . 118 94,538 Term SOFR at 4.49% Floor +
Series 2021-INV7, Class A3A, 4.49%), 8.88%, 06/15/41(a)(b). . . . . 30 30,030
2.50%, 02/25/52. . . . . . . . . . . 170 149,386 CONE Trust, Series 2024-DFW1, Class
Series 2021-INV7, Class A4A, E, (1-mo. CME Term SOFR at 3.89%
2.50%, 02/25/52. . . . . . . . . . . 78 51,399 Floor + 3.89%), 8.29%, 08/15/41(a)(b). 30 29,962
Ready Capital Mortgage Financing LLC, DBGS Mortgage Trust, Series 2018-
Series 2022-FL10, Class A, (1-mo. BIOD, Class F, (1-mo. CME Term
CME Term SOFR at 2.55% Floor + SOFR at 2.00% Floor + 2.30%),
2.55%), 6.89%, 10/25/39. . . . . . . 67 67,256 6.69%, 05/15/35(a)(b). . . . . . . . . . . 75 74,279
ELM Trust, Series 2024-ELM, Class
                                                       

380,076 E10, 7.79%, 06/10/39(a)(b). . . . . . . 45 45,342

Commercial Mortgage-Backed Securities — 1.5% Extended Stay America Trust(a)(b)
Bermuda — 0.1% Series 2021-ESH, Class D, (1-mo.
RIAL Issuer Ltd., Series 2022-FL8, CME Term SOFR at 2.25% Floor
Class A, (1-mo. CME Term SOFR + 2.36%), 6.76%, 07/15/38. . . . 180 180,130
at 2.25% Floor + 2.25%), 6.65%, Series 2021-ESH, Class E, (1-mo.
01/19/37(a)(b). . . . . . . . . . . . . . . . 100 100,655 CME Term SOFR at 2.85% Floor
                                                                       

+ 2.96%), 7.36%, 07/15/38. . . . 90 90,290

Cayman Islands — 0.1% GS Mortgage Securities Corp. Trust,
MF1 Multifamily Housing Mortgage Series 2021-DM, Class E, (1-mo.
Loan Trust, Series 2021-W10, Class CME Term SOFR at 2.94% Floor +
F, (1-mo. CME Term SOFR at 3.37% 3.05%), 7.45%, 11/15/36(a)(b). . . . . 60 60,095
Floor + 3.37%), 7.77%, 12/15/34(a)(b). 100 96,369 GS Mortgage Securities Trust, Series
2020-GC47, Class AS, 2.73%,
                                                                       

United States — 1.3%

05/12/53. . . . . . . . . . . . . . . . . . 36 30,366
BMP, Series 2024-MF23, Class E,
HILT Commercial Mortgage Trust,
(1-mo. CME Term SOFR at 3.39%
Series 2024-ORL, Class D, (1-mo.
Floor + 3.39%), 7.79%, 06/15/41(a)(b). 20 19,826
CME Term SOFR at 3.19% Floor +
BX Commercial Mortgage Trust(a)(b) 3.19%), 7.59%, 05/15/37(a)(b). . . . . 100 99,219
Series 2021-SOAR, Class G, (1-mo. J.P. Morgan Chase Commercial
CME Term SOFR at 2.80% Floor Mortgage Securities Trust(a)(b)
+ 2.91%), 7.31%, 06/15/38. . . . 94 92,888
Series 2021-MHC, Class E, (1-mo.
Series 2021-VINO, Class F, (1-mo. CME Term SOFR at 2.45% Floor
CME Term SOFR at 2.92% Floor + 2.81%), 7.21%, 04/15/38. . . . 60 60,075
+ 2.92%), 7.31%, 05/15/38. . . . 70 69,738
Series 2021-MHC, Class F, (1-mo.
Series 2021-XL2, Class F, (1-mo. CME Term SOFR at 2.95% Floor
CME Term SOFR at 2.24% Floor + 3.31%), 7.71%, 04/15/38. . . . 20 20,025
+ 2.36%), 6.76%, 10/15/38. . . . 85 85,186
JW Commercial Mortgage Trust, Series
Series 2024-XL5, Class A, (1-mo. 2024-MRCO, Class D, (1-mo.
CME Term SOFR at 1.39% Floor CME Term SOFR at 3.19% Floor +
+ 1.39%), 5.79%, 03/15/41. . . . 90 90,831 3.19%), 7.59%, 06/15/39(a)(b). . . . . 20 20,061
BX Trust(a)(b) LBA Trust, Series 2024-BOLT, Class F,
Series 2019-OC11, Class D, 3.94%, (1-mo. CME Term SOFR at 4.44%
12/09/41. . . . . . . . . . . . . . . . 64 58,206 Floor + 4.44%), 8.83%, 06/15/39(a)(b). 10 9,986
Series 2019-OC11, Class E, 3.94%, MCR Mortgage Trust, Series 2024-
12/09/41. . . . . . . . . . . . . . . . 89 79,210 TWA, Class E, 8.73%, 06/12/39(a).. 23 23,186
Series 2021-MFM1, Class E, (1-mo. MHC Commercial Mortgage Trust,
CME Term SOFR at 2.25% Floor Series 2021-MHC, Class E, (1-mo.
+ 2.36%), 6.76%, 01/15/34. . . . 14 13,913 CME Term SOFR at 2.10% Floor +
Series 2021-MFM1, Class F, (1-mo. 2.22%), 6.61%, 04/15/38(a)(b). . . . . 125 124,868
CME Term SOFR at 3.00% Floor Morgan Stanley Capital I Trust, Series
+ 3.11%), 7.51%, 01/15/34. . . . 28 27,778 2018-MP, Class A, 4.28%, 07/11/40(a)
Series 2024-CNYN, Class A, (1-mo. (b)
....................... 17 15,343
CME Term SOFR at 1.44% Floor SREIT Trust, Series 2021-MFP, Class
+ 1.44%), 5.84%, 04/15/41. . . . 87 87,140 F, (1-mo. CME Term SOFR at 2.63%
Floor + 2.74%), 7.14%, 11/15/38(a)(b). 96 95,923

Consolidated Schedule of Investments 25

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Shares

Security Par (000) Value Security Shares Value

United States (continued) Israel — 0.1% (d)(f)(h)

STWD Trust, Series 2021-FLWR, Class Deep Instinct Ltd., Series D-2,
E, (1-mo. CME Term SOFR at 1.92% (Acquired 03/19/21, cost $89,710). 14,760 $ 63,763
Floor + 2.04%), 6.44%, 07/15/36(a)(b). USD 25 $ 24,969 Deep Instinct Ltd., Series D-4,
UBS Commercial Mortgage Trust, (Acquired 09/20/22, cost $84,498). 11,985 59,566
Series 2019-C17, Class A4, 2.92%,          

123,329
10/15/52. . . . . . . . . . . . . . . . . . 10 8,963
Sweden — 0.0%
VEGAS(a)(b)
Volta Greentech AB, Series C,
Series 2024-GCS, Class C, 6.22%,
(Acquired 02/22/22, cost $26,894)(d)(f)
07/10/36. . . . . . . . . . . . . . . . 50 47,946 (h)
....................... 228 —
Series 2024-GCS, Class D, 6.22%,          

07/10/36. . . . . . . . . . . . . . . . 64 58,355 United Kingdom — 0.1%

Wells Fargo Commercial Mortgage 10x Future Technologies Services Ltd.,
Trust(b) Series D, (Acquired 12/19/23, cost
Series 2015-C28, Class AS, 3.87%, $183,387)(d)(f)(h). . . . . . . . . . . . . . 4,842 76,074
05/15/48. . . . . . . . . . . . . . . . 30 29,763          

Series 2024-1CHI, Class A, 5.31%, United States — 1.8%

07/15/35(a). . . . . . . . . . . . . . . 100 100,236 Aiven, Inc., Series D(d)(f).. . . . . . . . . . 647 41,453
                                                        Breeze Aviation Group, Inc., Series B,
(Acquired 01/26/24, cost $75,615)(d)(f)
1,990,437 (h)
....................... 140 24,107
Caresyntax, Inc., Series C-2(d)(f). . . . . 567 16,182
                                                                                   

Total Non-Agency Mortgage-Backed Securities — 1.8% Caresyntax, Inc., Series C-3(d)(f). . . . . 73 1,594
(Cost: $2,665,703). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,567,537 CW Opportunity 2 LP(d)(f). . . . . . . . . . 83,000 105,410
Databricks, Inc., Series F, (Acquired
                                                   

Preferred Securities 10/22/19, cost $88,431)(d)(f)(h). . . . . 6,177 566,925

Databricks, Inc., Series G, (Acquired
Capital Trusts — 0.0%
02/01/21, cost $102,873)(d)(f)(h). . . . 1,740 159,697
United States — 0.0% Davidson Homes, Inc., 12.00%(d)(f). . . 139 126,715
USB Capital IX, (3-mo. CME Term Dream Finders Homes, Inc.
SOFR at 3.50% Floor + 1.28%), (Preference), 9.00%(d)(o). . . . . . . . 285 283,219
5.94%(b)(o). . . . . . . . . . . . . . . . . . 31 26,742 Exo Imaging, Inc., (Acquired 06/24/21,
cost $62,470)(d)(f)(h). . . . . . . . . . . . 10,664 640
         

Total Capital Trusts — 0.0%  

FLYR, Inc.(d)(f). . . . . . . . . . . . . . . . . 18,486 131,807
(Cost: $28,719). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,742
GM Cruise Holdings LLC, Series G,
Class G, (Acquired 03/25/21, cost
         

Shares $76,178)(d)(f)(h). . . . . . . . . . . . . . . 2,891 2,891

Shares HawkEye 360, Inc., Series D1(d)(f). . . . 4,447 51,941
Insightful Corp., Series D(d)(f). . . . . . . 51,259 13,558
Preferred Stocks — 2.5%
JumpCloud, Inc., Series E-1, (Acquired
Brazil — 0.2% 10/30/20, cost $93,611)(d)(f)(h). . . . . 51,330 112,926
Banco Bradesco SA (Preference). . . . 18,444 34,710 JumpCloud, Inc., Series F, (Acquired
Cia Energetica de Minas Gerais 09/03/21, cost $20,218)(d)(f)(h). . . . . 3,376 7,427
(Preference). . . . . . . . . . . . . . . . 21,819 38,783 Lessen Holdings, Inc., Series B(d)(f). . . 8,296 32,437
Gerdau SA (Preference). . . . . . . . . . 8,235 24,127 Loadsmart, Inc., Series C, (Acquired
Itau Unibanco Holding SA (Preference). 9,350 46,329 10/05/20, cost $85,987)(d)(f)(h). . . . . 10,057 69,896
Neon Payments Ltd.(d)(f).. . . . . . . . . . 319 130,139 Loadsmart, Inc., Series D, (Acquired
Petroleo Brasileiro SA (Preference).. . 8,118 48,107 01/27/22, cost $19,100)(d)(f)(h). . . . . 955 9,961
         

Lookout, Inc., Series F, (Acquired

322,195
09/19/14, cost $243,061)(d)(f)(h). . . . 21,278 40,215
China — 0.3%
MNTN Digital, Series D, (Acquired
ByteDance Ltd., Series E-1, (Acquired 11/05/21, cost $54,841)(d)(f)(h). . . . . 2,388 37,993
11/11/20, cost $269,333)(d)(f)(h).. . . . 2,458 444,161
Mythic AI, Inc., Series C, (Acquired
01/26/21, cost $48,256)(d)(f)(h). . . . . 70 —
         

Germany — 0.0%
Henkel AG & Co. KGaA (Preference). 618 54,221 Noodle Partners, Inc., Series C,
Volocopter GmbH, (Acquired 03/03/21, (Acquired 08/26/21, cost $73,361)(d)(f)
cost $159,572)(d)(f)(h). . . . . . . . . . . 30 —
(h)
....................... 8,220 17,509
         

PsiQuantum Corp., Series D, (Acquired

54,221 05/21/21, cost $40,179)(d)(f)(h). . . . . 1,532 58,400
India — 0.0% Relativity Space, Inc., Series E,
Think & Learn Pvt Ltd., Series F, (Acquired 05/27/21, cost $68,894)(d)(f)
(Acquired 12/11/20, cost $103,322)(d) (h)
....................... 3,017 2,655
(f)(h)
...................... 32 — SambaNova Systems, Inc., Series C,
(Acquired 02/19/20, cost $91,575)(d)(f)
         

(h)
....................... 1,720 95,890

26 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Par (000)

Security Shares Value Security Par (000) Value

United States (continued) Commercial Mortgage-Backed Securities — 0.0%

SambaNova Systems, Inc., Series D, Federal National Mortgage Association
(Acquired 04/09/21, cost $52,640)(d)(f) ACES Variable Rate Notes,
(h)
....................... 554 $ 35,439 Series 2018-M13, Class A2,
Snorkel AI, Inc., Series C, (Acquired 3.74%, 09/25/30(b). . . . . . . . . . . . USD 13 $ 11,919
06/30/21, cost $28,447)(d)(f)(h). . . . . 1,894 19,073 Interest Only Commercial Mortgage-Backed Securities — 0.0%
Source Global PBC, Series C-1, Federal Home Loan Mortgage Corp.
(Acquired 05/07/20, cost $70,353)(d)(f) Multifamily Structured Pass-Through
(h)
....................... 4,463 21,289 Certificates Variable Rate Notes(b)
Source Global PBC, Series D, Series K109, Class X1,
(Acquired 07/05/22, cost $13,149)(d)(f) 1.57%, 04/25/30. . . . . . . . . 116 7,713
(h)
....................... 321 2,905 Series K116, Class X1,
Source Global PBC, Series D-2, 1.42%, 07/25/30. . . . . . . . . 99 6,012
(Acquired 05/16/24, cost $0)(d)(f)(h).. 228 643 Series K120, Class X1,
Source Global PBC, Series D-3, 1.03%, 10/25/30. . . . . . . . . 390 18,110
(Acquired 05/15/24, cost $12,125)(d)(f) Series KL06, Class XFX,
(h)
....................... 333 2,677 1.36%, 12/25/29. . . . . . . . . 100 4,389
Ursa Major Technologies, Inc., Series Series KW09, Class X1,
C, (Acquired 09/13/21, cost 0.80%, 05/25/29. . . . . . . . . 450 11,695
$72,377)(d)(f)(h). . . . . . . . . . . . . . . 12,134 34,218                                                                             

Ursa Major Technologies, Inc., Series 47,919

D, (Acquired 10/14/22, cost
                                                                                       

Total U.S. Government Sponsored Agency Securities — 0.0%  

$9,855)(d)(f)(h). . . . . . . . . . . . . . . . 1,487 4,387
(Cost: $84,150). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,088
Verge Genomics, Series B, (Acquired                                                                        

11/05/21, cost $65,876)(d)(f)(h). . . . . 12,367 80,138

Verge Genomics, Series C, (Acquired
U.S. Treasury Obligations
09/06/23, cost $10,528)(d)(f)(h). . . . . 1,464 10,556 U.S. Treasury Notes
Veritas, Inc.(d)(f).. . . . . . . . . . . . . . . . 294 5,875 4.00%, 12/15/25(i). . . . . . . . . . . . 1,017 1,015,279
Versa Networks, Inc., Series E, 4.63%, 09/30/28. . . . . . . . . . . . . 546 550,702
(Acquired 10/14/22, cost $43,198),          

12.00%, (d)(f)(h). . . . . . . . . . . . . . . 14,803 78,604 Total U.S. Treasury Obligations — 1.1%

Wells Fargo & Co., Series L, 7.50%(n)(o). 46 54,938 (Cost: $1,556,151). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,565,981
XAI Corp., (Acquired 11/27/24, cost                                                    

$220,722)(d)(f)(h). . . . . . . . . . . . . . 10,195 220,722 Shares

          Shares
2,582,912
         

Warrants
Total Preferred Stocks — 2.5%  
(Cost: $4,126,926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,602,892 Brazil — 0.0%
         
Lavoro Ltd. (Issued/Exercisable
12/27/22, 1 Share for 1 Warrant,
Trust Preferreds — 0.1% Expires 12/27/27, Strike Price USD
United States — 0.1% 11.50)(f). . . . . . . . . . . . . . . . . . . 718 94
Citigroup Capital XIII, (3-mo. CME Term
    

France — 0.0%
SOFR + 6.63%), 11.22%, 10/30/40(b)
Atos SE (1 Share for 1 Warrant, Expires
(g)
....................... 3,609 108,162
         
12/17/27). . . . . . . . . . . . . . . . . . 947,855 1,865
Total Trust Preferreds — 0.1%  
    

Israel — 0.0%(f)
(Cost: $98,903). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,162 Deep Instinct Ltd., (Acquired 09/20/22,
cost $0) (Issued/Exercisable
         

Total Preferred Securities — 2.6% 09/20/22, 1 Share for 1 Warrant,

(Cost: $4,254,548). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,737,796 Expires 09/20/32)(d)(h). . . . . . . . . . 845 76
         

Innovid Corp., Class A (Issued/

Par (000) Exercisable 01/28/21, 1 Share for
Par (000) 1 Warrant, Expires 11/30/26, Strike
Price USD 11.50).. . . . . . . . . . . . 375 41
U.S. Government Sponsored Agency Securities
                               

117
Collateralized Mortgage Obligations — 0.0% United Kingdom — 0.0%
Federal Home Loan Mortgage Corp. 10x Future Technologies Services Ltd.,
Structured Agency Credit Risk Debt (Acquired 12/19/23, cost $0) (Issued/
Variable Rate Notes, Series 2021- Exercisable 12/19/23, 1 Share for
DNA2, Class B2, (SOFR 30 day 1 Warrant, Expires 11/17/30, Strike
Average at 0.00% Floor + 6.00%), Price GBP 0.01)(d)(f)(h). . . . . . . . . . 5,834 5,551
10.57%, 08/25/33(a)(b). . . . . . . . . . USD 17 20,250     

Consolidated Schedule of Investments 27

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

United States — 0.0% (f)

United States (continued)
Crown PropTech Acquisitions (Issued/ Versa Networks, Inc., Series E,
Exercisable 02/05/21, 1 Share for (Acquired 10/14/22, cost $0) (Issued/
1 Warrant, Expires 02/01/26, Strike Exercisable 10/14/22, 1 Share for
Price USD 11.50)(d). . . . . . . . . . . 2,120 $ 88 1 Warrant, Expires 10/07/32, Strike
Crown PropTech Acquisitions (Issued/ Price USD 0.01)(d)(h). . . . . . . . . . . 1,825 $ 8,158
Exercisable 01/25/21, 1 Share for Volato Group, Inc., (Acquired 12/03/23,
1 Warrant, Expires 12/31/27, Strike cost $1,351) (Issued/Exercisable
Price USD 11.50)(d). . . . . . . . . . . 1,268 — 12/04/23, 1 Share for 1 Warrant,
Davidson Homes, Inc. (Issued/ Expires 12/03/28, Strike Price USD
Exercisable 05/16/24, 1 Share for 11.50)(h). . . . . . . . . . . . . . . . . . . 1,351 20
1 Warrant, Expires 05/16/34, Strike                                

Price USD 8.47)(d). . . . . . . . . . . . 965 7,884 62,917

EVgo, Inc. (Issued/Exercisable
                                         

Total Warrants — 0.0%

11/10/20, 1 Share for 1 Warrant, (Cost: $16,602). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,544
Expires 07/01/26, Strike Price USD          

11.50). . . . . . . . . . . . . . . . . . . . 1,130 610 Total Long-Term Investments — 90.6%

Flagstar Financial, Inc., (Acquired (Cost: $125,149,117). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,336,140
03/07/24, cost $0) (Issued/          

Exercisable 03/11/24, 1 Share for Par (000)

1 Warrant, Expires 03/11/31, Strike Par (000)
Price USD 2.50)(h). . . . . . . . . . . . 14 24,416
FLYR, Inc. (Issued/Exercisable Short-Term Securities
05/10/22, 1 Share for 1 Warrant,
Expires 05/10/32, Strike Price USD Foreign Government Obligations — 0.1%
3.95)(d). . . . . . . . . . . . . . . . . . . . 264 1,294 Brazil — 0.0%
HawkEye 360, Inc. (Issued/Exercisable Letras do Tesouro Nacional Treasury
07/07/23, 1 Share for 1 Warrant, Bills, 13.80%, 01/01/26(t). . . . . . . . BRL —(r) 41,056
Expires 07/07/33, Strike Price USD                     

11.17)(d). . . . . . . . . . . . . . . . . . . 217 887 Egypt — 0.1%

HawkEye 360, Inc. (Issued/Exercisable Arab Republic of Egypt Treasury Bills(t)
07/07/23, 1 Share for 1 Warrant, 23.64%, 02/18/25. . . . . . . . . . . . EGP 1,750 33,025
Expires 07/07/33, Strike Price USD 32.46%, 03/18/25. . . . . . . . . . . . 2,900 54,017
0.01)(d). . . . . . . . . . . . . . . . . . . . 1,369 9,802                     

HawkEye 360, Inc. (Issued/Exercisable 87,042

07/07/23, 1 Share for 1 Warrant,
                    

Total Foreign Government Obligations — 0.1%

Expires 07/07/33, Strike Price USD (Cost: $128,765).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,098
0.01)(d). . . . . . . . . . . . . . . . . . . . 543 3,888          

Hippo Holdings, Inc. (Issued/

Shares
Exercisable 01/04/21, 1 Share for
Shares
1 Warrant, Expires 08/02/26, Strike
Price USD 11.50).. . . . . . . . . . . . 938 7 Money Market Funds — 6.0%(e)(u)
Insight M, Inc. (Issued/Exercisable
01/31/24, 1 Share for 1 Warrant, , BlackRock Cash Funds: Institutional, SL
Strike Price USD 0.34)(d). . . . . . . . 53,113 3,851 Agency Shares, 4.63%(v). . . . . . . . 2,754,061 2,755,438
Latch, Inc. (Issued/Exercisable BlackRock Liquidity Funds, T-Fund,
12/29/20, 1 Share for 1 Warrant, Institutional Class, 4.36%. . . . . . . 5,936,703 5,936,703
Expires 06/04/26, Strike Price USD
          

Total Money Market Funds — 6.0%

11.50)(d). . . . . . . . . . . . . . . . . . . 840 — (Cost: $8,692,141). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,692,141
Lightning eMotors, Inc. (Issued/                                

Exercisable 05/06/21, 1 Share for Total Short-Term Securities — 6.1%

1 Warrant, Expires 12/15/25, Strike (Cost: $8,820,906). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,820,239
Price USD 11.50).. . . . . . . . . . . . 2,348 —
         

Offerpad Solutions, Inc. (Issued/ Total Options Purchased — 0.2%

Exercisable 10/13/20, 1 Share for (Cost: $695,857).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,248
1 Warrant, Expires 09/01/26, Strike       

Price USD 11.50).. . . . . . . . . . . . 1,681 13 Total Investments Before Options Written — 96.9%
Palladyne AI Corp. (Issued/Exercisable (Cost: $134,665,880).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,491,627
01/15/21, 1 Share for 1 Warrant,                             

Total Options Written — (0.2)%

Expires 06/15/27, Strike Price USD
(Premiums Received — $(304,791)). . . . . . . . . . . . . . . . . . . (341,467)
11.50). . . . . . . . . . . . . . . . . . . . 724 546       

Palladyne AI Corp. (Issued/Exercisable

12/21/20, 1 Share for 1 Warrant, Total Investments Net of Options Written — 96.7%
Expires 09/24/26, Strike Price USD (Cost: $134,361,089).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,150,160
11.50). . . . . . . . . . . . . . . . . . . . 1,924 1,453 Other Assets Less Liabilities — 3.3%.. . . . . . . . . . . . . . . . . . . 4,858,798
                        

Net Assets — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 146,008,958

                                    

28 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

(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.

Consolidated Schedule of Investments 29

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

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:
                                                                                  

Capital Gain
Change in Distributions
Net Unrealized Par/Shares from
Value at Purchases Proceeds Realized Appreciation Value at Held at Underlying
Affiliated Issuer 12/31/23 at Cost from Sales Gain (Loss) (Depreciation) 12/31/24 12/31/24 Income 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 637‌1,053‌ —‌
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 429‌436‌ —‌
iShares Russell Mid-Cap
Growth ETF. . . . . . . . . . . 39,381‌ —‌ (20,009‌) 1,987‌ 2,470‌ 23,829‌ 188‌138‌ —‌
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.

30 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
Value/
Unrealized
Number of Expiration Notional Appreciation
Description Contracts Date Amount (000) (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

    

Unrealized
Currency Currency Settlement Appreciation  
Purchased Sold Counterparty Date (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

Consolidated Schedule of Investments 31

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Forward Foreign Currency Exchange Contracts (continued)

    

Unrealized
Currency Currency Settlement Appreciation  
Purchased Sold Counterparty Date (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)

32 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Forward Foreign Currency Exchange Contracts (continued)

    

Unrealized
Currency Currency Settlement Appreciation  
Purchased Sold Counterparty Date (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)

Consolidated Schedule of Investments 33

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Forward Foreign Currency Exchange Contracts (continued)

    

Unrealized
Currency Currency Settlement Appreciation  
Purchased Sold Counterparty Date (Depreciation)
    

ZAR 4,376,017 USD 244,982 BNP Paribas SA 03/19/25 $ (14,678)

  

(716,840)
  

$ (511,843)
           

OTC Barrier Options Purchased

                                     

Expiration   Exercise Barrier Notional

Description Type of Option Counterparty Date Price Price/Range 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                                          

Number of Expiration Exercise Notional
Description Contracts Date Price 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

34 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Exchange-Traded Options Purchased (continued)

Number of Expiration Exercise Notional
Description Contracts Date Price 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

                                                                                                                                                                                                                                                                                                                                                      

Number of Expiration Exercise Notional

Description Counterparty Contracts Date Price 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
                                                                                                                                                      

Consolidated Schedule of Investments 35

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

OTC Credit Default Swaptions Purchased

                                                                                                                                                                                                 

Paid by the Received by the

Fund Fund
                                                                                                                                                                                   

Expiration Exercise Notional

Description Rate/Reference Rate/Reference Frequency Counterparty Date Price Amount (000)(a) Value
                                                                                                                                                                                                 

Put
Markit CDX North
     Bought Protection on 5-Year American High Yield
Credit Default Swap.. . . . . . 5.00% Index Series 43.V1 Quarterly Bank of America NA 01/15/25 USD 106.00 USD 140 $ 129
iTraxx Europe
     Bought Protection on 5-Year Crossover Index
Credit Default Swap.. . . . . . 5.00 Series 42.V1 Quarterly Bank of America NA 01/15/25 EUR 400.00 EUR 135 57
iTraxx Europe
     Bought Protection on 5-Year Crossover Index JPMorgan Chase Bank
Credit Default Swap.. . . . . . 5.00 Series 42.V1 Quarterly 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

                                                                                                                                                                                                         

Expiration Notional
Description Rate Frequency Rate Frequency Counterparty Date Exercise Rate Amount (000) Value
                                                                                                                                                                                                                                                                                                                               

Call
JPMorgan Chase
10-Year Interest Rate Swap(a). 3-mo. JIBAR Quarterly 8.75% Quarterly Bank NA 01/22/25 8.75% ZAR 873 $ 266
Goldman Sachs
10-Year Interest Rate Swap(a). 1-day SOFR Annual 3.00% Annual 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
Goldman Sachs
30-Year Interest Rate Swap(a). 1-day SOFR Annual 3.30% Annual 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

  

Number of Expiration Exercise Notional

Description Contracts Date Price 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)

36 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Exchange-Traded Options Written (continued)

  

Number of Expiration Exercise Notional

Description Contracts Date Price 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

                                                                                                                                                                                                                                                                                                                                        

Number of Expiration Exercise Notional

Description Counterparty Contracts Date Price 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)
                                                                                                                                                      

Consolidated Schedule of Investments 37

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

OTC Credit Default Swaptions Written

                                                                                                                                                                                   

Paid by the Received by the

Fund Fund
                                                                                                                                                             

Expiration Credit Exercise Notional

Description Rate/Reference Rate/Reference Frequency Counterparty Date Rating(a) Price Amount (000)(b) Value
                                                                                                                                                                                                       

Put
     Sold Protection on Markit CDX North
5-Year Credit Default American High Yield
Swap. . . . . . . . . . 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

                                                                                                                                                                                                         

Expiration Notional
Description Rate Frequency Rate Frequency Counterparty Date Exercise Rate Amount (000) Value
                                                                                                                                                                                                                                                                                                                               

Call
Goldman Sachs
5-Year Interest Rate Swap(a).. 3.15% Annual 1-day SOFR Annual International 01/24/25 3.15% USD 1,134 $ (12)
Goldman Sachs
1-Year Interest Rate Swap(a).. 3.15% At Termination 1-day SOFR At Termination International 02/10/25 3.15 USD 5,074 (48)
Goldman Sachs
5-Year Interest Rate Swap(a).. 3.23% Annual 1-day SOFR Annual 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)
Goldman Sachs
30-Year Interest Rate Swap(a). 2.70% Annual 1-day SOFR Annual 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
Goldman Sachs
10-Year Interest Rate Swap(a). 1-day SOFR Annual 3.70% Annual International 01/02/25 3.70 USD 885 (26,907)
Goldman Sachs
2-Year Interest Rate Swap(a).. 1-day SOFR Annual 4.07% Annual International 01/10/25 4.07 USD 2,905 (3,795)
JPMorgan Chase
5-Year Interest Rate Swap(a).. 1-day SONIA Annual 4.00% Annual 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)
Goldman Sachs
5-Year Interest Rate Swap(a).. 1-day SOFR Annual 3.23% Annual 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)
JPMorgan Chase
10-Year Interest Rate Swap(a). 1-day SOFR Annual 3.75% Annual Bank NA 03/25/25 3.75 USD 875 (27,663)
JPMorgan Chase
5-Year Interest Rate Swap(a).. 1-day SONIA Annual 4.10% Annual 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)
Goldman Sachs
30-Year Interest Rate Swap(a). 1-day SOFR Annual 4.15% Annual 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)
Morgan Stanley & Co.
2-Year Interest Rate Swap(a).. 1-day SOFR Annual 4.60% Annual 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.

38 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Centrally Cleared Credit Default Swaps — Buy Protection

                       

Upfront
Financing Premium Unrealized
Rate Paid Payment Termination Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Date Amount (000) Value (Received) (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 Default Swaps — Sell Protection

    

Upfront
Financing Premium Unrealized
Rate Received Payment Termination Credit Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Date Rating(a) Amount (000)(b) Value (Received) (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 Swaps

                                                                                    

Paid by the Fund Received by the Fund

                                                                                                                  

Upfront
Premium Unrealized
Effective Termination Notional Paid Appreciation
Rate Frequency Rate Frequency Date Date Amount (000) Value (Received) (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

Consolidated Schedule of Investments 39

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Centrally Cleared Interest Rate Swaps (continued)

                                                                                    

Paid by the Fund Received by the Fund

                                                                                                                  

Upfront
Premium Unrealized
Effective Termination Notional Paid Appreciation
Rate Frequency Rate Frequency Date Date Amount (000) Value (Received) (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 Swaps

    

Paid by the Fund Received by the Fund

                        

Upfront
Premium Unrealized
Termination Notional Paid Appreciation
Reference Frequency Rate Frequency Date Amount (000) Value (Received) (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 Swaps — Buy Protection

                                                                                

Upfront
Financing Premium Unrealized
Rate Paid Payment Termination Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Counterparty Date Amount (000) Value (Received) (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)

40 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

OTC Credit Default Swaps — Buy Protection (continued)

                                                                                

Upfront
Financing Premium Unrealized
Rate Paid Payment Termination Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Counterparty Date Amount (000) Value (Received) (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 Swaps — Sell Protection

  

Upfront
Financing Premium Unrealized
Rate Received Payment Termination Credit Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Counterparty Date Rating(a) Amount (000)(b) Value (Received) (Depreciation)
Virgin Media Finance plc.. 5.00% Quarterly Bank of America NA 06/20/29 B- EUR 18 $ 993 $ 646 $ 347
Goldman Sachs
Virgin Media Finance plc.. 5.00 Quarterly International 06/20/29 B- EUR 34 1,897 1,207 690
JPMorgan Chase Bank
Virgin Media Finance plc.. 5.00 Quarterly NA 06/20/29 B- EUR 16 904 649 255
Goldman Sachs
Forvia SE. . . . . . . . . . . . 5.00 Quarterly International 12/20/29 BB EUR 8 485 574 (89)
JPMorgan Chase Bank
Vistra Operations Co. LLC. 5.00 Quarterly 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

Upfront
Notional Premium Unrealized
Termination Amount Paid Appreciation
Rate Frequency Rate Frequency Counterparty Date (000) Value (Received) (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

Consolidated Schedule of Investments 41

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

OTC Interest Rate Swaps (continued)

Paid by the Fund Received by the Fund

Upfront
Notional Premium Unrealized
Termination Amount Paid Appreciation
Rate Frequency Rate Frequency Counterparty Date (000) Value (Received) (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)
Morgan Stanley & Co.
9.73% At Termination 1-day IBR At Termination 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)
1-day
14.18% At Termination 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
1-day
11.49% At Termination BZDIOVER At Termination BNP Paribas SA 01/04/27 BRL 792 9,874 — 9,874
1-day
11.57% At Termination BZDIOVER At Termination BNP Paribas SA 01/04/27 BRL 476 5,751 — 5,751
1-day
12.21% At Termination BZDIOVER At Termination Citibank NA 01/04/27 BRL 110 1,114 — 1,114
1-day
15.41% At Termination 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)
Goldman Sachs
1-day CLICP Semi-Annual 4.90% Semi-Annual International 11/22/29 CLP 37,033 (600) — (600)
Goldman Sachs
1-day CLICP Semi-Annual 4.91% Semi-Annual International 11/22/29 CLP 36,490 (575) — (575)
Goldman Sachs
1-day CLICP Semi-Annual 4.93% Semi-Annual International 11/22/29 CLP 18,535 (275) — (275)
        

$ (124,878) $ — $ (124,878)
        

42 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

OTC Total Return Swaps

  

Paid by the Fund Received by the Fund

     

Upfront
Notional Premium Unrealized
Termination Amount Paid Appreciation
Rate/Reference Frequency Rate/Reference Frequency Counterparty Date (000) Value (Received) (Depreciation)
iShares iBoxx
$ High Yield
1-day SOFR minus Corporate Bond At JPMorgan Chase Bank
0.55%. . . . . . . . . . At Termination ETF Termination NA 03/20/25 USD 1 $ 3 $ — $ 3
iShares Broad
USD High Yield
Corporate Bond At
1-day SOFR plus 0.30%. At Termination ETF Termination BNP Paribas SA 03/20/25 USD 14 306 — 306
iShares iBoxx $
Investment Grade 1-day SOFR minus At Goldman Sachs
Corporate Bond ETF. At Termination 0.70% Termination International 03/20/25 USD 3 631 — 631
iShares iBoxx $
Investment Grade 1-day SOFR minus JPMorgan Chase Bank
Corporate Bond ETF. At Termination 0.70% Quarterly NA 03/20/25 USD 7 1,671 — 1,671
Citi Equity US 1W
Volatility Carry
0.00%. . . . . . . . . . . . Quarterly Index Quarterly Citibank NA 12/19/25 USD 66 (1,601) — (1,601)
Goldman Sachs
Systematic Skew
US Series I1D
Excess Return Goldman Sachs
0.00%. . . . . . . . . . . . Quarterly Index Quarterly International 12/19/25 USD 12 — — —
Citi Equity US 1W
Volatility Carry
1-day SOFR. . . . . . . . Quarterly Index Quarterly Citibank NA 12/19/25 USD 17 — — —
Citi Equity US 1W
Volatility Carry
1-day SOFR. . . . . . . . Quarterly Index Quarterly Citibank NA 12/19/25 USD 11 (169) — (169)
        

$ 841 $ — $ 841
        

OTC Total Return Swaps

    

Gross
Notional
Accrued Unrealized Net Value of Amount
Payment Termination Net Appreciation Reference Net Asset
Reference Entity Frequency Counterparty(a) Date Notional (Depreciation) Entity 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
JPMorgan Chase
Monthly Bank NA(f) 02/10/25 (1,277,382‌) 70,110‌(g) (1,206,317‌) 1.0‌

$ 64,193‌ $ (5,875,359‌)

(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:
(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)

(c)
Amount includes $(54) of net dividends and financing fees.

(e)
Amount includes $(7,429) of net dividends and financing fees.

Consolidated Schedule of Investments 43

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

(g)
Amount includes $(955) of net dividends and financing fees.

The following table represents the individual long positions and related values of % of Basket
equity securities underlying the total return swap with Barclays Bank plc, as of Shares Value Value
period end, termination date July 25, 2025: Finland
% of Basket Metso OYJ . . . . . . . . . . . . . . (121) $ (1,127) 0.0%
Shares Value Value Neste OYJ.. . . . . . . . . . . . . . (2,963) (37,497) 0.8
Reference Entity — Long
         

(38,624)
Common Stocks France
United States Alstom SA . . . . . . . . . . . . . . . (2,698) (60,201) 1.3
AMC Networks, Inc., Class A.. . 682 $ 6,752 100.0% Pernod Ricard SA . . . . . . . . . . (94) (10,621) 0.2
               

Renault SA . . . . . . . . . . . . . . (938) (45,665) 1.0

Net Value of Reference Entity — Barclays Bank Teleperformance SE . . . . . . . . (286) (24,531) 0.5
plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,752          

(141,018)
The following table represents the individual short positions and related values of Italy
equity securities underlying the total return swap with Citibank NA, as of period end, DiaSorin SpA . . . . . . . . . . . . . (244) (25,167) 0.5
termination date February 24, 2028: Nexi SpA. . . . . . . . . . . . . . . . (5,943) (33,080) 0.7
Telecom Italia SpA . . . . . . . . . (35,243) (9,007) 0.2
% of Basket          

Shares Value Value (67,254)

Reference Entity — Short Japan
Dentsu Group, Inc. . . . . . . . . . (800) (19,224) 0.4
Common Stocks
DMG Mori Co. Ltd. . . . . . . . . . (1,242) (19,763) 0.4
Belgium
Hoshizaki Corp. . . . . . . . . . . . (300) (11,796) 0.2
D'ieteren Group . . . . . . . . . . . (89) (14,805) 0.3
Kadokawa Corp. . . . . . . . . . . . (600) (11,890) 0.3
UCB SA . . . . . . . . . . . . . . . . (368) (73,255) 1.6
         
Kawasaki Heavy Industries Ltd. . (1,200) (54,665) 1.2
(88,060) Kobayashi Pharmaceutical Co.
Brazil Ltd. . . . . . . . . . . . . . . . . . (500) (19,740) 0.4
BRF SA.. . . . . . . . . . . . . . . . (1,046) (4,238) 0.1 Kobe Bussan Co. Ltd. . . . . . . . (1,000) (21,860) 0.5
Marfrig Global Foods SA . . . . . (3,905) (10,758) 0.3 Koito Manufacturing Co. Ltd... . (200) (2,532) 0.0
Natura & Co. Holding SA . . . . . (2,577) (5,318) 0.1 Lasertec Corp. . . . . . . . . . . . . (200) (18,749) 0.4
NU Holdings Ltd., Class A . . . . (6,268) (64,937) 1.4 MatsukiyoCocokara & Co. . . . . (2,200) (32,030) 0.7
Suzano SA . . . . . . . . . . . . . . (592) (5,983) 0.1 Mercari, Inc... . . . . . . . . . . . . (8,253) (93,137) 2.0
         

Mitsubishi Heavy Industries Ltd. . (1,800) (25,099) 0.5

(91,234) MonotaRO Co. Ltd. . . . . . . . . . (700) (11,896) 0.3
Canada Nippon Express Holdings, Inc. .. (1,671) (25,336) 0.5
Canadian Pacific Kansas City Nissan Motor Co. Ltd. . . . . . . . (11,400) (34,574) 0.7
Ltd. . . . . . . . . . . . . . . . . . (596) (43,154) 0.9 NTT Data Group Corp... . . . . . (1,400) (26,621) 0.6
Oji Holdings Corp... . . . . . . . . (2,200) (8,408) 0.2
     

China
Alibaba Group Holding Ltd... . . (1,200) (12,700) 0.3 Rakuten Bank Ltd. . . . . . . . . . (700) (19,540) 0.4
Anhui Conch Cement Co. Ltd., Rohm Co. Ltd. . . . . . . . . . . . . (2,500) (23,229) 0.5
Class H.. . . . . . . . . . . . . . (5,500) (14,001) 0.3 Sanrio Co. Ltd. . . . . . . . . . . . . (700) (24,401) 0.5
Baidu, Inc., Class A . . . . . . . . . (1,700) (17,929) 0.4 Seven & i Holdings Co. Ltd. . . . (5,000) (78,388) 1.7
China International Capital Corp. Sharp Corp. . . . . . . . . . . . . . . (500) (3,099) 0.1
Ltd., Class H . . . . . . . . . . . (31,200) (50,658) 1.1 Shimano, Inc... . . . . . . . . . . . (200) (26,903) 0.6
China Overseas Land & Square Enix Holdings Co. Ltd. .. (96) (3,728) 0.1
Investment Ltd. . . . . . . . . . (8,500) (13,428) 0.3 SUMCO Corp. . . . . . . . . . . . . (8,200) (60,389) 1.3
China Railway Group Ltd., Class Sumitomo Chemical Co. Ltd... . (10,764) (23,754) 0.5
H. . . . . . . . . . . . . . . . . . . (40,000) (20,267) 0.4 Taisei Corp. . . . . . . . . . . . . . . (39) (1,634) 0.0
China Resources Power Tokyo Electric Power Co.
Holdings Co. Ltd. . . . . . . . . (18,932) (45,837) 1.0 Holdings, Inc... . . . . . . . . . (11,900) (35,570) 0.8
CRRC Corp. Ltd., Class H . . . . (25,000) (16,076) 0.4 Tokyo Gas Co. Ltd. . . . . . . . . . (700) (19,395) 0.4
CSPC Pharmaceutical Group
         

(757,350)
Ltd. . . . . . . . . . . . . . . . . . (10,000) (6,096) 0.1
Mexico
Longfor Group Holdings Ltd. . . . (36,500) (46,290) 1.0
Alfa SAB de CV, Class A . . . . . (5,033) (3,628) 0.1
New Oriental Education &      

Technology Group, Inc. . . . . (1,700) (10,843) 0.2 Poland

Postal Savings Bank of China ORLEN SA . . . . . . . . . . . . . . (3,091) (35,431) 0.8
Co. Ltd., Class H . . . . . . . . (65,000) (38,154) 0.8      

         

Singapore
(292,279) Seatrium Ltd. . . . . . . . . . . . . . (3,100) (4,699) 0.1
Denmark      

Coloplast A/S, Class B . . . . . . . (358) (39,223) 0.8 South Korea

Zealand Pharma A/S . . . . . . . . (283) (28,152) 0.6 LG Energy Solution Ltd. . . . . . . (72) (16,815) 0.3
         

POSCO Future M Co. Ltd. . . . . (93) (8,786) 0.2

(67,375)          

(25,601)

44 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

% of Basket % of Basket
Shares Value Value Shares Value Value
Spain United States (continued)
Grifols SA, Class A . . . . . . . . . (4,858) $ (45,908) 1.0% Take-Two Interactive Software,
     

Inc. . . . . . . . . . . . . . . . . . (167) $ (30,741) 0.7%

Sweden Tapestry, Inc. . . . . . . . . . . . . . (1,079) (70,491) 1.5
Beijer Ref AB, Class B . . . . . . . (174) (2,568) 0.1 Target Corp... . . . . . . . . . . . . (278) (37,580) 0.8
Walgreens Boots Alliance, Inc. . (11,083) (103,404) 2.2
     

Switzerland
Avolta AG . . . . . . . . . . . . . . . (365) (14,652) 0.3
         

(2,472,661)
Clariant AG (Registered) . . . . . (1,557) (17,378) 0.4   

Georg Fischer AG (Registered) . (110) (8,328) 0.2 Total Reference Entity — Short. . . . . . . . . . . . . (4,675,794)
Sandoz Group AG.. . . . . . . . . (1,413) (57,923) 1.2
Swatch Group AG (The).. . . . . (388) (70,523) 1.5 Net Value of Reference Entity — Citibank NA. . . $ (4,675,794)
         

(168,804)
The following table represents the individual long and short positions and related
Taiwan
values of equity securities underlying the total return swap with JPMorgan Chase
Chailease Holding Co. Ltd. . . . . (2,653) (9,129) 0.2
Bank NA, as of period end, termination date February 10, 2025:
Formosa Plastics Corp. . . . . . . (17,000) (18,392) 0.4
Fubon Financial Holding Co. Ltd. . (8,212) (22,583) 0.5 % of Basket
Innolux Corp. . . . . . . . . . . . . . (59,000) (25,780) 0.5 Shares Value Value
Shin Kong Financial Holding Co. Reference Entity — Long
Ltd. . . . . . . . . . . . . . . . . . (14,000) (5,033) 0.1
Common Stocks
United States
         

(80,917)
United Kingdom AMC Networks, Inc., Class A.. . 3,367 33,333 (2.8)
Coca-Cola Europacific Partners Eagle Bancorp, Inc... . . . . . . . 262 6,820 (0.6)
plc . . . . . . . . . . . . . . . . . . (1,497) (114,985) 2.5 Flagstar Financial, Inc... . . . . . 2,891 26,973 (2.2)
Entain plc . . . . . . . . . . . . . . . (4,442) (38,132) 0.8
               

67,126
JD Sports Fashion plc . . . . . . . (27,568) (32,950) 0.7     

Rentokil Initial plc . . . . . . . . . . (12,654) (63,162) 1.3 Reference Entity — Short

Investment Companies
         

(249,229)
United States United States
Air Products & Chemicals, Inc. . (294) (85,272) 1.8 iShares iBoxx $ Investment
Albemarle Corp. . . . . . . . . . . . (1,702) (146,508) 3.1 Grade Corporate Bond ETF . (1,666) (177,995) 14.8
Align Technology, Inc. . . . . . . . (137) (28,566) 0.6 SPDR S&P Oil & Gas Exploration
APA Corp. . . . . . . . . . . . . . . . (4,975) (114,873) 2.5 & Production ETF . . . . . . . . (537) (71,083) 5.9
Axon Enterprise, Inc. . . . . . . . . (134) (79,639) 1.7 Vanguard Intermediate-Term
Blackstone, Inc. . . . . . . . . . . . (112) (19,311) 0.4 Corporate Bond ETF . . . . . . (1,328) (106,599) 8.8
Celanese Corp. . . . . . . . . . . . (516) (35,712) 0.8
         

(355,677)
Charles River Laboratories   

International, Inc. . . . . . . . . (262) (48,365) 1.0 Common Stocks

Charter Communications, Inc., Australia
Class A . . . . . . . . . . . . . . . (351) (120,312) 2.6 CAR Group Ltd. . . . . . . . . . . . (130) (2,893) 0.2
Corteva, Inc. . . . . . . . . . . . . . (2,071) (117,964) 2.5 Dexus . . . . . . . . . . . . . . . . . . (6,384) (26,223) 2.2
Deere & Co... . . . . . . . . . . . . (86) (36,438) 0.8 IDP Education Ltd. . . . . . . . . . (875) (6,815) 0.5
Diamondback Energy, Inc. . . . . (610) (99,936) 2.1 Lynas Rare Earths Ltd. . . . . . . (7,305) (28,806) 2.4
Enphase Energy, Inc... . . . . . . (591) (40,590) 0.9 Mineral Resources Ltd. . . . . . . (2,382) (50,272) 4.2
FedEx Corp. . . . . . . . . . . . . . (241) (67,801) 1.4 Pro Medicus Ltd... . . . . . . . . . (276) (42,634) 3.5
First Solar, Inc. . . . . . . . . . . . . (387) (68,205) 1.5 SEEK Ltd. . . . . . . . . . . . . . . . (1,964) (27,331) 2.3
Fiserv, Inc... . . . . . . . . . . . . . (420) (86,276) 1.8 Treasury Wine Estates Ltd... . . (5,661) (39,654) 3.3
GE HealthCare Technologies, WiseTech Global Ltd... . . . . . . (900) (67,188) 5.6
Inc. . . . . . . . . . . . . . . . . . (1,296) (101,321) 2.2
         

(291,816)
Humana, Inc. . . . . . . . . . . . . . (157) (39,833) 0.9
Brazil
Kenvue, Inc... . . . . . . . . . . . . (4,603) (98,274) 2.1
BRF SA.. . . . . . . . . . . . . . . . (1,676) (6,791) 0.6
Lamb Weston Holdings, Inc. . . . (2,134) (142,615) 3.0
Cosan SA . . . . . . . . . . . . . . . (13,090) (17,577) 1.4
Las Vegas Sands Corp. . . . . . . (1,244) (63,892) 1.4
Localiza Rent a Car SA . . . . . . (6,524) (33,981) 2.8
LKQ Corp. . . . . . . . . . . . . . . . (1,107) (40,682) 0.9
Marfrig Global Foods SA . . . . . (869) (2,394) 0.2
Martin Marietta Materials, Inc. .. (30) (15,495) 0.3
Natura & Co. Holding SA . . . . . (7,076) (14,602) 1.2
Molina Healthcare, Inc. . . . . . . (49) (14,262) 0.3
Suzano SA . . . . . . . . . . . . . . (2,580) (26,076) 2.2
Norfolk Southern Corp. . . . . . . (199) (46,705) 1.0
O'Reilly Automotive, Inc. . . . . . (21) (24,902) 0.5
         

(101,421)
Palantir Technologies, Inc., Class Canada
A. . . . . . . . . . . . . . . . . . . (158) (11,950) 0.3 Power Corp. of Canada . . . . . . (184) (5,740) 0.5
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

Consolidated Schedule of Investments 45

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

% of Basket % of Basket
Shares Value Value Shares Value Value
China South Africa
China International Capital Corp. Impala Platinum Holdings Ltd. .. (7,804) $ (36,487) 3.0%
Ltd., Class H . . . . . . . . . . . (400) $ (649) 0.0%      

PICC Property & Casualty Co. South Korea

Ltd., Class H . . . . . . . . . . . (26,000) (40,893) 3.4 POSCO Future M Co. Ltd. . . . . (125) (11,810) 1.0
Shandong Gold Mining Co. Ltd., POSCO Holdings, Inc. . . . . . . . (52) (8,870) 0.7
Class H.. . . . . . . . . . . . . . (8,250) (13,285) 1.1
         

(20,680)
Sweden
         

(54,827)
Finland Beijer Ref AB, Class B . . . . . . . (1,113) (16,426) 1.4
Metso OYJ . . . . . . . . . . . . . . (649) (6,042) 0.5
     

Switzerland
Bachem Holding AG . . . . . . . . (186) (11,895) 1.0
     

France
Sartorius Stedim Biotech . . . . . (191) (37,289) 3.1 Tecan Group AG (Registered) .. (83) (18,498) 1.5
         

(30,393)
     

Italy
Telecom Italia SpA . . . . . . . . . (124,921) (31,927) 2.7 United Kingdom
     
DS Smith plc . . . . . . . . . . . . . (5,932) (40,120) 3.3
Japan      

Kansai Electric Power Co., Inc. United States

(The) . . . . . . . . . . . . . . . . (1,700) (18,843) 1.6 Albemarle Corp. . . . . . . . . . . . (28) (2,410) 0.2
Mercari, Inc... . . . . . . . . . . . . (811) (9,152) 0.8 Atlantic Union Bankshares Corp. . (120) (4,546) 0.4
Nissan Motor Co. Ltd. . . . . . . . (4,000) (12,131) 1.0 Brandywine Realty Trust . . . . . (41) (230) 0.0
Rakuten Group, Inc. . . . . . . . . (89) (480) 0.0 Celanese Corp. . . . . . . . . . . . (64) (4,429) 0.4
Rohm Co. Ltd. . . . . . . . . . . . . (700) (6,504) 0.5 Community Financial System,
Sharp Corp. . . . . . . . . . . . . . . (4,600) (28,510) 2.4 Inc. . . . . . . . . . . . . . . . . . (111) (6,846) 0.6
Shinko Electric Industries Co. CVB Financial Corp. . . . . . . . . (288) (6,166) 0.5
Ltd. . . . . . . . . . . . . . . . . . (1,200) (43,380) 3.6 Enphase Energy, Inc... . . . . . . (15) (1,030) 0.1
Square Enix Holdings Co. Ltd. .. (744) (28,890) 2.4 Lamb Weston Holdings, Inc. . . . (77) (5,146) 0.4
         
Provident Financial Services,
(147,890) Inc. . . . . . . . . . . . . . . . . . (410) (7,737) 0.6
Mexico ServisFirst Bancshares, Inc. . . . (98) (8,304) 0.7
Alfa SAB de CV, Class A . . . . . (12,287) (8,857) 0.7          

     
(46,844)
Poland   

InPost SA . . . . . . . . . . . . . . . (923) (15,758) 1.3 Total Reference Entity — Short. . . . . . . . . . . . . (1,273,443)

Net Value of Reference Entity — JPMorgan Chase

     

Singapore
SATS Ltd. . . . . . . . . . . . . . . . (6,800) (18,125) 1.5 Bank NA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,206,317)

Seatrium Ltd. . . . . . . . . . . . . . (4,700) (7,124) 0.6

         

(25,249)

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
                                                                                    

46 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written
                                                      

Swap Swap
Premiums Premiums Unrealized Unrealized
Description Paid Received Appreciation 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.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts 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.

Consolidated Schedule of Investments 47

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts Contracts Total
Net Realized Gain (Loss) from
Futures contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (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 contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 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
      

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

The Fund's derivative assets and liabilities (by type) were as follows:

Assets Liabilities
Derivative Financial Instruments $ —
Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,584 $ 18,939
Forward foreign 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

48 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

(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:
                                                                                                                                                                                                                                 

Derivative
Assets
Subject to Derivatives Non-cash Cash Net Amount
an MNA by Available Collateral Collateral of Derivative
Counterparty Counterparty for Offset(a) Received Received 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

                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                 

Derivative
Liabilities
Subject to Derivatives Non-cash Cash Net Amount of
an MNA by Available Collateral Collateral Derivative
Counterparty Counterparty for Offset(a) Pledged Pledged 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.

Consolidated Schedule of Investments 49

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

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

50 2024 BlackRock Annual Financial Statements and Additional Information

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Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Fair Value Hierarchy as of Period End (continued)

                                            

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

Consolidated Schedule of Investments 51

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

Fair Value Hierarchy as of Period End (continued)

                                            

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:
Fixed Floating Unfunded
Asset- Rate Rate Floating
Backed Common Corporate Loan Loan Other Preferred Rate Loan
Securities Stocks Bonds Interests Interests Interests Securities 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.

52 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Consolidated Schedule of Investments (continued) BlackRock Global Allocation Portfolio
December 31, 2024

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.
Weighted
Average of
Range of Unobservable
Valuation Unobservable Inputs Based on Fair
Value Approach Unobservable Inputs Inputs Utilized(a) 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
(a)
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
(b)
The fund valued certain of its Level 3 Preferred Stocks using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior
transaction prices, for which inputs are unobservable, is $667,774 as of December 31, 2024.

See notes to financial statements.

Consolidated Schedule of Investments 53

BNM0225U-4254142-13432747
Schedule of Investments BlackRock Government Money Market Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

U.S. Government Sponsored Agency Obligations U.S. Government Sponsored Agency Obligations (continued)
Federal Farm Credit Bank Bonds, (1-day SOFR at 0.00% Floor + 0.14%),
5.00%, 04/04/25. . . . . . . . . . . . . . . . . . USD 149‌ $ 148,972‌ 4.51%, 11/20/26. . . . . . . . . . . . . . . . . USD 1,200‌ $ 1,200,000‌
Federal Farm Credit Bank Variable Rate (1-day SOFR at 0.00% Floor + 0.14%),
Notes(a) 4.51%, 12/11/26. . . . . . . . . . . . . . . . . 1,400‌ 1,400,000‌
(1-day SOFR at 0.00% Floor + 0.17%),
4.54%, 01/23/25. . . . . . . . . . . . . . . . . 510‌ 510,000‌ Total U.S. Government Sponsored Agency Obligations — 17.7%
(1-day SOFR at 0.00% Floor + 0.14%), (Cost: $19,165,850). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,165,850‌
4.51%, 05/27/25. . . . . . . . . . . . . . . . . 700‌ 700,000‌
(1-day SOFR at 0.00% Floor + 0.05%), U.S. Treasury Obligations
4.42%, 06/20/25. . . . . . . . . . . . . . . . . 47‌ 47,000‌
U.S. Treasury Bills(b)
(1-day SOFR at 0.00% Floor + 0.07%),
2.97%, 01/07/25. . . . . . . . . . . . . . . . . . . 1,500‌ 1,498,798‌
4.44%, 11/17/25. . . . . . . . . . . . . . . . . 200‌ 200,000‌
3.32%, 01/09/25. . . . . . . . . . . . . . . . . . . 1,264‌ 1,262,535‌
(1-day SOFR at 0.00% Floor + 0.10%),
3.65%, 01/14/25. . . . . . . . . . . . . . . . . . . 1,765‌ 1,762,020‌
4.47%, 06/24/26. . . . . . . . . . . . . . . . . 100‌ 100,000‌
3.76%, 01/16/25. . . . . . . . . . . . . . . . . . . 400‌ 399,247‌
(1-day SOFR at 0.00% Floor + 0.10%),
4.47%, 06/26/26. . . . . . . . . . . . . . . . . 200‌ 200,000‌ 3.90%, 01/21/25. . . . . . . . . . . . . . . . . . . 975‌ 972,476‌
(1-day SOFR at 0.00% Floor + 0.14%), 3.94%, 01/23/25. . . . . . . . . . . . . . . . . . . 1,093‌ 1,089,486‌
4.51%, 10/15/26. . . . . . . . . . . . . . . . . 900‌ 899,912‌ 3.96%, 01/28/25. . . . . . . . . . . . . . . . . . . 2,360‌ 2,352,141‌
(US Treasury 3 Month Bill Money Market 4.02%, 01/30/25. . . . . . . . . . . . . . . . . . . 1,100‌ 1,095,899‌
Yield at 0.00% Floor + 0.27%), 4.07%, 02/06/25. . . . . . . . . . . . . . . . . . . 135‌ 134,401‌
4.54%, 10/16/26. . . . . . . . . . . . . . . . . 500‌ 500,000‌ 4.06%, 02/11/25. . . . . . . . . . . . . . . . . . . 1,655‌ 1,646,688‌
Federal Home Loan Bank Discount Notes(b) 4.12%, 02/13/25. . . . . . . . . . . . . . . . . . . 522‌ 519,012‌
4.27%, 01/03/25. . . . . . . . . . . . . . . . . . . 1,000‌ 999,744‌ 4.13%, 02/25/25. . . . . . . . . . . . . . . . . . . 1,000‌ 993,209‌
4.28%, 01/24/25. . . . . . . . . . . . . . . . . . . 140‌ 139,572‌ 4.12%, 03/04/25. . . . . . . . . . . . . . . . . . . 2,200‌ 2,183,215‌
4.28%, 01/27/25. . . . . . . . . . . . . . . . . . . 832‌ 829,218‌ 4.16%, 03/18/25. . . . . . . . . . . . . . . . . . . 1,240‌ 1,228,560‌
4.30%, 02/10/25. . . . . . . . . . . . . . . . . . . 325‌ 323,281‌ 4.16%, 03/20/25. . . . . . . . . . . . . . . . . . . 200‌ 198,158‌
4.30%, 02/11/25. . . . . . . . . . . . . . . . . . . 700‌ 696,205‌ 4.18%, 03/25/25. . . . . . . . . . . . . . . . . . . 1,700‌ 1,682,833‌
4.29%, 03/07/25. . . . . . . . . . . . . . . . . . . 800‌ 793,727‌ 4.24%, 04/03/25. . . . . . . . . . . . . . . . . . . 723‌ 714,717‌
4.26%, 04/04/25. . . . . . . . . . . . . . . . . . . 1,110‌ 1,097,555‌ 4.20%, 04/08/25. . . . . . . . . . . . . . . . . . . 250‌ 247,100‌
4.25%, 05/02/25. . . . . . . . . . . . . . . . . . . 300‌ 295,664‌ 4.18%, 04/10/25. . . . . . . . . . . . . . . . . . . 191‌ 189,137‌
Federal Home Loan Bank Variable Rate Notes(a) 4.21%, 04/15/25. . . . . . . . . . . . . . . . . . . 290‌ 286,457‌
(1-day SOFR at 0.00% Floor + 0.01%), 4.19%, 04/17/25. . . . . . . . . . . . . . . . . . . 1,200‌ 1,184,913‌
4.38%, 01/13/25. . . . . . . . . . . . . . . . . 900‌ 900,000‌ 4.22%, 04/22/25. . . . . . . . . . . . . . . . . . . 1,300‌ 1,283,085‌
(1-day SOFR at 0.00% Floor + 0.02%), 4.20%, 04/24/25. . . . . . . . . . . . . . . . . . . 525‌ 517,876‌
4.39%, 01/27/25. . . . . . . . . . . . . . . . . 200‌ 200,000‌ 4.20%, 05/01/25. . . . . . . . . . . . . . . . . . . 1,500‌ 1,478,375‌
(1-day SOFR at 0.00% Floor + 0.00%), 4.20%, 05/08/25. . . . . . . . . . . . . . . . . . . 2,250‌ 2,216,186‌
4.37%, 02/03/25. . . . . . . . . . . . . . . . . 1,000‌ 1,000,000‌ 4.22%, 05/29/25. . . . . . . . . . . . . . . . . . . 2,000‌ 1,964,316‌
(1-day SOFR at 0.00% Floor + 0.01%), 4.22%, 06/12/25. . . . . . . . . . . . . . . . . . . 1,000‌ 981,100‌
4.38%, 02/25/25. . . . . . . . . . . . . . . . . 200‌ 200,000‌ 4.21%, 06/20/25. . . . . . . . . . . . . . . . . . . 130‌ 127,054‌
(1-day SOFR at 0.00% Floor + 0.01%), 4.22%, 06/26/25. . . . . . . . . . . . . . . . . . . 1,100‌ 1,077,575‌
4.38%, 02/27/25. . . . . . . . . . . . . . . . . 300‌ 300,000‌ 4.22%, 07/03/25. . . . . . . . . . . . . . . . . . . 1,100‌ 1,077,005‌
(1-day SOFR at 0.00% Floor + 0.01%), 4.20%, 07/10/25. . . . . . . . . . . . . . . . . . . 900‌ 877,319‌
4.38%, 03/05/25. . . . . . . . . . . . . . . . . 200‌ 200,000‌ 4.15%, 10/02/25. . . . . . . . . . . . . . . . . . . 291‌ 281,547‌
(1-day SOFR at 0.00% Floor + 0.03%), 4.13%, 10/30/25. . . . . . . . . . . . . . . . . . . 375‌ 362,103‌
4.39%, 03/25/25. . . . . . . . . . . . . . . . . 1,120‌ 1,120,000‌ 4.11%, 11/28/25. . . . . . . . . . . . . . . . . . . 400‌ 384,748‌
(1-day SOFR at 0.00% Floor + 0.00%), 4.13%, 12/26/25. . . . . . . . . . . . . . . . . . . 1,100‌ 1,055,354‌
4.37%, 05/20/25. . . . . . . . . . . . . . . . . 465‌ 465,000‌ U.S. Treasury Notes
(1-day SOFR at 0.00% Floor + 0.16%), (US Treasury 3 Month Bill Money Market
4.53%, 07/21/25. . . . . . . . . . . . . . . . . 940‌ 940,000‌ Yield at 0.00% Floor + 0.20%),
(1-day SOFR at 0.00% Floor + 0.10%), 4.48%, 01/31/25(a). . . . . . . . . . . . . . . . 900‌ 900,000‌
4.47%, 06/26/26. . . . . . . . . . . . . . . . . 485‌ 485,000‌ 1.13%, 02/28/25. . . . . . . . . . . . . . . . . . . 26‌ 25,842‌
Federal Home Loan Mortgage Corp. Variable 2.75%, 02/28/25. . . . . . . . . . . . . . . . . . . 27‌ 26,903‌
Rate Notes(a) 3.88%, 03/31/25. . . . . . . . . . . . . . . . . . . 25‌ 24,930‌
(1-day SOFR at 0.00% Floor + 0.14%), (US Treasury 3 Month Bill Money Market
4.51%, 09/23/26. . . . . . . . . . . . . . . . . 300‌ 300,000‌ Yield at 0.00% Floor + 0.17%),
(1-day SOFR at 0.00% Floor + 0.14%), 4.45%, 10/31/25(a). . . . . . . . . . . . . . . . 401‌ 400,895‌
4.51%, 10/16/26. . . . . . . . . . . . . . . . . 200‌ 200,000‌ 0.38%, 11/30/25. . . . . . . . . . . . . . . . . . . 100‌ 96,405‌
Federal National Mortgage Association Variable 0.38%, 12/31/25. . . . . . . . . . . . . . . . . . . 325‌ 312,814‌
Rate Notes(a) 4.25%, 12/31/25. . . . . . . . . . . . . . . . . . . 140‌ 139,989‌
(1-day SOFR at 0.00% Floor + 0.12%), (US Treasury 3 Month Bill Money Market
4.49%, 07/29/26. . . . . . . . . . . . . . . . . 990‌ 990,000‌ Yield at 0.00% Floor + 0.25%),
(1-day SOFR at 0.00% Floor + 0.14%), 4.52%, 01/31/26(a). . . . . . . . . . . . . . . . 1,000‌ 1,000,445‌
4.51%, 08/21/26. . . . . . . . . . . . . . . . . 450‌ 450,000‌ (US Treasury 3 Month Bill Money Market
(1-day SOFR at 0.00% Floor + 0.14%), Yield at 0.00% Floor + 0.15%),
4.51%, 10/23/26. . . . . . . . . . . . . . . . . 335‌ 335,000‌ 4.43%, 04/30/26(a). . . . . . . . . . . . . . . . 1,300‌ 1,300,142‌

54 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Government Money Market Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000)
Security 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

                                                                                                                                                             

Coupon Purchase Maturity Par Proceeds Including Position Received,

Counterparty Rate Date Date (000) At Value Interest Position Original Par At Value
                                                                          

U.S. Government
Sponsored Agency
Obligations and U.S.
Treasury Obligations,
Bank of America 1.25% to 7.51%, due
Securities, Inc.. . . . 4.46‌% 12/31/24 01/02/25 $ 9,750‌ $ 9,750,000‌$ 9,752,416‌ 03/15/28 to 07/20/70. $ 32,627,716‌ $ 9,945,000‌
–‌ –‌

U.S. Government
Sponsored Agency
Obligation, 0.00%, due
Barclays Capital, Inc... 4.48‌(a) 12/31/24 02/06/25 1,000‌ 1,000,000‌ 1,004,604‌ 05/25/51.. . . . . . . . . 1,201,297‌ 1,070,000‌
–‌ –‌

U.S. Government
Sponsored Agency
Obligations and U.S.
Treasury Obligations,
0.00% to 6.75%, due
BNP Paribas SA. . . . . 4.46‌ 12/31/24 01/02/25 7,000‌ 7,000,000‌ 7,001,735‌ 06/15/26 to 07/20/64. 33,058,851‌ 7,156,669‌
–‌ –‌

U.S. Treasury
JP Morgan Securities Obligation, 0.00%, due
LLC.. . . . . . . . . . . 4.45‌ 12/31/24 01/02/25 9,000‌ 9,000,000‌ 9,002,225‌ 11/15/25.. . . . . . . . . 9,525,944‌ 9,180,000‌
–‌ –‌

U.S. Treasury
Obligations, 4.00% to
Mizuho Securities USA 4.88%, due 10/31/28 to
LLC.. . . . . . . . . . . 4.46‌ 12/31/24 01/02/25 8,000‌ 8,000,000‌ 8,001,982‌ 02/15/34.. . . . . . . . . 8,320,900‌ 8,160,082‌
–‌ –‌

U.S. Treasury
Obligations, 0.50% to
4.63%, due 06/30/25 to
TD Securities USA LLC. 4.46‌ 12/31/24 01/02/25 8,000‌ 8,000,000‌ 8,001,982‌ 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.

Schedules of Investments 55
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Government Money Market Portfolio
December 31, 2024

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major
categories is disclosed in the Schedule of Investments above.
                                            

Level 1 Level 2 Level 3 Total

                                                        

Assets
Investments
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
                   

See notes to financial statements.

56 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Par (000)

Security Shares Value Security Par (000) Value

Common Stocks Banks — 0.7%

Banco Espirito Santo SA, 4.75%, 01/15/22(a)(d)(e). EUR 100 $ 29,004
Aerospace & Defense — 0.1% Citigroup, Inc.(f)(g)      
Boeing Co. (The)(a). . . . . . . . . . . . . . . . . . . . 90 $ 15,930 Series AA, (5-Year US Treasury Yield Curve
Rate T Note Constant Maturity + 3.21%),
                                                                        

Building Products — 0.0%

JELD-WEN Holding, Inc.(a).. . . . . . . . . . . . . . 762 6,241 7.63%. . . . . . . . . . . . . . . . . . . . . . . . USD 1 1,042
                                                                        
Series CC, (5-Year US Treasury Yield Curve
Commercial Services & Supplies — 0.0% Rate T Note Constant Maturity + 2.69%),
Veritas, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . 42 842 7.13%. . . . . . . . . . . . . . . . . . . . . . . . 45 45,836
Series EE, (5-Year US Treasury Yield Curve
                                                                        

Life Sciences Tools & Services — 0.1% Rate T Note Constant Maturity + 2.57%),
Avantor, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . 790 16,645 6.75%. . . . . . . . . . . . . . . . . . . . . . . . 23 22,813
Series DD, (10-Year US Treasury Yield
                                                                        

Metals & Mining — 0.1%

Constellium SE, Class A(a). . . . . . . . . . . . . . . 1,919 19,708 Curve Rate T Note Constant Maturity +
                                                                        
2.76%), 7.00%. . . . . . . . . . . . . . . . . . 15 15,818
Specialized REITs — 0.1% Wells Fargo & Co., (5-Year US Treasury Yield
VICI Properties, Inc.. . . . . . . . . . . . . . . . . . . 865 25,267 Curve Rate T Note Constant Maturity +
                                                                        

2.77%), 6.85%(f)(g). . . . . . . . . . . . . . . . . 25 25,804

Total Common Stocks — 0.4%                                                                                                                                                                                   

(Cost: $93,998). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,633 140,317

                                  

Broadline Retail — 0.2%

Par (000) Match Group Holdings II LLC(c)      
Par (000) 4.13%, 08/01/30. . . . . . . . . . . . . . . . . . . 15 13,287
3.63%, 10/01/31. . . . . . . . . . . . . . . . . . . 26 22,187
Corporate Bonds                                                                                                                                                                                   

35,474
Aerospace & Defense — 3.2% (c)
Building Products — 2.5%(c)
AAR Escrow Issuer LLC, 6.75%, 03/15/29.. . . USD 17 17,240 Advanced Drainage Systems, Inc., 6.38%,
Bombardier, Inc.       06/15/30.. . . . . . . . . . . . . . . . . . . . . . 23 23,002
6.00%, 02/15/28. . . . . . . . . . . . . . . . . . . 36 35,854 Builders FirstSource, Inc., 6.38%, 03/01/34. . . 13 12,830
8.75%, 11/15/30. . . . . . . . . . . . . . . . . . . 30 32,248 Camelot Return Merger Sub, Inc., 8.75%,
7.25%, 07/01/31. . . . . . . . . . . . . . . . . . . 15 15,469 08/01/28.. . . . . . . . . . . . . . . . . . . . . . 14 13,416
7.00%, 06/01/32. . . . . . . . . . . . . . . . . . . 27 27,466 EMRLD Borrower LP      
BWX Technologies, Inc.       6.63%, 12/15/30. . . . . . . . . . . . . . . . . . . 192 192,256
4.13%, 06/30/28. . . . . . . . . . . . . . . . . . . 10 9,363 6.75%, 07/15/31. . . . . . . . . . . . . . . . . . . 14 14,096
4.13%, 04/15/29. . . . . . . . . . . . . . . . . . . 8 7,425 JELD-WEN, Inc., 7.00%, 09/01/32. . . . . . . . 27 25,058
Goat Holdco LLC, 6.75%, 02/01/32. . . . . . . . 20 19,805 New Enterprise Stone & Lime Co., Inc.      
Spirit AeroSystems, Inc.       5.25%, 07/15/28. . . . . . . . . . . . . . . . . . . 21 20,287
9.38%, 11/30/29. . . . . . . . . . . . . . . . . . . 40 42,820 9.75%, 07/15/28. . . . . . . . . . . . . . . . . . . 14 14,317
9.75%, 11/15/30. . . . . . . . . . . . . . . . . . . 32 35,411 Smyrna Ready Mix Concrete LLC      
TransDigm, Inc.       6.00%, 11/01/28. . . . . . . . . . . . . . . . . . . 31 30,236
6.75%, 08/15/28. . . . . . . . . . . . . . . . . . . 38 38,332 8.88%, 11/15/31. . . . . . . . . . . . . . . . . . . 50 52,423
6.38%, 03/01/29. . . . . . . . . . . . . . . . . . . 78 78,173 Standard Building Solutions, Inc., 6.50%,
6.88%, 12/15/30. . . . . . . . . . . . . . . . . . . 6 6,089 08/15/32.. . . . . . . . . . . . . . . . . . . . . . 45 45,072
7.13%, 12/01/31. . . . . . . . . . . . . . . . . . . 47 48,126 Standard Industries, Inc.      
6.63%, 03/01/32. . . . . . . . . . . . . . . . . . . 103 103,930 4.75%, 01/15/28. . . . . . . . . . . . . . . . . . . 2 1,914
6.00%, 01/15/33. . . . . . . . . . . . . . . . . . . 93 91,145 4.38%, 07/15/30. . . . . . . . . . . . . . . . . . . 18 16,492
Triumph Group, Inc., 9.00%, 03/15/28. . . . . . 65 67,680 3.38%, 01/15/31. . . . . . . . . . . . . . . . . . . 20 17,148
                                                                                                                                                                                  

676,576 Summit Materials LLC, 7.25%, 01/15/31. . . . . 28 29,710

Air Freight & Logistics — 0.1% Wilsonart LLC, 11.00%, 08/15/32. . . . . . . . . 20 19,603
Rand Parent LLC, 8.50%, 02/15/30(c). . . . . . . 11 11,060
                                                                                                                                                                                  

527,860
Capital Markets — 1.7%
                                                                                                                                          

Automobile Components — 1.5%

Clarios Global LP(c)       Apollo Debt Solutions BDC(c)      
8.50%, 05/15/27. . . . . . . . . . . . . . . . . . . 118 118,180 6.90%, 04/13/29. . . . . . . . . . . . . . . . . . . 20 20,690
6.75%, 05/15/28. . . . . . . . . . . . . . . . . . . 53 53,969 6.70%, 07/29/31. . . . . . . . . . . . . . . . . . . 10 10,270
Garrett Motion Holdings, Inc., 7.75%, 05/31/32(c). 11 11,160 Ares Strategic Income Fund(c)      
Goodyear Tire & Rubber Co. (The)       5.70%, 03/15/28. . . . . . . . . . . . . . . . . . . 13 12,998
5.00%, 07/15/29. . . . . . . . . . . . . . . . . . . 9 8,265 5.60%, 02/15/30. . . . . . . . . . . . . . . . . . . 18 17,789
5.63%, 04/30/33. . . . . . . . . . . . . . . . . . . 2 1,756 Blackstone Private Credit Fund(c)      
Icahn Enterprises LP       5.95%, 07/16/29. . . . . . . . . . . . . . . . . . . 8 8,053
5.25%, 05/15/27. . . . . . . . . . . . . . . . . . . 61 57,753 6.25%, 01/25/31. . . . . . . . . . . . . . . . . . . 2 2,034
9.75%, 01/15/29. . . . . . . . . . . . . . . . . . . 13 13,033 6.00%, 11/22/34. . . . . . . . . . . . . . . . . . . 40 39,027
4.38%, 02/01/29. . . . . . . . . . . . . . . . . . . 17 14,200 Blue Owl Capital Corp. II, 8.45%, 11/15/26. . . 9 9,433
10.00%, 11/15/29(c). . . . . . . . . . . . . . . . . 16 16,038 Blue Owl Credit Income Corp.      
Tenneco, Inc., 8.00%, 11/17/28(c). . . . . . . . . 29 27,028 7.75%, 09/16/27. . . . . . . . . . . . . . . . . . . 17 17,851
                                                                                                                                                                                  

6.60%, 09/15/29(c). . . . . . . . . . . . . . . . . . 2 2,040

321,382 6.65%, 03/15/31. . . . . . . . . . . . . . . . . . . 20 20,356

Schedules of Investments 57
BNM0225U-4254142-13432747
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
BlackRock High Yield Portfolio
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Capital Markets (continued) Commercial Services & Supplies (continued)

Blue Owl Technology Finance Corp. II, 6.75%, Clean Harbors, Inc., 6.38%, 02/01/31(c).. . . . . USD 5 $ 5,034
04/04/29(c).. . . . . . . . . . . . . . . . . . . . . USD 5 $ 5,031 Deluxe Corp., 8.13%, 09/15/29(c). . . . . . . . . 8 8,112
Brookfield Finance, Inc., (5-Year US Treasury Garda World Security Corp.(c)      
Yield Curve Rate T Note Constant Maturity + 4.63%, 02/15/27. . . . . . . . . . . . . . . . . . . 19 18,453
2.08%), 6.30%, 01/15/55(g).. . . . . . . . . . . 35 34,223 7.75%, 02/15/28. . . . . . . . . . . . . . . . . . . 51 52,627
Compass Group Diversified Holdings LLC, 6.00%, 06/01/29. . . . . . . . . . . . . . . . . . . 8 7,584
5.25%, 04/15/29(c). . . . . . . . . . . . . . . . . 19 18,237 8.25%, 08/01/32. . . . . . . . . . . . . . . . . . . 38 38,617
Focus Financial Partners LLC, 6.75%, 8.38%, 11/15/32. . . . . . . . . . . . . . . . . . . 58 59,035
09/15/31(c).. . . . . . . . . . . . . . . . . . . . . 26 25,897 GFL Environmental, Inc.(c)      
Goldman Sachs Group, Inc. (The), Series Y, 4.00%, 08/01/28. . . . . . . . . . . . . . . . . . . 38 35,982
(10-Year US Treasury Yield Curve Rate T 4.38%, 08/15/29. . . . . . . . . . . . . . . . . . . 33 31,194
Note Constant Maturity + 2.40%), 6.13%(f)(g). 49 48,369 6.75%, 01/15/31. . . . . . . . . . . . . . . . . . . 31 31,833
HAT Holdings I LLC(c)       Madison IAQ LLC, 5.88%, 06/30/29(c).. . . . . . 43 40,602
3.38%, 06/15/26. . . . . . . . . . . . . . . . . . . 16 15,503 Prime Security Services Borrower LLC, 6.25%,
8.00%, 06/15/27. . . . . . . . . . . . . . . . . . . 13 13,545 01/15/28(c).. . . . . . . . . . . . . . . . . . . . . 46 45,747
HPS Corporate Lending Fund, 6.75%, Raven Acquisition Holdings LLC, 6.88%,
01/30/29(c).. . . . . . . . . . . . . . . . . . . . . 15 15,404 11/15/31(c). . . . . . . . . . . . . . . . . . . . . . 23 22,769
Oaktree Strategic Credit Fund       Reworld Holding Corp.      
8.40%, 11/14/28. . . . . . . . . . . . . . . . . . . 2 2,143 4.88%, 12/01/29(c). . . . . . . . . . . . . . . . . . 12 11,098
6.50%, 07/23/29. . . . . . . . . . . . . . . . . . . 7 7,073 5.00%, 09/01/30. . . . . . . . . . . . . . . . . . . 9 8,300
State Street Corp., Series I, (5-Year US RR Donnelley & Sons Co., 9.50%, 08/01/29(c).. 43 43,665
Treasury Yield Curve Rate T Note Constant Veritiv Operating Co., 10.50%, 11/30/30(c). . . . 10 10,770
Maturity + 2.61%), 6.70%(f)(g).. . . . . . . . . . 8 8,158 Waste Pro USA, Inc., 5.50%, 02/15/26(c). . . . . 84 83,953
Williams Scotsman, Inc.(c)      
                                                                                                                                                                                  

354,124
Chemicals — 2.0% 4.63%, 08/15/28. . . . . . . . . . . . . . . . . . . 12 11,458
Chemours Co. (The)       6.63%, 06/15/29. . . . . . . . . . . . . . . . . . . 4 4,048
5.38%, 05/15/27. . . . . . . . . . . . . . . . . . . 13 12,513 7.38%, 10/01/31. . . . . . . . . . . . . . . . . . . 25 25,724
5.75%, 11/15/28(c). . . . . . . . . . . . . . . . . . 23 21,365 Wrangler Holdco Corp., 6.63%, 04/01/32(c). . . 8 8,144
4.63%, 11/15/29(c). . . . . . . . . . . . . . . . . . 4 3,475
                                                                                                                                                                                  

1,007,172
8.00%, 01/15/33(c). . . . . . . . . . . . . . . . . . 18 17,587 Communications Equipment — 0.2%(c)
Element Solutions, Inc., 3.88%, 09/01/28(c). . . 83 78,728 CommScope LLC, 4.75%, 09/01/29.. . . . . . . 30 26,720
HB Fuller Co., 4.25%, 10/15/28. . . . . . . . . . 10 9,405 Viavi Solutions, Inc., 3.75%, 10/01/29. . . . . . 7 6,312
Illuminate Buyer LLC, 9.00%, 07/01/28(c). . . . . 17 17,213                                                                                                                                                                                   

Ingevity Corp., 3.88%, 11/01/28(c). . . . . . . . . 9 8,228 33,032

Kobe U.S. Midco 2, Inc., 9.25%, 11/01/26(c). . . 23 19,229 Construction & Engineering — 0.8%(c)
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(c).. . . 11 11,314 Arcosa, Inc., 4.38%, 04/15/29. . . . . . . . ... 40 37,271
Mativ Holdings, Inc., 8.00%, 10/01/29(c). . . . . 10 9,632 Brand Industrial Services, Inc., 10.38%,
Methanex US Operations, Inc., 6.25%, 08/01/30.. . . . . . . . . . . . . . . . . . . ... 108 109,923
03/15/32(c).. . . . . . . . . . . . . . . . . . . . . 13 12,862 Dycom Industries, Inc., 4.50%, 04/15/29. . ... 7 6,532
Minerals Technologies, Inc., 5.00%, 07/01/28(c). 20 19,250 Pike Corp., 8.63%, 01/31/31. . . . . . . . . ... 6 6,330
                                                                                                                                                                                  

Scotts Miracle-Gro Co. (The)       160,056

4.50%, 10/15/29. . . . . . . . . . . . . . . . . . . 2 1,843 Consumer Finance — 1.2%
4.00%, 04/01/31. . . . . . . . . . . . . . . . . . . 6 5,231 Ally Financial, Inc., (5-Year US Treasury Yield
4.38%, 02/01/32. . . . . . . . . . . . . . . . . . . 10 8,731 Curve Rate T Note Constant Maturity +
SK Invictus Intermediate II SARL, 5.00%, 2.45%), 6.65%, 01/17/40(g).. . . . . . . . . . . 5 4,844
10/30/29(c).. . . . . . . . . . . . . . . . . . . . . 44 40,993 Azorra Finance Ltd., 7.75%, 04/15/30(c). . . . . 10 9,853
WR Grace Holdings LLC(c)       Bread Financial Holdings, Inc., 9.75%,
4.88%, 06/15/27. . . . . . . . . . . . . . . . . . . 15 14,536 03/15/29(c).. . . . . . . . . . . . . . . . . . . . . 4 4,299
5.63%, 08/15/29. . . . . . . . . . . . . . . . . . . 83 76,334 GGAM Finance Ltd.(c)      
7.38%, 03/01/31. . . . . . . . . . . . . . . . . . . 28 28,594 8.00%, 02/15/27. . . . . . . . . . . . . . . . . . . 22 22,692
8.00%, 06/15/28. . . . . . . . . . . . . . . . . . . 7 7,350
                                                                                                                                                                                  

417,063
6.88%, 04/15/29. . . . . . . . . . . . . . . . . . . 21 21,264
Commercial Services & Supplies — 4.8%
5.88%, 03/15/30. . . . . . . . . . . . . . . . . . . 13 12,708
ADT Security Corp. (The)(c)      
Global Aircraft Leasing Co. Ltd., 8.75%,
4.13%, 08/01/29. . . . . . . . . . . . . . . . . . . 2 1,839
09/01/27(c).. . . . . . . . . . . . . . . . . . . . . 14 14,183
4.88%, 07/15/32. . . . . . . . . . . . . . . . . . . 16 14,684
Macquarie Airfinance Holdings Ltd.(c)      
Allied Universal Holdco LLC(c)      
8.13%, 03/30/29. . . . . . . . . . . . . . . . . . . 18 19,037
4.63%, 06/01/28. . . . . . . . . . . . . . . . . . . 200 189,099
6.50%, 03/26/31. . . . . . . . . . . . . . . . . . . 10 10,331
7.88%, 02/15/31. . . . . . . . . . . . . . . . . . . 109 111,407
Navient Corp.      
APi Group DE, Inc.(c)      
5.50%, 03/15/29. . . . . . . . . . . . . . . . . . . 11 10,377
4.13%, 07/15/29. . . . . . . . . . . . . . . . . . . 14 12,795
9.38%, 07/25/30. . . . . . . . . . . . . . . . . . . 18 19,231
4.75%, 10/15/29. . . . . . . . . . . . . . . . . . . 8 7,523
OneMain Finance Corp.      
Aramark Services, Inc., 5.00%, 02/01/28(c).. . . 13 12,633
6.63%, 01/15/28. . . . . . . . . . . . . . . . . . . 4 4,049
Brink's Co. (The)(c)      
6.63%, 05/15/29. . . . . . . . . . . . . . . . . . . 19 19,237
6.50%, 06/15/29. . . . . . . . . . . . . . . . . . . 10 10,134
5.38%, 11/15/29. . . . . . . . . . . . . . . . . . . 19 18,267
6.75%, 06/15/32. . . . . . . . . . . . . . . . . . . 42 42,309
58 2024 BlackRock Annual Financial Statements and Additional Information
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Consumer Finance (continued) Diversified REITs (continued)

7.88%, 03/15/30. . . . . . . . . . . . . . . . . . . USD 27 $ 28,165 Uniti Group LP, 10.50%, 02/15/28. . . . . . . . . USD 130 $ 138,617
4.00%, 09/15/30. . . . . . . . . . . . . . . . . . . 15 13,332
                                                                                                                                                                                  

169,373
7.50%, 05/15/31. . . . . . . . . . . . . . . . . . . 7 7,184
Diversified Telecommunication Services — 5.4%
7.13%, 11/15/31. . . . . . . . . . . . . . . . . . . 11 11,207
                                                                                                                                                                                   CCO Holdings LLC      
257,610 5.38%, 06/01/29(c). . . . . . . . . . . . . . . . . . 25 23,886
Consumer Staples Distribution & Retail — 0.7%(c) 6.38%, 09/01/29(c). . . . . . . . . . . . . . . . . . 110 109,060
Albertsons Cos., Inc.       4.75%, 03/01/30(c). . . . . . . . . . . . . . . . . . 41 37,440
5.88%, 02/15/28. . . . . . . . . . . . . . . . . . . 6 5,975 4.50%, 08/15/30(c). . . . . . . . . . . . . . . . . . 5 4,488
6.50%, 02/15/28. . . . . . . . . . . . . . . . . . . 5 5,066 4.25%, 02/01/31(c). . . . . . . . . . . . . . . . . . 21 18,302
3.50%, 03/15/29. . . . . . . . . . . . . . . . . . . 21 19,113 7.38%, 03/01/31(c). . . . . . . . . . . . . . . . . . 87 88,695
4.88%, 02/15/30. . . . . . . . . . . . . . . . . . . 8 7,623 4.75%, 02/01/32(c). . . . . . . . . . . . . . . . . . 6 5,266
KeHE Distributors LLC, 9.00%, 02/15/29.. . . . 5 5,187 4.50%, 05/01/32. . . . . . . . . . . . . . . . . . . 2 1,720
Performance Food Group, Inc.       4.25%, 01/15/34(c). . . . . . . . . . . . . . . . . . 32 25,961
4.25%, 08/01/29. . . . . . . . . . . . . . . . . . . 16 14,845 Frontier Communications Holdings LLC      
6.13%, 09/15/32. . . . . . . . . . . . . . . . . . . 31 30,999 5.88%, 10/15/27(c). . . . . . . . . . . . . . . . . . 10 9,969
United Natural Foods, Inc., 6.75%, 10/15/28.. 9 8,867 5.00%, 05/01/28(c). . . . . . . . . . . . . . . . . . 49 47,903
US Foods, Inc.       5.88%, 11/01/29. . . . . . . . . . . . . . . . . . . 3 2,486
4.75%, 02/15/29. . . . . . . . . . . . . . . . . . . 27 25,857 6.00%, 01/15/30(c). . . . . . . . . . . . . . . . . . 10 9,978
7.25%, 01/15/32. . . . . . . . . . . . . . . . . . . 15 15,524 8.75%, 05/15/30(c). . . . . . . . . . . . . . . . . . 115 121,542
8.63%, 03/15/31(c). . . . . . . . . . . . . . . . . . 15 15,953
                                                                                                                                                                                  

139,056
Level 3 Financing, Inc.(c)      
Containers & Packaging — 2.2%
10.50%, 04/15/29. . . . . . . . . . . . . . . . . . 70 77,486
Ball Corp., 3.13%, 09/15/31. . . . . . . . . . . . 15 12,731
4.88%, 06/15/29. . . . . . . . . . . . . . . . . . . 46 40,020
Clydesdale Acquisition Holdings, Inc.(c)      
11.00%, 11/15/29. . . . . . . . . . . . . . . . . . 92 103,616
6.63%, 04/15/29. . . . . . . . . . . . . . . . . . . 42 42,278
4.50%, 04/01/30. . . . . . . . . . . . . . . . . . . 18 15,121
6.88%, 01/15/30. . . . . . . . . . . . . . . . . . . 28 28,190
10.50%, 05/15/30. . . . . . . . . . . . . . . . . . 74 80,586
8.75%, 04/15/30. . . . . . . . . . . . . . . . . . . 37 37,402
10.75%, 12/15/30. . . . . . . . . . . . . . . . . . 29 32,295
LABL, Inc.(c)      
Lumen Technologies, Inc.(c)      
5.88%, 11/01/28. . . . . . . . . . . . . . . . . . . 12 10,691
4.13%, 04/15/29. . . . . . . . . . . . . . . . . . . 14 12,217
9.50%, 11/01/28. . . . . . . . . . . . . . . . . . . 30 30,040
4.13%, 04/15/30. . . . . . . . . . . . . . . . . . . 14 12,065
8.63%, 10/01/31. . . . . . . . . . . . . . . . . . . 22 20,352
10.00%, 10/15/32. . . . . . . . . . . . . . . . . . 12 12,298
Mauser Packaging Solutions Holding Co.(c)      
Windstream Services LLC, 8.25%, 10/01/31(c). 78 80,560
7.88%, 04/15/27. . . . . . . . . . . . . . . . . . . 212 216,284
Zayo Group Holdings, Inc.(c)      
9.25%, 04/15/27. . . . . . . . . . . . . . . . . . . 10 10,117
4.00%, 03/01/27. . . . . . . . . . . . . . . . . . . 118 108,826
Owens-Brockway Glass Container, Inc., 7.25%,
6.13%, 03/01/28. . . . . . . . . . . . . . . . . . . 27 22,950
05/15/31(c).. . . . . . . . . . . . . . . . . . . . . 8 7,786                                                                                                                                                                                   

Sealed Air Corp.(c)       1,120,689

4.00%, 12/01/27. . . . . . . . . . . . . . . . . . . 13 12,406 Electric Utilities — 1.5%
5.00%, 04/15/29. . . . . . . . . . . . . . . . . . . 3 2,887 Alpha Generation LLC, 6.75%, 10/15/32(c). . . . 19 18,798
6.50%, 07/15/32. . . . . . . . . . . . . . . . . . . 12 12,019 Duke Energy Corp., (5-Year US Treasury Yield
Trident TPI Holdings, Inc., 12.75%, 12/31/28(c). 7 7,722 Curve Rate T Note Constant Maturity +
2.59%), 6.45%, 09/01/54(g).. . . . . . . . . . . 11 11,134
                                                                                                                                                                                  

450,905
FirstEnergy Corp., 4.00%, 05/01/26(h).. . . . . . 36 36,126
Distributors — 0.4%(c)
NextEra Energy Capital Holdings, Inc.,
BCPE Empire Holdings, Inc., 7.63%, 05/01/27. 23 22,917
(5-Year US Treasury Yield Curve Rate T
Dealer Tire LLC, 8.00%, 02/01/28. . . . . . . . . 8 7,856
Note Constant Maturity + 2.46%), 6.75%,
Gates Corp., 6.88%, 07/01/29. . . . . . . . . . . 18 18,310
06/15/54(g).. . . . . . . . . . . . . . . . . . . . . 15 15,367
Resideo Funding, Inc.      
NRG Energy, Inc.(c)      
4.00%, 09/01/29. . . . . . . . . . . . . . . . . . . 5 4,529
5.75%, 07/15/29. . . . . . . . . . . . . . . . . . . 22 21,387
6.50%, 07/15/32. . . . . . . . . . . . . . . . . . . 24 24,030
                                                                                                                                                                                   6.00%, 02/01/33. . . . . . . . . . . . . . . . . . . 44 42,734
77,642 6.25%, 11/01/34. . . . . . . . . . . . . . . . . . . 75 73,563
Diversified Consumer Services — 0.7% Pattern Energy Operations LP, 4.50%,
Mavis Tire Express Services Topco Corp., 08/15/28(c).. . . . . . . . . . . . . . . . . . . . . 6 5,631
6.50%, 05/15/29(c). . . . . . . . . . . . . . . . . 11 10,495 PG&E Corp.      
Service Corp. International       4.25%, 12/01/27(h). . . . . . . . . . . . . . . . . . 12 13,014
3.38%, 08/15/30. . . . . . . . . . . . . . . . . . . 2 1,750 (5-Year US Treasury Yield Curve Rate T
4.00%, 05/15/31. . . . . . . . . . . . . . . . . . . 28 24,951 Note Constant Maturity + 3.88%), 7.38%,
5.75%, 10/15/32. . . . . . . . . . . . . . . . . . . 55 53,349 03/15/55(g). . . . . . . . . . . . . . . . . . . . . 3 3,079
Wand NewCo 3, Inc., 7.63%, 01/30/32(c). . . . . 52 53,410 Vistra Operations Co. LLC(c)      
7.75%, 10/15/31. . . . . . . . . . . . . . . . . . . 32 33,570
                                                                                                                                                                                  

143,955
6.88%, 04/15/32. . . . . . . . . . . . . . . . . . . 29 29,694
Diversified REITs — 0.8%(c)                                                                                                                                                                                   

Digital Realty Trust LP, 1.88%, 11/15/29(h). . . . 4 4,120 304,097

Global Net Lease, Inc., 3.75%, 12/15/27. . . . . 7 6,388 Electrical Equipment — 0.1%
Iron Mountain Information Management Vertiv Group Corp., 4.13%, 11/15/28(c). . . . . . 30 28,315
Services, Inc., 5.00%, 07/15/32.. . . . . . . . 22 20,248
                                                                                                                                          

Schedules of Investments 59
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Electronic Equipment, Instruments & Components — 0.5% (c)

Financial Services (continued)
Coherent Corp., 5.00%, 12/15/29. . . . . . . . . USD 35 $ 33,400 Hannon Armstrong Sustainable Infrastructure
Sensata Technologies, Inc.       Capital, Inc., 6.38%, 07/01/34(c). . . . . . . . . USD 14 $ 13,634
4.38%, 02/15/30. . . . . . . . . . . . . . . . . . . 50 45,802 Nationstar Mortgage Holdings, Inc.(c)      
3.75%, 02/15/31. . . . . . . . . . . . . . . . . . . 17 14,862 6.00%, 01/15/27. . . . . . . . . . . . . . . . . . . 2 1,990
Zebra Technologies Corp., 6.50%, 06/01/32.. . 7 7,101 6.50%, 08/01/29. . . . . . . . . . . . . . . . . . . 30 29,949
5.13%, 12/15/30. . . . . . . . . . . . . . . . . . . 11 10,263
                                                                                                                                                                                  

101,165
5.75%, 11/15/31. . . . . . . . . . . . . . . . . . . 12 11,470
Energy Equipment & Services — 2.3%
7.13%, 02/01/32. . . . . . . . . . . . . . . . . . . 42 42,523
Archrock Partners LP(c)      
NCR Atleos Corp., 9.50%, 04/01/29(c).. . . . . . 3 3,250
6.88%, 04/01/27. . . . . . . . . . . . . . . . . . . 9 9,047
PennyMac Financial Services, Inc.(c)      
6.25%, 04/01/28. . . . . . . . . . . . . . . . . . . 42 41,776
7.88%, 12/15/29. . . . . . . . . . . . . . . . . . . 18 18,859
6.63%, 09/01/32. . . . . . . . . . . . . . . . . . . 28 27,965
7.13%, 11/15/30. . . . . . . . . . . . . . . . . . . 17 17,216
Diamond Foreign Asset Co., 8.50%, 10/01/30(c). 11 11,415
PHH Escrow Issuer LLC, 9.88%, 11/01/29(c). . . 8 8,036
Enerflex Ltd., 9.00%, 10/15/27(c). . . . . . . . . . 9 9,346
Rocket Mortgage LLC(c)      
Kodiak Gas Services LLC, 7.25%, 02/15/29(c).. 33 33,662
2.88%, 10/15/26. . . . . . . . . . . . . . . . . . . 23 21,823
Nabors Industries Ltd., 7.50%, 01/15/28(c). . . . 12 11,112
3.88%, 03/01/31. . . . . . . . . . . . . . . . . . . 17 14,812
Nabors Industries, Inc.(c)      
4.00%, 10/15/33. . . . . . . . . . . . . . . . . . . 5 4,164
7.38%, 05/15/27. . . . . . . . . . . . . . . . . . . 5 4,994
Shift4 Payments LLC, 6.75%, 08/15/32(c).. . . . 56 56,955
9.13%, 01/31/30. . . . . . . . . . . . . . . . . . . 7 7,119
UWM Holdings LLC, 6.63%, 02/01/30(c). . . . . 27 26,833
8.88%, 08/15/31. . . . . . . . . . . . . . . . . . . 4 3,714                                                                                                                                                                                   

Noble Finance II LLC, 8.00%, 04/15/30(c).. . . . 25 25,249 544,984

Oceaneering International, Inc., 6.00%, Food Products — 1.8%(c)
02/01/28.. . . . . . . . . . . . . . . . . . . . . . 5 4,932 B&G Foods, Inc., 8.00%, 09/15/28. . . . . . . . 6 6,168
Star Holding LLC, 8.75%, 08/01/31(c). . . . . . . 15 14,862 Chobani Holdco II LLC, 8.75%, (8.75% Cash or
Transocean Aquila Ltd., 8.00%, 09/30/28(c). . . 8 8,352 9.50% PIK), 10/01/29(i). . . . . . . . . . . . . . 71 73,753
Transocean Titan Financing Ltd., 8.38%, Chobani LLC      
02/01/28(c).. . . . . . . . . . . . . . . . . . . . . 6 6,122 4.63%, 11/15/28. . . . . . . . . . . . . . . . . . . 68 65,459
Transocean, Inc.(c)       7.63%, 07/01/29. . . . . . . . . . . . . . . . . . . 89 92,033
8.00%, 02/01/27. . . . . . . . . . . . . . . . . . . 8 7,985 Darling Ingredients, Inc., 6.00%, 06/15/30. . . . 22 21,702
8.25%, 05/15/29. . . . . . . . . . . . . . . . . . . 35 34,285 Fiesta Purchaser, Inc.      
8.75%, 02/15/30. . . . . . . . . . . . . . . . . . . 45 46,461 7.88%, 03/01/31. . . . . . . . . . . . . . . . . . . 8 8,350
8.50%, 05/15/31. . . . . . . . . . . . . . . . . . . 43 42,156 9.63%, 09/15/32. . . . . . . . . . . . . . . . . . . 8 8,381
USA Compression Partners LP, 7.13%, Lamb Weston Holdings, Inc.      
03/15/29(c).. . . . . . . . . . . . . . . . . . . . . 36 36,635 4.13%, 01/31/30. . . . . . . . . . . . . . . . . . . 24 21,944
Valaris Ltd., 8.38%, 04/30/30(c). . . . . . . . . . . 56 56,590 4.38%, 01/31/32. . . . . . . . . . . . . . . . . . . 27 24,431
Weatherford International Ltd., 8.63%, Post Holdings, Inc.      
04/30/30(c).. . . . . . . . . . . . . . . . . . . . . 31 32,002 4.50%, 09/15/31. . . . . . . . . . . . . . . . . . . 4 3,583
6.25%, 02/15/32. . . . . . . . . . . . . . . . . . . 17 16,872
                                                                                                                                                                                  

475,781
Entertainment — 0.2%(c) 6.38%, 03/01/33. . . . . . . . . . . . . . . . . . . 19 18,599
Cinemark USA, Inc., 7.00%, 08/01/32. . . . . . 7 7,135 6.25%, 10/15/34. . . . . . . . . . . . . . . . . . . 12 11,690
Lions Gate Capital Holdings 1, Inc., 5.50%, Simmons Foods, Inc., 4.63%, 03/01/29. . . . . 13 12,013
                                                                                                                                                                                  

04/15/29.. . . . . . . . . . . . . . . . . . . . . . 16 14,280 384,978

Live Nation Entertainment, Inc.       Gas Utilities — 0.1%(c)
4.75%, 10/15/27. . . . . . . . . . . . . . . . . . . 12 11,601 AltaGas Ltd., (5-Year US Treasury Yield Curve
3.75%, 01/15/28. . . . . . . . . . . . . . . . . . . 13 12,260 Rate T Note Constant Maturity + 3.57%),
Playtika Holding Corp., 4.25%, 03/15/29. . . . . 5 4,533 7.20%, 10/15/54(g). . . . . . . . . . . . . . . . . 12 12,065
Suburban Propane Partners LP, 5.00%,
                                                                                                                                                                                  

49,809
06/01/31.. . . . . . . . . . . . . . . . . . . . . . 8 7,132
Financial Services — 2.6%                                                                                                                                                                                   

Apollo Global Management, Inc., (5-Year US 19,197

Treasury Yield Curve Rate T Note Constant Ground Transportation — 0.5%
Maturity + 2.17%), 6.00%, 12/15/54(g). . . . . 20 19,689 EquipmentShare.com, Inc., 8.00%, 03/15/33(c). 8 8,101
Block, Inc.       Genesee & Wyoming, Inc., 6.25%, 04/15/32(c). 32 32,193
2.75%, 06/01/26. . . . . . . . . . . . . . . . . . . 3 2,891 GN Bondco LLC, 9.50%, 10/15/31(c). . . . . . . 15 15,795
3.50%, 06/01/31. . . . . . . . . . . . . . . . . . . 8 7,044 Hertz Corp. (The), 12.63%, 07/15/29(c). . . . . . 9 9,589
6.50%, 05/15/32(c). . . . . . . . . . . . . . . . . . 132 133,274 Uber Technologies, Inc.(h)      
Corebridge Financial, Inc., (5-Year US Treasury 0.00%, 12/15/25(j). . . . . . . . . . . . . . . . . . 6 6,048
Yield Curve Rate T Note Constant Maturity + Series 2028, 0.88%, 12/01/28. . . . . . . . . . 31 34,100
2.65%), 6.38%, 09/15/54(g).. . . . . . . . . . . 13 12,911
                                                                                                                                                                                  

105,826
Enact Holdings, Inc., 6.25%, 05/28/29. . . . . . 4 4,076
Health Care Equipment & Supplies — 1.4%(c)
Freedom Mortgage Corp., 12.25%, 10/01/30(c). 7 7,741
Avantor Funding, Inc., 3.88%, 11/01/29. . . . . 23 21,027
Freedom Mortgage Holdings LLC(c)      
Bausch + Lomb Corp., 8.38%, 10/01/28. . . . . 84 86,940
9.25%, 02/01/29. . . . . . . . . . . . . . . . . . . 24 24,767
Medline Borrower LP      
9.13%, 05/15/31. . . . . . . . . . . . . . . . . . . 17 17,528
3.88%, 04/01/29. . . . . . . . . . . . . . . . . . . 27 25,002
Global Payments, Inc., 1.50%, 03/01/31(c)(h). . . 34 33,286
6.25%, 04/01/29. . . . . . . . . . . . . . . . . . . 25 25,263
5.25%, 10/01/29. . . . . . . . . . . . . . . . . . . 109 105,192
60 2024 BlackRock Annual Financial Statements and Additional Information
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Health Care Equipment & Supplies (continued) Hotels, Restaurants & Leisure — 5.2%
Neogen Food Safety Corp., 8.63%, 07/20/30.. USD 13 $ 13,943 1011778 BC ULC(c)      
Sotera Health Holdings LLC, 7.38%, 06/01/31. 12 12,157 5.63%, 09/15/29. . . . . . . . . . . . . . . . . . . USD 11 $ 10,835
Teleflex, Inc., 4.25%, 06/01/28. . . . . . . . . . . 10 9,487 4.00%, 10/15/30. . . . . . . . . . . . . . . . . . . 19 16,993
Boyne USA, Inc., 4.75%, 05/15/29(c). . . . . . . 18 17,063
                                                                                                                                                                                  

299,011
Caesars Entertainment, Inc.(c)      
Health Care Providers & Services — 3.5%
7.00%, 02/15/30. . . . . . . . . . . . . . . . . . . 64 65,187
AHP Health Partners, Inc., 5.75%, 07/15/29(c).. 30 28,981
6.50%, 02/15/32. . . . . . . . . . . . . . . . . . . 48 48,217
Community Health Systems, Inc.(c)      
6.00%, 10/15/32. . . . . . . . . . . . . . . . . . . 11 10,606
5.63%, 03/15/27. . . . . . . . . . . . . . . . . . . 64 61,422
Carnival Corp., 6.00%, 05/01/29(c). . . . . . . . . 35 34,917
6.00%, 01/15/29. . . . . . . . . . . . . . . . . . . 35 31,339
Carnival Holdings Bermuda Ltd., 10.38%,
5.25%, 05/15/30. . . . . . . . . . . . . . . . . . . 48 39,423
05/01/28(c).. . . . . . . . . . . . . . . . . . . . . 22 23,439
4.75%, 02/15/31. . . . . . . . . . . . . . . . . . . 28 21,727
Cedar Fair LP, 5.38%, 04/15/27. . . . . . . . . . 6 5,936
10.88%, 01/15/32. . . . . . . . . . . . . . . . . . 52 53,650
Churchill Downs, Inc.(c)      
Concentra Escrow Issuer Corp., 6.88%,
4.75%, 01/15/28. . . . . . . . . . . . . . . . . . . 28 27,010
07/15/32(c).. . . . . . . . . . . . . . . . . . . . . 21 21,440
5.75%, 04/01/30. . . . . . . . . . . . . . . . . . . 23 22,573
DaVita, Inc., 6.88%, 09/01/32(c). . . . . . . . . . 11 11,084
6.75%, 05/01/31. . . . . . . . . . . . . . . . . . . 56 56,606
Encompass Health Corp.      
Fertitta Entertainment LLC(c)      
4.75%, 02/01/30. . . . . . . . . . . . . . . . . . . 13 12,324
4.63%, 01/15/29. . . . . . . . . . . . . . . . . . . 16 14,827
4.63%, 04/01/31. . . . . . . . . . . . . . . . . . . 23 21,241
6.75%, 01/15/30. . . . . . . . . . . . . . . . . . . 4 3,690
HAH Group Holding Co. LLC, 9.75%, 10/01/31(c). 12 12,010
Great Canadian Gaming Corp., 8.75%,
HealthEquity, Inc., 4.50%, 10/01/29(c). . . . . . . 42 39,369
11/15/29(c). . . . . . . . . . . . . . . . . . . . . . 22 22,518
LifePoint Health, Inc.(c)      
Hilton Domestic Operating Co., Inc.      
9.88%, 08/15/30. . . . . . . . . . . . . . . . . . . 25 26,974
4.88%, 01/15/30. . . . . . . . . . . . . . . . . . . 2 1,918
11.00%, 10/15/30. . . . . . . . . . . . . . . . . . 40 43,907
3.63%, 02/15/32(c). . . . . . . . . . . . . . . . . . 3 2,606
10.00%, 06/01/32. . . . . . . . . . . . . . . . . . 19 19,318
5.88%, 03/15/33(c). . . . . . . . . . . . . . . . . . 38 37,391
Molina Healthcare, Inc.(c)      
Life Time, Inc., 8.00%, 04/15/26(c). . . . . . . . . 19 19,021
4.38%, 06/15/28. . . . . . . . . . . . . . . . . . . 5 4,738
Light & Wonder International, Inc.(c)      
3.88%, 11/15/30. . . . . . . . . . . . . . . . . . . 7 6,232
7.25%, 11/15/29. . . . . . . . . . . . . . . . . . . 14 14,282
6.25%, 01/15/33. . . . . . . . . . . . . . . . . . . 17 16,802
7.50%, 09/01/31. . . . . . . . . . . . . . . . . . . 22 22,652
Option Care Health, Inc., 4.38%, 10/31/29(c).. . 15 13,833
Lindblad Expeditions Holdings, Inc., 9.00%,
Prime Healthcare Services, Inc., 9.38%,
05/15/28(c).. . . . . . . . . . . . . . . . . . . . . 8 8,339
09/01/29(c).. . . . . . . . . . . . . . . . . . . . . 6 5,836
Lindblad Expeditions LLC, 6.75%, 02/15/27(c).. 19 19,007
Star Parent, Inc., 9.00%, 10/01/30(c).. . . . . . . 81 84,127
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(c). 23 20,048
Surgery Center Holdings, Inc., 7.25%,
MGM Resorts International, 6.13%, 09/15/29.. 27 26,966
04/15/32(c).. . . . . . . . . . . . . . . . . . . . . 66 67,326
Midwest Gaming Borrower LLC, 4.88%,
Tenet Healthcare Corp., 6.75%, 05/15/31. . . . 67 67,686
05/01/29(c).. . . . . . . . . . . . . . . . . . . . . 11 10,371
US Acute Care Solutions LLC, 9.75%,
NCL Corp. Ltd.(c)      
05/15/29(c).. . . . . . . . . . . . . . . . . . . . . 23 23,440
                                                                                                                                                                                  

8.13%, 01/15/29. . . . . . . . . . . . . . . . . . . 8 8,430

734,229 7.75%, 02/15/29. . . . . . . . . . . . . . . . . . . 13 13,650
Health Care REITs — 0.3% 6.25%, 03/01/30. . . . . . . . . . . . . . . . . . . 18 17,786
MPT Operating Partnership LP       NCL Finance Ltd., 6.13%, 03/15/28(c). . . . . . . 11 11,035
5.25%, 08/01/26. . . . . . . . . . . . . . . . . . . 2 1,841 Premier Entertainment Sub LLC(c)      
5.00%, 10/15/27. . . . . . . . . . . . . . . . . . . 3 2,529 5.63%, 09/01/29. . . . . . . . . . . . . . . . . . . 10 7,850
4.63%, 08/01/29. . . . . . . . . . . . . . . . . . . 16 11,465 5.88%, 09/01/31. . . . . . . . . . . . . . . . . . . 13 9,457
3.50%, 03/15/31. . . . . . . . . . . . . . . . . . . 59 37,177 Raising Cane's Restaurants LLC, 9.38%,
05/01/29(c).. . . . . . . . . . . . . . . . . . . . . 9 9,641
                                                                                                                                                                                  

53,012
Hotel & Resort REITs — 1.2% Royal Caribbean Cruises Ltd.(c)      
Park Intermediate Holdings LLC, 7.00%, 5.63%, 09/30/31. . . . . . . . . . . . . . . . . . . 67 65,905
02/01/30(c).. . . . . . . . . . . . . . . . . . . . . 12 12,175 6.25%, 03/15/32. . . . . . . . . . . . . . . . . . . 9 9,108
Pebblebrook Hotel LP, 6.38%, 10/15/29(c). . . . 7 6,900 6.00%, 02/01/33. . . . . . . . . . . . . . . . . . . 55 54,869
Pebblebrook Hotel Trust, 1.75%, 12/15/26(h).. . 1 929 Sabre GLBL, Inc.(c)      
RHP Hotel Properties LP(c)       8.63%, 06/01/27. . . . . . . . . . . . . . . . . . . 23 22,684
7.25%, 07/15/28. . . . . . . . . . . . . . . . . . . 19 19,509 10.75%, 11/15/29. . . . . . . . . . . . . . . . . . 11 11,348
4.50%, 02/15/29. . . . . . . . . . . . . . . . . . . 16 15,106 Scientific Games Holdings LP, 6.63%,
6.50%, 04/01/32. . . . . . . . . . . . . . . . . . . 43 43,216 03/01/30(c).. . . . . . . . . . . . . . . . . . . . . 18 17,225
RLJ Lodging Trust LP(c)       Six Flags Entertainment Corp., 6.63%,
3.75%, 07/01/26. . . . . . . . . . . . . . . . . . . 11 10,698 05/01/32(c).. . . . . . . . . . . . . . . . . . . . . 6 6,081
4.00%, 09/15/29. . . . . . . . . . . . . . . . . . . 8 7,250 Station Casinos LLC(c)      
Service Properties Trust       4.50%, 02/15/28. . . . . . . . . . . . . . . . . . . 16 15,182
8.63%, 11/15/31(c). . . . . . . . . . . . . . . . . . 86 89,491 4.63%, 12/01/31. . . . . . . . . . . . . . . . . . . 15 13,437
8.88%, 06/15/32. . . . . . . . . . . . . . . . . . . 30 27,765 6.63%, 03/15/32. . . . . . . . . . . . . . . . . . . 17 16,893
XHR LP, 6.63%, 05/15/30(c). . . . . . . . . . . . . 7 7,023 Vail Resorts, Inc., 6.50%, 05/15/32(c). . . . . . . 22 22,247
                                                                                                                                                                                  

Viking Cruises Ltd.(c)      

240,062 5.88%, 09/15/27. . . . . . . . . . . . . . . . . . . 16 15,880
7.00%, 02/15/29. . . . . . . . . . . . . . . . . . . 3 3,016

Schedules of Investments 61
BNM0225U-4254142-13432747
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
BlackRock High Yield Portfolio
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Hotels, Restaurants & Leisure (continued) Insurance (continued)

9.13%, 07/15/31. . . . . . . . . . . . . . . . . . . USD 54 $ 58,064 5.88%, 11/01/29. . . . . . . . . . . . . . . . . . . USD 57 $ 54,759
Viking Ocean Cruises Ship VII Ltd., 5.63%, 7.00%, 01/15/31. . . . . . . . . . . . . . . . . . . 61 61,238
02/15/29(c).. . . . . . . . . . . . . . . . . . . . . 8 7,873 7.38%, 10/01/32. . . . . . . . . . . . . . . . . . . 52 52,478
Wyndham Hotels & Resorts, Inc., 4.38%, AmWINS Group, Inc.      
08/15/28(c).. . . . . . . . . . . . . . . . . . . . . 9 8,555 6.38%, 02/15/29. . . . . . . . . . . . . . . . . . . 10 10,061
Wynn Resorts Finance LLC(c)       4.88%, 06/30/29. . . . . . . . . . . . . . . . . . . 21 19,719
5.13%, 10/01/29. . . . . . . . . . . . . . . . . . . 49 46,931 APH Somerset Investor 2 LLC, 7.88%, 11/01/29. 13 13,176
7.13%, 02/15/31. . . . . . . . . . . . . . . . . . . 33 34,367 AssuredPartners, Inc., 7.50%, 02/15/32. . . . . 24 25,831
6.25%, 03/15/33. . . . . . . . . . . . . . . . . . . 23 22,597 Howden UK Refinance plc      
7.25%, 02/15/31. . . . . . . . . . . . . . . . . . . 107 108,733
                                                                                                                                                                                  

1,093,129
Household Durables — 1.0% (c) 8.13%, 02/15/32. . . . . . . . . . . . . . . . . . . 59 60,256
Ashton Woods USA LLC, 4.63%, 04/01/30. . . 8 7,259 HUB International Ltd.      
Beazer Homes USA, Inc., 7.50%, 03/15/31. . . 6 6,093 7.25%, 06/15/30. . . . . . . . . . . . . . . . . . . 197 201,876
Brookfield Residential Properties, Inc.       7.38%, 01/31/32. . . . . . . . . . . . . . . . . . . 224 227,506
5.00%, 06/15/29. . . . . . . . . . . . . . . . . . . 17 15,803 Jones Deslauriers Insurance Management, Inc.      
4.88%, 02/15/30. . . . . . . . . . . . . . . . . . . 15 13,546 8.50%, 03/15/30. . . . . . . . . . . . . . . . . . . 34 35,761
CD&R Smokey Buyer, Inc., 9.50%, 10/15/29.. 22 21,624 10.50%, 12/15/30. . . . . . . . . . . . . . . . . . 28 30,272
Dream Finders Homes, Inc., 8.25%, 08/15/28.. 6 6,251 Panther Escrow Issuer LLC, 7.13%, 06/01/31.. 177 178,769
Empire Communities Corp., 9.75%, 05/01/29.. 5 5,260 Ryan Specialty LLC      
K. Hovnanian Enterprises, Inc., 11.75%, 4.38%, 02/01/30. . . . . . . . . . . . . . . . . . . 9 8,449
09/30/29.. . . . . . . . . . . . . . . . . . . . . . 44 47,907 5.88%, 08/01/32. . . . . . . . . . . . . . . . . . . 19 18,799
LGI Homes, Inc.       USI, Inc., 7.50%, 01/15/32. . . . . . . . . . . . . 30 31,026
                                                                                                                                                                                  

8.75%, 12/15/28. . . . . . . . . . . . . . . . . . . 8 8,392 1,278,257

7.00%, 11/15/32. . . . . . . . . . . . . . . . . . . 15 14,852 IT Services — 0.6%
Mattamy Group Corp., 4.63%, 03/01/30. . . . . 11 10,233 Fortress Intermediate 3, Inc., 7.50%, 06/01/31(c). 48 48,944
Meritage Homes Corp., 1.75%, 05/15/28(h).. . . 15 14,700 Snowflake, Inc.(c)(h)(j)      
New Home Co., Inc. (The), 9.25%, 10/01/29.. 14 14,734 0.00%, 10/01/27. . . . . . . . . . . . . . . . . . . 14 16,457
STL Holding Co. LLC, 8.75%, 02/15/29. . . . . 8 8,458 0.00%, 10/01/29. . . . . . . . . . . . . . . . . . . 21 24,906
Taylor Morrison Communities, Inc., 5.13%, Twilio, Inc.      
08/01/30.. . . . . . . . . . . . . . . . . . . . . . 5 4,785 3.63%, 03/15/29. . . . . . . . . . . . . . . . . . . 12 11,036
Tempur Sealy International, Inc.       3.88%, 03/15/31. . . . . . . . . . . . . . . . . . . 17 15,246
4.00%, 04/15/29. . . . . . . . . . . . . . . . . . . 2 1,843
                                                                                                                                                                                  

116,589
3.88%, 10/15/31. . . . . . . . . . . . . . . . . . . 4 3,490
                                                                                                                                                                                  
Life Sciences Tools & Services — 0.0%(c)
205,230 Charles River Laboratories International, Inc.,
Household Products — 0.2% 4.00%, 03/15/31. . . . . . . . . . . . . . . . . . 2 1,779
Central Garden & Pet Co.       Fortrea Holdings, Inc., 7.50%, 07/01/30. . . . . 8 8,013
4.13%, 10/15/30. . . . . . . . . . . . . . . . . . . 10 8,981
                                                                                                                                                                                  

9,792
4.13%, 04/30/31(c). . . . . . . . . . . . . . . . . . 9 7,959
Machinery — 1.9%(c)
Kronos Acquisition Holdings, Inc., 8.25%,
ATS Corp., 4.13%, 12/15/28. . . . . . . . . . . . 9 8,342
06/30/31(c).. . . . . . . . . . . . . . . . . . . . . 4 3,810
Chart Industries, Inc., 7.50%, 01/01/30. . . . . . 43 44,706
Spectrum Brands, Inc., 3.38%, 06/01/29(c)(h). . . 12 11,716
                                                                                                                                                                                  
Esab Corp., 6.25%, 04/15/29.. . . . . . . . . . . 18 18,224
32,466 GrafTech Global Enterprises, Inc., 9.88%,
Independent Power and Renewable Electricity Producers — 0.7% 12/23/29.. . . . . . . . . . . . . . . . . . . . . . 6 5,340
AES Corp. (The), (5-Year US Treasury Yield Husky Injection Molding Systems Ltd., 9.00%,
Curve Rate T Note Constant Maturity + 02/15/29.. . . . . . . . . . . . . . . . . . . . . . 66 68,905
3.20%), 7.60%, 01/15/55(g).. . . . . . . . . . . 17 17,461 Manitowoc Co., Inc. (The), 9.25%, 10/01/31.. . 8 8,200
Calpine Corp.(c)       Mueller Water Products, Inc., 4.00%, 06/15/29. 3 2,772
5.13%, 03/15/28. . . . . . . . . . . . . . . . . . . 23 22,305 Roller Bearing Co. of America, Inc., 4.38%,
5.00%, 02/01/31. . . . . . . . . . . . . . . . . . . 6 5,643 10/15/29.. . . . . . . . . . . . . . . . . . . . . . 10 9,344
Clearway Energy Operating LLC(c)       Terex Corp., 6.25%, 10/15/32. . . . . . . . . . . 10 9,800
4.75%, 03/15/28. . . . . . . . . . . . . . . . . . . 2 1,912 TK Elevator US Newco, Inc., 5.25%, 07/15/27. 200 195,783
3.75%, 01/15/32. . . . . . . . . . . . . . . . . . . 27 23,047 Wabash National Corp., 4.50%, 10/15/28. . . . 17 15,523
Lightning Power LLC, 7.25%, 08/15/32(c). . . . . 6 6,169
                                                                                                                                                                                  

386,939
NextEra Energy Partners LP(c)(h)      
Media — 6.3%
0.00%, 11/15/25(j). . . . . . . . . . . . . . . . . . 51 47,940
Cable One, Inc.      
2.50%, 06/15/26. . . . . . . . . . . . . . . . . . . 12 11,281
0.00%, 03/15/26(h)(j). . . . . . . . . . . . . .... 5 4,640
Vistra Corp., (5-Year US Treasury Yield Curve
1.13%, 03/15/28(h). . . . . . . . . . . . . . .... 23 18,918
Rate T Note Constant Maturity + 6.93%),
4.00%, 11/15/30(c). . . . . . . . . . . . . . .... 6 5,013
8.00%(c)(f)(g). . . . . . . . . . . . . . . . . . . . . 10 10,205
                                                                                                                                                                                  

Clear Channel Outdoor Holdings, Inc.(c)      

145,963 5.13%, 08/15/27. . . . . . . . . . . . . . . . . . . 30 28,877
Insurance — 6.1%(c) 7.75%, 04/15/28. . . . . . . . . . . . . . . . . . . 15 13,535
Alliant Holdings Intermediate LLC       9.00%, 09/15/28. . . . . . . . . . . . . . . . . . . 58 60,739
4.25%, 10/15/27. . . . . . . . . . . . . . . . . . . 61 58,226 7.50%, 06/01/29. . . . . . . . . . . . . . . . . . . 71 62,121
6.75%, 10/15/27. . . . . . . . . . . . . . . . . . . 82 81,322
62 2024 BlackRock Annual Financial Statements and Additional Information
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Media (continued) Mortgage Real Estate Investment Trusts (REITs) (continued)

7.88%, 04/01/30. . . . . . . . . . . . . . . . . . . USD 65 $ 66,898 6.50%, 07/01/30. . . . . . . . . . . . . . . . . . . USD 10 $ 10,012
CMG Media Corp., 8.88%, 06/18/29(c). . . . . . 12 9,003
                                                                                                                                                                                  

55,618
CSC Holdings LLC, 11.75%, 01/31/29(c). . . . . 200 197,515
Multi-Utilities — 0.1%(g)
DirecTV Financing LLC, 5.88%, 08/15/27(c). . . 83 80,867
CenterPoint Energy, Inc., Series B, (5-Year US
DISH DBS Corp.(c)      
Treasury Yield Curve Rate T Note Constant
5.25%, 12/01/26. . . . . . . . . . . . . . . . . . . 46 41,811 Maturity + 2.95%), 6.85%, 02/15/55. . . . . . 7 7,151
5.75%, 12/01/28. . . . . . . . . . . . . . . . . . . 35 29,925 Dominion Energy, Inc., (5-Year US Treasury
DISH Network Corp., 11.75%, 11/15/27(c). . . . 105 111,215 Yield Curve Rate T Note Constant Maturity +
EchoStar Corp.       2.21%), 6.63%, 05/15/55.. . . . . . . . . . . . 5 5,083
10.75%, 11/30/29. . . . . . . . . . . . . . . . . . 92 99,167                                                                                                                                                                                   

6.75%, 11/30/30. . . . . . . . . . . . . . . . . . . 81 72,572 12,234

GCI LLC, 4.75%, 10/15/28(c). . . . . . . . . . . . 12 11,207 Oil, Gas & Consumable Fuels — 9.8%
Gray Television, Inc., 10.50%, 07/15/29(c). . . . 46 45,997 Aethon United BR LP, 7.50%, 10/01/29(c).. . . . 22 22,499
Midcontinent Communications, 8.00%, Antero Midstream Partners LP, 5.38%,
08/15/32(c).. . . . . . . . . . . . . . . . . . . . . 22 22,597 06/15/29(c).. . . . . . . . . . . . . . . . . . . . . 17 16,555
Neptune Bidco US, Inc., 9.29%, 04/15/29(c). . . 53 49,296 Ascent Resources Utica Holdings LLC(c)      
Outfront Media Capital LLC(c)       9.00%, 11/01/27. . . . . . . . . . . . . . . . . . . 10 12,089
4.25%, 01/15/29. . . . . . . . . . . . . . . . . . . 34 31,616 8.25%, 12/31/28. . . . . . . . . . . . . . . . . . . 16 16,333
4.63%, 03/15/30. . . . . . . . . . . . . . . . . . . 6 5,545 5.88%, 06/30/29. . . . . . . . . . . . . . . . . . . 30 29,216
7.38%, 02/15/31. . . . . . . . . . . . . . . . . . . 18 18,814 Baytex Energy Corp., 8.50%, 04/30/30(c). . . . . 5 5,109
Radiate Holdco LLC, 4.50%, 09/15/26(c). . . . . 20 17,460 Blue Racer Midstream LLC(c)      
Sirius XM Radio LLC(c)       7.00%, 07/15/29. . . . . . . . . . . . . . . . . . . 14 14,299
3.13%, 09/01/26. . . . . . . . . . . . . . . . . . . 24 23,053 7.25%, 07/15/32. . . . . . . . . . . . . . . . . . . 11 11,300
5.00%, 08/01/27. . . . . . . . . . . . . . . . . . . 58 56,407 Buckeye Partners LP      
4.00%, 07/15/28. . . . . . . . . . . . . . . . . . . 4 3,685 6.88%, 07/01/29(c). . . . . . . . . . . . . . . . . . 6 6,073
Stagwell Global LLC, 5.63%, 08/15/29(c). . . . . 8 7,617 5.85%, 11/15/43. . . . . . . . . . . . . . . . . . . 8 6,929
Univision Communications, Inc.(c)       5.60%, 10/15/44. . . . . . . . . . . . . . . . . . . 8 6,557
6.63%, 06/01/27. . . . . . . . . . . . . . . . . . . 19 18,923 CITGO Petroleum Corp.(c)      
8.00%, 08/15/28. . . . . . . . . . . . . . . . . . . 68 69,232 7.00%, 06/15/25. . . . . . . . . . . . . . . . . . . 25 25,026
8.50%, 07/31/31. . . . . . . . . . . . . . . . . . . 23 22,552 8.38%, 01/15/29. . . . . . . . . . . . . . . . . . . 33 33,999
                                                                                                                                                                                  

Civitas Resources, Inc.(c)      

1,306,817 8.38%, 07/01/28. . . . . . . . . . . . . . . . . . . 8 8,308
Metals & Mining — 2.5% 8.63%, 11/01/30. . . . . . . . . . . . . . . . . . . 11 11,520
Arsenal AIC Parent LLC(c)       8.75%, 07/01/31. . . . . . . . . . . . . . . . . . . 68 70,892
8.00%, 10/01/30. . . . . . . . . . . . . . . . . . . 30 31,044 CNX Midstream Partners LP, 4.75%, 04/15/30(c). 11 10,031
11.50%, 10/01/31. . . . . . . . . . . . . . . . . . 59 66,008 Comstock Resources, Inc.(c)      
ATI, Inc.       6.75%, 03/01/29. . . . . . . . . . . . . . . . . . . 32 31,170
5.88%, 12/01/27. . . . . . . . . . . . . . . . . . . 19 18,831 5.88%, 01/15/30. . . . . . . . . . . . . . . . . . . 51 47,564
4.88%, 10/01/29. . . . . . . . . . . . . . . . . . . 8 7,620 Crescent Energy Finance LLC(c)      
7.25%, 08/15/30. . . . . . . . . . . . . . . . . . . 31 31,877 7.63%, 04/01/32. . . . . . . . . . . . . . . . . . . 37 36,809
5.13%, 10/01/31. . . . . . . . . . . . . . . . . . . 21 19,745 7.38%, 01/15/33. . . . . . . . . . . . . . . . . . . 34 33,019
Big River Steel LLC, 6.63%, 01/31/29(c). . . . . 74 73,924 DT Midstream, Inc.(c)      
Carpenter Technology Corp., 7.63%, 03/15/30. 21 21,507 4.13%, 06/15/29. . . . . . . . . . . . . . . . . . . 19 17,744
Cleveland-Cliffs, Inc.(c)       4.38%, 06/15/31. . . . . . . . . . . . . . . . . . . 12 10,949
6.88%, 11/01/29. . . . . . . . . . . . . . . . . . . 13 12,861 Enbridge, Inc.(g)      
7.38%, 05/01/33. . . . . . . . . . . . . . . . . . . 11 10,804 (5-Year US Treasury Yield Curve Rate T
ERO Copper Corp., 6.50%, 02/15/30(c). . . . . . 24 23,130 Note Constant Maturity + 2.97%), 7.20%,
Kaiser Aluminum Corp.(c)       06/27/54. . . . . . . . . . . . . . . . . . . . . . 10 10,280
4.63%, 03/01/28. . . . . . . . . . . . . . . . . . . 34 31,968 (5-Year US Treasury Yield Curve Rate T
4.50%, 06/01/31. . . . . . . . . . . . . . . . . . . 48 42,312 Note Constant Maturity + 3.12%), 7.38%,
Mineral Resources Ltd., 9.25%, 10/01/28(c). . . 5 5,246 03/15/55. . . . . . . . . . . . . . . . . . . . . . 13 13,499
Novelis Corp.(c)       Encino Acquisition Partners Holdings LLC,
3.25%, 11/15/26. . . . . . . . . . . . . . . . . . . 59 56,198 8.75%, 05/01/31(c). . . . . . . . . . . . . . . . . 12 12,660
4.75%, 01/30/30. . . . . . . . . . . . . . . . . . . 35 32,156 Energy Transfer LP(g)      
3.88%, 08/15/31. . . . . . . . . . . . . . . . . . . 36 30,996 (5-Year US Treasury Yield Curve Rate T
Note Constant Maturity + 4.02%), 8.00%,
                                                                                                                                                                                  

516,227
Mortgage Real Estate Investment Trusts (REITs) — 0.3%(c) 05/15/54. . . . . . . . . . . . . . . . . . . . . . 31 32,486
Blackstone Mortgage Trust, Inc., 7.75%, (5-Year US Treasury Yield Curve Rate T
12/01/29.. . . . . . . . . . . . . . . . . . . . . . 6 6,168 Note Constant Maturity + 2.83%), 7.13%,
Ladder Capital Finance Holdings LLLP       10/01/54. . . . . . . . . . . . . . . . . . . . . . 19 19,251
4.75%, 06/15/29. . . . . . . . . . . . . . . . . . . 4 3,772 EQM Midstream Partners LP(c)      
7.00%, 07/15/31. . . . . . . . . . . . . . . . . . . 14 14,345 4.50%, 01/15/29. . . . . . . . . . . . . . . . . . . 3 2,856
Starwood Property Trust, Inc.       6.38%, 04/01/29. . . . . . . . . . . . . . . . . . . 22 22,074
7.25%, 04/01/29. . . . . . . . . . . . . . . . . . . 16 16,413 7.50%, 06/01/30. . . . . . . . . . . . . . . . . . . 4 4,255
6.00%, 04/15/30. . . . . . . . . . . . . . . . . . . 5 4,908 4.75%, 01/15/31. . . . . . . . . . . . . . . . . . . 11 10,345

Schedules of Investments 63
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Oil, Gas & Consumable Fuels (continued) Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP       TGNR Intermediate Holdings LLC, 5.50%,
7.75%, 02/01/28. . . . . . . . . . . . . . . . . . . USD 9 $ 9,011 10/15/29(c).. . . . . . . . . . . . . . . . . . . . . USD 35 $ 32,682
8.25%, 01/15/29. . . . . . . . . . . . . . . . . . . 20 20,197 Venture Global Calcasieu Pass LLC, 3.88%,
8.88%, 04/15/30. . . . . . . . . . . . . . . . . . . 8 8,140 08/15/29(c).. . . . . . . . . . . . . . . . . . . . . 17 15,618
7.88%, 05/15/32. . . . . . . . . . . . . . . . . . . 32 31,339 Venture Global LNG, Inc.(c)      
8.00%, 05/15/33. . . . . . . . . . . . . . . . . . . 22 21,530 9.50%, 02/01/29. . . . . . . . . . . . . . . . . . . 136 150,316
Gulfport Energy Operating Corp., 6.75%, (5-Year US Treasury Yield Curve Rate
09/01/29(c).. . . . . . . . . . . . . . . . . . . . . 11 11,077 T Note Constant Maturity + 5.44%),
Harvest Midstream I LP, 7.50%, 05/15/32(c). . . 9 9,164 9.00%(f)(g). . . . . . . . . . . . . . . . . . . . . . 196 204,927
Hess Midstream Operations LP, 6.50%, 8.38%, 06/01/31. . . . . . . . . . . . . . . . . . . 53 55,275
06/01/29(c).. . . . . . . . . . . . . . . . . . . . . 16 16,158 9.88%, 02/01/32. . . . . . . . . . . . . . . . . . . 70 76,809
Hilcorp Energy I LP(c)       Vermilion Energy, Inc., 6.88%, 05/01/30(c). . . . 7 6,946
6.25%, 11/01/28. . . . . . . . . . . . . . . . . . . 5 4,842 Vital Energy, Inc.      
5.75%, 02/01/29. . . . . . . . . . . . . . . . . . . 13 12,403 9.75%, 10/15/30. . . . . . . . . . . . . . . . . . . 15 15,815
6.00%, 04/15/30. . . . . . . . . . . . . . . . . . . 1 940 7.88%, 04/15/32(c). . . . . . . . . . . . . . . . . . 55 52,921
8.38%, 11/01/33. . . . . . . . . . . . . . . . . . . 62 63,289 Wildfire Intermediate Holdings LLC, 7.50%,
6.88%, 05/15/34. . . . . . . . . . . . . . . . . . . 23 21,438 10/15/29(c).. . . . . . . . . . . . . . . . . . . . . 11 10,584
7.25%, 02/15/35. . . . . . . . . . . . . . . . . . . 9 8,461
                                                                                                                                                                                  

2,030,822
Howard Midstream Energy Partners LLC(c)       Paper & Forest Products — 0.0%
8.88%, 07/15/28. . . . . . . . . . . . . . . . . . . 17 17,854 Magnera Corp., 7.25%, 11/15/31(c). . . . . . . . 8 7,810
7.38%, 07/15/32. . . . . . . . . . . . . . . . . . . 15 15,238                                                                                                                                           

ITT Holdings LLC, 6.50%, 08/01/29(c). . . . . . . 30 27,463 Passenger Airlines — 0.4%(c)

Kinetik Holdings LP, 5.88%, 06/15/30(c). . . . . . 3 2,953 American Airlines, Inc., 8.50%, 05/15/29. . . . . 29 30,448
Magnolia Oil & Gas Operating LLC, 6.88%, OneSky Flight LLC, 8.88%, 12/15/29. . . . . . . 16 16,011
12/01/32(c).. . . . . . . . . . . . . . . . . . . . . 9 8,910 United Airlines, Inc., 4.63%, 04/15/29.. . . . . . 34 32,327
Matador Resources Co.(c)      
                                                                                                                                                                                  

78,786
6.88%, 04/15/28. . . . . . . . . . . . . . . . . . . 17 17,235 Personal Care Products — 0.1%
6.50%, 04/15/32. . . . . . . . . . . . . . . . . . . 19 18,785 Perrigo Finance Unlimited Co., Series USD,
Moss Creek Resources Holdings, Inc., 8.25%, 6.13%, 09/30/32. . . . . . . . . . . . . . . . . . 18 17,601
09/01/31(c).. . . . . . . . . . . . . . . . . . . . . 7 6,845                                                                                                                                           

Murphy Oil Corp., 5.88%, 12/01/42(k). . . . . . . 3 2,589 Pharmaceuticals — 1.0%

NFE Financing LLC, 12.00%, 11/15/29(c). . . . . 21 21,718 1375209 BC Ltd., 9.00%, 01/30/28(c). . . . . . . 14 13,989
NGL Energy Operating LLC(c)       Bausch Health Cos., Inc.(c)      
8.13%, 02/15/29. . . . . . . . . . . . . . . . . . . 32 32,421 6.13%, 02/01/27. . . . . . . . . . . . . . . . . . . 36 32,670
8.38%, 02/15/32. . . . . . . . . . . . . . . . . . . 70 70,536 5.75%, 08/15/27. . . . . . . . . . . . . . . . . . . 5 4,350
Northern Oil & Gas, Inc.(c)       11.00%, 09/30/28. . . . . . . . . . . . . . . . . . 81 76,950
8.13%, 03/01/28. . . . . . . . . . . . . . . . . . . 71 72,088 Endo Finance Holdings, Inc., 8.50%, 04/15/31(c). 26 27,548
8.75%, 06/15/31. . . . . . . . . . . . . . . . . . . 14 14,451 Teva Pharmaceutical Finance Netherlands III
Northriver Midstream Finance LP, 6.75%, BV, 3.15%, 10/01/26. . . . . . . . . . . . . . . 60 57,505
07/15/32(c).. . . . . . . . . . . . . . . . . . . . . 11 11,065
                                                                                                                                                                                  

213,012
Parkland Corp., 6.63%, 08/15/32(c). . . . . . . . 15 14,844 Professional Services — 0.8%(c)
PBF Holding Co. LLC, 7.88%, 09/15/30(c). . . . 13 12,757 Amentum Holdings, Inc., 7.25%, 08/01/32. . . . 15 15,114
Permian Resources Operating LLC(c)       CoreLogic, Inc., 4.50%, 05/01/28. . . . . . . . . 100 93,052
8.00%, 04/15/27. . . . . . . . . . . . . . . . . . . 15 15,317 Dun & Bradstreet Corp. (The), 5.00%, 12/15/29. 35 33,330
7.00%, 01/15/32. . . . . . . . . . . . . . . . . . . 22 22,332 KBR, Inc., 4.75%, 09/30/28. . . . . . . . . . . . . 20 19,176
6.25%, 02/01/33. . . . . . . . . . . . . . . . . . . 29 28,625 Science Applications International Corp., 4.88%,
Prairie Acquiror LP, 9.00%, 08/01/29(c). . . . . . 12 12,363 04/01/28.. . . . . . . . . . . . . . . . . . . . . . 10 9,622
Rockies Express Pipeline LLC, 4.95%,                                                                                                                                                                                   

07/15/29(c).. . . . . . . . . . . . . . . . . . . . . 2 1,899 170,294

Sitio Royalties Operating Partnership LP, Real Estate Management & Development — 0.4%
7.88%, 11/01/28(c). . . . . . . . . . . . . . . . . 25 25,702 Anywhere Real Estate Group LLC      
SM Energy Co., 7.00%, 08/01/32(c). . . . . . . . 8 7,888 Series AI, 7.00%, 04/15/30. . . . . . . . . . . . 21 18,807
South Bow Canadian Infrastructure Holdings 7.00%, 04/15/30(c). . . . . . . . . . . . . . . . . . 11 9,759
Ltd., (5-Year US Treasury Yield Curve Rate Cushman & Wakefield US Borrower LLC,
T Note Constant Maturity + 3.95%), 7.63%, 8.88%, 09/01/31(c). . . . . . . . . . . . . . . . . 31 33,374
03/01/55(c)(g).. . . . . . . . . . . . . . . . . . . . 7 7,177 Howard Hughes Corp. (The)(c)      
Summit Midstream Holdings LLC, 8.63%, 4.13%, 02/01/29. . . . . . . . . . . . . . . . . . . 18 16,633
10/31/29(c).. . . . . . . . . . . . . . . . . . . . . 9 9,334 4.38%, 02/01/31. . . . . . . . . . . . . . . . . . . 11 9,904
                                                                                                                                                                                  

Tallgrass Energy Partners LP(c)       88,477

5.50%, 01/15/28. . . . . . . . . . . . . . . . . . . 8 7,694 Retail REITs — 0.0%
7.38%, 02/15/29. . . . . . . . . . . . . . . . . . . 36 36,114 Brookfield Property REIT, Inc., 4.50%,
6.00%, 09/01/31. . . . . . . . . . . . . . . . . . . 4 3,775 04/01/27(c).. . . . . . . . . . . . . . . . . . . . . 11 10,432
Talos Production, Inc.(c)      
                                                                                                                                          

Semiconductors & Semiconductor Equipment — 0.3%

9.00%, 02/01/29. . . . . . . . . . . . . . . . . . . 3 3,078
Entegris, Inc., 4.75%, 04/15/29(c). . . . . . . . . 40 38,300
9.38%, 02/01/31. . . . . . . . . . . . . . . . . . . 10 10,194
MKS Instruments, Inc., 1.25%, 06/01/30(c)(h). . . 25 24,200

64 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Semiconductors & Semiconductor Equipment (continued) Textiles, Apparel & Luxury Goods (continued)
ON Semiconductor Corp., 0.50%, 03/01/29(h).. USD 11 $ 10,357 S&S Holdings LLC, 8.38%, 10/01/31. . . . . . . USD 5 $ 5,035
                                                                                                                                                                                                                                                                                                                                                                     

72,857 48,424
Software — 6.6%(c) Trading Companies & Distributors — 1.5%(c)
AthenaHealth Group, Inc., 6.50%, 02/15/30. . . 217 206,225 Beacon Roofing Supply, Inc., 6.50%, 08/01/30. 11 11,160
Capstone Borrower, Inc., 8.00%, 06/15/30.. . . 57 59,001 Fortress Transportation & Infrastructure
Central Parent LLC, 8.00%, 06/15/29.. . . . . . 39 39,562 Investors LLC      
Central Parent, Inc., 7.25%, 06/15/29.. . . . . . 59 58,303 5.50%, 05/01/28. . . . . . . . . . . . . . . . . . . 49 47,924
Clarivate Science Holdings Corp.       7.88%, 12/01/30. . . . . . . . . . . . . . . . . . . 43 45,258
3.88%, 07/01/28. . . . . . . . . . . . . . . . . . . 75 69,867 7.00%, 05/01/31. . . . . . . . . . . . . . . . . . . 74 75,491
4.88%, 07/01/29. . . . . . . . . . . . . . . . . . . 66 61,526 7.00%, 06/15/32. . . . . . . . . . . . . . . . . . . 47 47,926
Cloud Software Group, Inc.       5.88%, 04/15/33. . . . . . . . . . . . . . . . . . . 23 22,196
6.50%, 03/31/29. . . . . . . . . . . . . . . . . . . 167 163,918 H&E Equipment Services, Inc., 3.88%, 12/15/28. 2 1,828
9.00%, 09/30/29. . . . . . . . . . . . . . . . . . . 179 181,737 Herc Holdings, Inc., 6.63%, 06/15/29. . . . . . . 15 15,190
8.25%, 06/30/32. . . . . . . . . . . . . . . . . . . 116 119,544 Imola Merger Corp., 4.75%, 05/15/29.. . . . . . 15 14,224
Elastic NV, 4.13%, 07/15/29. . . . . . . . . . . . 30 27,812 United Rentals North America, Inc., 6.13%,
Ellucian Holdings, Inc., 6.50%, 12/01/29. . . . . 29 29,012 03/15/34.. . . . . . . . . . . . . . . . . . . . . . 11 10,914
Fair Isaac Corp., 4.00%, 06/15/28.. . . . . . . . 19 17,929 WESCO Distribution, Inc., 6.63%, 03/15/32. . . 12 12,197
McAfee Corp., 7.38%, 02/15/30. . . . . . . . . . 49 47,590
                                                                                                                                                                                  

304,308
Nutanix, Inc., 0.50%, 12/15/29(h). . . . . . . . . . 5 4,943                                                                                                                                           

SS&C Technologies, Inc.       Total Corporate Bonds — 93.8%

5.50%, 09/30/27. . . . . . . . . . . . . . . . . . . 33 32,684 (Cost: $19,453,566). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,527,880
6.50%, 06/01/32. . . . . . . . . . . . . . . . . . . 43 43,375
                                                                                                                                                                                                

UKG, Inc., 6.88%, 02/01/31.. . . . . . . . . . . . 178 180,587 Floating Rate Loan Interests
ZoomInfo Technologies LLC, 3.88%, 02/01/29. 31 28,172 Diversified Consumer Services — 0.1%(b)(g)
Preferred SPV Borrower, 1st Lien Term Loan
                                                                                                                                                                                  

1,371,787
Specialized REITs — 0.6% B, (12-mo. CME Term SOFR + 5.00%),
Iron Mountain, Inc.(c)       9.17%, 06/30/31. . . . . . . . . . . . . . . . . . . 2 2,089
7.00%, 02/15/29. . . . . . . . . . . . . . . . . . . 35 35,762 Veritas Corp., 1st Lien Term Loan B, (3-mo.
6.25%, 01/15/33. . . . . . . . . . . . . . . . . . . 49 48,804 CME Term SOFR at 0.00% Floor + 12.50%),
SBA Communications Corp., 3.13%, 02/01/29. 43 38,813 16.93%, 06/30/31. . . . . . . . . . . . . . . . . . 5 4,651
                                                                                                                                                                                  
                                                                                

123,379 6,740
Specialty Retail — 1.9% Diversified Telecommunication Services — 0.0%
Asbury Automotive Group, Inc.       Lumen Technologies, Inc., 1st Lien Term Loan
4.50%, 03/01/28. . . . . . . . . . . . . . . . . . . 9 8,627 A, (1-mo. CME Term SOFR at 2.00% Floor +
4.75%, 03/01/30. . . . . . . . . . . . . . . . . . . 2 1,870 6.00%), 10.36%, 06/01/28(g). . . . . . . . . . . 4 3,778
5.00%, 02/15/32(c). . . . . . . . . . . . . . . . . . 2 1,824                                                                         

Carvana Co.(c)(i)       Machinery — 0.0%(b)(g)

11.00%, (11.00% Cash or 13.00% PIK), GrafTech International Ltd., 1st Lien Term Loan,
06/01/30. . . . . . . . . . . . . . . . . . . . . . 49 51,791 (12-mo. CME Term SOFR at 2.00% Floor +
14.00%, (14.00% Cash or 14.00% PIK), 6.00%), 10.17%, 12/21/29.. . . . . . . . . . . . 4 4,140
06/01/31. . . . . . . . . . . . . . . . . . . . . . 65 74,727 GrafTech International Ltd., Delayed Draw 1st
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(c). 11 11,414 Lien Term Loan, 0.00%, 11/13/29. . . . . . . . 2 2,521
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 6,661

                                                                                                                                                              

Ken Garff Automotive LLC, 4.88%, 09/15/28(c). 7 6,722 Total Floating Rate Loan Interests — 0.1%
LCM Investments Holdings II LLC(c)       (Cost: $16,954). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,179
4.88%, 05/01/29. . . . . . . . . . . . . . . . . . . 39 36,416
                                                                                                                                                                                                

Shares
8.25%, 08/01/31. . . . . . . . . . . . . . . . . . . 21 21,785
Shares
Staples, Inc., 10.75%, 09/01/29(c). . . . . . . . . 13 12,789
White Cap Buyer LLC, 6.88%, 10/15/28(c). . . . 134 132,516 Investment Companies
                                                                                                                                                                                  

403,453 iShares iBoxx $ High Yield Corporate Bond

Technology Hardware, Storage & Peripherals — 0.2%(c) ETF(l). . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700 448,305
Diebold Nixdorf, Inc., 7.75%, 03/31/30. . . . . . 10 10,265                                 

Seagate HDD Cayman       Total Investment Companies — 2.2%

8.25%, 12/15/29. . . . . . . . . . . . . . . . . . . 13 13,851 (Cost: $420,670).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448,305
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

Schedules of Investments 65
BNM0225U-4254142-13432747
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
BlackRock High Yield Portfolio
December 31, 2024

Beneficial Interest Par (000)

Security (000) Value Security Par (000) Value

Other Interests (m) Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp., (5-Year US Treasury Yield Curve
Capital Markets — 0.0% (a)(d)
Rate T Note Constant Maturity + 5.74%),
Lehman Brothers Holdings Capital Trust Escrow 7.00%(c)(f)(g). . . . . . . . . . . . . . . . . . . . . . . USD 39 $ 39,223
Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . USD 110 $ 77                                                                                                                                                                                                         

Lehman Brothers Holdings Capital Trust Escrow Oil, Gas & Consumable Fuels — 0.1%
Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . 30 21 Energy Transfer LP, Series H, (5-Year US
                                

Treasury Yield Curve Rate T Note Constant

Total Other Interests — 0.0% Maturity + 5.69%), 6.50%(f)(g). . . . . . . . . . . 30 30,012
(Cost: $—).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98                                 

                                  
                                  

                      
                                                                                                                                    

                                                    

Total Capital Trusts — 1.0%

                                                                                                                                                                                                

Par (000)
Par (000) (Cost: $202,144).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,652
                                                                                                              

Shares
Preferred Securities Shares
Capital Trusts — 1.0%
Preferred Stocks — 0.0%
Aerospace & Defense — 0.3%
Commercial Services & Supplies — 0.0%
Boeing Co. (The), 6.00%, 10/15/27(h).. . . . . . . 1 56,019
                                                                                                                                                                                                         Veritas, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . 61 1,220
Banks — 0.1%
                                                        

                                                                                                              

PNC Financial Services Group, Inc. (The)(f)(g)       Total Preferred Stocks — 0.0%
Series V, (5-Year US Treasury Yield Curve (Cost: $1,220). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,220
Rate T Note Constant Maturity + 3.24%),
                                                                                                              

Total Preferred Securities — 1.0%

6.20%. . . . . . . . . . . . . . . . . . . . . . . . 8 8,035 (Cost: $203,364).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,872
Series W, (7-Year US Treasury Yield Curve                                                                                                                                                                                                                                             

Rate T Note Constant Maturity + 2.81%), Total Long-Term Investments — 97.5%

6.25%. . . . . . . . . . . . . . . . . . . . . . . . 17 17,160 (Cost: $20,188,552). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,293,967
                                                                                                                                                                                                                                         

25,195
Short-Term Securities
Electric Utilities — 0.3%
Edison International(f)(g)       Money Market Funds — 1.6%
Series A, (5-Year US Treasury Yield Curve
Rate T Note Constant Maturity + 4.70%), BlackRock Liquidity Funds, T-Fund, Institutional
5.38%. . . . . . . . . . . . . . . . . . . . . . . . 10 9,861 Class, 4.36%(l)(o). . . . . . . . . . . . . . . . . . . 335,134 335,134
Series B, (5-Year US Treasury Yield Curve
              

Total Short-Term Securities — 1.6%

Rate T Note Constant Maturity + 3.90%), (Cost: $335,134).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,134
5.00%. . . . . . . . . . . . . . . . . . . . . . . . 11 10,722                                                                                                                                           

NRG Energy, Inc., (5-Year US Treasury Yield Total Investments — 99.1%

Curve Rate T Note Constant Maturity + (Cost: $20,523,686). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,629,101
5.92%), 10.25%(c)(f)(g). . . . . . . . . . . . . . . . 35 38,641 Other Assets Less Liabilities — 0.9%.. . . . . . . . . . . . . . . . . . . . 194,362
PG&E Corp., Series A, 6.00%, 12/01/27(h). . . . —(n) 4,979
                                                                                                                                          

                                                                                                                                                                                                        

Net Assets — 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,823,463
64,203

(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.

66 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock High Yield Portfolio
December 31, 2024

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:
                                                                                  

Capital Gain
Change in Distributions
Net Unrealized Shares from
Value at Purchases Proceeds Realized Appreciation Value at Held at Underlying
Affiliated Issuer 12/31/23 at Cost from Sales Gain (Loss) (Depreciation) 12/31/24 12/31/24 Income 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.

Schedules of Investments 67
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December 31, 2024

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

    

Unrealized
Currency Currency Settlement Appreciation  
Purchased Sold Counterparty Date (Depreciation)
    

EUR 404,000 USD 423,375 HSBC Bank plc 03/19/25 $ (3,510)

           

Centrally Cleared Credit Default Swaps — Sell Protection

    

Upfront
Financing Premium Unrealized
Rate Received Payment Termination Credit Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Date Rating(a) Amount (000)(b) Value (Received) (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
                                                  

Swap Swap
Premiums Premiums Unrealized Unrealized
Description Paid Received Appreciation 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.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts 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).

68 2024 BlackRock Annual Financial Statements and Additional Information

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December 31, 2024

For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts Contracts Total
Net Realized Gain (Loss) from
Futures contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (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 contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ — $ 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.

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

The Fund's derivative assets and liabilities (by type) were as follows:

Liabilities
Derivative Financial Instruments
Forward foreign 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:
                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                 

Derivative
Liabilities
Subject to Derivatives Non-cash Cash Net Amount of
an MNA by Available Collateral Collateral Derivative
Counterparty Counterparty for Offset Pledged Pledged Liabilities(a)(b)
                                                                                                                                                                                                                                 

HSBC Bank plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,510 $ — $ — $ — $ 3,510

                                                                                                                                                                                                                                 

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Schedule of Investments (continued) BlackRock High Yield Portfolio
December 31, 2024

(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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major
categories is disclosed in the Schedule of Investments above.
                                            

Level 1 Level 2 Level 3 Total

                                                        

Assets
Investments
Long-Term Investments
Common Stocks
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.
See notes to financial statements.

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Schedule of Investments BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Asset-Backed Securities Asset-Backed Securities (continued)

ACE Securities Corp. Home Equity Loan Trust, Home Equity Asset Trust, Series 2007-1, Class
Series 2007-HE4, Class A2A, (1-mo. CME 2A3, (1-mo. CME Term SOFR at 0.30% Floor
Term SOFR at 0.26% Floor + 0.37%), 4.71%, + 0.41%), 4.75%, 05/25/37(a). . . . . . . . . . . USD 27‌ $ 19,148‌
05/25/37(a). . . . . . . . . . . . . . . . . . . . . . . USD 42‌ $ 6,899‌ IXIS Real Estate Capital Trust, Series 2007-
Argent Mortgage Loan Trust, Series 2005-W1, HE1, Class A4, (1-mo. CME Term SOFR at
Class A2, (1-mo. CME Term SOFR at 0.48% 0.23% Floor + 0.34%), 4.68%, 05/25/37(a).. 592‌ 135,305‌
Floor + 0.59%), 4.93%, 05/25/35(a). . . . . . . 46‌ 36,475‌ Lehman ABS Manufactured Housing Contract
BCMSC Trust(a) Trust
Series 2000-A, Class A3, 7.83%, 06/15/30.. 49‌ 4,141‌ Series 2001-B, Class M1, 6.63%, 04/15/40(a). 23‌ 23,126‌
Series 2000-A, Class A4, 8.29%, 06/15/30.. 35‌ 3,156‌ Series 2002-A, Class C, 0.00%, 06/15/33.. 3‌ 2,750‌
Bear Stearns Asset-Backed Securities I Trust(a) Long Beach Mortgage Loan Trust(a)
Series 2004-HE7, Class M2, (1-mo. CME Series 2006-5, Class 2A3, (1-mo. CME Term
Term SOFR at 1.73% Floor + 1.84%), SOFR at 0.30% Floor + 0.41%), 4.75%,
6.18%, 08/25/34. . . . . . . . . . . . . . . . . —‌(b) 72‌ 06/25/36. . . . . . . . . . . . . . . . . . . . . . 20‌ 9,223‌
Series 2007-HE2, Class 22A, (1-mo. CME Series 2006-7, Class 2A3, (1-mo. CME Term
Term SOFR at 0.28% Floor + 0.39%), SOFR at 0.32% Floor + 0.43%), 4.77%,
4.73%, 03/25/37. . . . . . . . . . . . . . . . . 10‌ 8,995‌ 08/25/36. . . . . . . . . . . . . . . . . . . . . . 12‌ 4,851‌
Series 2007-HE2, Class 23A, (1-mo. CME Merrill Lynch First Franklin Mortgage Loan
Term SOFR at 0.28% Floor + 0.39%), Trust, Series 2007-2, Class A2C, (1-mo.
4.73%, 03/25/37. . . . . . . . . . . . . . . . . 12‌ 11,234‌ CME Term SOFR at 0.48% Floor + 0.59%),
Series 2007-HE3, Class 1A3, (1-mo. CME 4.93%, 05/25/37(a). . . . . . . . . . . . . . . . . . 9‌ 6,299‌
Term SOFR at 0.25% Floor + 0.36%), Morgan Stanley ABS Capital I, Inc. Trust, Series
4.70%, 04/25/37. . . . . . . . . . . . . . . . . 5‌ 4,591‌ 2005-HE1, Class A2MZ, (1-mo. CME Term
Carrington Mortgage Loan Trust, Series 2006- SOFR at 0.60% Floor + 0.71%), 5.05%,
NC4, Class A3, (1-mo. CME Term SOFR 12/25/34(a). . . . . . . . . . . . . . . . . . . . . . . 78‌ 71,157‌
at 0.16% Floor and 12.50% Cap + 0.27%), Oakwood Mortgage Investors, Inc., Series
4.61%, 10/25/36(a). . . . . . . . . . . . . . . . . . 20‌ 19,385‌ 2001-D, Class A4, 6.93%, 09/15/31(a). . . . . 7‌ 3,281‌
Citigroup Mortgage Loan Trust(a) Option One Mortgage Loan Trust
Series 2007-AHL2, Class A3B, (1-mo. CME Series 2007-CP1, Class 2A3, (1-mo. CME
Term SOFR at 0.20% Floor + 0.31%), Term SOFR at 0.21% Floor + 0.32%),
4.65%, 05/25/37. . . . . . . . . . . . . . . . . 126‌ 81,636‌ 4.66%, 03/25/37(a). . . . . . . . . . . . . . . . 40‌ 33,539‌
Series 2007-AHL2, Class A3C, (1-mo. CME Series 2007-FXD1, Class 2A1, 5.87%,
Term SOFR at 0.27% Floor + 0.38%), 01/25/37(c). . . . . . . . . . . . . . . . . . . . . 27‌ 22,837‌
4.72%, 05/25/37. . . . . . . . . . . . . . . . . 57‌ 37,017‌ Series 2007-FXD2, Class 1A1, 5.82%,
Conseco Finance Securitizations Corp., Series 03/25/37(c). . . . . . . . . . . . . . . . . . . . . 29‌ 25,105‌
2000-5, Class A6, 7.96%, 05/01/31.. . . . . . 36‌ 7,879‌ Origen Manufactured Housing Contract Trust,
Countrywide Asset-Backed Certificates, Series Series 2007-B, Class A1, (1M Sofr FWD
2006-SPS1, Class A, (1-mo. CME Term at 1.20% Floor and 18.00% Cap + 1.20%),
SOFR at 0.22% Floor + 0.33%), 4.67%, 6.16%, 10/15/37(a)(d). . . . . . . . . . . . . . . . . 4‌ 3,626‌
12/25/25(a). . . . . . . . . . . . . . . . . . . . . . . —‌(b) 507‌ Ownit Mortgage Loan Trust, Series 2006-2,
Credit Suisse First Boston Mortgage Securities Class A2C, 6.50%, 01/25/37(c). . . . . . . . . . 24‌ 20,892‌
Corp., Series 2001-MH29, Class B1, 8.10%, SG Mortgage Securities Trust, Series 2006-
09/25/31(a). . . . . . . . . . . . . . . . . . . . . . . 9‌ 9,004‌ FRE2, Class A2C, (1-mo. CME Term SOFR
CWHEQ Home Equity Loan Trust at 0.32% Floor + 0.43%), 4.77%, 07/25/36(a). 15‌ 3,148‌
Series 2006-S3, Class A4, 5.44%, 01/25/29(c). 1‌ 2,974‌
                                                                  

Total Asset-Backed Securities — 0.2%

Series 2006-S5, Class A5, 6.16%, 06/25/35. 1‌ 2,274‌
(Cost: $995,505).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695,871‌
CWHEQ Revolving Home Equity Loan Trust(a)                           

Series 2005-B, Class 2A, (1-mo. CME Term Shares

SOFR at 0.18% Floor and 16.00% Cap + Shares
0.29%), 4.69%, 05/15/35. . . . . . . . . . . 1‌ 1,442‌
Series 2006-H, Class 1A, (1-mo. CME Term Common Stocks
SOFR at 0.15% Floor and 16.00% Cap + Aerospace & Defense — 0.7%
0.26%), 4.66%, 11/15/36. . . . . . . . . . . 3‌ 3,144‌ BAE Systems plc. . . . . . . . . . . . . . . . . . . . . 21,651 310,590‌
First Franklin Mortgage Loan Trust, Series Bharat Electronics Ltd.. . . . . . . . . . . . . . . . . 46,335 158,119‌
2006-FFH1, Class M2, (1-mo. CME Term Curtiss-Wright Corp... . . . . . . . . . . . . . . . . . 1,257 446,072‌
SOFR at 0.60% Floor + 0.71%), 5.05%, Dassault Aviation SA. . . . . . . . . . . . . . . . . . 168 34,328‌
01/25/36(a). . . . . . . . . . . . . . . . . . . . . . . 42‌ 37,312‌ Embraer SA(e). . . . . . . . . . . . . . . . . . . . . . . 6,814 62,438‌
GSAMP Trust(a) General Electric Co.. . . . . . . . . . . . . . . . . . . 284 47,368‌
Series 2007-H1, Class A1B, (1-mo. CME Hindustan Aeronautics Ltd.(f). . . . . . . . . . . . . 127 6,181‌
Term SOFR at 0.40% Floor + 0.51%), Kongsberg Gruppen ASA. . . . . . . . . . . . . . . 614 69,079‌
4.85%, 01/25/47. . . . . . . . . . . . . . . . . 19‌ 9,240‌ Northrop Grumman Corp.. . . . . . . . . . . . . . . 3,839 1,801,604‌
Series 2007-HS1, Class M6, (1-mo. CME Rolls-Royce Holdings plc(e). . . . . . . . . . . . . . 3,225 22,870‌
Term SOFR at 3.38% Floor + 3.49%),
Thales SA. . . . . . . . . . . . . . . . . . . . . . . . . 132 18,955‌
7.83%, 02/25/47. . . . . . . . . . . . . . . . . 25‌ 24,207‌
2,977,604‌

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Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Air Freight & Logistics — 0.1% Beverages (continued)

CJ Logistics Corp.. . . . . . . . . . . . . . . . . . . . 2,778 $ 158,029‌ Arca Continental SAB de CV. . . . . . . . . . . . . 1,957 $ 16,193‌
United Parcel Service, Inc., Class B. . . . . . . . 2,888 364,177‌ Coca-Cola Femsa SAB de CV. . . . . . . . . . . . 8,501 66,101‌
Coca-Cola Icecek A/S.. . . . . . . . . . . . . . . . . 6,578 11,132‌
522,206‌ United Spirits Ltd.. . . . . . . . . . . . . . . . . . . . 1,524 28,894‌
Automobile Components — 0.4% Wuliangye Yibin Co. Ltd., Class A. . . . . . . . . . 67,000 1,278,824‌
Apollo Tyres Ltd.. . . . . . . . . . . . . . . . . . . . . 2,766 17,035‌
BorgWarner, Inc.(g). . . . . . . . . . . . . . . . . . . . 40,202 1,278,022‌ 1,690,627‌
Hankook Tire & Technology Co. Ltd.(e). . . . . . . 1,543 39,840‌ Biotechnology — 0.8%
Hanon Systems(e).. . . . . . . . . . . . . . . . . . . . 5,794 15,616‌ AbbVie, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 5,379 955,848‌
HL Mando Co. Ltd.(e).. . . . . . . . . . . . . . . . . . 1,832 49,946‌ Alkermes plc(e).. . . . . . . . . . . . . . . . . . . . . . 2,263 65,084‌
Hyundai Mobis Co. Ltd... . . . . . . . . . . . . . . . 215 34,193‌ Amgen, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 1,419 369,848‌
Lear Corp.(g). . . . . . . . . . . . . . . . . . . . . . . . 2,014 190,726‌ BeiGene Ltd.(e). . . . . . . . . . . . . . . . . . . . . . 1,800 25,664‌
Valeo SE. . . . . . . . . . . . . . . . . . . . . . . . . . 1,631 15,699‌ BioMarin Pharmaceutical, Inc.(e). . . . . . . . . . . 2,803 184,241‌
Blueprint Medicines Corp.(e). . . . . . . . . . . . . . 1,381 120,451‌
1,641,077‌ CSL Ltd... . . . . . . . . . . . . . . . . . . . . . . . . . 907 158,227‌
Automobiles — 0.9% Genmab A/S(e). . . . . . . . . . . . . . . . . . . . . . . 882 184,199‌
BYD Co. Ltd., Class A.. . . . . . . . . . . . . . . . . 15,400 592,566‌ Gilead Sciences, Inc.. . . . . . . . . . . . . . . . . . 5,864 541,658‌
BYD Co. Ltd., Class H. . . . . . . . . . . . . . . . . 2,000 68,026‌ Hugel, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . . 737 139,144‌
Tesla, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . . 8,748 3,532,792‌ Innovent Biologics, Inc.(d)(e)(f).. . . . . . . . . . . . . 22,500 105,265‌
Tofas Turk Otomobil Fabrikasi A/S. . . . . . . . . 1,082 6,274‌ Ionis Pharmaceuticals, Inc.(e). . . . . . . . . . . . . 1,220 42,651‌
Toyota Motor Corp.. . . . . . . . . . . . . . . . . . . 2,800 54,671‌ Natera, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . 702 111,127‌
4,254,329‌ Neurocrine Biosciences, Inc.(e). . . . . . . . . . . . 1,370 187,005‌
Banks — 4.7% PharmaResearch Co. Ltd.(e).. . . . . . . . . . . . . 80 14,124‌
AU Small Finance Bank Ltd.(d)(f). . . . . . . . . . . 719 4,684‌ Regeneron Pharmaceuticals, Inc.(e). . . . . . . . . 202 143,891‌
Banco Bilbao Vizcaya Argentaria SA. . . . . . . . 4,855 47,503‌ Seegene, Inc.. . . . . . . . . . . . . . . . . . . . . . . 693 10,682‌
Banco Santander SA. . . . . . . . . . . . . . . . . . 52,864 244,562‌ Vertex Pharmaceuticals, Inc.(e)(g). . . . . . . . . . . 559 225,109‌
Bancolombia SA. . . . . . . . . . . . . . . . . . . . . 4,068 34,867‌ 3,584,218‌
Bank Hapoalim BM. . . . . . . . . . . . . . . . . . . 3,487 42,096‌ Broadline Retail — 2.2%
Bank of America Corp.. . . . . . . . . . . . . . . . . 70,784 3,110,957‌ Alibaba Group Holding Ltd.. . . . . . . . . . . . . . 95,600 1,011,769‌
Bank Polska Kasa Opieki SA. . . . . . . . . . . . . 3,942 131,768‌ Amazon.com, Inc.(e). . . . . . . . . . . . . . . . . . . 38,082 8,354,810‌
BNP Paribas SA. . . . . . . . . . . . . . . . . . . . . 27,436 1,684,483‌ Coupang, Inc., Class A(e). . . . . . . . . . . . . . . . 3,289 72,292‌
Citigroup, Inc.. . . . . . . . . . . . . . . . . . . . . . . 36,067 2,538,756‌ Etsy, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . . . 360 19,041‌
Credit Agricole SA. . . . . . . . . . . . . . . . . . . . 45,085 620,348‌ J Front Retailing Co. Ltd... . . . . . . . . . . . . . . 13,600 181,171‌
DBS Group Holdings Ltd.. . . . . . . . . . . . . . . 23,800 762,682‌ JD.com, Inc., Class A. . . . . . . . . . . . . . . . . . 20,600 357,682‌
Erste Group Bank AG. . . . . . . . . . . . . . . . . . 1,168 72,295‌ MercadoLibre, Inc.(e). . . . . . . . . . . . . . . . . . . 53 90,123‌
Grupo Financiero Banorte SAB de CV, Class O. 16,042 103,372‌ Poya International Co. Ltd.. . . . . . . . . . . . . . 1,020 15,449‌
ICICI Bank Ltd.. . . . . . . . . . . . . . . . . . . . . . 3,196 47,754‌
IndusInd Bank Ltd.. . . . . . . . . . . . . . . . . . . . 2,154 24,102‌ 10,102,337‌
ING Groep NV.. . . . . . . . . . . . . . . . . . . . . . 37,754 591,665‌ Building Products — 0.6%
Intesa Sanpaolo SpA. . . . . . . . . . . . . . . . . . 76,682 307,558‌ Blue Star Ltd.. . . . . . . . . . . . . . . . . . . . . . . 6,534 162,887‌
JPMorgan Chase & Co.. . . . . . . . . . . . . . . . 5,113 1,225,637‌ Daikin Industries Ltd.. . . . . . . . . . . . . . . . . . 3,500 408,384‌
KBC Group NV. . . . . . . . . . . . . . . . . . . . . . 4,277 330,224‌ Lennox International, Inc.. . . . . . . . . . . . . . . 24 14,623‌
Mediobanca Banca di Credito Finanziario SpA. 11,651 170,151‌ Trane Technologies plc. . . . . . . . . . . . . . . . . 6,252 2,309,176‌
Mitsubishi UFJ Financial Group, Inc.. . . . . . . . 17,900 208,977‌
Mizuho Financial Group, Inc.. . . . . . . . . . . . . 91,800 2,241,072‌ 2,895,070‌
NatWest Group plc.. . . . . . . . . . . . . . . . . . . 16,450 82,435‌ Capital Markets — 1.8%
Nordea Bank Abp. . . . . . . . . . . . . . . . . . . . 53,204 580,496‌ Amundi SA(d)(f). . . . . . . . . . . . . . . . . . . . . . . 457 30,414‌
PNC Financial Services Group, Inc. (The). . . . 11,418 2,201,961‌ CBOE Global Markets, Inc.. . . . . . . . . . . . . . 176 34,391‌
Royal Bank of Canada. . . . . . . . . . . . . . . . . 1,292 155,782‌ Charles Schwab Corp. (The). . . . . . . . . . . . . 2,711 200,641‌
Standard Chartered plc.. . . . . . . . . . . . . . . . 13,989 172,222‌ CME Group, Inc., Class A. . . . . . . . . . . . . . . 458 106,361‌
State Bank of India.. . . . . . . . . . . . . . . . . . . 1,666 15,435‌ Daiwa Securities Group, Inc.. . . . . . . . . . . . . 80,300 529,878‌
Sumitomo Mitsui Financial Group, Inc... . . . . . 31,000 744,008‌ Goldman Sachs Group, Inc. (The). . . . . . . . . 541 309,788‌
Sumitomo Mitsui Trust Group, Inc.. . . . . . . . . 600 14,016‌ IGM Financial, Inc.. . . . . . . . . . . . . . . . . . . . 2,533 80,900‌
Svenska Handelsbanken AB, Class A. . . . . . . 42,100 434,685‌ Interactive Brokers Group, Inc., Class A. . . . . . 46 8,127‌
Swedbank AB, Class A. . . . . . . . . . . . . . . . . 55,739 1,100,620‌ Intercontinental Exchange, Inc.. . . . . . . . . . . 138 20,563‌
Truist Financial Corp.. . . . . . . . . . . . . . . . . . 645 27,980‌ Invesco Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 15,632 273,247‌
UniCredit SpA. . . . . . . . . . . . . . . . . . . . . . . 16,095 644,578‌ Macquarie Group Ltd... . . . . . . . . . . . . . . . . 6,536 893,883‌
United Overseas Bank Ltd.. . . . . . . . . . . . . . 4,400 116,846‌ Moody's Corp... . . . . . . . . . . . . . . . . . . . . . 115 54,438‌
US Bancorp. . . . . . . . . . . . . . . . . . . . . . . . 1,525 72,941‌ Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . 20,463 2,572,608‌
Wells Fargo & Co.. . . . . . . . . . . . . . . . . . . . 8,925 626,892‌ MSCI, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 121 72,601‌
Multi Commodity Exchange of India Ltd.. . . . . 222 16,121‌
21,536,410‌ Nippon Life India Asset Management Ltd.(d)(f).. 2,667 22,593‌
Beverages — 0.4% Nomura Holdings, Inc.. . . . . . . . . . . . . . . . . 21,800 126,480‌
Ambev SA. . . . . . . . . . . . . . . . . . . . . . . . . 91,719 175,591‌ S&P Global, Inc.. . . . . . . . . . . . . . . . . . . . . 5,331 2,654,998‌
Anadolu Efes Biracilik ve Malt Sanayii A/S,
Class A. . . . . . . . . . . . . . . . . . . . . . . . . 21,063 113,892‌ 8,008,032‌

72 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Chemicals — 0.7% Consumer Staples Distribution & Retail (continued)

Asahi Kasei Corp.. . . . . . . . . . . . . . . . . . . . 42,000 $ 289,390‌ Walmart, Inc... . . . . . . . . . . . . . . . . . . . . . . 26,998 $ 2,439,269‌
Asian Paints Ltd.. . . . . . . . . . . . . . . . . . . . . 1,632 43,421‌
Castrol India Ltd.. . . . . . . . . . . . . . . . . . . . . 2,529 5,815‌ 6,558,256‌
Chambal Fertilisers & Chemicals Ltd.. . . . . . . 1,888 10,861‌ Containers & Packaging — 0.2%
DSM-Firmenich AG. . . . . . . . . . . . . . . . . . . 7,235 731,343‌ Crown Holdings, Inc.. . . . . . . . . . . . . . . . . . 8,507 703,444‌
DuPont de Nemours, Inc.. . . . . . . . . . . . . . . 3,978 303,323‌ Diversified Consumer Services — 0.0%
Ecolab, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 4,123 966,101‌ H&R Block, Inc.. . . . . . . . . . . . . . . . . . . . . . 836 44,174‌
Evonik Industries AG. . . . . . . . . . . . . . . . . . 1,930 33,547‌
Hyosung TNC Corp.(e).. . . . . . . . . . . . . . . . . 35 5,639‌ Diversified REITs — 0.0%
Johnson Matthey plc. . . . . . . . . . . . . . . . . . 2,241 37,597‌ British Land Co. plc (The). . . . . . . . . . . . . . . 3,656 16,481‌
KCC Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 317 50,352‌
Diversified Telecommunication Services — 0.7%
LG Chem Ltd.(e). . . . . . . . . . . . . . . . . . . . . . 3,231 541,295‌
Deutsche Telekom AG (Registered). . . . . . . . 68,633 2,056,457‌
Orica Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 621 6,366‌
Telefonica Brasil SA. . . . . . . . . . . . . . . . . . . 27,975 213,148‌
Pidilite Industries Ltd.. . . . . . . . . . . . . . . . . . 397 13,461‌
Verizon Communications, Inc.. . . . . . . . . . . . 27,723 1,108,643‌
Supreme Industries Ltd.. . . . . . . . . . . . . . . . 241 13,209‌
UPL Ltd... . . . . . . . . . . . . . . . . . . . . . . . . . 1,756 10,258‌ 3,378,248‌
Electric Utilities — 0.6%
3,061,978‌
CPFL Energia SA.. . . . . . . . . . . . . . . . . . . . 14,445 73,965‌
Commercial Services & Supplies — 0.0%
Enel SpA. . . . . . . . . . . . . . . . . . . . . . . . . . 255,302 1,821,881‌
Cintas Corp.. . . . . . . . . . . . . . . . . . . . . . . . 313 57,185‌
Energisa SA. . . . . . . . . . . . . . . . . . . . . . . . 9,970 58,830‌
Waste Management, Inc.. . . . . . . . . . . . . . . 124 25,022‌
Exelon Corp... . . . . . . . . . . . . . . . . . . . . . . 11,251 423,488‌
82,207‌ Iberdrola SA. . . . . . . . . . . . . . . . . . . . . . . . 14,701 202,583‌
Communications Equipment — 0.3% Power Grid Corp. of India Ltd.. . . . . . . . . . . . 9,380 33,761‌
Accton Technology Corp.. . . . . . . . . . . . . . . 2,000 47,008‌
2,614,508‌
Arcadyan Technology Corp... . . . . . . . . . . . . 4,000 21,367‌
Electrical Equipment — 1.1%
Motorola Solutions, Inc.. . . . . . . . . . . . . . . . 2,350 1,086,240‌
ABB Ltd. (Registered).. . . . . . . . . . . . . . . . . 42,747 2,308,274‌
Nokia OYJ. . . . . . . . . . . . . . . . . . . . . . . . . 36,761 162,609‌
Acuity Brands, Inc.. . . . . . . . . . . . . . . . . . . . 2,306 673,652‌
Telefonaktiebolaget LM Ericsson, Class B. . . . 26,808 217,103‌
Bizlink Holding, Inc.. . . . . . . . . . . . . . . . . . . 12,954 241,018‌
1,534,327‌ CS Wind Corp.. . . . . . . . . . . . . . . . . . . . . . 4,699 131,861‌
Construction & Engineering — 1.2% Eaton Corp. plc. . . . . . . . . . . . . . . . . . . . . . 621 206,091‌
ACS Actividades de Construccion y Servicios GE Vernova T&D India Ltd.. . . . . . . . . . . . . . 857 20,701‌
SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,341 117,313‌ Hitachi Energy India Ltd.. . . . . . . . . . . . . . . . 111 18,624‌
AECOM. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,997 1,281,519‌ KEI Industries Ltd.. . . . . . . . . . . . . . . . . . . . 287 14,834‌
Comfort Systems USA, Inc.. . . . . . . . . . . . . . 122 51,735‌ LS Corp.(e). . . . . . . . . . . . . . . . . . . . . . . . . 240 15,150‌
Eiffage SA. . . . . . . . . . . . . . . . . . . . . . . . . 3,653 320,337‌ Nidec Corp.. . . . . . . . . . . . . . . . . . . . . . . . 3,000 53,885‌
EMCOR Group, Inc.. . . . . . . . . . . . . . . . . . . 2,781 1,262,296‌ Schneider Electric SE.. . . . . . . . . . . . . . . . . 3,424 852,426‌
HDC Hyundai Development Co-Engineering & Siemens Energy AG(e).. . . . . . . . . . . . . . . . . 1,939 102,906‌
Construction(e).. . . . . . . . . . . . . . . . . . . . 1,475 17,991‌ Triveni Turbine Ltd.. . . . . . . . . . . . . . . . . . . 2,418 20,852‌
ITD Cementation India Ltd.. . . . . . . . . . . . . . 2,928 18,347‌ Vestas Wind Systems A/S(e). . . . . . . . . . . . . . 40,094 549,965‌
KEC International Ltd.. . . . . . . . . . . . . . . . . 2,270 31,713‌
5,210,239‌
MasTec, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . 3,925 534,349‌
Electronic Equipment, Instruments & Components — 0.6%
NCC Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,559 4,970‌
Chroma ATE, Inc.. . . . . . . . . . . . . . . . . . . . 28,000 348,386‌
Obayashi Corp.. . . . . . . . . . . . . . . . . . . . . . 19,300 254,128‌
Delta Electronics, Inc... . . . . . . . . . . . . . . . . 26,000 340,320‌
Praj Industries Ltd.. . . . . . . . . . . . . . . . . . . . 2,643 25,280‌
Lotes Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 1,000 59,418‌
Samsung E&A Co. Ltd.(e). . . . . . . . . . . . . . . . 2,251 25,092‌
Murata Manufacturing Co. Ltd.. . . . . . . . . . . . 3,000 47,594‌
Shimizu Corp.. . . . . . . . . . . . . . . . . . . . . . . 800 6,318‌
Primax Electronics Ltd.. . . . . . . . . . . . . . . . . 1,000 2,315‌
Stantec, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 10,306 808,592‌
Sinbon Electronics Co. Ltd.. . . . . . . . . . . . . . 1,000 7,975‌
Voltas Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 22,803 475,846‌
TE Connectivity plc. . . . . . . . . . . . . . . . . . . 12,475 1,783,551‌
Worley Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 41,855 353,911‌
2,589,559‌
5,589,737‌
Energy Equipment & Services — 0.2%
Consumer Finance — 0.6%
Halliburton Co.. . . . . . . . . . . . . . . . . . . . . . 1,185 32,220‌
American Express Co.. . . . . . . . . . . . . . . . . 9,146 2,714,441‌
Schlumberger NV. . . . . . . . . . . . . . . . . . . . 3,746 143,622‌
Cholamandalam Investment & Finance Co. Ltd.. 724 10,009‌
TechnipFMC plc. . . . . . . . . . . . . . . . . . . . . 20,760 600,794‌
Synchrony Financial.. . . . . . . . . . . . . . . . . . 89 5,785‌
776,636‌
2,730,235‌
Entertainment — 0.4%
Consumer Staples Distribution & Retail — 1.4%
NCSoft Corp.(e). . . . . . . . . . . . . . . . . . . . . . 88 10,867‌
Costco Wholesale Corp.. . . . . . . . . . . . . . . . 2,843 2,604,956‌
NetEase, Inc.. . . . . . . . . . . . . . . . . . . . . . . 4,900 87,219‌
E-MART, Inc.. . . . . . . . . . . . . . . . . . . . . . . 157 6,696‌
Netflix, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . . 720 641,751‌
J Sainsbury plc. . . . . . . . . . . . . . . . . . . . . . 8,298 28,355‌
Nintendo Co. Ltd... . . . . . . . . . . . . . . . . . . . 16,900 984,286‌
Migros Ticaret A/S. . . . . . . . . . . . . . . . . . . . 23,592 364,198‌
PVR Inox Ltd.(e). . . . . . . . . . . . . . . . . . . . . . 1,304 19,821‌
Tesco plc. . . . . . . . . . . . . . . . . . . . . . . . . . 242,378 1,114,782‌
1,743,944‌

Schedules of Investments 73
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Financial Services — 1.2% Household Durables (continued)

Bajaj Finserv Ltd... . . . . . . . . . . . . . . . . . . . 1,240 $ 22,659‌ Lennar Corp., Class A.. . . . . . . . . . . . . . . . . 1,379 $ 188,054‌
Berkshire Hathaway, Inc., Class B(e). . . . . . . . 2,661 1,206,178‌ NVR, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . . . 8 65,431‌
Essent Group Ltd.. . . . . . . . . . . . . . . . . . . . 838 45,621‌ Panasonic Holdings Corp.. . . . . . . . . . . . . . . 28,700 293,332‌
FirstRand Ltd.. . . . . . . . . . . . . . . . . . . . . . . 4,449 17,846‌ Sekisui House Ltd.. . . . . . . . . . . . . . . . . . . . 1,800 42,919‌
Groupe Bruxelles Lambert NV. . . . . . . . . . . . 1,567 107,145‌ Sony Group Corp.. . . . . . . . . . . . . . . . . . . . 32,000 674,418‌
Investor AB, Class B.. . . . . . . . . . . . . . . . . . 11,560 306,189‌ Taylor Morrison Home Corp.(e). . . . . . . . . . . . 954 58,394‌
Mastercard, Inc., Class A.. . . . . . . . . . . . . . . 5,758 3,031,990‌ Toll Brothers, Inc... . . . . . . . . . . . . . . . . . . . 2,551 321,299‌
MGIC Investment Corp.. . . . . . . . . . . . . . . . 1,674 39,691‌
Pagseguro Digital Ltd., Class A(e). . . . . . . . . . 7,023 43,964‌ 2,402,822‌
Power Finance Corp. Ltd.. . . . . . . . . . . . . . . 1,295 6,765‌ Household Products — 1.0%
Visa, Inc., Class A. . . . . . . . . . . . . . . . . . . . 2,252 711,722‌ Colgate-Palmolive Co.. . . . . . . . . . . . . . . . . 25,593 2,326,660‌
Procter & Gamble Co. (The). . . . . . . . . . . . . 11,979 2,008,279‌
5,539,770‌ Unicharm Corp.. . . . . . . . . . . . . . . . . . . . . . 1,200 9,893‌
Food Products — 0.7%
AVI Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,681 67,915‌ 4,344,832‌
BRF SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 12,785 51,801‌ Independent Power and Renewable Electricity Producers — 0.0%
Danone SA. . . . . . . . . . . . . . . . . . . . . . . . . 21,685 1,465,467‌ Drax Group plc. . . . . . . . . . . . . . . . . . . . . . 16,361 132,521‌
Guangdong Haid Group Co. Ltd., Class A. . . . 1,500 10,027‌ ReNew Energy Global plc, Class A(e). . . . . . . . 7,423 50,699‌
Ingredion, Inc.. . . . . . . . . . . . . . . . . . . . . . . 1,117 153,655‌ 183,220‌
JBS SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,238 36,934‌ Industrial Conglomerates — 0.3%
Marfrig Global Foods SA. . . . . . . . . . . . . . . . 2,130 5,868‌ 3M Co... . . . . . . . . . . . . . . . . . . . . . . . . . . 5,902 761,889‌
Tyson Foods, Inc., Class A. . . . . . . . . . . . . . 23,096 1,326,634‌ CJ Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,260 84,014‌
3,118,301‌ Doosan Co. Ltd.. . . . . . . . . . . . . . . . . . . . . 253 43,025‌
Gas Utilities — 0.0% Hitachi Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 1,400 34,286‌
ENN Energy Holdings Ltd... . . . . . . . . . . . . . 2,900 20,607‌ KOC Holding A/S. . . . . . . . . . . . . . . . . . . . . 1,234 6,228‌
Samsung C&T Corp.(e). . . . . . . . . . . . . . . . . 360 27,817‌
Ground Transportation — 0.1% Siemens Ltd... . . . . . . . . . . . . . . . . . . . . . . 475 36,174‌
Uber Technologies, Inc.(e). . . . . . . . . . . . . . . 10,635 641,503‌ SK, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 334 29,648‌
Smiths Group plc. . . . . . . . . . . . . . . . . . . . . 20,992 450,080‌
Health Care Equipment & Supplies — 1.1%
Becton Dickinson & Co.. . . . . . . . . . . . . . . . 1,392 315,803‌ 1,473,161‌
Boston Scientific Corp.(e). . . . . . . . . . . . . . . . 13,058 1,166,341‌ Industrial REITs — 0.4%
Koninklijke Philips NV(e).. . . . . . . . . . . . . . . . 6,016 152,393‌ Prologis, Inc... . . . . . . . . . . . . . . . . . . . . . . 16,986 1,795,420‌
Medtronic plc. . . . . . . . . . . . . . . . . . . . . . . 28,907 2,309,091‌
ResMed, Inc.(g). . . . . . . . . . . . . . . . . . . . . . 909 207,879‌ Insurance — 2.0%
Stryker Corp.. . . . . . . . . . . . . . . . . . . . . . . 2,243 807,592‌ AIA Group Ltd.. . . . . . . . . . . . . . . . . . . . . . 150,800 1,083,176‌
Allianz SE (Registered).. . . . . . . . . . . . . . . . 2,246 690,337‌
4,959,099‌ Allstate Corp. (The). . . . . . . . . . . . . . . . . . . 1,430 275,690‌
Health Care Providers & Services — 0.8% Aviva plc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,181 6,922‌
Cardinal Health, Inc... . . . . . . . . . . . . . . . . . 2,798 330,920‌ AXA SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 13,296 473,200‌
Cigna Group (The). . . . . . . . . . . . . . . . . . . . 4,093 1,130,241‌ Direct Line Insurance Group plc. . . . . . . . . . . 25,231 80,735‌
Dr Lal PathLabs Ltd.(d)(f).. . . . . . . . . . . . . . . . 1,666 58,307‌ Hannover Rueck SE.. . . . . . . . . . . . . . . . . . 114 28,548‌
Elevance Health, Inc.(g). . . . . . . . . . . . . . . . . 1,799 663,651‌ Hartford Financial Services Group, Inc. (The).. 10,160 1,111,504‌
Fleury SA. . . . . . . . . . . . . . . . . . . . . . . . . . 2,273 4,457‌ Japan Post Insurance Co. Ltd.. . . . . . . . . . . . 1,200 22,042‌
Fortis Healthcare Ltd.. . . . . . . . . . . . . . . . . . 1,973 16,550‌ Marsh & McLennan Cos., Inc.. . . . . . . . . . . . 1,641 348,565‌
HCA Healthcare, Inc.. . . . . . . . . . . . . . . . . . 3,142 943,071‌ Max Financial Services Ltd.(e).. . . . . . . . . . . . 1,454 18,888‌
Tenet Healthcare Corp.(e).. . . . . . . . . . . . . . . 144 18,177‌ MetLife, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 4,857 397,691‌
UnitedHealth Group, Inc... . . . . . . . . . . . . . . 569 287,834‌ NN Group NV. . . . . . . . . . . . . . . . . . . . . . . 6,285 274,080‌
Universal Health Services, Inc., Class B. . . . . 138 24,760‌ Ping An Insurance Group Co. of China Ltd.,
Class H. . . . . . . . . . . . . . . . . . . . . . . . . 80,000 469,548‌
3,477,968‌ Progressive Corp. (The). . . . . . . . . . . . . . . . 5,111 1,224,647‌
Hotels, Restaurants & Leisure — 0.9% Reinsurance Group of America, Inc.. . . . . . . . 3,073 656,485‌
Aramark. . . . . . . . . . . . . . . . . . . . . . . . . . . 260 9,701‌ Travelers Cos., Inc. (The). . . . . . . . . . . . . . . 8,702 2,096,225‌
Aristocrat Leisure Ltd... . . . . . . . . . . . . . . . . 4,978 210,224‌
Booking Holdings, Inc.. . . . . . . . . . . . . . . . . 453 2,250,694‌ 9,258,283‌
MakeMyTrip Ltd.(e). . . . . . . . . . . . . . . . . . . . 1,276 143,269‌ Interactive Media & Services — 3.4%
Meituan, Class B(d)(e)(f). . . . . . . . . . . . . . . . . . 52,420 1,019,221‌ Alphabet, Inc., Class A. . . . . . . . . . . . . . . . . 25,388 4,805,948‌
Trip.com Group Ltd.(e). . . . . . . . . . . . . . . . . . 4,107 282,645‌ Alphabet, Inc., Class C. . . . . . . . . . . . . . . . . 14,256 2,714,913‌
Wingstop, Inc.. . . . . . . . . . . . . . . . . . . . . . . 51 14,494‌ Auto Trader Group plc(d)(f). . . . . . . . . . . . . . . 50,282 497,533‌
Wowprime Corp.. . . . . . . . . . . . . . . . . . . . . 2,000 14,416‌ Baidu, Inc., Class A(e). . . . . . . . . . . . . . . . . . 18,350 193,530‌
Zomato Ltd.(e). . . . . . . . . . . . . . . . . . . . . . . 18,415 59,653‌ Bilibili, Inc., Class Z(e). . . . . . . . . . . . . . . . . . 3,120 56,467‌
Meta Platforms, Inc., Class A. . . . . . . . . . . . . 6,975 4,083,932‌
4,004,317‌ NAVER Corp.(e). . . . . . . . . . . . . . . . . . . . . . 1,957 261,123‌
Household Durables — 0.5% REA Group Ltd.. . . . . . . . . . . . . . . . . . . . . . 2,283 328,441‌
Barratt Redrow plc. . . . . . . . . . . . . . . . . . . . 7,599 41,657‌ Tencent Holdings Ltd.. . . . . . . . . . . . . . . . . . 48,500 2,588,582‌
Crompton Greaves Consumer Electricals Ltd... 36,124 166,717‌
Dixon Technologies India Ltd.(f).. . . . . . . . . . . 2,635 550,601‌ 15,530,469‌

74 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

IT Services — 0.8% Oil, Gas & Consumable Fuels — 2.2%

Accenture plc, Class A. . . . . . . . . . . . . . . . . 5,172 $ 1,819,458‌ Aker BP ASA.. . . . . . . . . . . . . . . . . . . . . . . 6,764 $ 132,970‌
CGI, Inc., Class A. . . . . . . . . . . . . . . . . . . . 555 60,726‌ BP plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,554 180,685‌
Fujitsu Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 5,600 98,373‌ Chevron Corp... . . . . . . . . . . . . . . . . . . . . . 19,307 2,796,426‌
Gartner, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . 13 6,298‌ ConocoPhillips. . . . . . . . . . . . . . . . . . . . . . 12,866 1,275,921‌
HCL Technologies Ltd.. . . . . . . . . . . . . . . . . 15,540 346,999‌ Cosan SA.. . . . . . . . . . . . . . . . . . . . . . . . . 7,672 10,302‌
Infosys Ltd... . . . . . . . . . . . . . . . . . . . . . . . 40,795 893,637‌ EOG Resources, Inc.(g). . . . . . . . . . . . . . . . . 4,307 527,952‌
Persistent Systems Ltd.. . . . . . . . . . . . . . . . 80 6,014‌ Equinor ASA. . . . . . . . . . . . . . . . . . . . . . . . 20,575 488,020‌
Tata Consultancy Services Ltd.. . . . . . . . . . . 2,936 140,110‌ Exxon Mobil Corp.. . . . . . . . . . . . . . . . . . . . 1,567 168,562‌
VeriSign, Inc.(e). . . . . . . . . . . . . . . . . . . . . . 709 146,735‌ Great Eastern Shipping Co. Ltd. (The).. . . . . . 440 4,932‌
Wipro Ltd... . . . . . . . . . . . . . . . . . . . . . . . . 1,954 6,866‌ Inpex Corp... . . . . . . . . . . . . . . . . . . . . . . . 500 6,291‌
Wix.com Ltd.(e).. . . . . . . . . . . . . . . . . . . . . . 208 44,626‌ Keyera Corp.. . . . . . . . . . . . . . . . . . . . . . . 13,322 407,413‌
Marathon Petroleum Corp.. . . . . . . . . . . . . . 2,645 368,978‌
3,569,842‌ New Fortress Energy, Inc.(e). . . . . . . . . . . . . . 2,994 45,269‌
Life Sciences Tools & Services — 0.4% OMV AG. . . . . . . . . . . . . . . . . . . . . . . . . . 1,314 50,959‌
Agilent Technologies, Inc.. . . . . . . . . . . . . . . 4,661 626,159‌ Petronet LNG Ltd.. . . . . . . . . . . . . . . . . . . . 2,532 10,219‌
IQVIA Holdings, Inc.(e).. . . . . . . . . . . . . . . . . 5,455 1,071,962‌ Repsol SA. . . . . . . . . . . . . . . . . . . . . . . . . 28,219 343,368‌
Mettler-Toledo International, Inc.(e). . . . . . . . . 48 58,736‌ Santos Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 1,220 5,052‌
1,756,857‌ Shell plc. . . . . . . . . . . . . . . . . . . . . . . . . . . 84,285 2,627,248‌
Machinery — 0.3% Ultrapar Participacoes SA. . . . . . . . . . . . . . . 32,314 83,533‌
Alfa Laval AB. . . . . . . . . . . . . . . . . . . . . . . 579 24,234‌ Valero Energy Corp.. . . . . . . . . . . . . . . . . . . 2,865 351,220‌
Amada Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . 42,900 417,095‌ 9,885,320‌
Cummins India Ltd.. . . . . . . . . . . . . . . . . . . 4,015 153,126‌ Passenger Airlines — 0.2%
DMG Mori Co. Ltd.. . . . . . . . . . . . . . . . . . . . 800 12,730‌ Alaska Air Group, Inc.(e).. . . . . . . . . . . . . . . . 3,700 239,575‌
Donaldson Co., Inc.. . . . . . . . . . . . . . . . . . . 796 53,611‌ ANA Holdings, Inc.. . . . . . . . . . . . . . . . . . . . 26,800 486,408‌
Ebara Corp.(g). . . . . . . . . . . . . . . . . . . . . . . 700 10,740‌ Delta Air Lines, Inc.. . . . . . . . . . . . . . . . . . . 2,119 128,199‌
FANUC Corp.. . . . . . . . . . . . . . . . . . . . . . . 6,700 175,024‌ easyJet plc. . . . . . . . . . . . . . . . . . . . . . . . . 3,447 24,097‌
Hyundai Rotem Co. Ltd.(e). . . . . . . . . . . . . . . 387 12,982‌ United Airlines Holdings, Inc.(e). . . . . . . . . . . . 110 10,681‌
IHI Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 600 35,076‌
MISUMI Group, Inc.. . . . . . . . . . . . . . . . . . . 1,300 19,985‌ 888,960‌
Wartsila OYJ Abp.. . . . . . . . . . . . . . . . . . . . 18,575 329,199‌ Personal Care Products — 0.0%
Westinghouse Air Brake Technologies Corp... . 1,623 307,705‌ Amorepacific Group(e). . . . . . . . . . . . . . . . . . 1,655 23,232‌
Natura & Co. Holding SA.. . . . . . . . . . . . . . . 20,468 42,238‌
1,551,507‌
Marine Transportation — 0.3% 65,470‌
AP Moller - Maersk A/S, Class A.. . . . . . . . . . 5 8,044‌ Pharmaceuticals — 3.1%
AP Moller - Maersk A/S, Class B.. . . . . . . . . . 81 134,765‌ Ajanta Pharma Ltd.. . . . . . . . . . . . . . . . . . . 934 31,936‌
Kuehne + Nagel International AG (Registered). 4,645 1,065,766‌ Alkem Laboratories Ltd.. . . . . . . . . . . . . . . . 826 54,297‌
Nippon Yusen KK. . . . . . . . . . . . . . . . . . . . 600 19,970‌ Astellas Pharma, Inc.. . . . . . . . . . . . . . . . . . 49,600 481,652‌
AstraZeneca plc. . . . . . . . . . . . . . . . . . . . . 2,214 288,661‌
1,228,545‌ Bristol-Myers Squibb Co.(g). . . . . . . . . . . . . . 22,025 1,245,734‌
Media — 0.6% Daiichi Sankyo Co. Ltd... . . . . . . . . . . . . . . . 13,900 380,349‌
Comcast Corp., Class A. . . . . . . . . . . . . . . . 23,753 891,450‌ Eli Lilly & Co.. . . . . . . . . . . . . . . . . . . . . . . 2,829 2,183,988‌
Fox Corp., Class A(g).. . . . . . . . . . . . . . . . . . 13,091 635,961‌ GSK plc. . . . . . . . . . . . . . . . . . . . . . . . . . . 11,550 194,817‌
Fox Corp., Class B.. . . . . . . . . . . . . . . . . . . 4,771 218,225‌ Johnson & Johnson. . . . . . . . . . . . . . . . . . . 8,532 1,233,898‌
Informa plc. . . . . . . . . . . . . . . . . . . . . . . . . 71,590 714,011‌ Merck & Co., Inc.. . . . . . . . . . . . . . . . . . . . . 15,920 1,583,722‌
Publicis Groupe SA. . . . . . . . . . . . . . . . . . . 361 38,432‌ Merck KGaA. . . . . . . . . . . . . . . . . . . . . . . . 117 17,026‌
2,498,079‌ Novartis AG (Registered). . . . . . . . . . . . . . . 19,561 1,904,406‌
Metals & Mining — 0.8% Novo Nordisk A/S, Class B. . . . . . . . . . . . . . 18,726 1,615,713‌
Anglo American plc. . . . . . . . . . . . . . . . . . . 10,064 295,081‌ Onesource Speciality Pharma Ltd.(e). . . . . . . . 639 12,482‌
Freeport-McMoRan, Inc.. . . . . . . . . . . . . . . . 26,754 1,018,792‌ Pfizer, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 67,553 1,792,181‌
Hindustan Zinc Ltd.. . . . . . . . . . . . . . . . . . . 20,778 107,655‌ Sanofi SA. . . . . . . . . . . . . . . . . . . . . . . . . . 2,754 267,719‌
Hyundai Steel Co.. . . . . . . . . . . . . . . . . . . . 4,191 59,400‌ Santen Pharmaceutical Co. Ltd.. . . . . . . . . . . 800 8,191‌
IGO Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,850 17,199‌ Strides Pharma Science Ltd.. . . . . . . . . . . . . 2,221 17,078‌
Kinross Gold Corp... . . . . . . . . . . . . . . . . . . 3,283 30,490‌ Takeda Pharmaceutical Co. Ltd.. . . . . . . . . . . 14,200 375,907‌
Rio Tinto Ltd.. . . . . . . . . . . . . . . . . . . . . . . 3,458 250,750‌ Zoetis, Inc., Class A. . . . . . . . . . . . . . . . . . . 1,319 214,905‌
Rio Tinto plc. . . . . . . . . . . . . . . . . . . . . . . . 2,195 129,571‌ Zydus Lifesciences Ltd.. . . . . . . . . . . . . . . . 11,249 127,424‌
Teck Resources Ltd., Class B. . . . . . . . . . . . 4,756 192,827‌ 14,032,086‌
Vedanta Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 1,274 6,602‌ Professional Services — 1.0%
Wheaton Precious Metals Corp.. . . . . . . . . . . 24,497 1,378,867‌ Automatic Data Processing, Inc... . . . . . . . . . 4,101 1,200,486‌
3,487,234‌ Computer Age Management Services Ltd.. . . . 338 19,970‌
Multi-Utilities — 0.2% Experian plc. . . . . . . . . . . . . . . . . . . . . . . . 18,973 815,457‌
E.ON SE. . . . . . . . . . . . . . . . . . . . . . . . . . 2,006 23,366‌ Intertek Group plc. . . . . . . . . . . . . . . . . . . . 1,938 114,497‌
Engie SA. . . . . . . . . . . . . . . . . . . . . . . . . . 59,752 947,632‌ Recruit Holdings Co. Ltd.. . . . . . . . . . . . . . . 2,800 194,622‌
SGS SA (Registered). . . . . . . . . . . . . . . . . . 600 60,190‌
970,998‌ Thomson Reuters Corp.. . . . . . . . . . . . . . . . 10,513 1,688,136‌
Schedules of Investments 75
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Shares Shares
Security Shares Value Security Shares Value

Professional Services (continued) Specialty Retail (continued)

TransUnion.. . . . . . . . . . . . . . . . . . . . . . . . 317 $ 29,389‌ JB Hi-Fi Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 447 $ 25,573‌
Verisk Analytics, Inc.. . . . . . . . . . . . . . . . . . 1,162 320,050‌ Lojas Renner SA. . . . . . . . . . . . . . . . . . . . . 225,749 443,729‌
Trent Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 588 48,787‌
4,442,797‌ Vibra Energia SA. . . . . . . . . . . . . . . . . . . . . 10,718 31,023‌
Real Estate Management & Development — 0.4% Zalando SE(d)(e)(f). . . . . . . . . . . . . . . . . . . . . 456 15,255‌
CBRE Group, Inc., Class A(e). . . . . . . . . . . . . 3,414 448,224‌
Daiwa House Industry Co. Ltd... . . . . . . . . . . 300 9,210‌ 1,931,679‌
FirstService Corp.. . . . . . . . . . . . . . . . . . . . 938 169,916‌ Technology Hardware, Storage & Peripherals — 4.0%
Jones Lang LaSalle, Inc.(e).. . . . . . . . . . . . . . 55 13,923‌ Apple, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 61,849 15,488,226‌
Mitsubishi Estate Co. Ltd.. . . . . . . . . . . . . . . 7,200 99,949‌ Chicony Electronics Co. Ltd.. . . . . . . . . . . . . 12,000 55,553‌
Mitsui Fudosan Co. Ltd.. . . . . . . . . . . . . . . . 121,700 973,275‌ Logitech International SA (Registered).. . . . . . 1,601 132,157‌
Nomura Real Estate Holdings, Inc.. . . . . . . . . 7,100 175,213‌ NetApp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 15,490 1,798,079‌
Oberoi Realty Ltd.. . . . . . . . . . . . . . . . . . . . 336 9,052‌ Samsung Electronics Co. Ltd.. . . . . . . . . . . . 17,562 626,732‌
Prestige Estates Projects Ltd.. . . . . . . . . . . . 621 12,267‌
18,100,747‌
1,911,029‌ Textiles, Apparel & Luxury Goods — 0.5%
Retail REITs — 0.2% adidas AG. . . . . . . . . . . . . . . . . . . . . . . . . 117 28,778‌
Brixmor Property Group, Inc.. . . . . . . . . . . . . 317 8,825‌ Deckers Outdoor Corp.(e).. . . . . . . . . . . . . . . 4,257 864,554‌
Klepierre SA. . . . . . . . . . . . . . . . . . . . . . . . 1,224 35,251‌ Hermes International SCA. . . . . . . . . . . . . . . 32 76,780‌
Simon Property Group, Inc.. . . . . . . . . . . . . . 5,954 1,025,338‌ HUGO BOSS AG.. . . . . . . . . . . . . . . . . . . . 5,327 244,787‌
Kering SA.. . . . . . . . . . . . . . . . . . . . . . . . . 132 32,603‌
1,069,414‌ LVMH Moet Hennessy Louis Vuitton SE.. . . . . 653 429,539‌
Semiconductors & Semiconductor Equipment — 6.0% Makalot Industrial Co. Ltd... . . . . . . . . . . . . . 22,460 219,571‌
Advanced Micro Devices, Inc.(e). . . . . . . . . . . 71 8,576‌ Moncler SpA. . . . . . . . . . . . . . . . . . . . . . . . 9,958 525,689‌
Applied Materials, Inc.. . . . . . . . . . . . . . . . . 10,598 1,723,553‌
Broadcom, Inc.. . . . . . . . . . . . . . . . . . . . . . 8,694 2,015,617‌ 2,422,301‌
Elan Microelectronics Corp.. . . . . . . . . . . . . . 17,000 78,183‌ Trading Companies & Distributors — 0.1%
GigaDevice Semiconductor, Inc., Class A(e). . . 16,536 240,519‌ Ferguson Enterprises, Inc.. . . . . . . . . . . . . . 97 16,836‌
Intel Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 1,918 38,456‌ Finning International, Inc.. . . . . . . . . . . . . . . 3,882 102,866‌
KLA Corp... . . . . . . . . . . . . . . . . . . . . . . . . 348 219,282‌ Mitsubishi Corp.. . . . . . . . . . . . . . . . . . . . . 900 14,726‌
Lam Research Corp.. . . . . . . . . . . . . . . . . . 15,927 1,150,407‌ Sojitz Corp... . . . . . . . . . . . . . . . . . . . . . . . 800 16,304‌
MediaTek, Inc... . . . . . . . . . . . . . . . . . . . . . 26,000 1,117,733‌ Sumitomo Corp.. . . . . . . . . . . . . . . . . . . . . 9,500 205,591‌
Micron Technology, Inc... . . . . . . . . . . . . . . . 10,115 851,278‌
NVIDIA Corp.. . . . . . . . . . . . . . . . . . . . . . . 97,879 13,144,171‌ 356,323‌
Parade Technologies Ltd.. . . . . . . . . . . . . . . 7,000 163,465‌ Transportation Infrastructure — 0.0%
QUALCOMM, Inc.. . . . . . . . . . . . . . . . . . . . 9,258 1,422,214‌ TAV Havalimanlari Holding A/S(e). . . . . . . . . . 246 1,904‌
Realtek Semiconductor Corp.. . . . . . . . . . . . 13,000 224,672‌ Water Utilities — 0.1%
Rockchip Electronics Co. Ltd.. . . . . . . . . . . . 400 5,993‌ United Utilities Group plc.. . . . . . . . . . . . . . . 20,024 263,411‌
Taiwan Semiconductor Manufacturing Co. Ltd.. 86,000 2,795,005‌
Tokyo Electron Ltd.. . . . . . . . . . . . . . . . . . . 11,300 1,698,609‌ Wireless Telecommunication Services — 0.2%
Will Semiconductor Co. Ltd. Shanghai, Class A. 15,200 216,110‌ KDDI Corp... . . . . . . . . . . . . . . . . . . . . . . . 3,000 95,552‌
MTN Group Ltd.. . . . . . . . . . . . . . . . . . . . . 25,396 123,430‌
27,113,843‌ SK Telecom Co. Ltd... . . . . . . . . . . . . . . . . . 6,634 248,590‌
Software — 4.7% SoftBank Corp.. . . . . . . . . . . . . . . . . . . . . . 99,000 124,971‌
Adobe, Inc.(e).. . . . . . . . . . . . . . . . . . . . . . . 4,156 1,848,090‌ SoftBank Group Corp.. . . . . . . . . . . . . . . . . 3,400 194,296‌
Birlasoft Ltd.. . . . . . . . . . . . . . . . . . . . . . . . 31,620 206,251‌ TIM SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 14,507 34,289‌
CyberArk Software Ltd.(e).. . . . . . . . . . . . . . . 21 6,996‌
Dropbox, Inc., Class A(e). . . . . . . . . . . . . . . . 1,760 52,870‌ 821,128‌
Fortinet, Inc.(e). . . . . . . . . . . . . . . . . . . . . . . 5,578 527,010‌
Total Common Stocks — 59.5%
Guidewire Software, Inc.(e).. . . . . . . . . . . . . . 6,351 1,070,652‌
(Cost: $231,808,069).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,367,051‌
Intuit, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,846 1,160,211‌
KPIT Technologies Ltd.. . . . . . . . . . . . . . . . . 1,177 20,066‌ Par (000)
Manhattan Associates, Inc.(e). . . . . . . . . . . . . 238 64,317‌ Par (000)
Microsoft Corp.. . . . . . . . . . . . . . . . . . . . . . 29,686 12,512,649‌
Nice Ltd.(e). . . . . . . . . . . . . . . . . . . . . . . . . 879 149,275‌ Corporate Bonds
Nutanix, Inc., Class A(e). . . . . . . . . . . . . . . . . 5,768 352,886‌
Automobile Components — 0.0%(d)
Pegasystems, Inc.. . . . . . . . . . . . . . . . . . . . 1,653 154,060‌
Garrett Motion Holdings, Inc., 7.75%, 05/31/32. USD 49‌ 49,712‌
SAP SE. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,158 284,838‌
Patrick Industries, Inc., 6.38%, 11/01/32. . . . . 13‌ 12,580‌
ServiceNow, Inc.(e). . . . . . . . . . . . . . . . . . . . 2,495 2,644,999‌
Phinia, Inc., 6.63%, 10/15/32.. . . . . . . . . . . 44‌ 43,762‌
TOTVS SA. . . . . . . . . . . . . . . . . . . . . . . . . 20,489 88,363‌                                                                   

Xero Ltd.(e). . . . . . . . . . . . . . . . . . . . . . . . . 2,483 258,389‌ 106,054‌

Automobiles — 0.1%
21,401,922‌ Honda Motor Co. Ltd., 2.53%, 03/10/27. . . . . 280‌ 267,576‌
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

76 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Banks — 3.0% Banks (continued)

Banco Bilbao Vizcaya Argentaria SA, (1-Year Santander Holdings USA, Inc.(a)
US Treasury Yield Curve Rate T Note (1-day SOFR + 2.36%), 6.50%, 03/09/29.. USD 780‌ $ 801,471‌
Constant Maturity + 2.70%), 6.14%, (1-day SOFR + 2.70%), 6.57%, 06/12/29.. 250‌ 258,142‌
09/14/28(a).. . . . . . . . . . . . . . . . . . . . . USD 600‌ $ 613,924‌ Santander UK Group Holdings plc, (1-day
Banco Santander SA SOFR + 2.60%), 6.53%, 01/10/29(a). . . . . . 680‌ 700,784‌
(1-Year US Treasury Yield Curve Rate T Sumitomo Mitsui Financial Group, Inc.
Note Constant Maturity + 2.00%), 4.18%, 5.52%, 01/13/28. . . . . . . . . . . . . . . . . . . 200‌ 203,177‌
03/24/28(a). . . . . . . . . . . . . . . . . . . . . 400‌ 391,690‌ 1.90%, 09/17/28. . . . . . . . . . . . . . . . . . . 200‌ 179,207‌
5.59%, 08/08/28. . . . . . . . . . . . . . . . . . . 400‌ 405,349‌ Toronto-Dominion Bank (The), Series FXD,
6.61%, 11/07/28. . . . . . . . . . . . . . . . . . . 400‌ 420,653‌ 1.95%, 01/12/27. . . . . . . . . . . . . . . . . . 370‌ 349,953‌
Bank of America Corp.(a) Truist Financial Corp., (1-day SOFR + 2.36%),
(3-mo. CME Term SOFR + 1.84%), 3.82%, 5.87%, 06/08/34(a). . . . . . . . . . . . . . . . . 65‌ 66,176‌
01/20/28. . . . . . . . . . . . . . . . . . . . . . 78‌ 76,427‌ UniCredit SpA, (5-Year USD Swap Rate +
(1-day SOFR + 1.05%), 2.55%, 02/04/28.. 379‌ 361,360‌ 4.91%), 7.30%, 04/02/34(a)(d).. . . . . . . . . . 59‌ 61,640‌
(3-mo. CME Term SOFR + 1.77%), 3.71%, US Bancorp, (1-day SOFR + 1.86%), 5.68%,
04/24/28. . . . . . . . . . . . . . . . . . . . . . 89‌ 86,681‌ 01/23/35(a).. . . . . . . . . . . . . . . . . . . . . 40‌ 40,338‌
(1-day SOFR + 1.58%), 4.38%, 04/27/28.. 240‌ 237,451‌ Washington Mutual Escrow Bonds(e)(h)(i)
(3-mo. CME Term SOFR + 1.63%), 3.59%, 0.00%, 11/06/09. . . . . . . . . . . . . . . . . . . 100‌ 1,300‌
07/21/28. . . . . . . . . . . . . . . . . . . . . . 39‌ 37,762‌ 0.00%, 09/29/17. . . . . . . . . . . . . . . . . . . 400‌ —‌
(1-day SOFR + 1.99%), 6.20%, 11/10/28.. 210‌ 217,416‌
                                                                  

13,583,556‌
(1-day SOFR + 1.32%), 2.69%, 04/22/32.. 315‌ 270,771‌
Beverages — 0.7%
Bank of Montreal, 5.20%, 02/01/28. . . . . . . . 360‌ 362,797‌
Coca-Cola Co. (The)
BPCE SA, 2.70%, 10/01/29(d).. . . . . . . . . . . 274‌ 245,258‌
3.00%, 03/05/51. . ................. 1,460‌ 961,254‌
Citigroup, Inc.(a)
2.50%, 03/15/51. . ................. 220‌ 128,968‌
(3-mo. CME Term SOFR + 1.65%), 3.67%,
Diageo Capital plc
07/24/28. . . . . . . . . . . . . . . . . . . . . . 266‌ 257,664‌
2.00%, 04/29/30. . ................. 780‌ 673,289‌
(1-day SOFR + 1.34%), 4.54%, 09/19/30.. 460‌ 446,981‌
2.13%, 04/29/32. . ................. 270‌ 220,480‌
(1-day SOFR + 1.15%), 2.67%, 01/29/31.. 510‌ 451,223‌
5.50%, 01/24/33. . ................. 1,030‌ 1,048,469‌
(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 3,032,460‌

(1-day SOFR + 1.94%), 3.79%, 03/17/33.. 310‌ 278,324‌ Biotechnology — 0.3%
(1-day SOFR + 2.06%), 5.83%, 02/13/35.. 230‌ 228,875‌ Amgen, Inc., 2.20%, 02/21/27. . . . . . . . . . . 200‌ 189,637‌
Fifth Third Bancorp, (1-day SOFR + 2.34%), Gilead Sciences, Inc.
6.34%, 07/27/29(a). . . . . . . . . . . . . . . . . 30‌ 31,125‌ 5.25%, 10/15/33. . . . . . . . . . . . . . . . . . . 160‌ 160,584‌
HSBC Holdings plc, (1-day SOFR + 1.90%), 5.55%, 10/15/53. . . . . . . . . . . . . . . . . . . 180‌ 177,061‌
5.87%, 11/18/35(a). . . . . . . . . . . . . . . . . 200‌ 195,245‌ Regeneron Pharmaceuticals, Inc., 1.75%,
ING Groep NV, (1-day SOFR + 1.83%), 4.02%, 09/15/30.. . . . . . . . . . . . . . . . . . . . . . 1,160‌ 965,437‌
03/28/28(a).. . . . . . . . . . . . . . . . . . . . . 670‌ 656,285‌
                                                                  

1,492,719‌
Intesa Sanpaolo SpA, (1-Year US Treasury
Broadline Retail — 0.1%
Yield Curve Rate T Note Constant Maturity +
Rakuten Group, Inc.(d)
2.60%), 4.20%, 06/01/32(a)(d).. . . . . . . . . . 98‌ 85,213‌
11.25%, 02/15/27. . . . . . . . . . . . . . . . . . 74‌ 80,662‌
JPMorgan Chase & Co.(a)
9.75%, 04/15/29. . . . . . . . . . . . . . . . . . . 135‌ 146,121‌
(3-mo. CME Term SOFR + 1.60%), 3.78%,                                                                   

02/01/28. . . . . . . . . . . . . . . . . . . . . . 127‌ 124,306‌ 226,783‌

(1-day SOFR + 1.17%), 2.95%, 02/24/28.. 266‌ 255,875‌ Building Products — 0.4%
(1-day SOFR + 1.89%), 2.18%, 06/01/28.. 6‌ 5,636‌ Owens Corning
(1-day SOFR + 1.99%), 4.85%, 07/25/28.. 590‌ 589,807‌ 3.40%, 08/15/26. . . . . . . . . . . . . . . . . . . 110‌ 107,583‌
(3-mo. CME Term SOFR + 1.59%), 4.45%, 4.30%, 07/15/47. . . . . . . . . . . . . . . . . . . 410‌ 326,729‌
12/05/29. . . . . . . . . . . . . . . . . . . . . . 13‌ 12,740‌ Trane Technologies Financing Ltd., 3.80%,
(1-day SOFR + 1.26%), 2.96%, 01/25/33.. 220‌ 190,162‌ 03/21/29.. . . . . . . . . . . . . . . . . . . . . . 1,280‌ 1,227,564‌
(1-day SOFR + 2.58%), 5.72%, 09/14/33.. 650‌ 663,902‌
                                                                  

1,661,876‌
(1-day SOFR + 1.85%), 5.35%, 06/01/34.. 330‌ 329,770‌
Capital Markets — 1.6%
Mitsubishi UFJ Financial Group, Inc., (1-Year
Ares Capital Corp.
US Treasury Yield Curve Rate T Note
2.88%, 06/15/27. . . . . . . . . . . . . . . . . . . 145‌ 137,900‌
Constant Maturity + 0.83%), 2.34%,
2.88%, 06/15/28. . . . . . . . . . . . . . . . . . . 190‌ 175,140‌
01/19/28(a).. . . . . . . . . . . . . . . . . . . . . 380‌ 361,541‌
5.95%, 07/15/29. . . . . . . . . . . . . . . . . . . 70‌ 70,779‌
Mizuho Financial Group, Inc., (1-Year US
Bank of New York Mellon Corp. (The), (1-day
Treasury Yield Curve Rate T Note Constant
SOFR + 1.51%), 4.71%, 02/01/34(a). . . . . . 180‌ 173,070‌
Maturity + 0.75%), 1.55%, 07/09/27(a). . . . . 500‌ 475,900‌
Barings BDC, Inc., 7.00%, 02/15/29. . . . . . . 30‌ 30,731‌
Morgan Stanley Bank NA, (1-day SOFR +
Blackstone Private Credit Fund, 4.00%,
0.68%), 4.45%, 10/15/27(a).. . . . . . . . . . . 281‌ 279,137‌
01/15/29.. . . . . . . . . . . . . . . . . . . . . . 129‌ 121,888‌
PNC Financial Services Group, Inc. (The)(a)
Deutsche Bank AG, (1-day SOFR + 1.59%),
(1-day SOFR + 1.34%), 5.30%, 01/21/28.. 170‌ 171,458‌
5.71%, 02/08/28(a). . . . . . . . . . . . . . . . . 150‌ 151,599‌
(1-day SOFR + 1.60%), 5.40%, 07/23/35.. 360‌ 357,201‌
FactSet Research Systems, Inc.
Royal Bank of Canada, 5.20%, 08/01/28.. . . . 420‌ 423,484‌
2.90%, 03/01/27. . . . . . . . . . . . . . . . . . . 790‌ 758,719‌

Schedules of Investments 77
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Capital Markets (continued) Consumer Finance (continued)

3.45%, 03/01/32. . . . . . . . . . . . . . . . . . . USD 37‌ $ 32,651‌ Capital One Financial Corp.(a)
FS KKR Capital Corp. (1-day SOFR + 3.07%), 7.62%, 10/30/31.. USD 890‌ $ 982,653‌
2.63%, 01/15/27. . . . . . . . . . . . . . . . . . . 125‌ 118,313‌ (1-day SOFR + 2.37%), 5.27%, 05/10/33.. 100‌ 97,378‌
3.13%, 10/12/28. . . . . . . . . . . . . . . . . . . 330‌ 298,837‌ (1-day SOFR + 2.60%), 5.82%, 02/01/34.. 360‌ 361,557‌
6.13%, 01/15/30. . . . . . . . . . . . . . . . . . . 20‌ 19,985‌ Credit Acceptance Corp., 9.25%, 12/15/28(d).. 15‌ 15,865‌
Goldman Sachs Group, Inc. (The)(a) Discover Financial Services, (SOFR Index +
(1-day SOFR + 1.11%), 2.64%, 02/24/28.. 886‌ 845,033‌ 3.37%), 7.96%, 11/02/34(a). . . . . . . . . . . . 480‌ 548,572‌
(3-mo. CME Term SOFR + 1.77%), 3.69%, goeasy Ltd.(d)
06/05/28. . . . . . . . . . . . . . . . . . . . . . 206‌ 200,080‌ 9.25%, 12/01/28. . . . . . . . . . . . . . . . . . . 35‌ 37,302‌
(1-day SOFR + 1.25%), 2.38%, 07/21/32.. 440‌ 366,696‌ 7.63%, 07/01/29. . . . . . . . . . . . . . . . . . . 29‌ 29,632‌
(1-day SOFR + 1.55%), 5.85%, 04/25/35.. 263‌ 267,970‌ Series 144*, 6.88%, 05/15/30. . . . . . . . . . 34‌ 34,284‌
(3-mo. CME Term SOFR + 1.63%), 4.02%, OneMain Finance Corp.
10/31/38. . . . . . . . . . . . . . . . . . . . . . 123‌ 104,158‌ 6.63%, 01/15/28. . . . . . . . . . . . . . . . . . . 43‌ 43,532‌
Golub Capital BDC, Inc., 6.00%, 07/15/29. . . . 377‌ 376,694‌ 9.00%, 01/15/29. . . . . . . . . . . . . . . . . . . 28‌ 29,690‌
Main Street Capital Corp., 6.95%, 03/01/29. . . 270‌ 280,699‌ 6.63%, 05/15/29. . . . . . . . . . . . . . . . . . . 30‌ 30,374‌
Moody's Corp., 3.25%, 01/15/28.. . . . . . . . . 69‌ 66,105‌ Synchrony Financial, 2.88%, 10/28/31. . . . . . 620‌ 513,873‌
Morgan Stanley(a)
                                                                  

3,489,011‌
(1-day SOFR + 1.00%), 2.48%, 01/21/28.. 280‌ 266,830‌
Consumer Staples Distribution & Retail — 0.0%
3.59%, 07/22/28. . . . . . . . . . . . . . . . . . . 35‌ 33,751‌
Kroger Co. (The), 5.00%, 09/15/34. . . . . . . . 105‌ 101,693‌
(1-day SOFR + 1.59%), 5.16%, 04/20/29.. 85‌ 85,239‌
United Natural Foods, Inc., 6.75%, 10/15/28(d). 60‌ 59,110‌
(1-day SOFR + 1.14%), 2.70%, 01/22/31.. 295‌ 262,110‌
Walgreens Boots Alliance, Inc., 8.13%, 08/15/29. 15‌ 14,848‌
(1-day SOFR + 1.03%), 1.79%, 02/13/32.. 762‌ 621,665‌                                                                   

(1-day SOFR + 1.02%), 1.93%, 04/28/32.. 24‌ 19,630‌ 175,651‌

(1-day SOFR + 1.20%), 2.51%, 10/20/32.. 516‌ 432,360‌ Diversified REITs — 0.0%
(1-day SOFR + 1.87%), 5.25%, 04/21/34.. 470‌ 462,807‌ Uniti Group LP, 10.50%, 02/15/28(d). . . . . . . . 82‌ 87,435‌
(1-day SOFR + 1.88%), 5.42%, 07/21/34.. 240‌ 238,326‌
                                                                  

Diversified Telecommunication Services — 0.1%

StoneX Group, Inc., 7.88%, 03/01/31(d). . . . . . 32‌ 33,466‌ CCO Holdings LLC(d)
                                                                  

7,053,231‌ 5.38%, 06/01/29. . . . . . . . . . . . . . . . . . . 67‌ 64,014‌

Chemicals — 0.1% 6.38%, 09/01/29. . . . . . . . . . . . . . . . . . . 72‌ 71,384‌
Chemours Co. (The), 8.00%, 01/15/33(d). . . . . 70‌ 68,394‌ 7.38%, 03/01/31. . . . . . . . . . . . . . . . . . . 132‌ 134,572‌
Ecolab, Inc., 2.70%, 12/15/51. . . . . . . . . . . 210‌ 127,583‌ Consolidated Communications, Inc., 6.50%,
Nufarm Australia Ltd., 5.00%, 01/27/30(d).. . . . 37‌ 34,015‌ 10/01/28(d).. . . . . . . . . . . . . . . . . . . . . 8‌ 7,697‌
Koninklijke KPN NV, 8.38%, 10/01/30. . . . . . 260‌ 299,838‌
                                                                  

229,992‌
Windstream Services LLC, 8.25%, 10/01/31(d). 41‌ 42,346‌
Commercial Services & Supplies — 0.0%                                                                   

Deluxe Corp., 8.13%, 09/15/29(d). . . . . . . . . 25‌ 25,350‌ 619,851‌

Republic Services, Inc., 5.20%, 11/15/34. . . . 140‌ 138,660‌ Electric Utilities — 0.7%
Avangrid, Inc.
                                                                  

164,010‌
3.20%, 04/15/25. . . . . . . . . . . . . . . . . . . 500‌ 497,466‌
Communications Equipment — 0.3%
3.80%, 06/01/29. . . . . . . . . . . . . . . . . . . 140‌ 132,674‌
Cisco Systems, Inc., 5.30%, 02/26/54. . . . . . 95‌ 92,341‌
Baltimore Gas & Electric Co., 2.25%, 06/15/31. 18‌ 15,234‌
Motorola Solutions, Inc.
Commonwealth Edison Co., 4.90%, 02/01/33.. 460‌ 450,312‌
2.30%, 11/15/30. . . . . . . . . . . . . . . . . . . 450‌ 385,332‌
Eversource Energy
2.75%, 05/24/31. . . . . . . . . . . . . . . . . . . 440‌ 381,019‌
Series U, 1.40%, 08/15/26. . . . . . . . . . . . 60‌ 56,755‌
5.60%, 06/01/32. . . . . . . . . . . . . . . . . . . 240‌ 244,903‌
2.90%, 03/01/27. . . . . . . . . . . . . . . . . . . 270‌ 259,168‌
5.40%, 04/15/34. . . . . . . . . . . . . . . . . . . 220‌ 220,089‌
                                                                   3.38%, 03/01/32. . . . . . . . . . . . . . . . . . . 220‌ 192,557‌
1,323,684‌ Exelon Corp.
Construction & Engineering — 0.2% 2.75%, 03/15/27. . . . . . . . . . . . . . . . . . . 19‌ 18,193‌
Quanta Services, Inc., 2.90%, 10/01/30. . . . . 1,190‌ 1,061,871‌ 5.45%, 03/15/34. . . . . . . . . . . . . . . . . . . 130‌ 129,699‌
Tutor Perini Corp., 11.88%, 04/30/29(d). . . . . . 31‌ 34,273‌ 5.10%, 06/15/45. . . . . . . . . . . . . . . . . . . 10‌ 9,055‌
4.10%, 03/15/52. . . . . . . . . . . . . . . . . . . 7‌ 5,321‌
                                                                  

1,096,144‌
NRG Energy, Inc., 6.25%, 11/01/34(d). . . . . . . 17‌ 16,674‌
Construction Materials — 0.0%
NSTAR Electric Co.
Martin Marietta Materials, Inc., 5.15%, 12/01/34. 150‌ 147,288‌
                                                                  

3.25%, 05/15/29. . . . . . . . . . . . . . . . . . . 280‌ 261,652‌

Consumer Finance — 0.8% 3.95%, 04/01/30. . . . . . . . . . . . . . . . . . . 250‌ 238,964‌
Ally Financial, Inc., (5-Year US Treasury Yield Public Service Co. of New Hampshire, 5.15%,
Curve Rate T Note Constant Maturity + 01/15/53.. . . . . . . . . . . . . . . . . . . . . . 110‌ 102,008‌
2.45%), 6.65%, 01/17/40(a).. . . . . . . . . . . 59‌ 57,161‌ Public Service Electric & Gas Co.
American Express Co. 3.65%, 09/01/28. . . . . . . . . . . . . . . . . . . 80‌ 76,941‌
2.55%, 03/04/27. . . . . . . . . . . . . . . . . . . 199‌ 190,516‌ 5.20%, 08/01/33. . . . . . . . . . . . . . . . . . . 650‌ 650,431‌
(SOFR Index + 1.28%), 5.28%, 07/27/29(a). 290‌ 293,262‌ 2.05%, 08/01/50. . . . . . . . . . . . . . . . . . . 31‌ 16,315‌
(1-day SOFR + 1.84%), 5.04%, 05/01/34(a). 130‌ 127,734‌
                                                                  

3,129,419‌
(1-day SOFR + 1.93%), 5.63%, 07/28/34(a). 50‌ 50,487‌
Electronic Equipment, Instruments & Components — 0.2%
Bread Financial Holdings, Inc., 9.75%,
03/15/29(d).. . . . . . . . . . . . . . . . . . . . . 42‌ 45,139‌ Allegion US Holding Co., Inc., 3.55%, 10/01/27. 15‌ 14,465‌
CDW LLC, 3.57%, 12/01/31. . . . . . . . . . . . 66‌ 58,741‌

78 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Electronic Equipment, Instruments & Components (continued) Health Care Equipment & Supplies — 0.0%
Keysight Technologies, Inc. Bausch + Lomb Corp., 8.38%, 10/01/28(d). . . . USD 54‌ $ 55,890‌
4.60%, 04/06/27. . . . . . . . . . . . . . . . . . . USD 620‌ $ 616,758‌ Zimmer Biomet Holdings, Inc., 5.35%, 12/01/28. 40‌ 40,584‌
3.00%, 10/30/29. . . . . . . . . . . . . . . . . . . 170‌ 154,984‌
                                                                  

96,474‌
4.95%, 10/15/34. . . . . . . . . . . . . . . . . . . 35‌ 33,666‌
                                                                   Health Care Providers & Services — 1.5%
878,614‌ Cardinal Health, Inc., 5.35%, 11/15/34. . . . . . 210‌ 205,494‌
Energy Equipment & Services — 0.0% Cencora, Inc.
Helix Energy Solutions Group, Inc., 9.75%, 2.70%, 03/15/31. . . . . . . . . . . . . . . . . . . 590‌ 511,740‌
03/01/29(d).. . . . . . . . . . . . . . . . . . . . . 28‌ 29,760‌ 4.30%, 12/15/47. . . . . . . . . . . . . . . . . . . 340‌ 274,222‌
Centene Corp., 2.45%, 07/15/28. . . . . . . . . 370‌ 332,966‌
                                                                  

Entertainment — 0.0%
Cigna Group (The)
Electronic Arts, Inc., 1.85%, 02/15/31.. . . . . . 122‌ 101,311‌
                                                                  

4.38%, 10/15/28. . . . . . . . . . . . . . . . . . . 280‌ 274,479‌

Financial Services — 0.6% 5.25%, 02/15/34. . . . . . . . . . . . . . . . . . . 170‌ 166,727‌
Burford Capital Global Finance LLC(d) DaVita, Inc., 4.63%, 06/01/30(d). . . . . . . . . . 23‌ 21,144‌
6.88%, 04/15/30. . . . . . . . . . . . . . . . . . . 10‌ 10,004‌ Elevance Health, Inc., 3.65%, 12/01/27. . . . . 260‌ 252,936‌
9.25%, 07/01/31. . . . . . . . . . . . . . . . . . . 5‌ 5,308‌ HCA, Inc.
CPI CG, Inc., 10.00%, 07/15/29(d). . . . . . . . . 37‌ 39,531‌ 5.25%, 06/15/26. . . . . . . . . . . . . . . . . . . 230‌ 230,557‌
Fidelity National Information Services, Inc., 3.13%, 03/15/27. . . . . . . . . . . . . . . . . . . 160‌ 153,976‌
1.65%, 03/01/28. . . . . . . . . . . . . . . . . . 58‌ 52,440‌ 5.20%, 06/01/28. . . . . . . . . . . . . . . . . . . 170‌ 170,417‌
Fiserv, Inc. 5.45%, 04/01/31. . . . . . . . . . . . . . . . . . . 265‌ 264,467‌
5.45%, 03/02/28. . . . . . . . . . . . . . . . . . . 130‌ 132,049‌ 3.63%, 03/15/32. . . . . . . . . . . . . . . . . . . 338‌ 297,903‌
5.60%, 03/02/33. . . . . . . . . . . . . . . . . . . 275‌ 278,526‌ 5.60%, 04/01/34. . . . . . . . . . . . . . . . . . . 245‌ 241,348‌
Freedom Mortgage Corp.(d) 5.45%, 09/15/34. . . . . . . . . . . . . . . . . . . 45‌ 43,861‌
12.00%, 10/01/28. . . . . . . . . . . . . . . . . . 14‌ 15,226‌ 4.63%, 03/15/52. . . . . . . . . . . . . . . . . . . 100‌ 78,038‌
12.25%, 10/01/30. . . . . . . . . . . . . . . . . . 22‌ 24,330‌ 5.90%, 06/01/53. . . . . . . . . . . . . . . . . . . 80‌ 75,497‌
Freedom Mortgage Holdings LLC(d) Icon Investments Six DAC, 6.00%, 05/08/34.. 930‌ 938,947‌
9.25%, 02/01/29. . . . . . . . . . . . . . . . . . . 31‌ 31,990‌ McKesson Corp., 5.10%, 07/15/33. . . . . . . . 780‌ 775,795‌
9.13%, 05/15/31. . . . . . . . . . . . . . . . . . . 36‌ 37,119‌ Quest Diagnostics, Inc.
Mastercard, Inc. 4.60%, 12/15/27. . . . . . . . . . . . . . . . . . . 280‌ 279,595‌
3.30%, 03/26/27. . . . . . . . . . . . . . . . . . . 100‌ 97,524‌ 4.63%, 12/15/29. . . . . . . . . . . . . . . . . . . 340‌ 334,470‌
2.00%, 11/18/31. . . . . . . . . . . . . . . . . . . 390‌ 323,990‌ Tenet Healthcare Corp., 6.13%, 10/01/28. . . . 49‌ 48,909‌
3.85%, 03/26/50. . . . . . . . . . . . . . . . . . . 370‌ 286,300‌ UnitedHealth Group, Inc.
MGIC Investment Corp., 5.25%, 08/15/28. . . . 830‌ 812,024‌ 5.30%, 02/15/30. . . . . . . . . . . . . . . . . . . 350‌ 355,641‌
Nationstar Mortgage Holdings, Inc.(d) 4.50%, 04/15/33. . . . . . . . . . . . . . . . . . . 90‌ 85,390‌
6.50%, 08/01/29. . . . . . . . . . . . . . . . . . . 29‌ 28,951‌ 5.88%, 02/15/53. . . . . . . . . . . . . . . . . . . 60‌ 60,160‌
5.13%, 12/15/30. . . . . . . . . . . . . . . . . . . 89‌ 83,040‌ 5.05%, 04/15/53. . . . . . . . . . . . . . . . . . . 420‌ 378,209‌
PennyMac Financial Services, Inc., 7.13%,                                                                   

11/15/30(d).. . . . . . . . . . . . . . . . . . . . . 27‌ 27,343‌ 6,852,888‌

United Wholesale Mortgage LLC, 5.50%, Health Care REITs — 0.0%
04/15/29(d).. . . . . . . . . . . . . . . . . . . . . 30‌ 28,897‌ MPT Operating Partnership LP, 5.25%, 08/01/26. 25‌ 23,016‌
                                                                  

UWM Holdings LLC, 6.63%, 02/01/30(d). . . . . 40‌ 39,753‌ Health Care Technology — 0.3%
Visa, Inc., 3.65%, 09/15/47. . . . . . . . . . . . . 180‌ 137,837‌ IQVIA, Inc.
5.70%, 05/15/28. . . . . . . . . . . . . . . . . . . 1,000‌ 1,011,140‌
                                                                  

2,492,182‌
Food Products — 0.3% 6.25%, 02/01/29. . . . . . . . . . . . . . . . . . . 395‌ 408,405‌
                                                                  

Kellanova 1,419,545‌
3.40%, 11/15/27. . . . . . . . . . . . . . . . . . . 190‌ 183,370‌ Hotel & Resort REITs — 0.0%
4.30%, 05/15/28. . . . . . . . . . . . . . . . . . . 460‌ 452,420‌ XHR LP, 6.63%, 05/15/30(d). . . . . . . . . . . . . 76‌ 76,249‌
Unilever Capital Corp., 1.75%, 08/12/31. . . . . 600‌ 495,883‌
                                                                  

                                                                  
Hotels, Restaurants & Leisure — 0.1%
1,131,673‌ Darden Restaurants, Inc.
Gas Utilities — 0.0% 4.35%, 10/15/27. . . . . . . . . . . . . . . . . . . 85‌ 83,850‌
AmeriGas Partners LP 4.55%, 10/15/29. . . . . . . . . . . . . . . . . . . 85‌ 82,920‌
5.75%, 05/20/27. . . . . . . . . . . . . . . . . . . 40‌ 37,136‌ Hyatt Hotels Corp., 5.38%, 12/15/31. . . . . . . 390‌ 388,150‌
9.38%, 06/01/28(d). . . . . . . . . . . . . . . . . . 14‌ 13,465‌ Raising Cane's Restaurants LLC, 9.38%,
ONE Gas, Inc., 4.25%, 09/01/32.. . . . . . . . . 45‌ 42,540‌ 05/01/29(d).. . . . . . . . . . . . . . . . . . . . . 20‌ 21,425‌
Sabre GLBL, Inc.(d)
                                                                  

93,141‌
Ground Transportation — 0.1% 11.25%, 12/15/27. . . . . . . . . . . . . . . . . . 19‌ 20,458‌
Canadian National Railway Co., 3.85%, 10.75%, 11/15/29. . . . . . . . . . . . . . . . . . 21‌ 21,664‌
08/05/32.. . . . . . . . . . . . . . . . . . . . . . 160‌ 147,646‌ Viking Cruises Ltd.(d)
Ryder System, Inc. 7.00%, 02/15/29. . . . . . . . . . . . . . . . . . . 25‌ 25,137‌
5.65%, 03/01/28. . . . . . . . . . . . . . . . . . . 25‌ 25,580‌ 9.13%, 07/15/31. . . . . . . . . . . . . . . . . . . 27‌ 29,032‌
                                                                  

6.30%, 12/01/28. . . . . . . . . . . . . . . . . . . 310‌ 324,908‌ 672,636‌

Household Durables — 0.3%
                                                                  

498,134‌
K. Hovnanian Enterprises, Inc., 11.75%,
09/30/29(d).. . . . . . . . . . . . . . . . . . . . . 47‌ 51,173‌
MDC Holdings, Inc., 3.97%, 08/06/61.. . . . . . 100‌ 74,589‌
Schedules of Investments 79
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Household Durables (continued) Metals & Mining (continued)

NVR, Inc., 3.00%, 05/15/30.. . . . . . . . . . . . USD 620‌ $ 559,392‌ Taseko Mines Ltd., 8.25%, 05/01/30(d). . . . . . USD 15‌ $ 15,311‌
PulteGroup, Inc.
                                                                  

722,023‌
5.00%, 01/15/27. . . . . . . . . . . . . . . . . . . 470‌ 470,687‌
Mortgage Real Estate Investment Trusts (REITs) — 0.0%(d)
6.38%, 05/15/33. . . . . . . . . . . . . . . . . . . 240‌ 252,915‌
                                                                   Blackstone Mortgage Trust, Inc., 7.75%,
1,408,756‌ 12/01/29.. . . . . . . . . . . . . . . . . . . . . . 15‌ 15,420‌
Industrial Conglomerates — 0.2% Starwood Property Trust, Inc., 7.25%, 04/01/29. 42‌ 43,084‌
3M Co., 2.38%, 08/26/29. . . . . . . . . . . . . . 370‌ 332,022‌
                                                                  

58,504‌
Honeywell International, Inc., 5.35%, 03/01/64. 90‌ 84,373‌
Multi-Utilities — 0.0%
Pentair Finance SARL
San Diego Gas & Electric Co., 5.55%, 04/15/54. 110‌ 106,608‌
4.50%, 07/01/29. . . . . . . . . . . . . . . . . . . 450‌ 437,508‌                                                                   

5.90%, 07/15/32. . . . . . . . . . . . . . . . . . . 190‌ 194,895‌ Oil, Gas & Consumable Fuels — 1.2%
California Resources Corp., 8.25%, 06/15/29(d). 99‌ 100,391‌
                                                                  

1,048,798‌
Cheniere Corpus Christi Holdings LLC
Insurance — 0.5%
5.13%, 06/30/27. . . . . . . . . . . . . . . . . . . 30‌ 30,161‌
Allstate Corp. (The), 3.85%, 08/10/49. . . . . . 140‌ 104,590‌
3.70%, 11/15/29. . . . . . . . . . . . . . . . . . . 170‌ 159,601‌
Ambac Assurance Corp., 5.10%(d)(j). . . . . . . . 5‌ 6,672‌
Cheniere Energy, Inc., 4.63%, 10/15/28. . . . . 830‌ 811,997‌
Fairfax Financial Holdings Ltd., 6.35%, 03/22/54. 110‌ 113,267‌
Civitas Resources, Inc., 8.38%, 07/01/28(d). . . 15‌ 15,579‌
Marsh & McLennan Cos., Inc.
ConocoPhillips Co., 5.00%, 01/15/35. . . . . . . 465‌ 451,690‌
5.15%, 03/15/34. . . . . . . . . . . . . . . . . . . 280‌ 278,597‌
Coterra Energy, Inc., 5.40%, 02/15/35. . . . . . 50‌ 48,485‌
5.45%, 03/15/53. . . . . . . . . . . . . . . . . . . 270‌ 260,693‌
Diamondback Energy, Inc.
5.70%, 09/15/53. . . . . . . . . . . . . . . . . . . 290‌ 290,643‌
5.75%, 04/18/54. . . . . . . . . . . . . . . . . . . 50‌ 46,922‌
Progressive Corp. (The), 4.95%, 06/15/33. . . . 580‌ 574,225‌
5.90%, 04/18/64. . . . . . . . . . . . . . . . . . . 40‌ 37,549‌
Reinsurance Group of America, Inc., 5.75%,
Enbridge, Inc., 6.20%, 11/15/30. . . . . . . . . . 25‌ 26,326‌
09/15/34.. . . . . . . . . . . . . . . . . . . . . . 330‌ 332,596‌
Expand Energy Corp., 5.70%, 01/15/35. . . . . 100‌ 98,148‌
Stewart Information Services Corp., 3.60%,
Global Partners LP, 8.25%, 01/15/32(d). . . . . . 48‌ 49,350‌
11/15/31.. . . . . . . . . . . . . . . . . . . . . . 170‌ 147,181‌
Kinder Morgan Energy Partners LP
Willis North America, Inc.
7.50%, 11/15/40. . . . . . . . . . . . . . . . . . . 16‌ 17,999‌
4.65%, 06/15/27. . . . . . . . . . . . . . . . . . . 160‌ 159,618‌
5.00%, 08/15/42. . . . . . . . . . . . . . . . . . . 20‌ 17,417‌
5.90%, 03/05/54. . . . . . . . . . . . . . . . . . . 220‌ 216,662‌
                                                                   Kinder Morgan, Inc., 5.95%, 08/01/54. . . . . . 130‌ 127,006‌
2,484,744‌ NFE Financing LLC, 12.00%, 11/15/29(d). . . . . 468‌ 491,830‌
IT Services — 0.4% Occidental Petroleum Corp., 6.05%, 10/01/54. 70‌ 66,415‌
Accenture Capital, Inc., 4.50%, 10/04/34.. . . . 25‌ 23,758‌ ONEOK, Inc.
CGI, Inc., 2.30%, 09/14/31. . . . . . . . . . . . . 520‌ 430,603‌ 5.85%, 01/15/26. . . . . . . . . . . . . . . . . . . 330‌ 332,897‌
Cogent Communications Group LLC, 7.00%, 5.65%, 11/01/28. . . . . . . . . . . . . . . . . . . 460‌ 469,380‌
06/15/27(d).. . . . . . . . . . . . . . . . . . . . . 87‌ 87,419‌ 6.35%, 01/15/31. . . . . . . . . . . . . . . . . . . 380‌ 399,495‌
IBM International Capital Pte. Ltd. 6.05%, 09/01/33. . . . . . . . . . . . . . . . . . . 170‌ 174,935‌
4.90%, 02/05/34. . . . . . . . . . . . . . . . . . . 720‌ 699,628‌ 7.15%, 01/15/51. . . . . . . . . . . . . . . . . . . 120‌ 130,263‌
5.30%, 02/05/54. . . . . . . . . . . . . . . . . . . 420‌ 386,936‌ Saturn Oil & Gas, Inc., 9.63%, 06/15/29(d). . . . 25‌ 24,304‌
International Business Machines Corp., 2.20%, Talos Production, Inc.(d)
02/09/27.. . . . . . . . . . . . . . . . . . . . . . 280‌ 266,026‌ 9.00%, 02/01/29. . . . . . . . . . . . . . . . . . . 11‌ 11,285‌
9.38%, 02/01/31. . . . . . . . . . . . . . . . . . . 15‌ 15,291‌
                                                                  

1,894,370‌
Machinery — 0.0% Targa Resources Corp.
Cummins, Inc., 4.90%, 02/20/29.. . . . . . . . . 160‌ 160,998‌ 6.15%, 03/01/29. . . . . . . . . . . . . . . . . . . 810‌ 840,742‌
Otis Worldwide Corp., 2.57%, 02/15/30. . . . . 23‌ 20,431‌ 6.50%, 02/15/53. . . . . . . . . . . . . . . . . . . 210‌ 218,857‌
                                                                  

TotalEnergies Capital SA, 5.49%, 04/05/54. . . 150‌ 143,761‌

181,429‌ Venture Global LNG, Inc.(d)
Media — 0.1% 9.50%, 02/01/29. . . . . . . . . . . . . . . . . . . 25‌ 27,632‌
Cable One, Inc., 4.00%, 11/15/30(d). . . . . . . . 34‌ 28,410‌ 9.88%, 02/01/32. . . . . . . . . . . . . . . . . . . 61‌ 66,934‌
DirecTV Financing LLC(d) Vermilion Energy, Inc., 6.88%, 05/01/30(d). . . . 47‌ 46,635‌
5.88%, 08/15/27. . . . . . . . . . . . . . . . . . . 98‌ 95,481‌                                                                   

8.88%, 02/01/30. . . . . . . . . . . . . . . . . . . 15‌ 14,761‌ 5,499,277‌

Interpublic Group of Cos., Inc. (The), 2.40%, Passenger Airlines — 0.1%
03/01/31.. . . . . . . . . . . . . . . . . . . . . . 32‌ 27,257‌ American Airlines Pass-Through Trust
Nexstar Media, Inc.(d) Series 2017-1,Class B, 4.95%, 02/15/25.. . 9‌ 9,356‌
5.63%, 07/15/27. . . . . . . . . . . . . . . . . . . 34‌ 33,162‌ Series 2019-1,Class B, 3.85%, 02/15/28.. . 43‌ 40,166‌
4.75%, 11/01/28. . . . . . . . . . . . . . . . . . . 73‌ 68,064‌ American Airlines, Inc.(d)
Paramount Global, 4.20%, 05/19/32. . . . . . . 45‌ 39,659‌ 7.25%, 02/15/28. . . . . . . . . . . . . . . . . . . 54‌ 55,352‌
                                                                  

8.50%, 05/15/29. . . . . . . . . . . . . . . . . . . 86‌ 90,294‌

306,794‌ JetBlue Airways Corp., 9.88%, 09/20/31(d). . . . 29‌ 30,809‌
Metals & Mining — 0.2% United Airlines Pass-Through Trust, Series
Cleveland-Cliffs, Inc., 7.38%, 05/01/33(d). . . . . 59‌ 57,950‌ 2019-2, Class B, 3.50%, 05/01/28. . . . . . . 21‌ 19,802‌
FMG Resources August 2006 Pty. Ltd., 6.13%,                                                                   

04/15/32(d).. . . . . . . . . . . . . . . . . . . . . 7‌ 6,914‌ 245,779‌

Reliance, Inc., 2.15%, 08/15/30. . . . . . . . . . 370‌ 315,752‌ Pharmaceuticals — 0.6%
Steel Dynamics, Inc., 2.40%, 06/15/25. . . . . . 330‌ 326,096‌ Bausch Health Cos., Inc.(d)
6.13%, 02/01/27. . . . . . . . . . . . . . . . . . . 141‌ 127,958‌

80 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Pharmaceuticals (continued) Software (continued)

11.00%, 09/30/28. . . . . . . . . . . . . . . . . . USD 130‌ $ 123,500‌ Workday, Inc., 3.80%, 04/01/32. . . . . . . . . . USD 500‌ $ 455,004‌
Eli Lilly & Co., 5.05%, 08/14/54. . . . . . . . . . 260‌ 240,839‌
                                                                  

4,423,404‌
Merck & Co., Inc.
Specialized REITs — 0.2%
2.15%, 12/10/31. . . . . . . . . . . . . . . . . . . 370‌ 309,433‌
American Tower Corp.
2.45%, 06/24/50. . . . . . . . . . . . . . . . . . . 30‌ 17,270‌
1.45%, 09/15/26. . . . . . . . . . . . . . . . . . . 120‌ 113,446‌
2.75%, 12/10/51. . . . . . . . . . . . . . . . . . . 19‌ 11,515‌
5.80%, 11/15/28. . . . . . . . . . . . . . . . . . . 10‌ 10,266‌
5.00%, 05/17/53. . . . . . . . . . . . . . . . . . . 85‌ 77,373‌
Crown Castle, Inc., 3.65%, 09/01/27. . . . . . . 260‌ 252,134‌
Novartis Capital Corp., 2.20%, 08/14/30. . . . . 855‌ 748,735‌
Equinix, Inc.
Organon & Co., 7.88%, 05/15/34(d). . . . . . . . 96‌ 98,147‌
1.00%, 09/15/25. . . . . . . . . . . . . . . . . . . 151‌ 147,018‌
Zoetis, Inc.
1.45%, 05/15/26. . . . . . . . . . . . . . . . . . . 160‌ 153,023‌
3.00%, 09/12/27. . . . . . . . . . . . . . . . . . . 110‌ 105,419‌
Iron Mountain, Inc., 7.00%, 02/15/29(d). . . . . . 28‌ 28,609‌
2.00%, 05/15/30. . . . . . . . . . . . . . . . . . . 800‌ 688,437‌                                                                   

704,496‌
                                                                  

2,548,626‌
Specialty Retail — 0.3%
Professional Services — 0.3%
Bath & Body Works, Inc.
Automatic Data Processing, Inc., 1.70%,
6.95%, 03/01/33. . . . . . . . . . . . . . . . . . . 45‌ 45,430‌
05/15/28.. . . . . . . . . . . . . . . . . . . . . . 1,510‌ 1,378,966‌
                                                                   6.88%, 11/01/35. . . . . . . . . . . . . . . . . . . 74‌ 75,718‌
Real Estate Management & Development — 0.2% Carvana Co.(d)(k)
CBRE Services, Inc. 9.00%, (9.00% Cash or 12.00% PIK),
4.88%, 03/01/26. . . . . . . . . . . . . . . . . . . 170‌ 169,747‌ 12/01/28. . . . . . . . . . . . . . . . . . . . . . 51‌ 51,806‌
5.50%, 04/01/29. . . . . . . . . . . . . . . . . . . 320‌ 325,762‌ 11.00%, (11.00% Cash or 13.00% PIK),
5.95%, 08/15/34. . . . . . . . . . . . . . . . . . . 500‌ 515,570‌ 06/01/30. . . . . . . . . . . . . . . . . . . . . . 59‌ 61,404‌
Howard Hughes Corp. (The), 5.38%, 08/01/28(d). 37‌ 35,939‌ 14.00%, (14.00% Cash or 14.00% PIK),
06/01/31. . . . . . . . . . . . . . . . . . . . . . 107‌ 122,642‌
                                                                  

1,047,018‌
Foot Locker, Inc., 4.00%, 10/01/29(d). . . . . . . 25‌ 21,561‌
Semiconductors & Semiconductor Equipment — 1.0%
Home Depot, Inc. (The)
Broadcom, Inc., 3.75%, 02/15/51(d). . . . . . . . 130‌ 96,750‌
1.50%, 09/15/28. . . . . . . . . . . . . . . . . . . 300‌ 268,189‌
Intel Corp., 4.88%, 02/10/28. . . . . . . . . . . . 440‌ 437,755‌
1.38%, 03/15/31. . . . . . . . . . . . . . . . . . . 31‌ 25,104‌
Lam Research Corp., 1.90%, 06/15/30. . . . . . 1,050‌ 900,018‌
1.88%, 09/15/31. . . . . . . . . . . . . . . . . . . 400‌ 330,444‌
NVIDIA Corp.
4.50%, 12/06/48. . . . . . . . . . . . . . . . . . . 17‌ 14,521‌
1.55%, 06/15/28. . . . . . . . . . . . . . . . . . . 190‌ 172,536‌
3.35%, 04/15/50. . . . . . . . . . . . . . . . . . . 240‌ 167,316‌
2.00%, 06/15/31. . . . . . . . . . . . . . . . . . . 870‌ 739,155‌
Lowe's Cos., Inc.
3.50%, 04/01/50. . . . . . . . . . . . . . . . . . . 50‌ 37,154‌
3.35%, 04/01/27. . . . . . . . . . . . . . . . . . . 250‌ 242,814‌
3.70%, 04/01/60. . . . . . . . . . . . . . . . . . . 480‌ 354,129‌
3.65%, 04/05/29. . . . . . . . . . . . . . . . . . . 93‌ 88,559‌
NXP BV                                                                   

3.88%, 06/18/26. . . . . . . . . . . . . . . . . . . 25‌ 24,650‌ 1,515,508‌

4.30%, 06/18/29. . . . . . . . . . . . . . . . . . . 172‌ 166,525‌ Technology Hardware, Storage & Peripherals — 0.0%(d)
3.40%, 05/01/30. . . . . . . . . . . . . . . . . . . 70‌ 64,133‌ Diebold Nixdorf, Inc., 7.75%, 03/31/30. . . . . . 10‌ 10,265‌
2.50%, 05/11/31. . . . . . . . . . . . . . . . . . . 189‌ 160,926‌ Xerox Holdings Corp., 5.50%, 08/15/28. . . . . 59‌ 50,609‌
Texas Instruments, Inc.
                                                                  

60,874‌
1.90%, 09/15/31. . . . . . . . . . . . . . . . . . . 97‌ 81,267‌ Textiles, Apparel & Luxury Goods — 0.1%
3.65%, 08/16/32. . . . . . . . . . . . . . . . . . . 1,020‌ 936,138‌ Tapestry, Inc.
4.90%, 03/14/33. . . . . . . . . . . . . . . . . . . 220‌ 218,483‌ 3.05%, 03/15/32. . . . . . . . . . . . . . . . . . . 142‌ 120,968‌
TSMC Arizona Corp., 3.25%, 10/25/51. . . . . . 220‌ 156,556‌ 5.50%, 03/11/35. . . . . . . . . . . . . . . . . . . 65‌ 63,223‌
                                                                  

4,546,175‌ Wolverine World Wide, Inc., 4.00%, 08/15/29(d). 49‌ 43,028‌

Software — 1.0%
                                                                  

227,219‌
Adobe, Inc., 2.30%, 02/01/30.. . . . . . . . . . . 1,010‌ 898,299‌ Trading Companies & Distributors — 0.0%
Autodesk, Inc. Fortress Transportation & Infrastructure
3.50%, 06/15/27. . . . . . . . . . . . . . . . . . . 81‌ 78,664‌ Investors LLC(d)
2.40%, 12/15/31. . . . . . . . . . . . . . . . . . . 54‌ 45,369‌ 7.88%, 12/01/30. . . . . . . . . . . . . . . . . . . 49‌ 51,573‌
Cloud Software Group, Inc.(d) 5.88%, 04/15/33. . . . . . . . . . . . . . . . . . . 23‌ 22,196‌
6.50%, 03/31/29. . . . . . . . . . . . . . . . . . . 40‌ 39,262‌                                                                   

9.00%, 09/30/29. . . . . . . . . . . . . . . . . . . 49‌ 49,749‌ 73,769‌

Dye & Durham Ltd., 8.63%, 04/15/29(d). . . . . . 25‌ 26,219‌ Wireless Telecommunication Services — 0.0%
Intuit, Inc. T-Mobile USA, Inc., 5.50%, 01/15/55. . . . . . . 90‌ 84,698‌
1.35%, 07/15/27. . . . . . . . . . . . . . . . . . . 860‌ 793,390‌
                                                                  

Total Corporate Bonds — 18.2%

1.65%, 07/15/30. . . . . . . . . . . . . . . . . . . 1,060‌ 893,022‌ (Cost: $83,994,153). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,820,198‌
5.20%, 09/15/33. . . . . . . . . . . . . . . . . . . 90‌ 90,179‌                           

5.50%, 09/15/53. . . . . . . . . . . . . . . . . . . 30‌ 29,375‌ Foreign Government Obligations

Oracle Corp.
Chile — 0.1%
5.38%, 09/27/54. . . . . . . . . . . . . . . . . . . 55‌ 50,695‌
4.10%, 03/25/61. . . . . . . . . . . . . . . . . . . 120‌ 86,148‌ Republic of Chile, 3.25%, 09/21/71. . . . . . . . . 320‌ 189,299‌
                          

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

Schedules of Investments 81
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000) Par (000)

Security Par (000) Value Security Par (000) Value

Mexico — 0.0% Collateralized Mortgage Obligations (continued)

United Mexican States, 3.77%, 05/24/61. . . . . USD 250‌ $ 143,203‌ GreenPoint Mortgage Funding Trust, Series
2006-AR2, Class 4A1, (Federal Reserve US
                          

Total Foreign Government Obligations — 0.1%

12 Month Cumulative Average 1 Year CMT
(Cost: $365,440).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332,502‌
                           at 2.00% Floor and 10.50% Cap + 2.00%),
Shares 6.83%, 03/25/36(a). . . . . . . . . . . . . . . . . . USD 4‌ $ 3,802‌
Shares GSR Mortgage Loan Trust, Series 2007-1F,
Class 2A4, 5.50%, 01/25/37. . . . . . . . . . . —‌(b) 712‌
Investment Companies IndyMac INDX Mortgage Loan Trust, Series
iShares Russell 1000 Value ETF(l).. . . . . . . . . 24,988 4,626,030‌ 2007-AR19, Class 3A1, 4.04%, 09/25/37(a).. 26‌ 16,779‌
J.P. Morgan Alternative Loan Trust, Series
Total Investment Companies — 1.0% 2007-A1, Class 1A4, (1-mo. CME Term
(Cost: $3,951,265). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,626,030‌ SOFR at 0.42% Floor and 11.50% Cap +
0.53%), 4.87%, 03/25/37(a). . . . . . . . . . . . 18‌ 13,683‌
Par (000) New Residential Mortgage Loan Trust, Series
Par (000) 2019-2A, Class A1, 4.25%, 12/25/57(a)(d). . . 25‌ 24,259‌
Nomura Asset Acceptance Corp. Alternative
Non-Agency Mortgage-Backed Securities Loan Trust, Series 2007-2, Class A4, (1-mo.
Collateralized Mortgage Obligations — 0.1% CME Term SOFR at 0.84% Floor + 0.95%),
Alternative Loan Trust 5.29%, 06/25/37(a). . . . . . . . . . . . . . . . . . 4‌ 3,095‌
Series 2005-22T1, Class A1, (1-mo. CME Structured Adjustable Rate Mortgage Loan
Term SOFR at 0.35% Floor and 5.42% Trust, Series 2006-3, Class 4A, 4.13%,
Cap + 0.46%), 4.80%, 06/25/35(a). . . . . . 36‌ 31,037‌ 04/25/36(a). . . . . . . . . . . . . . . . . . . . . . . 7‌ 3,532‌
Series 2006-11CB, Class 3A1, 6.50%, Structured Asset Mortgage Investments II Trust,
05/25/36. . . . . . . . . . . . . . . . . . . . . . 19‌ 8,514‌ Series 2006-AR4, Class 3A1, (1-mo. CME
Series 2006-OC10, Class 2A3, (1-mo. CME Term SOFR at 0.38% Floor and 10.50% Cap
Term SOFR at 0.46% Floor + 0.57%), + 0.49%), 4.83%, 06/25/36(a). . . . . . . . . . . 10‌ 8,527‌
4.91%, 11/25/36(a). . . . . . . . . . . . . . . . 23‌ 19,189‌ Washington Mutual Mortgage Pass-Through
Series 2007-OA3, Class 1A1, (1-mo. CME Certificates WMALT Trust
Term SOFR at 0.28% Floor + 0.39%), Series 2006-4, Class 1A1, 6.00%, 04/25/36. 28‌ 25,395‌
4.73%, 04/25/47(a). . . . . . . . . . . . . . . . 18‌ 16,172‌ Series 2006-4, Class 3A5, 6.85%, 05/25/36(c). 35‌ 29,408‌
Series 2007-OA8, Class 2A1, (1-mo. CME
562,800‌
Term SOFR at 0.36% Floor + 0.47%),
Commercial Mortgage-Backed Securities — 0.0%
4.81%, 06/25/47(a). . . . . . . . . . . . . . . . 10‌ 7,994‌
Bayview Commercial Asset Trust(a)(d)
Series 2007-OH2, Class A2A, (1-mo. CME
Term SOFR at 0.48% Floor and 10.00% Series 2005-4A, Class A1, (1-mo. CME Term
Cap + 0.59%), 4.93%, 08/25/47(a). . . . . . 4‌ 3,712‌ SOFR at 0.00% Floor + 0.56%), 4.90%,
01/25/36. . . . . . . . . . . . . . . . . . . . . . 11‌ 10,066‌
American Home Mortgage Assets Trust, Series
2006-3, Class 2A11, (Federal Reserve US Series 2005-4A, Class M1, (1-mo. CME Term
12 Month Cumulative Average 1 Year CMT at SOFR at 0.00% Floor + 0.79%), 5.13%,
0.94% Floor + 0.94%), 5.77%, 10/25/46(a).. 40‌ 26,354‌ 01/25/36. . . . . . . . . . . . . . . . . . . . . . 8‌ 7,501‌
APS Resecuritization Trust, Series 2016-1, Series 2006-1A, Class A2, (1-mo. CME Term
Class 1MZ, 2.79%, 07/31/57(a)(d). . . . . . . . . 140‌ 51,616‌ SOFR at 0.00% Floor + 0.65%), 4.99%,
04/25/36. . . . . . . . . . . . . . . . . . . . . . 5‌ 4,575‌
Banc of America Funding Trust, Series 2014-
R2, Class 1C, 0.00%, 11/26/36(a)(d). . . . . . . 50‌ 16,734‌ Series 2006-3A, Class A1, (1-mo. CME Term
SOFR at 0.00% Floor + 0.49%), 4.83%,
Bear Stearns Mortgage Funding Trust, Series
10/25/36. . . . . . . . . . . . . . . . . . . . . . 5‌ 5,187‌
2006-SL1, Class A1, (1-mo. CME Term
SOFR at 0.28% Floor and 11.00% Cap + Series 2006-3A, Class A2, (1-mo. CME Term
0.39%), 4.73%, 08/25/36(a). . . . . . . . . . . . 8‌ 8,248‌ SOFR at 0.00% Floor + 0.56%), 4.90%,
10/25/36. . . . . . . . . . . . . . . . . . . . . . 5‌ 5,196‌
Chase Mortgage Finance Trust, Series 2007-                                                       

S6, Class 1A1, 6.00%, 12/25/37.. . . . . . . . 265‌ 107,006‌ 32,525‌

Citicorp Mortgage Securities Trust, Series 2008- Interest Only Commercial Mortgage-Backed Securities — 0.0%
2, Class 1A1, 6.50%, 06/25/38.. . . . . . . . . 20‌ 15,774‌ One Market Plaza Trust, Series 2017-1MKT,
Credit Suisse Mortgage Capital Certificates, Class XCP, 0.00%, 02/10/32(a)(d). . . . . . . . . 831‌ 2,587‌
Series 2009-12R, Class 3A1, 6.50%,
                                                      

Total Non-Agency Mortgage-Backed Securities — 0.1%

10/27/37(d). . . . . . . . . . . . . . . . . . . . . . . 109‌ 42,248‌
(Cost: $792,404).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 597,912‌
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

82 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Beneficial Interest Par (000)

Security (000) Value Security Par (000) Value

Other Interests (m) Mortgage-Backed Securities (continued)

5.00%, 01/15/55(n). . . . . . . . . . . . . . . . . . USD 250‌ $ 242,510‌
Capital Markets — 0.0% (e)(h)(i)
5.50%, 12/20/52 - 07/20/53. . . . . . . . . . . . 192‌ 191,190‌
Lehman Brothers Holdings, Inc.. . . . . . . . . . . USD 490‌ $ —‌
5.50%, 01/15/55(n). . . . . . . . . . . . . . . . . . 775‌ 768,593‌
Lehman Brothers Holdings, Inc., Capital Trust
6.00%, 09/20/53 - 08/20/54. . . . . . . . . . . . 118‌ 119,146‌
VII.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 130‌ —‌
6.00%, 01/15/55(n). . . . . . . . . . . . . . . . . . 300‌ 301,969‌
Total Other Interests — 0.0% 6.50%, 07/20/54 - 08/20/54. . . . . . . . . . . . 130‌ 132,349‌
(Cost: $6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —‌ 6.50%, 01/15/55(n). . . . . . . . . . . . . . . . . . 150‌ 152,569‌
7.50%, 03/15/32. . . . . . . . . . . . . . . . . . . 1‌ 861‌
                          

Shares
Uniform Mortgage-Backed Securities
Shares
2.00%, 10/01/31 - 02/01/52. . . . . . . . . . . . 3,320‌ 2,654,164‌
2.00%, 01/25/40(n). . . . . . . . . . . . . . . . . . 1,400‌ 1,236,013‌
Preferred Securities
2.50%, 09/01/27 - 02/01/52. . . . . . . . . . . . 1,593‌ 1,369,577‌
Preferred Stocks — 0.1% 2.50%, 01/25/40 - 01/25/55(n). . . . . . . . . . . 1,150‌ 983,289‌
Banks — 0.0% 3.00%, 04/01/29 - 03/01/52. . . . . . . . . . . . 1,609‌ 1,435,974‌
Banco Bradesco SA (Preference). . . . . . . . . . 22,865 43,030‌ 3.50%, 08/01/30 - 01/01/51. . . . . . . . . . . . 2,205‌ 1,986,435‌
Bancolombia SA (Preference). . . . . . . . . . . . 9,851 78,792‌ 3.50%, 01/25/40(n). . . . . . . . . . . . . . . . . . 61‌ 57,649‌
                      

4.00%, 10/01/33 - 01/01/51. . . . . . . . . . . . 1,130‌ 1,059,234‌

121,822‌ 4.00%, 01/25/40 - 01/25/55(n). . . . . . . . . . . 350‌ 325,722‌
Chemicals — 0.1% 4.50%, 02/01/25 - 08/01/53. . . . . . . . . . . . 1,835‌ 1,760,069‌
Braskem SA (Preference), Series A, Class A(e). 71,317 136,537‌ 5.00%, 09/01/35 - 05/01/49. . . . . . . . . . . . 125‌ 124,187‌
Sociedad Quimica y Minera de Chile SA 5.00%, 01/25/55(n). . . . . . . . . . . . . . . . . . 675‌ 651,425‌
(Preference), Class B. . . . . . . . . . . . . . . . 1,205 44,293‌ 5.50%, 02/01/35 - 11/01/54. . . . . . . . . . . . 315‌ 315,916‌
                      

180,830‌ 5.50%, 01/25/55(n). . . . . . . . . . . . . . . . . . 825‌ 814,068‌

Electric Utilities — 0.0% 6.00%, 12/01/27 - 08/01/54. . . . . . . . . . . . 929‌ 940,705‌
Energisa SA (Preference). . . . . . . . . . . . . . . 2 2‌ 6.00%, 01/25/55(n). . . . . . . . . . . . . . . . . . 600‌ 602,766‌
ISA Energia Brasil SA (Preference)(e).. . . . . . . 1,991 7,423‌ 6.50%, 05/01/40 - 09/01/54. . . . . . . . . . . . 613‌ 633,456‌
6.50%, 01/25/55(n). . . . . . . . . . . . . . . . . . 500‌ 510,312‌
                      

7,425‌                                                                                             

Household Products — 0.0% 32,854,351‌

Henkel AG & Co. KGaA (Preference). . . . . . . 154 13,511‌ Principal Only Collateralized Mortgage Obligations — 0.0%
Federal Home Loan Mortgage Corp. Seasoned
          

Metals & Mining — 0.0%

Credit Risk Transfer Trust, Series 2017-3,
Gerdau SA (Preference). . . . . . . . . . . . . . . . 38,168 111,827‌
          

Class B, 0.00%, 07/25/56(d)(o). . . . . . . . . . . 37‌ 4,982‌

Passenger Airlines — 0.0%
                                                                                            

Total U.S. Government Sponsored Agency Securities — 7.3%

Azul SA (Preference)(e). . . . . . . . . . . . . . . . . 11,664 6,802‌
          
(Cost: $35,912,885). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,859,333‌
Total Preferred Securities — 0.1%
(Cost: $820,931).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                                                                                
442,217‌ U.S. Treasury Obligations
Par (000) U.S. Treasury Bonds
Par (000) 4.25%, 05/15/39. . . . . . . . . . . . . . . . . . . 66‌ 62,600‌
4.50%, 08/15/39. . . . . . . . . . . . . . . . . . . 382‌ 371,827‌
U.S. Government Sponsored Agency Securities 4.38%, 11/15/39. . . . . . . . . . . . . . . . . . . 82‌ 78,591‌
Mortgage-Backed Securities — 7.3% 4.63%, 02/15/40. . . . . . . . . . . . . . . . . . . 3,000‌ 2,953,353‌
Federal Home Loan Mortgage Corp. 1.13%, 05/15/40 - 08/15/40. . . . . . . . . . . . 694‌ 415,600‌
2.50%, 01/01/29 - 04/01/31. . . . . . . . . . . . 97‌ 92,949‌ 1.38%, 11/15/40. . . . . . . . . . . . . . . . . . . 347‌ 214,771‌
3.00%, 09/01/27 - 12/01/46. . . . . . . . . . . . 192‌ 175,190‌ 2.25%, 05/15/41 - 02/15/52. . . . . . . . . . . . 13,000‌ 8,191,335‌
3.50%, 04/01/31 - 01/01/48. . . . . . . . . . . . 317‌ 292,812‌ 2.38%, 02/15/42. . . . . . . . . . . . . . . . . . . 4,000‌ 2,847,435‌
4.00%, 08/01/40 - 12/01/45. . . . . . . . . . . . 50‌ 47,239‌ 3.13%, 02/15/43. . . . . . . . . . . . . . . . . . . 332‌ 262,257‌
4.50%, 02/01/39 - 04/01/49. . . . . . . . . . . . 387‌ 372,049‌ 2.88%, 05/15/43 - 11/15/46. . . . . . . . . . . . 597‌ 443,985‌
5.00%, 10/01/41 - 11/01/48. . . . . . . . . . . . 75‌ 75,136‌ 3.63%, 08/15/43. . . . . . . . . . . . . . . . . . . 332‌ 281,231‌
5.50%, 06/01/41. . . . . . . . . . . . . . . . . . . 34‌ 34,609‌ 3.75%, 11/15/43. . . . . . . . . . . . . . . . . . . 332‌ 285,871‌
6.00%, 01/01/34. . . . . . . . . . . . . . . . . . . 26‌ 26,903‌ 4.75%, 11/15/43. . . . . . . . . . . . . . . . . . . 400‌ 394,951‌
Federal National Mortgage Association, 2.50%, 02/15/45. . . . . . . . . . . . . . . . . . . 593‌ 411,437‌
4.00%, 01/01/41. . . . . . . . . . . . . . . . . . . 4‌ 3,468‌ 3.00%, 02/15/47. . . . . . . . . . . . . . . . . . . 1,500‌ 1,111,505‌
Government National Mortgage Association 1.63%, 11/15/50. . . . . . . . . . . . . . . . . . . 3‌ 1,564‌
2.00%, 08/20/50 - 04/20/52. . . . . . . . . . . . 4,215‌ 3,376,147‌ 1.88%, 11/15/51. . . . . . . . . . . . . . . . . . . 1,000‌ 551,542‌
2.00%, 01/15/55(n). . . . . . . . . . . . . . . . . . 1,163‌ 930,106‌ U.S. Treasury Notes
2.50%, 07/20/51 - 07/20/52. . . . . . . . . . . . 4,252‌ 3,553,359‌ 0.25%, 09/30/25. . . . . . . . . . . . . . . . . . . 5,511‌ 5,350,805‌
2.50%, 01/15/55(n). . . . . . . . . . . . . . . . . . 300‌ 250,500‌ 4.00%, 12/15/25 - 01/15/27. . . . . . . . . . . . 700‌ 697,204‌
3.00%, 02/15/45 - 09/20/52. . . . . . . . . . . . 2,755‌ 2,395,113‌ 4.13%, 06/15/26. . . . . . . . . . . . . . . . . . . 2,100‌ 2,096,392‌
3.50%, 01/15/42 - 02/20/52. . . . . . . . . . . . 969‌ 877,780‌ 0.50%, 05/31/27. . . . . . . . . . . . . . . . . . . 129‌ 117,951‌
4.00%, 04/20/39 - 12/20/47. . . . . . . . . . . . 172‌ 161,503‌ 2.25%, 08/15/27. . . . . . . . . . . . . . . . . . . 798‌ 758,527‌
4.00%, 01/15/55(n). . . . . . . . . . . . . . . . . . 444‌ 408,916‌ 1.25%, 03/31/28 - 09/30/28. . . . . . . . . . . . 1,047‌ 949,594‌
4.50%, 12/20/39 - 04/20/50. . . . . . . . . . . . 231‌ 222,457‌ 2.88%, 08/15/28. . . . . . . . . . . . . . . . . . . 188‌ 178,837‌
5.00%, 12/15/38 - 07/20/53. . . . . . . . . . . . 192‌ 187,967‌ 3.13%, 11/15/28. . . . . . . . . . . . . . . . . . . 363‌ 347,350‌
3.75%, 12/31/28. . . . . . . . . . . . . . . . . . . 200‌ 195,510‌
Schedules of Investments 83
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
(Percentages shown are based on Net Assets)
December 31, 2024

Par (000)
Security 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)
Par (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.

84 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
December 31, 2024

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:
                                                                                  

Capital Gain
Change in Distributions
Net Unrealized Shares from
Value at Purchases Proceeds Realized Appreciation Value at Held at Underlying
Affiliated Issuer 12/31/23 at Cost from Sales Gain (Loss) (Depreciation) 12/31/24 12/31/24 Income 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.

Schedules of Investments 85
BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
December 31, 2024

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
Value/
Unrealized
Number of Expiration Notional Appreciation
Description Contracts Date Amount (000) (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

    

Unrealized
Currency Currency Settlement Appreciation  
Purchased Sold Counterparty Date (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 Default Swaps — Sell Protection

    

Upfront
Financing Premium Unrealized
Rate Received Payment Termination Credit Notional Paid Appreciation
Reference Obligation/Index by the Fund Frequency Date Rating(a) Amount (000)(b) Value (Received) (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.

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OTC Total Return Swaps

  

Paid by the Fund Received by the Fund

     

Upfront
Notional Premium Unrealized
Termination Amount Paid Appreciation
Rate/Reference Frequency Rate/Reference Frequency Counterparty Date (000) Value (Received) (Depreciation)
MSCI ACWI ESG
1-day SOFR plus 0.34%. Quarterly 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
                                                  

Swap Swap
Premiums Premiums Unrealized Unrealized
Description Paid Received Appreciation 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.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts 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).

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For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
Foreign
Currency Interest
Commodity Credit Equity Exchange Rate Other
Contracts Contracts Contracts Contracts Contracts Contracts Total
Net Realized Gain (Loss) from
Futures contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (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 contracts.. . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 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
      

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

The Fund's derivative assets and liabilities (by type) were as follows:

Assets Liabilities
Derivative Financial Instruments $ —
Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 247,294 $ 52,776
Forward foreign 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:
                                                                                                                                                                                                                                 

Derivative
Assets
Subject to Derivatives Non-cash Cash Net Amount
an MNA by Available Collateral Collateral of Derivative
Counterparty Counterparty for Offset(a) Received Received 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

                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                 

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December 31, 2024
                                                                                                                                                                                                                                 

Derivative
Liabilities
Subject to Derivatives Non-cash Cash Net Amount of
an MNA by Available Collateral Collateral Derivative
Counterparty Counterparty for Offset(a) Pledged Pledged(d) 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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major
categories is disclosed in the Schedule of Investments above.
                                            

Level 1 Level 2 Level 3 Total

                                                        

Assets
Investments
Long-Term Investments
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

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Fair Value Hierarchy as of Period End (continued)

                                            

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

90 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Schedule of Investments (continued) BlackRock Sustainable Balanced Portfolio
December 31, 2024

Fair Value Hierarchy as of Period End (continued)

                                            

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.
See notes to financial statements.

Schedules of Investments 91
BNM0225U-4254142-13432747
Statements of Assets and Liabilities 
December 31, 2024

BlackRock BlackRock BlackRock BlackRock

Advantage Capital Global Government
Large Cap Core Appreciation Allocation Money Market
               Portfolio Portfolio Portfolio(a) 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: –‌ –‌ –‌ –‌
Investments 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,011‌ 1,113‌ 906‌ 694‌
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —‌ —‌ 1,090‌ 12,163‌
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 liabilities. . . . . . . . . . . . . . . . . . . . . . . . . .................................. 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.

92 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Statements of Assets and Liabilities (continued)
December 31, 2024

BlackRock BlackRock BlackRock BlackRock

Advantage Capital Global Government
Large Cap Core Appreciation Allocation Money Market
Portfolio Portfolio Portfolio(a) 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 $ —‌

See notes to financial statements.

Statements of A ss e t s and Liabilities 93

BNM0225U-4254142-13432747
Statements of Assets and Liabilities (continued)
December 31, 2024

BlackRock BlackRock BlackRock

Advantage Capital BlackRock Government
Large Cap Core Appreciation Global Allocation Money Market
     Portfolio Portfolio Portfolio(a) 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

See notes to financial statements.

94 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Statements of Assets and Liabilities (continued)
December 31, 2024

BlackRock
Sustainable
BlackRock High Balanced
               Yield Portfolio 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: –‌ –‌
Investments 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388‌ 2,544‌
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —‌ 559‌
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 liabilities. . . . . . . . . . . . . . . . . . . . . . . . . ................................................................. 203,601‌ 15,562,929‌
Commitments and contingent liabilities —‌ —‌

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,823,463‌ $ 454,358,052‌

See notes to financial statements.

Statements of A ss e t s and Liabilities 95

BNM0225U-4254142-13432747
Statements of Assets and Liabilities (continued)
December 31, 2024

BlackRock
Sustainable
BlackRock High Balanced
Yield Portfolio 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

See notes to financial statements.

96 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Statements of Assets and Liabilities (continued)
December 31, 2024

BlackRock
Sustainable
BlackRock High Balanced
     Yield Portfolio 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

See notes to financial statements.

Statements of A ss e t s and Liabilities 97

BNM0225U-4254142-13432747
Statements of Operations 
Year Ended December 31, 2024

BlackRock BlackRock BlackRock BlackRock

Advantage Capital Global Government
Large Cap Core Appreciation Allocation Money Market
                     Portfolio Portfolio Portfolio(a) 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 expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 expenses 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.

98 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Statements of Operations (continued)
Year Ended December 31, 2024

BlackRock
Sustainable
BlackRock High Balanced
                     Yield Portfolio 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 expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 expenses 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 Operations 99
BNM0225U-4254142-13432747
Statements of Changes in Net Assets 

BlackRock Advantage Large Cap Core Portfolio BlackRock Capital Appreciation Portfolio
Year Ended Year Ended Year Ended Year Ended
12/31/24 12/31/23 12/31/24 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.

See notes to financial statements.

100 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Statements of Changes in Net Assets (continued)

BlackRock Global Allocation Portfolio(a) BlackRock Government Money Market Portfolio

Year Ended Year Ended Year Ended Year Ended
12/31/24 12/31/23 12/31/24 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.

See notes to financial statements.

Statements of Changes in N e t A ss e t s 101

BNM0225U-4254142-13432747
Statements of Changes in Net Assets (continued)

BlackRock High Yield Portfolio BlackRock Sustainable Balanced Portfolio

Year Ended Year Ended Year Ended Year Ended
12/31/24 12/31/23 12/31/24 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.

See notes to financial statements.

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Financial Highlights
(For a share outstanding throughout each period)

BlackRock Advantage Large Cap Core Portfolio

Year Ended Year Ended Year Ended Year Ended Year Ended
                                                                   12/31/24 12/31/23 12/31/22 12/31/21 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.

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(For a share outstanding throughout each period)

BlackRock Capital Appreciation Portfolio

Year Ended Year Ended Year Ended Year Ended Year Ended
                                                                   12/31/24 12/31/23 12/31/22 12/31/21 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.

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Financial Highlights
(For a share outstanding throughout each period)

BlackRock Global Allocation Portfolio(a)

Year Ended Year Ended Year Ended Year Ended Year Ended
                                                                   12/31/24 12/31/23 12/31/22 12/31/21 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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%
(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:
Year Ended Year Ended Year Ended Year Ended Year Ended
                                12/31/24 12/31/23 12/31/22 12/31/21 12/31/20
Portfolio turnover rate (excluding MDRs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136% 152% 105% 123% 158%
(g)
Excludes underlying investments in total return swaps.

See notes to financial statements.

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Financial Highlights
(For a share outstanding throughout each period)

BlackRock Government Money Market Portfolio

Year Ended Year Ended Year Ended Year Ended Year Ended
                                                                   12/31/24 12/31/23 12/31/22 12/31/21 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.

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Financial Highlights
(For a share outstanding throughout each period)

BlackRock High Yield Portfolio

Year Ended Year Ended Year Ended Year Ended Year Ended
                                                                   12/31/24 12/31/23 12/31/22 12/31/21 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.

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(For a share outstanding throughout each period)

BlackRock Sustainable Balanced Portfolio

Year Ended Year Ended Year Ended Year Ended Year Ended
                                                                   12/31/24 12/31/23 12/31/22 12/31/21 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 expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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%
(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:

Year Ended Year Ended Year Ended Year Ended Year Ended
                                12/31/24 12/31/23 12/31/22 12/31/21 12/31/20
Portfolio turnover rate (excluding MDRs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82% 97% 187% 218% 238%

See notes to financial statements.

108 2024 BlackRock Annual Financial Statements and Additional Information

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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”:

Diversification
Fund Name Company Herein Referred To As 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

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)

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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

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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.

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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

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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.

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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.

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Notes to Financial Statements (continued)
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 115

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Notes to Financial Statements (continued)
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:
Securities Cash Collateral Non-Cash Collateral Net
Fund Name/Counterparty   Loaned at Value Received(a) Received, at Fair Value 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.

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.

116 2024 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)
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 117

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Notes to Financial Statements (continued)
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

118 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
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:

Investment
Average Daily Net Assets of the Six Combined Funds 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

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.

Notes to Financial Statements 119

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
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:

Fees Waived
and/or Reimbursed
Fund Name by the Manager
Advantage Large Cap Core. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,392‌
Capital Appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246‌
Global Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,093‌
High Yield.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283‌
Sustainable Balanced.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,276‌

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:

Fees Waived
and/or
Reimbursed
Fund Name by the Manager
Global Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,556‌
High Yield.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,335‌
Sustainable Balanced.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,885‌

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:

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
              
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:
Transfer agent
fees reimbursed
Fund Name 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
              
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
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

120 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
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:
.

Fees Waived
and/or
Reimbursed
Fund Name by the Manager
Global Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 409,530‌
Government Money Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,676‌
High Yield.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,280‌
              

Transfer agent
fees Reimbursed
Fund Name 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
              
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.

Notes to Financial Statements 121

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
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:
Fund Name Amounts
Advantage Large Cap Core. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,823‌
Capital Appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,738‌
Global Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,059‌
Sustainable Balanced.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,503‌
              
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:
Net Realized
Fund Name                                                                                                             Purchases Sales 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

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:
  
   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

For the year ended December 31, 2024, purchases and sales related to mortgage dollar rolls were as follows:
Fund Name Purchases Sales
Global Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,364,123‌ $ 26,347,016‌
Sustainable Balanced.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,350,373‌ 94,305,803‌

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.

122 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
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:
Accumulated
Fund Name Paid-in Capital Earnings (Loss)
Global Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,182‌ $ (41,182‌)

The tax character of distributions paid was as follows:

Year Ended Year Ended
Fund Name 12/31/24 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
                        

As of December 31, 2024, the tax components of accumulated earnings (loss) were as follows:  
Undistributed Undistributed Non-Expiring
Ordinary Long-Term Capital Loss Net Unrealized Qualified Late-Year Qualified Late-Year
Fund Name Income Capital Gains Carryforwards(a) Gains (Losses)(b) Capital Losses(c) 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
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:
Net Unrealized
Gross Unrealized Gross Unrealized Appreciation
Fund Name Tax Cost Appreciation Depreciation (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 123

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
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.

124 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Notes to Financial Statements (continued)
For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by
the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written
generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each
Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange
or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract;
therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against
a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally
cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer
margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of
margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting
in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular
investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this
manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the
income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk
bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield
securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield
securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently
have redemption features.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates
or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will
decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest
rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact certain Funds' performance.

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations,
inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed
and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.
Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic
growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such
non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it
could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to
continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

As of period end, Capital Appreciation’s investments had the following industry classifications:

    
INDUSTRY ALLOCATION
Percent of
Long-Term
Industry 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.

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.

Notes to Financial Statements 125

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Notes to Financial Statements (continued)
11. CAPITAL SHARE TRANSACTIONS
Transactions in capital shares were as follows:

                                                                                                 

Year Ended Year Ended

12/31/24 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)

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.

126 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
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.

Report of I n d e p e n d e n t R e g i s t e r e d P u b l i c A c c o u n t i n g F ir m 127
BNM0225U-4254142-13432747
Additional Information
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.

128 2024 BlackRock Annual Financial Statements and Additional Information

BNM0225U-4254142-13432747
Additional Information (continued)
Fund and Service Providers
Investment Adviser and Administrator Custodian
BlackRock Advisors, LLC JPMorgan Chase Bank, N.A.
Wilmington, DE 19809 New York, NY 10179
Sub-Advisers Independent Registered Public Accounting Firm
BlackRock International Limited(a) Deloitte & Touche LLP
Edinburgh, EH3 8BL Boston, MA 02110
United Kingdom
Distributor
BlackRock (Singapore) Limited(b) BlackRock Investments, LLC
079912 Singapore New York, NY 10001
Accounting Agent Legal Counsel
JPMorgan Chase Bank, N.A. Sidley Austin LLP(c)
New York, NY 10179 New York, NY 10019
Transfer Agent Willkie Farr & Gallagher LLP(d)
BNY Mellon Investment Servicing (US) Inc. New York, NY 10019
Wilmington, DE 19809
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.

Additional Information 129

BNM0225U-4254142-13432747
Glossary of Terms Used in these Financial Statements

Currency Abbreviation Portfolio Abbreviation

AUD Australian Dollar ABS Asset-Backed Security

BRL Brazilian Real ADR American Depositary Receipts
CAD Canadian Dollar BZDIOVER Overnight Brazil CETIP — Interbank Rate
CHF Swiss Franc CDI Crest Depository Interests
CLP Chilean Peso CLICP Chile Indice de Camara Promedio Interbank Overnight Index
CNH Chinese Yuan Offshore CLO Collateralized Loan Obligation
CNY Chinese Yuan CMT Constant Maturity Treasury
COP Colombian Peso CSMC Credit Suisse Mortgage Capital
CZK Czech Koruna CVA Certification Van Aandelon (Dutch Certificate)
DKK Danish Krone DAC Designated Activity Company
EGP Egyptian Pound EM Emerging Markets
EUR Euro ESTR Euro Short-Term Rate
GBP British Pound ETF Exchange-Traded Fund
HKD Hong Kong Dollar EURIBOR Euro Interbank Offered Rate
HUF Hungarian Forint GDR Global Depositary Receipts
IDR Indonesian Rupiah IBR Colombian Reference Banking Indicator
INR Indian Rupee JIBAR Johannesburg Interbank Average Rate
JPY Japanese Yen JSC Joint Stock Company
KRW South Korean Won MIBOR Mumbai Interbank Offered Rate
MXN Mexican Peso MSCI Morgan Stanley Capital International
MYR Malaysian Ringgit MXIBTIIE Mexico Interbank TIIE
NOK Norwegian Krone Nasdaq National Association of Securities Dealers Automated Quotations
NZD New Zealand Dollar NVDR Non-Voting Depository Receipts
PEN Peruvian Sol NYRS New York Registered Shares
PHP Philippine Peso OTC Over-the-counter
PLN Polish Zloty PCL Public Company Limited
RON Romanian Leu PIK Payment-In-Kind
SEK Swedish Krona PRIBOR Prague Interbank Offered Rate
SGD Singapore Dollar RB Revenue Bonds
THB Thai Baht REIT Real Estate Investment Trust
TRY Turkish Lira SCA Svenska Cellulosa Aktiebolaget
TWD Taiwan New Dollar SONIA Sterling Overnight Interbank Average Rate
USD United States Dollar SOFR Secured Overnight Financing Rate
UYU Uruguayan Peso SPDR Standard & Poor’s Depositary Receipts
ZAR South African Rand TBA To-be-announced
TIPS Treasury Inflation Protected Securities
TONAR Tokyo Overnight Average Rate
WIBOR Warsaw Interbank Offered Rate

130 2024 BlackRock Annual Financial Statements and Additional Information

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BNM0225U-4254142-13432747
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.

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BNM0225U-4254142-13432747