UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23345

Name of Fund:  BlackRock Series Fund II, Inc.

BlackRock High Yield Portfolio

                                   BlackRock U.S. Government Bond Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Series Fund II, Inc., 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2020

Date of reporting period: 12/31/2020

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

December

31,

2020

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2020

Annual

Report

BlackRock

Series

Fund,

Inc.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

BlackRock

Government

Money

Market

Portfolio

BlackRock

Series

Fund

II,

Inc.

BlackRock

High

Yield

Portfolio

BlackRock

U.S.

Government

Bond

Portfolio

Dear

Shareholder,

The

12-month

reporting

period

as

of

December

31,

2020

has

been

a

time

of

sudden

change

in

global

financial

markets,

as

the

emergence

and

spread

of

the

coronavirus

(or

“COVID-19”)

led

to

a

vast

disruption

in

the

global

economy

and

financial

markets.

The

threat

from

the

coronavirus

became

increasingly

apparent

throughout

February

and

March

2020,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-

at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

a

series

of

successful

vaccine

trials

and

passage

of

additional

stimulus.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

from

developed

economies

grew

at

a

more

modest

pace,

lagging

emerging

market

stocks,

which

rebounded

sharply.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment,

and

posted

solid

returns,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

touched

an

all-time

low.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

is

likely

to

accelerate

as

vaccination

efforts

get

under

way.

The

results

of

the

U.S.

elections

also

cleared

the

way

for

additional

stimulus

spending

in

2021,

which

is

likely

to

be

a

solid

tailwind

for

economic

growth.

Inflation

should

increase

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

both

equities

and

credit.

We

see

U.S.

and

Asian

equities

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

In

credit,

rising

inflation

should

provide

tailwinds

for

inflation-

protected

bonds,

and

Euro

area

peripherals

and

Asian

bonds

also

provide

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

December

31,

2020

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

22.16%

18.40%

U.S.

small

cap

equities

(Russell

2000

®

Index)

37.85

19.96

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

21.61

7.82

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

31.14

18.31

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.07

0.67

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(1.87)

10.58

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

1.29

7.51

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

2.92

4.95

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

11.32

7.05

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report

Fund

Summaries

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

4

The

Benefits

and

Risks

of

Leveraging

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

24

Disclosure

of

Expenses 

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

24

Derivative

Financial

Instruments

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

24

Financial

Statements:

Schedules

of

Investments

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

25

Statements

of

Assets

and

Liabilities

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

138

Statements

of

Operations

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

144

Statements

of

Changes

in

Net

Assets

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

146

Financial

Highlights

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

150

Notes

to

Financial

Statements

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

157

Report

of

Independent

Registered

Public

Accounting

Firm

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

176

Statement

Regarding

Liquidity

Risk

Management

Program

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

177

Director

and

Officer

Information

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

178

Additional

Information

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

185

Glossary

of

Terms

Used

in

this

Report

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

187

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Advantage

Large

Cap

Core

Portfolio

Investment

Objective

BlackRock

Advantage

Large

Cap

Core

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

underperformed

its

benchmark,

the

Russell

1000

®

Index.

What

factors

influenced

performance?

The

Fund

underperformed

amid

a

highly

volatile

market

backdrop

during

the

period.

Broad

economic

shutdowns

in

the

beginning

of

the

year

to

mitigate

coronavirus

spread

led

to

the

worst

first

quarter

on

record

for

U.S.

stocks

as

investors

weighed

the

impact

on

growth

and

unemployment.

Subsequently,

the

easing

of

lockdown

restrictions,

ongoing

loose

monetary

policy

from

the

Fed

and

improving

prospects

for

a

COVID-19

vaccine

led

equities

higher.

U.S.

equities

not

only

completed

a

remarkable

recovery

from

the

March

selloff

but

set

new

all-time

highs

to

end

the

year.

However,

the

move

higher

was

accompanied

by

historic

rotations

of

market

leadership.

Markets

were

boosted

following

strong

efficacy

data

from

vaccine

developers

in

November

2020.

Momentum

styles

experienced

their

sharpest

drawdown

since

the

global

financial

crisis,

as

investors

shifted

to

cyclical

exposures

amid

the

rotation

in

the

fourth

quarter

of

2020.

While

displaying

strong

outperformance

in

the

first

half

of

the

year,

the

Fund

lagged

amid

the

shifting

market

backdrop

seen

in

the

second

half.

Underperformance

was

concentrated

near

the

end

of

the

period,

driven

by

weak

performance

across

trend-based

sentiment

measures

that

struggled

during

the

market

rotation

caused

by

positive

vaccine

news.

Insights

designed

to

machine

read

text

to

evaluate

fundamental

trends

underperformed

as

investors

focused

on

macro

events

instead

of

stock

specific

fundamentals.

Other

insights

that

evaluate

conference

call

text

similarly

failed

to

keep

pace.

The

underperformance

across

trend

measures

broadened

in

November,

driven

by

the

sharp

rotation

away

from

momentum

styles.

Despite

the

challenging

performance

after

vaccine

news

in

November,

performance

for

the

generic

momentum

style

was

strong

for

the

full

period.

As

a

result,

a

style-timing

insight

that

took

a

more

conservative

view

toward

momentum

weighed

on

performance

for

the

year.

As

investors

favored

contrarian

parts

of

the

market,

insights

that

were

positioned

for

sustained

market

leadership

weighed

on

the

Fund’s

return.

Surprisingly,

insights

that

capture

traditional

valuation

metrics,

such

as

comparing

valuation

across

sales,

underperformed.

Select

sentiment

insights

that

capture

COVID-19

related

trends,

specifically

those

that

evaluate

work-from-home

indicators,

also

detracted

late

in

the

period

amid

the

broader

re-opening

trend

and

as

several

employers

made

forward-looking

comments

concerning

the

desire

for

employees

to

return

to

the

office.

On

the

positive

side,

although

trend-based

sentiment

measures

faltered

near

the

end

of

2020,

faster

moving

sentiment

measures

constructed

from

alternative

data

were

able

to

correctly

position

the

portfolio

throughout

the

COVID-19

crisis

witnessed

earlier

in

the

period.

Insights

that

captured

firms

likely

to

benefit

during

the

recovery

were

most

additive,

including

those

evaluating

how

companies

were

navigating

fast

changing

consumer

habits

and

the

emergence

from

lockdown

by

looking

at

supply

chain

linkages

and

mobile

app

usage.

The

real

time

nature

of

such

measures

was

helpful

in

evaluating

the

quickly

evolving

marketplace.

Other

sentiment-based

measures

that

look

to

bond

data

and

non-obvious

news

were

also

additive.

Nontraditional

measures

of

quality,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors,

were

also

able

to

provide

much

needed

ballast.

Specifically,

an

insight

that

looks

to

capture

investor

flows

into

ESG-related

positions

was

one

of

the

best

performing

insights

as

it

was

able

to

follow

the

broader

sustainability

market

trend.

Traditional

quality

insights,

such

as

balance

sheet

strength,

also

aided

performance.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

However,

a

number

of

new

stock

selection

insights

were

added

to

the

portfolio.

Given

the

dynamism

of

the

current

environment,

the

Fund

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends

due

to

COVID-19,

such

as

“work

from

home”

and

vaccine

development.

A

new

alternative

data-driven

insight

that

looks

to

capture

brand

sentiment

from

consumers

was

also

added.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

Russell

1000

©

Index,

the

Fund

was

positioned

essentially

neutrally

from

a

sector

perspective.

The

Fund

had

slight

overweight

positions

in

the

information

technology

and

utility

sectors

and

slight

underweight

positions

in

consumer

discretionary

and

materials.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

5

Fund

Summary

BlackRock

Advantage

Large

Cap

Core

Portfolio

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

Expense

Example

(a)

Assuming

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees,

if

any.

Does

not

include

insurance-related

fees

and

expenses.

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

large

cap

equity

securities

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

Large

Cap

Core

Portfolio.

(b)

An

index

that

measures

the

performance

of

the

large

cap

segment

of

the

U.S.

equity

universe.

It

is

a

subset

of

the

Russell

3000

®

Index

and

includes

approximately

1,000

of

the

largest

securities

based

on

a

combination

of

their

market

capitalization

and

current

index

membership.

The

index

represents

approximately

92%

of

the

total

market

capitalization

of

the

Russell

3000

®

Index.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Advantage

Large

Cap

Core

Portfolio

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

22.61‌%

19.99‌%

14.74‌%

13.38‌%

Russell

1000

®

Index

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

24.46‌

20.96‌

15.60‌

14.01‌

(a)

Cumulative

and

average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

The

Fund’s

total

returns

prior

to

June

12,

2017

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

BlackRock

Large

Cap

Core

Portfolio.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

Advantage

Large

Cap

Core

Portfolio

........

$

1,000.00‌

$

1,226.10‌

$

2.69‌

$

1,000.00‌

$

1,022.72‌

$

2.44‌

0.48‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Advantage

Large

Cap

Core

Portfolio

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

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

28‌

%

Health

Care

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

12‌

Consumer

Discretionary

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

11‌

Financials

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

10‌

Communication

Services

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

10‌

Industrials

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

9‌

Consumer

Staples

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

6‌

Real

Estate

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

4‌

Utilities

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

3‌

Materials

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

2‌

Energy

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

2‌

Short-Term

Securities

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

4‌

Liabilities

in

Excess

of

Other

Assets

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

(1‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Fund

Summary

as

of

December

31,

2020

7

Fund

Summary

BlackRock

Balanced

Capital

Portfolio

Investment

Objective

BlackRock

Balanced

Capital

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

high

total

investment

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

returned

15.75%,

underperforming

its

blended

benchmark

(60%

Russell

1000

®

Index/40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index),

which

returned

16.29%

for

the

period.

The

Russell

1000

®

Index

returned

20.96%,

and

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

returned

7.51%.

What

factors

influenced

performance?

From

an

asset

allocation

perspective,

an

underweight

to

U.S.

duration

(and

corresponding

interest

rate

sensitivity)

detracted

from

returns

in

the

first

quarter

of

2020

as

the

Fed

cut

its

policy

rate

to

zero

and

implemented

a

broad-based

bond

purchase

program

to

alleviate

the

funding

stress

and

market

volatility

that

occurred

following

the

COVID-19

outbreak.

Within

the

equity

allocation,

the

portfolio

underperformed

for

the

12

months

amid

a

highly

volatile

market

backdrop,

despite

performing

well

during

the

first

half

of

the

year.

Underperformance

was

concentrated

near

the

end

of

the

period,

with

performance

across

trend-based

sentiment

measures

driving

weakness.

These

insights

struggled

during

the

market

rotation

caused

by

positive

vaccine

news.

Insights

designed

to

machine

read

text

in

seeking

to

evaluate

fundamental

trends

underperformed

as

investors

focused

on

macro

events

instead

of

stock-specific

fundamentals.

Other

insights

that

evaluate

conference

call

text

similarly

struggled.

Meanwhile,

in

the

fixed

income

allocation,

the

portfolio’s

positioning

in

municipal

bonds

and

structured

products

detracted

from

the

Fund’s

return.

On

the

positive

side,

from

an

asset

allocation

perspective,

an

overweight

to

U.S.

equities

added

value

following

the

market

sell-off

in

March

2020

as

risk

assets

rebounded

on

the

back

of

substantial

monetary

and

fiscal

stimulus,

as

well

as

signs

of

recovery

as

many

countries

started

to

reopen

economies.

An

overweight

to

U.S.

equities

implemented

in

October

and

early

November

2020

also

boosted

the

Fund’s

return.

Within

the

equity

allocation,

faster-moving

sentiment

measures

constructed

from

alternative

data

were

able

to

correctly

position

the

portfolio

throughout

the

COVID-19

crisis.

Insights

which

captured

firms

likely

to

benefit

during

the

recovery

were

most

additive.

Nontraditional

measures

of

quality,

such

as

insights

related

to

environmental,

social

and

governance

factors,

were

also

able

to

provide

much

needed

ballast.

In

the

fixed

income

allocation,

the

portfolio’s

overweight

to

investment

grade

and

high

yield

corporate

credit

added

to

relative

performance.

The

Fund

at

times

had

a

slightly

elevated

exposure

to

cash

as

collateral

for

its

derivatives

positions.

The

Fund’s

cash

position

had

no

material

impact

on

Fund

performance.

Describe

recent

portfolio

activity.

The

Fund

entered

the

year

with

an

overweight

to

U.S.

equities

and

an

underweight

to

U.S.

duration,

albeit

at

low

active

risk

levels.

In

early

February

2020,

as

the

macro

outlook

improved,

pro-cyclical

positioning

was

increased

by

adding

to

the

overweight

equity

and

underweight

duration

positions.

This

stance

was

based

on

the

view

that

steady

consumption

and

stronger-than-appreciated

inflationary

dynamics

in

the

United

States

and

Europe

were

likely

to

intersect

with

an

increase

in

manufacturing

activity.

However,

as

the

COVID-19

outbreak

spread

beyond

China

and

equity

markets

sold

off

the

Fund

took

that

as

an

opportunity

to

increase

the

overweight

to

U.S.

equities

and

close

the

underweight

to

duration.

Subsequently,

in

April

and

May

2020,

the

overweight

to

U.S.

equities

was

reduced

and

an

overweight

to

U.S.

duration

was

added.

Given

the

recovery

in

global

growth

and

firming

inflation

during

the

second

half

of

the

year,

the

environment

appeared

more

favorable

for

equities

and

less

favorable

for

bonds.

As

such,

in

August

2020,

the

Fund

removed

its

overweight

to

U.S.

duration.

The

overweight

to

U.S.

equities

was

increased

in

October

and

early

November

2020.

Given

November’s

strong

equity

rally,

the

U.S

equity

overweight

was

trimmed

toward

the

end

of

the

period.

In

the

equity

allocation,

the

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

However,

several

new

stock

selection

insights

were

added

to

the

portfolio.

Given

the

dynamism

of

the

current

environment,

the

Fund

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends

due

to

COVID,

such

as

“work

from

home”

and

vaccine

development.

Additionally,

a

new

alternative

data-driven

insight

that

looks

to

capture

brand

sentiment

from

consumers

was

added.

Within

the

fixed

income

allocation,

the

Fund

started

the

year

with

an

overweight

position

in

agency

mortgage-backed

securities

(“MBS”),

which

it

removed

on

pricing

strength

in

mid-February

2020.

Later

in

March

2020,

the

portfolio

moved

back

to

an

overweight

position

in

agency

MBS

as

spreads

widened.

The

Fund

also

added

to

its

overweight

positions

across

emerging

market

debt,

European

sovereign

debt

and

non-agency

MBS.

In

the

fourth

quarter

of

2020,

the

portfolio

reduced

its

exposure

to

U.S.

investment

grade

corporate

debt

and

municipal

bonds

and

started

to

move

down

the

capital

structure,

where

it

favored

select

segments

of

the

structured

product

market.

In

addition,

the

portfolio

opportunistically

increased

its

emerging

market

debt

exposure

and

maintained

a

modest

allocation

to

U.S.

high

yield

corporate

credit

given

better

economic

data

and

positive

vaccine

headlines.

Describe

portfolio

positioning

at

period

end.

The

Fund

ended

the

period

with

a

constructive

view

on

U.S.

equities

given

the

recovery

in

global

growth

and

firming

in

inflation

data

more

recently.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

8

BlackRock

Balanced

Capital

Portfolio

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees,

if

any.

Does

not

include

insurance-related

fees

and

expenses.

The

Fund

invests

in

U.S.

and

foreign

equity

securities

and

fixed

income

securities

of

any

maturity.

(b)

A

customized

weighted

index

comprised

of

the

returns

of

the

Russell

1000

®

Index

(60%)

and

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(40%).

(c)

An

index

that

measures

the

performance

of

the

large

cap

segment

of

the

U.S.

equity

universe.

It

is

a

subset

of

the

Russell

3000

®

Index

and

includes

approximately

1,000

of

the

largest

securities

based

on

a

combination

of

their

market

capitalization

and

current

index

membership.

The

index

represents

approximately

92%

of

the

total

market

capitalization

of

the

Russell

3000

®

Index.

(d)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Balanced

Capital

Portfolio

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

15.31‌%

15.75‌%

11.35‌%

10.30‌%

60%

Russell

1000

®

Index/40%

Bloomberg

Barclays

U

.

S

.

Aggregate

Bond

Index

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

14.91‌

16.29‌

11.35‌

10.11‌

Russell

1000

®

Index

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

24.46‌

20.96‌

15.60‌

14.01‌

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

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

1.29‌

7.51‌

4.44‌

3.84‌

(a)

Cumulative

and

average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

9

Fund

Summary

BlackRock

Balanced

Capital

Portfolio

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Including

Interest

Expense

Excluding

Interest

Expense

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(c)

BlackRock

Balanced

Capital

Portfolio

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

$

1,000.00‌

$

1,153.10‌

$

2.71‌

$

2.6

0‌

$

1,000.00‌

$

1,022.62‌

$

2.54‌

$

1,022.

7

2‌

$

2.4

4‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.50%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

(c)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.48%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Common

Stocks

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

57‌

%

U.S.

Government

Sponsored

Agency

Securities

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

16‌

Corporate

Bonds

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

13‌

U.S.

Treasury

Obligations

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

5‌

Investment

Companies

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

3‌

Asset-Backed

Securities

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

3‌

Foreign

Government

Obligations

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

2‌

Non-Agency

Mortgage-Backed

Securities

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

1‌

Municipal

Bonds

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

—‌

(b)

Foreign

Agency

Obligations

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

—‌

(b)

Capital

Trusts

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

—‌

(b)

Floating

Rate

Loan

Interests

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

—‌

(b)

Rights

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

—‌

(b)

Other

Interests

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

—‌

(b)

(a)

Excludes

short-term

securities,

options

purchased,

options

written,

borrowed

bonds,

TBA

sale

commitments

and

investments

sold

short.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

10

BlackRock

Capital

Appreciation

Portfolio

Investment

Objective

BlackRock

Capital

Appreciation

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

long

term

growth

of

capital.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Growth

Index,

and

the

broad

market

S&P

500

®

Index.

The

following

discussion

of

relative

performance

pertains

to

the

Russell

1000

®

Growth

Index.

What

factors

influenced

performance?

The

largest

contributors

to

the

Fund`s

relative

performance

over

the

period

were

stock

selection

in

the

communication

services

sector

and

positioning

in

consumer

staples

and

consumer

discretionary.

In

communication

services,

selection

in

interactive

media

&

services,

specifically

an

out-of-benchmark

position

in

Snap,

Inc.,

drove

relative

performance.

Selective

positioning

across

consumer

staples

sub-sectors

also

added

to

relative

results.

Lastly,

an

overweight

to

the

consumer

discretionary

sector

proved

advantageous,

notably

to

the

internet

&

direct

marketing

retail

sub-sector

with

an

out-of-benchmark

position

in

Argentine

e-commerce

company

MercadoLibre,

Inc.

and

overweight

to

e-commerce

and

cloud

computing

company

Amazon.com,

Inc.

The

largest

detractors

from

relative

performance

were

selection

within

information

technology

(“IT”)

and

health

care

as

well

as

positioning

in

financials.

Within

IT,

a

substantial

underweight

to

technology,

hardware,

storage

&

peripherals,

specifically

an

underweight

to

Apple,

Inc.,

detracted

from

relative

performance.

Within

health

care,

selection

in

the

health

care

equipment

&

supplies

sub-sector,

most

notably

an

overweight

to

Boston

Scientific

Corp.,

detracted

from

relative

performance.

Within

financials,

an

out-of-

benchmark

position

in

CME

Group,

Inc.

in

capital

markets

was

the

biggest

constraint

on

performance.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund’s

exposure

to

IT

increased

with

an

allocation

to

semiconductors

&

semiconductor

equipment.

Exposure

to

the

consumer

discretionary

sector

was

increased

as

well.

Conversely,

exposure

to

health

care

decreased

the

most

as

the

investment

adviser

trimmed

within

health

care

equipment

&

supplies.

Exposure

to

the

industrials

sector

was

also

decreased.

Describe

portfolio

positioning

at

period

end.

As

of

period

end,

the

Fund’s

largest

overweight

position

relative

to

the

Russell

1000

®

Growth

Index

was

in

the

consumer

discretionary

sector,

followed

by

materials

and

communication

services.

Conversely,

the

consumer

staples

sector

was

the

largest

underweight,

followed

by

health

care

and

energy.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

11

Fund

Summary

BlackRock

Capital

Appreciation

Portfolio

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees,

if

any.

Does

not

include

insurance-related

fees

and

expenses.

The

Fund

invests

primarily

in

a

diversified

portfolio

consisting

primarily

of

common

stock

of

U.S.

companies

that

the

investment

adviser

believes

have

exhibited

above-average

growth

rates

in

earnings

over

the

long

term.

(b)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

(c)

An

unmanaged

index

that

measures

the

performance

of

the

large

cap

growth

segment

of

the

U.S.

equity

universe

and

consists

of

those

Russell

1000

®

securities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Capital

Appreciation

Portfolio

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

23.19‌%

40.16‌%

20.66‌%

15.44‌%

S&P

500

®

Index

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

22.16‌

18.40‌

15.22‌

13.88‌

Russell

1000

®

Growth

Index

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

26.12‌

38.49‌

21.00‌

17.21‌

(a)

Cumulative

and

average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

12

BlackRock

Capital

Appreciation

Portfolio

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

Capital

Appreciation

Portfolio

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

$

1,000.00‌

$

1,231.90‌

$

2.75‌

$

1,000.00‌

$

1,022.67‌

$

2.49‌

0.49‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

SECTOR

ALLOCATION

Sector

Percent

of

Net

Assets

Information

Technology

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

46‌

%

Consumer

Discretionary

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

19‌

Communication

Services

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

13‌

Health

Care

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

9‌

Industrials

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

5‌

Financials

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

3‌

Materials

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

3‌

Real

Estate

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

2‌

Short-Term

Securities

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

2‌

Liabilities

in

Excess

of

Other

Assets

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

(2‌)

For

Fund

compliance

purposes,

the

Fund’s

sector

classifications

refer

to

one

or

more

of

the

sector

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

sector

sub-classifications

for

reporting

ease.

Fund

Summary

as

of

December

31,

2020

13

Fund

Summary

BlackRock

Global

Allocation

Portfolio

Investment

Objective

BlackRock

Global

Allocation

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

high

total

investment

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

reference

benchmark,

which

is

comprised

of

the

S&P

500

®

Index

(36%),

FTSE

World

(ex-

U.S.)

Index

(24%),

ICE

BofA

Current

5-Year

U.S.

Treasury

Index

(24%)

and

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(16%)

(the

“Reference

Benchmark”),

and

outperformed

the

broad-based

all-equity

benchmark,

the

FTSE

World

Index.

The

Fund

invests

in

both

equities

and

bonds;

therefore,

Fund

management

believes

that

the

Reference

Benchmark

provides

a

more

accurate

representation

of

the

Fund’s

composition

and

a

more

comparable

means

for

measurement.

The

following

discussion

of

relative

performance

pertains

to

the

Reference

Benchmark.

The

following

commentary

(and

referenced

allocation

percentages)

are

based

on

the

economic

exposures

of

the

Fund,

which

reflect

adjustments

for

futures,

swaps

and

options

(except

with

respect

to

fixed

income

securities)

and

convertible

bonds,

and

may

vary

relative

to

the

market

value.

What

factors

influenced

performance?

Within

equities,

stock

selection

within

a

number

of

sectors,

notably

information

technology

(“IT”)

and

consumer

discretionary,

contributed

to

performance.

Sector

positioning

was

additive,

primarily

driven

by

underweights

to

financials,

energy

and

consumer

staples,

and

overweights

to

IT

and

consumer

discretionary.

Within

fixed

income,

positioning

at

the

long

end

of

the

yield

curve

and

exposure

to

U.S.

corporate

credit

positively

impacted

returns.

Exposure

to

gold-related

securities

also

contributed

to

performance.

Within

equities,

security

selection

within

industrials,

materials

and

financials

detracted

from

performance.

Exposure

to

cash

and

cash

equivalents

negatively

impacted

returns

as

well.

In

addition,

currency

management,

notably

an

underweight

to

the

Australian

dollar

and

overweight

to

the

U.S.

dollar,

weighed

on

performance.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund’s

overall

equity

allocation

increased

slightly

from

67%

to

68%

of

net

assets.

Within

equities,

the

Fund

increased

exposure

to

Europe

and

decreased

exposure

to

Japan

and

the

United

States.

From

a

sector

perspective,

the

Fund

increased

exposure

to

IT,

consumer

discretionary

and

materials,

and

decreased

exposure

to

financials,

consumer

staples,

energy

and

communication

services.

The

Fund’s

allocation

to

fixed

income

decreased

from

27%

to

24%

of

net

assets.

Within

fixed

income,

the

Fund

decreased

exposure

to

developed

market

government

bonds

and

securitized

debt,

and

increased

exposure

to

corporate

credit.

From

the

standpoint

of

duration

and

corresponding

interest

rate

sensitivity,

overall

portfolio

duration

was

tactically

managed

over

the

period

and

ended

the

period

at

1.9

years,

up

from

1.5

years

at

the

beginning

of

the

period.

The

Fund’s

allocation

to

commodity-related

securities

decreased

slightly

from

2%

to

1%

of

net

assets.

Reflecting

the

changes

in

the

Fund’s

overall

allocations

to

the

equity,

fixed

income

and

commodity-related

asset

classes

during

the

period,

the

Fund’s

cash

equivalents

increased

from

4%

to

7%

of

net

assets.

During

the

12-month

period,

cash

helped

mitigate

portfolio

volatility

and

served

as

a

source

of

funds

for

new

investments

and

redemptions.

Describe

portfolio

positioning

at

period

end.

Relative

to

its

Reference

Benchmark,

the

Fund

was

overweight

in

equities

and

underweight

in

fixed

income,

with

modest

exposure

to

commodity-related

assets

and

an

overweight

to

cash

equivalents.

Within

equities,

the

Fund

was

overweight

in

the

United

States,

Europe

and

China,

and

underweight

in

Japan

and

Australia.

From

a

sector

perspective,

the

Fund

was

overweight

in

consumer

discretionary,

IT,

health

care,

materials,

industrials

and

communication

services,

and

underweight

in

consumer

staples,

financials

and

real

estate.

Within

fixed

income,

the

Fund

was

underweight

in

developed

market

government

bonds

and

overweight

in

corporate

credit

and

securitized

debt.

From

a

duration

perspective,

overall

portfolio

duration

was

1.9

years

versus

a

benchmark

duration

of

2.8

years

(total

portfolio

duration

assumes

equity

duration

of

0).

From

a

currency

perspective,

the

Fund

was

overweight

in

the

euro,

underweight

in

the

Australian

dollar

and

neutrally

positioned

toward

the

U.S.

dollar.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

14

BlackRock

Global

Allocation

Portfolio

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

The

Fund

invests

in

a

portfolio

of

U.S.

and

foreign

equity

securities,

debt

and

money

market

securities,

the

combination

of

which

will

be

varied

from

time

to

time

with

respect

to

types

of

securities

and

markets

in

response

to

changing

markets

and

economic

trends.

(c)

A

market

cap

weighted

index

representing

the

performance

of

the

large

and

mid-cap

stocks

from

the

developed

and

advanced

emerging

countries

within

the

FTSE

Global

Equity

Index

Series.

(d)

An

unmanaged

weighted

index

comprised

as

follows:

36%

S&P

500

®

Index;

24%

FTSE

World

(ex

U.S.)

Index;

24%

ICE

BofA

Current

5-Year

U.S.

Treasury

Index;

and

16%

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index.

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Global

Allocation

Portfolio

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

20.34‌%

20.95‌%

9.50‌%

6.98‌%

FTSE

World

Index

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

24.02‌

16.33‌

12.82‌

9.92‌

Reference

Benchmark

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

15.26‌

13.34‌

9.51‌

7.53‌

U.S.

Stocks:

S&P

500

®

Index

(b

)

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

22.16‌

18.40‌

15.22‌

13.88‌

Non

U.S.

Stocks:

FTSE

World

(ex-U.S.)

Index

(c)

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

24.54‌

10.04‌

9.06‌

5.52‌

U.S.

Bonds:

ICE

BofA

Current

5-Year

U.S.

Treasury

Index

(d)

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

(0.04‌)

7.20‌

3.13‌

2.88‌

Non

U.S.

Bonds:

FTSE

Non-

U.S.

Dollar

World

Government

Bond

Index

(e)

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

9.64‌

10.78‌

5.17‌

1.88‌

(a)

Cumulative

and

average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(b)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

(c)

A

market

cap

weighted

index

representing

the

performance

of

the

large

and

mid-cap

stocks

from

the

developed

and

advanced

emerging

countries

excluding

the

U.S.

within

the

FTSE

Global

Equity

Index

Series.

(d)

An

unmanaged

index

designed

to

track

the

total

return

of

the

current

coupon

five-year

U.S.

Treasury

bond.

(e)

An

unmanaged

market

capitalization-weighted

index

that

tracks

22

government

bond

indexes,

excluding

the

United

States.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

15

Fund

Summary

BlackRock

Global

Allocation

Portfolio

Expense

Example

Overall

Asset

Exposure

Actual

Hypothetical

(a)

Including

dividend

expense

Excluding

dividend

expense

Including

dividend

expense

Excluding

dividend

expense

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(c)

BlackRock

Global

Allocation

Portfolio

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

$

1,000.00‌

$

1,203.40‌

$

3.21‌

$

3.16‌

$

1,000.00‌

$

1,022.22‌

$

2.95‌

$

1,022.27‌

$

2.90‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.58%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

(c)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.57%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Percent

of

Fund's

Net

Assets

(a)

Reference

Benchmark

(b)

Percentages

12/31/2020

12/31/2019

U.S.

Equities

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

42

%

43

%

35

%

European

Equities

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

16

12

12

Asia

Pacific

Equities

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

9

11

9

Other

Equities

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

1

1

3

Total

Equities

68

67

60

U.S.

Dollar

Denominated

Fixed-Income

Securities

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

15

19

24

U.S.

Issuers

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

13

18

—

Non-U.S.

Issuers

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

2

1

—

Non-U.S.

Dollar

Denominated

Fixed-Income

Securities

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

9

8

16

Total

Fixed-Income

Securities

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

24

27

40

Commodity-Related

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

1

2

—

Cash

&

Short-Term

Securities

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

7

4

—

(a)

Exposure

based

on

market

value

and

adjusted

for

the

economic

value

of

futures,

swaps,

and

options

(except

with

respect

to

fixed-income

securities),

and

convertible

bonds.

(b)

The

Reference

Benchmark

is

an

unmanaged

weighted

index

comprised

as

follows:

36%

of

the

S&P

500

®

Index;

24%

FTSE

World

(ex

U.S.)

Index;

24%

ICE

BofA

Current

5-Year

U.S.

Treasury

Index;

and

16%

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index.

Descriptions

of

these

indexes

are

found

on

page

14

of

this

report

to

shareholders

in

the

“Performance

Summary”

section.

Money

Market

Overview

For

the

12-Month

Period

Ended

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

16

BlackRock

Government

Money

Market

Portfolio

Entering

2020,

the

economy

was

in

a

good

place

and

interest

rate

policy

was

appropriate

according

to

the

Fed.

However,

this

outlook

quickly

changed

upon

the

imposition

of

dramatic

measures

taken

by

authorities

around

the

world

to

stem

the

spread

of

the

coronavirus

pandemic.

In

response,

the

Fed

quickly

enacted

a

series

of

unprecedented

measures

to

channel

credit

to

businesses

and

households

and

smooth

market

functioning.

In

an

unprecedented

move,

the

Fed

issued

two

“emergency”

rate

cuts

in

March,

ultimately

reducing

the

Federal

Funds

target

rate

range

from

1.50%-1.75%

to

0.00%-0.25%.

This

range

was

consistent

through

the

remainder

of

2020

and

reinforced

by

Fed

Chair

Jerome

Powell’s

comments

that

“we

are

not

even

thinking

about

thinking

about

raising

interest

rates”

later

in

the

year.

In

a

nod

to

2008,

the

Fed

also

revived

the

following

programs

and

facilities:

the

Commercial

Paper

Funding

Facility

to

backstop

the

purchase

of

high-quality

commercial

paper

from

U.S.

issuers;

the

Primary

Dealer

Credit

Facility

to

provide

low

cost

funding

against

a

broad

range

of

collateral

including

commercial

paper;

and

the

Term

Asset-

Backed

Securities

Loan

Facility

to

purchase

asset-backed

securities.

Other

notable

actions

included

the

creation

of

new

facilities

to

purchase

investment

grade

corporate

debt

through

the

Primary

Market

Corporate

Credit

Facility

and

Secondary

Market

Corporate

Credit

Facility.

The

Fed

also

introduced

a

few

additional

programs

such

as

the

Money

Market

Mutual

Fund

Liquidity

Facility

to

purchase

commercial

paper

and

domestic

and

Yankee

certificates

of

deposit

from

prime

money

market

funds,

and

municipal

debt

and

variable

rate

demand

notes

from

municipal

money

market

funds.

Complementing

the

Fed’s

sweeping

measures,

a

$2.2

trillion

fiscal

aid

package

was

signed

into

law

by

President

Donald

Trump

along

with

a

series

of

coordinated

global

fiscal

and

monetary

actions.

As

a

result

of

this

substantial

fiscal

deal,

U.S.

Treasury

bill

supply

dramatically

increased

and

remained

robust

until

the

second

half

of

the

year

when

supply

contracted

over

$150

billion

and

became

a

challenge

for

front-end

investors.

The

three-month

London

Interbank

Offered

Rate

("LIBOR")

overnight

indexed

swap

(“LIBOR-OIS”)

spread

—

a

gauge

of

stress

in

the

financial

system

—

increased

from

a

low

of

about

12

basis

points

(0.12%)

in

February

2020

to

around

132

basis

points

(1.32%)

at

the

end

of

the

March

2020.

The

blow

out

of

this

spread

signaled

stress

in

the

markets

and

the

unwillingness

of

market

makers

to

take

on

risk

and

provide

liquidity.

Because

of

the

uncertainty

introduced

by

COVID-19,

there

was

an

increased

demand

for

liquidity

across

markets,

or

a

“flight

to

quality,”

resulting

in

a

significant

premium

for

front-end

liquidity.

U.S.

Treasury

bills

traded

in

the

secondary

market

with

a

negative

yield

at

the

end

of

March,

highlighting

this

demand.

As

investors

sought

liquidity,

assets

of

money

market

mutual

funds

rose

to

an

all-time

high

of

$4.2

trillion

during

the

first

half

of

the

year,

most

of

which

entered

U.S.

government

funds.

After

the

volatility

in

March

2020,

the

market

began

to

find

its

footing

and

asset

valuations

ticked

higher.

Normalization

would

continue

for

the

remainder

of

the

year

as

spreads

were

seen

to

significantly

compress.

In

the

summer

of

2020,

Fed

Chair

Powell

released

a

series

of

statements

pertaining

to

the

long-term

recovery

and

monetary

policies.

Powell

noted

that

the

Fed

will

tolerate

the

economy

“running

hot”

for

quite

some

time

before

any

monetary

tools

are

scaled

back,

and

the

Fed’s

stance

on

inflation

was

revised

to

tolerate

a

booming

economy

that

fosters

an

increase

in

prices

of

goods

and

services.

In

summary,

the

Fed

will

remain

extremely

accommodative

over

the

next

few

years

and

is

looking

to

achieve

an

inflation

that

is

moderately

above

2%

for

“quite

some

time.”

After

several

days

of

counting

mail-in

ballots,

the

unprecedented

2020

presidential

election

was

concluded,

and

former

Vice

President

and

Senator

Joe

Biden

was

announced

the

winner.

The

makeup

of

the

Senate,

however,

remained

uncertain

at

year

end

as

the

country

awaited

the

results

from

the

Georgia

run-off

races

held

January

5,

2021.

The

uncertain

implications

of

this

race

weighed

heavily

on

the

front-end

and

rates

space

at

year

end.

The

three-month

LIBOR

set

a

record

low

of

under

0.21%

on

November

20,

2020.

The

three-month

LIBOR-OIS

spread

trended

slightly

above

its

low

point

of

0.12%

for

the

past

12

months

and

finished

the

fourth

quarter

of

2020

at

0.16%,

despite

the

blow

out

earlier

in

the

year.

In

general,

we

expect

limited

commercial

paper

supply

will

keep

spreads

largely

contained

in

the

near

term.

Excess

reserves

in

the

banking

system

remain

plentiful,

and

are

likely

to

increase,

in

our

view,

in

the

months

ahead

as

a

result

of

continuing

asset

purchases

by

the

Fed

along

with

the

expected

reduction

in

the

Treasury

General

Account.

We

thus

believe

yields

on

U.S.

treasury

bills

and

repurchase

agreements

could

be

pressured

lower

in

2021.

Money

market

mutual

fund

industry

assets

fell

$107

billion

during

the

fourth

quarter

of

2020.

Government

money

market

funds

experienced

$38

billion

of

outflows

while

assets

of

prime

money

market

funds

fell

$61

billion.

These

declines

occurred

despite

a

general

weakening

in

certain

economic

measures

from

an

increase

in

coronavirus

cases

and

related

restrictions

on

activity.

Past

performance

is

no

guarantee

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Summary

as

of

December

31,

2020

17

Fund

Summary

BlackRock

Government

Money

Market

Portfolio

Investment

Objective

BlackRock

Government

Money

Market

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

to

preserve

capital,

to

maintain

liquidity

and

achieve

the

highest

possible

current

income

consistent

with

the

foregoing.

Portfolio

Information

Expense

Example

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

U.S.

Treasury

Obligations

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

41‌

%

U.S.

Government

Sponsored

Agency

Obligations

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

32‌

Repurchase

Agreements

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

24‌

Other

Assets

Less

Liabilities

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

3‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yield

7-Day

Yield

BlackRock

Government

Money

Market

Portfolio

.....

0.00‌

%

0.00‌

%

The

7-Day

SEC

Yield

may

differ

from

the

7-Day

Yield

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yield

excludes

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

Government

Money

Market

Portfolio

........

$

1,000.00‌

$

1,000.00‌

$

1.01‌

$

1,000.00‌

$

1,024.13‌

$

1.02‌

0.20‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

informa

tion

on

how

expenses

were

calculated.

Fund

Summary

as

of

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

18

BlackRock

High

Yield

Portfolio

Investment

Objective

BlackRock

High

Yield

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

total

return,

consistent

with

income

generation

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index.

What

factors

influenced

performance?

High-yield

bonds

delivered

strong

returns

in

2020.

Although

the

market

fell

sharply

in

the

first

quarter

of

2020

due

to

the

emergence

of

COVID-19,

the

Fed

responded

by

cutting

short-term

interest

rates

to

zero

and

pledging

to

support

the

corporate

bond

market

through

direct

purchases.

The

high-yield

market

rebounded

quickly

in

response,

and

the

rally

carried

through

until

year

end

due

to

the

combination

of

better-than-expected

economic

growth

and

the

approval

of

a

coronavirus

vaccine

in

November

2020.

Security

selection

in

the

oil

field

services,

technology

and

wireline

telecommunications

sectors

positively

contributed

to

Fund

performance.

The

Fund’s

overweight

allocation

to

BBB-rated

issues

was

additive,

as

was

security

selection

in

CCC-rated

bonds.

A

tactical

weighting

in

investment-grade

corporate

bonds

was

also

an

important

driver

of

performance.

A

position

in

floating

rate

loan

interests

made

a

modest

contribution

as

well.

An

underweight

allocation

to

the

independent

energy

and

automotive

sectors

detracted

from

Fund

performance,

as

did

security

selection

in

the

packaging

sector.

An

underweight

position

in

BB

rated

securities

also

weighed

on

results.

The

Fund

used

derivatives

(including

credit

default

swaps

and

total

return

swaps)

to

manage

its

positioning.

This

aspect

of

its

strategy

was

a

minor

detractor

from

performance.

Describe

recent

portfolio

activity.

The

Fund

increased

its

allocations

to

the

independent

energy,

wireline

telecommunications

and

midstream

sectors,

while

reducing

its

weightings

in

the

packaging,

wireless

telecommunications

and

cable/satellite

sectors.

The

Fund

tactically

increased

its

position

in

investment-grade

securities,

primarily

new

issues

that

came

to

the

market

at

attractive

valuations

in

the

second

quarter

of

2020.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

broad

portfolio

strategy

was

relatively

stable.

The

investment

adviser’s

decision

to

increase

the

allocation

to

investment-grade

bonds

was

the

most

notable

shift.

This

position,

which

reached

a

peak

of

nearly

11%

of

assets

in

the

second

quarter,

stood

at

8%

as

of

year

end.

From

a

credit

quality

perspective,

the

Fund

was

underweight

in

BB-rated

debt

and

overweight

in

select

CCCs.

With

that

said,

the

Fund

maintained

an

underweight

in

the

highest-yielding

portion

of

the

market

with

the

largest

concentration

of

distressed

assets.

The

Fund’s

major

sector

positioning

themes

remained

consistent,

with

the

leading

overweight

positions

in

technology,

cable/satellite

and

banking.

The

Fund

was

underweight

in

consumer

cyclicals,

particularly

in

the

retail

and

automotive

industries.

The

Fund

was

also

underweight

in

the

food/beverage

and

media/entertainment

categories.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2020

(continued)

19

Fund

Summary

BlackRock

High

Yield

Portfolio

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees,

if

any.

Does

not

include

insurance-related

fees

and

expenses.

The

Fund

invests

primarily

in

non-investment

grade

bonds

with

maturities

of

ten

years

or

less.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

High

Yield

Portfolio

(the

"Predecessor

Fund"),

a

series

of

BlackRock

Series

Fund,

Inc.,

through

a

tax-free

reorganization

(the

"Reorganization").

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

The

Fund's

total

returns

prior

to

October

1,

2011

are

the

returns

of

the

Predecessor

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

"BlackRock

High

Income

Portfolio".

(b)

An

unmanaged

index

comprised

of

issues

that

meet

the

following

criteria:

at

least

$150

million

par

value

outstanding;

maximum

credit

rating

of

Ba1;

at

least

one

year

to

maturity;

and

no

issuer

represents

more

than

2%

of

the

index.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yield

(b)

Unsubsidized

30-Day

Yield

(b)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

High

Yield

Portfolio

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

3.94‌%

3.24‌%

11.30‌%

7.80‌%

8.40‌%

6.63‌%

Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

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

—‌

—‌

11.32‌

7.05‌

8.57‌

6.79‌

(a)

Cumulative

and

average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend/

payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Series

Fund,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

The

Fund’s

total

returns

prior

to

October

1,

2011

are

the

returns

of

the

Predecessor

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

High

Income

Portfolio”.

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

20

BlackRock

High

Yield

Portfolio

Expense

Example

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

High

Yield

Portfolio

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

$

1,000.00‌

$

1,113.00‌

$

2.66‌

$

1,000.00‌

$

1,022.62‌

$

2.54‌

0.50‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

A

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

—‌

%

(c)

BBB/Baa

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

12‌

BB/Ba

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

39‌

B

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

3

3‌

CCC/

Caa

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

14‌

NR

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

2‌

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/

Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities.

(c)

Represents

less

than

1%

of

the

Fund's

total

investments.

Fund

Summary

as

of

December

31,

2020

21

Fund

Summary

BlackRock

U.S.

Government

Bond

Portfolio

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Government

Sponsored

Agency

Securities

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

52

%

U.S.

Treasury

Obligations

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

38

Non-Agency

Mortgage-Backed

Securities

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

5

Foreign

Government

Obligations

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

3

Asset-Backed

Securities

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

2

Investment

Objective

BlackRock

U.S.

Government

Bond

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

total

return,

consistent

with

income

generation

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2020,

the

Fund

outperformed

its

benchmark,

the

Bloomberg

Barclays

U.S.

Government/Mortgage

Index.

What

factors

influenced

performance?

Positive

contributors

to

the

Fund’s

performance

relative

to

the

benchmark

included

strategies

and

selection

within

30-year

agency

mortgage-backed

securities

(“MBS”).

The

Fund’s

stance

with

respect

to

U.S.

and

global

interest

rates

also

aided

its

return,

specifically,

an

above-benchmark

stance

with

respect

to

duration

(and

corresponding

interest

rate

sensitivity)

as

U.S.

Treasury

yields

declined

sharply

during

the

period.

The

largest

detractors

from

the

Fund's

performance

relative

to

the

benchmark

were

interest

rate

volatility

strategies

and

active

positioning

across

global

currencies.

Describe

recent

portfolio

activity.

During

the

reporting

period,

the

Fund

shifted

from

a

modest

overweight

in

duration

relative

to

the

benchmark

to

an

underweight.

Within

agency

MBS,

the

Fund

shifted

into

current

lower

coupon

pools

that

are

being

purchased

by

the

Fed.

With

respect

to

global

interest

rates,

the

Fund

moved

to

underweight

core

European

duration.

The

Fund

had

a

modestly

elevated

cash

position

at

period

end

due

to

the

investment

adviser’s

increasing

preference

for

using

forward

contracts

to

gain

MBS

exposure

as

opposed

to

holding

cash

bonds.

The

Fund’s

cash

position

did

not

have

any

material

impact

on

performance

over

the

12

months.

Describe

portfolio

positioning

at

period

end.

At

period

end,

the

Fund’s

positioning

reflected

the

view

that

longer-term

U.S.

Treasury

yields

were

likely

to

move

higher

with

an

improving

economy

and

the

prospect

of

additional

fiscal

stimulus.

Within

agency

MBS,

the

Fund

maintained

a

preference

for

lower

coupon

pools

benefiting

from

Fed

support.

Within

global

interest

rate

and

currency

strategies,

the

Fund

maintained

small

positions

in

select

European

peripheral

economies

and

Asian

emerging

market

sovereign

issues

in

countries

such

as

China

and

Indonesia.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Portfolio

Information

See

“Disclosure

of

Expenses”

on

PublishingCrossReference

for

further

information

on

how

expenses

were

calculated.

(a)

Excludes

short-term

securities,

options

purchased

and

TBA

sale

commitments.

Fund

Summary

as

of

December

31,

2020

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

22

BlackRock

U.S.

Government

Bond

Portfolio

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

Performance

Summary

for

the

Period

Ended

December

31,

2020

(a)

Assuming

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees,

if

any.

Does

not

include

insurance-related

fees

and

expenses.

The

Fund,

under

normal

circumstances,

will

invest

at

least

80%

of

its

assets

in

bonds

that

are

issued

or

guaranteed

by

the

U.S.

Government

and

its

agencies.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

U.S.

Government

Bond

Portfolio

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Series

Fund,

Inc.,

through

a

tax-free

reorganization

(the

“Reorganization

”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

The

Predecessor

Fund’s

total

returns

prior

to

October

1,

2011

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Government

Income

Portfolio.

(b)

An

index

that

measures

debt

issued

by

the

U.S.

Government,

and

its

agencies,

as

well

as

mortgage-backed

pass-through

securities

of

Ginnie

Mae,

Fannie

Mae

and

Freddie

Mac.

(c)

An

unmanaged

index

that

includes

the

mortgage-backed

pass-through

securities

of

Ginnie

Mae,

Fannie

Mae

and

Freddie

Mac

that

meet

certain

maturity

and

liquidity

criteria.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yield

(b)

Unsubsidized

30-Day

Yield

(b)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

U.S.

Government

Bond

Portfolio

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

0.69‌%

0.35‌%

0.51‌%

6.64‌%

3.46‌%

2.96‌%

Bloomberg

Barclays

U.S.

Government/Mortgage

Index

.........

—‌

—‌

(0.22‌)

6.36‌

3.49‌

3.16‌

Bloomberg

Barclays

U.S.

Mortgage-Backed

Securities

Index

.....

—‌

—‌

0.36‌

3.87‌

3.05‌

3.01‌

(a)

Cumulative

and

average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend/

payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Series

Fund,

Inc.,

through

the

Reorganiz

ation.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

The

Predecessor

Fund’s

total

returns

prior

to

October

1,

2011

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Government

Income

Portfolio.”

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

December

31,

2020

(continued)

23

Fund

Summary

BlackRock

U.S.

Government

Bond

Portfolio

Expense

Example

Actual

Hypothetical

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Including

Interest

Expense

Excluding

Interest

Expense

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(07/01/20)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(12/31/20)

Expenses

Paid

During

the

Period

(c)

BlackRock

U.S.

Government

Bond

Portfolio

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

$

1,000.00‌

$

1,005.10‌

$

2.57‌

$

2.52‌

$

1,000.00‌

$

1,022.57‌

$

2.59‌

$

1,022.62‌

$

2.54‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

366.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.51%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

(c)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.50%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

The

Benefits

and

Risks

of

Leveraging

2020

BlackRock

Annual

Report

to

Shareholders

24

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.  

The

Funds

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

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.

Disclosure

of

Expenses 

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees, and

other

fund

expenses.

The

expense

examples

on

the

previous

pages

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on July

1,

2020 and

held

through

December

31,

2020) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

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.

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.

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

96.9%

Aerospace

&

Defense

—

1.4%

Boeing

Co.

(The)

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

1,151

$

246,383

HEICO

Corp.

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

1,040

137,696

Hexcel

Corp.

(a)

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

450

21,821

L3Harris

Technologies,

Inc.

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

1,800

340,236

Lockheed

Martin

Corp.

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

3,237

1,149,070

Mercury

Systems,

Inc.

(b)

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

310

27,299

Northrop

Grumman

Corp.

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

1,860

566,779

Teledyne

Technologies,

Inc.

(b)

...........

601

235,580

2,724,864

Air

Freight

&

Logistics

—

0.6%

CH

Robinson

Worldwide,

Inc.

..........

1,844

173,096

Expeditors

International

of

Washington,

Inc.

.

9,722

924,660

1,097,756

Airlines

—

0.1%

Alaska

Air

Group,

Inc.

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

5,239

272,428

Auto

Components

—

0.3%

Aptiv

plc

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

4,161

542,137

BorgWarner,

Inc.

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

754

29,134

571,271

Automobiles

—

1.9%

Harley-Davidson,

Inc.

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

4,227

155,131

Tesla,

Inc.

(b)

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

4,928

3,477,542

3,632,673

Banks

—

3.7%

Bank

of

America

Corp.

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

41,214

1,249,196

Bank

of

Hawaii

Corp.

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

3,098

237,369

Citigroup,

Inc.

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

2,386

147,121

Comerica,

Inc.

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

4,607

257,347

Commerce

Bancshares,

Inc.

...........

1,634

107,341

First

Horizon

National

Corp.

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

13,443

171,533

JPMorgan

Chase

&

Co.

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

15,948

2,026,512

Pinnacle

Financial

Partners,

Inc.

.........

7,742

498,585

PNC

Financial

Services

Group,

Inc.

(The)

..

140

20,860

Signature

Bank

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

1,023

138,402

SVB

Financial

Group

(b)

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

2,651

1,028,137

Truist

Financial

Corp.

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

1,112

53,298

US

Bancorp

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

7,486

348,773

Wells

Fargo

&

Co.

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

27,158

819,628

Western

Alliance

Bancorp

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

1,095

65,645

Wintrust

Financial

Corp.

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

1,545

94,384

7,264,131

Beverages

—

1.1%

Brown-Forman

Corp.,

Class

A

..........

541

39,747

Brown-Forman

Corp.,

Class

B

..........

5,481

435,356

Coca-Cola

Co.

(The)

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

5,458

299,317

PepsiCo,

Inc.

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

9,180

1,361,394

2,135,814

Biotechnology

—

2.6%

AbbVie,

Inc.

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

10,290

1,102,573

Amgen,

Inc.

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

5,625

1,293,300

Biogen,

Inc.

(b)

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

848

207,641

Gilead

Sciences,

Inc.

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

18,018

1,049,729

Global

Blood

Therapeutics,

Inc.

(b)

........

736

31,876

Moderna

,

Inc.

(b)

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

1,574

164,436

Regeneron

Pharmaceuticals,

Inc.

(b)

.......

550

265,711

Vertex

Pharmaceuticals,

Inc.

(b)

..........

3,771

891,238

5,006,504

Security

Shares

Shares

Value

Building

Products

—

0.7%

Allegion

plc

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

5,144

$

598,659

Carrier

Global

Corp.

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

2,854

107,653

Lennox

International,

Inc.

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

2,450

671,226

Masco

Corp.

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

821

45,098

Trane

Technologies

plc

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

164

23,806

1,446,442

Capital

Markets

—

3.1%

Ameriprise

Financial,

Inc.

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

914

177,618

Bank

of

New

York

Mellon

Corp.

(The)

.....

1,951

82,800

Cboe

Global

Markets,

Inc.

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

609

56,710

Charles

Schwab

Corp.

(The)

...........

8,749

464,047

CME

Group,

Inc.

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

2,552

464,592

FactSet

Research

Systems,

Inc.

.........

2,038

677,635

Moody's

Corp.

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

5,363

1,556,557

Morgan

Stanley

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

19,879

1,362,308

S&P

Global,

Inc.

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

3,225

1,060,154

State

Street

Corp.

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

657

47,816

T.

Rowe

Price

Group,

Inc.

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

892

135,040

6,085,277

Chemicals

—

1.8%

Ecolab,

Inc.

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

7,124

1,541,349

FMC

Corp.

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

3,714

426,850

Mosaic

Co.

(The)

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

2,653

61,045

PPG

Industries,

Inc.

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

7,321

1,055,835

Sherwin-Williams

Co.

(The)

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

678

498,269

3,583,348

Commercial

Services

&

Supplies

—

0.5%

ADT,

Inc.

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

6,446

50,601

Cintas

Corp.

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

1,226

433,342

Copart

,

Inc.

(b)

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

4,417

562,063

IAA,

Inc.

(b)

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

400

25,992

1,071,998

Communications

Equipment

—

1.0%

Cisco

Systems,

Inc.

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

43,864

1,962,914

Construction

&

Engineering

—

0.4%

EMCOR

Group,

Inc.

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

8,127

743,295

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

464

68,816

Consumer

Finance

—

1.0%

Ally

Financial,

Inc.

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

18,792

670,123

American

Express

Co.

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

10,161

1,228,566

1,898,689

Distributors

—

0.1%

Pool

Corp.

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

466

173,585

Diversified

Consumer

Services

—

0.2%

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

2,011

347,883

Diversified

Financial

Services

—

0.1%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

......

925

214,480

Diversified

Telecommunication

Services

—

0.2%

Verizon

Communications,

Inc.

..........

7,922

465,418

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Electric

Utilities

—

2.1%

Alliant

Energy

Corp.

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

2,901

$

149,489

Eversource

Energy

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

6,030

521,655

IDACORP,

Inc.

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

1,022

98,143

NextEra

Energy,

Inc.

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

34,459

2,658,512

Pinnacle

West

Capital

Corp.

...........

2,319

185,404

Xcel

Energy,

Inc.

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

7,732

515,492

4,128,695

Electrical

Equipment

—

0.1%

AMETEK,

Inc.

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

1,100

133,034

Rockwell

Automation,

Inc.

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

250

62,702

195,736

Electronic

Equipment,

Instruments

&

Components

—

0.4%

National

Instruments

Corp.

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

9,750

428,415

Trimble,

Inc.

(b)

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

3,663

244,578

Vontier

Corp.

(b)

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

1,007

33,634

Zebra

Technologies

Corp.,

Class

A

(b)

......

249

95,698

802,325

Energy

Equipment

&

Services

—

0.6%

Schlumberger

NV

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

47,593

1,038,955

TechnipFMC

plc

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

25,202

236,899

1,275,854

Entertainment

—

3.2%

Activision

Blizzard,

Inc.

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

4,892

454,222

Netflix,

Inc.

(b)

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

2,513

1,358,855

Walt

Disney

Co.

(The)

(b)

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

18,469

3,346,213

Warner

Music

Group

Corp.,

Class

A

......

9,803

372,416

World

Wrestling

Entertainment,

Inc.,

Class

A

2,982

143,285

Zynga,

Inc.,

Class

A

(b)

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

54,556

538,468

6,213,459

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.5%

Alexandria

Real

Estate

Equities,

Inc.

......

1,468

261,627

American

Tower

Corp.

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

2,718

610,082

Boston

Properties,

Inc.

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

6,094

576,066

Brixmor

Property

Group,

Inc.

...........

29,149

482,416

Equinix

,

Inc.

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

403

287,815

Kilroy

Realty

Corp.

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

11,974

687,308

Kimco

Realty

Corp.

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

35,650

535,106

Macerich

Co.

(The)

(a)

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

975

10,403

Park

Hotels

&

Resorts,

Inc.

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

1,763

30,235

Prologis,

Inc.

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

21,380

2,130,731

Regency

Centers

Corp.

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

8,875

404,611

Simon

Property

Group,

Inc.

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

10,370

884,354

6,900,754

Food

&

Staples

Retailing

—

1.4%

Costco

Wholesale

Corp.

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

6,833

2,574,538

Walmart,

Inc.

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

729

105,085

2,679,623

Food

Products

—

1.7%

General

Mills,

Inc.

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

20,863

1,226,745

Hershey

Co.

(The)

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

7,625

1,161,516

McCormick

&

Co.,

Inc.

(Non-Voting)

......

9,142

873,975

3,262,236

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

2.8%

Align

Technology,

Inc.

(b)

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

420

$

224,440

Becton

Dickinson

and

Co.

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

102

25,522

Danaher

Corp.

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

3,163

702,629

DexCom

,

Inc.

(b)

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

1,734

641,094

Edwards

Lifesciences

Corp.

(b)

..........

15,648

1,427,567

Hill-Rom

Holdings,

Inc.

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

809

79,258

Hologic

,

Inc.

(b)

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

4,677

340,626

IDEXX

Laboratories,

Inc.

(b)

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

1,825

912,263

Medtronic

plc

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

3,696

432,949

Quidel

Corp.

(b)

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

211

37,906

Stryker

Corp.

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

3,053

748,107

5,572,361

Health

Care

Providers

&

Services

—

2.1%

AmerisourceBergen

Corp.

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

188

18,379

Anthem,

Inc.

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

2,798

898,410

Cardinal

Health,

Inc.

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

9,565

512,301

Cigna

Corp.

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

738

153,637

Henry

Schein,

Inc.

(b)

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

5,525

369,401

McKesson

Corp.

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

4,052

704,724

Quest

Diagnostics,

Inc.

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

680

81,036

UnitedHealth

Group,

Inc.

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

3,921

1,375,016

4,112,904

Health

Care

Technology

—

0.2%

Teladoc

Health,

Inc.

(b)

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

1,507

301,340

Hotels,

Restaurants

&

Leisure

—

1.5%

Chipotle

Mexican

Grill,

Inc.

(b)

...........

283

392,439

Darden

Restaurants,

Inc.

(a)

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

1,067

127,101

Domino's

Pizza,

Inc.

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

119

45,632

DraftKings

,

Inc.,

Class

A

(b)

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

1,473

68,583

McDonald's

Corp.

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

1,334

286,250

Planet

Fitness,

Inc.,

Class

A

(b)

..........

5,092

395,292

Six

Flags

Entertainment

Corp.

..........

3,180

108,438

Starbucks

Corp.

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

4,607

492,857

Texas

Roadhouse,

Inc.

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

1,400

109,424

Vail

Resorts,

Inc.

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

154

42,960

Wendy's

Co.

(The)

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

13,104

287,239

Wyndham

Destinations,

Inc.

...........

9,961

446,850

Wynn

Resorts

Ltd.

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

692

78,078

2,881,143

Household

Products

—

1.6%

Clorox

Co.

(The)

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

8,892

1,795,472

Colgate-Palmolive

Co.

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

13,231

1,131,383

Procter

&

Gamble

Co.

(The)

...........

1,556

216,502

3,143,357

Industrial

Conglomerates

—

1.4%

3M

Co.

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

4,883

853,499

Honeywell

International,

Inc.

...........

7,701

1,638,003

Roper

Technologies,

Inc.

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

789

340,130

2,831,632

Insurance

—

1.6%

Aflac,

Inc.

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

3,800

168,986

Athene

Holding

Ltd.,

Class

A

(b)

..........

9,586

413,540

Brighthouse

Financial,

Inc.

(b)

...........

2,058

74,510

First

American

Financial

Corp.

..........

10,461

540,101

Marsh

&

McLennan

Cos.,

Inc.

..........

7,240

847,080

MetLife,

Inc.

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

4,105

192,730

Progressive

Corp.

(The)

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

5,305

524,558

Travelers

Cos.,

Inc.

(The)

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

2,065

289,864

Willis

Towers

Watson

plc

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

686

144,527

3,195,896

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

5.2%

(b)

Alphabet,

Inc.,

Class

A

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

2,407

$

4,218,604

Alphabet,

Inc.,

Class

C

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

1,552

2,718,918

Facebook,

Inc.,

Class

A

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

9,352

2,554,592

Match

Group,

Inc.

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

1,530

231,321

Twitter,

Inc.

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

8,916

482,802

10,206,237

Internet

&

Direct

Marketing

Retail

—

4.2%

(b)

Amazon.com,

Inc.

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

2,439

7,943,652

Etsy,

Inc.

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

625

111,194

Wayfair,

Inc.,

Class

A

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

454

102,518

8,157,364

IT

Services

—

5.9%

Accenture

plc,

Class

A

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

8,605

2,247,712

Automatic

Data

Processing,

Inc.

.........

5,096

897,916

Fiserv,

Inc.

(b)

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

14,599

1,662,242

Mastercard

,

Inc.,

Class

A

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

5,265

1,879,289

PayPal

Holdings,

Inc.

(b)

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

9,360

2,192,112

Visa,

Inc.,

Class

A

(a)

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

11,744

2,568,765

Wix.com

Ltd.

(b)

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

573

143,227

11,591,263

Life

Sciences

Tools

&

Services

—

0.7%

Adaptive

Biotechnologies

Corp.

(b)

........

405

23,948

Agilent

Technologies,

Inc.

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

6,711

795,186

QIAGEN

NV

(b)

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

741

39,162

Thermo

Fisher

Scientific,

Inc.

...........

1,182

550,552

1,408,848

Machinery

—

2.0%

Cummins,

Inc.

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

1,142

259,348

Deere

&

Co.

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

5,514

1,483,542

Fortive

Corp.

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

2,519

178,396

Oshkosh

Corp.

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

5,744

494,386

Snap-on,

Inc.

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

2,281

390,370

Xylem,

Inc.

(a)

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

10,662

1,085,285

3,891,327

Media

—

1.3%

Comcast

Corp.,

Class

A

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

13,074

685,078

Discovery,

Inc.,

Class

A

(b)

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

32,683

983,431

Discovery,

Inc.,

Class

C

(b)

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

1,799

47,116

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(b)

442

19,090

Sirius

XM

Holdings,

Inc.

(a)

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

117,091

745,870

2,480,585

Metals

&

Mining

—

0.1%

Reliance

Steel

&

Aluminum

Co.

.........

1,563

187,169

Multiline

Retail

—

0.2%

Nordstrom,

Inc.

(a)

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

12,038

375,706

Multi-Utilities

—

1.4%

CMS

Energy

Corp.

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

26,169

1,596,571

Consolidated

Edison,

Inc.

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

15,548

1,123,654

2,720,225

Oil,

Gas

&

Consumable

Fuels

—

1.2%

Cheniere

Energy,

Inc.

(b)

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

3,914

234,957

EOG

Resources,

Inc.

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

8,847

441,200

Phillips

66

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

19,864

1,389,288

Valero

Energy

Corp.

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

5,845

330,652

2,396,097

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

3,194

850,211

Security

Shares

Shares

Value

Pharmaceuticals

—

3.8%

Bristol-Myers

Squibb

Co.

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

23,235

$

1,441,267

Catalent

,

Inc.

(b)

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

899

93,559

Eli

Lilly

&

Co.

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

1,061

179,139

Johnson

&

Johnson

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

14,062

2,213,078

Merck

&

Co.,

Inc.

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

12,845

1,050,721

Pfizer,

Inc.

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

29,838

1,098,337

Zoetis,

Inc.

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

7,907

1,308,608

7,384,709

Professional

Services

—

0.5%

IHS

Markit

Ltd.

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

4,196

376,927

Robert

Half

International,

Inc.

...........

6,452

403,121

Verisk

Analytics,

Inc.

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

832

172,715

952,763

Road

&

Rail

—

0.3%

CSX

Corp.

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

1,106

100,370

Knight-Swift

Transportation

Holdings,

Inc.

..

520

21,746

Landstar

System,

Inc.

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

518

69,754

Lyft,

Inc.,

Class

A

(b)

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

4,964

243,881

Old

Dominion

Freight

Line,

Inc.

.........

1,230

240,071

675,822

Semiconductors

&

Semiconductor

Equipment

—

5.1%

Advanced

Micro

Devices,

Inc.

(b)

.........

8,057

738,908

Allegro

MicroSystems

,

Inc.

(b)

...........

2,394

63,824

Analog

Devices,

Inc.

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

8,465

1,250,534

Applied

Materials,

Inc.

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

18,010

1,554,263

Cirrus

Logic,

Inc.

(b)

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

2,971

244,216

Intel

Corp.

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

35,782

1,782,659

NVIDIA

Corp.

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

7,184

3,751,485

QUALCOMM,

Inc.

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

3,929

598,544

Texas

Instruments,

Inc.

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

366

60,072

Xilinx,

Inc.

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

151

21,407

10,065,912

Software

—

9.8%

ACI

Worldwide,

Inc.

(b)

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

2

77

Adobe,

Inc.

(b)

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

6,852

3,426,822

Cadence

Design

Systems,

Inc.

(b)

........

10,223

1,394,724

HubSpot

,

Inc.

(b)

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

400

158,576

Intuit,

Inc.

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

1,076

408,719

Microsoft

Corp.

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

38,313

8,521,577

salesforce.com,

Inc.

(b)

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

8,406

1,870,587

ServiceNow

,

Inc.

(b)

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

4,541

2,499,503

Teradata

Corp.

(b)

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

655

14,718

VMware,

Inc.,

Class

A

(b)

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

3,441

482,635

Zendesk

,

Inc.

(b)

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

1,528

218,687

Zoom

Video

Communications,

Inc.,

Class

A

(b)

945

318,767

19,315,392

Specialty

Retail

—

2.0%

Home

Depot,

Inc.

(The)

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

9,155

2,431,751

Lowe's

Cos.,

Inc.

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

4,945

793,722

TJX

Cos.,

Inc.

(The)

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

9,722

663,915

3,889,388

Technology

Hardware,

Storage

&

Peripherals

—

5.8%

Apple,

Inc.

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

74,976

9,948,565

Dell

Technologies,

Inc.,

Class

C

(b)

........

496

36,352

Hewlett

Packard

Enterprise

Co.

.........

71,217

843,922

HP,

Inc.

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

3,438

84,540

NetApp,

Inc.

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

6,640

439,834

11,353,213

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Crocs,

Inc.

(b)

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

843

$

52,822

Lululemon

Athletica,

Inc.

(b)

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

488

169,839

NIKE,

Inc.,

Class

B

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

8,104

1,146,473

Ralph

Lauren

Corp.

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

3,706

384,460

1,753,594

Thrifts

&

Mortgage

Finance

—

0.7%

Essent

Group

Ltd.

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

1,620

69,984

MGIC

Investment

Corp.

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

4,751

59,625

New

York

Community

Bancorp,

Inc.

......

64,380

679,209

Radian

Group,

Inc.

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

2,142

43,376

Rocket

Cos.,

Inc.,

Class

A

(a)(b)

...........

22,879

462,613

1,314,807

Trading

Companies

&

Distributors

—

0.4%

Fastenal

Co.

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

1,470

71,780

GATX

Corp.

(a)

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

445

37,015

SiteOne

Landscape

Supply,

Inc.

(b)

........

232

36,802

WW

Grainger,

Inc.

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

1,623

662,736

808,333

Total

Common

Stocks

—

96.9%

(Cost:

$154,986,881)

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

190,043,866

Security

Shares

Shares

Value

Rights

—

0.0%

Pharmaceuticals

—

0.0%

Bristol-Myers

Squibb

Co.,

CVR

(Expires

03/31/2021)

(b)

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

4,480

$

3,092

Total

Rights

—

0.0%

(Cost:

$9,542)

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

3,092

Total

Long-Term

Investments

—

96.9%

(Cost:

$154,996,423)

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

190,046,958

Short-Term

Securities

—

3.8%

(c)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

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

5,514,524

5,514,524

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(d)

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

1,957,641

1,958,228

Total

Short-Term

Securities

—

3.8%

(Cost:

$7,472,752)

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

7,472,752

Total

Investments

—

100.7%

(Cost:

$162,469,175

)

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

197,519,710

Liabilities

in

Excess

of

Other

Assets

—

(0.7)%

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

(1,353,652)

Net

Assets

—

100.0%

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

$

196,166,058

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,471,977

$

4,042,547

$

—

$

—

$

—

$

5,514,524

5,514,524

$

8,456

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

7,956,293

—

(5,990,617)

(7,449)

—

1,958,228

1,957,641

33,506

(b)

—

$

(7,449)

$

—

$

7,472,752

$

41,962

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

29

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

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

33

03/19/21

$

6,186

$

147,564

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

147,564

$

—

$

—

$

—

$

147,564

(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

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

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

$

—

$

—

$

1,440,221

$

—

$

—

$

—

$

1,440,221

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

125,006

—

—

—

125,006

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

5,620,805

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

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

$

190,046,958

$

—

$

—

$

190,046,958

Short-Term

Securities

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

5,514,524

—

—

5,514,524

Subtotal

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

$

195,561,482

$

—

$

—

$

195,561,482

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

Portfolio

30

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Investments

valued

at

NAV

(a)

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

1,958,228

$

—

Total

Investments

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

$

197,519,710

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

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

$

147,564

$

—

$

—

$

147,564

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

2.5%

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.41%,

05/25/37

(a)

.....

USD

47

$

11,586

Ajax

Mortgage

Loan

Trust

(b)

:

Series

2017-D,

Class

A,

3.75%,

12/25/57

..

115

118,034

Series

2018-B,

Class

A,

3.75%,

02/26/57

(c)

.

78

77,840

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)(c)

137

137,836

Series

2018-E,

Class

A,

4.38%,

06/25/58

(a)

88

88,817

Series

2018-F,

Class

A,

4.38%,

11/25/58

(a)(c)

298

300,308

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)(c)

158

158,007

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

100

75,500

Series

2018-G,

Class

C,

5.25%,

06/25/57

(c)

99

97,650

Series

2019-A,

Class

A,

3.75%,

08/25/57

(a)

151

153,045

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

258

262,127

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.29%,

10/21/28

(a)(b)

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

250

249,517

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

:

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.69%,

01/15/30

....

250

244,856

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

01/15/30

....

250

245,331

Anchorage

Capital

CLO

6

Ltd.,

Series

2015-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.27%),

1.51%,

07/15/30

(a)(b)

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

250

250,119

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.32%,

04/15/31

(a)(b)

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

500

498,907

Arbor

Realty

CLO

Ltd.,

Series

2017-FL3,

Class

A,

(LIBOR

USD

1

Month

+

0.99%),

1.15%,

12/15/27

(a)(b)

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

100

99,351

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.48%),

0.63%,

05/25/35

(a)

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

70

63,952

Avery

Point

V

CLO

Ltd.,

Series

2014-5A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.20%,

07/17/26

(a)(b)

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

73

72,727

Avery

Point

VI

CLO

Ltd.,

Series

2015-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.05%),

1.27%,

08/05/27

(a)(b)

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

240

239,582

Barings

CLO

Ltd.,

Series

2018-3A,

Class

A1,

(LIBOR

USD

3

Month

+

0.95%),

1.17%,

07/20/29

(a)(b)

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

250

249,093

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.46%,

01/24/29

(a)(b)

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

300

299,850

BCMSC

Trust

(a)

:

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

53

15,009

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

49

14,396

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

35

10,970

BDS

Ltd.,

Series

2019-FL3,

Class

A,

(LIBOR

USD

1

Month

+

1.40%),

1.55%,

12/15/35

(a)(b)

100

99,699

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

:

Series

2004-HE7,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.87%,

08/25/34

....

2

2,304

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.17%),

0.32%,

09/25/36

....

125

157,595

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

0.31%,

01/25/37

...

35

33,983

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

0.29%,

03/25/37

....

21

21,497

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.29%,

03/25/37

....

44

46,717

Series

2007-HE3,

Class

1A3,

(LIBOR

USD

1

Month

+

0.25%),

0.40%,

04/25/37

....

74

84,750

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Benefit

Street

Partners

CLO

VI

Ltd.,

Series

2015-VIA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.24%),

1.46%,

10/18/29

(a)(b)

.........

USD

250

$

249,940

California

Street

CLO

XII

Ltd.,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.03%),

1.27%,

10/15/25

(a)(b)

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

129

128,828

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

:

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.97%),

1.19%,

04/17/31

....

249

247,712

Series

2015-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

1.82%,

07/28/28

....

250

249,048

Carlyle

US

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.42%,

01/15/30

(a)(b)

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

250

249,387

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.31%,

10/25/36

(a)

...........

62

59,681

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

AR,

(LIBOR

USD

3

Month

+

1.09%),

1.31%,

10/20/28

(a)(b)

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

250

249,518

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/17/30

(a)(b)

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

250

250,853

Cent

CLO

24

Ltd.,

Series

2015-24A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.07%),

1.31%,

10/15/26

(a)(b)

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

232

231,191

CIFC

Funding

Ltd.

(a)(b)

:

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.75%),

1.98%,

07/16/30

....

250

249,020

Series

2014-4RA,

Class

A1A,

(LIBOR

USD

3

Month

+

1.13%),

1.35%,

10/17/30

....

250

249,572

Citigroup

Mortgage

Loan

Trust

(a)

:

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.35%,

05/25/37

...

181

143,311

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.42%,

05/25/37

...

82

65,541

Conseco

Finance

Corp.:

Series

1998-8,

Class

A1,

6.28%,

09/01/30

.

13

13,887

Series

1998-8,

Class

M1,

6.98%,

09/01/30

(a)

55

51,545

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.66%,

11/15/32

(a)

...

83

77,177

Conseco

Finance

Securitizations

Corp.:

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

31

10,531

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

42

13,627

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.

38

18,484

Countrywide

Asset-Backed

Certificates:

Series

2006-8,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.31%,

12/25/35

(a)

...

25

25,075

Series

2006-S3,

Class

A4,

6.52%,

01/25/29

(d)

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

8

9,811

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.37%,

12/25/25

(a)

...

1

1,896

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

30

31,197

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(d)

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

100

104,202

CWABS

Asset-Backed

Certificates

Trust,

Series

2005-17,

Class

1AF4,

6.05%,

05/25/36

(d)

..

23

23,674

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

9

10,406

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

:

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.46%,

12/15/33

...

19

16,987

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2006-RES,

Class

5B1A,

(LIBOR

USD

1

Month

+

0.19%),

0.35%,

05/15/35

...

USD

64

$

61,063

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

:

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.34%,

05/15/35

....

10

9,502

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.31%,

11/15/36

....

20

16,612

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.36%,

01/15/31

(a)(b)

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

280

278,884

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

0.75%,

01/25/36

(a)

.....

39

31,798

Flatiron

CLO

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.89%),

1.13%,

04/15/27

(a)(b)

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

139

139,226

GSAMP

Trust

(a)

:

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.35%,

01/25/47

....

26

17,222

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

2.25%),

2.40%,

02/25/47

....

25

26,004

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.29%,

07/25/27

(a)(b)

..........

114

113,130

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.15%),

0.30%,

05/25/37

(a)

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

40

34,484

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(d)

.........

139

32,400

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

0.88%,

04/15/36

(a)

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

31

28,839

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.36%,

10/19/28

(a)(b)

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

250

249,753

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

E,

(LIBOR

USD

1

Month

+

2.00%),

2.15%,

07/17/37

(a)(b)

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

60

59,507

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.23%),

0.38%,

05/25/37

(a)

...........

667

233,790

Legacy

Mortgage

Asset

Trust,

Series

2019-SL1,

Class

A,

4.00%,

12/28/54

(a)(b)

..........

46

45,955

Lehman

ABS

Manufactured

Housing

Contract

Trust:

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

93

98,994

Series

2002-A,

Class

C,

0.00%,

06/15/33

.

6

5,228

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,

Class

A,

4.00%,

10/30/27

(c)

.....

50

49,751

Long

Beach

Mortgage

Loan

Trust

(a)

:

Series

2006-5,

Class

2A3,

(LIBOR

USD

1

Month

+

0.15%),

0.30%,

06/25/36

....

25

15,212

Series

2006-7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.31%,

08/25/36

....

16

8,455

Series

2006-9,

Class

2A2,

(LIBOR

USD

1

Month

+

0.11%),

0.26%,

10/25/36

....

20

8,867

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.40%,

10/21/30

(a)(b)

..........

250

249,133

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.24%),

0.39%,

05/25/37

(a)

22

16,428

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

0.75%,

12/25/34

(a)

.....

78

73,077

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-9SL,

Class

A,

(LIBOR

USD

1

Month

+

0.64%),

0.79%,

07/25/37

(a)

...........

USD

14

$

13,263

MP

CLO

VIII

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

0.91%),

1.13%,

10/28/27

(a)(b)

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

219

217,738

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

....

11

8,537

OCP

CLO

Ltd.,

Series

2016-12A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

1.34%,

10/18/28

(a)(b)

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

100

99,702

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.24%,

07/17/30

(a)(b)

.........

305

301,954

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.25%,

05/23/31

(a)(b)

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

285

282,065

Option

One

Mortgage

Loan

Trust:

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.36%,

03/25/37

(a)

...

40

30,499

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

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

35

34,969

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

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

42

41,111

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

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

49

50,771

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.36%,

10/15/37

(a)(b)(c)

...

23

22,852

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(d)

.........

30

29,111

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.47%,

10/22/30

(a)(b)

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

486

484,492

OZLM

XXI

Ltd.,

Series

2017-21A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.12%,

01/20/31

(a)(b)

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

250

244,005

Parallel

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.85%),

1.07%,

07/20/27

(a)(b)

132

131,135

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.30%,

07/20/28

(a)(b)

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

221

219,976

Scholar

Funding

Trust,

Series

2013-A,

Class

A,

(LIBOR

USD

1

Month

+

0.65%),

0.80%,

01/30/45

(a)(b)

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

169

167,907

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.47%,

07/25/36

(a)

...........

17

5,357

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.46%,

07/20/30

(a)(b)

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

250

249,848

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

0.55%,

03/15/24

(a)

...........

64

63,168

Sound

Point

CLO

XIV

Ltd.,

Series

2016-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

2.86%,

01/23/29

(a)(b)

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

250

248,715

Structured

Asset

Investment

Loan

Trust,

Series

2004-8,

Class

M4,

(LIBOR

USD

1

Month

+

1.50%),

1.65%,

09/25/34

(a)

...........

21

20,950

Structured

Asset

Securities

Corp.

Mortgage

Pass-Through

Certificates,

Series

2004-

23XS,

Class

2A1,

(LIBOR

USD

1

Month

+

0.45%),

0.60%,

01/25/35

(a)

...........

13

12,900

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Symphony

CLO

XVII

Ltd.,

Series

2016-17A,

Class

AR,

(LIBOR

USD

3

Month

+

0.88%),

1.12%,

04/15/28

(a)(b)

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

USD

237

$

236,108

TCI-Flatiron

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.20%),

1.42%,

11/18/30

(a)(b)

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

250

249,006

Venture

35

CLO

Ltd.,

Series

2018-35A,

Class

AS,

(LIBOR

USD

3

Month

+

1.65%),

1.37%,

10/22/31

(a)(b)

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

250

249,999

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.28%,

07/25/37

(a)(b)

46

41,630

Total

Asset-Backed

Securities

—

2.5%

(Cost:

$13,251,391)

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

13,174,138

Shares

Shares

Common

Stocks

—

58.9%

Aerospace

&

Defense

—

0.9%

Boeing

Co.

(The)

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

1,886

403,717

HEICO

Corp.

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

1,746

231,171

Hexcel

Corp.

(e)

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

720

34,913

L3Harris

Technologies,

Inc.

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

2,585

488,617

Lockheed

Martin

Corp.

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

5,238

1,859,385

Mercury

Systems,

Inc.

(f)

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

1,640

144,418

Northrop

Grumman

Corp.

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

2,990

911,113

Teledyne

Technologies,

Inc.

(f)

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

1,132

443,721

4,517,055

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

...........

2,161

202,853

Expeditors

International

of

Washington,

Inc.

..

16,256

1,546,108

1,748,961

Airlines

—

0.1%

Alaska

Air

Group,

Inc.

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

7,734

402,168

Auto

Components

—

0.2%

Aptiv

plc

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

6,572

856,266

BorgWarner,

Inc.

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

1,365

52,743

909,009

Automobiles

—

1.1%

Harley-Davidson,

Inc.

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

5,705

209,373

Tesla,

Inc.

(f)

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

8,040

5,673,587

5,882,960

Banks

—

2.2%

Bank

of

America

Corp.

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

65,721

1,992,004

Bank

of

Hawaii

Corp.

(e)

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

3,084

236,296

Bank

OZK

(e)

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

2,339

73,141

Citigroup,

Inc.

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

3,608

222,469

Comerica,

Inc.

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

6,554

366,106

Commerce

Bancshares,

Inc.

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

2,778

182,488

First

Horizon

National

Corp.

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

16,004

204,211

JPMorgan

Chase

&

Co.

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

27,386

3,479,939

Pinnacle

Financial

Partners,

Inc.

..........

11,375

732,550

PNC

Financial

Services

Group,

Inc.

(The)

...

572

85,228

Signature

Bank

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

1,677

226,881

SVB

Financial

Group

(f)

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

3,893

1,509,822

Truist

Financial

Corp.

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

2,712

129,986

US

Bancorp

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

12,695

591,460

Wells

Fargo

&

Co.

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

46,486

1,402,948

Western

Alliance

Bancorp

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

1,226

73,499

Wintrust

Financial

Corp.

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

1,485

90,719

Security

Shares

Shares

Value

Banks

(continued)

Zions

Bancorp

NA

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

3,943

$

171,284

11,771,031

Beverages

—

0.7%

Brown-Forman

Corp.,

Class

B

...........

8,790

698,190

Coca-Cola

Co.

(The)

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

10,400

570,336

PepsiCo,

Inc.

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

14,795

2,194,098

3,462,624

Biotechnology

—

1.5%

AbbVie,

Inc.

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

16,486

1,766,475

Alexion

Pharmaceuticals,

Inc.

(f)

...........

353

55,153

Amgen,

Inc.

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

8,401

1,931,558

Biogen,

Inc.

(f)

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

1,369

335,213

Gilead

Sciences,

Inc.

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

28,159

1,640,543

Global

Blood

Therapeutics,

Inc.

(f)

.........

1,092

47,294

Moderna

,

Inc.

(f)

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

2,534

264,727

Regeneron

Pharmaceuticals,

Inc.

(f)

........

842

406,779

Vertex

Pharmaceuticals,

Inc.

(f)

...........

6,421

1,517,539

7,965,281

Building

Products

—

0.5%

Allegion

plc

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

8,874

1,032,756

Carrier

Global

Corp.

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

4,898

184,753

Lennox

International,

Inc.

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

3,763

1,030,949

Masco

Corp.

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

2,566

140,950

Trane

Technologies

plc

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

233

33,822

2,423,230

Capital

Markets

—

1.9%

Ameriprise

Financial,

Inc.

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

1,811

351,932

Bank

of

New

York

Mellon

Corp.

(The)

......

3,722

157,962

Cboe

Global

Markets,

Inc.

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

985

91,723

Charles

Schwab

Corp.

(The)

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

13,716

727,497

CME

Group,

Inc.

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

4,116

749,318

FactSet

Research

Systems,

Inc.

..........

3,367

1,119,527

Moody's

Corp.

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

8,908

2,585,458

Morgan

Stanley

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

33,152

2,271,906

S&P

Global,

Inc.

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

5,136

1,688,357

State

Street

Corp.

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

1,288

93,741

T.

Rowe

Price

Group,

Inc.

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

1,818

275,227

10,112,648

Chemicals

—

1.1%

Ecolab,

Inc.

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

11,352

2,456,119

FMC

Corp.

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

5,580

641,309

Mosaic

Co.

(The)

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

3,940

90,659

PPG

Industries,

Inc.

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

12,284

1,771,599

Sherwin-Williams

Co.

(The)

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

1,045

767,981

5,727,667

Commercial

Services

&

Supplies

—

0.4%

ADT,

Inc.

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

8,322

65,328

Cintas

Corp.

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

1,976

698,437

Copart

,

Inc.

(f)

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

8,348

1,062,283

IAA,

Inc.

(f)

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

583

37,883

1,863,931

Communications

Equipment

—

0.6%

Cisco

Systems,

Inc.

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

69,398

3,105,561

Construction

&

Engineering

—

0.2%

EMCOR

Group,

Inc.

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

11,220

1,026,181

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

461

68,371

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

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

28,496

$

1,016,167

American

Express

Co.

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

16,790

2,030,079

3,046,246

Distributors

—

0.1%

Pool

Corp.

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

854

318,115

Diversified

Consumer

Services

—

0.1%

Bright

Horizons

Family

Solutions,

Inc.

(f)

.....

2,999

518,797

H&R

Block,

Inc.

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

2,920

46,311

565,108

Diversified

Financial

Services

—

0.1%

Berkshire

Hathaway,

Inc.,

Class

B

(f)

........

1,498

347,341

Diversified

Telecommunication

Services

—

0.2%

AT&T,

Inc.

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

4,417

127,033

Verizon

Communications,

Inc.

...........

12,603

740,426

867,459

Electric

Utilities

—

1.2%

Alliant

Energy

Corp.

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

1,802

92,857

Eversource

Energy

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

11,903

1,029,729

IDACORP,

Inc.

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

1,070

102,752

NextEra

Energy,

Inc.

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

54,506

4,205,138

Pinnacle

West

Capital

Corp.

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

4,622

369,529

Xcel

Energy,

Inc.

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

9,300

620,031

6,420,036

Electrical

Equipment

—

0.1%

AMETEK,

Inc.

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

2,119

256,272

Rockwell

Automation,

Inc.

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

649

162,776

419,048

Electronic

Equipment,

Instruments

&

Components

—

0.3%

National

Instruments

Corp.

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

15,407

676,983

Trimble,

Inc.

(f)

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

5,482

366,033

Vontier

Corp.

(f)

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

1,505

50,267

Zebra

Technologies

Corp.,

Class

A

(f)

.......

605

232,520

1,325,803

Energy

Equipment

&

Services

—

0.4%

Schlumberger

NV

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

75,584

1,649,999

TechnipFMC

plc

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

37,188

349,567

1,999,566

Entertainment

—

1.9%

Activision

Blizzard,

Inc.

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

8,965

832,400

Netflix,

Inc.

(f)

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

4,002

2,164,002

Walt

Disney

Co.

(The)

(e)(f)

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

30,350

5,498,813

Warner

Music

Group

Corp.,

Class

A

.......

14,968

568,634

World

Wrestling

Entertainment,

Inc.,

Class

A

.

4,168

200,273

Zynga,

Inc.,

Class

A

(f)

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

81,783

807,198

10,071,320

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.1%

Alexandria

Real

Estate

Equities,

Inc.

.......

2,741

488,501

American

Tower

Corp.

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

4,734

1,062,594

Boston

Properties,

Inc.

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

8,961

847,083

Brixmor

Property

Group,

Inc.

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

45,629

755,160

Equinix

,

Inc.

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

540

385,657

Kilroy

Realty

Corp.

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

19,101

1,096,397

Kimco

Realty

Corp.

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

56,923

854,414

Macerich

Co.

(The)

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

5,179

55,260

Park

Hotels

&

Resorts,

Inc.

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

2,788

47,814

Prologis,

Inc.

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

33,719

3,360,436

Regency

Centers

Corp.

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

14,137

644,506

Simon

Property

Group,

Inc.

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

16,412

1,399,615

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Welltower

,

Inc.

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

656

$

42,391

11,039,828

Food

&

Staples

Retailing

—

0.8%

Costco

Wholesale

Corp.

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

10,975

4,135,160

Walmart,

Inc.

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

1,284

185,089

4,320,249

Food

Products

—

1.0%

General

Mills,

Inc.

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

33,927

1,994,908

Hershey

Co.

(The)

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

12,094

1,842,279

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

14,034

1,341,650

5,178,837

Health

Care

Equipment

&

Supplies

—

1.7%

Align

Technology,

Inc.

(f)

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

631

337,194

Becton

Dickinson

and

Co.

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

344

86,076

Boston

Scientific

Corp.

(f)

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

1,846

66,364

Danaher

Corp.

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

5,693

1,264,643

Dentsply

Sirona,

Inc.

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

1,365

71,471

DexCom

,

Inc.

(f)

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

2,708

1,001,202

Edwards

Lifesciences

Corp.

(f)

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

23,678

2,160,144

Hill-Rom

Holdings,

Inc.

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

1,583

155,086

Hologic

,

Inc.

(f)

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

8,039

585,480

IDEXX

Laboratories,

Inc.

(f)

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

2,545

1,272,169

Medtronic

plc

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

4,364

511,199

Quidel

Corp.

(f)

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

343

61,620

Stryker

Corp.

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

4,752

1,164,430

8,737,078

Health

Care

Providers

&

Services

—

1.3%

AmerisourceBergen

Corp.

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

383

37,442

Anthem,

Inc.

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

4,349

1,396,421

Cardinal

Health,

Inc.

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

16,468

882,026

Cigna

Corp.

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

1,472

306,441

Henry

Schein,

Inc.

(f)

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

9,740

651,216

McKesson

Corp.

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

6,610

1,149,611

Quest

Diagnostics,

Inc.

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

1,207

143,838

UnitedHealth

Group,

Inc.

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

6,411

2,248,210

6,815,205

Health

Care

Technology

—

0.1%

Cerner

Corp.

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

665

52,189

Teladoc

Health,

Inc.

(f)

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

2,701

540,092

592,281

Hotels,

Restaurants

&

Leisure

—

0.9%

Chipotle

Mexican

Grill,

Inc.

(f)

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

491

680,875

Darden

Restaurants,

Inc.

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

2,039

242,886

Domino's

Pizza,

Inc.

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

228

87,429

DraftKings

,

Inc.,

Class

A

(f)

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

2,614

121,708

McDonald's

Corp.

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

2,292

491,817

Planet

Fitness,

Inc.,

Class

A

(f)

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

8,732

677,865

Six

Flags

Entertainment

Corp.

...........

5,453

185,947

Starbucks

Corp.

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

7,616

814,760

Texas

Roadhouse,

Inc.

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

2,979

232,839

Vail

Resorts,

Inc.

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

215

59,976

Wendy's

Co.

(The)

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

21,443

470,030

Wyndham

Destinations,

Inc.

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

15,960

715,966

Wynn

Resorts

Ltd.

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

1,369

154,464

4,936,562

Household

Products

—

1.0%

Clorox

Co.

(The)

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

13,722

2,770,746

Colgate-Palmolive

Co.

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

21,653

1,851,548

Procter

&

Gamble

Co.

(The)

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

3,073

427,577

5,049,871

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Industrial

Conglomerates

—

0.9%

3M

Co.

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

8,801

$

1,538,327

Honeywell

International,

Inc.

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

12,339

2,624,505

Roper

Technologies,

Inc.

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

1,335

575,505

4,738,337

Insurance

—

1.0%

Aflac,

Inc.

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

8,727

388,090

Athene

Holding

Ltd.,

Class

A

(f)

...........

14,085

607,627

Brighthouse

Financial,

Inc.

(f)

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

2,099

75,994

First

American

Financial

Corp.

...........

16,321

842,653

Marsh

&

McLennan

Cos.,

Inc.

...........

12,111

1,416,987

MetLife,

Inc.

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

7,194

337,758

Progressive

Corp.

(The)

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

8,533

843,743

Travelers

Cos.,

Inc.

(The)

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

3,578

502,244

Willis

Towers

Watson

plc

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

1,114

234,698

5,249,794

Interactive

Media

&

Services

—

3.1%

(f)

Alphabet,

Inc.,

Class

A

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

3,812

6,681,064

Alphabet,

Inc.,

Class

C

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

2,516

4,407,730

Facebook,

Inc.,

Class

A

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

15,421

4,212,400

Match

Group,

Inc.

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

2,539

383,871

Twitter,

Inc.

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

14,658

793,731

16,478,796

Internet

&

Direct

Marketing

Retail

—

2.4%

(f)

Amazon.com,

Inc.

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

3,786

12,330,737

Etsy,

Inc.

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

1,152

204,952

Wayfair,

Inc.,

Class

A

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

819

184,939

12,720,628

IT

Services

—

3.6%

Accenture

plc,

Class

A

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

14,079

3,677,576

Automatic

Data

Processing,

Inc.

..........

7,951

1,400,966

Fiserv,

Inc.

(f)

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

22,254

2,533,840

Mastercard

,

Inc.,

Class

A

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

7,919

2,826,608

PayPal

Holdings,

Inc.

(f)

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

15,793

3,698,721

Visa,

Inc.,

Class

A

(e)

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

20,663

4,519,618

Wix.com

Ltd.

(f)

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

815

203,717

18,861,046

Life

Sciences

Tools

&

Services

—

0.5%

Adaptive

Biotechnologies

Corp.

(f)

.........

657

38,849

Agilent

Technologies,

Inc.

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

11,424

1,353,630

QIAGEN

NV

(f)

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

924

48,833

Thermo

Fisher

Scientific,

Inc.

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

2,177

1,014,003

2,455,315

Machinery

—

1.2%

Cummins,

Inc.

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

1,428

324,299

Deere

&

Co.

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

9,013

2,424,948

Fortive

Corp.

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

3,213

227,545

Oshkosh

Corp.

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

9,676

832,813

Snap-on,

Inc.

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

3,481

595,738

Xylem,

Inc.

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

16,533

1,682,894

6,088,237

Media

—

0.7%

Comcast

Corp.,

Class

A

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

20,797

1,089,763

Discovery,

Inc.,

Class

A

(f)

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

52,353

1,575,302

Discovery,

Inc.,

Class

C

(f)

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

2,825

73,986

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(f)

717

30,967

Sirius

XM

Holdings,

Inc.

(e)

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

172,886

1,101,284

3,871,302

Metals

&

Mining

—

0.1%

Reliance

Steel

&

Aluminum

Co.

..........

2,941

352,185

Security

Shares

Shares

Value

Multiline

Retail

—

0.1%

Nordstrom,

Inc.

(e)

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

20,296

$

633,438

Multi-Utilities

—

0.9%

CMS

Energy

Corp.

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

44,477

2,713,542

Consolidated

Edison,

Inc.

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

27,388

1,979,331

4,692,873

Oil,

Gas

&

Consumable

Fuels

—

0.7%

Cheniere

Energy,

Inc.

(f)

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

7,096

425,973

EOG

Resources,

Inc.

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

14,573

726,755

Phillips

66

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

31,387

2,195,207

Valero

Energy

Corp.

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

10,196

576,788

3,924,723

Personal

Products

—

0.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

5,674

1,510,362

Pharmaceuticals

—

2.3%

Bristol-Myers

Squibb

Co.

(e)

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

39,074

2,423,760

Catalent

,

Inc.

(f)

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

1,449

150,798

Eli

Lilly

&

Co.

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

1,974

333,290

Johnson

&

Johnson

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

22,787

3,586,218

Merck

&

Co.,

Inc.

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

20,771

1,699,068

Pfizer,

Inc.

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

48,535

1,786,573

Zoetis,

Inc.

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

12,409

2,053,690

12,033,397

Professional

Services

—

0.3%

IHS

Markit

Ltd.

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

7,627

685,133

Robert

Half

International,

Inc.

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

10,494

655,665

Verisk

Analytics,

Inc.

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

2,077

431,165

1,771,963

Road

&

Rail

—

0.2%

CSX

Corp.

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

1,269

115,162

Knight-Swift

Transportation

Holdings,

Inc.

...

808

33,790

Landstar

System,

Inc.

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

1,874

252,353

Lyft,

Inc.,

Class

A

(f)

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

8,608

422,911

Old

Dominion

Freight

Line,

Inc.

..........

1,692

330,245

1,154,461

Semiconductors

&

Semiconductor

Equipment

—

3.1%

Advanced

Micro

Devices,

Inc.

(f)

..........

13,924

1,276,970

Allegro

MicroSystems

,

Inc.

(f)

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

2,998

79,927

Analog

Devices,

Inc.

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

13,405

1,980,321

Applied

Materials,

Inc.

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

29,081

2,509,690

Cirrus

Logic,

Inc.

(f)

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

6,237

512,681

Intel

Corp.

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

55,979

2,788,874

NVIDIA

Corp.

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

11,642

6,079,452

QUALCOMM,

Inc.

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

7,497

1,142,093

Xilinx,

Inc.

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

948

134,398

16,504,406

Software

—

6.0%

Adobe,

Inc.

(f)

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

10,963

5,482,816

Cadence

Design

Systems,

Inc.

(f)

..........

16,645

2,270,877

HubSpot

,

Inc.

(f)

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

618

245,000

Intuit,

Inc.

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

1,774

673,854

Microsoft

Corp.

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

61,447

13,667,042

salesforce.com,

Inc.

(f)

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

13,423

2,987,020

ServiceNow

,

Inc.

(f)

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

7,605

4,186,020

Teradata

Corp.

(f)

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

1,020

22,919

VMware,

Inc.,

Class

A

(f)

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

5,767

808,879

Zendesk

,

Inc.

(f)

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

2,846

407,320

Zoom

Video

Communications,

Inc.,

Class

A

(f)

.

1,507

508,341

31,260,088

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Specialty

Retail

—

1.2%

Home

Depot,

Inc.

(The)

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

15,047

$

3,996,784

Lowe's

Cos.,

Inc.

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

7,831

1,256,954

TJX

Cos.,

Inc.

(The)

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

15,443

1,054,602

6,308,340

Technology

Hardware,

Storage

&

Peripherals

—

3.5%

Apple,

Inc.

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

120,140

15,941,377

Dell

Technologies,

Inc.,

Class

C

(f)

.........

903

66,181

Hewlett

Packard

Enterprise

Co.

..........

119,667

1,418,054

HP,

Inc.

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

7,781

191,335

NetApp,

Inc.

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

10,848

718,571

18,335,518

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Crocs,

Inc.

(f)

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

1,199

75,129

Lululemon

Athletica,

Inc.

(f)

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

1,191

414,504

NIKE,

Inc.,

Class

B

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

12,095

1,711,080

Ralph

Lauren

Corp.

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

5,603

581,255

2,781,968

Thrifts

&

Mortgage

Finance

—

0.4%

Essent

Group

Ltd.

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

2,593

112,018

MGIC

Investment

Corp.

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

9,994

125,425

New

York

Community

Bancorp,

Inc.

.......

98,272

1,036,769

Radian

Group,

Inc.

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

4,045

81,911

Rocket

Cos.,

Inc.,

Class

A

(e)(f)

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

37,762

763,548

2,119,671

Tobacco

—

0.0%

British

American

Tobacco

plc,

ADR

........

1

38

Trading

Companies

&

Distributors

—

0.3%

Fastenal

Co.

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

3,004

146,685

GATX

Corp.

(e)

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

1,171

97,404

SiteOne

Landscape

Supply,

Inc.

(f)

.........

296

46,955

WW

Grainger,

Inc.

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

2,518

1,028,200

1,319,244

Wireless

Telecommunication

Services

—

0.0%

United

States

Cellular

Corp.

(e)(f)

...........

3,217

98,730

Total

Common

Stocks

—

58.9%

(Cost:

$254,799,173)

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

308,301,491

Par

(000)

Par

(000)

Corporate

Bonds

—

13.0%

Aerospace

&

Defense

—

0.7%

BAE

Systems

Holdings,

Inc.

(b)

:

3.80%

,

10/07/24

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

USD

27

30,025

3.85%

,

12/15/25

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

24

27,216

BAE

Systems

plc,

3.40%,

04/15/30

(b)

......

200

226,575

Boeing

Co.

(The):

4.51%

,

05/01/23

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

37

39,991

4.88%

,

05/01/25

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

120

136,789

3.83%

,

03/01/59

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

10

10,158

5.93%

,

05/01/60

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

48

68,092

Embraer

Netherlands

Finance

BV,

5.40%,

02/01/27

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

9

9,546

Embraer

Overseas

Ltd.,

5.70%,

09/16/23

...

14

14,845

General

Dynamics

Corp.:

3.75%

,

05/15/28

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

15

17,548

3.63%

,

04/01/30

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

144

170,821

Huntington

Ingalls

Industries,

Inc.

(b)

:

3.84%

,

05/01/25

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

49

54,448

4.20%

,

05/01/30

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

76

90,017

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

L3Harris

Technologies,

Inc.:

3.85%

,

12/15/26

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

USD

75

$

86,664

4.40%

,

06/15/28

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

220

263,797

1.80%

,

01/15/31

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

106

107,605

Leidos,

Inc.,

4.38%,

05/15/30

(b)

.........

131

156,866

Lockheed

Martin

Corp.:

3.60%

,

03/01/35

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

128

154,573

Series

B,

6.15%

,

09/01/36

...........

23

34,961

4.07%

,

12/15/42

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

46

59,776

3.80%

,

03/01/45

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

58

72,679

Northrop

Grumman

Corp.:

2.93%

,

01/15/25

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

45

48,944

3.25%

,

01/15/28

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

210

237,471

4.03%

,

10/15/47

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

64

80,302

Raytheon

Technologies

Corp.:

3.65%

,

08/16/23

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

8

8,625

3.15%

,

12/15/24

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

35

38,021

7.20%

,

08/15/27

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

20

26,943

7.00%

,

11/01/28

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

89

121,375

4.13%

,

11/16/28

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

238

283,735

2.25%

,

07/01/30

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

92

97,722

5.40%

,

05/01/35

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

22

30,249

4.20%

,

12/15/44

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

20

24,414

4.15%

,

05/15/45

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

26

32,914

4.63%

,

11/16/48

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

16

21,721

Textron,

Inc.:

3.88%

,

03/01/25

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

28

30,764

3.65%

,

03/15/27

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

35

38,635

3.90%

,

09/17/29

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

87

99,855

TransDigm

,

Inc.

(b)

:

8.00%

,

12/15/25

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

100

110,530

6.25%

,

03/15/26

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

261

277,965

3,443,177

Air

Freight

&

Logistics

—

0.1%

FedEx

Corp.:

4.20%

,

10/17/28

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

8

9,502

3.90%

,

02/01/35

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

20

23,882

3.88%

,

08/01/42

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

29

33,828

4.10%

,

04/15/43

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

53

62,645

4.10%

,

02/01/45

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

19

22,417

4.55%

,

04/01/46

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

22

28,303

United

Parcel

Service,

Inc.:

3.40%

,

03/15/29

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

70

81,554

4.45%

,

04/01/30

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

91

113,830

5.20%

,

04/01/40

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

92

130,679

XPO

Logistics,

Inc.

(b)

:

6.13%

,

09/01/23

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

12

12,210

6.75%

,

08/15/24

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

31

32,937

551,787

Airlines

—

0.2%

Air

Canada

Pass-Through

Trust

(b)

:

Series

2015-2,

Class

B,

5.00%

,

12/15/23

.

17

17,194

Series

2017-1,

Class

AA,

3.30%

,

01/15/30

18

17,565

American

Airlines

Pass-Through

Trust:

Series

2015-2,

Class

B,

4.40%

,

09/22/23

.

81

61,411

Series

2016-1,

Class

B,

5.25%

,

01/15/24

.

52

44,135

Series

2017-1,

Class

B,

4.95%

,

02/15/25

.

20

16,489

Series

2016-3,

Class

B,

3.75%

,

10/15/25

.

1

552

Series

2015-2,

Class

AA,

3.60%

,

09/22/27

13

13,167

Series

2016-1,

Class

AA,

3.58%

,

01/15/28

32

32,073

Series

2019-1,

Class

B,

3.85%

,

02/15/28

.

70

59,299

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Series

2016-2,

Class

AA,

3.20%

,

06/15/28

USD

29

$

28,416

Series

2016-3,

Class

AA,

3.00%

,

10/15/28

45

44,244

Series

2017-1,

Class

AA,

3.65%

,

02/15/29

22

21,719

Series

2019-1,

Class

AA,

3.15%

,

02/15/32

68

66,210

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

150

154,114

Gol

Finance

SA,

7.00%,

01/31/25

(b)

.......

37

33,173

JetBlue

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.00%,

11/15/32

...........

95

102,539

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)

.....

44

36,228

United

Airlines

Pass-Through

Trust:

Series

2014-1,

Class

B,

4.75%

,

04/11/22

.

10

9,545

Series

2014-2,

Class

B,

4.63%

,

09/03/22

.

6

5,925

Series

2016-2,

Class

B,

3.65%

,

10/07/25

.

4

4,315

Series

2016-1,

Class

B,

3.65%

,

01/07/26

.

1

1,458

Series

2020-1,

Class

A,

5.88%

,

10/15/27

.

85

91,818

Series

2015-1,

Class

AA,

3.45%

,

12/01/27

13

12,525

Series

2019-2,

Class

B,

3.50%

,

05/01/28

.

42

39,288

Series

2016-1,

Class

AA,

3.10%

,

07/07/28

4

4,126

Series

2016-2,

Class

AA,

2.88%

,

10/07/28

25

25,362

Series

2018-1,

Class

AA,

3.50%

,

03/01/30

9

9,010

Series

2019-2,

Class

AA,

2.70%

,

05/01/32

41

39,325

991,225

Auto

Components

—

0.0%

American

Axle

&

Manufacturing,

Inc.,

6.25%,

04/01/25

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

21

21,735

Magna

International,

Inc.,

2.45%,

06/15/30

..

40

43,027

64,762

Automobiles

—

0.1%

(b)

Hyundai

Capital

America:

3.95%

,

02/01/22

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

120

124,163

2.38%

,

02/10/23

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

173

178,568

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

....

200

225,203

527,934

Banks

—

2.2%

Banco

de

Credito

del

Peru,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

3.13%,

07/01/30

(a)(b)

........

32

32,880

Banco

Internacional

del

Peru

SAA

Interbank,

3.25%,

10/04/26

(b)

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

100

105,813

Banco

Santander

SA,

2.71%,

06/27/24

.....

200

213,555

Bank

of

America

Corp.:

(LIBOR

USD

3

Month

+

0.37%),

2.74%

,

01/23/22

(a)

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

10

10,012

(LIBOR

USD

3

Month

+

0.79%),

3.00%

,

12/20/23

(a)

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

31

32,628

4.20%

,

08/26/24

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

83

92,917

4.00%

,

01/22/25

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

102

114,616

(LIBOR

USD

3

Month

+

0.97%),

3.46%

,

03/15/25

(a)

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

89

96,902

(LIBOR

USD

3

Month

+

1.09%),

3.09%

,

10/01/25

(a)

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

5

5,413

(LIBOR

USD

3

Month

+

0.87%),

2.46%

,

10/22/25

(a)

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

109

116,197

(LIBOR

USD

3

Month

+

0.81%),

3.37%

,

01/23/26

(a)

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

49

53,944

4.45%

,

03/03/26

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

90

104,899

(SOFR

+

1.15%),

1.32%

,

06/19/26

(a)

....

272

277,802

(SOFR

+

1.01%),

1.20%

,

10/24/26

(a)

....

167

169,224

3.25%

,

10/21/27

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

43

48,121

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

1.58%),

3.82%

,

01/20/28

(a)

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

USD

413

$

474,368

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

(a)(g)

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

60

67,800

(LIBOR

USD

3

Month

+

1.51%),

3.71%

,

04/24/28

(a)

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

89

101,323

(LIBOR

USD

3

Month

+

1.37%),

3.59%

,

07/21/28

(a)

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

39

44,305

(LIBOR

USD

3

Month

+

1.04%),

3.42%

,

12/20/28

(a)

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

197

222,520

(LIBOR

USD

3

Month

+

1.07%),

3.97%

,

03/05/29

(a)

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

119

138,943

(LIBOR

USD

3

Month

+

1.31%),

4.27%

,

07/23/29

(a)

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

79

94,069

(LIBOR

USD

3

Month

+

1.18%),

3.19%

,

07/23/30

(a)

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

97

108,707

(SOFR

+

2.15%),

2.59%

,

04/29/31

(a)

....

20

21,435

(SOFR

+

1.37%),

1.92%

,

10/24/31

(a)

....

18

18,238

(SOFR

+

1.93%),

2.68%

,

06/19/41

(a)

....

151

157,326

Barclays

plc,

(LIBOR

USD

3

Month

+

1.90%),

4.97%,

05/16/29

(a)

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

200

239,922

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%),

5.87%,

09/13/34

(a)

...........

200

229,000

BNP

Paribas

SA

(a)(b)

:

(LIBOR

USD

3

Month

+

1.11%),

2.82%

,

11/19/25

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

200

213,185

(SOFR

+

1.51%),

3.05%

,

01/13/31

......

220

240,070

Citigroup,

Inc.:

4.40%

,

06/10/25

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

94

107,471

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

(a)(g)

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

45

46,181

3.20%

,

10/21/26

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

17

19,000

(LIBOR

USD

3

Month

+

1.39%),

3.67%

,

07/24/28

(a)

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

369

418,337

(LIBOR

USD

3

Month

+

1.19%),

4.07%

,

04/23/29

(a)

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

72

84,448

(LIBOR

USD

3

Month

+

1.34%),

3.98%

,

03/20/30

(a)

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

16

18,816

(SOFR

+

1.42%),

2.98%

,

11/05/30

(a)

.....

493

542,947

(SOFR

+

2.11%),

2.57%

,

06/03/31

(a)

.....

45

47,964

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

39

43,949

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

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

280

295,733

Danske

Bank

A/S

(b)

:

5.00%

,

01/12/22

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

200

208,791

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%

,

12/08/23

(a)

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

200

200,901

HSBC

Holdings

plc,

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

(a)

...........

400

473,221

Huntington

National

Bank

(The),

3.25%,

05/14/21

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

259

261,135

ING

Groep

NV:

4.10%

,

10/02/23

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

210

230,710

4.63%

,

01/06/26

(b)

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

233

274,040

JPMorgan

Chase

&

Co.:

(LIBOR

USD

3

Month

+

0.89%),

3.80%

,

07/23/24

(a)

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

68

73,763

(LIBOR

USD

3

Month

+

1.00%),

4.02%

,

12/05/24

(a)

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

274

301,846

3.90%

,

07/15/25

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

144

163,590

(SOFR

+

1.16%),

2.30%

,

10/15/25

(a)

....

53

56,261

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(SOFR

+

1.59%),

2.00%

,

03/13/26

(a)

....

USD

246

$

258,396

3.30%

,

04/01/26

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

214

239,513

(SOFR

+

1.85%),

2.08%

,

04/22/26

(a)

....

40

42,245

3.20%

,

06/15/26

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

56

62,628

2.95%

,

10/01/26

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

106

117,601

4.13%

,

12/15/26

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

60

70,144

(LIBOR

USD

3

Month

+

1.25%),

3.96%

,

01/29/27

(a)

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

71

81,585

(LIBOR

USD

3

Month

+

1.34%),

3.78%

,

02/01/28

(a)

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

117

134,476

(LIBOR

USD

3

Month

+

1.38%),

3.54%

,

05/01/28

(a)

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

431

491,806

(SOFR

+

1.89%),

2.18%

,

06/01/28

(a)

....

86

91,287

(LIBOR

USD

3

Month

+

0.95%),

3.51%

,

01/23/29

(a)

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

79

89,846

(LIBOR

USD

3

Month

+

1.12%),

4.01%

,

04/23/29

(a)

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

64

75,139

(LIBOR

USD

3

Month

+

1.33%),

4.45%

,

12/05/29

(a)

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

25

30,503

(LIBOR

USD

3

Month

+

1.46%),

4.03%

,

07/24/48

(a)

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

23

29,152

(SOFR

+

2.44%),

3.11%

,

04/22/51

(a)

.....

128

142,517

Mitsubishi

UFJ

Financial

Group,

Inc.:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.68%),

0.85%

,

09/15/24

(a)

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

223

224,330

3.78%

,

03/02/25

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

157

175,564

Mizuho

Financial

Group,

Inc.

(a)

:

(LIBOR

USD

3

Month

+

1.10%),

2.55%

,

09/13/25

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

325

343,304

(LIBOR

USD

3

Month

+

1.27%),

1.98%

,

09/08/31

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

202

205,590

Santander

UK

Group

Holdings

plc,

3.13%,

01/08/21

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

64

64,014

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.35%,

01/15/25

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

248

263,153

US

Bancorp,

3.00%,

07/30/29

..........

40

44,676

Washington

Mutual

Escrow

Bonds,

0.00%,

09/29/17

(c)(f)(h)

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

400

—

Wells

Fargo

&

Co.:

3.55%

,

09/29/25

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

68

76,387

3.00%

,

04/22/26

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

83

91,350

3.00%

,

10/23/26

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

89

98,609

(LIBOR

USD

3

Month

+

1.31%),

3.58%

,

05/22/28

(a)

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

69

78,218

4.15%

,

01/24/29

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

35

41,545

(LIBOR

USD

3

Month

+

1.17%),

2.88%

,

10/30/30

(a)

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

141

153,830

(SOFR

+

2.53%),

3.07%

,

04/30/41

(a)

....

197

214,296

11,746,942

Beverages

—

0.3%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

.

74

94,002

Anheuser-Busch

InBev

Worldwide,

Inc.:

4.75%

,

01/23/29

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

368

454,442

3.50%

,

06/01/30

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

168

194,605

4.90%

,

01/23/31

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

114

145,210

5.45%

,

01/23/39

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

236

320,616

Coca-Cola

Co.

(The):

2.50%

,

06/01/40

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

116

123,557

2.75%

,

06/01/60

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

45

48,578

Keurig

Dr

Pepper,

Inc.,

3.20%,

05/01/30

....

103

116,619

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

PepsiCo,

Inc.,

3.38%,

07/29/49

.........

USD

24

$

29,122

1,526,751

Biotechnology

—

0.4%

AbbVie,

Inc.:

2.60%

,

11/21/24

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

297

318,323

3.80%

,

03/15/25

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

274

305,559

3.60%

,

05/14/25

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

35

38,993

3.20%

,

11/21/29

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

151

169,225

4.55%

,

03/15/35

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

77

97,352

4.50%

,

05/14/35

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

144

180,875

4.05%

,

11/21/39

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

15

18,153

4.70%

,

05/14/45

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

92

120,356

Amgen,

Inc.:

2.45%

,

02/21/30

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

60

64,249

4.40%

,

05/01/45

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

132

169,418

Biogen,

Inc.,

2.25%,

05/01/30

..........

100

104,460

Gilead

Sciences,

Inc.:

4.80%

,

04/01/44

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

46

60,703

4.75%

,

03/01/46

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

130

172,302

1,819,968

Building

Products

—

0.1%

Carrier

Global

Corp.:

1.92%

,

02/15/23

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

124

127,741

2.24%

,

02/15/25

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

322

340,728

Johnson

Controls

International

plc,

4.63%,

07/02/44

(d)

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

15

19,780

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

15

16,106

Owens

Corning,

3.88%,

06/01/30

........

12

13,842

Standard

Industries,

Inc.

(b)

:

5.00%

,

02/15/27

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

15

15,675

4.75%

,

01/15/28

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

6

6,315

540,187

Capital

Markets

—

0.8%

Bank

of

New

York

Mellon

Corp.

(The)

(a)

:

Series

E,

(LIBOR

USD

3

Month

+

3.42%),

3.66%

(g)

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

65

65,067

(LIBOR

USD

3

Month

+

1.07%),

3.44%

,

02/07/28

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

90

102,767

Charles

Schwab

Corp.

(The):

3.20%

,

03/02/27

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

24

26,861

3.20%

,

01/25/28

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

20

22,649

E*TRADE

Financial

Corp.,

3.80%,

08/24/27

..

62

71,492

Goldman

Sachs

Group,

Inc.

(The):

3.50%

,

01/23/25

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

68

75,049

3.50%

,

04/01/25

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

661

734,364

3.75%

,

05/22/25

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

92

103,293

(LIBOR

USD

3

Month

+

1.20%),

3.27%

,

09/29/25

(a)

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

115

125,974

(LIBOR

USD

3

Month

+

1.17%),

1.39%

,

05/15/26

(a)

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

62

63,214

(LIBOR

USD

3

Month

+

1.51%),

3.69%

,

06/05/28

(a)

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

135

155,523

Intercontinental

Exchange,

Inc.:

2.10%

,

06/15/30

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

72

74,735

1.85%

,

09/15/32

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

103

103,888

Moody's

Corp.:

4.88%

,

02/15/24

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

13

14,638

3.25%

,

01/15/28

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

30

33,760

Morgan

Stanley:

(SOFR

+

1.15%),

2.72%

,

07/22/25

(a)

....

365

390,395

(SOFR

+

1.99%),

2.19%

,

04/28/26

(a)

....

34

35,912

3.13%

,

07/27/26

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

20

22,355

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.63%

,

01/20/27

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

USD

281

$

321,806

(LIBOR

USD

3

Month

+

1.34%),

3.59%

,

07/22/28

(a)

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

50

57,085

(LIBOR

USD

3

Month

+

1.14%),

3.77%

,

01/24/29

(a)

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

283

328,078

(LIBOR

USD

3

Month

+

1.63%),

4.43%

,

01/23/30

(a)

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

223

271,259

(SOFR

+

1.14%),

2.70%

,

01/22/31

(a)

....

220

239,526

(SOFR

+

1.03%),

1.79%

,

02/13/32

(a)

....

4

4,029

Northern

Trust

Corp.,

3.15%,

05/03/29

.....

30

33,973

State

Street

Corp.,

2.40%,

01/24/30

......

20

21,855

UBS

Group

AG

(b)

:

(LIBOR

USD

3

Month

+

0.95%),

2.86%

,

08/15/23

(a)

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

200

207,334

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(a)

(g)

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

200

219,250

4.13%

,

09/24/25

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

200

229,012

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%),

1.36%

,

01/30/27

(a)

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

200

202,239

4,357,382

Chemicals

—

0.2%

Dow

Chemical

Co.

(The):

9.00%

,

04/01/21

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

55

55,928

4.55%

,

11/30/25

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

25

29,254

3.63%

,

05/15/26

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

38

42,818

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

147

171,600

Ecolab,

Inc.,

4.80%,

03/24/30

..........

54

68,904

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

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

41

47,779

MEGlobal

Canada

ULC,

5.00%,

05/18/25

(b)

..

200

224,500

Sherwin-Williams

Co.

(The):

4.20%

,

01/15/22

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

115

118,377

2.30%

,

05/15/30

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

57

59,524

4.00%

,

12/15/42

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

16

18,780

837,464

Commercial

Services

&

Supplies

—

0.2%

Aramark

Services,

Inc.:

4.75%

,

06/01/26

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

15

15,442

5.00%

,

02/01/28

(b)

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

36

37,935

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(b)

.....

16

16,693

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

32

32,929

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

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

16

16,420

RELX

Capital,

Inc.:

3.50%

,

03/16/23

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

115

122,311

4.00%

,

03/18/29

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

108

128,207

3.00%

,

05/22/30

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

121

134,361

Republic

Services,

Inc.:

2.90%

,

07/01/26

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

42

46,407

3.95%

,

05/15/28

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

70

82,086

2.30%

,

03/01/30

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

20

21,132

1.45%

,

02/15/31

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

36

35,233

3.05%

,

03/01/50

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

17

18,589

Waste

Management,

Inc.,

1.15%,

03/15/28

..

90

90,257

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

16

16,360

814,362

Communications

Equipment

—

0.1%

Juniper

Networks,

Inc.,

5.95%,

03/15/41

....

31

40,802

Motorola

Solutions,

Inc.:

4.60%

,

05/23/29

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

162

194,079

2.30%

,

11/15/30

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

3

3,058

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

5.50%

,

09/01/44

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

USD

65

$

82,775

320,714

Construction

Materials

—

0.0%

US

Concrete,

Inc.,

6.38%,

06/01/24

.......

5

5,125

Consumer

Finance

—

0.2%

Capital

One

Financial

Corp.,

3.90%,

01/29/24

75

82,153

General

Motors

Financial

Co.,

Inc.:

5.20%

,

03/20/23

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

257

281,798

3.70%

,

05/09/23

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

16

16,959

5.10%

,

01/17/24

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

34

38,047

3.50%

,

11/07/24

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

21

22,694

4.35%

,

04/09/25

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

176

196,484

Navient

Corp.:

6.63%

,

07/26/21

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

22

22,468

6.50%

,

06/15/22

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

30

31,747

7.25%

,

09/25/23

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

16

17,536

5.88%

,

10/25/24

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

16

17,000

6.75%

,

06/25/25

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

16

17,400

6.75%

,

06/15/26

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

16

17,380

Toyota

Motor

Credit

Corp.,

2.15%,

02/13/30

..

65

69,831

831,497

Containers

&

Packaging

—

0.0%

Ball

Corp.:

5.25%

,

07/01/25

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

6

6,847

4.88%

,

03/15/26

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

5

5,648

International

Paper

Co.:

6.00%

,

11/15/41

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

38

55,656

4.40%

,

08/15/47

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

11

14,391

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

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

23

24,639

107,181

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.:

5.88%

,

05/15/26

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

21

21,761

4.00%

,

01/15/28

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

26

26,910

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

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

35

36,925

85,596

Diversified

Financial

Services

—

0.2%

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)

...

200

206,875

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

200

238,709

Petronas

Capital

Ltd.,

3.50%,

04/21/30

(b)

....

200

230,453

Shell

International

Finance

BV:

2.38%

,

11/07/29

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

256

275,600

4.38%

,

05/11/45

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

33

43,482

995,119

Diversified

Telecommunication

Services

—

0.5%

AT&T,

Inc.:

4.35%

,

03/01/29

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

30

35,780

4.30%

,

02/15/30

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

51

60,921

2.75%

,

06/01/31

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

40

42,745

2.25%

,

02/01/32

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

45

45,649

2.55%

,

12/01/33

(b)

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

53

54,332

4.50%

,

05/15/35

..................

24

29,123

5.38%

,

10/15/41

..................

34

43,817

5.15%

,

03/15/42

..................

16

20,319

4.90%

,

06/15/42

(d)

.................

20

24,875

3.55%

,

09/15/55

(b)

.................

369

367,747

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

3.80%

,

12/01/57

(b)

.................

USD

131

$

136,887

CCO

Holdings

LLC

(b)

:

5.75%

,

02/15/26

..................

67

69,134

5.50%

,

05/01/26

..................

39

40,414

5.13%

,

05/01/27

..................

85

90,201

5.88%

,

05/01/27

..................

21

21,814

5.00%

,

02/01/28

..................

91

96,232

5.38%

,

06/01/29

..................

41

44,946

4.75%

,

03/01/30

..................

46

49,634

Level

3

Financing,

Inc.:

5.25%

,

03/15/26

..................

23

23,766

4.63%

,

09/15/27

(b)

.................

6

6,267

Verizon

Communications,

Inc.:

4.13%

,

03/16/27

..................

196

231,023

4.33%

,

09/21/28

..................

173

208,332

3.88%

,

02/08/29

..................

108

127,127

3.15%

,

03/22/30

..................

13

14,578

1.50%

,

09/18/30

..................

209

205,889

1.68%

,

10/30/30

(b)

.................

86

85,652

1.75%

,

01/20/31

..................

274

272,631

4.50%

,

08/10/33

..................

162

204,413

4.27%

,

01/15/36

..................

35

43,410

5.25%

,

03/16/37

..................

14

18,973

2.65%

,

11/20/40

..................

77

77,752

4.86%

,

08/21/46

..................

42

56,760

2,851,143

Electric

Utilities

—

0.9%

AEP

Texas,

Inc.:

3.95%

,

06/01/28

..................

81

94,747

Series

H,

3.45%

,

01/15/50

...........

26

29,118

AEP

Transmission

Co.

LLC:

3.80%

,

06/15/49

..................

45

55,563

3.15%

,

09/15/49

..................

45

50,152

Series

M,

3.65%

,

04/01/50

...........

25

30,310

Alabama

Power

Co.:

4.15%

,

08/15/44

..................

10

12,687

3.75%

,

03/01/45

..................

33

39,921

3.45%

,

10/01/49

..................

55

64,529

Baltimore

Gas

&

Electric

Co.:

3.50%

,

08/15/46

..................

50

58,114

3.75%

,

08/15/47

..................

30

36,768

3.20%

,

09/15/49

..................

30

33,503

CenterPoint

Energy

Houston

Electric

LLC,

3.95%,

03/01/48

.................

20

25,170

Dayton

Power

&

Light

Co.

(The),

3.95%,

06/15/49

......................

51

59,205

DTE

Electric

Co.,

Series

A,

4.05%,

05/15/48

.

75

98,575

Duke

Energy

Carolinas

LLC:

3.95%

,

11/15/28

..................

12

14,312

2.45%

,

08/15/29

..................

79

85,136

2.45%

,

02/01/30

..................

102

109,703

3.88%

,

03/15/46

..................

25

30,723

3.95%

,

03/15/48

..................

66

82,668

Duke

Energy

Corp.,

4.80%,

12/15/45

......

5

6,591

Duke

Energy

Florida

LLC:

3.80%

,

07/15/28

..................

15

17,606

2.50%

,

12/01/29

..................

160

174,661

1.75%

,

06/15/30

..................

116

118,610

3.40%

,

10/01/46

..................

25

28,547

4.20%

,

07/15/48

..................

17

21,874

Duke

Energy

Ohio,

Inc.:

3.65%

,

02/01/29

..................

130

150,611

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.13%

,

06/01/30

..................

USD

23

$

24,088

Duke

Energy

Progress

LLC:

3.70%

,

09/01/28

..................

89

104,169

3.45%

,

03/15/29

..................

20

23,232

4.10%

,

05/15/42

..................

29

35,877

4.10%

,

03/15/43

..................

61

75,794

4.20%

,

08/15/45

..................

15

19,047

Edison

International,

3.13%,

11/15/22

.....

1

1,038

Entergy

Louisiana

LLC:

5.40%

,

11/01/24

..................

20

23,542

4.20%

,

09/01/48

..................

75

97,672

Exelon

Corp.,

5.63%,

06/15/35

..........

19

25,698

FirstEnergy

Corp.:

Series

B,

3.90%

,

07/15/27

(d)

..........

42

46,297

2.65%

,

03/01/30

..................

77

77,244

Series

B,

2.25%

,

09/01/30

...........

11

10,640

Series

C,

4.85%

,

07/15/47

(d)

..........

34

42,313

Series

C,

3.40%

,

03/01/50

...........

38

36,398

FirstEnergy

Transmission

LLC

(b)

:

4.35%

,

01/15/25

..................

175

190,788

4.55%

,

04/01/49

..................

155

181,014

Florida

Power

&

Light

Co.:

4.05%

,

10/01/44

..................

17

21,807

3.95%

,

03/01/48

..................

64

83,465

3.99%

,

03/01/49

..................

18

23,423

3.15%

,

10/01/49

..................

99

114,102

MidAmerican

Energy

Co.:

3.65%

,

04/15/29

..................

121

143,717

4.25%

,

07/15/49

..................

42

56,390

3.15%

,

04/15/50

..................

30

34,488

Northern

States

Power

Co.:

3.40%

,

08/15/42

..................

65

75,557

4.00%

,

08/15/45

..................

16

20,730

2.90%

,

03/01/50

..................

20

22,552

NRG

Energy,

Inc.:

7.25%

,

05/15/26

..................

31

32,705

6.63%

,

01/15/27

..................

38

40,129

2.45%

,

12/02/27

(b)

.................

58

61,064

5.75%

,

01/15/28

..................

24

26,220

5.25%

,

06/15/29

(b)

.................

23

25,300

NSTAR

Electric

Co.,

3.25%,

05/15/29

.....

10

11,495

Ohio

Power

Co.:

Series

G,

6.60%

,

02/15/33

...........

50

69,445

4.00%

,

06/01/49

..................

29

36,575

Oncor

Electric

Delivery

Co.

LLC:

3.70%

,

11/15/28

..................

32

37,609

5.30%

,

06/01/42

..................

6

8,576

3.75%

,

04/01/45

..................

14

17,100

3.80%

,

06/01/49

..................

51

63,352

5.35%

,

10/01/52

(b)

.................

9

13,696

Public

Service

Electric

&

Gas

Co.:

3.65%

,

09/01/28

..................

80

92,850

3.20%

,

05/15/29

..................

9

10,263

2.05%

,

08/01/50

..................

10

9,399

Southern

California

Edison

Co.:

Series

A,

2.90%

,

03/01/21

...........

20

20,082

1.85%

,

02/01/22

..................

18

18,254

Series

E,

3.70%

,

08/01/25

...........

26

29,168

Series

20C,

1.20%

,

02/01/26

.........

60

60,713

Series

A,

4.20%

,

03/01/29

...........

33

39,036

2.25%

,

06/01/30

..................

103

107,239

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Tampa

Electric

Co.:

4.30%

,

06/15/48

..................

USD

19

$

24,457

4.45%

,

06/15/49

..................

44

57,636

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

.....................

190

207,523

Virginia

Electric

&

Power

Co.:

Series

C,

2.75%

,

03/15/23

...........

97

101,556

Series

A,

6.00%

,

05/15/37

...........

28

40,990

4.00%

,

01/15/43

..................

52

65,359

Vistra

Operations

Co.

LLC

(b)

:

5.50%

,

09/01/26

..................

30

31,266

5.63%

,

02/15/27

..................

39

41,482

5.00%

,

07/31/27

..................

39

41,340

4.30%

,

07/15/29

..................

128

145,283

4,727,648

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Corning,

Inc.,

4.38%,

11/15/57

..........

22

27,512

Tyco

Electronics

Group

SA,

3.45%,

08/01/24

.

15

16,235

43,747

Energy

Equipment

&

Services

—

0.0%

Odebrecht

Offshore

Drilling

Finance

Ltd.,

1.00%,

(1.00%

Cash

or

7.72%

PIK),

12/01/26

(b)(i)

....................

—

(j)

47

Entertainment

—

0.1%

Activision

Blizzard,

Inc.:

1.35%

,

09/15/30

..................

59

57,921

2.50%

,

09/15/50

..................

45

43,983

NBCUniversal

Media

LLC:

5.95%

,

04/01/41

..................

22

33,601

4.45%

,

01/15/43

..................

54

70,714

Netflix,

Inc.:

4.88%

,

04/15/28

..................

10

11,277

6.38%

,

05/15/29

..................

5

6,175

5.38%

,

11/15/29

(b)

.................

6

7,073

4.88%

,

06/15/30

(b)

.................

6

6,900

Walt

Disney

Co.

(The):

4.75%

,

11/15/46

..................

13

17,662

3.60%

,

01/13/51

..................

129

156,154

411,460

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

American

Tower

Corp.:

5.00%

,

02/15/24

..................

55

62,248

3.38%

,

05/15/24

..................

35

38,058

2.95%

,

01/15/25

..................

38

41,175

2.40%

,

03/15/25

..................

91

96,729

3.95%

,

03/15/29

..................

38

44,225

3.80%

,

08/15/29

..................

47

54,644

1.88%

,

10/15/30

..................

22

22,192

Crown

Castle

International

Corp.:

3.70%

,

06/15/26

..................

96

108,182

3.10%

,

11/15/29

..................

171

188,431

3.30%

,

07/01/30

..................

61

68,276

5.20%

,

02/15/49

..................

11

14,979

4.00%

,

11/15/49

..................

19

22,438

Equinix

,

Inc.:

1.25%

,

07/15/25

..................

8

8,161

1.00%

,

09/15/25

..................

136

136,377

ESH

Hospitality,

Inc.

(b)

:

5.25%

,

05/01/25

..................

39

39,975

4.63%

,

10/01/27

..................

5

5,125

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%

,

05/01/24

..................

USD

71

$

77,117

4.50%

,

09/01/26

..................

19

20,442

5.75%

,

02/01/27

..................

33

37,022

MPT

Operating

Partnership

LP:

5.25%

,

08/01/26

..................

3

3,141

5.00%

,

10/15/27

..................

44

46,805

4.63%

,

08/01/29

..................

6

6,413

National

Retail

Properties,

Inc.,

2.50%,

04/15/30

......................

24

24,706

Prologis

LP:

2.25%

,

04/15/30

..................

55

58,937

1.25%

,

10/15/30

..................

39

38,619

3.00%

,

04/15/50

..................

22

24,317

Realty

Income

Corp.:

3.00%

,

01/15/27

..................

5

5,532

3.25%

,

01/15/31

..................

40

45,345

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

28

28,980

Service

Properties

Trust,

4.35%,

10/01/24

...

46

45,425

VICI

Properties

LP

(b)

:

3.50%

,

02/15/25

..................

23

23,524

4.25%

,

12/01/26

..................

8

8,297

3.75%

,

02/15/27

..................

5

5,112

4.63%

,

12/01/29

..................

6

6,420

4.13%

,

08/15/30

..................

6

6,334

1,463,703

Food

&

Staples

Retailing

—

0.1%

Albertsons

Cos.,

Inc.:

3.50%

,

02/15/23

(b)

.................

24

24,600

5.75%

,

03/15/25

..................

63

64,890

7.50%

,

03/15/26

(b)

.................

41

45,881

4.63%

,

01/15/27

(b)

.................

9

9,574

5.88%

,

02/15/28

(b)

.................

30

32,646

4.88%

,

02/15/30

(b)

.................

6

6,611

Alimentation

Couche-Tard,

Inc.,

3.55%,

07/26/27

(b)

.....................

105

118,228

302,430

Food

Products

—

0.1%

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(b)

..

15

15,950

JBS

USA

LUX

SA

(b)

:

5.75%

,

06/15/25

..................

25

25,794

6.75%

,

02/15/28

..................

29

32,453

6.50%

,

04/15/29

..................

46

53,548

5.50%

,

01/15/30

..................

8

9,190

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%

,

11/01/24

..................

24

25,020

4.88%

,

11/01/26

..................

24

25,087

Mondelez

International,

Inc.:

2.75%

,

04/13/30

..................

52

57,115

1.50%

,

02/04/31

..................

18

17,784

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

....

56

60,738

Post

Holdings,

Inc.

(b)

:

5.75%

,

03/01/27

..................

44

46,585

5.63%

,

01/15/28

..................

32

34,080

5.50%

,

12/15/29

..................

25

27,282

Simmons

Foods,

Inc.,

5.75%,

11/01/24

(b)

....

16

16,340

446,966

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.,

3.38%,

09/15/49

.....

USD

30

$

34,907

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

......................

138

139,331

Eastern

Energy

Gas

Holdings

LLC:

4.80%

,

11/01/43

..................

15

19,265

4.60%

,

12/15/44

..................

12

15,107

Piedmont

Natural

Gas

Co.,

Inc.,

3.64%,

11/01/46

......................

7

8,001

216,611

Health

Care

Equipment

&

Supplies

—

0.0%

Boston

Scientific

Corp.:

4.00%

,

03/01/29

..................

50

58,925

2.65%

,

06/01/30

..................

47

50,342

Teleflex,

Inc.,

4.63%,

11/15/27

..........

15

16,121

125,388

Health

Care

Providers

&

Services

—

0.6%

Aetna,

Inc.,

4.50%,

05/15/42

...........

22

27,103

Anthem,

Inc.:

3.65%

,

12/01/27

..................

24

27,676

4.10%

,

03/01/28

..................

56

66,202

Centene

Corp.:

5.38%

,

06/01/26

(b)

.................

57

60,118

5.38%

,

08/15/26

(b)

.................

23

24,294

4.25%

,

12/15/27

..................

76

80,560

4.63%

,

12/15/29

..................

23

25,535

Cigna

Corp.:

3.25%

,

04/15/25

..................

50

54,920

3.40%

,

03/01/27

..................

32

36,132

4.38%

,

10/15/28

..................

232

280,415

CVS

Health

Corp.:

3.25%

,

08/15/29

..................

488

549,603

5.13%

,

07/20/45

..................

153

205,993

Encompass

Health

Corp.:

4.50%

,

02/01/28

..................

16

16,720

4.75%

,

02/01/30

..................

16

17,140

HCA,

Inc.:

4.75%

,

05/01/23

..................

113

123,235

5.00%

,

03/15/24

..................

287

322,867

5.38%

,

02/01/25

..................

17

19,117

5.25%

,

04/15/25

..................

238

277,908

5.88%

,

02/15/26

..................

10

11,500

5.25%

,

06/15/26

..................

27

31,955

5.38%

,

09/01/26

..................

6

6,896

5.63%

,

09/01/28

..................

10

11,800

5.88%

,

02/01/29

..................

6

7,221

Humana,

Inc.:

4.50%

,

04/01/25

..................

16

18,382

3.13%

,

08/15/29

..................

37

40,853

4.88%

,

04/01/30

..................

31

38,733

Molina

Healthcare,

Inc.,

5.38%,

11/15/22

(d)

..

23

24,351

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

18

19,385

Tenet

Healthcare

Corp.:

4.63%

,

07/15/24

..................

45

46,126

4.63%

,

09/01/24

(b)

.................

18

18,585

5.13%

,

05/01/25

..................

87

88,696

4.88%

,

01/01/26

(b)

.................

65

67,997

6.25%

,

02/01/27

(b)

.................

98

103,880

5.13%

,

11/01/27

(b)

.................

10

10,587

UnitedHealth

Group,

Inc.:

3.85%

,

06/15/28

..................

76

90,362

2.75%

,

05/15/40

..................

203

220,220

4.75%

,

07/15/45

..................

45

63,311

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

4.20%

,

01/15/47

..................

USD

24

$

31,701

3,168,079

Hotels,

Restaurants

&

Leisure

—

0.2%

1011778

BC

ULC,

3.88%,

01/15/28

(b)

......

5

5,079

Boyd

Gaming

Corp.:

6.38%

,

04/01/26

..................

22

22,854

6.00%

,

08/15/26

..................

20

20,750

Caesars

Resort

Collection

LLC,

5.25%,

10/15/25

(b)

.....................

53

53,561

Cedar

Fair

LP:

5.50%

,

05/01/25

(b)

.................

19

19,808

5.38%

,

04/15/27

..................

31

31,697

5.25%

,

07/15/29

..................

31

31,916

Churchill

Downs,

Inc.

(b)

:

5.50%

,

04/01/27

..................

41

43,409

4.75%

,

01/15/28

..................

19

19,997

Hilton

Domestic

Operating

Co.,

Inc.:

5.13%

,

05/01/26

..................

37

38,202

4.88%

,

01/15/30

..................

6

6,555

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

......................

20

21,169

Hyatt

Hotels

Corp.,

5.38%,

04/23/25

......

16

18,082

Marriott

Ownership

Resorts,

Inc.,

6.50%,

09/15/26

......................

24

25,080

McDonald's

Corp.:

2.63%

,

09/01/29

..................

19

20,796

3.60%

,

07/01/30

..................

112

131,269

4.88%

,

12/09/45

..................

23

31,249

4.45%

,

09/01/48

..................

77

100,799

MGM

Resorts

International:

5.75%

,

06/15/25

..................

4

4,423

4.63%

,

09/01/26

..................

3

3,174

5.50%

,

04/15/27

..................

4

4,458

Scientific

Games

International,

Inc.,

5.00%,

10/15/25

(b)

.....................

34

35,084

Starbucks

Corp.,

2.25%,

03/12/30

........

153

161,956

Station

Casinos

LLC,

5.00%,

10/01/25

(b)

....

18

18,208

Wyndham

Hotels

&

Resorts,

Inc.,

5.38%,

04/15/26

(b)

.....................

15

15,525

Wynn

Las

Vegas

LLC

(b)

:

5.50%

,

03/01/25

..................

72

75,150

5.25%

,

05/15/27

..................

36

37,107

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

30

31,425

1,028,782

Household

Durables

—

0.0%

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

(b)

.....................

39

41,486

Century

Communities,

Inc.,

6.75%,

06/01/27

.

16

17,083

Lennar

Corp.:

4.13%

,

01/15/22

..................

14

14,333

4.50%

,

04/30/24

..................

17

18,785

4.75%

,

05/30/25

..................

3

3,427

4.75%

,

11/29/27

..................

6

7,091

Mattamy

Group

Corp.,

5.25%,

12/15/27

(b)

...

3

3,173

PulteGroup,

Inc.:

5.50%

,

03/01/26

..................

5

5,950

5.00%

,

01/15/27

..................

4

4,720

Taylor

Morrison

Communities,

Inc.,

5.88%,

06/15/27

(b)

.....................

3

3,400

Tempur

Sealy

International,

Inc.,

5.50%,

06/15/26

......................

39

40,587

160,035

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Household

Products

—

0.0%

Spectrum

Brands,

Inc.,

5.75%,

07/15/25

....

USD

28

$

28,913

Industrial

Conglomerates

—

0.1%

3M

Co.,

2.38%,

08/26/29

.............

41

44,363

General

Electric

Co.:

5.88%

,

01/14/38

..................

83

112,493

6.88%

,

01/10/39

..................

22

32,386

4.25%

,

05/01/40

..................

28

33,101

Honeywell

International,

Inc.,

1.95%,

06/01/30

22

23,245

Roper

Technologies,

Inc.,

1.75%,

02/15/31

..

64

63,754

309,342

Insurance

—

0.2%

Ambac

Assurance

Corp.,

5.10%

(b)(g)

.......

5

6,696

Ambac

LSNI

LLC,

(LIBOR

USD

3

Month

+

5.00%),

6.00%,

02/12/23

(a)(b)

..........

25

25,171

American

International

Group,

Inc.,

3.40%,

06/30/30

......................

92

105,418

Aon

Corp.:

4.50%

,

12/15/28

..................

122

147,233

3.75%

,

05/02/29

..................

149

173,824

Aon

plc,

4.25%,

12/12/42

.............

9

10,836

Hartford

Financial

Services

Group,

Inc.

(The):

5.95%

,

10/15/36

..................

18

25,220

4.30%

,

04/15/43

..................

15

18,915

Marsh

&

McLennan

Cos.,

Inc.:

4.38%

,

03/15/29

..................

46

56,006

2.25%

,

11/15/30

..................

149

157,748

MetLife,

Inc.,

4.72%,

12/15/44

(d)

.........

15

20,583

Trinity

Acquisition

plc,

4.40%,

03/15/26

.....

20

23,302

770,952

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.,

3.88%,

08/22/37

......

97

121,004

Booking

Holdings,

Inc.,

4.10%,

04/13/25

....

208

235,891

Expedia

Group,

Inc.:

6.25%

,

05/01/25

(b)

.................

52

60,273

3.80%

,

02/15/28

..................

51

54,781

471,949

IT

Services

—

0.4%

DXC

Technology

Co.,

4.00%,

04/15/23

.....

99

105,319

Fidelity

National

Information

Services,

Inc.,

3.00%,

08/15/26

.................

76

84,566

Fiserv,

Inc.:

3.20%

,

07/01/26

..................

95

106,417

3.50%

,

07/01/29

..................

228

260,343

2.65%

,

06/01/30

..................

67

72,489

Global

Payments,

Inc.:

3.80%

,

04/01/21

..................

20

20,110

4.80%

,

04/01/26

..................

113

134,100

4.45%

,

06/01/28

..................

25

29,578

3.20%

,

08/15/29

..................

115

127,252

International

Business

Machines

Corp.:

3.30%

,

05/15/26

..................

150

169,494

6.50%

,

01/15/28

..................

11

14,712

3.50%

,

05/15/29

..................

100

115,708

1.95%

,

05/15/30

..................

300

309,216

Mastercard

,

Inc.:

2.95%

,

06/01/29

..................

103

115,603

3.35%

,

03/26/30

..................

95

110,461

PayPal

Holdings,

Inc.:

1.65%

,

06/01/25

..................

48

50,149

2.65%

,

10/01/26

..................

14

15,389

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Visa,

Inc.,

4.15%,

12/14/35

............

USD

139

$

180,671

2,021,577

Leisure

Products

—

0.0%

Hasbro,

Inc.,

2.60%,

11/19/22

..........

130

135,003

Life

Sciences

Tools

&

Services

—

0.1%

Agilent

Technologies,

Inc.:

3.05%

,

09/22/26

..................

115

125,489

2.10%

,

06/04/30

..................

74

76,595

Charles

River

Laboratories

International,

Inc.

(b)

:

5.50%

,

04/01/26

..................

12

12,569

4.25%

,

05/01/28

..................

3

3,142

Thermo

Fisher

Scientific,

Inc.:

2.60%

,

10/01/29

..................

37

40,512

4.50%

,

03/25/30

..................

259

323,691

581,998

Machinery

—

0.0%

CNH

Industrial

NV,

3.85%,

11/15/27

......

4

4,506

Colfax

Corp.,

6.00%,

02/15/24

(b)

.........

20

20,725

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

60

64,430

Parker-Hannifin

Corp.:

2.70%

,

06/14/24

..................

25

26,812

3.25%

,

06/14/29

..................

30

34,045

Terex

Corp.,

5.63%,

02/01/25

(b)

.........

38

39,145

189,663

Media

—

0.5%

AMC

Networks,

Inc.:

5.00%

,

04/01/24

..................

30

30,487

4.75%

,

08/01/25

..................

24

24,785

Charter

Communications

Operating

LLC:

6.38%

,

10/23/35

..................

53

72,613

6.48%

,

10/23/45

..................

152

214,998

5.38%

,

05/01/47

..................

61

76,134

5.75%

,

04/01/48

..................

120

157,013

4.80%

,

03/01/50

..................

16

19,110

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

................

41

41,410

Comcast

Corp.:

2.35%

,

01/15/27

..................

77

82,853

3.15%

,

02/15/28

..................

100

112,861

2.65%

,

02/01/30

..................

172

188,165

3.40%

,

04/01/30

..................

142

164,202

1.95%

,

01/15/31

..................

216

221,819

3.90%

,

03/01/38

..................

22

26,924

6.40%

,

05/15/38

..................

21

32,717

4.60%

,

10/15/38

..................

54

71,162

3.75%

,

04/01/40

..................

39

47,113

3.40%

,

07/15/46

..................

41

47,202

4.00%

,

11/01/49

..................

45

56,808

2.65%

,

08/15/62

..................

104

104,115

Cox

Communications,

Inc.

(b)

:

3.25%

,

12/15/22

..................

30

31,600

3.15%

,

08/15/24

..................

203

220,095

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

20

16,250

Discovery

Communications

LLC:

4.13%

,

05/15/29

..................

22

25,681

4.00%

,

09/15/55

(b)

.................

60

67,158

Gray

Television,

Inc.

(b)

:

5.88%

,

07/15/26

..................

23

24,121

7.00%

,

05/15/27

..................

25

27,375

iHeartCommunications

,

Inc.:

6.38%

,

05/01/26

..................

27

28,890

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Media

(continued)

5.25%

,

08/15/27

(b)

.................

USD

23

$

24,150

4.75%

,

01/15/28

(b)

.................

3

3,079

Lamar

Media

Corp.:

5.75%

,

02/01/26

..................

21

21,656

3.75%

,

02/15/28

..................

4

4,111

Meredith

Corp.,

6.88%,

02/01/26

........

41

39,975

Nexstar

Broadcasting,

Inc.,

5.63%,

07/15/27

(b)

37

39,636

Omnicom

Group,

Inc.,

2.45%,

04/30/30

....

41

43,546

Outfront

Media

Capital

LLC

(b)

:

5.00%

,

08/15/27

..................

42

42,735

4.63%

,

03/15/30

..................

3

3,067

Sirius

XM

Radio,

Inc.

(b)

:

4.63%

,

07/15/24

..................

45

46,631

5.38%

,

07/15/26

..................

24

25,020

5.00%

,

08/01/27

..................

47

49,938

5.50%

,

07/01/29

..................

39

42,912

TEGNA,

Inc.:

4.63%

,

03/15/28

(b)

.................

6

6,135

5.00%

,

09/15/29

..................

7

7,395

ViacomCBS

,

Inc.:

6.88%

,

04/30/36

..................

46

66,536

4.38%

,

03/15/43

..................

64

75,614

2,775,797

Metals

&

Mining

—

0.1%

Anglo

American

Capital

plc,

5.63%,

04/01/30

(b)

200

254,126

FMG

Resources

Pty.

Ltd.

(b)

:

4.75%

,

05/15/22

..................

23

23,661

5.13%

,

03/15/23

..................

15

15,844

4.50%

,

09/15/27

..................

4

4,444

Freeport-McMoRan,

Inc.:

5.00%

,

09/01/27

..................

4

4,240

5.25%

,

09/01/29

..................

4

4,450

Newmont

Corp.,

2.25%,

10/01/30

........

102

107,348

Nucor

Corp.,

3.95%,

05/01/28

..........

23

27,057

Steel

Dynamics,

Inc.,

2.80%,

12/15/24

.....

35

37,628

Teck

Resources

Ltd.,

6.13%,

10/01/35

.....

27

34,816

Vale

Overseas

Ltd.,

3.75%,

07/08/30

......

25

27,773

541,387

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.:

3.80%

,

05/15/28

..................

50

58,280

3.25%

,

03/15/50

..................

40

46,747

Consumers

Energy

Co.:

3.75%

,

02/15/50

..................

92

115,701

3.10%

,

08/15/50

..................

20

23,119

3.50%

,

08/01/51

..................

35

42,817

286,664

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

15

17,188

BP

Capital

Markets

America,

Inc.:

3.79%

,

02/06/24

..................

55

60,106

3.19%

,

04/06/25

..................

34

37,400

3.41%

,

02/11/26

..................

57

63,906

3.59%

,

04/14/27

..................

25

28,433

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

4

4,052

Cameron

LNG

LLC

(b)

:

3.30%

,

01/15/35

..................

80

90,276

3.40%

,

01/15/38

..................

100

109,032

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%

,

03/31/25

..................

113

131,507

5.13%

,

06/30/27

..................

108

127,761

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Energy

Partners

LP:

5.25%

,

10/01/25

..................

USD

21

$

21,551

5.63%

,

10/01/26

..................

16

16,640

4.50%

,

10/01/29

..................

10

10,578

Chevron

Corp.,

3.08%,

05/11/50

.........

37

41,303

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

34

31,280

Concho

Resources,

Inc.,

3.75%,

10/01/27

...

147

168,008

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

17

17,361

DCP

Midstream

Operating

LP:

5.38%

,

07/15/25

..................

5

5,494

5.13%

,

05/15/29

..................

4

4,437

Diamondback

Energy,

Inc.,

3.50%,

12/01/29

.

173

184,819

Energy

Transfer

Operating

LP:

3.60%

,

02/01/23

..................

80

83,810

4.50%

,

04/15/24

..................

69

75,464

4.05%

,

03/15/25

..................

44

48,268

2.90%

,

05/15/25

..................

136

143,883

6.50%

,

02/01/42

..................

105

128,099

Energy

Transfer

Partners

LP,

5.88%,

03/01/22

86

89,915

Enterprise

Products

Operating

LLC:

Series

D,

6.88%

,

03/01/33

...........

9

12,603

7.55%

,

04/15/38

..................

13

19,841

5.95%

,

02/01/41

..................

35

48,118

4.25%

,

02/15/48

..................

74

86,764

4.20%

,

01/31/50

..................

70

82,236

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

93

107,912

Kinder

Morgan

Energy

Partners

LP:

6.38%

,

03/01/41

..................

28

37,021

4.70%

,

11/01/42

..................

29

33,194

Kinder

Morgan,

Inc.,

5.30%,

12/01/34

.....

28

34,507

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)

....

29

30,870

Marathon

Petroleum

Corp.:

4.75%

,

09/15/44

..................

16

18,380

5.85%

,

12/15/45

..................

25

30,893

Matador

Resources

Co.,

5.88%,

09/15/26

...

7

6,860

MPLX

LP:

1.75%

,

03/01/26

..................

54

55,885

2.65%

,

08/15/30

..................

86

90,129

5.20%

,

03/01/47

..................

19

23,113

NGPL

PipeCo

LLC

(b)

:

4.38%

,

08/15/22

..................

48

50,009

4.88%

,

08/15/27

..................

47

53,249

7.77%

,

12/15/37

..................

31

41,911

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

135

154,466

Petrobras

Global

Finance

BV:

5.09%

,

01/15/30

..................

29

32,335

6.75%

,

06/03/50

..................

10

12,384

Sabine

Pass

Liquefaction

LLC:

5.75%

,

05/15/24

..................

214

244,664

5.63%

,

03/01/25

..................

515

600,656

5.88%

,

06/30/26

..................

65

78,592

SM

Energy

Co.:

5.63%

,

06/01/25

..................

3

2,445

6.75%

,

09/15/26

..................

3

2,415

6.63%

,

01/15/27

..................

3

2,393

Suncor

Energy,

Inc.:

6.80%

,

05/15/38

..................

31

43,490

6.50%

,

06/15/38

..................

30

41,934

Sunoco

Logistics

Partners

Operations

LP:

4.25%

,

04/01/24

..................

110

119,106

5.95%

,

12/01/25

..................

30

35,390

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Sunoco

LP:

4.88%

,

01/15/23

..................

USD

13

$

13,164

5.50%

,

02/15/26

..................

11

11,275

6.00%

,

04/15/27

..................

9

9,567

Targa

Resources

Partners

LP:

5.13%

,

02/01/25

..................

15

15,375

5.88%

,

04/15/26

..................

30

31,807

5.38%

,

02/01/27

..................

15

15,755

6.50%

,

07/15/27

..................

24

26,040

5.00%

,

01/15/28

..................

5

5,278

6.88%

,

01/15/29

..................

24

27,030

5.50%

,

03/01/30

..................

6

6,514

Texas

Eastern

Transmission

LP

(b)

:

3.50%

,

01/15/28

..................

70

76,719

4.15%

,

01/15/48

..................

30

33,316

Total

Capital

International

SA:

3.70%

,

01/15/24

..................

25

27,386

2.43%

,

01/10/25

..................

52

55,502

TransCanada

PipeLines

Ltd.:

4.63%

,

03/01/34

..................

32

39,105

7.63%

,

01/15/39

..................

10

15,594

Transcontinental

Gas

Pipe

Line

Co.

LLC:

7.85%

,

02/01/26

..................

56

73,405

4.00%

,

03/15/28

..................

91

105,009

4.60%

,

03/15/48

..................

20

24,281

3.95%

,

05/15/50

..................

64

72,389

Williams

Cos.,

Inc.

(The):

Series

A,

7.50%

,

01/15/31

...........

20

27,188

8.75%

,

03/15/32

(d)

.................

12

17,554

4,703,589

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC:

1.75%

,

09/30/25

(b)

.................

22

23,001

2.10%

,

04/30/27

(b)

.................

48

50,676

7.75%

,

11/15/29

..................

20

29,587

2.30%

,

04/30/30

(b)

.................

26

27,798

131,062

Pharmaceuticals

—

0.3%

AstraZeneca

plc:

4.00%

,

01/17/29

..................

22

26,214

1.38%

,

08/06/30

..................

143

141,546

Bausch

Health

Americas,

Inc.

(b)

:

9.25%

,

04/01/26

..................

46

51,290

8.50%

,

01/31/27

..................

53

58,945

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%

,

11/01/25

..................

44

45,597

9.00%

,

12/15/25

..................

46

50,782

5.75%

,

08/15/27

..................

9

9,652

7.00%

,

01/15/28

..................

23

25,282

7.25%

,

05/30/29

..................

23

25,854

Bristol-Myers

Squibb

Co.,

4.25%,

10/26/49

..

19

25,694

Elanco

Animal

Health,

Inc.

(d)

:

5.27%

,

08/28/23

..................

23

25,127

5.90%

,

08/28/28

..................

5

5,900

Johnson

&

Johnson,

3.50%,

01/15/48

.....

34

42,120

Merck

&

Co.,

Inc.:

3.40%

,

03/07/29

..................

71

82,600

1.45%

,

06/24/30

..................

60

60,835

Pfizer,

Inc.:

3.45%

,

03/15/29

..................

126

147,266

2.63%

,

04/01/30

..................

42

46,878

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Takeda

Pharmaceutical

Co.

Ltd.:

5.00%

,

11/26/28

..................

USD

200

$

248,500

2.05%

,

03/31/30

..................

200

204,718

Wyeth

LLC,

5.95%,

04/01/37

...........

33

49,472

1,374,272

Real

Estate

Management

&

Development

—

0.0%

Howard

Hughes

Corp.

(The),

5.38%,

03/15/25

(b)

30

30,938

Road

&

Rail

—

0.2%

Burlington

Northern

Santa

Fe

LLC:

5.05%

,

03/01/41

..................

10

13,935

5.40%

,

06/01/41

..................

2

2,913

4.40%

,

03/15/42

..................

63

83,523

CSX

Corp.:

4.25%

,

03/15/29

..................

48

58,149

4.30%

,

03/01/48

..................

89

114,262

4.25%

,

11/01/66

..................

11

14,724

Norfolk

Southern

Corp.:

2.90%

,

06/15/26

..................

77

85,171

4.80%

,

08/15/43

..................

20

24,766

3.40%

,

11/01/49

..................

44

50,192

4.05%

,

08/15/52

..................

14

17,822

Penske

Truck

Leasing

Co.

LP

(b)

:

4.25%

,

01/17/23

..................

40

42,975

2.70%

,

03/14/23

..................

50

52,277

2.70%

,

11/01/24

..................

15

16,070

3.95%

,

03/10/25

..................

14

15,681

4.00%

,

07/15/25

..................

65

73,711

1.20%

,

11/15/25

..................

23

23,197

Ryder

System,

Inc.,

4.63%,

06/01/25

......

195

225,952

Union

Pacific

Corp.:

2.75%

,

03/01/26

..................

10

10,935

3.38%

,

02/01/35

..................

26

30,428

3.60%

,

09/15/37

..................

32

37,327

4.38%

,

09/10/38

..................

23

28,919

3.95%

,

08/15/59

..................

53

65,310

3.84%

,

03/20/60

..................

38

47,038

2.97%

,

09/16/62

(b)

.................

20

20,890

1,156,167

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Applied

Materials,

Inc.,

2.75%,

06/01/50

....

60

65,279

Broadcom

Corp.,

3.88%,

01/15/27

.......

271

304,145

Broadcom,

Inc.:

2.25%

,

11/15/23

..................

131

136,814

4.70%

,

04/15/25

..................

237

271,594

4.11%

,

09/15/28

..................

17

19,456

4.75%

,

04/15/29

..................

80

95,418

5.00%

,

04/15/30

..................

94

114,268

Intel

Corp.,

3.73%,

12/08/47

...........

108

129,067

KLA

Corp.:

4.10%

,

03/15/29

..................

93

111,457

3.30%

,

03/01/50

..................

112

126,386

Lam

Research

Corp.:

3.75%

,

03/15/26

..................

116

132,593

4.88%

,

03/15/49

..................

78

112,746

NVIDIA

Corp.:

3.20%

,

09/16/26

..................

43

48,687

2.85%

,

04/01/30

..................

150

168,741

3.50%

,

04/01/50

..................

50

60,654

NXP

BV

(b)

:

4.30%

,

06/18/29

..................

156

185,924

3.40%

,

05/01/30

..................

77

87,319

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

QUALCOMM,

Inc.:

4.30%

,

05/20/47

..................

USD

43

$

58,303

3.25%

,

05/20/50

..................

47

54,557

2,283,408

Software

—

0.2%

Autodesk,

Inc.:

4.38%

,

06/15/25

..................

5

5,718

3.50%

,

06/15/27

..................

146

164,578

Microsoft

Corp.:

4.20%

,

11/03/35

..................

70

91,907

3.70%

,

08/08/46

..................

149

188,930

Oracle

Corp.:

4.30%

,

07/08/34

..................

23

29,109

3.90%

,

05/15/35

..................

134

164,528

3.85%

,

07/15/36

..................

36

43,472

3.80%

,

11/15/37

..................

26

31,404

3.60%

,

04/01/40

..................

68

79,641

4.13%

,

05/15/45

..................

242

298,725

4.38%

,

05/15/55

..................

93

122,100

1,220,112

Specialty

Retail

—

0.1%

Home

Depot,

Inc.

(The),

2.95%,

06/15/29

...

170

193,237

Lowe's

Cos.,

Inc.:

4.00%

,

04/15/25

..................

76

86,352

3.65%

,

04/05/29

..................

62

72,352

3.70%

,

04/15/46

..................

23

27,272

3.00%

,

10/15/50

..................

25

26,740

405,953

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.:

3.85%

,

05/04/43

..................

87

109,915

3.85%

,

08/04/46

..................

28

36,007

2.55%

,

08/20/60

..................

64

65,823

Dell

International

LLC,

8.10%,

07/15/36

(b)

...

60

88,733

Hewlett

Packard

Enterprise

Co.:

4.65%

,

10/01/24

..................

88

99,889

1.75%

,

04/01/26

..................

78

80,782

HP,

Inc.,

6.00%,

09/15/41

.............

15

19,597

Seagate

HDD

Cayman,

4.09%,

06/01/29

(b)

..

32

34,280

535,026

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.

(b)

:

4.63%

,

05/15/24

..................

29

30,377

4.88%

,

05/15/26

..................

6

6,518

NIKE,

Inc.,

2.75%,

03/27/27

...........

130

143,848

Under

Armour,

Inc.,

3.25%,

06/15/26

......

4

4,025

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

15

15,788

200,556

Thrifts

&

Mortgage

Finance

—

0.1%

BPCE

SA,

2.70%,

10/01/29

(b)

...........

274

294,588

Quicken

Loans,

Inc.,

5.25%,

01/15/28

(b)

....

31

33,093

Washington

Mutual

Escrow

Bonds,

0.00%,

11/06/09

(c)(f)(h)

...................

100

—

327,681

Tobacco

—

0.2%

Altria

Group,

Inc.:

4.00%

,

01/31/24

..................

55

60,388

4.40%

,

02/14/26

..................

172

199,704

5.80%

,

02/14/39

..................

179

235,846

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

BAT

Capital

Corp.:

3.22%

,

08/15/24

..................

USD

151

$

163,476

3.22%

,

09/06/26

..................

10

11,014

4.91%

,

04/02/30

..................

118

142,508

2.73%

,

03/25/31

..................

57

59,037

4.54%

,

08/15/47

..................

28

31,092

BAT

International

Finance

plc,

1.67%,

03/25/26

71

72,677

Philip

Morris

International,

Inc.:

1.75%

,

11/01/30

..................

39

39,484

4.25%

,

11/10/44

..................

25

31,487

Reynolds

American,

Inc.,

5.85%,

08/15/45

...

78

99,743

1,146,456

Trading

Companies

&

Distributors

—

0.0%

Beacon

Roofing

Supply,

Inc.,

4.88%,

11/01/25

(b)

39

39,926

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

39

41,340

United

Rentals

North

America,

Inc.:

5.88%

,

09/15/26

..................

31

32,820

5.50%

,

05/15/27

..................

31

33,170

3.88%

,

11/15/27

..................

5

5,237

4.88%

,

01/15/28

..................

52

55,380

5.25%

,

01/15/30

..................

5

5,550

213,423

Transportation

Infrastructure

—

0.0%

DP

World

Crescent

Ltd.,

3.91%,

05/31/23

...

200

210,938

Wireless

Telecommunication

Services

—

0.3%

America

Movil

SAB

de

CV,

2.88%,

05/07/30

..

200

217,325

Empresa

Nacional

de

Telecomunicaciones

SA,

4.75%,

08/01/26

(b)

................

200

223,687

Sprint

Corp.:

7.63%

,

02/15/25

..................

53

63,379

7.63%

,

03/01/26

..................

53

65,784

Sprint

Spectrum

Co.

LLC,

3.36%,

09/20/21

(b)(d)

53

53,183

T-Mobile

USA,

Inc.

(b)

:

3.50%

,

04/15/25

..................

85

93,923

3.75%

,

04/15/27

..................

210

239,148

3.88%

,

04/15/30

..................

353

408,845

2.55%

,

02/15/31

..................

44

46,203

Vodafone

Group

plc:

4.13%

,

05/30/25

..................

5

5,717

5.25%

,

05/30/48

..................

102

142,081

4.25%

,

09/17/50

..................

43

53,258

1,612,533

Total

Corporate

Bonds

—

13.0%

(Cost:

$65,103,830)

...............................

68,178,571

Floating

Rate

Loan

Interests

—

0.0%

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

0.00%),

4.00%

,

 02/21/23

(a)(c)

................

10

9,490

Total

Floating

Rate

Loan

Interests

—

0.0%

(Cost:

$10,000)

.................................

9,490

Foreign

Agency

Obligations

—

0.1%

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)

.............

28

19,390

Colombia

—

0.0%

Ecopetrol

SA:

5.38%

,

06/26/26

..................

115

132,214

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

6.88%

,

04/29/30

..................

USD

11

$

14,111

146,325

Mexico

—

0.1%

Petroleos

Mexicanos

:

6.38%

,

01/23/45

..................

52

47,154

6.35%

,

02/12/48

..................

80

71,875

7.69%

,

01/23/50

..................

40

40,330

6.95%

,

01/28/60

..................

163

153,000

312,359

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

2.25%

,

11/24/30

(b)

....

200

202,750

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$607,507)

.................................

680,824

Foreign

Government

Obligations

—

2.4%

China

—

1.4%

People's

Republic

of

China:

1.99%

,

04/09/25

..................

CNY

21,550

3,183,037

2.41%

,

06/19/25

..................

4,200

632,323

2.85%

,

06/04/27

..................

3,000

452,414

3.29%

,

05/23/29

..................

800

123,716

2.68%

,

05/21/30

..................

20,690

3,048,791

7,440,281

Colombia

—

0.1%

Republic

of

Colombia:

6.25%

,

11/26/25

..................

COP

121,600

38,972

3.88%

,

04/25/27

..................

USD

340

377,910

4.50%

,

03/15/29

..................

240

277,200

694,082

Egypt

—

0.1%

Arab

Republic

of

Egypt,

6.38%

,

04/11/31

(b)

...

EUR

200

262,273

Hungary

—

0.0%

Hungary

Government

Bond,

5.38%

,

03/25/24

.

USD

140

159,441

Indonesia

—

0.2%

Republic

of

Indonesia:

4.45%

,

02/11/24

..................

200

221,500

2.85%

,

02/14/30

..................

200

215,625

6.50%

,

02/15/31

..................

IDR

1,949,000

144,198

6.63%

,

05/15/33

..................

328,000

23,579

7.50%

,

06/15/35

..................

2,351,000

184,195

8.38%

,

04/15/39

..................

1,272,000

105,924

7.38%

,

05/15/48

..................

1,354,000

100,466

995,487

Mexico

—

0.2%

United

Mexican

States:

2.66%

,

05/24/31

..................

USD

935

961,647

7.75%

,

11/23/34

..................

MXN

13

76,708

10.00%

,

11/20/36

.................

11

77,116

8.50%

,

11/18/38

..................

17

104,732

1,220,203

Panama

—

0.0%

Republic

of

Panama,

3.88%

,

03/17/28

......

USD

200

229,563

Peru

—

0.1%

Peru

Government

Bond:

2.78%

,

12/01/60

..................

20

20,130

Security

Par

(000)

Par

(000)

Value

Peru

(continued)

3.23%

,

07/28/21

..................

USD

17

$

16,992

Republic

of

Peru,

4.13%

,

08/25/27

........

179

209,933

247,055

Philippines

—

0.1%

Republic

of

Philippines,

3.00%

,

02/01/28

....

260

287,357

Russia

—

0.1%

Russian

Federation:

7.75%

,

09/16/26

..................

RUB

13,570

203,606

8.15%

,

02/03/27

..................

5,608

85,912

6.00%

,

10/06/27

..................

3,125

42,976

6.90%

,

05/23/29

..................

6,454

93,661

8.50%

,

09/17/31

..................

16,167

261,812

687,967

Ukraine

—

0.1%

Ukraine

Government

Bond:

7.38%

,

09/25/32

..................

USD

200

219,750

7.25%

,

03/15/33

..................

200

218,000

437,750

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay:

4.38%

,

10/27/27

..................

90

106,397

5.10%

,

06/18/50

..................

30

41,981

148,378

Total

Foreign

Government

Obligations

—

2.4%

(Cost:

$12,134,623)

...............................

12,809,837

Shares

Shares

Investment

Companies

—

2.9%*

BlackRock

Allocation

Target

Shares-

BATS

Series

A

........................

1,362,539

13,611,764

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

16,640

1,452,672

Total

Investment

Companies

—

2.9%

(Cost:

$14,966,519)

...............................

15,064,436

Par

(000)

Par

(000)

Municipal

Bonds

—

0.2%

California

-

0.1%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

..................

45

82,703

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

50

82,551

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

60

90,302

State

of

California,

Series

2018,

GO,

4.60%, 04/01/38

..................

165

198,028

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

..................

50

71,609

525,193

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

44

65,775

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

..................

175

186,925

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

USD

10

$

10,851

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

...............

66

110,702

New

York

-

0.0%

New

York

City

Water

&

Sewer

System,

Series

2011CC,

RB,

5.88%, 06/15/44

.........

50

80,388

Port

Authority

of

New

York

&

New

Jersey,

Series

2014-181,

RB,

4.96%, 08/01/46

...

15

20,354

100,742

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

...............

30

55,717

Texas

-

0.0%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

45

66,758

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

..................

50

75,233

141,991

Total

Municipal

Bonds

—

0.2%

(Cost:

$1,014,303)

...............................

1,197,896

Non-Agency

Mortgage-Backed

Securities

—

1.2%

Collateralized

Mortgage

Obligations

—

0.5%

Alternative

Loan

Trust:

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.50%,

06/25/35

(a)

...

51

40,179

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.75%,

01/25/36

(a)

...

20

18,337

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

22

16,056

Series

2006-OA21,

Class

A1,

(LIBOR

USD

1

Month

+

0.19%),

0.34%,

03/20/47

(a)

...

745

617,488

Series

2006-OA9,

Class

2A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.35%,

07/20/46

(a)

..

113

88,277

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.23%),

0.38%,

11/25/36

(a)

..

23

21,315

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.29%,

04/25/47

(a)

...

31

28,465

Series

2007-OA3,

Class

2A2,

(LIBOR

USD

1

Month

+

0.18%),

0.33%,

04/25/47

(a)

...

1

15

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.18%),

0.33%,

06/25/47

(a)

...

21

16,044

Series

2007-OH2,

Class

A2A,

(LIBOR

USD

1

Month

+

0.24%),

0.39%,

08/25/47

(a)

..

9

8,525

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.55%,

10/25/46

(a)

...........

57

46,814

APS

Resecuritization

Trust

(a)(b)

:

Series

2016-1,

Class

1MZ,

4.08%,

07/31/57

129

45,745

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

3.00%,

09/27/46

....

77

76,415

Series

2016-3,

Class

4A,

(LIBOR

USD

1

Month

+

2.60%),

2.75%,

04/27/47

....

24

23,594

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

135

129,661

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.43%,

08/25/36

(a)

...........

33

32,813

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

USD

318

$

208,049

CHL

Mortgage

Pass-Through

Trust:

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.57%,

04/25/46

(a)

....................

59

24,751

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

83

49,914

Citicorp

Mortgage

Securities

Trust,

Series

2008-

2,

Class

1A1,

6.50%,

06/25/38

.........

34

29,903

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

......................

109

57,459

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.50%,

11/25/35

(a)

......................

19

3,530

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

.........

27

21,542

CSMC

Trust

(a)(b)

:

Series

2018-RPL8,

Class

A1,

4.12%,

07/25/58

.....................

116

116,145

Series

2019-JR1,

Class

A1,

4.10%,

09/27/66

346

348,401

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.32%,

08/25/47

(a)

....

113

123,167

Deutsche

Alt-A

Securities,

Inc.,

Series

2007-

RS1,

Class

A2,

(LIBOR

USD

1

Month

+

0.50%),

0.65%,

01/27/37

(a)(b)

..........

1

845

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.61%,

03/25/36

(a)

...........

8

8,091

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

3

3,186

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.18%,

09/25/37

(a)

.

32

22,408

JPMorgan

Alternative

Loan

Trust,

Series

2007-

A1,

Class

1A4,

(LIBOR

USD

1

Month

+

0.42%),

0.57%,

03/25/37

(a)

...........

45

43,314

JPMorgan

Mortgage

Trust,

Series

2017-3,

Class

1A6,

3.00%,

08/25/47

(a)(b)

........

30

30,428

MCM

Trust,

Series

2018-NPL2,

Class

A,

4.00%,

10/25/28

(b)(c)(d)

....................

7

7,353

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

66

71,150

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.57%,

06/25/37

(a)

6

4,800

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.50%,

04/25/36

(a)

......................

11

8,521

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

0.34%,

06/25/36

(a)

.....

14

12,667

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust:

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

64

64,184

Series

2006-4,

Class

3A5,

6.35%,

05/25/36

(d)

....................

59

55,769

2,525,320

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.6%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.28%,

09/15/34

(a)(b)

..........

USD

100

$

96,489

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

:

Series

2015-200P,

Class

F,

3.60%,

04/14/33

100

103,037

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.86%,

09/15/34

....

100

94,652

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.30%),

0.45%,

01/25/36

....

21

19,900

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.45%),

0.60%,

01/25/36

....

16

15,097

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

0.69%,

04/25/36

....

10

9,012

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.40%,

10/25/36

....

13

12,638

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.45%,

10/25/36

....

13

12,663

Series

2006-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.23%),

0.38%,

12/25/36

....

165

154,737

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

0.88%,

03/15/37

(a)(b)

................

15

14,737

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

.................

96

101,193

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2007-T26,

Class

AM,

5.43%,

01/12/45

(a)

......................

11

11,344

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

3.90%,

03/15/62

(a)(b)

.......

60

63,389

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.41%,

07/15/35

(a)(b)

100

97,242

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

C,

3.45%,

03/10/33

(b)

...........

100

105,573

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.16%,

11/15/35

(a)(b)

..........

154

153,424

BXP

Trust

(a)(b)

:

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

25

26,498

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

40

40,699

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

1.91%,

12/15/37

(a)(b)

..........

100

100,004

CD

Mortgage

Trust:

Series

2006-CD3,

Class

AM,

5.65%,

10/15/48

.....................

75

77,320

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

.....................

10

11,390

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

11,218

CFK

Trust,

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

(a)(b)

.....................

100

101,802

CGDBB

Commercial

Mortgage

Trust

(a)(b)

:

Series

2017-BIOC,

Class

A,

(LIBOR

USD

1

Month

+

0.79%),

0.95%,

07/15/32

....

91

91,389

Series

2017-BIOC,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

1.76%,

07/15/32

....

91

91,577

Series

2017-BIOC,

Class

E,

(LIBOR

USD

1

Month

+

2.15%),

2.31%,

07/15/32

....

91

91,131

Citigroup

Commercial

Mortgage

Trust:

Series

2016-C1,

Class

D,

4.95%,

05/10/49

(a)

(b)

..........................

10

8,947

Series

2017-C4,

Class

A4,

3.47%,

10/12/50

20

22,737

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage

Trust:

Series

2014-CR18,

Class

A4,

3.55%,

07/15/47

.....................

USD

10

$

10,310

Series

2014-CR19,

Class

A5,

3.80%,

08/10/47

.....................

30

33,107

Series

2014-LC15,

Class

A4,

4.01%,

04/10/47

.....................

20

21,817

Series

2015-CR25,

Class

A4,

3.76%,

08/10/48

.....................

40

44,974

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

44

38,000

CSAIL

Commercial

Mortgage

Trust:

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

10

11,006

Series

2019-C15,

Class

D,

3.00%,

03/15/52

(b)

....................

11

9,206

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.19%,

04/10/37

(a)(b)

..........

100

76,897

DBUBS

Mortgage

Trust

(b)

:

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

.....................

40

43,207

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

(a)

...

170

173,446

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

(a)

....................

40

39,896

Exantas

Capital

Corp.

Ltd.,

Series

2019-RSO7,

Class

AS,

(LIBOR

USD

1

Month

+

1.50%),

1.65%,

04/15/36

(a)(b)

................

100

98,600

GPMT

Ltd.,

Series

2018-FL1,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.05%,

11/21/35

(a)(b)

13

13,059

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

:

Series

2017-500K,

Class

D,

(LIBOR

USD

1

Month

+

1.30%),

1.46%,

07/15/32

....

10

9,956

Series

2017-500K,

Class

E,

(LIBOR

USD

1

Month

+

1.50%),

1.66%,

07/15/32

....

20

19,899

Series

2017-500K,

Class

F,

(LIBOR

USD

1

Month

+

1.80%),

1.96%,

07/15/32

....

10

9,938

GS

Mortgage

Securities

Trust:

Series

2014-GC24,

Class

A5,

3.93%,

09/10/47

.....................

20

22,109

Series

2015-GS1,

Class

A3,

3.73%,

11/10/48

.....................

10

11,155

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

....................

10

8,601

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

......................

100

95,297

IMT

Trust,

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

(b)

.................

100

107,444

JPMBB

Commercial

Mortgage

Securities

Trust:

Series

2014-C21,

Class

A5,

3.77%,

08/15/47

30

32,915

Series

2014-C22,

Class

A4,

3.80%,

09/15/47

10

10,983

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.40%,

03/25/37

(a)(b)

.....................

12

11,373

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2014-C16,

Class

A5,

3.89%,

06/15/47

70

76,154

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

....................

16

15,038

Morgan

Stanley

Capital

I

Trust:

Series

2006-IQ11,

Class

C,

5.99%,

10/15/42

(a)

....................

100

99,514

Series

2007-T27,

Class

AJ,

6.01%,

06/11/42

(a)

....................

31

31,396

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.76%,

11/15/34

(a)(b)

..

84

84,010

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

(c)

....................

USD

10

$

8,200

Series

2019-L2,

Class

A4,

4.07%,

03/15/52

13

15,388

PFP

Ltd.

(a)(b)

:

Series

2019-5,

Class

A,

(LIBOR

USD

1

Month

+

0.97%),

1.12%,

04/14/36

....

12

11,708

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.57%,

04/14/36

....

10

9,834

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2015-C31,

Class

A4,

3.70%,

11/15/48

10

11,254

Series

2015-P2,

Class

A4,

3.81%,

12/15/48

30

34,082

Series

2017-C39,

Class

D,

4.35%,

09/15/50

(a)(b)

...................

63

53,768

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

25

19,266

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

1.00%,

12/13/31

(a)(b)

..

100

97,772

WFRBS

Commercial

Mortgage

Trust:

Series

2014-C21,

Class

A5,

3.68%,

08/15/47

30

32,815

Series

2014-C22,

Class

C,

3.76%,

09/15/57

(a)

....................

120

116,699

3,409,932

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

58

14,507

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.63%,

02/15/50

.......................

1,000

35,544

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.95%,

08/10/35

(b)

.................

991

48,021

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.60%,

11/05/36

(b)

.................

4,250

92,655

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.04%,

03/15/52

..................

994

71,401

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.72%,

05/10/58

....

120

4,307

Commercial

Mortgage

Trust,

Series

2015-3BP,

Class

XA,

0.06%,

02/10/35

(b)

..........

2,522

9,685

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

1,800

65,875

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.99%,

03/10/50

(b)

.....

809

25,211

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C19,

Class

XF,

1.21%,

12/15/47

(b)

......................

100

4,156

One

Market

Plaza

Trust

(b)

:

Series

2017-1MKT,

Class

XCP,

0.09%,

02/10/32

.....................

1,000

1,680

Series

2017-1MKT,

Class

XNCP,

0.00%,

02/10/32

(c)

....................

200

2

358,537

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(k)

....

38

5,120

Total

Non-Agency

Mortgage-Backed

Securities

—

1.2%

(Cost:

$6,215,636)

...............................

6,313,416

Security

Beneficial

Interest

(000)

Value

Other

Interests

—

0.0%

(l)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)(f)(h)

.......

USD

620

$

—

Total

Other

Interests

—

0.0%

..........................

—

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.1%

Capital

Markets

—

0.0%

(a)(g)

Bank

of

New

York

Mellon

Corp.

(The),

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

...

97

102,820

State

Street

Corp.:

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

3.81%

.......................

90

89,550

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

.......................

140

147,672

340,042

Entertainment

—

0.1%

NBCUniversal

Enterprise,

Inc.,

5.25%

(b)(g)

....

265

270,300

Total

Capital

Trusts

—

0.1%

(Cost:

$592,778)

.................................

610,342

Shares

Shares

Rights

—

0.0%

Pharmaceuticals

—

0.0%

Bristol-Myers

Squibb

Co.,

CVR

(Expires

03/31/21)

(f)

......................

7,280

5,024

Total

Rights

—

0.0%

(Cost:

$15,506)

.................................

5,024

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

—

16.0%

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

K072,

Class

A2,

3.44%, 12/25/27

.......

10

11,622

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-SB52,

Class

A10F,

3.47%, 06/25/28

(a)

.................

26

27,922

Government

National

Mortgage

Association:

Series

2015-97,

Class

VA,

2.25%, 12/16/38

15

15,631

Series

2016-158,

Class

VA,

2.00%, 03/16/35

81

82,133

137,308

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

:

Series

2013-63,

0.77%, 09/16/51

.......

526

15,795

Series

2016-26,

0.88%, 02/16/58

.......

370

18,341

Series

2016-92,

0.87%, 04/16/58

.......

47

2,442

Series

2016-110,

0.94%, 05/16/58

......

81

4,622

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.15%, 02/16/58

..........

81

5,805

47,005

Mortgage-Backed

Securities

—

15.9%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 01/01/29

-

04/01/31

...........

282

299,377

3.00%, 09/01/27

-

12/01/46

...........

466

499,556

3.50%, 04/01/31

-

01/01/48

...........

679

747,116

4.00%, 08/01/40

-

12/01/45

...........

113

123,770

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

4.50%, 02/01/39

-

04/01/49

...........

USD

1,622

$

1,801,364

5.00%, 10/01/41

-

11/01/41

...........

166

192,017

5.50%, 06/01/41

..................

73

85,727

6.00%, 01/01/34

..................

39

44,297

Federal

National

Mortgage

Association,

4.00%, 01/01/41

..................

10

10,438

Government

National

Mortgage

Association:

2.00%, 01/15/51

-

02/15/51

(m)

..........

788

823,398

2.50%, 01/15/51

(m)

.................

1,781

1,885,355

3.00%, 02/15/45

-

09/20/50

...........

2,739

2,899,067

3.00%, 01/15/51

-

02/15/51

(m)

..........

1,058

1,106,143

3.50%, 01/15/42

-

10/20/46

...........

3,704

4,011,765

3.50%, 01/15/51

(m)

.................

97

102,805

4.00%, 04/20/39

-

12/20/47

...........

457

498,722

4.00%, 01/15/51

(m)

.................

1,079

1,150,399

4.50%, 12/20/39

-

04/20/50

...........

690

756,959

4.50%, 01/15/51

(m)

.................

205

219,510

5.00%, 12/15/38

-

07/20/42

...........

108

123,148

7.50%, 03/15/32

..................

2

2,346

Uniform

Mortgage-Backed

Securities:

1.50%, 01/25/51

(m)

.................

938

947,710

2.00%, 10/01/31

-

03/01/32

...........

168

176,329

2.00%, 01/25/36

-

02/25/51

(m)

..........

9,973

10,364,771

2.50%, 09/01/27

-

12/01/50

...........

3,032

3,225,707

2.50%, 01/25/36

-

02/25/51

(m)

..........

17,277

18,194,088

3.00%, 04/01/29

-

09/01/50

...........

6,805

7,316,042

3.00%, 01/25/36

(m)

.................

355

372,553

3.50%, 04/01/29

-

08/01/50

...........

3,513

3,843,175

3.50%, 01/25/36

-

02/25/51

(m)

..........

3,452

3,651,423

4.00%, 10/01/33

-

09/01/50

...........

2,457

2,708,004

4.00%, 01/25/51

-

02/25/51

(m)

..........

6,218

6,644,112

4.50%, 02/01/25

-

04/01/50

...........

5,876

6,543,276

4.50%, 01/25/51

(m)

.................

203

220,001

5.00%, 09/01/35

-

06/01/45

...........

217

249,664

5.00%, 01/25/51

(m)

.................

529

585,434

5.50%, 02/01/35

-

04/01/41

...........

458

533,198

6.00%, 12/01/27

-

06/01/41

...........

266

313,787

6.50%, 05/01/40

..................

77

92,264

83,364,817

Total

U.S.

Government

Sponsored

Agency

Securities

—

16.0%

(Cost:

$82,194,458)

...............................

83,549,130

U.S.

Treasury

Obligations

—

5.4%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

..................

66

97,943

4.50%, 08/15/39

..................

82

125,460

4.38%, 11/15/39

..................

82

124,006

1.13%, 05/15/40

-

08/15/40

...........

180

170,649

1.38%, 11/15/40

-

08/15/50

...........

127

123,640

3.13%, 02/15/43

..................

332

435,452

2.88%, 05/15/43

-

11/15/46

...........

597

758,290

3.63%, 08/15/43

..................

332

468,872

3.75%, 11/15/43

..................

332

477,872

2.50%, 02/15/45

..................

178

212,272

2.75%, 11/15/47

..................

178

223,376

3.00%, 02/15/48

..................

485

636,676

2.25%, 08/15/49

(n)

.................

1,285

1,470,572

2.38%, 11/15/49

..................

873

1,025,536

1.63%, 11/15/50

..................

214

213,197

U.S.

Treasury

Inflation

Linked

Bonds,

0.25%, 02/15/50

(n)

.................

1,312

1,562,568

U.S.

Treasury

Notes:

1.13%, 07/31/21

..................

1,403

1,411,221

1.75%, 07/31/21

-

11/15/29

...........

5,698

5,961,318

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.50%, 01/31/22

-

02/15/30

...........

USD

4,145

$

4,293,615

2.13%, 12/31/22

-

05/15/25

...........

1,937

2,059,156

0.50%, 03/15/23

-

05/31/27

...........

498

500,009

0.25%, 04/15/23

-

10/31/25

...........

1,963

1,961,603

2.75%, 05/31/23

..................

623

662,035

1.38%, 01/31/25

..................

41

42,845

2.00%, 02/15/25

..................

782

837,259

0.38%, 04/30/25

-

11/30/25

...........

460

461,562

1.63%, 11/30/26

-

08/15/29

...........

442

472,316

2.25%, 08/15/27

..................

798

884,845

2.88%, 08/15/28

..................

188

218,381

3.13%, 11/15/28

..................

188

222,589

2.63%, 02/15/29

..................

63

72,322

2.38%, 05/15/29

..................

63

71,200

Total

U.S.

Treasury

Obligations

—

5.4%

(Cost:

$26,721,323)

...............................

28,258,657

Total

Long-Term

Investments

—

102.7%

(Cost:

$477,627,053)

..............................

538,153,252

Short-Term

Securities

—

6.3%

Borrowed

Bond

Agreements

—

0.7%

(o)

Bank

of

America

Securities,

Inc.,

(0.09)%, 01/04/21

(Purchased

on

12/31/20

to

be

repurchased

at

USD

222,163,

collateralized

by

U.S.

Treasury

Notes,

0.88%,

due

at

11/15/30,

par

and

fair

value

of

USD

223,000

and

$222,268,

respectively)

.

222

222,164

Bank

of

America

Securities,

Inc.,

0.03%, 01/04/21

(Purchased

on

12/31/20

to

be

repurchased

at

USD

728,283,

collateralized

by

U.S.

Treasury

Notes,

0.63%,

due

at

08/15/30,

par

and

fair

value

of

USD

746,000

and

$727,350,

respectively)

.

728

728,282

Bank

of

America

Securities,

Inc.,

0.03%, 01/04/21

(Purchased

on

12/31/20

to

be

repurchased

at

USD

712

,

15

6,

collateralized

by

U.S.

Treasury

Bonds,

1.25%,

due

at

05/15/50,

par

and

fair

value

of

USD

788,000

and

$714,864,

respectively)

.

712

712,155

Bank

of

America

Securities,

Inc.,

0.06%, 01/04/21

(Purchased

on

12/31/20

to

be

repurchased

at

USD

217,

455

,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

06/30/25,

par

and

fair

value

of

USD

218,000

and

$217,447,

respectively)

.

217

217,455

Bank

of

America

Securities,

Inc.,

0.06%, 01/04/21

(Purchased

on

12/31/20

to

be

repurchased

at

USD

1,

924

,

701

,

collateralized

by

U.S.

Treasury

Notes,

0.63%,

due

at

05/15/30,

par

and

fair

value

of

USD

1,969,000

and

$1,925,005,

respectively)

.....................

1,925

1,924,698

Bank

of

America

Securities,

Inc.,

0.06%, 01/04/21

(Purchased

on

12/31/20

to

be

repurchased

at

USD

87

,

000

,

collateralized

by

U.S.

Treasury

Bonds,

2.00%,

due

at

02/15/50,

par

and

fair

value

of

USD

80,000

and

$86,887,

respectively)

...

87

87,000

Total

Borrowed

Bond

Agreements

—

0.7%

(Cost:

$3,891,754)

...............................

3,891,754

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Money

Market

Funds

—

5.6%

(p)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

*

....................

21,088,016

$

21,088,016

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

...........

2,376

2,376

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(q)*

........................

8,017,508

8,019,914

Total

Money

Market

Funds

—

5.6%

(Cost:

$29,110,306)

...............................

29,110,306

Total

Short-Term

Securities

—

6.3%

(Cost:

$33,002,060)

...............................

33,002,060

Total

Options

Purchased

—

0.0%

(Cost:

$337,404)

.................................

394,607

Total

Investments

Before

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

109.0%

(Cost:

$510,966,517

)

..............................

571,549,919

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$91,615)

......................

(92,259)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

—

(0.7)%

U.S.

Treasury

Obligations

—

(0.7)%

U.S.

Treasury

Bonds:

1.25%

,

 05/15/50

..................

USD

788

(714,864)

2.00%

,

 02/15/50

..................

80

(86,887)

U.S.

Treasury

Notes:

0.25%

,

 06/30/25

..................

218

(217,447)

0.63%

,

 05/15/30

-

08/15/30

...........

2,715

(2,652,355)

0.88%

,

 11/15/30

..................

223

(222,268)

(3,893,821)

Total

U.S.

Treasury

Obligations

—

(0.7)%

(Proceeds:

$4,010,744)

............................

(3,893,821)

Total

Borrowed

Bonds

—

(0.7)%

(Proceeds:

$4,010,744)

............................

(3,893,821)

TBA

Sale

Commitments

—

(9.4)%

(m)

Mortgage-Backed

Securities

—

(9.4)%

Government

National

Mortgage

Association:

2.00%

,

 01/15/51

..................

185

(193,462)

3.00%

,

 01/15/51

..................

75

(78,428)

3.50%

,

 01/15/51

..................

692

(733,412)

4.00%

,

 01/15/51

..................

13

(13,860)

4.50%

,

 01/15/51

..................

7

(7,496)

Uniform

Mortgage-Backed

Securities:

2.50%

,

 01/25/36

-

03/25/51

...........

27,959

(29,419,420)

3.50%

,

 01/25/36

-

01/25/51

...........

1,086

(1,148,225)

4.00%

,

 01/25/36

-

01/25/51

...........

2,583

(2,756,662)

1.50%

,

 01/25/51

-

02/25/51

...........

2,730

(2,757,735)

2.00%

,

 01/25/51

..................

3,120

(3,241,413)

3.00%

,

 01/25/51

..................

5,653

(5,923,012)

4.50%

,

 01/25/51

..................

2,851

(3,089,771)

Total

TBA

Sale

Commitments

—

(9.4)%

(Proceeds:

$49,124,594)

...........................

(49,362,896)

Investments

Sold

Short

—

(0.0)%

U.S.

Treasury

Obligations

—

(0.0)%

U.S.

Treasury

Notes:

0.38%, 12/31/25

..................

52

(52,041)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

0.88%, 11/15/30

..................

USD

53

$

(52,826)

Total

U.S.

Treasury

Obligations

—

(0.0)%

(Proceeds:

$104,869)

.............................

(104,867)

Total

Investments

Sold

Short

—

(0.0)%

(Proceeds:

$104,869)

.............................

(104,867)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds,

TBA

Sale

Commitments

and

Investments

Sold

Short

—

98.9%

(Cost:

$457,634,695

)

..............................

518,096,076

Other

Assets

Less

Liabilities

—

1.1%

....................

5,674,809

Net

Assets

—

100.0%

...............................

$

523,770,885

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

53

Schedule

of

Investments

(continued)

December

31,

2020

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(e)

All

or

a

portion

of

this

security

is

on

loan.

(f)

Non-income

producing

security.

(g)

Perpetual

security

with

no

stated

maturity

date.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(j)

Amount

is

less

than

500.

(k)

Zero-coupon

bond.

(l)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(m)

Represents

or

includes

a

TBA

transaction.

(n)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

futures

contracts.

(o)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(p)

Annualized

7-day

yield

as

of

period

end.

(q)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

.

$

7,564,319

$

13,523,697

$

—

$

—

$

—

$

21,088,016

21,088,016

$

43,644

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

.........

15,398,268

—

(7,368,503)

(9,479)

(372)

8,019,914

8,017,508

55,782

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

....

3,137,512

10,418,003

—

—

56,249

13,611,764

1,362,539

253,507

2,380

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.....

—

2,282,276

(927,596)

43,836

54,156

1,452,672

16,640

23,387

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(c)

....

—

1,774,365

(1,842,183)

67,818

—

—

—

6,101

—

$

102,175

$

110,033

$

44,172,366

$

382,421

$

2,380

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

54

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-Bund

Futures

Put

Options,

Strike

Price

EUR

175.00

..............................

31

02/19/21

$

10

$

(6,528)

S&P

500

E-Mini

Index

......................................................

118

03/19/21

22,118

499,564

U.S.

Treasury

10

Year

Note

...................................................

164

03/22/21

22,645

9,842

U.S.

Treasury

Long

Bond

....................................................

25

03/22/21

4,330

(11,355)

U.S.

Treasury

Ultra

Bond

....................................................

35

03/22/21

7,475

(27,451)

U.S.

Treasury

2

Year

Note

....................................................

64

03/31/21

14,143

9,094

U.S.

Treasury

5

Year

Note

....................................................

107

03/31/21

13,500

31,821

504,987

Short

Contracts

Euro-Bund

..............................................................

30

03/08/21

6,510

1,144

U.S.

Treasury

10

Year

Ultra

Note

...............................................

48

03/22/21

7,505

18,701

19,845

$

524,832

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

194,971

USD

37,000

BNP

Paribas

SA

01/05/21

$

536

GBP

432,349

USD

591,000

Bank

of

America

NA

01/05/21

238

MXN

3,839,900

USD

190,000

Citibank

NA

01/05/21

2,965

MXN

419,370

USD

21,000

Goldman

Sachs

International

01/05/21

74

MXN

7,685,576

USD

380,000

HSBC

Bank

plc

01/05/21

6,220

USD

206,000

BRL

1,049,468

BNP

Paribas

SA

01/05/21

3,954

USD

37,000

BRL

190,328

Citibank

NA

01/05/21

358

USD

591,000

ZAR

8,681,051

BNP

Paribas

SA

01/05/21

251

ZAR

2,845,820

USD

190,000

BNP

Paribas

SA

01/05/21

3,659

ZAR

5,907,309

USD

380,000

Deutsche

Bank

AG

01/05/21

21,994

ZAR

312,645

USD

21,000

JPMorgan

Chase

Bank

NA

01/05/21

276

IDR

5,399,040,000

USD

380,000

Bank

of

America

NA

01/06/21

4,784

IDR

2,993,080,000

USD

211,000

JPMorgan

Chase

Bank

NA

01/06/21

2,314

INR

28,215,000

USD

380,000

Bank

of

America

NA

01/06/21

6,134

INR

14,003,950

USD

190,000

JPMorgan

Chase

Bank

NA

01/06/21

1,650

INR

1,548,490

USD

21,000

UBS

AG

01/06/21

192

KRW

30,448,352

USD

27,878

Bank

of

America

NA

01/07/21

140

KRW

133,317,072

USD

122,122

Citibank

NA

01/07/21

550

RUB

29,184,722

USD

380,000

Citibank

NA

01/12/21

14,342

AUD

210,000

USD

154,414

Barclays

Bank

plc

01/13/21

7,504

AUD

104,000

USD

76,584

JPMorgan

Chase

Bank

NA

01/13/21

3,604

CLP

34,109,000

USD

46,000

Citibank

NA

01/13/21

2,000

COP

236,327,000

USD

65,000

Citibank

NA

01/13/21

4,193

INR

6,915,601

USD

93,000

Deutsche

Bank

AG

01/13/21

1,611

JPY

3,431,006

USD

33,000

Bank

of

America

NA

01/13/21

232

JPY

15,364,404

USD

148,000

Morgan

Stanley

&

Co.

International

plc

01/13/21

816

KRW

62,428,800

USD

56,000

Barclays

Bank

plc

01/13/21

1,384

MXN

4,052,346

USD

202,000

Bank

of

America

NA

01/13/21

1,442

MXN

2,720,275

USD

136,000

Citibank

NA

01/13/21

566

MXN

794,928

USD

39,000

Morgan

Stanley

&

Co.

International

plc

01/13/21

908

NOK

406,343

USD

46,000

JPMorgan

Chase

Bank

NA

01/13/21

1,392

NOK

325,176

USD

37,000

UBS

AG

01/13/21

925

RUB

6,942,264

USD

93,000

BNP

Paribas

SA

01/13/21

789

RUB

1,443,781

USD

19,000

Citibank

NA

01/13/21

505

USD

20,000

MXN

398,112

Bank

of

America

NA

01/13/21

14

USD

94,000

RUB

6,903,830

Bank

of

America

NA

01/13/21

730

ZAR

704,835

USD

47,000

HSBC

Bank

plc

01/13/21

898

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

55

Schedule

of

Investments

(continued)

December

31,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CNY

1,216,904

USD

186,000

JPMorgan

Chase

Bank

NA

01/19/21

$

958

USD

186,000

TWD

5,182,798

JPMorgan

Chase

Bank

NA

01/19/21

1,184

KZT

5,525,751

USD

12,590

Citibank

NA

01/20/21

510

MXN

11,813,795

USD

591,000

Citibank

NA

02/02/21

739

USD

95,000

BRL

490,580

Citibank

NA

02/02/21

585

USD

591,000

EUR

482,695

Bank

of

America

NA

02/02/21

904

USD

591,000

JPY

60,997,228

Bank

of

America

NA

02/02/21

47

USD

591,000

SEK

4,852,040

Bank

of

America

NA

02/02/21

1,063

COP

288,600,000

USD

75,000

Citibank

NA

02/17/21

9,457

KRW

163,363,500

USD

150,000

Barclays

Bank

plc

02/17/21

154

COP

298,568,541

USD

85,973

JPMorgan

Chase

Bank

NA

02/24/21

1,376

IDR

153,971,069

USD

10,838

BNP

Paribas

SA

02/24/21

190

IDR

129,233,613

USD

9,075

Citibank

NA

02/24/21

181

IDR

349,148,020

USD

24,426

Deutsche

Bank

AG

02/24/21

580

IDR

66,360,874

USD

4,671

Goldman

Sachs

International

02/24/21

82

IDR

71,867,840

USD

5,055

UBS

AG

02/24/21

92

RUB

6,446,160

USD

84,000

BNP

Paribas

SA

02/24/21

2,605

MXN

6,618,000

USD

327,887

Citibank

NA

02/26/21

2,730

EUR

700,000

USD

851,682

Bank

of

America

NA

03/17/21

4,858

EUR

400,000

USD

487,761

Barclays

Bank

plc

03/17/21

1,691

EUR

1,240,000

USD

1,509,104

BNP

Paribas

SA

03/17/21

8,197

EUR

240,000

USD

293,354

Goldman

Sachs

International

03/17/21

317

EUR

103,788

USD

126,000

JPMorgan

Chase

Bank

NA

03/17/21

998

EUR

186,212

USD

225,501

Morgan

Stanley

&

Co.

International

plc

03/17/21

2,353

GBP

458,603

EUR

505,219

BNP

Paribas

SA

03/17/21

9,219

GBP

514,635

EUR

565,073

Deutsche

Bank

AG

03/17/21

12,638

GBP

172,271

EUR

190,000

Goldman

Sachs

International

03/17/21

3,197

GBP

424,899

EUR

469,708

UBS

AG

03/17/21

6,562

GBP

415,000

USD

555,122

Barclays

Bank

plc

03/17/21

12,644

GBP

420,000

USD

562,710

Deutsche

Bank

AG

03/17/21

11,897

GBP

160,000

USD

215,984

Goldman

Sachs

International

03/17/21

2,914

GBP

275,000

USD

365,399

HSBC

Bank

plc

03/17/21

10,832

GBP

170,000

USD

226,065

UBS

AG

03/17/21

6,514

USD

491,116

EUR

400,000

Barclays

Bank

plc

03/17/21

1,664

USD

1,018,908

EUR

830,000

BNP

Paribas

SA

03/17/21

3,297

USD

245,500

EUR

200,000

Deutsche

Bank

AG

03/17/21

774

USD

490,637

EUR

400,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

1,185

225,332

BRL

236,245

USD

47,000

BNP

Paribas

SA

01/05/21

(1,517)

BRL

945,846

USD

187,000

Citibank

NA

01/05/21

(4,903)

EUR

483,021

USD

591,000

Bank

of

America

NA

01/05/21

(918)

JPY

61,017,795

USD

591,000

Bank

of

America

NA

01/05/21

(57)

SEK

4,853,617

USD

591,000

Bank

of

America

NA

01/05/21

(1,081)

USD

28,000

BRL

148,722

Deutsche

Bank

AG

01/05/21

(632)

USD

380,000

EUR

317,302

Bank

of

America

NA

01/05/21

(7,632)

USD

21,000

EUR

17,248

BNP

Paribas

SA

01/05/21

(71)

USD

190,000

EUR

156,490

JPMorgan

Chase

Bank

NA

01/05/21

(1,176)

USD

570,000

GBP

426,517

Deutsche

Bank

AG

01/05/21

(13,263)

USD

21,000

GBP

15,565

Morgan

Stanley

&

Co.

International

plc

01/05/21

(285)

USD

190,000

JPY

19,736,402

Bank

of

America

NA

01/05/21

(1,142)

USD

380,000

JPY

39,591,250

Citibank

NA

01/05/21

(3,432)

USD

21,000

JPY

2,174,512

JPMorgan

Chase

Bank

NA

01/05/21

(60)

USD

591,000

MXN

11,775,971

Citibank

NA

01/05/21

(772)

USD

190,000

SEK

1,596,057

Bank

of

America

NA

01/05/21

(3,988)

USD

380,000

SEK

3,245,938

JPMorgan

Chase

Bank

NA

01/05/21

(14,518)

USD

21,000

SEK

175,644

Natwest

Markets

plc

01/05/21

(348)

USD

401,000

CLP

300,465,650

Citibank

NA

01/06/21

(21,885)

USD

190,000

CLP

145,745,200

JPMorgan

Chase

Bank

NA

01/06/21

(15,126)

USD

267,258

GBP

200,000

BNP

Paribas

SA

01/06/21

(6,245)

USD

150,000

KRW

163,356,000

Barclays

Bank

plc

01/07/21

(314)

RUB

14,039,100

USD

190,000

Bank

of

America

NA

01/12/21

(305)

RUB

1,543,794

USD

21,000

UBS

AG

01/12/21

(140)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

56

Schedule

of

Investments

(continued)

December

31,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

MXN

1,464,904

USD

74,000

Citibank

NA

01/13/21

$

(456)

PLN

269,938

USD

74,000

Bank

of

America

NA

01/13/21

(1,734)

PLN

209,014

USD

56,000

Citibank

NA

01/13/21

(44)

PLN

14,824

USD

4,000

Goldman

Sachs

International

01/13/21

(32)

USD

46,352

AUD

63,000

Bank

of

America

NA

01/13/21

(2,223)

USD

76,898

AUD

104,000

BNP

Paribas

SA

01/13/21

(3,290)

USD

59,146

AUD

78,000

Morgan

Stanley

&

Co.

International

plc

01/13/21

(995)

USD

92,000

CAD

119,532

Morgan

Stanley

&

Co.

International

plc

01/13/21

(1,910)

USD

46,000

CLP

35,292,120

Deutsche

Bank

AG

01/13/21

(3,665)

USD

84,000

COP

290,001,000

Citibank

NA

01/13/21

(908)

USD

74,000

COP

258,630,000

Deutsche

Bank

AG

01/13/21

(1,722)

USD

47,000

COP

162,855,000

HSBC

Bank

plc

01/13/21

(681)

USD

26,256

EUR

22,000

Deutsche

Bank

AG

01/13/21

(626)

USD

56,000

KRW

61,840,800

Bank

of

America

NA

01/13/21

(842)

USD

56,000

KRW

62,440,000

JPMorgan

Chase

Bank

NA

01/13/21

(1,394)

USD

124,500

MXN

2,496,835

Bank

of

America

NA

01/13/21

(850)

USD

77,646

MXN

1,562,164

HSBC

Bank

plc

01/13/21

(780)

USD

49,000

MXN

979,780

Morgan

Stanley

&

Co.

International

plc

01/13/21

(188)

USD

37,000

NOK

322,999

Bank

of

America

NA

01/13/21

(671)

USD

108,000

PLN

404,540

BNP

Paribas

SA

01/13/21

(300)

USD

153,000

RUB

11,419,260

Bank

of

America

NA

01/13/21

(1,273)

USD

37,000

RUB

2,809,543

BNP

Paribas

SA

01/13/21

(957)

USD

97,000

RUB

7,304,100

Citibank

NA

01/13/21

(1,678)

USD

232,598

ZAR

3,550,808

Bank

of

America

NA

01/13/21

(8,699)

BRL

1,050,065

USD

206,000

BNP

Paribas

SA

02/02/21

(3,909)

RUB

43,864,020

USD

591,000

JPMorgan

Chase

Bank

NA

02/02/21

(180)

USD

591,000

GBP

432,253

Bank

of

America

NA

02/02/21

(240)

ZAR

8,715,034

USD

591,000

BNP

Paribas

SA

02/02/21

(331)

INR

43,283,067

USD

591,000

Citibank

NA

02/03/21

(110)

USD

28,000

TRY

224,700

Barclays

Bank

plc

02/16/21

(1,771)

USD

75,000

COP

288,600,000

Morgan

Stanley

&

Co.

International

plc

02/17/21

(9,457)

USD

1,185,980

CNY

7,829,720

Morgan

Stanley

&

Co.

International

plc

02/24/21

(14,095)

USD

144,835

COP

527,256,515

Deutsche

Bank

AG

02/24/21

(9,419)

USD

269,473

EUR

221,238

Citibank

NA

02/24/21

(1,114)

USD

302,648

IDR

4,310,015,000

JPMorgan

Chase

Bank

NA

02/24/21

(6,044)

USD

774,999

RUB

59,223,280

Citibank

NA

02/24/21

(20,684)

USD

479,908

MXN

9,730,135

Barclays

Bank

plc

02/26/21

(6,183)

USD

152,074

MXN

3,076,000

Deutsche

Bank

AG

02/26/21

(1,595)

PEN

200,872

USD

56,000

Citibank

NA

03/09/21

(498)

EUR

390,000

GBP

352,398

Barclays

Bank

plc

03/17/21

(4,905)

EUR

700,000

GBP

629,600

Barclays

Bank

plc

03/17/21

(4,821)

EUR

574,414

GBP

520,787

Deutsche

Bank

AG

03/17/21

(9,625)

EUR

52,822

GBP

47,762

Goldman

Sachs

International

03/17/21

(709)

EUR

283,375

GBP

258,637

JPMorgan

Chase

Bank

NA

03/17/21

(7,098)

EUR

29,389

GBP

26,786

UBS

AG

03/17/21

(685)

USD

3,199,825

CNY

21,029,252

Standard

Chartered

Bank

03/17/21

(18,762)

USD

633,388

EUR

520,000

Barclays

Bank

plc

03/17/21

(2,899)

USD

1,592,329

EUR

1,310,000

Goldman

Sachs

International

03/17/21

(10,626)

USD

796,020

GBP

590,000

Barclays

Bank

plc

03/17/21

(11,166)

USD

645,299

GBP

480,000

HSBC

Bank

plc

03/17/21

(11,395)

USD

493,055

GBP

370,000

Morgan

Stanley

&

Co.

International

plc

03/17/21

(13,146)

USD

301,737

IDR

4,310,014,169

JPMorgan

Chase

Bank

NA

03/31/21

(6,020)

(313,215)

$

(87,883)

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

57

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

06/28/21

USD

1.25

USD

1.25

EUR

120

$

47,703

Put

USD

Currency

...............

Down

and

Out

Morgan

Stanley

&

Co.

International

plc

01/15/21

MXN

20.00

MXN

19.10

USD

70

584

USD

Currency

...............

One-Touch

Bank

of

America

NA

02/04/21

KRW

1,071.00

KRW

1,048.00

USD

12

2,430

USD

Currency

...............

One-Touch

Citibank

NA

04/23/21

TRY

7.35

TRY

7.35

USD

18

5,093

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

05/28/21

PLN

4.25

PLN

4.25

EUR

30

1,457

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

05/28/21

HUF

340.00

HUF

340.00

EUR

40

3,000

12,564

$

60,267

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2021

Futures

..............

233

06/11/21

USD

99.25

USD

58,250

$

48,056

90-day

Eurodollar

September

2021

Futures

..........

255

09/10/21

USD

99.38

USD

63,750

39,844

90-day

Eurodollar

September

2021

Futures

..........

303

09/10/21

USD

99.63

USD

75,750

18,938

$

106,838

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Bank

of

America

NA

01/05/21

KRW

1,110.00

USD

150

$

17

USD

Currency

...........................

BNP

Paribas

SA

01/07/21

ZAR

15.30

USD

130

135

GBP

Currency

...........................

Goldman

Sachs

International

01/08/21

USD

1.40

GBP

1,050

669

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

01/11/21

KRW

1,095.00

USD

168

684

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

01/11/21

KRW

1,180.00

USD

184

1

EUR

Currency

...........................

UBS

AG

01/12/21

CHF

1.10

EUR

1,180

315

USD

Currency

...........................

Citibank

NA

01/26/21

RUB

78.50

USD

94

454

EUR

Currency

...........................

Citibank

NA

01/29/21

USD

1.22

EUR

1,560

20,700

EUR

Currency

...........................

Citibank

NA

02/10/21

USD

1.23

EUR

1,560

15,372

USD

Currency

...........................

Citibank

NA

02/12/21

RUB

81.00

USD

59

277

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

02/12/21

MXN

22.35

USD

139

267

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

03/18/21

ZAR

14.75

USD

68

2,198

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

03/18/21

CLP

730.00

USD

194

2,673

43,762

Put

EUR

Currency

...........................

Citibank

NA

01/07/21

GBP

0.90

EUR

2,330

16,243

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

01/11/21

KRW

1,140.00

USD

184

8,214

USD

Currency

...........................

Citibank

NA

01/15/21

TRY

7.60

USD

65

1,734

USD

Currency

...........................

Deutsche

Bank

AG

01/15/21

MXN

20.00

USD

40

586

USD

Currency

...........................

Goldman

Sachs

International

01/21/21

BRL

5.10

USD

194

2,329

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

01/25/21

COP

3,630.00

USD

130

8,151

USD

Currency

...........................

Citibank

NA

01/26/21

RUB

72.00

USD

93

372

USD

Currency

...........................

Deutsche

Bank

AG

01/26/21

RUB

75.50

USD

186

4,616

USD

Currency

...........................

UBS

AG

01/26/21

RUB

72.00

USD

93

372

EUR

Currency

...........................

Bank

of

America

NA

02/05/21

RUB

89.00

EUR

154

1,522

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

02/05/21

BRL

4.95

USD

140

1,005

USD

Currency

...........................

BNP

Paribas

SA

02/08/21

IDR

14,100.00

USD

186

3,548

USD

Currency

...........................

Deutsche

Bank

AG

02/08/21

TRY

7.85

USD

75

4,057

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

02/09/21

IDR

14,000.00

USD

186

2,717

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

02/11/21

BRL

5.25

USD

462

15,437

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

58

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Currency

Options

Purchased

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........................

Bank

of

America

NA

02/12/21

NOK

8.65

USD

75

$

1,625

USD

Currency

...........................

Deutsche

Bank

AG

02/12/21

RUB

75.50

USD

278

7,832

USD

Currency

...........................

Goldman

Sachs

International

02/12/21

MXN

20.60

USD

462

19,002

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

02/12/21

COP

3,760.00

USD

277

27,702

EUR

Currency

...........................

Citibank

NA

02/17/21

GBP

0.87

EUR

2,360

7,308

USD

Currency

...........................

Citibank

NA

02/19/21

RUB

76.00

USD

186

6,234

USD

Currency

...........................

Citibank

NA

02/22/21

MXN

20.00

USD

279

6,239

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

03/02/21

BRL

5.05

USD

1,988

35,829

USD

Currency

...........................

Citibank

NA

04/22/21

TRY

7.75

USD

28

1,066

183,740

$

227,502

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

BNP

Paribas

SA

01/07/21

ZAR

15.80

USD

186

$

(36)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

01/11/21

KRW

1,160.00

USD

184

(3)

EUR

Currency

.............................

UBS

AG

01/12/21

CHF

1.14

EUR

1,180

(9)

USD

Currency

.............................

Goldman

Sachs

International

01/21/21

BRL

5.25

USD

96

(1,605)

USD

Currency

.............................

Bank

of

America

NA

01/22/21

TRY

7.75

USD

29

(240)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

01/25/21

COP

3,800.00

USD

130

(60)

USD

Currency

.............................

Deutsche

Bank

AG

01/26/21

RUB

78.50

USD

186

(898)

EUR

Currency

.............................

HSBC

Bank

plc

01/29/21

USD

1.22

EUR

1,560

(20,700)

EUR

Currency

.............................

Bank

of

America

NA

02/05/21

RUB

92.00

EUR

108

(2,096)

USD

Currency

.............................

Deutsche

Bank

AG

02/12/21

RUB

81.00

USD

59

(277)

USD

Currency

.............................

Bank

of

America

NA

02/12/21

NOK

9.00

USD

75

(342)

USD

Currency

.............................

Goldman

Sachs

International

02/12/21

MXN

22.35

USD

139

(267)

USD

Currency

.............................

Citibank

NA

02/19/21

RUB

80.00

USD

130

(870)

USD

Currency

.............................

Citibank

NA

02/22/21

MXN

21.00

USD

186

(1,628)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/18/21

ZAR

15.50

USD

68

(1,038)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

03/18/21

CLP

780.00

USD

194

(730)

–

(30,799)

–

Put

USD

Currency

.............................

Deutsche

Bank

AG

01/15/21

MXN

19.50

USD

35

(133)

USD

Currency

.............................

Citibank

NA

01/15/21

TRY

7.30

USD

74

(448)

USD

Currency

.............................

Goldman

Sachs

International

01/21/21

BRL

4.90

USD

290

(749)

USD

Currency

.............................

Deutsche

Bank

AG

01/26/21

RUB

72.00

USD

186

(744)

USD

Currency

.............................

Deutsche

Bank

AG

02/08/21

TRY

7.55

USD

93

(2,378)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

02/11/21

BRL

4.95

USD

601

(5,018)

USD

Currency

.............................

Deutsche

Bank

AG

02/12/21

RUB

72.50

USD

361

(3,057)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

02/12/21

COP

3,600.00

USD

361

(20,409)

USD

Currency

.............................

Goldman

Sachs

International

02/12/21

MXN

19.50

USD

601

(5,533)

USD

Currency

.............................

Citibank

NA

02/19/21

RUB

72.00

USD

233

(1,724)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

03/02/21

BRL

4.90

USD

1,988

(17,634)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/18/21

ZAR

14.00

USD

68

(519)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

03/18/21

CLP

700.00

USD

194

(3,114)

–

(61,460)

–

$

(92,259)

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

59

Schedule

of

Investments

(continued)

December

31,

2020

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

REPO_CORRA

At

Termination

0.48%

At

Termination

10/07/22

(a)

10/07/23

CAD

4,105

$

1,456

$

—

$

1,456

3

month

BA

Semi-Annual

0.76%

Semi-Annual

10/07/22

(a)

10/07/23

CAD

9,860

1,878

(205)

2,083

3

month

BA

Semi-Annual

0.75%

Semi-Annual

10/24/22

(a)

10/24/23

CAD

7,042

119

—

119

3

month

BA

Semi-Annual

0.80%

Semi-Annual

10/24/22

(a)

10/24/23

CAD

1,166

479

—

479

3

month

BA

Semi-Annual

0.74%

Semi-Annual

10/26/22

(a)

10/26/23

CAD

5,295

(403)

—

(403)

3

month

BA

Semi-Annual

0.83%

Semi-Annual

11/09/22

(a)

11/09/23

CAD

5,040

2,747

—

2,747

3

month

BA

Semi-Annual

0.85%

Semi-Annual

12/01/22

(a)

12/01/23

CAD

5,855

3,018

—

3,018

0.80%

Semi-Annual

3

month

BA

Semi-Annual

12/12/22

(a)

12/12/23

CAD

6,093

(185)

—

(185)

28

day

MXIBTIIE

Monthly

6.67%

Monthly

N/A

08/12/24

MXN

3,217

12,017

—

12,017

28

day

MXIBTIIE

Monthly

6.72%

Monthly

N/A

08/13/24

MXN

2,768

10,553

—

10,553

28

day

MXIBTIIE

Monthly

6.59%

Monthly

N/A

11/08/24

MXN

1,973

7,371

—

7,371

28

day

MXIBTIIE

Monthly

5.04%

Monthly

N/A

11/12/25

MXN

8,675

6,670

—

6,670

$

45,720

$

(205)

$

45,925

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.72%

At

Termination

1

month

HICPXT

At

Termination

09/15/25

EUR

665

$

5,410

$

—

$

5,410

0.73%

At

Termination

1

month

HICPXT

At

Termination

09/15/25

EUR

665

4,980

—

4,980

0.67%

At

Termination

1

month

HICPXT

At

Termination

10/15/25

EUR

480

5,251

—

5,251

0.67%

At

Termination

1

month

HICPXT

At

Termination

10/15/25

EUR

740

7,980

—

7,980

0.68%

At

Termination

1

month

HICPXT

At

Termination

10/15/25

EUR

490

4,905

—

4,905

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.50%

At

Termination

10/15/25

GBP

550

7,430

—

7,430

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.51%

At

Termination

10/15/25

GBP

1,080

15,650

—

15,650

0.70%

At

Termination

1

month

HICPXT

At

Termination

11/15/25

EUR

485

8,810

—

8,810

0.70%

At

Termination

1

month

HICPXT

At

Termination

11/15/25

EUR

720

12,916

—

12,916

1.01%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

275

33

—

33

1.02%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

128

(131)

—

(131)

1.03%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

413

(553)

—

(553)

1.03%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

413

(518)

—

(518)

1

month

HICPXT

At

Termination

0.96%

At

Termination

09/15/30

EUR

665

(8,032)

—

(8,032)

1

month

HICPXT

At

Termination

0.98%

At

Termination

09/15/30

EUR

665

(6,618)

—

(6,618)

1

month

HICPXT

At

Termination

0.92%

At

Termination

10/15/30

EUR

740

(13,486)

—

(13,486)

1

month

HICPXT

At

Termination

0.92%

At

Termination

10/15/30

EUR

480

(8,648)

—

(8,648)

1

month

HICPXT

At

Termination

0.93%

At

Termination

10/15/30

EUR

490

(8,171)

—

(8,171)

1

month

HICPXT

At

Termination

0.90%

At

Termination

11/15/30

EUR

485

(14,751)

—

(14,751)

1

month

HICPXT

At

Termination

0.90%

At

Termination

11/15/30

EUR

720

(21,651)

—

(21,651)

1

month

HICPXT

At

Termination

1.13%

At

Termination

12/15/30

EUR

275

(257)

—

(257)

1

month

HICPXT

At

Termination

1.14%

At

Termination

12/15/30

EUR

413

80

—

80

1

month

HICPXT

At

Termination

1.14%

At

Termination

12/15/30

EUR

413

411

—

411

1

month

HICPXT

At

Termination

1.15%

At

Termination

12/15/30

EUR

128

333

—

333

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.33%

At

Termination

11/15/40

GBP

200

1,519

—

1,519

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.35%

At

Termination

12/15/40

GBP

15

277

—

277

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

60

Schedule

of

Investments

(continued)

December

31,

2020

Centrally

Cleared

Inflation

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

200

$

6,584

$

—

$

6,584

$

(247)

$

—

$

(247)

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Federative

Republic

of

Brazil

..

1.00

%

Quarterly

Barclays

Bank

plc

12/20/25

USD

150

$

3,017

$

8,541

$

(5,524)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

40

805

2,099

(1,294)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

132

2,648

8,005

(5,357)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

35

704

1,883

(1,179)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

30

603

1,614

(1,011)

Republic

of

Colombia

.......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

20

(120)

346

(466)

Republic

of

Colombia

.......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

20

(120)

327

(447)

Republic

of

Colombia

.......

1.00

Quarterly

Citibank

NA

12/20/25

USD

427

(2,561)

7,880

(10,441)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

80

(480)

1,418

(1,898)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

35

(210)

765

(975)

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

20

(120)

353

(473)

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

10

(60)

168

(228)

Republic

of

Indonesia

.......

1.00

Quarterly

Citibank

NA

12/20/25

USD

30

(479)

67

(546)

Republic

of

Indonesia

.......

1.00

Quarterly

Citibank

NA

12/20/25

USD

205

(3,270)

196

(3,466)

Republic

of

Indonesia

.......

1.00

Quarterly

Citibank

NA

12/20/25

USD

30

(479)

53

(532)

Republic

of

Indonesia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

USD

45

(718)

86

(804)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

12/20/25

USD

84

4,049

7,545

(3,496)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

224

10,838

20,488

(9,650)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

35

1,718

3,247

(1,529)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

294

14,217

26,874

(12,657)

Republic

of

South

Africa

.....

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

105

5,081

9,371

(4,290)

Russian

Federation

........

1.00

Quarterly

Bank

of

America

NA

12/20/25

USD

87

(576)

605

(1,181)

Russian

Federation

........

1.00

Quarterly

Bank

of

America

NA

12/20/25

USD

105

(692)

769

(1,461)

Russian

Federation

........

1.00

Quarterly

Bank

of

America

NA

12/20/25

USD

80

(528)

734

(1,262)

Russian

Federation

........

1.00

Quarterly

Citibank

NA

12/20/25

USD

37

(247)

238

(485)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

30

(285)

487

(772)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

348

(3,308)

6,123

(9,431)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/25

USD

40

(380)

592

(972)

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

USD

35

(333)

576

(909)

CMBX.NA.9.AAA-

.........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

60

(806)

736

(1,542)

CMBX.NA.9.AAA-

.........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

50

(672)

622

(1,294)

CMBX.NA.9.AAA-

.........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

50

(672)

613

(1,285)

CMBX.NA.9.AAA-

.........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

40

(537)

491

(1,028)

CMBX.NA.9.AAA-

.........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

110

(1,478)

1,453

(2,931)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

2

237

109

128

CMBX.NA.6.AAA-

.........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

91

(490)

(69)

(421)

CMBX.NA.6.AAA-

.........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

41

(221)

(7)

(214)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

20

5,332

1,810

3,522

$

–

$

–

$

–

$

29,407

$

117,208

$

(87,801)

$

–

$

–

$

–

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

61

Schedule

of

Investments

(continued)

December

31,

2020

i

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMBX.NA.3.AM

.......

0.50

%

Monthly

Credit

Suisse

International

12/13/49

NR

USD

—

$

—

$

(7)

$

7

CMBX.NA.3.AM

.......

0.50

Monthly

Goldman

Sachs

International

12/13/49

NR

USD

—

—

(15)

15

CMBX.NA.9.BBB-

.....

3.00

Monthly

Deutsche

Bank

AG

09/17/58

NR

USD

7

(829)

(794)

(35)

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

5

(615)

(404)

(211)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

NR

USD

20

(5,331)

(1,495)

(3,836)

$

(6,775)

$

(2,715)

$

(4,060)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.27%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

05/16/21

USD

550

$

(8,447)

$

—

$

(8,447)

28

day

MXIBTIIE

Monthly

6.43%

Monthly

Bank

of

America

NA

06/06/25

MXN

836

3,068

—

3,068

$

(5,379)

$

—

$

(5,379)

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

(Amount)/

Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

.....

Quarterly

iBoxx

USD

Liquid

High

Yield

Total

Return

Index

At

Termination

Barclays

Bank

plc

03/20/21

USD

300

$

1,847

$

(141)

$

1,988

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

0.20

%

1

month

HICPXT

......................................

Harmonized

Index

Of

Consumer

Prices

Excluding

Tobacco

(0.36)

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.48

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.48

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.24

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

62

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

...........................................

$

—

$

(205)

$

129,082

$

(83,404)

$

—

OTC

Swaps

.....................................................

117,284

(2,932)

8,728

(103,980)

—

Options

Written

...................................................

N/A

N/A

21,924

(22,568)

(92,259)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

499,564

$

—

$

70,602

$

—

$

570,166

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

225,332

—

—

225,332

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

—

—

287,769

106,838

—

394,607

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

46,513

82,569

129,082

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

120,956

—

—

5,056

—

126,012

$

—

$

120,956

$

499,564

$

513,101

$

229,009

$

82,569

$

1,445,199

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

45,334

—

45,334

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

313,215

—

—

313,215

Options

written

Options

written

at

value

.....................

—

—

—

92,259

—

—

92,259

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

588

82,816

83,404

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

98,324

—

—

8,588

—

106,912

$

—

$

98,324

$

—

$

405,474

$

54,510

$

82,816

$

641,124

(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).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

3,556,117

$

—

$

(728,863)

$

—

$

2,827,254

Forward

foreign

currency

exchange

contracts

....

—

—

—

(200,867)

—

—

(200,867)

Options

purchased

(a)

....................

—

—

—

(276,153)

(186,304)

—

(462,457)

Options

written

........................

—

—

9,824

135,588

16,047

—

161,459

Swaps

..............................

—

121,580

—

—

180,158

157,454

459,192

$

—

$

121,580

$

3,565,941

$

(341,432)

$

(718,962)

$

157,454

$

2,784,581

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

63

Schedule

of

Investments

(continued)

December

31,

2020

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

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

440,768

—

(2,481)

—

438,287

Forward

foreign

currency

exchange

contracts

....

—

—

—

(179,339)

—

—

(179,339)

Options

purchased

(b)

....................

—

—

—

71,632

23,361

—

94,993

Options

written

........................

—

—

—

2,753

(49,783)

—

(47,030)

Swaps

..............................

—

(23,626)

—

—

38,875

(247)

15,002

$

—

$

(23,626)

$

440,768

$

(104,954)

$

9,972

$

(247)

$

321,913

(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

..................................................................................

$

63,017,534

Average

notional

value

of

contracts

—

short

.................................................................................

10,337,316

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

14,440,957

Average

amounts

sold

—

in

USD

........................................................................................

8,314,368

Options:

Average

value

of

option

contracts

purchased

................................................................................

149,477

Average

value

of

option

contracts

written

...................................................................................

53,254

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

531,750

Average

notional

value

of

swaption

contracts

written

...........................................................................

—

(a)

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

2,543,800

Average

notional

value

—

sell

protection

...................................................................................

189,383

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

16,297,928

Average

notional

value

—

receives

fixed

rate

................................................................................

30,823,603

Inflation

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

5,625,362

Average

notional

value

—

receives

fixed

rate

................................................................................

6,324,497

Total

return

swaps:

Average

notional

value

...............................................................................................

75,000

(a)

Derivative

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

193,739

$

10,255

Forward

foreign

currency

exchange

contracts

.................................................................

225,332

313,215

Options

(a)

.........................................................................................

394,607

92,259

Swaps

—

Centrally

cleared

.............................................................................

—

1,579

Swaps

—

OTC

(b)

....................................................................................

126,012

106,912

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

939,690

$

524,220

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(300,577)

(11,834)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

639,113

$

512,386

(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

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statements

of

Assets

and

Liabilities.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

64

Schedule

of

Investments

(continued)

December

31,

2020

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Bank

of

America

NA

..............................

$

31,356

$

(31,356)

$

—

$

—

$

—

Barclays

Bank

plc

................................

57,046

(57,046)

—

—

—

BNP

Paribas

SA

.................................

88,540

(16,656)

—

—

71,884

Citibank

NA

....................................

129,207

(76,624)

—

—

52,583

Credit

Suisse

International

..........................

743

(743)

—

—

—

Deutsche

Bank

AG

...............................

67,207

(59,315)

—

—

7,892

Goldman

Sachs

International

........................

38,327

(25,905)

—

—

12,422

HSBC

Bank

plc

..................................

17,950

(17,950)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

27,652

(27,652)

—

—

—

JPMorgan

Securities

LLC

...........................

5,332

(615)

—

—

4,717

Morgan

Stanley

&

Co.

International

plc

..................

160,781

(122,021)

—

—

38,760

UBS

AG

......................................

14,972

(834)

—

—

14,138

$

639,113

$

(436,717)

$

—

$

—

$

202,396

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)

Bank

of

America

NA

..............................

$

38,237

$

(31,356)

$

—

$

—

$

6,881

Barclays

Bank

plc

................................

58,653

(57,046)

—

—

1,607

BNP

Paribas

SA

.................................

16,656

(16,656)

—

—

—

Citibank

NA

....................................

76,624

(76,624)

—

—

—

Credit

Suisse

International

..........................

6,880

(743)

—

—

6,137

Deutsche

Bank

AG

...............................

59,315

(59,315)

—

—

—

Goldman

Sachs

International

........................

25,905

(25,905)

—

—

—

HSBC

Bank

plc

..................................

33,556

(17,950)

—

—

15,606

JPMorgan

Chase

Bank

NA

..........................

53,980

(27,652)

—

—

26,328

JPMorgan

Securities

LLC

...........................

615

(615)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

122,021

(122,021)

—

—

—

Natwest

Markets

plc

..............................

348

—

—

—

348

Standard

Chartered

Bank

...........................

18,762

—

—

—

18,762

UBS

AG

......................................

834

(834)

—

—

—

$

512,386

$

(436,717)

$

—

$

—

$

75,669

(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

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

65

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

12,254,394

$

919,744

$

13,174,138

Common

Stocks

.........................................

308,301,491

—

—

308,301,491

Corporate

Bonds

........................................

—

68,178,571

—

68,178,571

Floating

Rate

Loan

Interests

.................................

—

—

9,490

9,490

Foreign

Agency

Obligations

.................................

—

680,824

—

680,824

Foreign

Government

Obligations

..............................

—

12,809,837

—

12,809,837

Investment

Companies

....................................

15,064,436

—

—

15,064,436

Municipal

Bonds

.........................................

—

1,197,896

—

1,197,896

Non-Agency

Mortgage-Backed

Securities

........................

—

6,297,861

15,555

6,313,416

Capital

Trusts

...........................................

—

610,342

—

610,342

Rights

................................................

5,024

—

—

5,024

U.S.

Government

Sponsored

Agency

Securities

....................

—

83,549,130

—

83,549,130

U.S.

Treasury

Obligations

...................................

—

28,258,657

—

28,258,657

Short-Term

Securities:

Borrowed

Bond

Agreements

.................................

—

3,891,754

—

3,891,754

Money

Market

Funds

......................................

21,090,392

—

—

21,090,392

Options

Purchased:

Foreign

currency

exchange

contracts

...........................

—

287,769

—

287,769

Interest

rate

contracts

......................................

106,838

—

—

106,838

Liabilities:

Investments:

Borrowed

Bonds

.........................................

—

(3,893,821)

—

(3,893,821)

TBA

Sale

Commitments

....................................

—

(49,362,896)

—

(49,362,896)

Investments

Sold

Short

....................................

—

(104,867)

—

(104,867)

Subtotal

....................................................

$

344,568,181

$

164,655,451

$

944,789

$

510,168,421

Investments

valued

at

NAV

(a)

......................................

8,019,914

$

—

Total

Investments

..............................................

$

518,188,335

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

3,672

$

—

$

3,672

Equity

contracts

...........................................

499,564

—

—

499,564

Foreign

currency

exchange

contracts

............................

—

225,332

—

225,332

Interest

rate

contracts

.......................................

70,602

51,569

—

122,171

Other

contracts

...........................................

—

82,569

—

82,569

Liabilities:

Credit

contracts

...........................................

—

(95,533)

—

(95,533)

Foreign

currency

exchange

contracts

............................

—

(405,474)

—

(405,474)

Interest

rate

contracts

.......................................

(45,334)

(9,035)

—

(54,369)

Other

contracts

...........................................

—

(82,816)

—

(82,816)

$

524,832

$

(229,716)

$

—

$

295,116

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Capital

Appreciation

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

99.3%

Automobiles

—

0.4%

Ferrari

NV

.......................

3,693

$

847,617

Capital

Markets

—

2.7%

S&P

Global,

Inc.

...................

20,243

6,654,482

Chemicals

—

2.2%

International

Flavors

&

Fragrances,

Inc.

....

9,078

988,050

Linde

plc

........................

3,939

1,037,966

Sherwin-Williams

Co.

(The)

............

4,777

3,510,665

5,536,681

Containers

&

Packaging

—

0.8%

Ball

Corp.

........................

20,085

1,871,520

Electronic

Equipment,

Instruments

&

Components

—

1.0%

Keysight

Technologies,

Inc.

(a)

...........

19,422

2,565,452

Entertainment

—

3.1%

Netflix,

Inc.

(a)

......................

14,324

7,745,417

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.7%

Prologis,

Inc.

......................

6,038

601,747

SBA

Communications

Corp.

...........

12,746

3,596,029

4,197,776

Health

Care

Equipment

&

Supplies

—

2.7%

(a)

Boston

Scientific

Corp.

...............

107,723

3,872,642

Intuitive

Surgical,

Inc.

................

3,385

2,769,268

6,641,910

Health

Care

Providers

&

Services

—

3.6%

Humana,

Inc.

.....................

8,530

3,499,603

UnitedHealth

Group,

Inc.

..............

15,340

5,379,431

8,879,034

Hotels,

Restaurants

&

Leisure

—

0.4%

Domino's

Pizza,

Inc.

.................

2,252

863,552

Industrial

Conglomerates

—

1.3%

Roper

Technologies,

Inc.

..............

7,367

3,175,840

Interactive

Media

&

Services

—

9.2%

(a)

Alphabet,

Inc.,

Class

A

...............

5,117

8,968,259

Facebook,

Inc.,

Class

A

..............

28,638

7,822,756

Snap,

Inc.,

Class

A

..................

120,495

6,033,185

22,824,200

Internet

&

Direct

Marketing

Retail

—

13.6%

(a)

Alibaba

Group

Holding

Ltd.,

ADR

........

15,190

3,535,169

Amazon.com,

Inc.

..................

7,124

23,202,369

MercadoLibre

,

Inc.

..................

4,056

6,794,692

33,532,230

IT

Services

—

13.3%

Fidelity

National

Information

Services,

Inc.

..

18,692

2,644,170

Mastercard

,

Inc.,

Class

A

..............

26,998

9,636,666

PayPal

Holdings,

Inc.

(a)

...............

17,581

4,117,470

Shopify,

Inc.,

Class

A

(a)

...............

2,302

2,605,749

Snowflake,

Inc.,

Class

A

(a)

.............

1,110

312,354

Visa,

Inc.,

Class

A

(b)

.................

51,126

11,182,790

Security

Shares

Shares

Value

IT

Services

(continued)

Wix.com

Ltd.

(a)(b)

...................

9,780

$

2,444,609

32,943,808

Life

Sciences

Tools

&

Services

—

0.7%

Lonza

Group

AG

(Registered)

..........

2,729

1,757,931

Pharmaceuticals

—

2.4%

AstraZeneca

plc,

ADR

(b)

..............

42,655

2,132,323

Zoetis,

Inc.

.......................

22,873

3,785,482

5,917,805

Professional

Services

—

3.3%

CoStar

Group,

Inc.

(a)

.................

6,158

5,691,716

TransUnion

.......................

25,712

2,551,145

8,242,861

Semiconductors

&

Semiconductor

Equipment

—

7.2%

Analog

Devices,

Inc.

.................

31,633

4,673,143

ASML

Holding

NV

(Registered),

NYRS

....

13,973

6,814,912

Marvell

Technology

Group

Ltd.

..........

78,464

3,730,178

NVIDIA

Corp.

.....................

4,855

2,535,281

17,753,514

Software

—

20.9%

Adobe,

Inc.

(a)

......................

12,833

6,418,040

Autodesk,

Inc.

(a)

....................

12,996

3,968,199

Coupa

Software,

Inc.

(a)

...............

4,413

1,495,610

Intuit,

Inc.

........................

15,526

5,897,551

Microsoft

Corp.

....................

84,567

18,809,392

Palantir

Technologies,

Inc.,

Series

I

(Acquired

02/11/14,

cost

$1,152,906)

(a)(c)

........

150,461

3,456,736

RingCentral,

Inc.,

Class

A

(a)

............

9,911

3,755,972

ServiceNow

,

Inc.

(a)

..................

14,326

7,885,460

51,686,960

Specialty

Retail

—

2.4%

Lowe's

Cos.,

Inc.

...................

19,148

3,073,445

TJX

Cos.,

Inc.

(The)

.................

42,350

2,892,082

5,965,527

Technology

Hardware,

Storage

&

Peripherals

—

3.6%

Apple,

Inc.

.......................

67,272

8,926,322

Textiles,

Apparel

&

Luxury

Goods

—

2.8%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

3,173

1,986,302

NIKE,

Inc.,

Class

B

.................

34,940

4,942,962

6,929,264

Total

Common

Stocks

—

99.3%

(Cost:

$129,284,267)

.............................

245,459,703

Preferred

Stocks

—

0.4%

Media

—

0.4%

Bytedance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$1,164,993)

(a)(c)(d)

..............

10,632

1,164,948

Total

Preferred

Stocks

—

0.4%

(Cost:

$1,164,993)

..............................

1,164,948

Total

Long-Term

Investments

—

99.7%

(Cost:

$130,449,260)

.............................

246,624,651

BlackRock

Capital

Appreciation

Portfolio

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Short-Term

Securities

—

2.5%

(e)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

...................

1,153,780

$

1,153,780

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(f)

.......................

4,995,251

4,996,750

Total

Short-Term

Securities

—

2.5%

(Cost:

$6,150,530)

..............................

6,150,530

Total

Investments

—

102.2%

(Cost:

$136,599,790

)

.............................

252,775,181

Liabilities

in

Excess

of

Other

Assets

—

(2.2)%

............

(5,535,328)

Net

Assets

—

100.0%

..............................

$

247,239,853

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$4,621,684,

representing

1.87%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,152,906.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

232,078

$

921,702

$

—

$

—

$

—

$

1,153,780

1,153,780

$

3,255

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,711,112

282,650

—

3,008

(20)

4,996,750

4,995,251

16,808

(b)

—

$

3,008

$

(20)

$

6,150,530

$

20,063

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2020

BlackRock

Annual

Report

To

Shareholders

BlackRock

Capital

Appreciation

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Automobiles

..........................................

$

847,617

$

—

$

—

$

847,617

Capital

Markets

........................................

6,654,482

—

—

6,654,482

Chemicals

............................................

5,536,681

—

—

5,536,681

Containers

&

Packaging

..................................

1,871,520

—

—

1,871,520

Electronic

Equipment,

Instruments

&

Components

.................

2,565,452

—

—

2,565,452

Entertainment

.........................................

7,745,417

—

—

7,745,417

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

4,197,776

—

—

4,197,776

Health

Care

Equipment

&

Supplies

...........................

6,641,910

—

—

6,641,910

Health

Care

Providers

&

Services

............................

8,879,034

—

—

8,879,034

Hotels,

Restaurants

&

Leisure

..............................

863,552

—

—

863,552

Industrial

Conglomerates

..................................

3,175,840

—

—

3,175,840

Interactive

Media

&

Services

...............................

22,824,200

—

—

22,824,200

Internet

&

Direct

Marketing

Retail

............................

33,532,230

—

—

33,532,230

IT

Services

...........................................

32,943,808

—

—

32,943,808

Life

Sciences

Tools

&

Services

..............................

—

1,757,931

—

1,757,931

Pharmaceuticals

.......................................

5,917,805

—

—

5,917,805

Professional

Services

....................................

8,242,861

—

—

8,242,861

Semiconductors

&

Semiconductor

Equipment

....................

17,753,514

—

—

17,753,514

Software

.............................................

48,230,224

3,456,736

—

51,686,960

Specialty

Retail

........................................

5,965,527

—

—

5,965,527

Technology

Hardware,

Storage

&

Peripherals

....................

8,926,322

—

—

8,926,322

Textiles,

Apparel

&

Luxury

Goods

............................

4,942,962

1,986,302

—

6,929,264

Preferred

Stocks

.........................................

—

—

1,164,948

1,164,948

Short-Term

Securities

.......................................

1,153,780

—

—

1,153,780

Subtotal

....................................................

$

239,412,514

$

7,200,969

$

1,164,948

$

247,778,431

Investments

valued

at

NAV

(a)

......................................

4,996,750

$

—

Total

Investments

..............................................

$

252,775,181

$

—

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

December

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

0.5%

Ireland

—

0.0%

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

(a)

.....

EUR

100

$

121,073

United

States

—

0.5%

Battalion

CLO

18

Ltd.

(a)(b)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

2.03%,

10/15/32

...............

USD

250

250,854

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.53%,

10/15/32

...............

250

248,402

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(b)

................

100

101,525

SLM

Private

Credit

Student

Loan

Trust

(a)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.55%,

06/15/39

...............

64

61,302

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.51%,

06/15/39

...............

58

56,153

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.46%,

12/16/41

...............

68

66,323

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(LIBOR

USD

1

Month

+

4.75%),

4.91%,

10/15/41

(a)(b)

...............

168

183,162

967,721

Total

Asset-Backed

Securities

—

0.5%

(Cost:

$1,066,386)

..............................

1,088,794

Shares

Shares

Common

Stocks

—

66.8%

Argentina

—

0.0%

(c)

Globant

SA

..................

266

57,884

MercadoLibre

,

Inc.

.............

6

10,052

67,936

Australia

—

0.2%

BHP

Group

Ltd.

...............

285

9,312

BHP

Group

plc

...............

2,781

73,431

Brambles

Ltd.

................

986

8,087

Coles

Group

Ltd.

..............

86

1,201

Fortescue

Metals

Group

Ltd.

......

205

3,703

Goodman

Group

..............

140

2,046

Newcrest

Mining

Ltd.

...........

3,617

72,187

Quintis

HoldCo

Pty.

Ltd.

(Acquired

10/22/18,

cost

$115,835)

(c)(d)(e)

...

218,994

140,132

Rio

Tinto

plc

.................

908

68,348

Wesfarmers

Ltd.

..............

214

8,318

386,765

Brazil

—

0.0%

B3

SA

-

Brasil

Bolsa

Balcao

.......

629

7,531

Banco

do

Brasil

SA

(c)

...........

359

2,699

Centrais

Eletricas

Brasileiras

SA

....

158

1,125

Engie

Brasil

Energia

SA

.........

1,238

10,516

Petroleo

Brasileiro

SA,

ADR

(f)

......

923

10,365

Security

Shares

Shares

Value

Brazil

(continued)

Vale

SA,

ADR

(f)

...............

3,038

$

50,917

83,153

Canada

—

0.7%

Barrick

Gold

Corp.

.............

4,190

95,459

Enbridge,

Inc.

................

38,203

1,221,812

Fairfax

Financial

Holdings

Ltd.

.....

2

682

George

Weston

Ltd.

............

27

2,017

Loblaw

Cos.

Ltd.

..............

135

6,661

Manulife

Financial

Corp.

.........

126

2,242

National

Bank

of

Canada

........

52

2,927

Restaurant

Brands

International,

Inc.

35

2,140

Royal

Bank

of

Canada

..........

23

1,890

Shopify,

Inc.,

Class

A

(c)

..........

2

2,258

TC

Energy

Corp.

..............

328

13,335

Thomson

Reuters

Corp.

.........

49

4,010

Wheaton

Precious

Metals

Corp.

....

2,385

99,604

1,455,037

China

—

2.5%

AAC

Technologies

Holdings,

Inc.

...

5,500

30,486

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

......................

5,650

65,109

Alibaba

Group

Holding

Ltd.

(c)

......

3,700

107,613

Alibaba

Group

Holding

Ltd.,

ADR

(c)

..

1,780

414,259

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

2,600

31,266

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

500

3,134

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

100

1,393

ANTA

Sports

Products

Ltd.

.......

9,000

142,804

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

...............

1,099

50,591

Autobio

Diagnostics

Co.

Ltd.,

Class

A

1,683

37,551

Autohome

,

Inc.,

ADR

...........

20

1,992

Baidu,

Inc.,

ADR

(c)

.............

33

7,136

Brilliance

China

Automotive

Holdings

Ltd.

.....................

6,000

5,477

BYD

Co.

Ltd.,

Class

A

...........

5,100

152,777

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,000

1,699

China

Construction

Bank

Corp.,

Class

H

......................

3,000

2,263

China

Feihe

Ltd.

(b)

.............

2,000

4,693

China

Galaxy

Securities

Co.

Ltd.,

Class

H

......................

3,500

2,196

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................

9,000

56,934

China

National

Building

Material

Co.

Ltd.,

Class

H

...............

12,000

14,444

China

Petroleum

&

Chemical

Corp.,

Class

H

..................

6,000

2,672

China

Resources

Cement

Holdings

Ltd.

4,000

4,468

China

Resources

Power

Holdings

Co.

Ltd.

.....................

4,000

4,306

CITIC

Ltd.

...................

2,000

1,416

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

...............

5,800

313,961

Country

Garden

Services

Holdings

Co.

Ltd.

.....................

114

771

CSPC

Pharmaceutical

Group

Ltd.

...

4,000

4,073

Dali

Foods

Group

Co.

Ltd.

(b)

.......

4,500

2,572

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

......................

2,000

2,337

ENN

Energy

Holdings

Ltd.

........

2,100

30,827

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(b)

.

4,000

47,908

GDS

Holdings

Ltd.,

ADR

(c)

........

43

4,027

Glodon

Co.

Ltd.,

Class

A

.........

4,000

48,495

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

China

(continued)

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

...............

2,500

$

20,103

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

............

23,800

51,802

Haidilao

International

Holding

Ltd.

(b)

.

4,000

30,847

Haier

Smart

Home

Co.

Ltd.,

Class

A

.

7,500

33,769

Haitong

Securities

Co.

Ltd.,

Class

H

.

4,400

3,932

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

..................

4,900

30,753

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

...............

1,600

39,732

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(b)(c)

............

1,300

30,149

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

............

8,800

57,943

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(b)(c)

...................

6,000

29,078

Hengan

International

Group

Co.

Ltd.

.

1,000

7,081

Huaneng

Power

International,

Inc.,

Class

H

..................

4,000

1,460

Huazhu

Group

Ltd.,

ADR

(f)

........

1,506

67,815

Hundsun

Technologies,

Inc.,

Class

A

.

2,980

48,124

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

...............

66,000

42,404

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

...............

5,299

36,163

JD

Health

International,

Inc.

(b)(c)

....

18,850

364,723

JD.com,

Inc.,

ADR

(c)

............

182

15,998

Jiangxi

Copper

Co.

Ltd.,

Class

H

...

1,000

1,574

KE

Holdings,

Inc.,

ADR

(c)

.........

124

7,631

Kingdee

International

Software

Group

Co.

Ltd.

(c)

.................

55,000

224,541

Kunlun

Energy

Co.

Ltd.

..........

2,000

1,733

Kweichow

Moutai

Co.

Ltd.,

Class

A

..

100

30,734

Lenovo

Group

Ltd.

.............

4,000

3,782

Li

Auto,

Inc.,

ADR

(c)(f)

............

7,660

220,838

Lufax

Holding

Ltd.,

ADR

(c)

........

52

738

Meituan

Dianping

,

Class

B

(c)

......

1,700

63,994

Ming

Yuan

Cloud

Group

Holdings

Ltd.

(c)

8,000

49,268

NetEase

,

Inc.,

ADR

............

808

77,382

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(c)

...........

269

49,983

Offcn

Education

Technology

Co.

Ltd.,

Class

A

..................

300

1,622

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(b)

100

1,691

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..................

10,000

7,565

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

...............

3,400

45,498

Shanghai

International

Airport

Co.

Ltd.,

Class

A

..................

4,800

55,895

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

...............

3,100

44,523

Silergy

Corp.

.................

1,000

86,062

Sun

Art

Retail

Group

Ltd.

........

4,500

4,578

Tencent

Holdings

Ltd.

...........

11,800

849,055

Tingyi

Cayman

Islands

Holding

Corp.

4,000

6,842

Topsports

International

Holdings

Ltd.

(b)

1,000

1,498

Trip.com

Group

Ltd.,

ADR

(c)

.......

2,619

88,339

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(b)(c)

....................

4,500

45,925

Venustech

Group,

Inc.,

Class

A

....

7,899

35,533

Vipshop

Holdings

Ltd.,

ADR

(c)

......

131

3,682

Want

Want

China

Holdings

Ltd.

....

43,000

31,088

Wilmar

International

Ltd.

.........

500

1,760

Security

Shares

Shares

Value

China

(continued)

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

...

4,139

$

55,948

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

..................

1,100

5,288

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

1,820

37,689

Wuxi

Biologics

Cayman,

Inc.

(b)(c)

....

6,000

79,568

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

......................

3,340

46,380

Yihai

International

Holding

Ltd.

(c)

....

5,000

74,254

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

..................

4,500

30,389

Yum

China

Holdings,

Inc.

........

1,264

72,162

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A

(c)

..............

1,600

1,751

ZTO

Express

Cayman,

Inc.,

ADR

...

270

7,873

4,968,182

Denmark

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

....

3

6,197

AP

Moller

-

Maersk

A/S,

Class

B

....

2

4,451

Carlsberg

A/S,

Class

B

..........

12

1,924

DSV

Panalpina

A/S

............

1,057

177,641

Genmab

A/S

(c)

................

194

78,666

268,879

Finland

—

0.3%

Neste

OYJ

..................

6,940

503,870

Nokia

OYJ

(c)

.................

6,176

23,854

527,724

France

—

2.8%

Arkema

SA

..................

4,773

546,136

AXA

SA

....................

292

7,003

BNP

Paribas

SA

(c)

.............

2,689

141,958

Carrefour

SA

.................

587

10,052

Cie

de

Saint-Gobain

............

298

13,706

Danone

SA

..................

11,914

784,015

EssilorLuxottica

SA

............

3,997

622,870

Kering

SA

...................

214

155,307

LVMH

Moet

Hennessy

Louis

Vuitton

SE

881

551,507

Orange

SA

..................

203

2,417

Pernod

Ricard

SA

.............

29

5,569

Safran

SA

(c)

.................

6,965

987,176

Sanofi

.....................

11,086

1,074,489

Sartorius

Stedim

Biotech

.........

6

2,135

Schneider

Electric

SE

...........

108

15,609

Social

Capital

Hedosophia

Holdings

II

Corp.

(Acquired

12/16/20,

cost

$150,170)

(c)(d)

..............

15,017

334,225

Societe

Generale

SA

(c)

..........

7,563

157,224

TOTAL

SE

..................

2,413

104,150

Vivendi

SA

..................

222

7,161

5,522,709

Germany

—

2.5%

adidas

AG

(c)

.................

2,534

921,882

Allianz

SE

(Registered)

..........

3,162

776,818

Daimler

AG

(Registered)

.........

219

15,522

Deutsche

Boerse

AG

...........

74

12,600

Deutsche

Post

AG

(Registered)

....

119

5,895

Deutsche

Telekom

AG

(Registered)

.

45,305

826,934

E.ON

SE

...................

148

1,639

Evonik

Industries

AG

...........

239

7,812

Fresenius

SE

&

Co.

KGaA

........

32

1,480

Henkel

AG

&

Co.

KGaA

.........

36

3,469

Infineon

Technologies

AG

........

3,799

145,078

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Germany

(continued)

Rational

AG

.................

22

$

20,466

SAP

SE

....................

36

4,663

Siemens

AG

(Registered)

........

13,175

1,897,812

Siemens

Energy

AG

(c)

...........

6,666

244,306

Vonovia

SE

..................

1,827

133,433

5,019,809

Hong

Kong

—

0.7%

AIA

Group

Ltd.

...............

90,800

1,106,500

CLP

Holdings

Ltd.

.............

3,500

32,363

Hang

Lung

Properties

Ltd.

........

25,000

65,882

HKT

Trust

&

HKT

Ltd.

(g)

..........

24,000

31,126

Hysan

Development

Co.

Ltd.

......

6,000

21,977

Jardine

Matheson

Holdings

Ltd.

....

900

50,344

1,308,192

India

—

0.3%

GAIL

India

Ltd.

...............

865

1,463

HDFC

Asset

Management

Co.

Ltd.

(b)

.

31

1,239

Hindustan

Unilever

Ltd.

..........

99

3,250

Housing

Development

Finance

Corp.

Ltd.

.....................

45

1,577

Indian

Oil

Corp.

Ltd.

............

805

1,003

Indus

Towers

Ltd.

..............

184

580

Maruti

Suzuki

India

Ltd.

.........

13

1,364

NTPC

Ltd.

..................

2,088

2,843

Petronet

LNG

Ltd.

.............

5,780

19,600

Power

Grid

Corp.

of

India

Ltd.

.....

434

1,128

Reliance

Industries

Ltd.

.........

24,700

644,196

Tata

Consultancy

Services

Ltd.

....

44

1,728

Vedanta

Ltd.

.................

2,204

4,882

684,853

Indonesia

—

0.0%

Bank

Central

Asia

Tbk

.

PT

........

25,600

61,709

Ireland

—

0.1%

Flutter

Entertainment

plc

.........

1,047

216,583

Italy

—

1.5%

Enel

SpA

...................

167,661

1,705,906

Intesa

Sanpaolo

SpA

(c)

..........

151,933

359,127

RAI

Way

SpA

(b)

...............

23,987

160,667

Snam

SpA

..................

11,255

63,564

UniCredit

SpA

(c)

...............

85,099

797,327

3,086,591

Japan

—

2.5%

Aisin

Seiki

Co.

Ltd.

.............

300

8,997

Ajinomoto

Co.,

Inc.

.............

12,800

290,045

Asahi

Kasei

Corp.

.............

400

4,100

Astellas

Pharma,

Inc.

...........

33,950

525,674

Canon,

Inc.

..................

300

5,812

Daifuku

Co.

Ltd.

...............

900

111,371

Disco

Corp.

..................

400

134,813

ENEOS

Holdings,

Inc.

..........

1,700

6,106

FANUC

Corp.

................

700

172,794

Hitachi

Ltd.

..................

200

7,894

Honda

Motor

Co.

Ltd.

...........

100

2,822

Hoya

Corp.

..................

5,201

720,312

KDDI

Corp.

..................

3,800

112,671

Keyence

Corp.

...............

600

337,510

Kirin

Holdings

Co.

Ltd.

..........

100

2,361

Kose

Corp.

..................

1,500

256,320

Maeda

Road

Construction

Co.

Ltd.

..

600

10,065

Marubeni

Corp.

...............

400

2,665

Mitsubishi

Corp.

...............

200

4,930

Security

Shares

Shares

Value

Japan

(continued)

Mitsubishi

Estate

Co.

Ltd.

........

5,800

$

93,223

Nippon

Telegraph

&

Telephone

Corp.

3,940

101,097

Nomura

Holdings,

Inc.

..........

300

1,586

NTT

Data

Corp.

...............

300

4,107

Olympus

Corp.

...............

100

2,189

Oriental

Land

Co.

Ltd.

..........

1,100

181,754

Otsuka

Holdings

Co.

Ltd.

........

100

4,285

Panasonic

Corp.

..............

400

4,663

Rakuten

,

Inc.

................

100

962

Recruit

Holdings

Co.

Ltd.

........

5,400

226,816

Ryohin

Keikaku

Co.

Ltd.

.........

4,500

92,090

Sekisui

House

Ltd.

.............

100

2,037

Seven

&

i

Holdings

Co.

Ltd.

.......

200

7,082

Shin-Etsu

Chemical

Co.

Ltd.

......

5,120

898,641

Sompo

Holdings,

Inc.

...........

100

4,054

Sony

Corp.

..................

2,000

201,536

Suzuki

Motor

Corp.

............

9,161

424,663

Toshiba

Corp.

................

100

2,801

4,970,848

Mexico

—

0.0%

Fomento

Economico

Mexicano

SAB

de

CV

.....................

148

1,122

Grupo

Bimbo

SAB

de

CV

........

2,581

5,597

6,719

Netherlands

—

2.9%

Adyen

NV

(b)(c)

................

251

583,209

Akzo

Nobel

NV

...............

10,500

1,127,013

ASML

Holding

NV

.............

2,507

1,213,832

Heineken

Holding

NV

...........

41

3,859

ING

Groep

NV

................

121,470

1,129,409

Koninklijke

Philips

NV

(c)

..........

14,974

806,613

NXP

Semiconductors

NV

........

5,666

900,951

Royal

Dutch

Shell

plc,

Class

A

.....

166

2,911

Royal

Dutch

Shell

plc,

Class

B

.....

98

1,661

5,769,458

Norway

—

0.0%

LINK

Mobility

Group

Holding

ASA

(c)

..

5,906

32,002

Poland

—

0.0%

Polski

Koncern

Naftowy

ORLEN

SA

.

172

2,663

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

2,092

35,166

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

................

16

465

Singapore

—

0.1%

ComfortDelGro

Corp.

Ltd.

........

23,300

29,523

DBS

Group

Holdings

Ltd.

........

3,000

56,852

United

Overseas

Bank

Ltd.

.......

3,500

59,656

146,031

South

Africa

—

0.0%

Anglo

American

Platinum

Ltd.

.....

85

8,364

Anglo

American

plc

............

1,417

46,792

AngloGold

Ashanti

Ltd.

..........

149

3,434

Kumba

Iron

Ore

Ltd.

............

57

2,416

MTN

Group

Ltd.

...............

1,680

6,934

67,940

South

Korea

—

0.5%

Celltrion

,

Inc.

(c)

................

11

3,641

Hana

Financial

Group,

Inc.

.......

47

1,497

Hyundai

Mobis

Co.

Ltd.

(c)

.........

9

2,118

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

South

Korea

(continued)

Kakao

Corp.

.................

528

$

189,457

KB

Financial

Group,

Inc.

.........

59

2,344

Kia

Motors

Corp.

(c)

.............

117

6,741

LG

Chem

Ltd.

(c)

...............

492

374,125

LG

Electronics,

Inc.

............

64

7,970

LG

Uplus

Corp.

(c)

..............

158

1,711

NCSoft

Corp.

(c)

...............

113

97,016

POSCO

....................

157

39,231

Samsung

Biologics

Co.

Ltd.

(b)(c)

.....

9

6,852

Samsung

SDI

Co.

Ltd.

..........

427

247,467

980,170

Spain

—

0.3%

Cellnex

Telecom

SA

(b)

...........

9,960

598,128

Telefonica

SA

................

1,472

5,855

Telefonica

SA

(c)

...............

81

322

604,305

Sweden

—

0.9%

Atlas

Copco

AB,

Class

A

.........

1,405

72,212

Hexagon

AB,

Class

B

...........

2,079

190,607

Sandvik

AB

(c)

.................

216

5,327

Swedbank

AB,

Class

A

(c)

.........

3,850

67,530

Telefonaktiebolaget

LM

Ericsson,

Class

B

......................

11,364

135,180

Volvo

AB,

Class

B

(c)

............

57,099

1,351,711

1,822,567

Switzerland

—

0.8%

ABB

Ltd.

(Registered)

...........

256

7,181

Alcon,

Inc.

(c)

.................

1,222

80,628

Alcon,

Inc.

(c)

.................

48

3,187

Cie

Financiere

Richemont

SA

(Registered)

...............

38

3,433

Nestle

SA

(Registered)

..........

1,875

221,646

Novartis

AG

(Registered)

........

127

11,958

Roche

Holding

AG

.............

2,730

950,855

Sika

AG

(Registered)

...........

695

189,452

Straumann

Holding

AG

(Registered)

.

93

108,942

1,577,282

Taiwan

—

1.2%

ASE

Technology

Holding

Co.

Ltd.

...

1,000

2,901

Cathay

Financial

Holding

Co.

Ltd.

...

22,000

33,127

Chunghwa

Telecom

Co.

Ltd.

......

11,000

42,673

Formosa

Chemicals

&

Fibre

Corp.

..

9,000

27,156

Formosa

Petrochemical

Corp.

.....

5,000

17,783

Formosa

Plastics

Corp.

..........

8,000

27,478

Fubon

Financial

Holding

Co.

Ltd.

...

24,000

39,968

Hon

Hai

Precision

Industry

Co.

Ltd.

..

12,760

41,839

MediaTek

,

Inc.

................

2,000

53,335

Nan

Ya

Plastics

Corp.

...........

11,000

28,181

Nanya

Technology

Corp.

.........

2,000

6,201

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

99,000

1,872,830

Uni

-President

Enterprises

Corp.

....

17,000

40,888

United

Microelectronics

Corp.

.....

4,000

6,727

Yageo

Corp.

.................

4,000

74,039

2,315,126

Thailand

—

0.1%

Advanced

Info

Service

PCL

.......

6,600

38,793

Intouch

Holdings

PCL,

Class

F

.....

21,100

39,593

Thai

Beverage

PCL

............

26,400

14,697

93,083

Security

Shares

Shares

Value

Turkey

—

0.0%

Tupras

Turkiye

Petrol

Rafinerileri

A/S

(c)

544

$

7,896

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(c)(e)

.............

8,338

—

United

Kingdom

—

1.8%

AstraZeneca

plc

..............

4,708

469,450

Barclays

plc

.................

68,840

138,099

Berkeley

Group

Holdings

plc

......

1,714

110,875

BP

plc

.....................

637

2,198

Coca-Cola

European

Partners

plc

...

33

1,644

Diageo

plc

..................

390

15,432

Experian

plc

.................

367

13,942

Fiat

Chrysler

Automobiles

NV

(c)

....

124

2,240

GlaxoSmithKline

plc

............

673

12,315

RELX

plc

...................

5,316

130,069

THG

Holdings

Ltd.

(c)

............

82,497

879,954

Unilever

plc

..................

6,380

382,632

Unilever

plc

..................

12,843

777,658

Vodafone

Group

plc

............

449,827

738,835

3,675,343

United

States

—

43.9%

Abbott

Laboratories

............

7,922

867,380

AbbVie,

Inc.

.................

11,037

1,182,615

Adobe,

Inc.

(c)

.................

35

17,504

Advanced

Micro

Devices,

Inc.

(c)

....

50

4,585

Aflac,

Inc.

...................

40

1,779

Air

Products

&

Chemicals,

Inc.

.....

5,245

1,433,039

Akamai

Technologies,

Inc.

(c)

.......

518

54,385

Alaska

Air

Group,

Inc.

...........

861

44,772

Alexion

Pharmaceuticals,

Inc.

(c)

....

337

52,653

Alphabet,

Inc.,

Class

C

(c)

.........

1,646

2,883,594

Altair

Engineering,

Inc.,

Class

A

(c)

...

2,482

144,403

Altria

Group,

Inc.

..............

79

3,239

Amazon.com,

Inc.

(c)

............

1,051

3,423,033

American

Express

Co.

..........

15

1,814

American

Tower

Corp.

..........

4,593

1,030,945

American

Water

Works

Co.,

Inc.

....

621

95,305

Amgen,

Inc.

.................

88

20,233

Analog

Devices,

Inc.

............

219

32,353

Annaly

Capital

Management,

Inc.

...

2,160

18,252

Anthem,

Inc.

.................

2,713

871,117

Aon

plc,

Class

A

..............

5

1,056

Apellis

Pharmaceuticals,

Inc.

(c)

.....

977

55,884

Apple,

Inc.

(h)

.................

33,495

4,444,452

Applied

Materials,

Inc.

..........

12,745

1,099,893

Aptiv

plc

....................

7,362

959,195

Atlassian

Corp.

plc,

Class

A

(c)

......

523

122,314

Autodesk,

Inc.

(c)

...............

1,870

570,986

Bank

of

America

Corp.

..........

53,314

1,615,947

Baxter

International,

Inc.

.........

935

75,024

Becton

Dickinson

and

Co.

........

2,445

611,788

Berkshire

Hathaway,

Inc.,

Class

B

(c)

.

1,061

246,014

BJ's

Wholesale

Club

Holdings,

Inc.

(c)

.

1,212

45,183

Blackstone

Group,

Inc.

(The),

Class

A

109

7,064

Booking

Holdings,

Inc.

(c)

.........

21

46,773

Boston

Scientific

Corp.

(c)

.........

36,354

1,306,926

Bristol-Myers

Squibb

Co.

.........

12,054

747,710

Broadcom,

Inc.

...............

160

70,056

Brookfield

Renewable

Corp.

......

56

3,267

Brown-Forman

Corp.,

Class

B

.....

76

6,037

Cadence

Design

Systems,

Inc.

(c)

...

1,000

136,430

Capital

One

Financial

Corp.

.......

11,857

1,172,064

Capri

Holdings

Ltd.

(c)

...........

1,647

69,174

Cerner

Corp.

.................

59

4,630

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

United

States

(continued)

CH

Robinson

Worldwide,

Inc.

.....

1,019

$

95,654

Charles

Schwab

Corp.

(The)

......

7,624

404,377

Charter

Communications,

Inc.,

Class

A

(c)(f)

.....................

1,666

1,102,142

Chubb

Ltd.

..................

2,537

390,495

Ciena

Corp.

(c)

................

223

11,786

Cigna

Corp.

.................

21

4,372

Citigroup,

Inc.

................

4,950

305,217

Cognizant

Technology

Solutions

Corp.,

Class

A

..................

4,854

397,785

Colgate-Palmolive

Co.

..........

1,536

131,343

Comcast

Corp.,

Class

A

(h)

........

28,431

1,489,784

ConocoPhillips

...............

10,233

409,218

Corteva

,

Inc.

.................

34

1,316

Costco

Wholesale

Corp.

.........

1,505

567,054

Crowdstrike

Holdings,

Inc.,

Class

A

(c)

.

1,761

373,015

Crown

Castle

International

Corp.

...

17

2,706

Cummins,

Inc.

................

21

4,769

Darden

Restaurants,

Inc.

........

363

43,241

Dell

Technologies,

Inc.,

Class

C

(c)

...

9,044

662,835

Delta

Air

Lines,

Inc.

............

135

5,428

Devon

Energy

Corp.

............

3,897

61,612

DexCom

,

Inc.

(c)

...............

37

13,680

Digital

Realty

Trust,

Inc.

.........

22

3,069

Dow,

Inc.

...................

3,208

178,044

DR

Horton,

Inc.

...............

14,438

995,067

Dynatrace

,

Inc.

(c)

..............

909

39,332

Eaton

Corp.

plc

...............

113

13,576

eBay,

Inc.

...................

280

14,070

Edwards

Lifesciences

Corp.

(c)

.....

2,297

209,555

Emerson

Electric

Co.

...........

117

9,403

EOG

Resources,

Inc.

...........

36

1,795

EPAM

Systems,

Inc.

(c)

...........

231

82,779

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$189,750)

(c)(d)(e)

..........

330

222,839

Equinix

,

Inc.

.................

4

2,857

Expedia

Group,

Inc.

............

657

86,987

Facebook,

Inc.,

Class

A

(c)

........

3,212

877,390

FedEx

Corp.

.................

30

7,789

Ferguson

plc

.................

967

117,491

FirstEnergy

Corp.

.............

76

2,326

Fisker

Coachbuild

LLC

(c)

.........

5,471

80,150

Ford

Motor

Co.

...............

134

1,178

Fortinet,

Inc.

(c)

................

860

127,736

Fortive

Corp.

.................

13,794

976,891

Fortune

Brands

Home

&

Security,

Inc.

1,050

90,006

Freeport-McMoRan,

Inc.

.........

13,472

350,541

General

Motors

Co.

............

104

4,331

Gilead

Sciences,

Inc.

...........

15

874

Global

Payments,

Inc.

..........

3,493

752,462

Goldman

Sachs

Group,

Inc.

(The)

..

746

196,728

Guardant

Health,

Inc.

(c)

..........

999

128,751

HCA

Healthcare,

Inc.

...........

5,199

855,028

Healthcare

Merger

Corp.

(Acquired

10/30/20,

cost

$69,510)

(c)(d)

.....

6,951

54,072

Highland

Transcend

Partners

I

Corp.

(c)

6,368

66,864

Hilton

Worldwide

Holdings,

Inc.

....

2,436

271,029

Home

Depot,

Inc.

(The)

.........

3,657

971,372

HP,

Inc.

....................

229

5,631

Humana,

Inc.

................

91

37,335

iHeartMedia

,

Inc.,

Class

B

(c)

.......

74

888

Illinois

Tool

Works,

Inc.

..........

31

6,320

Illumina,

Inc.

(c)

................

92

34,040

Incyte

Corp.

(c)

................

26

2,261

Inphi

Corp.

(c)

.................

111

17,812

Security

Shares

Shares

Value

United

States

(continued)

Insulet

Corp.

(c)

................

122

$

31,187

Intel

Corp.

..................

321

15,992

International

Flavors

&

Fragrances,

Inc.

(f)

....................

5,435

591,545

International

Paper

Co.

..........

168

8,353

Intuit,

Inc.

...................

42

15,954

Intuitive

Surgical,

Inc.

(c)

..........

362

296,152

Iovance

Biotherapeutics

,

Inc.

(c)

.....

696

32,294

Jawbone

Health

Hub,

Inc.

(Acquired

01/24/17,

cost

$0)

(c)(d)(e)

........

6,968

—

JBS

SA

....................

490

2,233

Johnson

&

Johnson

............

11,685

1,838,985

JPMorgan

Chase

&

Co.

(h)

........

18,293

2,324,492

Kinder

Morgan,

Inc.

............

306

4,183

L3Harris

Technologies,

Inc.

.......

7,745

1,463,960

Lam

Research

Corp.

...........

9

4,250

Las

Vegas

Sands

Corp.

.........

1,169

69,672

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(c)

.................

7,376

318,569

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

(c)

.................

9,284

403,947

Live

Nation

Entertainment,

Inc.

(c)

...

600

44,088

Lockheed

Martin

Corp.

..........

8

2,840

Lookout,

Inc.

(Acquired

03/04/15,

cost

$16,643)

(c)(d)(e)

..............

1,457

8,174

Lowe's

Cos.,

Inc.

..............

7,474

1,199,652

Lululemon

Athletica,

Inc.

(c)

........

18

6,265

Lyft,

Inc.,

Class

A

(c)

.............

5,346

262,649

Madison

Square

Garden

Sports

Corp.

(c)

19

3,498

Marathon

Oil

Corp.

.............

2,200

14,674

Marsh

&

McLennan

Cos.,

Inc.

.....

8,103

948,051

Marvell

Technology

Group

Ltd.

.....

2,629

124,983

Masco

Corp.

.................

2,685

147,487

Mastercard

,

Inc.,

Class

A

.........

4,824

1,721,879

McDonald's

Corp.

.............

4,585

983,849

Medtronic

plc

................

152

17,805

Merck

&

Co.,

Inc.

..............

12,126

991,907

MGM

Resorts

International

.......

686

21,616

Microchip

Technology,

Inc.

........

4,057

560,312

Micron

Technology,

Inc.

(c)

........

9,519

715,638

Microsoft

Corp.

...............

17,951

3,992,662

Mondelez

International,

Inc.,

Class

A

.

1,662

97,177

MongoDB,

Inc.

(c)

..............

250

89,760

Morgan

Stanley

...............

22,260

1,525,478

Netflix,

Inc.

(c)

.................

19

10,274

Nevro

Corp.

(c)

................

185

32,023

New

Relic,

Inc.

(c)

..............

662

43,295

Newmont

Corp.

...............

1,863

111,575

NextEra

Energy,

Inc.

...........

21,682

1,672,766

Northrop

Grumman

Corp.

........

107

32,605

NortonLifeLock

,

Inc.

............

2,745

57,041

NVIDIA

Corp.

................

1,834

957,715

Okta

,

Inc.

(c)

..................

576

146,454

Otis

Worldwide

Corp.

...........

150

10,133

Palantir

Technologies,

Inc.,

Class

A

(c)(f)

951

22,396

Palantir

Technologies,

Inc.,

Series

I

(Acquired

02/11/14,

cost

$272,246)

(c)

(d)

......................

35,530

816,269

Palo

Alto

Networks,

Inc.

(c)

........

534

189,778

Paycom

Software,

Inc.

(c)

.........

198

89,546

PayPal

Holdings,

Inc.

(c)

..........

4,564

1,068,889

Peloton

Interactive,

Inc.,

Class

A

(c)

..

5,229

793,344

Penn

National

Gaming,

Inc.

(c)

......

1,191

102,867

PepsiCo,

Inc.

................

916

135,843

Pfizer,

Inc.

..................

1,450

53,375

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

United

States

(continued)

Philip

Morris

International,

Inc.

.....

64

$

5,299

Pioneer

Natural

Resources

Co.

....

500

56,945

PPG

Industries,

Inc.

............

7,675

1,106,889

Procter

&

Gamble

Co.

(The)

......

31

4,313

Prologis,

Inc.

.................

57

5,681

Proofpoint

,

Inc.

(c)

..............

384

52,381

Prudential

Financial,

Inc.

.........

77

6,011

PTC

Therapeutics,

Inc.

(c)

.........

338

20,628

PTC,

Inc.

(c)

..................

9,931

1,187,847

PubMatic,

Inc.,

Class

A

(c)

.........

2,184

61,065

QUALCOMM,

Inc.

.............

1,529

232,928

Quest

Diagnostics,

Inc.

..........

413

49,217

Raytheon

Technologies

Corp.

.....

9,336

667,617

Regeneron

Pharmaceuticals,

Inc.

(c)

..

11

5,314

Reinvent

Technology

Partners

Z

(c)

...

4,896

55,716

ResMed

,

Inc.

................

380

80,773

RingCentral,

Inc.,

Class

A

(c)

.......

115

43,582

Rockwell

Automation,

Inc.

........

19

4,765

salesforce.com,

Inc.

(c)

...........

4,789

1,065,696

SBA

Communications

Corp.

......

13

3,668

Schlumberger

Ltd.

.............

255

5,567

Seagen

,

Inc.

(c)

................

482

84,417

Sempra

Energy

...............

19

2,421

Sensata

Technologies

Holding

plc

(c)

.

624

32,910

ServiceNow

,

Inc.

(c)

.............

918

505,295

Silk

Road

Medical,

Inc.

(c)

.........

884

55,674

Simply

Good

Foods

Co.

(The)

(c)

....

2,329

73,037

Southwest

Airlines

Co.

..........

5,823

271,410

Splunk

,

Inc.

(c)

................

789

134,043

Stanley

Black

&

Decker,

Inc.

......

10

1,786

Starbucks

Corp.

...............

9,471

1,013,208

Stryker

Corp.

................

377

92,380

Sysco

Corp.

.................

21

1,559

Target

Corp.

.................

40

7,061

Tesla,

Inc.

(c)

..................

13

9,174

Thermo

Fisher

Scientific,

Inc.

(h)

.....

1,757

818,375

TJX

Cos.,

Inc.

(The)

............

12,624

862,093

T-Mobile

US,

Inc.

(c)

.............

819

110,442

Toll

Brothers,

Inc.

..............

2,632

114,413

TransDigm

Group,

Inc.

(c)

.........

335

207,315

Travelers

Cos.,

Inc.

(The)

........

733

102,891

Truist

Financial

Corp.

...........

2,603

124,762

Twilio

,

Inc.,

Class

A

(c)

...........

395

133,708

Uber

Technologies,

Inc.

(c)

........

2,000

102,000

Union

Pacific

Corp.

............

7,473

1,556,028

United

Parcel

Service,

Inc.,

Class

B

.

5,284

889,826

United

States

Steel

Corp.

........

3,658

61,345

UnitedHealth

Group,

Inc.

.........

5,195

1,821,783

US

Bancorp

.................

8,771

408,641

Vail

Resorts,

Inc.

..............

18

5,021

Valero

Energy

Corp.

............

6,283

355,429

Verizon

Communications,

Inc.

.....

1,488

87,420

Vertex

Pharmaceuticals,

Inc.

(c)

.....

1,326

313,387

Vertiv

Holdings

Co.

(Acquired

02/04/20,

cost

$391,550)

(c)(d)

...........

39,155

731,024

VF

Corp.

...................

11

940

Visa,

Inc.,

Class

A

.............

1,129

246,946

Vistra

Energy

Corp.

............

2,882

56,660

VMware,

Inc.,

Class

A

(c)(f)

.........

6,336

888,687

Vontier

Corp.

(c)

................

1,040

34,736

Vulcan

Materials

Co.

...........

4,179

619,787

Walmart,

Inc.

.................

7,302

1,052,583

Walt

Disney

Co.

(The)

(c)

.........

5,747

1,041,241

Western

Digital

Corp.

...........

1,806

100,034

Weyerhaeuser

Co.

.............

2,279

76,415

Security

Shares

Shares

Value

United

States

(continued)

Workday,

Inc.,

Class

A

(c)

.........

326

$

78,113

Wynn

Resorts

Ltd.

.............

1,700

191,811

Xilinx,

Inc.

(f)

..................

1,506

213,506

Yum!

Brands,

Inc.

.............

32

3,474

Zillow

Group,

Inc.,

Class

C

(c)

......

731

94,884

Zoetis,

Inc.

..................

685

113,368

Zoom

Video

Communications,

Inc.,

Class

A

(c)

.................

24

8,096

Zscaler

,

Inc.

(c)

................

843

168,356

88,025,582

Zambia

—

0.1%

First

Quantum

Minerals

Ltd.

.......

13,675

245,482

Total

Common

Stocks

—

66.8%

(Cost:

$97,586,392)

..............................

134,036,250

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

5.1%

Australia

—

0.4%

FMG

Resources

August

2006

Pty.

Ltd.

(b)

:

4.75%,

05/15/22

............

USD

3

3,086

5.13%,

03/15/23

............

2

2,113

5.13%,

05/15/24

............

3

3,255

Quintis

Australia

Pty.

Ltd.

(b)(e)(

i

)

:

0.00%,

(0.00%

Cash

or

8.00%

PIK),

10/01/26

...............

411

402,972

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

414

414,143

Westpac

Banking

Corp.,

2.96%

,

11/16/40

..................

14

14,908

840,477

Brazil

—

0.0%

Petrobras

Global

Finance

BV,

5.60%

,

01/03/31

.................

44

50,380

Canada

—

0.1%

(b)

1011778

BC

ULC:

4.38%,

01/15/28

............

5

5,150

4.00%,

10/15/30

............

35

35,470

Brookfield

Residential

Properties,

Inc.,

6.25%

,

09/15/27

............

3

3,191

GFL

Environmental,

Inc.,

5.13%

,

12/15/26

.................

3

3,191

Kronos

Acquisition

Holdings,

Inc.,

9.00%

,

08/15/23

............

53

54,299

Mattamy

Group

Corp.:

5.25%,

12/15/27

............

2

2,115

4.63%,

03/01/30

............

38

40,280

143,696

China

—

0.0%

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(c)(j)(k)(l)

..............

300

300

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%

,

12/15/24

(b)

.

EUR

135

153,791

India

—

0.0%

REI

Agro

Ltd.

(c)(j)(k)

:

5.50%,

11/13/14

(b)

...........

USD

220

2,115

5.50%,

11/13/14

(e)

...........

152

—

2,115

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Luxembourg

—

0.2%

(b)

Garfunkelux

Holdco

3

SA,

7.75%

,

11/01/25

..................

GBP

100

$

140,445

Intelsat

Jackson

Holdings

SA,

8.00%

,

02/15/24

(m)

................

USD

179

183,251

323,696

Peru

—

0.0%

Hudbay

Minerals,

Inc.,

6.13%

,

04/01/29

(b)

................

8

8,620

South

Korea

—

0.0%

Clark

Equipment

Co.,

5.88%

,

06/01/25

(b)

................

8

8,440

Turkey

—

0.0%

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(b)(c)(e)(j)(k)

............

800

82,000

United

Kingdom

—

0.4%

Algeco

Global

Finance

plc,

6.50%

,

02/15/23

.................

EUR

273

337,666

British

Airways

Pass-Through

Trust

(b)

:

Series

2020-1,

Class

B,

8.38%,

11/15/28

...............

USD

28

30,870

Series

2020-1,

Class

A,

4.25%,

11/15/32

...............

13

13,894

Lloyds

Banking

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

0.00%),

2.71%

,

12/03/35

(a)

................

GBP

221

316,552

Vodafone

Group

plc,

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

,

04/04/79

(a)

USD

5

6,220

705,202

United

States

—

3.9%

Acadia

Healthcare

Co.,

Inc.

(b)

:

5.50%,

07/01/28

............

24

25,777

5.00%,

04/15/29

............

6

6,405

ADT

Security

Corp.

(The),

4.88%

,

07/15/32

(b)

................

2

2,168

Affinity

Gaming,

6.88%

,

12/15/27

(b)

..

22

23,051

Air

Lease

Corp.,

3.13%

,

12/01/30

...

39

40,598

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(b)

...........

3

3,075

5.75%,

03/15/25

............

11

11,330

7.50%,

03/15/26

(b)

...........

3

3,357

3.50%,

03/15/29

(b)

...........

100

101,187

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(b)

154

164,401

AMC

Networks,

Inc.:

5.00%,

04/01/24

............

4

4,065

4.75%,

08/01/25

............

3

3,098

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%

,

01/15/28

(b)

2

2,070

AMN

Healthcare,

Inc.,

4.00%

,

04/15/29

(b)

................

7

7,157

Aramark

Services,

Inc.:

4.75%,

06/01/26

............

6

6,176

5.00%,

02/01/28

(b)

...........

13

13,699

Avantor

Funding,

Inc.,

4.63%

,

07/15/28

(b)

................

31

32,782

B&G

Foods,

Inc.,

5.25%

,

09/15/27

..

2

2,126

Ball

Corp.,

2.88%

,

08/15/30

.......

26

25,935

Bank

of

America

Corp.,

(SOFR

+

2.15%),

2.59%

,

04/29/31

(a)

.....

74

79,310

Bausch

Health

Americas,

Inc.,

9.25%

,

04/01/26

(b)

................

9

10,035

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%,

11/01/25

............

USD

6

$

6,218

9.00%,

12/15/25

............

10

11,039

5.75%,

08/15/27

............

2

2,145

7.00%,

01/15/28

............

5

5,496

6.25%,

02/15/29

............

17

18,466

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(b)

................

9

9,585

Boise

Cascade

Co.,

4.88%

,

07/01/30

(b)

7

7,577

BP

Capital

Markets

America,

Inc.,

1.75%

,

08/10/30

............

15

15,092

Buckeye

Partners

LP:

4.15%,

07/01/23

............

2

2,055

4.35%,

10/15/24

............

9

9,203

4.13%,

03/01/25

(b)

...........

47

47,587

Builders

FirstSource

,

Inc.,

6.75%

,

06/01/27

(b)

................

3

3,254

BY

Crown

Parent

LLC,

4.25%

,

01/31/26

(b)

................

10

10,250

Calpine

Corp.

(b)

:

4.50%,

02/15/28

............

8

8,320

5.13%,

03/15/28

............

19

19,987

Carrier

Global

Corp.,

3.58%

,

04/05/50

35

39,166

CCO

Holdings

LLC,

4.75%

,

03/01/30

(b)

19

20,501

Cedar

Fair

LP:

5.50%,

05/01/25

(b)

...........

6

6,255

5.38%,

04/15/27

............

2

2,045

5.25%,

07/15/29

............

2

2,059

Centene

Corp.:

4.75%,

01/15/25

............

64

65,679

5.38%,

06/01/26

(b)

...........

71

74,884

5.38%,

08/15/26

(b)

...........

3

3,169

4.25%,

12/15/27

............

11

11,660

3.00%,

10/15/30

............

79

83,732

CenturyLink,

Inc.

(b)

:

5.13%,

12/15/26

............

6

6,336

4.00%,

02/15/27

............

6

6,195

Charles

River

Laboratories

International,

Inc.,

5.50%

,

04/01/26

(b)

2

2,095

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

(a)(n)

...........

39

41,048

Charter

Communications

Operating

LLC,

2.80%

,

04/01/31

.........

122

129,037

Cheniere

Energy

Partners

LP:

5.25%,

10/01/25

............

16

16,420

5.63%,

10/01/26

............

5

5,200

4.50%,

10/01/29

............

9

9,520

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

(b)

................

43

45,150

Chobani

LLC,

4.63%

,

11/15/28

(b)

...

8

8,120

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

............

3

3,176

4.75%,

01/15/28

............

2

2,105

Citigroup,

Inc.,

(SOFR

+

3.91%),

4.41%

,

03/31/31

(a)

...........

51

61,846

Clarios

Global

LP

(b)

:

6.75%,

05/15/25

............

2

2,155

6.25%,

05/15/26

............

3

3,217

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(b)

2

2,087

CNX

Resources

Corp.,

7.25%

,

03/14/27

(b)

................

2

2,140

Colfax

Corp.,

6.00%

,

02/15/24

(b)

....

3

3,109

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Colt

Merger

Sub,

Inc.

(b)

:

5.75%,

07/01/25

............

USD

28

$

29,668

6.25%,

07/01/25

............

187

199,155

8.13%,

07/01/27

............

65

71,957

CommScope

,

Inc.,

7.13%

,

07/01/28

(b)

26

27,690

Community

Health

Systems,

Inc.,

8.00%

,

03/15/26

(b)

...........

25

26,937

Continental

Resources,

Inc.,

4.38%

,

01/15/28

.................

3

3,076

Crown

Castle

International

Corp.,

4.15%

,

07/01/50

............

80

97,239

CrownRock

LP,

5.63%

,

10/15/25

(b)

..

8

8,170

CSC

Holdings

LLC,

4.63%

,

12/01/30

(b)

200

208,750

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(b)

................

2

2,127

DaVita,

Inc.

(b)

:

4.63%,

06/01/30

............

119

126,289

3.75%,

02/15/31

............

250

253,840

DCP

Midstream

Operating

LP:

5.38%,

07/15/25

............

4

4,396

5.13%,

05/15/29

............

2

2,218

DISH

DBS

Corp.,

7.75%

,

07/01/26

..

9

10,080

Elanco

Animal

Health,

Inc.

(m)

:

4.91%,

08/27/21

............

2

2,045

5.27%,

08/28/23

............

3

3,277

5.90%,

08/28/28

............

5

5,900

Emergent

BioSolutions

,

Inc.,

3.88%

,

08/15/28

(b)

................

4

4,142

Encompass

Health

Corp.,

4.50%

,

02/01/28

.................

5

5,225

Endeavor

Energy

Resources

LP

(b)

:

6.63%,

07/15/25

............

4

4,280

5.50%,

01/30/26

............

2

2,052

5.75%,

01/30/28

............

10

10,787

Energizer

Holdings,

Inc.

(b)

:

4.75%,

06/15/28

............

17

17,893

4.38%,

03/31/29

............

10

10,355

ESH

Hospitality,

Inc.

(b)

:

5.25%,

05/01/25

............

5

5,125

4.63%,

10/01/27

............

2

2,050

Ford

Motor

Co.:

9.00%,

04/22/25

............

13

15,938

9.63%,

04/22/30

............

4

5,645

Forestar

Group,

Inc.

(b)

:

8.00%,

04/15/24

............

24

25,260

5.00%,

03/01/28

............

81

83,632

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

............

10

10,600

4.63%,

08/01/30

............

19

20,853

Fresh

Market,

Inc.

(The),

9.75%

,

05/01/23

(b)

................

26

26,780

GCI

LLC,

4.75%

,

10/15/28

(b)

......

12

12,799

General

Motors

Financial

Co.,

Inc.,

2.70%

,

08/20/27

............

69

73,178

Genesis

Energy

LP,

8.00%

,

01/15/27

10

9,902

Global

Payments,

Inc.,

2.90%

,

05/15/30

44

47,910

GLP

Capital

LP,

4.00%

,

01/15/31

...

35

38,193

Graham

Packaging

Co.,

Inc.,

7.13%

,

08/15/28

(b)

................

5

5,525

Gray

Television,

Inc.,

7.00%

,

05/15/27

(b)

6

6,570

Great

Western

Petroleum

LLC,

9.00%

,

09/30/21

(b)

................

28

16,240

Hanesbrands,

Inc.,

4.63%

,

05/15/24

(b)

4

4,190

Harsco

Corp.,

5.75%

,

07/31/27

(b)

...

2

2,115

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

HCA,

Inc.,

3.50%

,

09/01/30

.......

USD

151

$

160,449

Herc

Holdings,

Inc.,

5.50%

,

07/15/27

(b)

4

4,240

Hess

Corp.,

4.30%

,

04/01/27

......

36

39,689

Hilton

Domestic

Operating

Co.,

Inc.:

5.13%,

05/01/26

............

6

6,195

4.88%,

01/15/30

............

6

6,555

4.00%,

05/01/31

(b)

...........

12

12,661

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

.................

3

3,175

Hologic

,

Inc.,

3.25%

,

02/15/29

(b)

....

69

70,208

Howard

Hughes

Corp.

(The)

(b)

:

5.38%,

03/15/25

............

23

23,719

5.38%,

08/01/28

............

58

62,379

Hughes

Satellite

Systems

Corp.,

7.63%

,

06/15/21

............

19

19,475

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

............

137

146,520

8.38%,

05/01/27

............

38

40,303

5.25%,

08/15/27

(b)

...........

20

21,000

4.75%,

01/15/28

(b)

...........

19

19,499

Iron

Mountain,

Inc.

(b)

:

4.88%,

09/15/27

............

7

7,315

5.25%,

03/15/28

............

6

6,332

5.25%,

07/15/30

............

90

97,200

4.50%,

02/15/31

............

83

86,942

Jagged

Peak

Energy

LLC,

5.88%

,

05/01/26

.................

3

3,105

Jaguar

Holding

Co.

II/PPD

Development

LP,

5.00%

,

06/15/28

(b)

8

8,540

JBS

USA

LUX

SA

(b)

:

5.75%,

06/15/25

............

14

14,444

6.75%,

02/15/28

............

4

4,476

6.50%,

04/15/29

............

6

6,985

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%

,

08/01/28

(b)

................

11

12,458

Kaiser

Aluminum

Corp.,

4.63%

,

03/01/28

(b)

................

2

2,075

Kraft

Heinz

Foods

Co.,

5.00%

,

07/15/35

6

7,273

L

Brands,

Inc.:

5.25%,

02/01/28

............

7

7,305

6.63%,

10/01/30

(b)

...........

7

7,788

Lamar

Media

Corp.:

5.75%,

02/01/26

............

3

3,094

4.88%,

01/15/29

............

8

8,500

4.00%,

02/15/30

............

3

3,112

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

............

4

4,170

4.88%,

11/01/26

............

4

4,181

4.88%,

05/15/28

............

2

2,233

Lennar

Corp.:

4.13%,

01/15/22

............

3

3,071

4.50%,

04/30/24

............

3

3,315

Level

3

Financing,

Inc.:

5.25%,

03/15/26

............

3

3,100

4.25%,

07/01/28

(b)

...........

144

147,960

3.63%,

01/15/29

(b)

...........

81

80,797

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(b)

...........

60

63,900

6.50%,

09/15/26

............

3

3,135

Masonite

International

Corp.,

5.38%

,

02/01/28

(b)

................

5

5,369

MasTec

,

Inc.,

4.50%

,

08/15/28

(b)

....

2

2,100

Mauser

Packaging

Solutions

Holding

Co.,

7.25%

,

04/15/25

(b)

........

17

17,170

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

McDonald's

Corp.,

4.45%

,

09/01/48

.

USD

44

$

57,599

Meritor,

Inc.,

6.25%

,

06/01/25

(b)

....

23

24,840

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

............

5

5,431

4.63%,

06/15/25

(b)

...........

13

13,923

5.75%,

02/01/27

............

4

4,487

3.88%,

02/15/29

(b)

...........

28

28,630

MGM

Resorts

International:

6.75%,

05/01/25

............

5

5,412

5.50%,

04/15/27

............

6

6,687

Michaels

Stores,

Inc.,

8.00%

,

07/15/27

(b)

................

31

33,325

Molina

Healthcare,

Inc.:

5.38%,

11/15/22

(m)

...........

3

3,176

3.88%,

11/15/30

(b)

...........

10

10,725

MPT

Operating

Partnership

LP:

5.00%,

10/15/27

............

6

6,383

4.63%,

08/01/29

............

7

7,481

Nationstar

Mortgage

Holdings,

Inc.

(b)

:

5.50%,

08/15/28

............

17

17,850

5.13%,

12/15/30

............

10

10,452

Netflix,

Inc.,

5.50%

,

02/15/22

......

3

3,139

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(b)

................

21

21,567

Newell

Brands,

Inc.,

4.35%

,

04/01/23

(m)

6

6,293

Nexstar

Broadcasting,

Inc.

(b)

:

5.63%,

07/15/27

............

9

9,641

4.75%,

11/01/28

............

26

27,203

NRG

Energy,

Inc.:

2.00%,

12/02/25

(b)

...........

10

10,370

7.25%,

05/15/26

............

4

4,220

6.63%,

01/15/27

............

5

5,280

5.75%,

01/15/28

............

4

4,370

5.25%,

06/15/29

(b)

...........

8

8,800

NuStar

Logistics

LP,

5.75%

,

10/01/25

67

71,355

ONEOK

Partners

LP,

4.90%

,

03/15/25

79

89,853

Oracle

Corp.,

3.60%

,

04/01/40

.....

147

172,164

Outfront

Media

Capital

LLC

(b)

:

6.25%,

06/15/25

............

7

7,385

5.00%,

08/15/27

............

5

5,088

4.63%,

03/15/30

............

2

2,044

Park

Intermediate

Holdings

LLC

(b)

:

7.50%,

06/01/25

............

2

2,160

5.88%,

10/01/28

............

11

11,715

Parsley

Energy

LLC

(b)

:

5.38%,

01/15/25

............

13

13,369

5.25%,

08/15/25

............

53

55,199

5.63%,

10/15/27

............

3

3,284

PBF

Holding

Co.

LLC,

9.25%

,

05/15/25

(b)

................

55

54,225

PennyMac

Financial

Services,

Inc.,

5.38%

,

10/15/25

(b)

...........

2

2,115

PetSmart,

Inc.,

5.88%

,

06/01/25

(b)

...

5

5,138

PG&E

Corp.:

5.00%,

07/01/28

............

47

50,055

5.25%,

07/01/30

............

9

9,900

Picasso

Finance

Sub,

Inc.,

6.13%

,

06/15/25

(b)

................

11

11,770

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(b)

4

4,338

Pioneer

Natural

Resources

Co.,

1.90%

,

08/15/30

.................

57

56,496

Post

Holdings,

Inc.,

4.63%

,

04/15/30

(b)

21

22,091

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Prime

Security

Services

Borrower

LLC

(b)

:

3.38%,

08/31/27

............

USD

14

$

13,895

6.25%,

01/15/28

............

6

6,442

Quicken

Loans

LLC

(b)

:

3.63%,

03/01/29

............

135

137,700

3.88%,

03/01/31

............

114

118,275

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(b)

22

23,485

Radiate

Holdco

LLC,

4.50%

,

09/15/26

(b)

23

23,719

Reynolds

Group

Issuer,

Inc.,

4.00%

,

10/15/27

(b)

................

7

7,175

Rockies

Express

Pipeline

LLC,

4.95%

,

07/15/29

(b)

................

2

2,080

Scientific

Games

International,

Inc.,

5.00%

,

10/15/25

(b)

...........

4

4,128

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%

,

08/01/25

(b)

...........

9

9,771

Select

Medical

Corp.,

6.25%

,

08/15/26

(b)

................

158

170,153

Service

Properties

Trust:

5.00%,

08/15/22

............

95

96,662

4.50%,

06/15/23

............

70

70,350

4.35%,

10/01/24

............

3

2,963

7.50%,

09/15/25

............

12

13,828

Shea

Homes

LP,

4.75%

,

04/01/29

(b)

.

36

36,990

Shift4

Payments

LLC,

4.63%

,

11/01/26

(b)

................

6

6,240

Simmons

Foods,

Inc.,

5.75%

,

11/01/24

(b)

................

2

2,043

Sirius

XM

Radio,

Inc.

(b)

:

3.88%,

08/01/22

............

4

4,060

4.63%,

07/15/24

............

6

6,217

5.38%,

07/15/26

............

4

4,170

5.00%,

08/01/27

............

7

7,438

5.50%,

07/01/29

............

5

5,502

4.13%,

07/01/30

............

80

85,150

Six

Flags

Entertainment

Corp.,

4.88%

,

07/31/24

(b)

................

4

4,003

Six

Flags

Theme

Parks,

Inc.,

7.00%

,

07/01/25

(b)

................

2

2,160

SM

Energy

Co.:

1.50%,

07/01/21

(j)

...........

49

46,135

10.00%,

01/15/25

(b)

..........

44

47,300

Specialty

Building

Products

Holdings

LLC,

6.38%

,

09/30/26

(b)

.......

2

2,119

Spirit

Loyalty

Cayman

Ltd.,

8.00%

,

09/20/25

(b)

................

17

19,040

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

............

2

2,090

4.38%,

07/15/30

............

20

21,395

3.38%,

01/15/31

............

8

8,040

Steel

Dynamics,

Inc.,

3.25%

,

01/15/31

5

5,591

Stericycle,

Inc.,

3.88%

,

01/15/29

(b)

..

6

6,165

Summit

Materials

LLC,

5.25%

,

01/15/29

(b)

................

10

10,500

Sunoco

LP:

4.88%,

01/15/23

............

4

4,050

5.50%,

02/15/26

............

3

3,075

6.00%,

04/15/27

............

3

3,189

4.50%,

05/15/29

(b)

...........

10

10,400

Talen

Energy

Supply

LLC,

7.63%

,

06/01/28

(b)

................

63

67,882

Targa

Resources

Partners

LP:

5.13%,

02/01/25

............

2

2,050

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.88%,

04/15/26

............

USD

4

$

4,241

5.38%,

02/01/27

............

2

2,101

6.50%,

07/15/27

............

4

4,340

6.88%,

01/15/29

............

4

4,505

Taylor

Morrison

Communities,

Inc.,

5.88%

,

06/15/27

(b)

...........

2

2,267

TEGNA,

Inc.

(b)

:

4.75%,

03/15/26

............

16

17,085

4.63%,

03/15/28

............

3

3,067

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

2

2,149

Tempur

Sealy

International,

Inc.,

5.50%

,

06/15/26

.................

3

3,122

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

............

18

18,450

4.63%,

09/01/24

(b)

...........

3

3,098

5.13%,

05/01/25

............

6

6,117

4.88%,

01/01/26

(b)

...........

9

9,415

6.25%,

02/01/27

(b)

...........

7

7,420

4.63%,

06/15/28

(b)

...........

10

10,475

Terex

Corp.,

5.63%

,

02/01/25

(b)

....

5

5,151

T-Mobile

USA,

Inc.

(b)

:

3.88%,

04/15/30

............

49

56,752

2.55%,

02/15/31

............

42

44,103

2.25%,

11/15/31

............

32

32,843

TransDigm

,

Inc.:

6.25%,

03/15/26

(b)

...........

317

337,605

6.38%,

06/15/26

............

6

6,210

TreeHouse

Foods,

Inc.,

4.00%

,

09/01/28

.................

2

2,069

Uber

Technologies,

Inc.,

6.25%

,

01/15/28

(b)

................

10

10,875

Under

Armour

,

Inc.,

3.25%

,

06/15/26

.

2

2,013

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%

,

10/15/27

.................

168

181,476

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

............

4

4,235

5.50%,

05/15/27

............

4

4,280

4.88%,

01/15/28

............

7

7,455

3.88%,

02/15/31

............

33

34,618

United

Shore

Financial

Services

LLC,

5.50%

,

11/15/25

(b)

...........

161

169,855

US

Concrete,

Inc.:

6.38%,

06/01/24

............

2

2,050

5.13%,

03/01/29

(b)

...........

23

23,690

US

Foods,

Inc.,

6.25%

,

04/15/25

(b)

..

3

3,206

Vail

Resorts,

Inc.,

6.25%

,

05/15/25

(b)

.

2

2,135

Valvoline,

Inc.,

4.25%

,

02/15/30

(b)

...

2

2,120

ViaSat

,

Inc.,

5.63%

,

04/15/27

(b)

.....

2

2,100

VICI

Properties

LP,

3.50%

,

02/15/25

(b)

29

29,660

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

............

4

4,169

5.63%,

02/15/27

............

103

109,555

5.00%,

07/31/27

............

6

6,360

Weekley

Homes

LLC,

4.88%

,

09/15/28

(b)

................

25

26,125

William

Carter

Co.

(The),

5.63%

,

03/15/27

(b)

................

2

2,105

Williams

Scotsman

International,

Inc.,

4.63%

,

08/15/28

(b)

...........

7

7,245

WMG

Acquisition

Corp.,

3.88%

,

07/15/30

(b)

................

2

2,126

WPX

Energy,

Inc.:

5.75%,

06/01/26

............

2

2,102

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.25%,

10/15/27

............

USD

3

$

3,179

4.50%,

01/15/30

............

5

5,300

Wyndham

Destinations,

Inc.,

6.63%

,

07/31/26

(b)

................

36

41,220

Wyndham

Hotels

&

Resorts,

Inc.

(b)

:

5.38%,

04/15/26

............

2

2,070

4.38%,

08/15/28

............

14

14,547

Wynn

Las

Vegas

LLC,

5.25%

,

05/15/27

(b)

................

5

5,154

Wynn

Resorts

Finance

LLC

(b)

:

7.75%,

04/15/25

............

4

4,335

5.13%,

10/01/29

............

5

5,238

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(b)

................

34

36,185

XHR

LP,

6.38%

,

08/15/25

(b)

.......

65

68,575

XPO

Logistics,

Inc.

(b)

:

6.13%,

09/01/23

............

2

2,035

6.75%,

08/15/24

............

5

5,313

Yum!

Brands,

Inc.:

4.75%,

01/15/30

(b)

...........

5

5,482

3.63%,

03/15/31

............

43

43,466

Zayo

Group

Holdings,

Inc.,

4.00%

,

03/01/27

(b)

................

5

5,013

7,795,647

Total

Corporate

Bonds

—

5.1%

(Cost:

$11,162,920)

..............................

10,114,364

Floating

Rate

Loan

Interests

—

1.6%

Canada

—

0.1%

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 12/22/25

(a)

.....

EUR

190

232,263

France

—

0.3%

(a)

Babar

Bidco

,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 11/17/27

............

214

260,207

Casino

Guichard-Perrachon

SA,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

5.50%),

5.50%

,

 01/31/24

......

185

224,663

484,870

Germany

—

0.2%

HSE24,

Term

Loan,

(EURIBOR

3

Month

+

6.50%),

6.50%

,

 01/01/28

(a)(e)

...

240

287,332

Netherlands

—

0.3%

(a)

Boels

Topholding

BV,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 02/06/27

............

250

305,107

Ziggo

BV,

Facility

Term

Loan

H,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 01/31/29

............

311

378,654

683,761

United

States

—

0.7%

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.00%),

6.75%

,

 02/02/26

(a)(e)

....

USD

75

74,252

Airbnb,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.50%),

8.50%

,

 04/17/25

(a)

...........

65

69,930

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BCA

Central

Ltd.,

Facility

Term

Loan

A,

(EURIBOR

6

Month

+

0.00%),

5.50%

,

 04/29/23

(a)(e)

..........

EUR

167

$

197,955

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(a)

...........

USD

20

19,944

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.65%

,

 07/21/25

(a)

.....

36

35,921

Douglas

Dynamics

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/08/26

(a)(e)

..........

11

11,035

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(a)

.....

91

91,226

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

1.90%

,

 06/22/26

(a)

.....

151

148,944

iHeart

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%

,

 05/01/26

(a)

.....

58

56,781

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(a)(o)

...............

70

70,022

LATAM,

Facility

Term

Loan:

(LIBOR

USD

3

Month

+

0.00%),

0.00%, 01/01/28

(a)(e)

........

259

259,017

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(a)(o)

...........

25

24,898

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(a)(o)

....

6

5,533

Luxembourg

Life

Fund,

Term

Loan

G,

0.00%

-

10.00%

,

 01/01/28

(e)(p)

...

93

92,765

Opendoor

,

Term

Loan,

01/23/26

(e)(o)(p)

.

60

60,467

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 06/23/25

(a)

...........

49

49,255

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%

,

 07/24/26

(a)

26

26,160

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

6

Month

+

4.00%),

4.75%

,

 09/23/27

(a)

.....

16

15,955

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

(a)

...........

134

133,832

1,443,892

Total

Floating

Rate

Loan

Interests

—

1.6%

(Cost:

$2,956,257)

..............................

3,132,118

Foreign

Government

Obligations

—

7.7%

Argentina

—

0.2%

Argentine

Republic:

1.00%,

07/09/29

............

30

12,843

0.12%,

07/09/30

(m)

..........

295

120,118

0.12%,

07/09/35

(m)

..........

331

121,032

0.12%,

01/09/38

(m)

..........

119

48,592

302,585

Australia

—

0.7%

Commonwealth

of

Australia,

3.00%

,

03/21/47

.................

AUD

1,427

1,354,946

Security

Par

(000)

Par

(000)

Value

Brazil

—

0.2%

Federative

Republic

of

Brazil,

10.00%

,

01/01/27

.................

BRL

2

$

386,557

China

—

2.6%

People's

Republic

of

China:

3.29%,

05/23/29

............

CNY

16,580

2,564,018

2.68%,

05/21/30

............

17,620

2,596,408

5,160,426

Germany

—

0.1%

Federal

Republic

of

Germany,

0.00%

,

08/15/50

.................

EUR

194

249,174

Greece

—

0.2%

Hellenic

Republic,

2.00%

,

04/22/27

(b)

348

469,265

Italy

—

1.9%

Republic

of

Italy:

1.35%,

04/01/30

............

1,162

1,536,127

0.95%,

08/01/30

............

973

1,242,336

3.85%,

09/01/49

(b)

...........

587

1,132,587

3,911,050

Japan

—

0.8%

Japan

Government

Bond,

0.40%

,

09/20/49

.................

JPY

175,450

1,598,684

Spain

—

1.0%

Kingdom

of

Spain

(b)

:

0.60%,

10/31/29

............

EUR

1,029

1,330,833

1.25%,

10/31/30

............

140

191,092

2.70%,

10/31/48

............

109

195,604

1.00%,

10/31/50

............

246

310,684

2,028,213

Total

Foreign

Government

Obligations

—

7.7%

(Cost:

$14,037,518)

..............................

15,460,900

Shares

Shares

Investment

Companies

—

6.9%

Consumer

Discretionary

Select

Sector

SPDR

Fund

...............

1,509

242,617

Financial

Select

Sector

SPDR

Fund

.

6,467

190,647

Health

Care

Select

Sector

SPDR

Fund

2,300

260,912

Industrial

Select

Sector

SPDR

Fund

(f)

4,153

367,748

iShares

China

Large-Cap

ETF

(f)*

....

5,443

252,719

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(f)(h)*

..............

27,588

2,408,432

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

*

.........

7,693

1,062,634

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(f)*

.........

20,453

2,370,707

iShares

Latin

America

40

ETF

*

.....

4,400

129,140

iShares

MSCI

Brazil

ETF

*

........

2,617

97,012

iShares

MSCI

Emerging

Markets

ETF

*

641

33,120

iShares

Nasdaq

Biotechnology

ETF

*

.

229

34,691

iShares

Russell

2000

ETF

(f)*

......

12,511

2,452,907

iShares

S&P

500

Value

ETF

(f)*

.....

1,761

225,443

KraneShares

Bosera

MSCI

China

A

ETF

.....................

1,371

62,915

KraneShares

CSI

China

Internet

ETF

(f)

1,005

77,174

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.................

9,732

1,060,204

SPDR

EURO

STOXX

50

ETF

.....

800

33,376

SPDR

Gold

Shares

(q)

...........

13,250

2,363,270

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Shares

Shares

Value

Investment

Companies

(continued)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

(f)

............

1,568

$

91,728

VanEck

Vectors

Semiconductor

ETF

.

338

73,826

Total

Investment

Companies

—

6.9%

(Cost:

$13,128,188)

..............................

13,891,222

Par

(000)

Pa

r

(

000)

Municipal

Bonds

—

0.1%

Puerto

Rico

-

0.1%

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

2018A-1,

RB,

5.00%, 07/01/58

............

USD

130

144,817

Total

Municipal

Bonds

—

0.1%

(Cost:

$137,317)

................................

144,817

Non-Agency

Mortgage-Backed

Securities

—

0.4%

Collateralized

Mortgage

Obligations

—

0.0%

United

States

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes,

Series

2020-DNA6,

Class

B1,

(SOFR

+

3.00%),

3.08%,

12/25/50

(a)

(b)

......................

17

17,350

Commercial

Mortgage-Backed

Securities

—

0.4%

United

States

—

0.4%

BANK:

Series

2017-BNK8,

Class

B,

3.93%,

11/15/50

(a)

..............

13

14,132

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

..........

17

19,937

BX

Commercial

Mortgage

Trust,

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.81%,

10/15/36

(a)(b)

95

93,283

BX

Trust

(a)(b)

:

Series

2019-OC11,

Class

D,

4.08%,

12/09/41

...............

64

66,585

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

89

89,886

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(a)

.....

10

10,906

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

D,

5.09%,

03/10/47

(a)(b)

.............

10

10,479

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

45

48,651

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

...............

16

19,330

Commercial

Mortgage

Trust,

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

.................

32

34,594

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.51%,

12/15/31

(a)(b)

16

15,501

CSAIL

Commercial

Mortgage

Trust,

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

.................

94

101,380

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

36

38,632

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

USD

35

$

41,416

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

(b)

................

18

17,548

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C24,

Class

C,

(LIBOR

USD

1

Month

+

0.00%),

4.34%,

05/15/48

(a)

..............

10

10,102

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

...............

27

30,910

Morgan

Stanley

Capital

I

Trust,

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

29

31,235

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

10

10,957

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.03%,

08/10/49

(a)(b)

..........

14

14,263

Wells

Fargo

Commercial

Mortgage

Trust

(a)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

30

33,078

Series

2017-C38,

Class

C,

3.90%,

07/15/50

...............

10

11,076

Series

2017-C41,

Class

B,

4.19%,

11/15/50

...............

25

26,763

790,644

Total

Non-Agency

Mortgage-Backed

Securities

—

0.4%

(Cost:

$788,973)

................................

807,994

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

-

0.1%

Industrial

Conglomerates

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty,

LP

(r)

...............

166

165,662

Preferred

Securities

—

2.6%

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

0.3%

United

States

—

0.3%

American

Express

Co.,

Series

C

,

(LIBOR

USD

3

Month

+

3.29%),

3.50%

(a)(n)

.................

73

71,056

Citigroup,

Inc.,

Series

Q

,

(LIBOR

USD

3

Month

+

4.10%),

4.32%

(a)(n)

.....

101

100,495

General

Motors

Financial

Co.,

Inc.,

Series

C

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(a)(n)

......

16

17,640

Goldman

Sachs

Group,

Inc.

(The),

Series

M

,

(LIBOR

USD

3

Month

+

3.92%),

4.13%

(a)(n)

...........

116

115,766

Morgan

Stanley,

Series

H

,

(LIBOR

USD

3

Month

+

3.61%),

3.85%

(a)(n)

....

84

83,395

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

NBCUniversal

Enterprise,

Inc.,

5.25%

(b)

(n)

......................

USD

100

$

102,000

Prudential

Financial,

Inc.

(a)

:

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

..........

44

47,187

(LIBOR

USD

3

Month

+

4.18%),

5.87%, 09/15/42

..........

64

68,681

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.50%

(a)(n)

...........

31

30,457

636,677

Total

Capital

Trusts

—

0.3%  

(Cost:

$630,104)

................................

636,677

Shares

Shares

Preferred

Stocks

—

2.2%

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA

(Preference)

...............

300

2,153

Itau

Unibanco

Holding

SA

(Preference)

7,480

45,778

47,931

China

—

0.2%

Bytedance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$272,511)

(c)(d)(e)

....

2,487

272,501

Germany

—

0.0%

Volkswagen

AG

(Preference)

......

28

5,233

India

—

0.1%

Think

&

Learn

Pvt

Ltd.

Series

F

(Acquired

12/11/20,

cost

$103,122)

(c)

(d)(e)

.....................

32

71,826

Jersey

—

0.0%

Loadsmart

,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$85,987)

(c)(d)(e)

....

10,057

85,987

United

Kingdom

—

0.4%

Arrival

Ltd.

Series

A

(Acquired

10/8/20,

cost

$252,641)

(c)(d)(e)

..........

63,017

856,070

United

States

—

1.5%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(b)(j)

.............

277

332,032

Aptiv

plc,

Series

A,

5.50%

........

1,083

167,107

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(f)

..................

4,094

225,702

Boston

Scientific

Corp.,

Series

A,

5.50%

(f)

..................

713

78,123

C3

ai

,

Inc.,

(Acquired

12/6/2020,

cost

$175,999)

(c)(d)

..............

6,616

877,637

Databricks

,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$88,431)

(c)(d)(e)

....

2,059

132,147

DoubleVerify

Holdings,

Inc.,

Series

A

(Acquired

11/18/20,

cost

$55,816)

(c)(d)

(e)

......................

9,729

55,844

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$69,518)

(c)(d)(e)

..............

2,103

74,762

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$127,944)

(c)(d)(e)

...

46,081

163,588

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$51,112)

(c)(d)(e)

....

21,089

74,233

Jumpcloud

,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$93,611)

(c)(d)(e)

....

51,330

93,421

Security

Shares

Shares

Value

United

States

(continued)

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$243,061)

(c)

(d)(e)

.....................

21,278

$

247,463

Mount

Sinai

Genomics,

Inc.,

Sema

4

Series

C

(Acquired

07/17/20,

cost

$82,846),

Series

C

(c)(d)(e)

.......

135

95,919

Neon

Parent,

Inc.

(c)(e)

...........

217

78,298

Nuvia

,

Inc.,

Series

B

(Acquired

09/17/20,

cost

$40,480)

(c)(d)(e)

....

12,621

40,387

SambaNova

Systems,

Inc.

Series

C

(Acquired

02/19/20,

cost

$91,575)

(c)

(d)(e)

.....................

1,720

102,718

Wells

Fargo

&

Co.,

Series

L,

7.50%

(j)(n)

46

69,823

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$70,353)

(c)

(d)(e)

.....................

4,463

71,899

2,981,103

Total

Preferred

Stocks

—

2.2%  

(Cost:

$2,751,237)

..............................

4,320,651

Trust

Preferreds

—

0.1%

United

States

—

0.1%

(a)

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

6.58%, 10/30/40

5,096

145,236

GMAC

Capital

Trust

I,

Series

2

,

(LIBOR

USD

3

Month

+

5.79%),

6.01%, 02/15/40

............

5,598

151,426

296,662

Total

Trust

Preferreds

—

0.1%  

(Cost:

$280,385)

................................

296,662

Total

Preferred

Securities

—

2.6%

(Cost:

$3,661,726)

..............................

5,253,990

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.70%, 09/25/30

(a)

...........

USD

17

20,490

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

100

9,458

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%  

(Cost:

$29,948)

................................

29,948

U.S.

Treasury

Obligations

—

5.1%

U.S.

Treasury

Bonds:

1.13%, 05/15/40

-

08/15/40

.....

1,262

1,195,412

2.38%, 11/15/49

(h)

...........

1,145

1,345,179

1.63%, 11/15/50

............

157

156,312

U.S.

Treasury

Inflation

Linked

Notes:

0.13%, 10/15/24

-

01/15/30

.....

2,742

2,962,677

U.S.

Treasury

Notes:

(q)

2.00%, 11/15/21

............

2,200

2,235,922

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.75%, 11/15/29

(h)

...........

USD

2,068

$

2,234,434

Total

U.S.

Treasury

Obligations

—

5.1%

(Cost:

$9,659,237)

..............................

10,129,936

Shares

Shares

Warrants

—

0.0%

Brazil

—

0.0%

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

2

shares

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

2.00)

(c)(e)

..........

103

3,533

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

exercisable

11/24/20,

1

share

for

1

warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(c)

...........

36

9

United

States

—

0.0%

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/08/20,

cost

$0)

(Issued/

exercisable

05/08/20,

1

share

for

1

warrant,

Expires

11/08/21,

Strike

Price

USD

18.92)

(c)(d)(e)

........

4,463

4,865

Total

Warrants

—

0.0%

............................

8,407

Total

Long-Term

Investments

—

96.9%

(Cost:

$154,380,524)

.............................

194,264,402

Short-Term

Securities

—

5.5%

Money

Market

Funds

—

3.2%

(s)

*

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.02%

......

110,670

110,670

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(t)

.............

6,398,683

6,400,603

Total

Money

Market

Funds

—

3.2%

(Cost:

$6,511,273)

..............................

6,511,273

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.0%

Canada

—

0.0%

Royal

Bank

of

Canada,

0.01%, 01/04/21

............

CAD

25

19,910

Europe

—

0.0%

Citibank

NA,

(0.72)%, 01/04/21

....

EUR

13

15,925

Hong

Kong

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.00%, 01/04/21

............

HKD

38

4,950

Singapore

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 01/04/21

............

SGD

1

423

United

Kingdom

—

0.0%

Brown

Brothers

Harriman

&

Co.,

0.01%, 01/04/21

............

GBP

2

2,116

Security

Par

(000)

Par

(000)

Value

United

States

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

0.10%, 01/04/21

............

USD

6

$

6,165

Total

Time

Deposits

—

0.0%

(Cost:

$49,489)

................................

49,489

U.S.

Treasury

Obligations

—

2.3%

U.S.

Treasury

Bills

(u)

:

0.07%, 02/04/21

............

3,500

3,499,834

0.09%, 02/16/21

............

1,000

999,917

Total

U.S.

Treasury

Obligations

—

2.3%

(Cost:

$4,499,641)

..............................

4,499,751

Total

Short-Term

Securities

—

5.5%

(Cost:

$11,060,403)

..............................

11,060,513

Total

Options

Purchased

—

0.9%

(Cost:

$1,658,704)

..............................

1,732,742

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

103.3%

(Cost:

$167,099,631)

.............................

207,057,657

Total

Options

Written

—

(0.6)%

(Premiums

Received

—

$1,133,871)

..................

(1,088,861)

Shares

Shares

Investments

Sold

Short

—

(0.6)%

Common

Stocks

—

(0.6)%

United

States

—

(0.6)%

Appian

Corp.

(c)

................

477

(77,317)

DoorDash

,

Inc.,

Class

A

(c)

........

1,949

(278,220)

Hershey

Co.

(The)

.............

388

(59,104)

JM

Smucker

Co.

(The)

..........

412

(47,627)

McCormick

&

Co.,

Inc.

(Non-Voting)

.

460

(43,976)

Nordstrom,

Inc.

...............

620

(19,350)

Seagate

Technology

plc

.........

1,988

(123,574)

Snowflake,

Inc.,

Class

A

(c)

........

860

(242,004)

Unity

Software,

Inc.

(c)

...........

375

(57,552)

Walgreens

Boots

Alliance,

Inc.

.....

4,682

(186,718)

(1,135,442)

Total

Common

Stocks

—

(0.6)%

(Proceeds:

$1,176,657)

...........................

(1,135,442)

Total

Investments

Sold

Short

—

(0.6)%

(Proceeds:

$1,176,657

)

...........................

(1,135,442)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

102.1%

(Cost:

$164,789,103)

.............................

204,833,354

Liabilities

in

Excess

of

Other

Assets

—

(2.1)%

............

(4,291,965)

Net

Assets

—

100.0%

..............................

$

200,541,389

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

83

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$5,628,002,

representing

2.81%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$3,110,351.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(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)

Convertible

security.

(k)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(l)

Zero-coupon

bond.

(m)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(n)

Perpetual

security

with

no

stated

maturity

date.

(o)

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.

(p)

Fixed

rate.

(q)

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.

(r)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(u)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

(Expense)

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

557,532

$

—

$

(446,862)

$

—

$

—

$

110,670

110,670

$

2,682

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

2,544,246

3,858,017

—

(1,652)

(8)

6,400,603

6,398,683

31,948

(b)

—

iShares

China

Large-Cap

ETF

..

188,612

711,300

(650,172)

(2,974)

5,953

252,719

5,443

5,123

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

—

5,939,723

(3,846,271)

234,763

80,217

2,408,432

27,588

74,571

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

—

2,391,610

(1,369,393)

18,216

22,201

1,062,634

7,693

7,013

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

—

2,349,329

—

(2)

21,380

2,370,707

20,453

6,722

—

iShares

Latin

America

40

ETF

..

—

110,009

—

—

19,131

129,140

4,400

—

—

iShares

MSCI

Brazil

ETF

.....

—

80,259

—

—

16,753

97,012

2,617

723

—

iShares

MSCI

Emerging

Markets

ETF

..................

466,110

—

(374,474)

(60,593)

2,077

33,120

641

480

—

iShares

Nasdaq

Biotechnology

ETF

..................

—

26,014

—

—

8,677

34,691

229

58

—

iShares

Russell

2000

ETF

.....

298,206

2,512,788

(434,718)

(143,257)

219,888

2,452,907

12,511

7,624

—

iShares

S&P

500

Value

ETF

...

231,300

—

(2,234)

146

(3,769)

225,443

1,761

5,334

—

$

44,647

$

392,500

$

15,578,078

$

142,278

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

84

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

...............................................................

11

03/08/21

$

2,043

$

7,832

Euro-OAT

...............................................................

9

03/08/21

1,846

4,773

Australia

10

Year

Bond

......................................................

6

03/15/21

681

836

DAX

Index

..............................................................

1

03/19/21

420

2,169

EURO

STOXX

50

Index

.....................................................

22

03/19/21

954

1,852

MSCI

Emerging

Markets

E-Mini

Index

............................................

5

03/19/21

322

6,975

NASDAQ

100

E-Mini

Index

...................................................

3

03/19/21

773

12,060

Russell

2000

E-Mini

Index

....................................................

5

03/19/21

494

3,699

U.S.

Treasury

10

Year

Note

...................................................

35

03/22/21

4,833

9,616

U.S.

Treasury

10

Year

Ultra

Note

...............................................

65

03/22/21

10,163

(14,580)

35,232

Short

Contracts

Euro-Bund

..............................................................

1

03/08/21

217

(446)

FTSE

100

Index

..........................................................

1

03/19/21

88

1,638

S&P

500

E-Mini

Index

......................................................

102

03/19/21

19,119

(453,673)

U.S.

Treasury

Long

Bond

....................................................

1

03/22/21

173

2,209

U.S.

Treasury

Ultra

Bond

....................................................

4

03/22/21

854

3,689

U.S.

Treasury

2

Year

Note

....................................................

52

03/31/21

11,491

(11,157)

U.S.

Treasury

5

Year

Note

....................................................

34

03/31/21

4,290

(5,389)

(463,129)

$

(427,897)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

549,865

USD

642,897

JPMorgan

Chase

Bank

NA

01/08/21

$

28,911

GBP

453,000

USD

586,517

JPMorgan

Chase

Bank

NA

01/08/21

32,982

JPY

89,201,000

USD

845,419

JPMorgan

Chase

Bank

NA

01/08/21

18,507

CAD

320,000

USD

238,833

Goldman

Sachs

International

01/14/21

12,575

EUR

354,793

USD

420,799

HSBC

Bank

plc

01/14/21

12,743

GBP

730,000

USD

938,863

JPMorgan

Chase

Bank

NA

01/14/21

59,506

JPY

123,350,000

USD

1,169,105

Morgan

Stanley

&

Co.

International

plc

01/14/21

25,655

EUR

5,875

USD

6,918

JPMorgan

Chase

Bank

NA

01/15/21

261

EUR

597,125

USD

703,167

Morgan

Stanley

&

Co.

International

plc

01/15/21

26,511

GBP

1,096,000

USD

1,419,160

Barclays

Bank

plc

01/22/21

79,845

JPY

64,093,000

USD

614,732

Barclays

Bank

plc

01/28/21

6,175

MXN

9,156,293

USD

422,720

Citibank

NA

01/28/21

36,170

JPY

64,092,000

USD

614,729

Barclays

Bank

plc

01/29/21

6,176

JPY

67,911,000

USD

650,440

Morgan

Stanley

&

Co.

International

plc

02/04/21

7,511

MXN

6,386,000

USD

298,098

Goldman

Sachs

International

02/04/21

21,696

JPY

67,817,000

USD

649,645

JPMorgan

Chase

Bank

NA

02/05/21

7,402

EUR

466,818

USD

554,848

Barclays

Bank

plc

02/11/21

15,947

CHF

380,000

USD

417,896

JPMorgan

Chase

Bank

NA

02/12/21

11,838

JPY

83,580,000

USD

800,539

Goldman

Sachs

International

02/12/21

9,282

JPY

83,452,000

USD

799,524

Goldman

Sachs

International

02/18/21

9,103

EUR

447,000

USD

531,705

Bank

of

America

NA

02/19/21

14,946

JPY

74,429,000

USD

707,442

JPMorgan

Chase

Bank

NA

02/19/21

13,761

EUR

60,476

USD

73,657

Bank

of

America

NA

02/25/21

310

EUR

274,000

USD

323,470

Citibank

NA

02/25/21

11,655

JPY

74,320,000

USD

706,452

Morgan

Stanley

&

Co.

International

plc

02/25/21

13,736

EUR

694,269

USD

821,750

Morgan

Stanley

&

Co.

International

plc

02/26/21

27,417

KRW

598,178,000

USD

535,704

HSBC

Bank

plc

02/26/21

14,082

EUR

371,000

USD

446,223

Citibank

NA

03/04/21

7,605

EUR

548,416

USD

655,459

Morgan

Stanley

&

Co.

International

plc

03/04/21

15,396

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

85

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

JPY

46,519,000

USD

446,000

Morgan

Stanley

&

Co.

International

plc

03/04/21

$

4,816

EUR

313,144

USD

380,043

Citibank

NA

03/11/21

3,075

JPY

102,600,000

USD

986,665

JPMorgan

Chase

Bank

NA

03/11/21

7,721

EUR

549,932

USD

669,120

HSBC

Bank

plc

03/18/21

3,809

GBP

338,025

EUR

373,000

Morgan

Stanley

&

Co.

International

plc

03/18/21

6,034

GBP

283,000

USD

380,431

HSBC

Bank

plc

03/18/21

6,747

EUR

314,057

USD

382,665

HSBC

Bank

plc

03/19/21

1,642

EUR

472,000

USD

575,252

JPMorgan

Chase

Bank

NA

03/25/21

2,411

GBP

350,000

USD

473,144

HSBC

Bank

plc

03/25/21

5,718

GBP

132,000

USD

178,951

Deutsche

Bank

AG

04/01/21

1,656

JPY

86,567,000

USD

834,546

Citibank

NA

04/01/21

4,694

JPY

88,507,791

USD

853,268

Citibank

NA

04/02/21

4,800

600,827

JPY

55,780,952

EUR

453,000

Goldman

Sachs

International

01/08/21

(13,208)

USD

353,534

INR

26,292,000

Barclays

Bank

plc

01/08/21

(6,256)

USD

41,048

JPY

4,322,000

Morgan

Stanley

&

Co.

International

plc

01/14/21

(815)

USD

262,423

AUD

369,000

Bank

of

America

NA

01/15/21

(22,096)

USD

817,098

CNY

5,549,000

BNP

Paribas

SA

01/15/21

(35,638)

USD

146,670

EUR

124,030

Barclays

Bank

plc

01/15/21

(4,892)

USD

217,226

EUR

183,287

JPMorgan

Chase

Bank

NA

01/15/21

(6,748)

USD

698,743

AUD

990,000

BNP

Paribas

SA

01/22/21

(64,658)

EUR

227,000

AUD

376,598

Bank

of

America

NA

01/29/21

(12,940)

JPY

92,274,393

EUR

752,000

BNP

Paribas

SA

01/29/21

(25,307)

USD

584,084

CNY

3,928,000

BNP

Paribas

SA

02/04/21

(18,749)

USD

856,603

HKD

6,641,000

BNP

Paribas

SA

02/04/21

(129)

USD

347,930

CNY

2,340,000

Citibank

NA

02/05/21

(11,168)

USD

853,299

HKD

6,619,000

HSBC

Bank

plc

02/11/21

(610)

USD

491

MXN

9,925

UBS

AG

02/11/21

(6)

USD

822,414

EUR

694,000

JPMorgan

Chase

Bank

NA

02/26/21

(26,424)

USD

534,897

ZAR

8,459,000

Bank

of

America

NA

02/26/21

(36,873)

USD

490,749

CNY

3,228,000

Morgan

Stanley

&

Co.

International

plc

03/04/21

(3,755)

USD

658,856

EUR

548,000

Citibank

NA

03/04/21

(11,490)

USD

812,638

CNY

5,335,000

Barclays

Bank

plc

03/11/21

(4,246)

USD

15,534

CNY

102,000

HSBC

Bank

plc

03/11/21

(84)

USD

536,562

INR

39,947,000

Citibank

NA

03/12/21

(6,685)

CAD

1,117,000

USD

878,065

Deutsche

Bank

AG

03/19/21

(363)

JPY

33,054,339

EUR

262,000

Bank

of

America

NA

03/19/21

(212)

USD

812,956

CNY

5,346,000

HSBC

Bank

plc

04/01/21

(4,395)

(317,747)

$

283,080

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

EUR

Currency

One-Touch

Goldman

Sachs

International

—

01/15/21

NOK

11.75

NOK

11.75

EUR

27

$

74

USD

Currency

One-Touch

Citibank

NA

—

02/18/21

NOK

8.10

NOK

8.10

USD

19

2,036

EUR

Currency

One-Touch

Bank

of

America

NA

—

03/09/21

USD

1.17

USD

1.17

EUR

15

2,496

SPDR

Gold

Shares

(a)

Up

and

Out

Morgan

Stanley

&

Co.

International

plc

2,450

03/19/21

USD

191.10

USD

218.40

USD

2

2,355

6,961

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

86

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

One-Touch

Bank

of

America

NA

—

01/20/21

USD

1.20

USD

1.20

EUR

35

$

4,951

EUR

Currency

Down

and

Out

Bank

of

America

NA

—

02/18/21

USD

1.21

USD

1.18

EUR

569

1,823

USD

Currency

One-Touch

HSBC

Bank

plc

—

02/18/21

JPY

100.00

JPY

100.00

USD

38

7,661

EUR

Currency

Down

and

Out

Bank

of

America

NA

—

03/04/21

USD

1.21

USD

1.18

EUR

569

4,489

18,924

$

25,885

(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.

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Alibaba

Group

Holding

Ltd.

.....................

9

01/15/21

USD

305.00

USD

209

$

90

Amazon.com,

Inc.

...........................

1

01/15/21

USD

3,300.00

USD

326

5,265

Apple,

Inc.

................................

32

01/15/21

USD

125.00

USD

425

28,400

Autodesk,

Inc.

..............................

8

01/15/21

USD

260.00

USD

244

36,320

Bank

of

America

Corp.

........................

33

01/15/21

USD

27.00

USD

100

11,220

Comcast

Corp.

.............................

43

01/15/21

USD

45.00

USD

225

31,928

ConocoPhillips

.............................

21

01/15/21

USD

44.00

USD

84

693

DAX

Index

................................

13

01/15/21

EUR

13,800.00

EUR

892

16,378

DR

Horton,

Inc.

.............................

50

01/15/21

USD

80.00

USD

345

550

Exxon

Mobil

Corp.

...........................

54

01/15/21

USD

45.00

USD

223

1,080

Home

Depot,

Inc.

(The)

.......................

15

01/15/21

USD

300.00

USD

398

75

Industrial

Select

Sector

SPDR

Fund

...............

27

01/15/21

USD

92.00

USD

239

932

iShares

MSCI

Emerging

Markets

ETF

..............

25

01/15/21

USD

51.00

USD

129

3,038

Marathon

Oil

Corp.

..........................

22

01/15/21

USD

5.00

USD

15

3,696

Mastercard

,

Inc.

............................

6

01/15/21

USD

315.00

USD

214

25,245

Mastercard

,

Inc.

............................

15

01/15/21

USD

335.00

USD

535

34,950

Merck

&

Co.,

Inc.

............................

22

01/15/21

USD

85.00

USD

180

1,133

Micron

Technology,

Inc.

.......................

42

01/15/21

USD

77.50

USD

316

10,332

Morgan

Stanley

.............................

36

01/15/21

USD

55.00

USD

247

49,140

PPG

Industries,

Inc.

..........................

16

01/15/21

USD

125.00

USD

231

31,120

Raytheon

Technologies

Corp.

...................

29

01/15/21

USD

65.00

USD

207

19,648

SPDR

S&P

500

ETF

Trust

......................

38

01/15/21

USD

373.00

USD

1,421

22,325

SPDR

S&P

500

ETF

Trust

......................

92

01/15/21

USD

375.00

USD

3,440

42,642

SPDR

S&P

500

ETF

Trust

......................

133

01/15/21

USD

370.00

USD

4,973

106,068

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

27

01/15/21

USD

62.00

USD

158

2,916

Union

Pacific

Corp.

..........................

10

01/15/21

USD

200.00

USD

208

9,950

United

Parcel

Service,

Inc.

.....................

5

01/15/21

USD

180.00

USD

84

238

VanEck

Vectors

Semiconductor

ETF

...............

5

01/15/21

USD

185.00

USD

109

16,713

VanEck

Vectors

Semiconductor

ETF

...............

10

01/15/21

USD

225.00

USD

218

1,945

VanEck

Vectors

Semiconductor

ETF

...............

16

01/15/21

USD

205.00

USD

349

23,280

Walt

Disney

Co.

(The)

........................

14

01/15/21

USD

140.00

USD

254

57,855

Walt

Disney

Co.

(The)

........................

16

01/15/21

USD

160.00

USD

290

34,440

Wayfair,

Inc.

...............................

3

01/15/21

USD

280.00

USD

68

218

Alibaba

Group

Holding

Ltd.

.....................

14

02/19/21

USD

210.00

USD

326

39,725

Alphabet,

Inc.

..............................

2

02/19/21

USD

1,920.00

USD

350

5,190

Capri

Holdings

Ltd.

..........................

34

02/19/21

USD

45.00

USD

143

10,336

DAX

Index

................................

4

02/19/21

EUR

14,000.00

EUR

274

7,159

Exxon

Mobil

Corp.

...........................

61

02/19/21

USD

45.00

USD

251

6,375

Global

Payments,

Inc.

........................

11

02/19/21

USD

210.00

USD

237

13,365

Global

Payments,

Inc.

........................

11

02/19/21

USD

190.00

USD

237

28,765

iShares

MSCI

Emerging

Markets

ETF

..............

29

02/19/21

USD

51.00

USD

150

5,655

Microsoft

Corp.

.............................

9

02/19/21

USD

215.00

USD

200

12,195

Raytheon

Technologies

Corp.

...................

29

02/19/21

USD

65.00

USD

207

21,895

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

87

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

S&P

500

ETF

Trust

......................

62

02/19/21

USD

382.00

USD

2,318

$

36,549

SPDR

S&P

500

ETF

Trust

......................

278

02/19/21

USD

380.00

USD

10,394

191,264

Volvo

AB

.................................

24

02/19/21

SEK

210.00

SEK

465

678

Walmart,

Inc.

..............................

13

02/19/21

USD

155.00

USD

187

2,464

Alibaba

Group

Holding

Ltd.

.....................

13

03/19/21

USD

240.00

USD

303

18,298

Bank

of

America

Corp.

........................

38

03/19/21

USD

25.00

USD

115

21,375

iShares

MSCI

Brazil

ETF

......................

88

03/19/21

USD

40.00

USD

326

11,880

Lowe's

Cos.,

Inc.

............................

8

03/19/21

USD

170.00

USD

128

3,960

PayPal

Holdings,

Inc.

.........................

6

03/19/21

USD

250.00

USD

141

6,405

SPDR

S&P

500

ETF

Trust

......................

10

12/17/21

USD

360.00

USD

374

37,890

1,111,246

Put

SPDR

S&P

500

ETF

Trust

......................

82

01/04/21

USD

360.00

USD

3,066

1,394

SPDR

S&P

500

ETF

Trust

......................

120

01/04/21

USD

350.00

USD

4,487

1,260

Alphabet,

Inc.

..............................

2

01/15/21

USD

1,560.00

USD

350

525

Amazon.com,

Inc.

...........................

1

01/15/21

USD

3,250.00

USD

326

6,935

Apple,

Inc.

................................

21

01/15/21

USD

125.00

USD

279

2,226

Capital

One

Financial

Corp.

.....................

11

01/15/21

USD

87.50

USD

109

440

Johnson

&

Johnson

..........................

6

01/15/21

USD

145.00

USD

94

81

Micron

Technology,

Inc.

.......................

14

01/15/21

USD

67.50

USD

105

1,071

Microsoft

Corp.

.............................

13

01/15/21

USD

215.00

USD

289

2,327

NXP

Semiconductors

NV

......................

6

01/15/21

USD

150.00

USD

95

861

Walmart,

Inc.

..............................

7

01/15/21

USD

140.00

USD

101

616

CBOE

Volatility

Index

.........................

164

01/20/21

USD

22.00

USD

373

24,600

CBOE

Volatility

Index

.........................

108

02/17/21

USD

21.00

USD

246

13,230

Amazon.com,

Inc.

...........................

1

02/19/21

USD

3,350.00

USD

326

22,723

Apple,

Inc.

................................

8

02/19/21

USD

115.00

USD

106

1,452

Aptiv

plc

..................................

16

02/19/21

USD

115.00

USD

208

3,360

Comcast

Corp.

.............................

38

02/19/21

USD

47.50

USD

199

2,527

Microsoft

Corp.

.............................

12

02/19/21

USD

215.00

USD

267

7,890

SPDR

S&P

500

ETF

Trust

......................

32

02/19/21

USD

345.00

USD

1,196

11,792

Walt

Disney

Co.

(The)

........................

6

02/19/21

USD

165.00

USD

109

1,980

CBOE

Volatility

Index

.........................

29

03/17/21

USD

24.00

USD

66

9,135

CBOE

Volatility

Index

.........................

108

03/17/21

USD

21.00

USD

246

17,010

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

..

66

03/19/21

USD

134.00

USD

912

6,732

Mastercard

,

Inc.

............................

6

03/19/21

USD

310.00

USD

214

3,480

143,647

$

1,254,893

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

1,381

01/15/21

USD

180.00

USD

246

$

2,769

EUR

Currency

...........

BNP

Paribas

SA

—

01/27/21

USD

1.22

EUR

880

11,400

TOPIX

Index

............

Goldman

Sachs

International

9,149

02/12/21

JPY

1,775.00

JPY

16,511

4,962

Givaudan

SA

...........

UBS

AG

14

02/19/21

CHF

3,680.00

CHF

52

2,020

SPDR

Gold

Shares

(a)

......

Morgan

Stanley

&

Co.

International

plc

569

02/19/21

USD

178.00

USD

101

2,930

Union

Pacific

Corp.

.......

Goldman

Sachs

International

848

02/19/21

USD

195.00

USD

177

15,031

WisdomTree

Japan

Hedged

Equity

Fund

..........

Goldman

Sachs

International

1,738

02/19/21

USD

50.00

USD

95

8,200

adidas

AG

.............

Barclays

Bank

plc

509

03/19/21

EUR

310.00

EUR

152

6,830

iShares

Russell

2000

Value

ETF

...............

Goldman

Sachs

International

802

03/19/21

USD

125.66

USD

106

8,880

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

169

03/19/21

EUR

510.00

EUR

86

4,717

SPDR

Gold

Shares

(a)

......

Societe

Generale

SA

1,377

03/19/21

USD

180.00

USD

246

7,849

Starbucks

Corp.

.........

Citibank

NA

1,016

03/19/21

USD

107.50

USD

109

5,241

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

88

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Vanguard

Small-Cap

Value

ETF

...............

Morgan

Stanley

&

Co.

International

plc

739

03/19/21

USD

137.05

USD

105

$

7,903

SPDR

Gold

Shares

(a)

......

JPMorgan

Chase

Bank

NA

1,202

04/16/21

USD

181.00

USD

214

7,647

SPDR

S&P

500

ETF

Trust

...

Morgan

Stanley

&

Co.

International

plc

4,400

06/18/21

USD

360.00

USD

1,645

129,146

EURO

STOXX

50

Price

Index

Credit

Suisse

International

108

12/17/21

EUR

3,400.00

EUR

384

39,707

265,232

Put

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

01/21/21

JPY

104.00

USD

1,387

14,240

USD

Currency

...........

Bank

of

America

NA

—

02/03/21

JPY

101.00

USD

2,218

4,291

18,531

$

283,763

(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

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

3,511.53

and

10

year

swap

>=

97.1

......

Goldman

Sachs

International

3

01/08/21

USD

11

$

97

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

3,511.53

and

10

year

swap

>=

97.4

......

Goldman

Sachs

International

3

01/15/21

USD

11

338

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

3,511.53

and

10

year

swap

>=

100.35

....

Goldman

Sachs

International

5

03/19/21

USD

18

1,427

$

1,862

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.16%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

01/19/21

1.16

%

USD

1,793

$

2,008

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.30%

Semi-Annual

Citibank

NA

02/09/21

1.30

USD

1,095

13,251

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.27%

Semi-Annual

Goldman

Sachs

International

02/18/21

1.27

USD

1,207

14,560

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

06/04/21

1.00

USD

798

10,269

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.00%

Semi-Annual

BNP

Paribas

SA

06/11/21

1.00

USD

260

3,504

43,592

Put

30-Year

Interest

Rate

Swap

(a)

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

01/26/21

1.48

USD

754

8,105

30-Year

Interest

Rate

Swap

(a)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

02/08/21

0.89

USD

456

60,610

5-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

04/06/21

0.60

USD

5,900

9,547

5-Year

Interest

Rate

Swap

(a)

.

0.62%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

04/06/21

0.62

USD

2,429

3,462

5-Year

Interest

Rate

Swap

(a)

.

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

05/24/21

0.63

USD

5,690

13,945

5-Year

Interest

Rate

Swap

(a)

.

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

05/25/21

0.64

USD

5,748

13,539

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

89

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

5-Year

Interest

Rate

Swap

(a)

.

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

Nomura

International

plc

05/25/21

0.64

%

USD

5,748

$

13,539

122,747

$

166,339

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

.

Down

and

In

Credit

Suisse

International

108

12/17/21

EUR

2,600.00

EUR

2,200.00

EUR

—

$

(8,760)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Apple,

Inc.

.................................

22

01/15/21

USD

130.00

USD

292

$

(11,165)

Apple,

Inc.

.................................

23

01/15/21

USD

140.00

USD

305

(2,829)

Apple,

Inc.

.................................

60

01/15/21

USD

150.00

USD

796

(1,830)

Applied

Materials,

Inc.

.........................

34

01/15/21

USD

70.00

USD

293

(55,335)

Autodesk,

Inc.

...............................

14

01/15/21

USD

290.00

USD

427

(25,165)

Bank

of

America

Corp.

.........................

38

01/15/21

USD

28.00

USD

115

(9,348)

Bank

of

America

Corp.

.........................

71

01/15/21

USD

31.00

USD

215

(3,408)

Capital

One

Financial

Corp.

......................

22

01/15/21

USD

100.00

USD

217

(5,137)

Citigroup,

Inc.

...............................

20

01/15/21

USD

55.00

USD

123

(13,900)

Citigroup,

Inc.

...............................

22

01/15/21

USD

52.50

USD

136

(20,625)

Citigroup,

Inc.

...............................

34

01/15/21

USD

50.00

USD

210

(40,035)

Comcast

Corp.

..............................

43

01/15/21

USD

52.50

USD

225

(3,870)

Crowdstrike

Holdings,

Inc.

.......................

6

01/15/21

USD

190.00

USD

127

(14,520)

Guardant

Health,

Inc.

..........................

10

01/15/21

USD

120.00

USD

129

(11,200)

HCA

Healthcare,

Inc.

..........................

12

01/15/21

USD

170.00

USD

197

(2,647)

Intuitive

Surgical,

Inc.

..........................

1

01/15/21

USD

800.00

USD

82

(3,285)

iShares

Russell

2000

ETF

.......................

79

01/15/21

USD

210.00

USD

1,549

(2,647)

Johnson

&

Johnson

...........................

6

01/15/21

USD

165.00

USD

94

(417)

JPMorgan

Chase

&

Co.

........................

9

01/15/21

USD

115.00

USD

114

(10,868)

JPMorgan

Chase

&

Co.

........................

10

01/15/21

USD

110.00

USD

127

(17,175)

JPMorgan

Chase

&

Co.

........................

19

01/15/21

USD

120.00

USD

241

(14,013)

Lowe's

Cos.,

Inc.

.............................

5

01/15/21

USD

170.00

USD

80

(268)

Mastercard

,

Inc.

.............................

6

01/15/21

USD

350.00

USD

214

(6,870)

Mastercard

,

Inc.

.............................

15

01/15/21

USD

365.00

USD

535

(6,225)

Micron

Technology,

Inc.

........................

14

01/15/21

USD

80.00

USD

105

(2,359)

Morgan

Stanley

..............................

19

01/15/21

USD

57.50

USD

130

(21,233)

Morgan

Stanley

..............................

36

01/15/21

USD

62.50

USD

247

(22,770)

Morgan

Stanley

..............................

57

01/15/21

USD

60.00

USD

391

(49,448)

NXP

Semiconductors

NV

.......................

6

01/15/21

USD

175.00

USD

95

(324)

Okta

,

Inc.

..................................

3

01/15/21

USD

290.00

USD

76

(290)

PayPal

Holdings,

Inc.

..........................

5

01/15/21

USD

240.00

USD

117

(2,025)

Penn

National

Gaming,

Inc.

......................

6

01/15/21

USD

110.00

USD

52

(174)

PPG

Industries,

Inc.

...........................

16

01/15/21

USD

140.00

USD

231

(9,120)

Raytheon

Technologies

Corp.

....................

29

01/15/21

USD

75.00

USD

207

(1,334)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

90

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

ResMed

,

Inc.

...............................

4

01/15/21

USD

195.00

USD

85

$

(7,160)

SPDR

S&P

500

ETF

Trust

.......................

62

01/15/21

USD

380.00

USD

2,318

(13,950)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

27

01/15/21

USD

68.00

USD

158

(621)

TJX

Cos.,

Inc.

(The)

...........................

21

01/15/21

USD

70.00

USD

143

(1,943)

Truist

Financial

Corp.

..........................

13

01/15/21

USD

50.00

USD

62

(585)

Uber

Technologies,

Inc.

........................

20

01/15/21

USD

55.00

USD

102

(1,110)

United

Parcel

Service,

Inc.

......................

10

01/15/21

USD

190.00

USD

168

(140)

US

Bancorp

................................

59

01/15/21

USD

45.00

USD

275

(12,803)

VanEck

Vectors

Semiconductor

ETF

................

5

01/15/21

USD

210.00

USD

109

(5,188)

Walmart,

Inc.

...............................

7

01/15/21

USD

160.00

USD

101

(49)

Walt

Disney

Co.

(The)

.........................

8

01/15/21

USD

175.00

USD

145

(6,640)

Walt

Disney

Co.

(The)

.........................

14

01/15/21

USD

155.00

USD

254

(37,065)

Zoetis,

Inc.

.................................

3

01/15/21

USD

175.00

USD

50

(143)

Zscaler

,

Inc.

................................

4

01/15/21

USD

210.00

USD

80

(1,700)

Abbott

Laboratories

...........................

9

02/19/21

USD

120.00

USD

99

(914)

Alibaba

Group

Holding

Ltd.

......................

16

02/19/21

USD

350.00

USD

372

(376)

Alphabet,

Inc.

...............................

2

02/19/21

USD

2,000.00

USD

350

(2,410)

Alphabet,

Inc.

...............................

2

02/19/21

USD

2,100.00

USD

350

(1,100)

Amazon.com,

Inc.

............................

1

02/19/21

USD

3,600.00

USD

326

(6,288)

Amazon.com,

Inc.

............................

1

02/19/21

USD

3,900.00

USD

326

(2,520)

Apple,

Inc.

.................................

8

02/19/21

USD

140.00

USD

106

(3,580)

Apple,

Inc.

.................................

16

02/19/21

USD

135.00

USD

212

(10,120)

Aptiv

plc

...................................

16

02/19/21

USD

135.00

USD

208

(8,400)

Bank

of

America

Corp.

.........................

37

02/19/21

USD

30.00

USD

112

(5,846)

Bank

of

America

Corp.

.........................

41

02/19/21

USD

29.00

USD

124

(9,020)

Boston

Scientific

Corp.

.........................

25

02/19/21

USD

40.00

USD

90

(938)

Capri

Holdings

Ltd.

...........................

34

02/19/21

USD

55.00

USD

143

(2,074)

Comcast

Corp.

..............................

38

02/19/21

USD

57.50

USD

199

(1,824)

ConocoPhillips

..............................

41

02/19/21

USD

55.00

USD

164

(513)

Exxon

Mobil

Corp.

............................

23

02/19/21

USD

55.00

USD

95

(334)

Facebook,

Inc.

..............................

3

02/19/21

USD

320.00

USD

82

(803)

Global

Payments,

Inc.

.........................

11

02/19/21

USD

220.00

USD

237

(7,425)

Global

Payments,

Inc.

.........................

11

02/19/21

USD

230.00

USD

237

(4,345)

Merck

&

Co.,

Inc.

.............................

12

02/19/21

USD

87.50

USD

98

(1,026)

Microsoft

Corp.

..............................

4

02/19/21

USD

250.00

USD

89

(606)

Microsoft

Corp.

..............................

4

02/19/21

USD

255.00

USD

89

(432)

Microsoft

Corp.

..............................

9

02/19/21

USD

245.00

USD

200

(1,841)

Raytheon

Technologies

Corp.

....................

29

02/19/21

USD

75.00

USD

207

(5,713)

salesforce.com,

Inc.

...........................

8

02/19/21

USD

280.00

USD

178

(480)

salesforce.com,

Inc.

...........................

18

02/19/21

USD

260.00

USD

401

(2,754)

ServiceNow

,

Inc.

.............................

2

02/19/21

USD

580.00

USD

110

(4,000)

Societe

Generale

SA

..........................

53

02/19/21

EUR

20.00

EUR

90

(1,651)

SPDR

S&P

500

ETF

Trust

.......................

32

02/19/21

USD

400.00

USD

1,196

(3,408)

Starbucks

Corp.

.............................

20

02/19/21

USD

110.00

USD

214

(5,850)

Walt

Disney

Co.

(The)

.........................

6

02/19/21

USD

190.00

USD

109

(3,510)

Alibaba

Group

Holding

Ltd.

......................

13

03/19/21

USD

300.00

USD

303

(2,685)

Apple,

Inc.

.................................

59

03/19/21

USD

150.00

USD

783

(20,355)

Bank

of

America

Corp.

.........................

17

03/19/21

USD

33.00

USD

52

(1,199)

Bank

of

America

Corp.

.........................

38

03/19/21

USD

30.00

USD

115

(7,182)

Bank

of

America

Corp.

.........................

38

03/19/21

USD

28.00

USD

115

(11,970)

Citigroup,

Inc.

...............................

12

03/19/21

USD

52.50

USD

74

(12,120)

Citigroup,

Inc.

...............................

33

03/19/21

USD

70.00

USD

203

(4,142)

Goldman

Sachs

Group,

Inc.

(The)

.................

8

03/19/21

USD

270.00

USD

211

(9,360)

Gores

Holdings

IV,

Inc.

.........................

32

03/19/21

USD

15.00

USD

42

(6,960)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

66

03/19/21

USD

140.00

USD

912

(4,191)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...

93

03/19/21

USD

139.00

USD

1,285

(9,858)

iShares

MSCI

Brazil

ETF

.......................

88

03/19/21

USD

45.00

USD

326

(3,036)

Johnson

&

Johnson

...........................

4

03/19/21

USD

170.00

USD

63

(958)

JPMorgan

Chase

&

Co.

........................

8

03/19/21

USD

135.00

USD

102

(2,720)

JPMorgan

Chase

&

Co.

........................

14

03/19/21

USD

140.00

USD

178

(3,059)

Lowe's

Cos.,

Inc.

.............................

5

03/19/21

USD

175.00

USD

80

(1,850)

Lowe's

Cos.,

Inc.

.............................

8

03/19/21

USD

190.00

USD

128

(1,004)

Mastercard

,

Inc.

.............................

6

03/19/21

USD

370.00

USD

214

(8,955)

NextEra

Energy,

Inc.

..........................

13

03/19/21

USD

85.00

USD

100

(1,235)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

91

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

NVIDIA

Corp.

...............................

1

03/19/21

USD

700.00

USD

52

$

(405)

PayPal

Holdings,

Inc.

..........................

6

03/19/21

USD

310.00

USD

141

(885)

Southwest

Airlines

Co.

.........................

17

03/19/21

USD

60.00

USD

79

(884)

Starbucks

Corp.

.............................

8

03/19/21

USD

105.00

USD

86

(5,120)

Toll

Brothers,

Inc.

.............................

13

03/19/21

USD

55.00

USD

57

(748)

Truist

Financial

Corp.

..........................

13

03/19/21

USD

55.00

USD

62

(813)

Goldman

Sachs

Group,

Inc.

(The)

.................

3

04/16/21

USD

240.00

USD

79

(9,225)

SPDR

S&P

500

ETF

Trust

.......................

91

06/18/21

USD

400.00

USD

3,402

(64,019)

(775,995)

Put

Alphabet,

Inc.

...............................

2

01/15/21

USD

1,320.00

USD

350

(100)

Amazon.com,

Inc.

............................

1

01/15/21

USD

2,740.00

USD

326

(289)

Amazon.com,

Inc.

............................

1

01/15/21

USD

2,695.00

USD

326

(235)

Apple,

Inc.

.................................

21

01/15/21

USD

107.50

USD

279

(410)

Apple,

Inc.

.................................

23

01/15/21

USD

102.50

USD

305

(357)

Apple,

Inc.

.................................

32

01/15/21

USD

100.00

USD

425

(432)

Autodesk,

Inc.

...............................

8

01/15/21

USD

210.00

USD

244

(120)

Bank

of

America

Corp.

.........................

38

01/15/21

USD

20.00

USD

115

(76)

Bank

of

America

Corp.

.........................

71

01/15/21

USD

22.00

USD

215

(107)

Capital

One

Financial

Corp.

......................

11

01/15/21

USD

77.50

USD

109

(127)

Comcast

Corp.

..............................

43

01/15/21

USD

37.50

USD

225

(172)

DR

Horton,

Inc.

..............................

50

01/15/21

USD

60.00

USD

345

(600)

Freeport-McMoran

,

Inc.

........................

12

01/15/21

USD

19.00

USD

31

(36)

Freeport-McMoran

,

Inc.

........................

26

01/15/21

USD

18.00

USD

68

(26)

Home

Depot,

Inc.

(The)

........................

15

01/15/21

USD

250.00

USD

398

(1,155)

JPMorgan

Chase

&

Co.

........................

19

01/15/21

USD

80.00

USD

241

(76)

Mastercard

,

Inc.

.............................

6

01/15/21

USD

280.00

USD

214

(72)

Mastercard

,

Inc.

.............................

8

01/15/21

USD

300.00

USD

286

(220)

Merck

&

Co.,

Inc.

.............................

22

01/15/21

USD

72.50

USD

180

(253)

Micron

Technology,

Inc.

........................

14

01/15/21

USD

57.50

USD

105

(154)

Microsoft

Corp.

..............................

13

01/15/21

USD

180.00

USD

289

(169)

Morgan

Stanley

..............................

36

01/15/21

USD

44.00

USD

247

(108)

NXP

Semiconductors

NV

.......................

6

01/15/21

USD

135.00

USD

95

(153)

PPG

Industries,

Inc.

...........................

16

01/15/21

USD

100.00

USD

231

(80)

Raytheon

Technologies

Corp.

....................

29

01/15/21

USD

55.00

USD

207

(305)

SPDR

S&P

500

ETF

Trust

.......................

93

01/15/21

USD

345.00

USD

3,477

(7,719)

SPDR

S&P

500

ETF

Trust

.......................

120

01/15/21

USD

330.00

USD

4,487

(4,980)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

27

01/15/21

USD

50.00

USD

158

(648)

Truist

Financial

Corp.

..........................

13

01/15/21

USD

35.00

USD

62

(195)

Union

Pacific

Corp.

...........................

10

01/15/21

USD

165.00

USD

208

(175)

Walmart,

Inc.

...............................

7

01/15/21

USD

130.00

USD

101

(84)

Wayfair,

Inc.

................................

3

01/15/21

USD

230.00

USD

68

(3,930)

Zoetis,

Inc.

.................................

3

01/15/21

USD

140.00

USD

50

(120)

CBOE

Volatility

Index

..........................

33

01/20/21

USD

18.00

USD

75

(330)

CBOE

Volatility

Index

..........................

131

01/20/21

USD

19.00

USD

298

(3,603)

CBOE

Volatility

Index

..........................

216

02/17/21

USD

17.00

USD

491

(3,780)

Alibaba

Group

Holding

Ltd.

......................

6

02/19/21

USD

240.00

USD

140

(10,380)

Alphabet,

Inc.

...............................

1

02/19/21

USD

1,495.00

USD

175

(1,520)

Amazon.com,

Inc.

............................

1

02/19/21

USD

2,840.00

USD

326

(3,680)

Amazon.com,

Inc.

............................

1

02/19/21

USD

2,800.00

USD

326

(2,885)

Apple,

Inc.

.................................

16

02/19/21

USD

100.00

USD

212

(944)

Aptiv

plc

...................................

16

02/19/21

USD

105.00

USD

208

(1,640)

Bank

of

America

Corp.

.........................

37

02/19/21

USD

20.00

USD

112

(148)

Bank

of

America

Corp.

.........................

45

02/19/21

USD

26.00

USD

136

(1,125)

Boston

Scientific

Corp.

.........................

25

02/19/21

USD

31.00

USD

90

(663)

Capri

Holdings

Ltd.

...........................

34

02/19/21

USD

30.00

USD

143

(1,768)

Comcast

Corp.

..............................

38

02/19/21

USD

42.50

USD

199

(760)

Facebook,

Inc.

..............................

3

02/19/21

USD

235.00

USD

82

(1,185)

Global

Payments,

Inc.

.........................

11

02/19/21

USD

165.00

USD

237

(688)

Global

Payments,

Inc.

.........................

11

02/19/21

USD

155.00

USD

237

(798)

Microsoft

Corp.

..............................

16

02/19/21

USD

185.00

USD

356

(1,632)

Raytheon

Technologies

Corp.

....................

29

02/19/21

USD

50.00

USD

207

(682)

salesforce.com,

Inc.

...........................

11

02/19/21

USD

220.00

USD

245

(10,010)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

92

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

salesforce.com,

Inc.

...........................

18

02/19/21

USD

190.00

USD

401

$

(2,835)

SPDR

S&P

500

ETF

Trust

.......................

32

02/19/21

USD

290.00

USD

1,196

(2,176)

Starbucks

Corp.

.............................

20

02/19/21

USD

80.00

USD

214

(410)

Volvo

AB

..................................

24

02/19/21

SEK

180.00

SEK

465

(919)

Vulcan

Materials

Co.

..........................

7

02/19/21

USD

110.00

USD

104

(368)

Walmart,

Inc.

...............................

13

02/19/21

USD

135.00

USD

187

(2,360)

Walt

Disney

Co.

(The)

.........................

6

02/19/21

USD

140.00

USD

109

(420)

CBOE

Volatility

Index

..........................

216

03/17/21

USD

17.00

USD

491

(7,560)

Alibaba

Group

Holding

Ltd.

......................

13

03/19/21

USD

175.00

USD

303

(3,166)

Lowe's

Cos.,

Inc.

.............................

8

03/19/21

USD

135.00

USD

128

(1,468)

Mastercard

,

Inc.

.............................

6

03/19/21

USD

280.00

USD

214

(1,215)

Truist

Financial

Corp.

..........................

13

03/19/21

USD

40.00

USD

62

(1,073)

SPDR

S&P

500

ETF

Trust

.......................

28

06/18/21

USD

250.00

USD

1,047

(6,104)

SPDR

S&P

500

ETF

Trust

.......................

5

12/17/21

USD

270.00

USD

187

(3,915)

(105,893)

$

(881,888)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

1,396

01/15/21

USD

192.00

USD

249

$

(69)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

685

01/15/21

USD

190.00

USD

122

(151)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

01/21/21

JPY

108.00

USD

1,387

(79)

EUR

Currency

..............

BNP

Paribas

SA

—

01/27/21

USD

1.34

EUR

1,319

(23)

Disco

Corp.

...............

Morgan

Stanley

&

Co.

International

plc

51

02/12/21

JPY

36,564.18

JPY

1,772

(282)

FANUC

Corp.

..............

Goldman

Sachs

International

94

02/12/21

JPY

28,774.09

JPY

2,384

(162)

Hoya

Corp.

................

Morgan

Stanley

&

Co.

International

plc

655

02/12/21

JPY

15,276.93

JPY

9,347

(1,661)

Keyence

Corp.

.............

UBS

AG

71

02/12/21

JPY

58,465.00

JPY

4,118

(1,362)

Kose

Corp.

................

Goldman

Sachs

International

147

02/12/21

JPY

17,660.53

JPY

2,587

(1,152)

Recruit

Holdings

Co.

Ltd.

......

BNP

Paribas

SA

468

02/12/21

JPY

4,721.15

JPY

2,022

(257)

Ryohin

Keikaku

Co.

Ltd.

.......

Goldman

Sachs

International

570

02/12/21

JPY

2,426.22

JPY

1,200

(127)

Shin-Etsu

Chemical

Co.

Ltd.

....

Morgan

Stanley

&

Co.

International

plc

648

02/12/21

JPY

19,430.67

JPY

11,690

(1,626)

Sony

Corp.

................

Goldman

Sachs

International

261

02/12/21

JPY

10,807.24

JPY

2,684

(538)

Suzuki

Motor

Corp.

..........

Goldman

Sachs

International

1,153

02/12/21

JPY

6,201.82

JPY

5,514

(102)

Autodesk,

Inc.

..............

Nomura

International

plc

502

02/19/21

USD

275.00

USD

153

(17,694)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

569

02/19/21

USD

196.00

USD

101

(238)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

565

02/19/21

USD

194.00

USD

101

(579)

Union

Pacific

Corp.

..........

Goldman

Sachs

International

848

02/19/21

USD

210.00

USD

177

(7,051)

Disco

Corp.

...............

Morgan

Stanley

&

Co.

International

plc

51

03/12/21

JPY

38,226.19

JPY

1,772

(238)

FANUC

Corp.

..............

Goldman

Sachs

International

94

03/12/21

JPY

30,082.01

JPY

2,384

(164)

Hoya

Corp.

................

Morgan

Stanley

&

Co.

International

plc

655

03/12/21

JPY

15,971.34

JPY

9,347

(1,265)

Keyence

Corp.

.............

UBS

AG

71

03/12/21

JPY

61,122.50

JPY

4,118

(1,084)

Kose

Corp.

................

Goldman

Sachs

International

147

03/12/21

JPY

18,463.28

JPY

2,587

(1,030)

Recruit

Holdings

Co.

Ltd.

......

BNP

Paribas

SA

468

03/12/21

JPY

4,935.74

JPY

2,022

(282)

Ryohin

Keikaku

Co.

Ltd.

.......

Goldman

Sachs

International

570

03/12/21

JPY

2,536.50

JPY

1,200

(157)

Shin-Etsu

Chemical

Co.

Ltd.

....

Morgan

Stanley

&

Co.

International

plc

648

03/12/21

JPY

20,313.88

JPY

11,690

(1,346)

Sony

Corp.

................

Goldman

Sachs

International

261

03/12/21

JPY

11,298.48

JPY

2,684

(417)

Suzuki

Motor

Corp.

..........

Goldman

Sachs

International

1,153

03/12/21

JPY

6,483.72

JPY

5,514

(249)

adidas

AG

................

Barclays

Bank

plc

509

03/19/21

EUR

340.00

EUR

152

(2,225)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

169

03/19/21

EUR

560.00

EUR

86

(1,325)

Safran

SA

.................

UBS

AG

611

03/19/21

EUR

140.00

EUR

71

(1,223)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

2,066

03/19/21

USD

195.00

USD

368

(2,244)

Starbucks

Corp.

............

Citibank

NA

1,016

03/19/21

USD

122.50

USD

109

(1,141)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

1,940

04/16/21

USD

197.00

USD

346

(4,618)

(52,161)

Put

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

1,297

01/15/21

USD

166.00

USD

231

(331)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

93

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Options

Written

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

01/21/21

JPY

100.00

USD

1,387

$

(731)

EUR

Currency

..............

BNP

Paribas

SA

—

01/27/21

USD

1.10

EUR

880

(2)

Givaudan

SA

..............

UBS

AG

14

02/19/21

CHF

3,540.00

CHF

52

(664)

SPDR

Gold

Shares

(a)

.........

Morgan

Stanley

&

Co.

International

plc

569

02/19/21

USD

162.00

USD

101

(373)

Union

Pacific

Corp.

..........

Goldman

Sachs

International

848

02/19/21

USD

175.00

USD

177

(1,280)

WisdomTree

Japan

Hedged

Equity

Fund

..................

Goldman

Sachs

International

1,738

02/19/21

USD

43.00

USD

95

–

adidas

AG

................

Barclays

Bank

plc

509

03/19/21

EUR

260.00

EUR

152

(4,784)

Givaudan

SA

..............

UBS

AG

14

03/19/21

CHF

3,680.00

CHF

52

(1,711)

iShares

Russell

2000

Value

ETF

.

Goldman

Sachs

International

400

03/19/21

USD

114.08

USD

53

(1,342)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

169

03/19/21

EUR

450.00

EUR

86

(708)

Safran

SA

.................

UBS

AG

611

03/19/21

EUR

100.00

EUR

71

(1,575)

SPDR

Gold

Shares

(a)

.........

Societe

Generale

SA

1,033

03/19/21

USD

160.00

USD

184

(1,033)

Vanguard

Small-Cap

Value

ETF

..

Morgan

Stanley

&

Co.

International

plc

369

03/19/21

USD

122.11

USD

52

(765)

SPDR

Gold

Shares

(a)

.........

JPMorgan

Chase

Bank

NA

1,202

04/16/21

USD

159.00

USD

214

(1,699)

(16,998)

$

(69,159)

(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

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

30-Year

Interest

Rate

Swap

(a)

1.07%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

02/18/21

1.07

%

USD

1,207

$

(4,106)

30-Year

Interest

Rate

Swap

(a)

0.87%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

03/24/21

0.87

USD

347

(1,114)

30-Year

Interest

Rate

Swap

(a)

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

JPMorgan

Chase

Bank

NA

06/04/21

0.50

USD

798

(2,252)

30-Year

Interest

Rate

Swap

(a)

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

BNP

Paribas

SA

06/11/21

0.50

USD

260

(789)

10-Year

Interest

Rate

Swap

(a)

0.55%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/20/21

0.55

USD

430

(2,169)

5-Year

Interest

Rate

Swap

(a)

.

(0.02)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/08/22

(0.02)

EUR

1,330

(33,891)

5-Year

Interest

Rate

Swap

(a)

.

(0.15)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/19/22

(0.15)

EUR

353

(6,570)

5-Year

Interest

Rate

Swap

(a)

.

(0.13)%

Annual

6

month

EURIBOR

Semi-Annual

Barclays

Bank

plc

04/19/22

(0.13)

EUR

870

(17,125)

(68,016)

Put

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

Citibank

NA

02/08/21

0.39

USD

2,506

(9,853)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

Citibank

NA

02/08/21

1.24

USD

683

(34,674)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

Bank

of

America

NA

04/06/21

0.87

USD

2,429

(796)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

Bank

of

America

NA

04/06/21

0.85

USD

5,900

(2,155)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/20/21

1.40

USD

859

(7,119)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.02)%

Annual

Barclays

Bank

plc

04/08/22

(0.02)

EUR

1,330

(2,635)

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.15)%

Annual

Barclays

Bank

plc

04/19/22

(0.15)

EUR

353

(1,159)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

94

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

5-Year

Interest

Rate

Swap

(a)

.

6

month

EURIBOR

Semi-Annual

(0.13)%

Annual

Barclays

Bank

plc

04/19/22

(0.13)

%

EUR

870

$

(2,647)

(61,038)

$

(129,054)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.33.V1

...................

1.00

%

Quarterly

12/20/24

USD

6,863

$

(115,514)

$

(119,883)

$

4,369

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

337

(31,767)

5,104

(36,871)

CDX.NA.IG.34.V1

...................

1.00

Quarterly

06/20/25

USD

979

(16,309)

(12,852)

(3,457)

$

(163,590)

$

(127,631)

$

(35,959)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V1

.

5.00

%

Quarterly

12/20/25

B+

EUR

566

$

83,136

$

49,686

$

33,450

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

BA

Semi-Annual

1.91%

Semi-Annual

N/A

07/09/21

CAD

5,597

$

62,053

$

—

$

62,053

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

8,345

(112,510)

(892)

(111,618)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

4,668

(66,664)

—

(66,664)

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

1,612

(6,125)

—

(6,125)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

3,339

(193,513)

37

(193,550)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

1,240

1,216

—

1,216

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

N/A

10/29/25

USD

3,586

(6,233)

—

(6,233)

3

month

LIBOR

Quarterly

0.46%

Semi-Annual

N/A

11/23/25

USD

996

1,975

—

1,975

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

392

7,321

—

7,321

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

936

19,074

—

19,074

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

427

(9,785)

—

(9,785)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

154

(3,137)

—

(3,137)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

234

(5,210)

—

(5,210)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

234

4,076

—

4,076

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

187

(3,596)

—

(3,596)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

187

2,296

—

2,296

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/23/30

USD

656

6,823

—

6,823

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

291

37,842

—

37,842

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

95

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

192

$

25,598

$

—

$

25,598

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

416

(34,760)

—

(34,760)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

98

(8,052)

—

(8,052)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

N/A

10/21/50

USD

288

(24,807)

—

(24,807)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/23/50

USD

615

21,100

—

21,100

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

N/A

10/28/50

USD

234

(26,237)

—

(26,237)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/28/50

USD

243

14,670

—

14,670

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/29/50

USD

709

77,561

—

77,561

1.30%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/19/50

USD

538

14,789

—

14,789

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/27/50

USD

243

11,770

—

11,770

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/11/50

USD

179

(1,887)

—

(1,887)

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

N/A

12/22/50

USD

943

(51,312)

—

(51,312)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/30/50

USD

243

8,865

—

8,865

$

(236,799)

$

(855)

$

(235,944)

(a)

Forward

swap.

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

..........

5.00

%

Quarterly

Barclays

Bank

plc

06/20/23

USD

69

$

4,487

$

9,571

$

(5,084)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Bombardier,

Inc.

......

5.00

%

Quarterly

Barclays

Bank

plc

12/20/21

CCC

USD

100

$

363

$

(4,468)

$

4,831

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swap

s

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

GSCBBL8X

Index

.........

USD

45,938

Goldman

Sachs

International

01/22/21

USD

46

$

5,624

$

—

$

5,624

GSCBBL8X

Index

.........

USD

387,079

Goldman

Sachs

International

01/25/21

USD

387

46,437

—

46,437

EURO

STOXX

Bank

Index

...

EUR

(90,861)

Morgan

Stanley

&

Co.

International

plc

03/19/21

EUR

91

2,371

—

2,371

S&P

500

Index

Annual

Dividend

Future

December

2021

....

USD

48,550

BNP

Paribas

SA

12/17/21

USD

49

7,500

—

7,500

$

61,932

$

—

$

61,932

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

96

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(476)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(161)

of

net

dividends

and

financing

fees.

i

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Citibank

NA

(b)

01/25/21-05/31/23

$

339,363

$

11,893

(c)

$

351,732

0.3

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(204,234)

(6,645)

(e)

(210,718)

0.1

$

5,248

$

141,014

(b)

(d)

Range:

18-175

basis

points

18-83

basis

points

Benchmarks:

Intercontinental

Exchange

LIBOR:

Intercontinental

Exchange

LIBOR:

USD

1

Week

USD

1

Month

USD

1

Month

USD

Overnight

Bank

Funding

Rate

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

December

31,

2020,

expiration

dates

01/25/21-05/31/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Italy

Leonardo

SpA

...........

71,183

$

514,523

146.3

%

Total

Reference

Entity

—

Long

............

514,523

Reference

Entity

—

Short

Canada

Alimentation

Couche-Tard,

Inc.,

Class

B

..............

(60)

(2,045)

(0.6)

China

BeiGene

Ltd.,

ADR

........

(8)

(2,067)

(0.6)

China

Conch

Venture

Holdings

Ltd.

................

(2,500)

(12,165)

(3.5)

China

Evergrande

Group

....

(1,000)

(1,922)

(0.5)

China

Literature

Ltd.

.......

(600)

(4,717)

(1.3)

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(6,000)

(3,926)

(1.1)

China

Vanke

Co.

Ltd.,

Class

H

(300)

(1,036)

(0.3)

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

..........

(4,000)

(4,796)

(1.4)

GSX

Techedu

,

Inc.,

ADR

....

(31)

(1,603)

(0.5)

Longfor

Group

Holdings

Ltd.

..

(1,500)

(8,774)

(2.5)

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(1,500)

(7,170)

(2.0)

TravelSky

Technology

Ltd.,

Class

H

..................

(1,000)

(2,416)

(0.7)

Xiaomi

Corp.,

Class

B

......

(1,200)

(5,100)

(1.5)

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

.......

(100)

(466)

(0.1)

Zijin

Mining

Group

Co.

Ltd.,

Class

H

..............

(2,000)

(2,266)

(0.6)

(58,424)

Shares

Value

%

of

Basket

Value

Denmark

Orsted

A/S

..............

(24)

$

(4,911)

(1.4)

%

Vestas

Wind

Systems

A/S

...

(6)

(1,417)

(0.4)

(6,328)

France

Air

Liquide

SA

...........

(22)

(3,607)

(1.0)

Airbus

SE

..............

(20)

(2,195)

(0.6)

Bouygues

SA

............

(148)

(6,087)

(1.7)

Vinci

SA

...............

(44)

(4,383)

(1.3)

(16,272)

Hong

Kong

Evergrande

.............

(9)

—

—

Sino

Biopharmaceutical

Ltd.

..

(4,000)

(3,858)

(1.1)

(3,858)

Italy

Atlantia

SpA

.............

(257)

(4,641)

(1.4)

Norway

Equinor

ASA

............

(233)

(3,932)

(1.1)

Poland

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

.......

(1,259)

(1,880)

(0.6)

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(60)

(9,022)

(2.6)

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(47)

(4,707)

(1.3)

(13,729)

Spain

Grifols

SA

..............

(75)

(2,190)

(0.6)

Sweden

Investor

AB,

Class

B

.......

(13)

(946)

(0.3)

Telia

Co.

AB

.............

(618)

(2,552)

(0.7)

(3,498)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

97

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Shares

Value

%

of

Basket

Value

Taiwan

E.Sun

Financial

Holding

Co.

Ltd.

(2,000)

$

(1,820)

(0.5)

%

United

Kingdom

Prudential

plc

............

(331)

(6,086)

(1.7)

United

States

Boeing

Co.

(The)

.........

(40)

(8,562)

(2.4)

Honeywell

International,

Inc.

..

(18)

(3,829)

(1.1)

Keurig

Dr

Pepper,

Inc.

......

(100)

(3,200)

(0.9)

PPL

Corp.

..............

(133)

(3,751)

(1.1)

Public

Storage

...........

(28)

(6,466)

(1.8)

Simon

Property

Group,

Inc.

..

(144)

(12,280)

(3.5)

(38,088)

Total

Reference

Entity

—

Short

............

(162,791)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

351,732

The

following

table

represents

the

individual

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

December

31,

2020,

expiration

date

02/08/23:

Reference

Entity

—

Short

Australia

Afterpay

Ltd.

............

(16)

(1,455)

0.7

National

Australia

Bank

Ltd.

..

(397)

(6,921)

3.3

Ramsay

Health

Care

Ltd.

....

(61)

(2,931)

1.4

Scentre

Group

...........

(3,804)

(8,171)

3.9

Transurban

Group

.........

(245)

(2,582)

1.2

(22,060)

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(2,000)

(5,901)

2.8

Magazine

Luiza

SA

........

(1,440)

(6,905)

3.3

Raia

Drogasil

SA

.........

(615)

(2,956)

1.4

(15,762)

Canada

Canadian

National

Railway

Co.

(15)

(1,649)

0.8

Canadian

Natural

Resources

Ltd.

................

(22)

(529)

0.2

CGI,

Inc.

...............

(44)

(3,491)

1.7

Franco-Nevada

Corp.

......

(14)

(1,755)

0.8

Rogers

Communications,

Inc.,

Class

B

..............

(18)

(838)

0.4

(8,262)

China

Aluminum

Corp.

of

China

Ltd.,

Class

H

..............

(8,000)

(2,816)

1.3

Bilibili

,

Inc.,

ADR

..........

(26)

(2,229)

1.1

China

Gas

Holdings

Ltd.

....

(400)

(1,585)

0.8

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(12,000)

(7,173)

3.4

Geely

Automobile

Holdings

Ltd.

(2,000)

(6,848)

3.2

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(3,000)

(10,322)

4.9

iQIYI

,

Inc.,

ADR

..........

(304)

(5,314)

2.5

NIO,

Inc.,

ADR

...........

(27)

(1,316)

0.6

Shenzhou

International

Group

Holdings

Ltd.

..........

(200)

(3,920)

1.9

XPeng

,

Inc.,

ADR

.........

(92)

(3,940)

1.9

(45,463)

Shares

Value

%

of

Basket

Value

Germany

Fresenius

Medical

Care

AG

&

Co.

KGaA

............

(69)

$

(5,754)

2.7

%

Hong

Kong

Link

REIT

..............

(500)

(4,541)

2.2

Japan

Nippon

Paint

Holdings

Co.

Ltd.

(100)

(10,988)

5.2

ORIX

Corp.

.............

(200)

(3,077)

1.5

(14,065)

Luxembourg

ArcelorMittal

SA

..........

(59)

(1,349)

0.6

Peru

Credicorp

Ltd.

...........

(39)

(6,397)

3.0

Poland

CD

Projekt

SA

...........

(11)

(811)

0.4

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(89)

(8,704)

4.1

Shoprite

Holdings

Ltd.

......

(194)

(1,848)

0.9

Vodacom

Group

Ltd.

.......

(476)

(4,029)

1.9

(14,581)

South

Korea

AMOREPACIFIC

Group

(Preference)

..........

(7)

(231)

0.1

Samsung

C&T

Corp.

.......

(19)

(2,418)

1.2

(2,649)

Spain

Aena

SME

SA

...........

(17)

(2,955)

1.4

Amadeus

IT

Group

SA

......

(100)

(7,382)

3.5

Ferrovial

SA

.............

(101)

(2,793)

1.3

(13,130)

Switzerland

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(1)

(9,747)

4.6

Schindler

Holding

AG

......

(3)

(812)

0.4

(10,559)

Taiwan

Mega

Financial

Holding

Co.

Ltd.

(1,000)

(1,061)

0.5

United

Kingdom

Compass

Group

plc

........

(324)

(6,043)

2.9

London

Stock

Exchange

Group

plc

.................

(64)

(7,900)

3.7

(13,943)

United

States

CSX

Corp.

..............

(38)

(3,448)

1.6

Dollar

General

Corp.

.......

(6)

(1,262)

0.6

Dollar

Tree,

Inc.

..........

(19)

(2,053)

1.0

Hormel

Foods

Corp.

.......

(106)

(4,941)

2.3

Intercontinental

Exchange,

Inc.

(20)

(2,306)

1.1

Roper

Technologies,

Inc.

....

(18)

(7,760)

3.7

Ross

Stores,

Inc.

.........

(10)

(1,228)

0.6

Welltower

,

Inc.

...........

(65)

(4,200)

2.0

Xcel

Energy,

Inc.

..........

(47)

(3,133)

1.5

(30,331)

Total

Reference

Entity

—

Short

............

(210,718)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(210,718)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

98

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.48

%

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.24

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.53)

Balances

Reported

in

the

Consolidated

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

...........................................

$

54,827

$

(133,627)

$

354,848

$

(593,301)

$

—

OTC

Swaps

.....................................................

9,571

(4,468)

78,656

(11,729)

—

Options

Written

...................................................

N/A

N/A

568,216

(523,206)

(1,088,861)

(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

Consolidated

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

28,393

$

—

$

28,955

$

—

$

57,348

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

600,827

—

—

600,827

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

1,511,080

53,461

166,339

1,862

1,732,742

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

37,819

—

—

317,029

—

354,848

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

14,402

73,825

—

—

—

88,227

$

—

$

52,221

$

1,613,298

$

654,288

$

512,323

$

1,862

$

2,833,992

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

453,673

—

31,572

—

485,245

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

317,747

—

—

317,747

Options

written

(b)

Options

written

at

value

.....................

—

—

958,972

835

129,054

—

1,088,861

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

40,328

—

—

552,973

—

593,301

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

9,552

6,645

—

—

—

16,197

$

—

$

49,880

$

1,419,290

$

318,582

$

713,599

$

—

$

2,501,351

(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

Consolidated

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.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

99

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

(1,216,332)

$

—

$

1,408,864

$

—

$

192,532

Forward

foreign

currency

exchange

contracts

....

—

—

—

(447,696)

—

—

(447,696)

Options

purchased

(a)

....................

—

(844)

322,491

(260,306)

(346,870)

—

(285,529)

Options

written

........................

—

4,193

1,337,462

215,644

343,959

—

1,901,258

Swaps

..............................

—

55,120

138,848

—

(93,087)

—

100,881

$

—

$

58,469

$

582,469

$

(492,358)

$

1,312,866

$

—

$

1,461,446

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(430,324)

—

2,614

—

(427,710)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(4,664)

—

—

(4,664)

Options

purchased

(b)

....................

—

—

111,973

17,156

27,520

(2,883)

153,766

Options

written

........................

—

—

(63,303)

2,472

(33,556)

—

(94,387)

Swaps

..............................

—

33,342

153,358

—

(247,602)

—

(60,902)

$

—

$

33,342

$

(228,296)

$

14,964

$

(251,024)

$

(2,883)

$

(433,897)

(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

..................................................................................

$

21,181,528

Average

notional

value

of

contracts

—

short

.................................................................................

31,882,804

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

14,045,090

Average

amounts

sold

—

in

USD

........................................................................................

21,480,150

Options:

Average

value

of

option

contracts

purchased

................................................................................

1,417,680

Average

value

of

option

contracts

written

...................................................................................

1,268,546

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

13,231,615

Average

notional

value

of

swaption

contracts

written

...........................................................................

26,259,112

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

7,770,386

Average

notional

value

—

sell

protection

...................................................................................

587,804

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

19,682,877

Average

notional

value

—

receives

fixed

rate

................................................................................

8,224,723

Total

return

swaps:

Average

notional

value

...............................................................................................

588,248

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

23,848

$

131,316

Forward

foreign

currency

exchange

contracts

.................................................................

600,827

317,747

Options

(a)(b)

........................................................................................

1,732,742

1,088,861

Swaps

—

Centrally

cleared

.............................................................................

—

9,804

Swaps

—

OTC

(c)

....................................................................................

88,227

16,197

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statements

of

Assets

and

Liabilities

...................................

$

2,445,644

$

1,563,925

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(1,278,741)

(1,023,008)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,166,903

$

540,917

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

100

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Bank

of

America

NA

..............................

$

46,315

$

(46,315)

$

—

$

—

$

—

Barclays

Bank

plc

................................

134,092

(98,015)

—

—

36,077

BNP

Paribas

SA

.................................

22,404

(22,404)

—

—

—

Citibank

NA

....................................

169,135

(76,125)

—

—

93,010

Credit

Suisse

International

..........................

39,707

(8,760)

—

—

30,947

Deutsche

Bank

AG

...............................

15,195

(363)

—

—

14,832

Goldman

Sachs

International

........................

158,286

(31,085)

—

—

127,201

HSBC

Bank

plc

..................................

52,402

(5,089)

—

—

47,313

JPMorgan

Chase

Bank

NA

..........................

193,569

(42,069)

—

—

151,500

JPMorgan

Chase

Bank

NA

(c)

.........................

7,647

(6,317)

—

—

1,330

Morgan

Stanley

&

Co.

International

plc

..................

296,689

(21,851)

—

—

274,838

Morgan

Stanley

&

Co.

International

plc

(c)

.................

5,285

(1,190)

—

—

4,095

Nomura

International

plc

...........................

13,539

(13,539)

—

—

—

Societe

Generale

SA

(c)

.............................

10,618

(3,828)

—

—

6,790

UBS

AG

......................................

2,020

(2,020)

—

—

—

$

1,166,903

$

(378,970)

$

—

$

—

$

787,933

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(d)

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(e)

Bank

of

America

NA

..............................

$

75,072

$

(46,315)

$

—

$

(28,757)

$

—

Barclays

Bank

plc

................................

98,015

(98,015)

—

—

—

BNP

Paribas

SA

.................................

145,834

(22,404)

—

—

123,430

Citibank

NA

....................................

76,125

(76,125)

—

—

—

Credit

Suisse

International

..........................

8,760

(8,760)

—

—

—

Deutsche

Bank

AG

...............................

363

(363)

—

—

—

Goldman

Sachs

International

........................

31,085

(31,085)

—

—

—

HSBC

Bank

plc

..................................

5,089

(5,089)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

42,069

(42,069)

—

—

—

JPMorgan

Chase

Bank

NA

(c)

.........................

6,317

(6,317)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

21,851

(21,851)

—

—

—

Morgan

Stanley

&

Co.

International

plc

(c)

.................

1,190

(1,190)

—

—

—

Nomura

International

plc

...........................

17,694

(13,539)

—

—

4,155

Societe

Generale

SA

(c)

.............................

3,828

(3,828)

—

—

—

UBS

AG

......................................

7,625

(2,020)

(5,605)

—

—

$

540,917

$

(378,970)

$

(5,605)

$

(28,757)

$

127,585

(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

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Represents

derivatives

owned

by

the

BlackRock

Cayman

Global

Allocation

Portfolio

I,

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1

of

the

Notes

to

Financial

Statements.

(d)

Excess

of

collateral

pledged

to

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.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

101

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

...................................

$

—

$

1,088,794

$

—

$

1,088,794

Common

Stocks:

Argentina

............................................

67,936

—

—

67,936

Australia

.............................................

—

246,633

140,132

386,765

Brazil

...............................................

61,282

21,871

—

83,153

Canada

.............................................

1,455,037

—

—

1,455,037

China

...............................................

1,404,578

3,563,604

—

4,968,182

Denmark

.............................................

—

268,879

—

268,879

Finland

..............................................

—

527,724

—

527,724

France

..............................................

2,135

5,520,574

—

5,522,709

Germany

............................................

264,772

4,755,037

—

5,019,809

Hong

Kong

...........................................

—

1,308,192

—

1,308,192

India

...............................................

—

684,853

—

684,853

Indonesia

............................................

—

61,709

—

61,709

Ireland

..............................................

—

216,583

—

216,583

Italy

................................................

—

3,086,591

—

3,086,591

Japan

...............................................

—

4,970,848

—

4,970,848

Mexico

..............................................

6,719

—

—

6,719

Netherlands

...........................................

904,810

4,864,648

—

5,769,458

Norway

..............................................

32,002

—

—

32,002

Poland

..............................................

—

2,663

—

2,663

Portugal

.............................................

—

35,166

—

35,166

Saudi

Arabia

..........................................

465

—

—

465

Singapore

............................................

—

146,031

—

146,031

South

Africa

...........................................

2,416

65,524

—

67,940

South

Korea

..........................................

—

980,170

—

980,170

Spain

...............................................

—

604,305

—

604,305

Sweden

.............................................

—

1,822,567

—

1,822,567

Switzerland

...........................................

80,628

1,496,654

—

1,577,282

Taiwan

..............................................

—

2,315,126

—

2,315,126

Thailand

.............................................

—

93,083

—

93,083

Turkey

..............................................

—

7,896

—

7,896

United

Kingdom

........................................

1,659,256

2,016,087

—

3,675,343

United

States

..........................................

85,992,442

1,802,127

231,013

88,025,582

Zambia

..............................................

245,482

—

—

245,482

Corporate

Bonds

Australia

.............................................

—

23,362

817,115

840,477

Brazil

...............................................

—

50,380

—

50,380

Canada

.............................................

—

143,696

—

143,696

China

...............................................

—

300

—

300

Greece

..............................................

—

153,791

—

153,791

India

...............................................

—

2,115

—

2,115

Luxembourg

..........................................

—

323,696

—

323,696

Peru

................................................

—

8,620

—

8,620

South

Korea

..........................................

—

8,440

—

8,440

Turkey

..............................................

—

—

82,000

82,000

United

Kingdom

........................................

—

705,202

—

705,202

United

States

..........................................

—

7,795,647

—

7,795,647

Floating

Rate

Loan

Interests:

Canada

.............................................

—

232,263

—

232,263

France

..............................................

—

484,870

—

484,870

Germany

............................................

—

—

287,332

287,332

Netherlands

...........................................

—

683,761

—

683,761

United

States

..........................................

—

748,401

695,491

1,443,892

Foreign

Government

Obligations

..............................

—

15,460,900

—

15,460,900

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

102

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

Level

1

Level

2

Level

3

Total

Investment

Companies

....................................

$

13,891,222

$

—

$

—

$

13,891,222

Municipal

Bonds

.........................................

—

144,817

—

144,817

Non-Agency

Mortgage-Backed

Securities

........................

—

807,994

—

807,994

Other

Interests

..........................................

—

165,662

—

165,662

Preferred

Securities:

Brazil

...............................................

—

47,931

—

47,931

China

...............................................

—

—

272,501

272,501

Germany

............................................

—

5,233

—

5,233

India

...............................................

—

—

71,826

71,826

Jersey

..............................................

—

—

85,987

85,987

United

Kingdom

........................................

—

—

856,070

856,070

United

States

..........................................

837,417

1,846,346

1,230,679

3,914,442

U.S.

Government

Sponsored

Agency

Securities

....................

—

29,948

—

29,948

U.S.

Treasury

Obligations

...................................

—

10,129,936

—

10,129,936

Warrants

..............................................

9

—

8,398

8,407

Short-Term

Securities:

Money

Market

Funds

......................................

110,670

—

—

110,670

Time

Deposits

..........................................

—

49,489

—

49,489

U.S.

Treasury

Obligations

...................................

—

4,499,751

—

4,499,751

Options

Purchased:

Equity

contracts

..........................................

1,254,893

256,187

—

1,511,080

Foreign

currency

exchange

contracts

...........................

—

53,461

—

53,461

Interest

rate

contracts

......................................

—

166,339

—

166,339

Other

contracts

..........................................

—

—

1,862

1,862

Liabilities:

Investments

Sold

Short

....................................

(1,135,442)

—

—

(1,135,442)

Subtotal

....................................................

$

107,138,729

$

87,602,477

$

4,780,406

$

199,521,612

Investments

valued

at

NAV

(a)

......................................

6,400,603

$

—

Total

Investments

..............................................

$

205,922,215

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

42,650

$

—

$

42,650

Equity

contracts

...........................................

28,393

73,825

—

102,218

Foreign

currency

exchange

contracts

............................

—

600,827

—

600,827

Interest

rate

contracts

.......................................

28,955

317,029

—

345,984

Liabilities:

Credit

contracts

...........................................

—

(45,412)

—

(45,412)

Equity

contracts

...........................................

(1,335,561)

(83,729)

—

(1,419,290)

Foreign

currency

exchange

contracts

............................

—

(318,582)

—

(318,582)

Interest

rate

contracts

.......................................

(31,572)

(682,027)

—

(713,599)

$

(1,309,785)

$

(95,419)

$

—

$

(1,405,204)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

103

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

ha

d

a

significant

amount

of

Level

3

investments

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:

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Options

Purchased

Preferred

Securities

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2019

.............................

$

339,164

$

892,714

$

—

$

—

$

887,301

$

—

$

2,119,179

Transfers

into

level

3

...........................................

198,353

—

—

—

—

—

198,353

Transfers

out

of

level

3

..........................................

(262,919)

—

—

—

—

—

(262,919)

Other

(a)

....................................................

262,919

—

—

—

(262,919)

—

—

Accrued

discounts/premiums

.......................................

—

(1,019)

1,417

—

—

—

398

Net

realized

gain

..............................................

1,874

—

26

—

2

—

1,902

Net

change

in

unrealized

appreciation

(depreciation)

(b)(c)

.....................

(168,526)

(23,615)

(92,245)

(2,883)

772,858

8,398

493,987

Purchases

...................................................

189,750

31,035

1,075,379

4,745

1,295,920

—

2,596,829

Sales

......................................................

(189,470)

—

(1,754)

—

(176,099)

—

(367,323)

Closing

balance,

as

of

December

31,

2020

..............................

$

371,145

$

899,115

$

982,823

$

1,862

$

2,517,063

$

8,398

$

4,780,406

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2020

(c)

................................................

$

(164,948)

$

(23,615)

$

(92,245)

$

(2,883)

$

796,919

$

8,398

$

521,626

(a)

Certain

Level

3

investments

were

re-classified

between

Preferred

Stocks

and

Common

Stocks.

(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,

2020

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

104

Consolidated

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

The

following

table

summarizes

the

valuation

approaches

used

and

unobservable

inputs

utilized

by

the

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

to

determine

the

value

of

certain

of

the

Fund’s

Level

3

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

$831,454.

A

significant

change

in

the

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

investments.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Common

Stocks

...........................

$

371,145

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

15.00x

—

EBITDA

Multiple

13.50x

—

Volatility

57%

—

Time

to

Exit

1.4

—

Corporate

Bonds

...........................

899,115

Income

Discount

Rate

16%

–

29%

17%

Floating

Rate

Loan

Interests

....................

153,232

Income

Discount

Rate

10%

–

11%

10%

Preferred

Stocks

(b)(c)

.........................

2,517,062

Market

Revenue

Multiple

3.50x

–

15.50x

8.37x

Time

to

Exit

0.8

–

2.5

1.7

Volatility

44%

–

62%

56%

Recent

Transactions

—

—

Warrants

................................

8,398

Market

Revenue

Multiple

7.25x

-

9.85x

8.34x

Time

to

Exit

0.8

–

2.4

1.7

Volatility

44%

-

62%

52%

$

3,948,952

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

December

31,

2020,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$237,821

changed

to

Current

Value

Method.

The

investments

were

previously

valued

utilizing

PWERM

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(c)

For

the

period

end

December

31,

2020,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$132,147

changed

to

Current

Value

Method.

The

investments

were

previously

valued

utilizing

Transaction

Price

Approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

BlackRock

Government

Money

Market

Portfolio

Schedules

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

31.7%

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.06%

,

 01/19/21

..................

USD

660

$

659,888

0.06%

,

 01/20/21

..................

155

154,928

0.07%

,

 02/12/21

..................

565

564,717

0.07%

,

 02/17/21

..................

1,035

1,034,865

0.09%

,

 03/17/21

..................

440

439,752

0.09%

,

 04/01/21

..................

1,000

999,625

0.09%

,

 04/26/21

..................

1,035

1,034,636

0.10%

,

 06/01/21

..................

620

619,506

0.10%

,

 06/30/21

..................

450

449,752

0.10%

,

 07/01/21

..................

1,070

1,069,193

0.10%

,

 07/21/21

..................

260

259,797

0.11%

,

 12/02/21

..................

275

274,744

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.17%

,

 01/14/21

......

215

215,000

(LIBOR

USD

1

Month

+

0.05%),

0.20%

,

 04/16/21

................

700

700,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.26%),

0.36%

,

 06/17/21

.....

470

469,979

(LIBOR

USD

1

Month

+

0.16%),

0.31%

,

 07/01/21

................

380

380,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.32%

,

 07/08/21

.....

275

275,000

(LIBOR

USD

1

Month

+

0.11%),

0.26%

,

 11/12/21

................

130

130,000

(SOFR

+

0.19%),

0.28%

,

 11/18/21

......

215

215,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.25%

,

 12/13/21

.....

300

299,717

(SOFR

+

0.18%),

0.27%

,

 01/14/22

......

490

490,000

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.18%),

0.27%

,

 07/20/22

................

1,075

1,074,835

(SOFR

+

0.10%),

0.19%

,

 09/02/22

......

175

175,000

(SOFR

+

0.06%),

0.15%

,

 10/21/22

......

820

820,000

(SOFR

+

0.08%),

0.16%

,

 11/03/22

......

665

665,000

Federal

Home

Loan

Bank:

0.17%

,

 05/13/21

..................

830

829,993

0.12%

,

 06/04/21

..................

635

634,969

0.20%

,

 06/17/21

..................

250

249,991

0.11%

,

 06/29/21

..................

490

489,985

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.16%

,

 01/04/21

..................

100

99,999

0.05%

,

 01/15/21

..................

960

959,961

0.07%

,

 02/03/21

..................

220

219,986

0.07%

,

 02/17/21

..................

420

419,956

0.09%

,

 03/17/21

..................

965

964,841

0.09%

,

 03/19/21

..................

635

634,883

0.09%

,

 03/24/21

..................

420

419,915

0.10%

,

 06/11/21

..................

460

459,589

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.05%),

0.14%

,

 01/22/21

......

190

190,000

(SOFR

+

0.04%),

0.13%

,

 02/09/21

......

1,050

1,049,981

(LIBOR

USD

1

Month

-

0.03%),

0.11%

,

 02/24/21

................

1,080

1,080,004

(SOFR

+

0.08%),

0.17%

,

 03/04/21

......

320

320,000

(SOFR

+

0.12%),

0.20%

,

 03/12/21

......

545

545,000

(SOFR

+

0.11%),

0.20%

,

 03/25/21

......

225

225,000

(LIBOR

USD

1

Month

-

0.01%),

0.14%

,

 04/05/21

................

910

910,000

(LIBOR

USD

1

Month

-

0.02%),

0.13%

,

 04/27/21

................

470

469,957

(SOFR

+

0.16%),

0.25%

,

 05/07/21

......

1,500

1,500,000

(SOFR

+

0.05%),

0.14%

,

 06/15/21

......

360

360,000

(SOFR

+

0.08%),

0.16%

,

 07/08/21

......

400

400,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(SOFR

+

0.09%),

0.18%

,

 09/10/21

......

USD

950

$

950,000

(SOFR

+

0.12%),

0.21%

,

 10/13/21

......

2,000

2,000,000

(SOFR

+

0.12%),

0.21%

,

 02/28/22

......

695

695,000

(SOFR

+

0.07%),

0.16%

,

 04/28/22

......

180

180,000

(SOFR

+

0.07%),

0.16%

,

 11/09/22

......

1,000

1,000,000

Federal

Home

Loan

Mortgage

Corp.,

1.13%, 08/12/21

.................

180

181,085

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

(SOFR

+

0.18%),

0.27%

,

 12/13/21

......

200

200,000

(SOFR

+

0.19%),

0.28%

,

 06/02/22

......

610

610,000

(SOFR

+

0.07%),

0.16%

,

 11/10/22

......

415

415,000

Federal

National

Mortgage

Association,

1.38%, 10/07/21

.................

250

252,356

Federal

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

(SOFR

+

0.35%),

0.44%

,

 04/07/22

......

555

555,000

(SOFR

+

0.39%),

0.48%

,

 04/15/22

......

615

615,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

31.7%

(Cost:

$34,558,385)

...............................

34,558,385

U.S.

Treasury

Obligations

—

41.1%

U.S.

Treasury

Bills

(a)

:

0.00%, 01/05/21

..................

630

629,994

0.01%, 01/07/21

..................

3,000

2,999,923

0.04%, 01/21/21

..................

1,892

1,892,126

0.05%, 01/28/21

..................

940

939,930

0.07%, 02/02/21

..................

2,805

2,804,726

0.04%, 02/09/21

..................

1,061

1,060,585

0.06%, 02/11/21

..................

900

899,877

0.07%, 02/16/21

..................

2,000

1,999,693

0.06%, 02/23/21

..................

5,765

5,764,151

0.06%, 02/25/21

..................

1,000

999,725

0.07%, 03/04/21

..................

6,000

5,998,967

0.08%, 03/09/21

..................

3,000

2,999,497

0.07%, 03/23/21

..................

2,000

1,999,617

0.08%, 04/29/21

..................

2,000

1,999,279

0.08%, 05/20/21

..................

735

734,546

0.08%, 06/01/21

..................

4,000

3,998,406

0.09%, 08/12/21

..................

420

419,636

0.09%, 11/04/21

..................

789

787,592

0.10%, 12/02/21

..................

1,204

1,202,768

0.10%, 12/30/21

..................

2,000

1,997,782

U.S.

Treasury

Notes:

2.00%, 01/15/21

..................

190

190,118

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.12%),

0.21%, 01/31/21

(b)

....

1,000

1,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.14%),

0.23%, 04/30/21

(b)

....

100

99,973

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.32%, 07/31/21

(b)

....

1,000

1,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.40%, 10/31/21

(b)

....

335

335,165

Total

U.S.

Treasury

Obligations

—

41.1%

(Cost:

$44,754,076)

...............................

44,754,076

Total

Repurchase

Agreements

—

23.8%

(Cost:

$25,900,000)

...............................

25,900,000

Total

Investments

—

96.6%

(Cost:

$105,212,461

)

(c)

.............................

105,212,461

Other

Assets

Less

Liabilities

—

3.4%

....................

3,702,460

Net

Assets

—

100.0%

...............................

$

108,914,921

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

Government

Money

Market

Portfolio

106

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

(a)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(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)

Cost

for

U.S.

federal

income

tax

purposes.

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

A

t

Value

(000)

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

At

Value

Bank

of

America

Securities,

Inc.

....

0.08

%

12/31/20

01/04/21

$

7,000

$

7,000

$

7,000,062

U.S.

Government

Sponsored

Agency

Obligation,

2.88%,

due

08/20/70

..........

$

6,242,180

$

7,140,001

$

–

$

–

BNP

Paribas

SA

.....

0.08

12/31/20

01/04/21

3,000

3,000

3,000,027

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

4.00%,

due

02/15/22

to

11/01/49

..

7,464,069

3,060,013

$

–

$

–

Goldman

Sachs

&

Co.

LLC

............

0.13

12/29/20

01/05/21

3,900

3,900

3,900,099

U.S.

Treasury

Obligation,

0.00%,

due

05/15/41

.

5,523,121

3,978,000

$

–

$

–

JP

Morgan

Securities

LLC

............

0.06

12/31/20

01/04/21

2,000

2,000

2,000,013

U.S.

Treasury

Obligations,

0.00%

to

2.13%,

due

06/30/21

to

05/15/42

..........

1,870,410

2,040,000

0.24

(a)

12/31/20

02/08/21

2,500

2,500

2,500,660

U.S.

Government

Sponsored

Agency

Obligation,

3.50%,

due

11/20/50

..........

3,321,472

2,625,001

$

–

$

–

$

4,500

$

4,665,001

$

–

$

–

Mizuho

Securities

USA

LLC

............

0.07

12/31/20

01/04/21

1,500

1,500

1,500,012

U.S.

Treasury

Obligation,

0.63%,

due

08/15/30

.

1,568,000

1,530,029

$

–

$

–

TD

Securities

USA

LLC

.

0.05

12/31/20

01/04/21

3,000

3,000

3,000,017

U.S.

Treasury

Obligations,

0.13%

to

1.88%,

due

05/31/22

to

12/31/22

..........

3,058,600

3,060,082

$

–

$

–

Wells

Fargo

Securities

LLC

............

0.06

12/31/20

01/04/21

3,000

3,000

3,000,020

U.S.

Treasury

Obligation,

3.13%,

due

02/15/43

.

2,319,300

3,060,100

$

–

$

–

$

25,900

$

26,493,226

$

–

$

–

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

Fair

Value

Hierarchy

as

of

Period

E

nd

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

investments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

105,212,461

$

—

$

105,212,461

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Shares

Shares

Value

Common

Stocks

—

1.3%

Auto

Components

—

0.0%

Lear

Corp.

.......................

44

$

6,997

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(a)

...............

17

654

Chemicals

—

0.2%

Element

Solutions,

Inc.

...............

3,037

53,846

Diversified

Telecommunication

Services

—

0.0%

CenturyLink,

Inc.

...................

1,302

12,694

Energy

Equipment

&

Services

—

0.0%

Pioneer

Energy

Services

Corp.

(a)(b)

.......

84

3,262

Entertainment

—

0.1%

Live

Nation

Entertainment,

Inc.

(a)

........

289

21,236

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Gaming

and

Leisure

Properties,

Inc.

......

1,374

58,258

VICI

Properties,

Inc.

.................

2,984

76,092

134,350

Life

Sciences

Tools

&

Services

—

0.0%

PPD,

Inc.

(a)

.......................

114

3,901

Media

—

0.1%

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

....

8,587

14,168

Metals

&

Mining

—

0.2%

Constellium

SE,

Class

A

(a)

.............

5,016

70,174

Pharmaceuticals

—

0.2%

Bausch

Health

Cos.,

Inc.

(a)

.............

2,279

47,403

Total

Common

Stocks

—

1.3%

(Cost:

$332,398)

................................

368,685

Par

(000)

Par

(000)

Corporate

Bonds

—

85.4%

Aerospace

&

Defense

—

3.4%

Boeing

Co.

(The),

5.15%,

05/01/30

......

USD

130

157,333

Bombardier,

Inc.

(c)

:

8.75%

,

12/01/21

.................

52

54,080

5.75%

,

03/15/22

.................

8

8,162

6.13%

,

01/15/23

.................

26

25,415

7.50%

,

12/01/24

.................

9

8,634

7.50%

,

03/15/25

.................

2

1,855

7.88%

,

04/15/27

.................

66

60,683

BWX

Technologies,

Inc.

(c)

:

5.38%

,

07/15/26

.................

14

14,543

4.13%

,

06/30/28

.................

22

22,907

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(c)

...............

28

29,365

Signature

Aviation

US

Holdings,

Inc.

(c)

:

5.38%

,

05/01/26

.................

3

3,075

4.00%

,

03/01/28

.................

25

25,166

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(c)

.

14

14,768

SSL

Robotics

LLC,

9.75%,

12/31/23

(c)

....

11

12,430

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

TransDigm,

Inc.:

8.00%

,

12/15/25

(c)

................

USD

26

$

28,738

6.25%

,

03/15/26

(c)

................

398

423,870

6.38%

,

06/15/26

.................

17

17,595

Triumph

Group,

Inc.,

8.88%,

06/01/24

(c)

...

76

83,410

992,029

Airlines

—

1.2%

American

Airlines,

Inc.,

11.75%,

07/15/25

(c)

.

27

31,138

Delta

Air

Lines,

Inc.

(c)

:

7.00%

,

05/01/25

.................

34

39,255

4.50%

,

10/20/25

.................

20

21,377

4.75%

,

10/20/28

.................

52

56,759

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(c)

91

97,825

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(c)

6

6,309

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/27

.....

81

87,497

340,160

Auto

Components

—

1.8%

Adient

US

LLC,

9.00%,

04/15/25

(c)

......

17

18,955

Allison

Transmission,

Inc.

(c)

:

5.88%

,

06/01/29

.................

28

30,940

3.75%

,

01/30/31

.................

25

25,578

Clarios

Global

LP

(c)

:

6.75%

,

05/15/25

.................

22

23,705

6.25%

,

05/15/26

.................

105

112,613

8.50%

,

05/15/27

.................

149

161,875

Dealer

Tire

LLC,

8.00%,

02/01/28

(c)

......

32

33,694

Goodyear

Tire

&

Rubber

Co.

(The),

9.50%,

05/31/25

.....................

17

19,215

Icahn

Enterprises

LP:

4.75%

,

09/15/24

.................

13

13,504

6.38%

,

12/15/25

.................

19

19,655

6.25%

,

05/15/26

.................

18

19,060

5.25%

,

05/15/27

.................

23

24,656

Tenneco,

Inc.,

7.88%,

01/15/29

(c)

.......

7

7,859

511,309

Automobiles

—

0.6%

Ford

Motor

Co.:

8.50%

,

04/21/23

.................

21

23,636

4.35%

,

12/08/26

.................

5

5,325

4.75%

,

01/15/43

.................

9

9,180

5.29%

,

12/08/46

.................

10

10,450

General

Motors

Co.:

6.80%

,

10/01/27

.................

50

64,256

5.00%

,

10/01/28

.................

5

5,949

5.95%

,

04/01/49

.................

22

29,753

Tesla,

Inc.,

5.30%,

08/15/25

(c)

.........

25

26,062

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(c)

13

13,975

188,586

Banks

—

0.1%

Banco

Espirito

Santo

SA,

4.75%,

01/15/18

(a)(d)

EUR

100

15,881

CIT

Group,

Inc.,

5.25%,

03/07/25

.......

USD

12

13,620

29,501

Biotechnology

—

0.0%

Emergent

BioSolutions,

Inc.,

3.88%,

08/15/28

(c)

7

7,248

Building

Products

—

1.1%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(c)

....................

24

25,209

Builders

FirstSource,

Inc.,

6.75%,

06/01/27

(c)

10

10,847

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(c)

....................

32

34,000

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(c)

...

USD

8

$

8,320

Forterra

Finance

LLC,

6.50%,

07/15/25

(c)

..

41

44,075

Griffon

Corp.,

5.75%,

03/01/28

.........

8

8,460

JELD-WEN,

Inc.

(c)

:

6.25%

,

05/15/25

.................

13

14,040

4.63%

,

12/15/25

.................

5

5,102

4.88%

,

12/15/27

.................

2

2,115

Masonite

International

Corp.

(c)

:

5.75%

,

09/15/26

.................

9

9,405

5.38%

,

02/01/28

.................

8

8,590

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(c)

.

38

39,716

Standard

Industries,

Inc.

(c)

:

5.00%

,

02/15/27

.................

9

9,405

4.38%

,

07/15/30

.................

27

28,883

3.38%

,

01/15/31

.................

50

50,250

Summit

Materials

LLC,

5.25%,

01/15/29

(c)

..

16

16,800

315,217

Capital

Markets

—

1.0%

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

(e)(f)

...

75

78,938

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

(e)(f)

70

74,054

MSCI,

Inc.

(c)

:

3.63%

,

09/01/30

.................

7

7,315

3.88%

,

02/15/31

.................

4

4,230

Owl

Rock

Capital

Corp.:

5.25%

,

04/15/24

.................

6

6,494

4.00%

,

03/30/25

.................

15

15,662

3.75%

,

07/22/25

.................

65

67,451

4.25%

,

01/15/26

.................

16

16,853

3.40%

,

07/15/26

.................

10

10,143

Owl

Rock

Technology

Finance

Corp.,

3.75%,

06/17/26

(c)

....................

10

10,054

291,194

Chemicals

—

1.4%

Blue

Cube

Spinco

LLC:

9.75%

,

10/15/23

.................

2

2,055

10.00%

,

10/15/25

................

27

28,586

Chemours

Co.

(The),

5.75%,

11/15/28

(c)

...

10

10,200

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

.

115

118,306

Gates

Global

LLC,

6.25%,

01/15/26

(c)

.....

36

37,800

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(c)

....................

27

27,810

HB

Fuller

Co.,

4.25%,

10/15/28

........

8

8,200

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

...

26

28,600

Ingevity

Corp.,

3.88%,

11/01/28

(c)

.......

9

9,068

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

20

20,928

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(c)

.

4

4,165

PQ

Corp.,

5.75%,

12/15/25

(c)

..........

63

64,654

Rayonier

AM

Products,

Inc.,

7.63%,

01/15/26

(c)

6

6,257

Valvoline,

Inc.,

4.25%,

02/15/30

(c)

.......

13

13,780

WR

Grace

&

Co.-Conn.,

4.88%,

06/15/27

(c)

.

18

19,089

399,498

Commercial

Services

&

Supplies

—

2.7%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(c)

26

28,178

Allied

Universal

Holdco

LLC

(c)

:

6.63%

,

07/15/26

.................

155

165,276

9.75%

,

07/15/27

.................

56

61,040

APX

Group,

Inc.:

7.88%

,

12/01/22

.................

13

13,032

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

8.50%

,

11/01/24

.................

USD

4

$

4,200

6.75%

,

02/15/27

(c)

................

25

26,875

Aramark

Services,

Inc.

(c)

:

5.00%

,

04/01/25

.................

4

4,120

6.38%

,

05/01/25

.................

26

27,787

5.00%

,

02/01/28

.................

5

5,269

Brink's

Co.

(The),

5.50%,

07/15/25

(c)

.....

4

4,270

Clean

Harbors,

Inc.

(c)

:

4.88%

,

07/15/27

.................

2

2,087

5.13%

,

07/15/29

.................

13

14,202

Covanta

Holding

Corp.,

5.00%,

09/01/30

..

8

8,560

Garda

World

Security

Corp.

(c)

:

4.63%

,

02/15/27

.................

29

29,290

9.50%

,

11/01/27

.................

20

22,150

GFL

Environmental,

Inc.

(c)

:

4.25%

,

06/01/25

.................

8

8,300

3.75%

,

08/01/25

.................

22

22,550

5.13%

,

12/15/26

.................

36

38,295

8.50%

,

05/01/27

.................

25

27,750

4.00%

,

08/01/28

.................

28

28,210

3.50%

,

09/01/28

.................

26

26,471

IAA,

Inc.,

5.50%,

06/15/27

(c)

..........

11

11,660

Interface,

Inc.,

5.50%,

12/01/28

(c)

.......

10

10,525

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(c)

4

4,116

Nielsen

Finance

LLC

(c)

:

5.63%

,

10/01/28

.................

35

38,029

5.88%

,

10/01/30

.................

26

29,413

Prime

Security

Services

Borrower

LLC

(c)

:

5.25%

,

04/15/24

.................

8

8,540

5.75%

,

04/15/26

.................

6

6,570

3.38%

,

08/31/27

.................

4

3,970

6.25%

,

01/15/28

.................

43

46,164

Stericycle,

Inc.,

3.88%,

01/15/29

(c)

.......

13

13,358

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

...

40

40,900

781,157

Communications

Equipment

—

0.8%

Avaya,

Inc.,

6.13%,

09/15/28

(c)

.........

57

60,891

CommScope

Technologies

LLC

(c)

:

6.00%

,

06/15/25

.................

22

22,495

5.00%

,

03/15/27

.................

21

20,685

CommScope,

Inc.

(c)

:

5.50%

,

03/01/24

.................

11

11,341

6.00%

,

03/01/26

.................

23

24,233

8.25%

,

03/01/27

.................

4

4,270

7.13%

,

07/01/28

.................

3

3,195

Nokia

OYJ,

6.63%,

05/15/39

..........

8

10,218

ViaSat,

Inc.

(c)

:

5.63%

,

04/15/27

.................

24

25,200

6.50%

,

07/15/28

.................

43

46,535

229,063

Construction

&

Engineering

—

0.3%

(c)

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

39

39,829

MasTec,

Inc.,

4.50%,

08/15/28

.........

21

22,050

New

Enterprise

Stone

&

Lime

Co.,

Inc.:

6.25%

,

03/15/26

.................

7

7,175

9.75%

,

07/15/28

.................

7

7,665

Pike

Corp.,

5.50%,

09/01/28

..........

14

14,787

Weekley

Homes

LLC,

4.88%,

09/15/28

....

7

7,315

98,821

Consumer

Finance

—

1.4%

Ally

Financial,

Inc.,

8.00%,

11/01/31

.....

41

60,183

Ford

Motor

Credit

Co.

LLC,

3.35%,

11/01/22

200

203,500

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.,

5.65%,

01/17/29

.....................

USD

7

$

8,673

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(c)(g)

......

29

25,265

Navient

Corp.:

7.25%

,

09/25/23

.................

8

8,768

6.13%

,

03/25/24

.................

6

6,405

5.88%

,

10/25/24

.................

2

2,125

6.75%

,

06/15/26

.................

2

2,172

5.00%

,

03/15/27

.................

2

2,018

OneMain

Finance

Corp.:

6.88%

,

03/15/25

.................

10

11,612

8.88%

,

06/01/25

.................

8

9,050

7.13%

,

03/15/26

.................

14

16,555

6.63%

,

01/15/28

.................

28

33,250

5.38%

,

11/15/29

.................

3

3,375

4.00%

,

09/15/30

.................

14

14,527

407,478

Containers

&

Packaging

—

1.3%

Crown

Americas

LLC,

4.25%,

09/30/26

...

7

7,715

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

4

4,870

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(c)

9

9,945

Graphic

Packaging

International

LLC,

4.75%,

07/15/27

(c)

....................

9

9,967

Intelligent

Packaging

Ltd.

Finco,

Inc.,

6.00%,

09/15/28

(c)

....................

11

11,303

Intertape

Polymer

Group,

Inc.,

7.00%,

10/15/26

(c)

....................

15

15,908

LABL

Escrow

Issuer

LLC

(c)

:

6.75%

,

07/15/26

.................

39

42,236

10.50%

,

07/15/27

................

13

14,641

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(c)

...............

21

21,414

Sealed

Air

Corp.,

6.88%,

07/15/33

(c)

.....

9

11,880

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

2

2,078

Trivium

Packaging

Finance

BV,

8.50%,

08/15/27

(c)(h)

...................

200

219,000

370,957

Distributors

—

0.6%

(c)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%,

01/15/28

.............

17

17,595

Core

&

Main

LP,

6.13%,

08/15/25

.......

141

145,759

Wolverine

Escrow

LLC:

8.50%

,

11/15/24

.................

17

16,219

9.00%

,

11/15/26

.................

6

5,679

185,252

Diversified

Consumer

Services

—

0.1%

frontdoor,

Inc.,

6.75%,

08/15/26

(c)

.......

14

14,928

Graham

Holdings

Co.,

5.75%,

06/01/26

(c)

..

3

3,150

Laureate

Education,

Inc.,

8.25%,

05/01/25

(c)

8

8,480

Service

Corp.

International,

5.13%,

06/01/29

2

2,215

28,773

Diversified

Financial

Services

—

2.0%

(c)

Fairstone

Financial,

Inc.,

7.88%,

07/15/24

..

16

16,960

MPH

Acquisition

Holdings

LLC,

5.75%,

11/01/28

.....................

63

61,916

Refinitiv

US

Holdings,

Inc.:

4.50%

,

05/15/26

.................

EUR

100

128,426

8.25%

,

11/15/26

.................

USD

71

77,479

Sabre

GLBL,

Inc.:

5.25%

,

11/15/23

.................

4

4,050

9.25%

,

04/15/25

.................

42

49,980

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

7.38%

,

09/01/25

.................

USD

21

$

22,785

Shift4

Payments

LLC,

4.63%,

11/01/26

....

25

26,000

Verscend

Escrow

Corp.,

9.75%,

08/15/26

..

165

178,819

566,415

Diversified

Telecommunication

Services

—

7.1%

Altice

France

Holding

SA,

10.50%,

05/15/27

(c)

200

224,500

Altice

France

SA,

8.13%,

02/01/27

(c)

.....

248

273,422

CCO

Holdings

LLC

(c)

:

5.00%

,

02/01/28

.................

8

8,460

5.38%

,

06/01/29

.................

22

24,117

4.75%

,

03/01/30

.................

24

25,896

4.50%

,

08/15/30

.................

76

80,655

4.25%

,

02/01/31

.................

72

75,878

4.50%

,

05/01/32

.................

94

100,366

CenturyLink,

Inc.:

Series

W,

6.75%

,

12/01/23

..........

11

12,251

Series

Y,

7.50%

,

04/01/24

..........

11

12,458

5.13%

,

12/15/26

(c)

................

106

111,932

4.00%

,

02/15/27

(c)

................

36

37,170

4.50%

,

01/15/29

(c)

................

50

50,875

Series

P,

7.60%

,

09/15/39

..........

31

37,665

Series

U,

7.65%

,

03/15/42

..........

50

60,500

Cincinnati

Bell,

Inc.

(c)

:

7.00%

,

07/15/24

.................

23

23,920

8.00%

,

10/15/25

.................

8

8,530

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(c)

....................

45

48,150

Frontier

Communications

Corp.

(c)

:

5.88%

,

10/15/27

.................

37

40,006

5.00%

,

05/01/28

.................

56

58,380

6.75%

,

05/01/29

.................

34

36,380

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(c)(h)

...................

5

5,119

Level

3

Financing,

Inc.

(c)

:

4.63%

,

09/15/27

.................

28

29,244

4.25%

,

07/01/28

.................

16

16,440

3.63%

,

01/15/29

.................

24

23,940

QualityTech

LP,

3.88%,

10/01/28

(c)

......

24

24,480

Sprint

Capital

Corp.:

6.88%

,

11/15/28

.................

64

83,723

8.75%

,

03/15/32

.................

66

104,503

Switch

Ltd.,

3.75%,

09/15/28

(c)

.........

27

27,405

Telecom

Italia

Capital

SA:

6.38%

,

11/15/33

.................

44

54,120

6.00%

,

09/30/34

.................

51

62,123

7.20%

,

07/18/36

.................

6

8,095

7.72%

,

06/04/38

.................

9

12,510

Telesat

Canada

(c)

:

4.88%

,

06/01/27

.................

53

54,855

6.50%

,

10/15/27

.................

2

2,090

Zayo

Group

Holdings,

Inc.

(c)

:

4.00%

,

03/01/27

.................

94

94,235

6.13%

,

03/01/28

.................

92

97,290

2,051,683

Electric

Utilities

—

0.9%

FirstEnergy

Corp.:

Series

B,

3.90%

,

07/15/27

(h)

.........

8

8,819

2.65%

,

03/01/30

.................

2

2,006

Series

B,

2.25%

,

09/01/30

..........

2

1,935

Series

C,

4.85%

,

07/15/47

(h)

.........

35

43,557

Series

C,

3.40%

,

03/01/50

..........

16

15,325

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

FirstEnergy

Transmission

LLC

(c)

:

5.45%

,

07/15/44

.................

USD

26

$

32,990

4.55%

,

04/01/49

.................

13

15,182

NRG

Energy,

Inc.

(c)

:

4.45%

,

06/15/29

.................

23

26,672

3.63%

,

02/15/31

.................

32

32,922

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

....................

39

41,145

PG&E

Corp.,

5.25%,

07/01/30

.........

28

30,800

Vistra

Operations

Co.

LLC,

4.30%,

07/15/29

(c)

11

12,485

263,838

Electrical

Equipment

—

0.0%

Sensata

Technologies

BV,

5.63%,

11/01/24

(c)

9

10,058

Electronic

Equipment,

Instruments

&

Components

—

0.3%

CDW

LLC,

3.25%,

02/15/29

..........

42

42,827

Sensata

Technologies,

Inc.

(c)

:

4.38%

,

02/15/30

.................

16

17,220

3.75%

,

02/15/31

.................

19

19,695

79,742

Energy

Equipment

&

Services

—

0.7%

Archrock

Partners

LP

(c)

:

6.88%

,

04/01/27

.................

26

27,983

6.25%

,

04/01/28

.................

17

17,696

ChampionX

Corp.,

6.38%,

05/01/26

......

22

22,220

Pioneer

Energy

Services

Corp.

(b)(c)

:

(LIBOR

USD

3

Month

+

9.50%),

11.00%

,

05/15/25

(f)

...................

34

26,819

5.00%

,

(5.00%

Cash

or

5.00%

PIK),

11/15/25

(g)(i)

...................

24

12,563

Tervita

Corp.,

11.00%,

12/01/25

(c)

.......

9

9,685

Transocean,

Inc.,

11.50%,

01/30/27

(c)

.....

11

7,865

USA

Compression

Partners

LP:

6.88%

,

04/01/26

.................

36

37,620

6.88%

,

09/01/27

.................

28

29,892

192,343

Entertainment

—

1.0%

Lions

Gate

Capital

Holdings

LLC

(c)

:

6.38%

,

02/01/24

.................

3

3,075

5.88%

,

11/01/24

.................

14

14,210

Live

Nation

Entertainment,

Inc.:

2.50%

,

03/15/23

(i)

................

20

25,816

4.88%

,

11/01/24

(c)

................

3

3,038

2.00%

,

02/15/25

(c)(i)

...............

12

12,699

6.50%

,

05/15/27

(c)

................

89

99,548

4.75%

,

10/15/27

(c)

................

7

7,174

3.75%

,

01/15/28

(c)

................

15

15,156

Netflix,

Inc.:

5.88%

,

11/15/28

.................

27

32,366

6.38%

,

05/15/29

.................

16

19,760

5.38%

,

11/15/29

(c)

................

13

15,324

4.88%

,

06/15/30

(c)

................

15

17,250

WMG

Acquisition

Corp.

(c)

:

5.50%

,

04/15/26

.................

3

3,109

3.88%

,

07/15/30

.................

17

18,067

3.00%

,

02/15/31

.................

4

3,920

290,512

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.4%

Brookfield

Property

REIT,

Inc.,

5.75%,

05/15/26

(c)

....................

16

15,760

Diversified

Healthcare

Trust,

9.75%,

06/15/25

20

22,723

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(c)

..

22

22,682

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

GLP

Capital

LP:

3.35%

,

09/01/24

.................

USD

15

$

15,746

5.25%

,

06/01/25

.................

33

37,128

5.38%

,

04/15/26

.................

11

12,624

4.00%

,

01/15/30

.................

44

47,795

4.00%

,

01/15/31

.................

25

27,281

Iron

Mountain,

Inc.

(c)

:

4.88%

,

09/15/29

.................

9

9,495

5.25%

,

07/15/30

.................

36

38,880

5.63%

,

07/15/32

.................

28

30,870

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%

,

05/01/24

.................

22

23,895

4.63%

,

06/15/25

(c)

................

22

23,562

4.50%

,

09/01/26

.................

32

34,429

5.75%

,

02/01/27

.................

27

30,291

4.50%

,

01/15/28

.................

17

18,086

3.88%

,

02/15/29

(c)

................

34

34,765

MPT

Operating

Partnership

LP:

5.00%

,

10/15/27

.................

3

3,191

4.63%

,

08/01/29

.................

39

41,681

3.50%

,

03/15/31

.................

37

38,203

Park

Intermediate

Holdings

LLC,

5.88%,

10/01/28

(c)

....................

8

8,520

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

.

37

38,295

SBA

Communications

Corp.,

3.88%,

02/15/27

(c)

63

66,169

Service

Properties

Trust:

4.50%

,

06/15/23

.................

5

5,025

4.35%

,

10/01/24

.................

4

3,950

7.50%

,

09/15/25

.................

17

19,589

5.50%

,

12/15/27

.................

11

12,027

Uniti

Group

LP:

6.00%

,

04/15/23

(c)

................

36

36,720

8.25%

,

10/15/23

.................

44

44,330

7.88%

,

02/15/25

(c)

................

10

10,742

VICI

Properties

LP

(c)

:

4.25%

,

12/01/26

.................

63

65,340

3.75%

,

02/15/27

.................

25

25,563

4.63%

,

12/01/29

.................

39

41,730

4.13%

,

08/15/30

.................

61

64,393

971,480

Food

&

Staples

Retailing

—

0.5%

(c)

Albertsons

Cos.,

Inc.:

3.25%

,

03/15/26

.................

29

29,435

4.63%

,

01/15/27

.................

39

41,486

5.88%

,

02/15/28

.................

27

29,381

4.88%

,

02/15/30

.................

9

9,917

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

11

11,509

US

Foods,

Inc.,

6.25%,

04/15/25

.......

12

12,825

134,553

Food

Products

—

2.1%

Chobani

LLC

(c)

:

7.50%

,

04/15/25

.................

49

51,382

4.63%

,

11/15/28

.................

26

26,390

JBS

USA

LUX

SA

(c)

:

6.75%

,

02/15/28

.................

27

30,215

6.50%

,

04/15/29

.................

10

11,641

Kraft

Heinz

Foods

Co.:

4.25%

,

03/01/31

(c)

................

68

75,824

5.00%

,

07/15/35

.................

10

12,122

6.88%

,

01/26/39

.................

22

30,484

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

4.63%

,

10/01/39

(c)

................

USD

7

$

7,816

6.50%

,

02/09/40

.................

15

20,276

5.20%

,

07/15/45

.................

26

30,915

4.38%

,

06/01/46

.................

29

31,376

4.88%

,

10/01/49

(c)

................

83

96,830

5.50%

,

06/01/50

(c)

................

91

114,638

Lamb

Weston

Holdings,

Inc.,

4.88%,

05/15/28

(c)

20

22,325

Post

Holdings,

Inc.

(c)

:

5.63%

,

01/15/28

.................

2

2,130

5.50%

,

12/15/29

.................

5

5,456

4.63%

,

04/15/30

.................

12

12,624

Simmons

Foods,

Inc.,

7.75%,

01/15/24

(c)

...

25

26,031

TreeHouse

Foods,

Inc.,

4.00%,

09/01/28

..

6

6,206

614,681

Gas

Utilities

—

0.1%

Ferrellgas

LP,

10.00%,

04/15/25

(c)

.......

23

25,427

Health

Care

Equipment

&

Supplies

—

1.1%

(c)

Avantor

Funding,

Inc.,

4.63%,

07/15/28

...

78

82,485

Hologic,

Inc.:

4.63%

,

02/01/28

.................

19

20,164

3.25%

,

02/15/29

.................

8

8,140

Ortho-Clinical

Diagnostics,

Inc.:

7.38%

,

06/01/25

.................

51

54,315

7.25%

,

02/01/28

.................

116

122,380

Teleflex,

Inc.,

4.25%,

06/01/28

.........

22

23,320

310,804

Health

Care

Providers

&

Services

—

4.5%

Acadia

Healthcare

Co.,

Inc.

(c)

:

5.50%

,

07/01/28

.................

17

18,259

5.00%

,

04/15/29

.................

14

14,945

AdaptHealth

LLC

(c)

:

6.13%

,

08/01/28

.................

12

12,885

4.63%

,

08/01/29

.................

6

6,165

AHP

Health

Partners,

Inc.,

9.75%,

07/15/26

(c)

30

33,112

Akumin,

Inc.,

7.00%,

11/01/25

(c)

........

5

5,250

Centene

Corp.:

5.38%

,

08/15/26

(c)

................

24

25,350

4.25%

,

12/15/27

.................

43

45,580

4.63%

,

12/15/29

.................

33

36,637

3.00%

,

10/15/30

.................

27

28,617

Community

Health

Systems,

Inc.

(c)

:

8.63%

,

01/15/24

.................

58

60,465

6.63%

,

02/15/25

.................

38

39,994

8.00%

,

03/15/26

.................

118

127,145

5.63%

,

03/15/27

.................

69

74,192

6.00%

,

01/15/29

.................

52

56,174

Encompass

Health

Corp.:

4.50%

,

02/01/28

.................

4

4,180

4.75%

,

02/01/30

.................

5

5,356

4.63%

,

04/01/31

.................

8

8,560

HCA,

Inc.:

5.38%

,

09/01/26

.................

20

22,988

5.63%

,

09/01/28

.................

35

41,300

5.88%

,

02/01/29

.................

20

24,069

3.50%

,

09/01/30

.................

71

75,443

Legacy

LifePoint

Health

LLC

(c)

:

6.75%

,

04/15/25

.................

16

17,181

4.38%

,

02/15/27

.................

7

7,009

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(c)

...

12

11,974

MEDNAX,

Inc.

(c)

:

5.25%

,

12/01/23

.................

15

15,185

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

6.25%

,

01/15/27

.................

USD

22

$

23,594

Molina

Healthcare,

Inc.

(c)

:

4.38%

,

06/15/28

.................

9

9,472

3.88%

,

11/15/30

.................

20

21,450

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(c)

....................

13

13,813

Providence

Service

Corp.

(The),

5.88%,

11/15/25

(c)

....................

7

7,402

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(c)

...............

9

9,900

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25

(c)

..

13

13,586

Surgery

Center

Holdings,

Inc.

(c)

:

6.75%

,

07/01/25

.................

64

64,696

10.00%

,

04/15/27

................

40

44,200

Tenet

Healthcare

Corp.

(c)

:

4.63%

,

09/01/24

.................

13

13,422

7.50%

,

04/01/25

.................

23

25,128

4.88%

,

01/01/26

.................

78

81,597

6.25%

,

02/01/27

.................

9

9,540

5.13%

,

11/01/27

.................

43

45,526

4.63%

,

06/15/28

.................

7

7,333

6.13%

,

10/01/28

.................

35

36,469

Vizient,

Inc.,

6.25%,

05/15/27

(c)

........

21

22,575

West

Street

Merger

Sub,

Inc.,

6.38%,

09/01/25

(c)

....................

37

37,925

1,305,643

Hotels,

Restaurants

&

Leisure

—

4.9%

1011778

BC

ULC

(c)

:

3.88%

,

01/15/28

.................

21

21,331

4.38%

,

01/15/28

.................

30

30,900

4.00%

,

10/15/30

.................

23

23,309

Affinity

Gaming,

6.88%,

12/15/27

(c)

......

10

10,478

Boyd

Gaming

Corp.:

8.63%

,

06/01/25

(c)

................

22

24,468

6.38%

,

04/01/26

.................

8

8,310

4.75%

,

12/01/27

.................

14

14,543

Boyne

USA,

Inc.,

7.25%,

05/01/25

(c)

.....

16

16,780

Caesars

Entertainment,

Inc.

(c)

:

6.25%

,

07/01/25

.................

115

122,475

8.13%

,

07/01/27

.................

74

81,920

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(c)

....................

29

30,728

Carnival

Corp.

(c)

:

11.50%

,

04/01/23

................

51

58,993

10.50%

,

02/01/26

................

11

12,815

7.63%

,

03/01/26

.................

19

20,700

9.88%

,

08/01/27

.................

15

17,250

CCM

Merger,

Inc.,

6.38%,

05/01/26

(c)

.....

15

15,750

Cedar

Fair

LP

(c)

:

5.50%

,

05/01/25

.................

77

80,272

6.50%

,

10/01/28

.................

5

5,422

Churchill

Downs,

Inc.

(c)

:

5.50%

,

04/01/27

.................

23

24,351

4.75%

,

01/15/28

.................

38

39,995

Dave

&

Buster's,

Inc.,

7.63%,

11/01/25

(c)

...

17

17,892

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(c)

...

77

76,447

Hilton

Domestic

Operating

Co.,

Inc.:

5.38%

,

05/01/25

(c)

................

12

12,750

5.75%

,

05/01/28

(c)

................

20

21,750

4.88%

,

01/15/30

.................

35

38,237

4.00%

,

05/01/31

(c)

................

32

33,764

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

14

14,818

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

IRB

Holding

Corp.,

7.00%,

06/15/25

(c)

....

USD

16

$

17,480

Las

Vegas

Sands

Corp.:

2.90%

,

06/25/25

.................

5

5,232

3.50%

,

08/18/26

.................

6

6,421

3.90%

,

08/08/29

.................

4

4,302

Marriott

Ownership

Resorts,

Inc.,

6.50%,

09/15/26

.....................

2

2,090

MGM

Resorts

International,

6.00%,

03/15/23

10

10,737

NCL

Corp.

Ltd.

(c)

:

10.25%

,

02/01/26

................

10

11,700

5.88%

,

03/15/26

.................

16

16,829

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(c)

....................

10

10,700

Powdr

Corp.,

6.00%,

08/01/25

(c)

........

21

22,103

Royal

Caribbean

Cruises

Ltd.

(c)

:

10.88%

,

06/01/23

................

10

11,379

9.13%

,

06/15/23

.................

15

16,275

11.50%

,

06/01/25

................

20

23,381

Scientific

Games

International,

Inc.

(c)

:

8.63%

,

07/01/25

.................

18

19,710

5.00%

,

10/15/25

.................

10

10,319

8.25%

,

03/15/26

.................

40

43,104

7.00%

,

05/15/28

.................

13

13,978

7.25%

,

11/15/29

.................

14

15,365

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%,

08/01/25

(c)

....................

14

15,199

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(c)

75

81,000

Station

Casinos

LLC,

4.50%,

02/15/28

(c)

...

17

17,128

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(c)

.....

14

14,945

Wyndham

Destinations,

Inc.,

6.63%,

07/31/26

(c)

15

17,175

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

....................

16

16,625

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(c)

..

28

28,861

Wynn

Resorts

Finance

LLC

(c)

:

7.75%

,

04/15/25

.................

17

18,424

5.13%

,

10/01/29

.................

57

59,707

Yum!

Brands,

Inc.:

4.75%

,

01/15/30

(c)

................

8

8,772

3.63%

,

03/15/31

.................

10

10,108

5.35%

,

11/01/43

.................

2

2,260

1,427,757

Household

Durables

—

1.1%

Ashton

Woods

USA

LLC,

6.63%,

01/15/28

(c)

7

7,368

Brookfield

Residential

Properties,

Inc.

(c)

:

6.25%

,

09/15/27

.................

7

7,446

4.88%

,

02/15/30

.................

20

20,675

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(c)

23

24,581

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(c)

....................

13

13,845

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(c)

....................

28

29,400

Mattamy

Group

Corp.

(c)

:

5.25%

,

12/15/27

.................

14

14,805

4.63%

,

03/01/30

.................

16

16,960

MDC

Holdings,

Inc.,

6.00%,

01/15/43

.....

17

22,789

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

4

4,470

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(c)

6

6,162

Newell

Brands,

Inc.,

4.88%,

06/01/25

.....

10

11,003

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(c)

31

33,170

PulteGroup,

Inc.:

7.88%

,

06/15/32

.................

2

2,993

6.38%

,

05/15/33

.................

30

41,103

6.00%

,

02/15/35

.................

6

8,158

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Taylor

Morrison

Communities,

Inc.

(c)

:

5.88%

,

06/15/27

.................

USD

7

$

7,933

5.13%

,

08/01/30

.................

13

14,560

Tempur

Sealy

International,

Inc.,

5.50%,

06/15/26

.....................

2

2,082

TRI

Pointe

Group,

Inc.,

5.70%,

06/15/28

...

5

5,645

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(c)

....................

25

25,875

321,023

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

.

21

21,893

Energizer

Holdings,

Inc.

(c)

:

4.75%

,

06/15/28

.................

2

2,105

4.38%

,

03/31/29

.................

2

2,071

Kronos

Acquisition

Holdings,

Inc.,

5.00%,

12/31/26

(c)

....................

6

6,259

Spectrum

Brands,

Inc.

(c)

:

5.00%

,

10/01/29

.................

13

13,961

5.50%

,

07/15/30

.................

13

14,007

60,296

Independent

Power

and

Renewable

Electricity

Producers

—

0.7%

(c)

Calpine

Corp.:

4.50%

,

02/15/28

.................

36

37,440

5.13%

,

03/15/28

.................

61

64,170

4.63%

,

02/01/29

.................

14

14,396

5.00%

,

02/01/31

.................

49

51,205

3.75%

,

03/01/31

.................

20

19,807

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

.....................

13

13,942

200,960

Insurance

—

1.7%

Acrisure

LLC,

8.13%,

02/15/24

(c)

........

3

3,176

Alliant

Holdings

Intermediate

LLC

(c)

:

4.25%

,

10/15/27

.................

89

91,002

6.75%

,

10/15/27

.................

140

149,800

AmWINS

Group,

Inc.,

7.75%,

07/01/26

(c)

...

12

12,887

AssuredPartners,

Inc.,

5.63%,

01/15/29

(c)

..

22

22,963

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(c)

.

23

24,977

HUB

International

Ltd.,

7.00%,

05/01/26

(c)

..

65

67,976

NFP

Corp.

(c)

:

7.00%

,

05/15/25

.................

9

9,675

6.88%

,

08/15/28

.................

91

97,159

Willis

North

America,

Inc.,

2.95%,

09/15/29

.

5

5,471

485,086

Interactive

Media

&

Services

—

0.1%

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(c)

....................

35

36,670

Internet

&

Direct

Marketing

Retail

—

0.5%

(c)

ANGI

Group

LLC,

3.88%,

08/15/28

......

22

22,385

Expedia

Group,

Inc.:

6.25%

,

05/01/25

.................

56

64,910

4.63%

,

08/01/27

.................

20

22,340

Go

Daddy

Operating

Co.

LLC,

5.25%,

12/01/27

5

5,262

Match

Group

Holdings

II

LLC:

4.63%

,

06/01/28

.................

9

9,433

4.13%

,

08/01/30

.................

11

11,440

135,770

IT

Services

—

1.6%

(c)

Arches

Buyer,

Inc.,

4.25%,

06/01/28

.....

9

9,114

Austin

BidCo,

Inc.,

7.13%,

12/15/28

......

6

6,263

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Banff

Merger

Sub,

Inc.,

9.75%,

09/01/26

...

USD

118

$

127,458

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

35

35,831

Booz

Allen

Hamilton,

Inc.,

3.88%,

09/01/28

.

24

24,720

Gartner,

Inc.:

4.50%

,

07/01/28

.................

25

26,375

3.75%

,

10/01/30

.................

31

32,667

KBR,

Inc.,

4.75%,

09/30/28

...........

15

15,637

Northwest

Fiber

LLC,

10.75%,

06/01/28

...

9

10,260

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

...

16

16,972

Science

Applications

International

Corp.,

4.88%,

04/01/28

................

23

24,380

Tempo

Acquisition

LLC:

5.75%

,

06/01/25

.................

18

19,125

6.75%

,

06/01/25

.................

71

73,382

Unisys

Corp.,

6.88%,

11/01/27

.........

9

9,833

WEX,

Inc.,

4.75%,

02/01/23

..........

19

19,024

451,041

Leisure

Products

—

0.4%

Mattel,

Inc.:

6.75%

,

12/31/25

(c)

................

72

75,994

6.20%

,

10/01/40

.................

6

7,005

5.45%

,

11/01/41

.................

19

20,906

103,905

Life

Sciences

Tools

&

Services

—

0.2%

(c)

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

................

10

10,475

Syneos

Health,

Inc.,

3.63%,

01/15/29

....

38

38,105

48,580

Machinery

—

1.0%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(c)

.

15

15,937

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(c)

....................

9

9,157

Clark

Equipment

Co.,

5.88%,

06/01/25

(c)

...

25

26,375

Colfax

Corp.,

6.38%,

02/15/26

(c)

........

20

21,350

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

16

17,000

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(c)

..

11

11,124

Grinding

Media,

Inc.,

7.38%,

12/15/23

(c)

...

28

28,420

Husky

III

Holding

Ltd.,

0.00%,

(0.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(g)

..........

31

33,713

Meritor,

Inc.,

4.50%,

12/15/28

(c)

........

6

6,150

Navistar

International

Corp.

(c)

:

9.50%

,

05/01/25

.................

7

7,857

6.63%

,

11/01/25

.................

4

4,191

RBS

Global,

Inc.,

4.88%,

12/15/25

(c)

.....

8

8,150

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(c)

20

21,600

Terex

Corp.,

5.63%,

02/01/25

(c)

........

9

9,271

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(c)

...

53

55,120

Wabash

National

Corp.,

5.50%,

10/01/25

(c)

.

23

23,460

298,875

Media

—

5.6%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(c)

....................

13

13,747

Altice

Financing

SA,

7.50%,

05/15/26

(c)

....

200

211,060

AMC

Networks,

Inc.:

5.00%

,

04/01/24

.................

2

2,032

4.75%

,

08/01/25

.................

14

14,458

Block

Communications,

Inc.,

4.88%,

03/01/28

(c)

12

12,360

Cable

One,

Inc.,

4.00%,

11/15/30

(c)

......

21

21,814

Clear

Channel

Worldwide

Holdings,

Inc.:

9.25%

,

02/15/24

.................

34

34,425

5.13%

,

08/15/27

(c)

................

143

144,430

Security

Par

(000)

Par

(000)

Value

Media

(continued)

CSC

Holdings

LLC:

5.25%

,

06/01/24

.................

USD

5

$

5,412

6.50%

,

02/01/29

(c)

................

200

225,810

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(c)

42

34,125

DISH

DBS

Corp.:

6.75%

,

06/01/21

.................

11

11,222

5.88%

,

07/15/22

.................

125

130,625

5.00%

,

03/15/23

.................

23

23,748

7.75%

,

07/01/26

.................

49

54,880

DISH

Network

Corp.

(i)

:

2.38%

,

03/15/24

.................

26

24,230

3.38%

,

08/15/26

.................

38

36,223

Entercom

Media

Corp.,

6.50%,

05/01/27

(c)

..

30

30,488

GCI

LLC,

4.75%,

10/15/28

(c)

..........

14

14,932

Lamar

Media

Corp.,

4.00%,

02/15/30

.....

7

7,262

Liberty

Broadband

Corp.

(c)(i)

:

1.25%

,

09/30/50

.................

22

22,209

2.75%

,

09/30/50

.................

70

74,884

Meredith

Corp.,

6.88%,

02/01/26

.......

4

3,900

Midcontinent

Communications,

5.38%,

08/15/27

(c)

....................

16

16,720

Outfront

Media

Capital

LLC,

5.00%,

08/15/27

(c)

23

23,403

Radiate

Holdco

LLC

(c)

:

4.50%

,

09/15/26

.................

51

52,594

6.50%

,

09/15/28

.................

114

120,127

Scripps

Escrow

II,

Inc.

(c)

:

3.88%

,

01/15/29

.................

8

8,314

5.38%

,

01/15/31

.................

14

14,595

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(c)

....................

57

58,324

Sirius

XM

Radio,

Inc.

(c)

:

5.00%

,

08/01/27

.................

14

14,875

5.50%

,

07/01/29

.................

16

17,605

4.13%

,

07/01/30

.................

17

18,095

TEGNA,

Inc.,

5.50%,

09/15/24

(c)

........

4

4,065

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(c)

.

72

79,380

Townsquare

Media,

Inc.,

6.88%,

02/01/26

(c)

.

6

6,284

Univision

Communications,

Inc.

(c)

:

5.13%

,

02/15/25

.................

11

11,083

6.63%

,

06/01/27

.................

29

31,147

1,630,887

Metals

&

Mining

—

2.9%

Allegheny

Technologies,

Inc.,

7.88%,

08/15/23

(h)

....................

6

6,566

Arconic

Corp.

(c)

:

6.00%

,

05/15/25

.................

15

16,013

6.13%

,

02/15/28

.................

10

10,781

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

...

79

85,320

Constellium

SE,

5.88%,

02/15/26

(c)

......

250

257,500

Freeport-McMoRan,

Inc.:

4.38%

,

08/01/28

.................

12

12,750

4.63%

,

08/01/30

.................

43

47,192

5.45%

,

03/15/43

.................

117

145,665

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(c)

....................

15

16,988

Kaiser

Aluminum

Corp.

(c)

:

6.50%

,

05/01/25

.................

11

11,770

4.63%

,

03/01/28

.................

7

7,262

New

Gold,

Inc.

(c)

:

6.38%

,

05/15/25

.................

6

6,270

7.50%

,

07/15/27

.................

39

43,095

Novelis

Corp.

(c)

:

5.88%

,

09/30/26

.................

25

26,125

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

114

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

4.75%

,

01/30/30

.................

USD

87

$

93,731

United

States

Steel

Corp.,

12.00%,

06/01/25

(c)

49

56,595

843,623

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

5.00%,

12/15/21

7

7,117

Multiline

Retail

—

0.3%

(c)

Macy's,

Inc.,

8.38%,

06/15/25

.........

50

55,525

Nordstrom,

Inc.,

8.75%,

05/15/25

.......

41

45,922

101,447

Oil,

Gas

&

Consumable

Fuels

—

11.7%

Antero

Midstream

Partners

LP,

7.88%,

05/15/26

(c)

....................

27

27,880

Antero

Resources

Corp.,

8.38%,

07/15/26

(c)

.

5

5,103

Apache

Corp.:

4.88%

,

11/15/27

.................

17

18,020

5.10%

,

09/01/40

.................

19

20,259

5.25%

,

02/01/42

.................

5

5,389

4.75%

,

04/15/43

.................

26

26,959

4.25%

,

01/15/44

.................

15

14,799

5.35%

,

07/01/49

.................

6

6,156

Ascent

Resources

Utica

Holdings

LLC,

9.00%,

11/01/27

(c)

....................

35

38,850

Baytex

Energy

Corp.,

8.75%,

04/01/27

(c)

...

25

15,908

Blue

Racer

Midstream

LLC,

7.63%,

12/15/25

(c)

14

14,910

Buckeye

Partners

LP:

4.13%

,

03/01/25

(c)

................

14

14,175

3.95%

,

12/01/26

.................

6

6,078

4.50%

,

03/01/28

(c)

................

21

21,630

5.85%

,

11/15/43

.................

14

13,775

5.60%

,

10/15/44

.................

13

12,496

Cenovus

Energy,

Inc.:

3.00%

,

08/15/22

.................

7

7,153

3.80%

,

09/15/23

.................

5

5,193

5.38%

,

07/15/25

.................

26

29,314

5.40%

,

06/15/47

.................

11

12,913

Centennial

Resource

Production

LLC,

6.88%,

04/01/27

(c)

....................

22

15,785

Cheniere

Energy

Partners

LP:

5.63%

,

10/01/26

.................

23

23,920

4.50%

,

10/01/29

.................

44

46,542

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

(c)

..

106

111,300

CITGO

Petroleum

Corp.,

7.00%,

06/15/25

(c)

.

25

24,937

CNX

Resources

Corp.

(c)

:

7.25%

,

03/14/27

.................

25

26,750

6.00%

,

01/15/29

.................

21

21,514

Comstock

Resources,

Inc.:

7.50%

,

05/15/25

(c)

................

42

43,033

9.75%

,

08/15/26

.................

48

51,685

Continental

Resources,

Inc.:

5.00%

,

09/15/22

.................

36

36,054

4.50%

,

04/15/23

.................

3

3,093

5.75%

,

01/15/31

(c)

................

20

22,200

4.90%

,

06/01/44

.................

22

21,758

Crestwood

Midstream

Partners

LP,

5.63%,

05/01/27

(c)

....................

25

24,750

CrownRock

LP,

5.63%,

10/15/25

(c)

.......

88

89,868

CVR

Energy,

Inc.

(c)

:

5.25%

,

02/15/25

.................

13

12,545

5.75%

,

02/15/28

.................

7

6,632

DCP

Midstream

Operating

LP:

5.38%

,

07/15/25

.................

12

13,186

5.63%

,

07/15/27

.................

17

18,870

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.13%

,

05/15/29

.................

USD

11

$

12,200

6.45%

,

11/03/36

(c)

................

17

18,360

6.75%

,

09/15/37

(c)

................

29

31,320

Diamondback

Energy,

Inc.:

4.75%

,

05/31/25

.................

15

16,887

3.50%

,

12/01/29

.................

22

23,503

Double

Eagle

III

Midco

1

LLC,

7.75%,

12/15/25

(c)

....................

20

21,208

Endeavor

Energy

Resources

LP

(c)

:

6.63%

,

07/15/25

.................

16

17,120

5.50%

,

01/30/26

.................

64

65,674

5.75%

,

01/30/28

.................

30

32,361

Energy

Transfer

Operating

LP:

6.50%

,

02/01/42

.................

15

18,300

5.15%

,

03/15/45

.................

4

4,335

6.13%

,

12/15/45

.................

12

14,175

6.00%

,

06/15/48

.................

9

10,605

5.00%

,

05/15/50

.................

21

22,741

EnLink

Midstream

LLC:

5.63%

,

01/15/28

(c)

................

14

14,283

5.38%

,

06/01/29

.................

8

7,780

EnLink

Midstream

Partners

LP:

4.40%

,

04/01/24

.................

17

16,775

4.85%

,

07/15/26

.................

2

1,953

5.60%

,

04/01/44

.................

20

16,050

5.05%

,

04/01/45

.................

5

3,984

EQM

Midstream

Partners

LP:

6.00%

,

07/01/25

(c)

................

17

18,615

4.13%

,

12/01/26

.................

5

5,038

6.50%

,

07/01/27

(c)

................

30

33,781

EQT

Corp.:

3.90%

,

10/01/27

.................

27

26,823

5.00%

,

01/15/29

.................

12

12,652

8.75%

,

02/01/30

(h)

................

17

20,825

Extraction

Oil

&

Gas,

Inc.

(a)(c)(d)

:

7.38%

,

05/15/24

.................

46

8,280

5.63%

,

02/01/26

.................

38

6,840

Genesis

Energy

LP:

5.63%

,

06/15/24

.................

14

13,650

6.50%

,

10/01/25

.................

4

3,890

8.00%

,

01/15/27

.................

17

16,833

7.75%

,

02/01/28

.................

12

11,490

Great

Western

Petroleum

LLC,

9.00%,

09/30/21

(c)

....................

49

28,420

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(c)

.

24

25,530

Hess

Midstream

Operations

LP

(c)

:

5.63%

,

02/15/26

.................

10

10,400

5.13%

,

06/15/28

.................

14

14,634

Holly

Energy

Partners

LP,

5.00%,

02/01/28

(c)

19

19,143

Indigo

Natural

Resources

LLC,

6.88%,

02/15/26

(c)

....................

52

53,170

Kinder

Morgan

Energy

Partners

LP,

5.00%,

03/01/43

.....................

10

11,748

Matador

Resources

Co.,

5.88%,

09/15/26

..

31

30,380

MEG

Energy

Corp.

(c)

:

7.00%

,

03/31/24

.................

16

16,160

6.50%

,

01/15/25

.................

25

25,751

7.13%

,

02/01/27

.................

14

14,455

Murphy

Oil

Corp.:

5.75%

,

08/15/25

.................

13

12,870

6.37%

,

12/01/42

(h)

................

3

2,644

New

Fortress

Energy,

Inc.,

6.75%,

09/15/25

(c)

93

98,783

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

115

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(c)

....

USD

25

$

33,799

NuStar

Logistics

LP:

5.75%

,

10/01/25

.................

12

12,780

6.00%

,

06/01/26

.................

13

14,060

6.38%

,

10/01/30

.................

2

2,265

Occidental

Petroleum

Corp.:

2.70%

,

08/15/22

.................

27

27,034

2.70%

,

02/15/23

.................

26

25,975

6.95%

,

07/01/24

.................

6

6,480

2.90%

,

08/15/24

.................

37

35,613

5.50%

,

12/01/25

.................

11

11,469

3.40%

,

04/15/26

.................

6

5,720

8.88%

,

07/15/30

.................

2

2,348

6.13%

,

01/01/31

.................

19

20,334

4.30%

,

08/15/39

.................

43

36,357

6.20%

,

03/15/40

.................

67

66,330

4.50%

,

07/15/44

.................

17

14,408

4.63%

,

06/15/45

.................

42

36,608

6.60%

,

03/15/46

.................

2

2,029

4.40%

,

04/15/46

.................

37

32,244

4.10%

,

02/15/47

.................

3

2,452

4.20%

,

03/15/48

.................

33

26,895

4.40%

,

08/15/49

.................

7

5,900

Ovintiv

Exploration,

Inc.,

5.75%,

01/30/22

..

7

7,271

Parkland

Corp.,

5.88%,

07/15/27

(c)

......

23

24,868

Parsley

Energy

LLC

(c)

:

5.38%

,

01/15/25

.................

23

23,653

5.25%

,

08/15/25

.................

6

6,249

5.63%

,

10/15/27

.................

15

16,418

4.13%

,

02/15/28

.................

22

23,100

PBF

Holding

Co.

LLC,

9.25%,

05/15/25

(c)

..

90

88,731

PDC

Energy,

Inc.:

1.13%

,

09/15/21

(i)

................

20

19,431

6.13%

,

09/15/24

.................

6

6,166

6.25%

,

12/01/25

.................

4

3,950

5.75%

,

05/15/26

.................

28

28,910

Plains

All

American

Pipeline

LP:

3.55%

,

12/15/29

.................

4

4,186

4.30%

,

01/31/43

.................

7

6,887

4.90%

,

02/15/45

.................

13

13,797

QEP

Resources,

Inc.:

5.38%

,

10/01/22

.................

41

42,691

5.25%

,

05/01/23

.................

17

17,893

5.63%

,

03/01/26

.................

15

16,448

Range

Resources

Corp.:

5.88%

,

07/01/22

.................

3

3,000

5.00%

,

08/15/22

.................

22

21,780

5.00%

,

03/15/23

.................

2

1,950

4.88%

,

05/15/25

.................

5

4,723

Rattler

Midstream

LP,

5.63%,

07/15/25

(c)

...

20

21,125

Sabine

Pass

Liquefaction

LLC,

4.50%,

05/15/30

(c)

....................

33

39,114

SM

Energy

Co.:

6.13%

,

11/15/22

.................

6

5,790

10.00%

,

01/15/25

(c)

...............

58

62,350

Southwestern

Energy

Co.:

4.10%

,

03/15/22

.................

24

24,120

7.50%

,

04/01/26

.................

4

4,196

8.38%

,

09/15/28

.................

9

9,765

Sunoco

Logistics

Partners

Operations

LP:

5.30%

,

04/01/44

.................

18

19,451

5.35%

,

05/15/45

.................

8

8,813

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.40%

,

10/01/47

.................

USD

28

$

31,286

Sunoco

LP:

5.50%

,

02/15/26

.................

3

3,075

6.00%

,

04/15/27

.................

6

6,378

5.88%

,

03/15/28

.................

2

2,160

4.50%

,

05/15/29

(c)

................

14

14,560

Tallgrass

Energy

Partners

LP

(c)

:

5.50%

,

09/15/24

.................

34

34,595

7.50%

,

10/01/25

.................

11

11,875

6.00%

,

12/31/30

.................

13

13,378

Targa

Resources

Partners

LP:

5.13%

,

02/01/25

.................

27

27,675

6.50%

,

07/15/27

.................

15

16,275

5.00%

,

01/15/28

.................

16

16,889

6.88%

,

01/15/29

.................

10

11,263

5.50%

,

03/01/30

.................

34

36,914

4.88%

,

02/01/31

(c)

................

26

28,329

TerraForm

Power

Operating

LLC

(c)

:

4.25%

,

01/31/23

.................

7

7,236

4.75%

,

01/15/30

.................

9

9,630

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(c)

20

20,900

Western

Midstream

Operating

LP:

3.95%

,

06/01/25

.................

14

14,280

4.75%

,

08/15/28

.................

3

3,120

5.45%

,

04/01/44

.................

29

29,327

5.30%

,

03/01/48

.................

32

31,711

5.50%

,

08/15/48

.................

5

4,908

6.25%

,

02/01/50

(h)

................

57

62,700

Williams

Cos.,

Inc.

(The),

5.10%,

09/15/45

.

5

6,180

WPX

Energy,

Inc.:

8.25%

,

08/01/23

.................

9

10,243

5.25%

,

09/15/24

.................

9

9,804

5.75%

,

06/01/26

.................

6

6,307

5.25%

,

10/15/27

.................

7

7,417

5.88%

,

06/15/28

.................

18

19,621

4.50%

,

01/15/30

.................

32

33,920

3,373,683

Paper

&

Forest

Products

—

0.1%

(c)

Boise

Cascade

Co.,

4.88%,

07/01/30

.....

10

10,825

Norbord,

Inc.,

6.25%,

04/15/23

.........

22

23,870

34,695

Personal

Products

—

0.1%

Edgewell

Personal

Care

Co.,

5.50%,

06/01/28

(c)

16

17,195

Pharmaceuticals

—

1.5%

Bausch

Health

Americas,

Inc.,

9.25%,

04/01/26

(c)

....................

13

14,495

Bausch

Health

Cos.,

Inc.

(c)

:

6.13%

,

04/15/25

.................

5

5,153

9.00%

,

12/15/25

.................

11

12,144

5.75%

,

08/15/27

.................

20

21,450

7.00%

,

01/15/28

.................

35

38,472

5.00%

,

01/30/28

.................

21

21,641

5.00%

,

02/15/29

.................

43

44,213

6.25%

,

02/15/29

.................

47

51,054

7.25%

,

05/30/29

.................

30

33,723

5.25%

,

01/30/30

.................

26

27,300

5.25%

,

02/15/31

.................

23

24,029

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(h)

6

7,080

Endo

DAC,

9.50%,

07/31/27

(c)

.........

17

18,976

P&L

Development

LLC,

7.75%,

11/15/25

(c)

..

12

12,900

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

116

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(c)

USD

83

$

90,055

422,685

Professional

Services

—

0.4%

(c)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

...

8

8,180

ASGN,

Inc.,

4.63%,

05/15/28

..........

6

6,240

Dun

&

Bradstreet

Corp.

(The):

6.88%

,

08/15/26

.................

18

19,350

10.25%

,

02/15/27

................

19

21,423

Jaguar

Holding

Co.

II/PPD

Development

LP:

4.63%

,

06/15/25

.................

15

15,819

5.00%

,

06/15/28

.................

54

57,645

128,657

Real

Estate

Management

&

Development

—

0.2%

(c)

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

................

22

24,255

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

23

24,347

Howard

Hughes

Corp.

(The):

5.38%

,

03/15/25

.................

4

4,125

5.38%

,

08/01/28

.................

8

8,604

Realogy

Group

LLC,

7.63%,

06/15/25

....

12

13,028

74,359

Road

&

Rail

—

0.5%

Uber

Technologies,

Inc.

(c)

:

7.50%

,

05/15/25

.................

49

52,931

8.00%

,

11/01/26

.................

47

51,294

7.50%

,

09/15/27

.................

23

25,300

6.25%

,

01/15/28

.................

17

18,488

148,013

Semiconductors

&

Semiconductor

Equipment

—

0.4%

(c)

Entegris,

Inc.,

4.38%,

04/15/28

........

16

17,060

Microchip

Technology,

Inc.,

4.25%,

09/01/25

64

67,708

ON

Semiconductor

Corp.,

3.88%,

09/01/28

.

22

22,770

Qorvo,

Inc.,

3.38%,

04/01/31

..........

7

7,228

114,766

Software

—

3.2%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(c)

...

79

83,542

Ascend

Learning

LLC:

6.88%

,

08/01/25

(c)

................

56

57,570

Boxer

Parent

Co.,

Inc.

(c)

:

7.13%

,

10/02/25

.................

34

36,905

9.13%

,

03/01/26

.................

53

56,975

BY

Crown

Parent

LLC

(c)

:

7.38%

,

10/15/24

.................

62

63,085

4.25%

,

01/31/26

.................

45

46,125

Camelot

Finance

SA,

4.50%,

11/01/26

(c)

...

25

26,094

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(c)

27

27,000

CDK

Global,

Inc.,

5.25%,

05/15/29

(c)

.....

7

7,755

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(c)

....................

62

63,240

Fair

Isaac

Corp.,

4.00%,

06/15/28

(c)

......

5

5,262

Nuance

Communications,

Inc.,

5.63%,

12/15/26

.....................

13

13,756

Open

Text

Corp.,

3.88%,

02/15/28

(c)

......

4

4,160

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(c)

11

11,702

PTC,

Inc.

(c)

:

3.63%

,

02/15/25

.................

4

4,112

4.00%

,

02/15/28

.................

6

6,289

Solera

LLC,

10.50%,

03/01/24

(c)

........

204

211,395

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(c)

105

112,142

Veritas

US,

Inc.,

7.50%,

09/01/25

(c)

......

78

80,048

917,157

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

1.6%

Asbury

Automotive

Group,

Inc.:

4.50%

,

03/01/28

.................

USD

9

$

9,382

4.75%

,

03/01/30

.................

8

8,580

Gap,

Inc.

(The),

8.88%,

05/15/27

(c)

......

15

17,400

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(c)

13

13,400

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

11

11,440

L

Brands,

Inc.:

6.88%

,

07/01/25

(c)

................

40

43,431

6.63%

,

10/01/30

(c)

................

13

14,462

6.88%

,

11/01/35

.................

49

55,003

6.75%

,

07/01/36

.................

5

5,571

LBM

Acquisition

LLC,

6.25%,

01/15/29

(c)

...

17

17,553

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

15

15,956

Penske

Automotive

Group,

Inc.:

3.50%

,

09/01/25

.................

6

6,098

5.50%

,

05/15/26

.................

3

3,116

PetSmart,

Inc.

(c)

:

7.13%

,

03/15/23

.................

23

23,000

5.88%

,

06/01/25

.................

50

51,375

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(c)

...............

29

30,732

SRS

Distribution,

Inc.,

8.25%,

07/01/26

(c)

..

39

41,438

Staples,

Inc.,

7.50%,

04/15/26

(c)

........

51

53,258

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

..

33

35,186

456,381

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Diebold

Nixdorf,

Inc.,

9.38%,

07/15/25

(c)

...

11

12,320

NCR

Corp.

(c)

:

5.75%

,

09/01/27

.................

7

7,437

5.00%

,

10/01/28

.................

9

9,495

6.13%

,

09/01/29

.................

13

14,397

5.25%

,

10/01/30

.................

9

9,653

Seagate

HDD

Cayman,

4.13%,

01/15/31

(c)

.

10

10,663

Xerox

Corp.,

4.80%,

03/01/35

.........

18

18,135

82,100

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Hanesbrands,

Inc.,

5.38%,

05/15/25

(c)

....

4

4,232

Levi

Strauss

&

Co.,

5.00%,

05/01/25

.....

4

4,100

William

Carter

Co.

(The),

5.50%,

05/15/25

(c)

.

7

7,434

Wolverine

World

Wide,

Inc.,

6.38%,

05/15/25

(c)

7

7,455

23,221

Thrifts

&

Mortgage

Finance

—

0.5%

Freedom

Mortgage

Corp.,

7.63%,

05/01/26

(c)

6

6,346

Genworth

Mortgage

Holdings,

Inc.,

6.50%,

08/15/25

(c)

....................

50

54,125

Ladder

Capital

Finance

Holdings

LLLP,

4.25%,

02/01/27

(c)

....................

28

27,510

LD

Holdings

Group

LLC,

6.50%,

11/01/25

(c)

.

5

5,263

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

16

17,120

Nationstar

Mortgage

Holdings,

Inc.

(c)

:

6.00%

,

01/15/27

.................

10

10,613

5.50%

,

08/15/28

.................

21

22,050

5.13%

,

12/15/30

.................

11

11,497

154,524

Trading

Companies

&

Distributors

—

0.6%

Brightstar

Escrow

Corp.,

9.75%,

10/15/25

(c)

.

6

6,412

Fortress

Transportation

&

Infrastructure

Investors

LLC

(c)

:

6.50%

,

10/01/25

.................

6

6,271

9.75%

,

08/01/27

.................

5

5,731

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(c)

....................

11

11,118

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

117

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(c)

....

USD

22

$

23,320

United

Rentals

North

America,

Inc.,

4.00%,

07/15/30

.....................

3

3,157

WESCO

Distribution,

Inc.

(c)

:

7.13%

,

06/15/25

.................

46

50,592

7.25%

,

06/15/28

.................

54

61,414

168,015

Wireless

Telecommunication

Services

—

1.5%

Connect

Finco

SARL,

6.75%,

10/01/26

(c)

...

209

225,135

Gogo

Intermediate

Holdings

LLC,

9.88%,

05/01/24

(c)

....................

16

17,132

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

.....................

3

3,311

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(c)(f)(g)

.........

148

139,673

Sprint

Corp.:

7.13%

,

06/15/24

.................

9

10,530

7.63%

,

03/01/26

.................

22

27,306

423,087

Total

Corporate

Bonds

—

85.4%

(Cost:

$23,389,414)

..............................

24,684,997

Floating

Rate

Loan

Interests

—

9.7%

Aerospace

&

Defense

—

0.1%

(f)

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

(b)

................

19

19,129

Spirit

Aerosystems,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

6.00%

,

 01/15/25

14

14,105

33,234

Airlines

—

0.1%

(f)

JetBlue

Airways

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/17/24

6

6,005

SkyMiles

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/20/27

.....

27

27,954

33,959

Auto

Components

—

0.1%

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.65%

,

 04/30/26

(f)

23

23,349

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.40%

,

 01/01/38

(f)

.....

7

6,866

Building

Products

—

0.1%

(f)

CP

Atlas

Buyer,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.50%),

5.25%

,

 11/23/27

.

6

6,007

CP

Atlas

Buyer,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

4.50%),

5.25%

,

 11/23/27

.

2

2,003

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 05/05/24

9

8,655

16,665

Capital

Markets

—

0.0%

Jefferies

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.19%

,

 06/03/26

(f)

10

10,389

Chemicals

—

0.6%

(f)

Alpha

3

BV,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 01/31/24

.....

82

82,117

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 08/27/26

...........

39

38,609

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Illuminate

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.15%

,

 06/30/27

....

USD

27

$

26,921

Invictus

US

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

6.90%

,

 03/30/26

5

4,552

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 05/15/24

...........

7

7,386

159,585

Commercial

Services

&

Supplies

—

0.8%

(f)

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(j)

..............

157

152,524

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.21%

,

 09/06/24

.....

42

40,934

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 05/30/25

8

8,111

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/02/26

.

2

2,366

TruGreen

Ltd.

Partnership,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.50%),

9.25%

,

 11/02/28

(b)

................

13

13,000

216,935

Construction

&

Engineering

—

0.1%

SRS

Distribution,

Inc.,

Term

Loan:

(f)

(LIBOR

USD

1

Month

+

3.00%),

3.15%, 05/23/25

...............

29

28,915

(LIBOR

USD

1

Month

+

4.25%),

4.40%, 05/23/25

...............

13

12,821

41,736

Construction

Materials

—

0.0%

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

(f)

...

7

6,513

Containers

&

Packaging

—

0.1%

(f)

BWay

Holding

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.48%

,

 04/03/24

.....

19

17,839

Charter

NEX

US,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/01/27

.................

8

7,838

25,677

Diversified

Consumer

Services

—

0.2%

(f)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.65%

,

 01/29/27

...........

7

6,939

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/21/27

16

16,630

Sotheby's,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.50%),

6.50%

,

 01/15/27

.....

11

11,111

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 05/06/24

14

13,538

48,218

Diversified

Financial

Services

—

0.6%

(f)

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 12/11/26

....

46

46,551

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

34

33,945

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(j)

......................

4

3,848

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(j)

..............

1

855

Lealand

Finance

Co.

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%

,

 06/28/24

(b)

1

1,014

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

118

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Milano

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.................

USD

40

$

39,933

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

43

42,946

WP

CPP

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 04/30/25

.................

6

5,470

174,562

Diversified

Telecommunication

Services

—

0.3%

(f)

Altice

Financing

SA,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.91%

,

 07/15/25

.....

3

2,880

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

4.24%

,

 08/14/26

....

14

14,108

Frontier

Communications

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.75%

,

 10/08/21

.................

25

25,078

Northwest

Fiber

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

5.50%),

5.65%

,

 04/30/27

.................

18

18,443

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.15%

,

 03/09/27

26

25,639

86,148

Entertainment

—

0.1%

(f)

MSG

National

Properties

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.00%

,

 11/12/25

(b)

................

33

33,165

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 05/30/25

.................

1

626

33,791

Health

Care

Equipment

&

Supplies

—

0.1%

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 12/11/26

(f)

................

35

35,031

Health

Care

Providers

&

Services

—

0.5%

(f)

AHP

Health

Partners,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 06/30/25

14

13,566

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.71%

,

 07/24/26

.................

14

13,589

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.90%

,

 10/10/25

60

49,996

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.44%

,

 07/02/25

.................

14

13,618

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.90%

,

 11/16/25

.................

10

9,767

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 06/30/25

.................

14

13,426

Quorum

Health

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.25%

,

 04/29/25

....

17

16,945

Surgery

Center

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

8.00%),

9.00%

,

 09/03/24

.................

2

2,032

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 01/08/27

.................

USD

18

$

17,940

150,879

Hotels,

Restaurants

&

Leisure

—

0.3%

(f)

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.65%

,

 07/21/25

.................

17

16,700

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

12.00%),

13.00%

,

 10/04/23

(b)

...............

5

5,350

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

-

3.50%

,

 10/04/23

.................

32

30,865

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(j)

..

32

32,010

84,925

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Calpine

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.15%

,

 08/12/26

(f)

.....

2

1,485

Industrial

Conglomerates

—

0.1%

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.25%

,

 09/01/25

(f)

................

26

16,337

Insurance

—

0.5%

(f)

Asurion

LLC,

2nd

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

6.50%),

6.65%

,

 08/04/25

43

43,482

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 12/23/26

.....

4

3,826

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/01/27

17

16,894

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.25%),

3.40%, 12/31/25

...............

31

30,610

(LIBOR

USD

1

Month

+

4.00%),

4.15%, 09/03/26

...............

23

22,556

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

...............

14

14,017

131,385

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

(f)

................

11

10,990

Internet

&

Direct

Marketing

Retail

—

0.1%

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/08/27

(f)

................

19

18,967

IT

Services

—

1.2%

(f)

Airbnb,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.50%),

8.50%

,

 04/17/25

....

7

7,531

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.40%

,

 10/02/25

26

26,126

CCC

Information

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 04/29/24

.................

4

3,512

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

.................

8

8,325

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

119

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Epicor

Software

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.25%

,

 07/30/27

USD

22

$

22,125

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

0.03%),

0.00%

-

3.40%

,

 11/29/24

.................

11

11,081

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.40%

,

 12/01/25

.................

10

9,650

Peak

10

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

7.48%

,

 08/01/25

.................

7

4,381

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.65%

,

 02/12/27

...........

16

14,777

Rackspace

Technology

Global,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 11/03/23

............

12

12,010

Sabre

GLBL,

Inc.,

Term

Loan

B,

12/17/27

(j)

..

8

8,010

Sophia

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/07/27

...........

53

53,038

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 09/01/25

.....

76

75,503

Verscend

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.50%),

4.65%

,

 08/27/25

94

93,314

349,383

Life

Sciences

Tools

&

Services

—

0.1%

Parexel

International

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.90%

,

 09/27/24

(f)

22

21,598

Machinery

—

0.4%

(f)

MHI

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.15%

,

 09/21/26

.....

38

37,566

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.27%

,

 03/28/25

....

82

79,836

117,402

Media

—

1.5%

Ascend

Learning

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 07/12/24

(f)

...

8

8,093

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.71%

,

 08/21/26

(f)

................

67

64,291

Intelsat

Jackson

Holdings

SA,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 07/13/22

(f)

................

73

74,530

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(f)

................

15

15,557

Intelsat

Jackson

Holdings

SA,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.50%),

8.75%

,

 01/02/24

(f)

................

33

33,077

Intelsat

Jackson

Holdings

SA,

Term

Loan

B5,

8.63%

,

 01/02/24

(k)

................

164

166,941

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(f)

................

7

6,270

Radiate

Holdco

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 09/25/26

(f)

3

2,989

Terrier

Media

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

4.40%

,

 12/17/26

(f)

14

13,612

Xplornet

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.90%

,

 12/31/28

(f)

................

40

39,853

425,213

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.5%

(f)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

11/01/25

(j)

..........

USD

94

$

102,180

Chesapeake

Energy

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

8.00%),

0.00%

,

 06/24/24

(a)(b)(d)

..............

61

50,564

152,744

Pharmaceuticals

—

0.2%

(f)

Endo

Luxembourg

Finance

Co.

I

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 04/29/24

.................

44

43,589

Jaguar

Holding

Co.

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 08/18/22

19

19,177

62,766

Professional

Services

—

0.1%

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.90%

,

 02/06/26

(f)

................

39

38,652

Software

—

0.7%

(f)

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 10/30/28

.................

11

11,112

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

5

5,002

Castle

US

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.00%

,

 01/29/27

19

18,486

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

.................

23

22,908

Informatica

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.13%),

7.13%

,

 02/25/25

39

39,614

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 02/25/27

.....

19

18,681

Omnitracs

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

8.00%),

8.15%

,

 10/23/28

5

4,925

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan,

12/18/28

(b)(j)

.....................

13

12,870

Refinitiv

US

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 10/01/25

17

16,661

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.40%

,

 08/01/25

.................

9

8,699

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.40%

,

 03/03/28

.................

26

26,216

Ultimate

Software

Group,

Inc.

(The),

1st

Lien

Term

Loan:

(LIBOR

USD

1

Month

+

3.75%),

3.90%, 05/04/26

...............

10

9,659

(LIBOR

USD

3

Month

+

4.00%),

4.75%, 05/04/26

...............

17

17,033

211,866

Specialty

Retail

—

0.2%

PetSmart,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 03/11/22

(f)

.....

58

57,779

Total

Floating

Rate

Loan

Interests

—

9.7%

(Cost:

$2,798,133)

..............................

2,805,029

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

120

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Beneficial

Interest

(000)

Value

Other

Interests

—

0.0%

(l)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

(a)(b)(d)

...............

USD

140

$

1,568

Total

Other

Interests

—

0.0%

.........................

1,568

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

2.6%

Banks

—

2.3%

(e)(f)

Bank

of

America

Corp.:

Series

X,

(LIBOR

USD

3

Month

+

3.71%),

6.25%

......................

66

73,231

Series

Z,

(LIBOR

USD

3

Month

+

4.17%),

6.50%

......................

45

51,412

Series

AA,

(LIBOR

USD

3

Month

+

3.90%),

6.10%

......................

116

131,434

Series

DD,

(LIBOR

USD

3

Month

+

4.55%),

6.30%

......................

10

11,675

CIT

Group,

Inc.,

Series

A,

(LIBOR

USD

3

Month

+

3.97%),

5.80%

............

26

26,520

Citigroup,

Inc.,

Series

Q,

(LIBOR

USD

3

Month

+

4.10%),

4.32%

.................

23

22,885

JPMorgan

Chase

&

Co.:

Series

V,

(LIBOR

USD

3

Month

+

3.32%),

3.55%

......................

71

69,753

Series

I,

(LIBOR

USD

3

Month

+

3.47%),

3.68%

......................

15

14,969

Series

Q,

(LIBOR

USD

3

Month

+

3.25%),

5.15%

......................

20

20,651

Series

R,

(LIBOR

USD

3

Month

+

3.30%),

6.00%

......................

5

5,300

Series

U,

(LIBOR

USD

3

Month

+

3.33%),

6.13%

......................

7

7,630

Series

FF,

(SOFR

+

3.38%),

5.00%

....

71

74,694

Series

X,

(LIBOR

USD

3

Month

+

3.33%),

6.10%

......................

78

85,548

Series

HH,

(SOFR

+

3.13%),

4.60%

....

26

26,845

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Wells

Fargo

&

Co.,

Series

U,

(LIBOR

USD

3

Month

+

3.99%),

5.87%

............

USD

36

$

40,815

663,362

Capital

Markets

—

0.3%

Morgan

Stanley,

Series

H,

(LIBOR

USD

3

Month

+

3.61%),

3.85%

(e)(f)

..........

85

84,388

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(e)

(f)

............................

10

11,025

Total

Capital

Trusts

—

2.6%

(Cost:

$720,019)

................................

758,775

Shares

Shares

Warrants

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

SM

Energy

Co.

(Issued/exercisable

06/17/20,

1

share

for

1

warrant,

Expires

06/30/23,

Strike

Price

USD

0.01)

(a)

................

1,904

11,633

Total

Warrants

—

0.0%

.............................

11,633

Total

Long-Term

Investments

—

99.0%

(Cost:

$27,239,964)

..............................

28,630,687

Short-Term

Securities

—

0.6%

(m)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

*

...................

171,880

171,880

JPMorgan

U.S.

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

..........

13,662

13,662

Total

Short-Term

Securities

—

0.6%

(Cost:

$185,542)

................................

185,542

Total

Investments

—

99.6%

(Cost:

$27,425,506

)

..............................

28,816,229

Other

Assets

Less

Liabilities

—

0.4%

...................

102,699

Net

Assets

—

100.0%

..............................

$

28,918,928

(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)

Perpetual

security

with

no

stated

maturity

date.

(f)

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.

(g)

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.

(h)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(i)

Convertible

security.

(j)

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.

(k)

Fixed

rate.

(l)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(m)

Annualized

7-day

yield

as

of

period

end.

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

121

Schedule

of

Investments

(continued)

December

31,

2020

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

226,951

$

—

$

(55,071)

$

—

$

—

$

171,880

171,880

$

1,605

$

—

(a)

Represents

net

amount

purchased

(sold).

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

122

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

292,000

USD

354,168

Bank

of

Montreal

01/06/21

$

2,564

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Nordstrom,

Inc.

...........

1.00

%

Quarterly

Barclays

Bank

plc

06/20/25

USD

4

$

276

$

949

$

(673)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CenturyLink,

Inc.

......

1.00

%

Quarterly

Barclays

Bank

plc

12/20/23

NR

USD

8

$

(192)

$

(364)

$

172

CenturyLink,

Inc.

......

1.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

6

(425)

(712)

287

$

(617)

$

(1,076)

$

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.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

949

$

(1,076)

$

459

$

(673)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

$

—

$

—

$

—

$

2,564

$

—

$

—

$

2,564

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

1,408

—

—

—

—

1,408

$

—

$

1,408

$

—

$

2,564

$

—

$

—

$

3,972

Liabilities

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

1,749

—

—

—

—

1,749

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

123

Schedule

of

Investments

(continued)

December

31,

2020

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

(39,733)

$

—

$

(7,448)

$

—

$

(47,181)

Forward

foreign

currency

exchange

contracts

....

—

—

—

31,273

—

—

31,273

Options

purchased

(a)

....................

—

—

18,424

—

(9,609)

—

8,815

Options

written

........................

—

—

(8,452)

—

1,090

—

(7,362)

Swaps

..............................

—

(18,420)

—

—

—

—

(18,420)

$

—

$

(18,420)

$

(29,761)

$

31,273

$

(15,967)

$

—

$

(32,875)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

....

—

—

—

2,976

—

—

2,976

Options

purchased

(b)

....................

—

—

—

—

294

—

294

Options

written

........................

—

—

—

—

27

—

27

Swaps

..............................

—

8,331

—

—

—

—

8,331

$

—

$

8,331

$

—

$

2,976

$

321

$

—

$

11,628

(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

.................................................................................

34,793

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

2,910

Average

amounts

sold

—

in

USD

........................................................................................

257,418

Options:

Average

value

of

option

contracts

purchased

................................................................................

—

(a)

Average

value

of

option

contracts

written

...................................................................................

—

(a)

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

272,500

Average

notional

value

of

swaption

contracts

written

...........................................................................

272,500

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

3,341

Average

notional

value

—

sell

protection

...................................................................................

150,650

(a)

Derivative

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

$

2,564

$

—

Swaps

—

OTC

(a)

....................................................................................

1,408

1,749

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

3,972

$

1,749

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

—

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

3,972

$

1,749

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statements

of

Assets

and

Liabilities.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

124

Schedule

of

Investments

(continued)

December

31,

2020

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Bank

of

Montreal

................................

$

2,564

$

—

$

—

$

—

$

2,564

Barclays

Bank

plc

................................

1,408

(1,408)

—

—

—

$

3,972

$

(1,408)

$

—

$

—

$

2,564

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)

Barclays

Bank

plc

................................

$

1,749

$

(1,408)

$

—

$

—

$

341

(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

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

125

Schedule

of

Investments

(continued)

December

31,

2020

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Auto

Components

......................................

$

6,997

$

—

$

—

$

6,997

Building

Products

.......................................

654

—

—

654

Chemicals

............................................

53,846

—

—

53,846

Diversified

Telecommunication

Services

........................

12,694

—

—

12,694

Energy

Equipment

&

Services

..............................

—

—

3,262

3,262

Entertainment

.........................................

21,236

—

—

21,236

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

134,350

—

—

134,350

Life

Sciences

Tools

&

Services

..............................

3,901

—

—

3,901

Media

...............................................

14,168

—

—

14,168

Metals

&

Mining

........................................

70,174

—

—

70,174

Pharmaceuticals

.......................................

47,403

—

—

47,403

Corporate

Bonds:

Aerospace

&

Defense

....................................

—

992,029

—

992,029

Airlines

..............................................

—

340,160

—

340,160

Auto

Components

......................................

—

511,309

—

511,309

Automobiles

..........................................

—

188,586

—

188,586

Banks

...............................................

—

29,501

—

29,501

Biotechnology

.........................................

—

7,248

—

7,248

Building

Products

.......................................

—

315,217

—

315,217

Capital

Markets

........................................

—

291,194

—

291,194

Chemicals

............................................

—

399,498

—

399,498

Commercial

Services

&

Supplies

.............................

—

781,157

—

781,157

Communications

Equipment

................................

—

229,063

—

229,063

Construction

&

Engineering

................................

—

98,821

—

98,821

Consumer

Finance

......................................

—

407,478

—

407,478

Containers

&

Packaging

..................................

—

370,957

—

370,957

Distributors

...........................................

—

185,252

—

185,252

Diversified

Consumer

Services

..............................

—

28,773

—

28,773

Diversified

Financial

Services

...............................

—

566,415

—

566,415

Diversified

Telecommunication

Services

........................

—

2,051,683

—

2,051,683

Electric

Utilities

........................................

—

263,838

—

263,838

Electrical

Equipment

.....................................

—

10,058

—

10,058

Electronic

Equipment,

Instruments

&

Components

.................

—

79,742

—

79,742

Energy

Equipment

&

Services

..............................

—

152,961

39,382

192,343

Entertainment

.........................................

—

290,512

—

290,512

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

971,480

—

971,480

Food

&

Staples

Retailing

..................................

—

134,553

—

134,553

Food

Products

.........................................

—

614,681

—

614,681

Gas

Utilities

...........................................

—

25,427

—

25,427

Health

Care

Equipment

&

Supplies

...........................

—

310,804

—

310,804

Health

Care

Providers

&

Services

............................

—

1,305,643

—

1,305,643

Hotels,

Restaurants

&

Leisure

..............................

—

1,427,757

—

1,427,757

Household

Durables

.....................................

—

321,023

—

321,023

Household

Products

.....................................

—

60,296

—

60,296

Independent

Power

and

Renewable

Electricity

Producers

............

—

200,960

—

200,960

Insurance

............................................

—

485,086

—

485,086

Interactive

Media

&

Services

...............................

—

36,670

—

36,670

Internet

&

Direct

Marketing

Retail

............................

—

135,770

—

135,770

IT

Services

...........................................

—

451,041

—

451,041

Leisure

Products

.......................................

—

103,905

—

103,905

Life

Sciences

Tools

&

Services

..............................

—

48,580

—

48,580

Machinery

............................................

—

298,875

—

298,875

Media

...............................................

—

1,630,887

—

1,630,887

Metals

&

Mining

........................................

—

843,623

—

843,623

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

126

Schedule

of

Investments

(continued)

December

31,

2020

Level

1

Level

2

Level

3

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

$

—

$

7,117

$

—

$

7,117

Multiline

Retail

.........................................

—

101,447

—

101,447

Oil,

Gas

&

Consumable

Fuels

...............................

—

3,373,683

—

3,373,683

Paper

&

Forest

Products

..................................

—

34,695

—

34,695

Personal

Products

......................................

—

17,195

—

17,195

Pharmaceuticals

.......................................

—

422,685

—

422,685

Professional

Services

....................................

—

128,657

—

128,657

Real

Estate

Management

&

Development

.......................

—

74,359

—

74,359

Road

&

Rail

...........................................

—

148,013

—

148,013

Semiconductors

&

Semiconductor

Equipment

....................

—

114,766

—

114,766

Software

.............................................

—

917,157

—

917,157

Specialty

Retail

........................................

—

456,381

—

456,381

Technology

Hardware,

Storage

&

Peripherals

....................

—

82,100

—

82,100

Textiles,

Apparel

&

Luxury

Goods

............................

—

23,221

—

23,221

Thrifts

&

Mortgage

Finance

................................

—

154,524

—

154,524

Trading

Companies

&

Distributors

............................

—

168,015

—

168,015

Wireless

Telecommunication

Services

.........................

—

423,087

—

423,087

Floating

Rate

Loan

Interests:

Aerospace

&

Defense

....................................

—

14,105

19,129

33,234

Airlines

..............................................

—

33,959

—

33,959

Auto

Components

......................................

—

23,349

—

23,349

Automobiles

..........................................

—

6,866

—

6,866

Building

Products

.......................................

—

16,665

—

16,665

Capital

Markets

........................................

—

10,389

—

10,389

Chemicals

............................................

—

159,585

—

159,585

Commercial

Services

&

Supplies

.............................

—

203,935

13,000

216,935

Construction

&

Engineering

................................

—

41,736

—

41,736

Construction

Materials

....................................

—

6,513

—

6,513

Containers

&

Packaging

..................................

—

25,677

—

25,677

Diversified

Consumer

Services

..............................

—

48,218

—

48,218

Diversified

Financial

Services

...............................

—

173,548

1,014

174,562

Diversified

Telecommunication

Services

........................

—

86,148

—

86,148

Entertainment

.........................................

—

626

33,165

33,791

Health

Care

Equipment

&

Supplies

...........................

—

35,031

—

35,031

Health

Care

Providers

&

Services

............................

—

150,879

—

150,879

Hotels,

Restaurants

&

Leisure

..............................

—

79,575

5,350

84,925

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,485

—

1,485

Industrial

Conglomerates

..................................

—

16,337

—

16,337

Insurance

............................................

—

131,385

—

131,385

Interactive

Media

&

Services

...............................

—

10,990

—

10,990

Internet

&

Direct

Marketing

Retail

............................

—

18,967

—

18,967

IT

Services

...........................................

—

349,383

—

349,383

Life

Sciences

Tools

&

Services

..............................

—

21,598

—

21,598

Machinery

............................................

—

117,402

—

117,402

Media

...............................................

—

425,213

—

425,213

Oil,

Gas

&

Consumable

Fuels

...............................

—

102,180

50,564

152,744

Pharmaceuticals

.......................................

—

62,766

—

62,766

Professional

Services

....................................

—

38,652

—

38,652

Software

.............................................

—

198,996

12,870

211,866

Specialty

Retail

........................................

—

57,779

—

57,779

Other

Interests

..........................................

—

—

1,568

1,568

Capital

Trusts

...........................................

—

758,775

—

758,775

Warrants

..............................................

—

11,633

—

11,633

Short-Term

Securities

.......................................

185,542

—

—

185,542

$

550,965

$

28,085,960

$

179,304

$

28,816,229

Derivative

Financial

Instruments

(a)

Assets:

Credit

contracts

...........................................

$

—

$

459

$

—

$

459

Foreign

currency

exchange

contracts

............................

—

2,564

—

2,564

Liabilities:

Credit

contracts

...........................................

—

(673)

—

(673)

$

—

$

2,350

$

—

$

2,350

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

127

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

(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.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

128

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

1.8%

(a)

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.20%),

1.42%,

08/15/30

(b)

..........

USD

500

$

497,835

Progress

Residential

Trust,

Series

2017-SFR1,

Class

A,

2.77%,

08/17/34

...........

99

100,556

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.25%,

04/20/31

(b)

.....................

396

392,716

Total

Asset-Backed

Securities

—

1.8%

(Cost:

$995,204)

................................

991,107

Foreign

Government

Obligations

—

3.9%

China

—

3.6%

People's

Republic

of

China:

1.99%

,

04/09/25

.................

CNY

6,920

1,022,117

2.68%

,

05/21/30

.................

6,350

935,709

1,957,826

Colombia

—

0.0%

Republic

of

Colombia,

6.25%

,

11/26/25

....

COP

20,300

6,506

Mexico

—

0.1%

United

Mexican

States:

7.75%

,

11/23/34

.................

MXN

2

11,801

10.00%

,

11/20/36

................

2

14,021

8.50%

,

11/18/38

.................

2

13,014

38,836

Peru

—

0.0%

Peru

Government

Bond:

2.78%

,

12/01/60

.................

USD

3

3,019

3.23%

,

07/28/21

.................

3

2,999

6,018

Russia

—

0.2%

Russian

Federation:

7.75%

,

09/16/26

.................

RUB

2,055

30,833

8.15%

,

02/03/27

.................

928

14,217

6.00%

,

10/06/27

.................

515

7,082

6.90%

,

05/23/29

.................

1,060

15,383

8.50%

,

09/17/31

.................

2,362

38,251

105,766

Total

Foreign

Government

Obligations

—

3.9%

(Cost:

$2,023,577)

..............................

2,114,952

Non-Agency

Mortgage-Backed

Securities

—

6.3%

Commercial

Mortgage-Backed

Securities

—

5.6%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

A,

(LIBOR

USD

1

Month

+

0.88%),

1.04%,

09/15/34

(a)(b)

.........

USD

121

120,999

BANK

(b)

:

Series

2020-BN25,

Class

B,

3.04%,

01/15/63

....................

11

12,279

Series

2020-BN26,

Class

B,

2.91%,

03/15/63

....................

164

174,606

Benchmark

Mortgage

Trust,

Series

2020-B20,

Class

B,

2.53%,

10/15/53

...........

37

37,921

BFLD

Trust,

Series

2020-EYP,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

1.31%,

10/15/35

(a)(b)

128

128,360

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

(a)

:

Series

2019-XL,

Class

A,

(LIBOR

USD

1

Month

+

0.92%),

1.08%,

10/15/36

(b)

..

USD

95

$

95,107

Series

2019-XL,

Class

D,

(LIBOR

USD

1

Month

+

1.45%),

1.61%,

10/15/36

(b)

..

285

284,700

Series

2020-FOX,

Class

B,

(LIBOR

USD

1

Month

+

1.35%),

1.51%,

11/15/32

(b)

..

134

134,296

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

160

167,931

BX

Trust,

Series

2019-OC11,

Class

A,

3.20%,

12/09/41

(a)

.....................

275

301,135

CFK

Trust,

Series

2020-MF2,

Class

B,

2.79%,

03/15/39

(a)

.....................

140

141,778

Citigroup

Commercial

Mortgage

Trust:

Series

2016-P6,

Class

B,

4.24%,

12/10/49

(b)

50

53,370

Series

2020-420K,

Class

A,

2.46%,

11/10/42

(a)

...................

130

135,201

Commercial

Mortgage

Trust:

Series

2017-COR2,

Class

AM,

3.80%,

09/10/50

....................

19

21,705

Series

2017-PANW,

Class

A,

3.24%,

10/10/29

(a)

...................

350

366,853

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(a)

.....................

100

103,583

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

C,

3.93%,

09/15/52

...

80

86,842

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-TWN3,

Class

A,

(LIBOR

USD

1

Month

+

2.00%),

2.16%,

11/15/37

(a)(b)

........

170

170,332

Hudson

Yards

Mortgage

Trust,

Series

2019-

30HY,

Class

D,

3.44%,

07/10/39

(a)(b)

....

101

108,298

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-609M,

Class

A,

(LIBOR

USD

1

Month

+

1.37%),

1.53%,

10/15/33

(a)(b)

....................

100

99,999

KKR

Industrial

Portfolio

Trust,

Series

2020-AIP,

Class

A,

(LIBOR

USD

1

Month

+

1.04%),

1.20%,

03/15/37

(a)(b)

...............

33

32,783

Morgan

Stanley

Capital

I

Trust:

Series

2018-H3,

Class

B,

4.62%,

07/15/51

(b)

34

39,722

Series

2018-SUN,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

1.06%,

07/15/35

(a)(b)

.

130

128,044

Series

2020-HR8,

Class

AS,

2.30%,

07/15/53

....................

16

16,572

Series

2020-HR8,

Class

B,

2.70%,

07/15/53

19

19,691

2,982,107

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.7%

(b)

Benchmark

Mortgage

Trust,

Series

2020-B20,

Class

XA,

1.63%,

10/15/53

..........

1,019

116,283

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

XA,

1.57%,

06/15/52

..

1,544

161,682

UBS

Commercial

Mortgage

Trust,

Series

2019-

C17,

Class

XA,

1.49%,

10/15/52

......

991

99,737

377,702

Total

Non-Agency

Mortgage-Backed

Securities

—

6.3%

(Cost:

$3,313,211)

..............................

3,359,809

U.S.

Government

Sponsored

Agency

Securities

—

63.5%

Agency

Obligations

—

0.9%

Federal

Home

Loan

Bank,

4.00%, 04/10/28

.

400

495,760

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

129

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

—

0.5%

Federal

National

Mortgage

Association,

Series

2011-8,

Class

ZA,

4.00%, 02/25/41

.....

USD

142

$

153,946

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2014-107,

Class

WX,

6.79%, 07/20/39

(b)

.............

80

93,300

247,246

Commercial

Mortgage-Backed

Securities

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

Series

2019-SB60,

Class

A10F,

3.31%, 01/25/29

...............

198

212,425

Series

2019-SB61,

Class

A10F,

3.17%, 01/25/29

...............

152

163,385

Government

National

Mortgage

Association,

Series

2019-7,

Class

V,

3.00%, 05/16/35

.

21

22,723

398,533

Interest

Only

Collateralized

Mortgage

Obligations

—

0.1%

Government

National

Mortgage

Association:

Series

2020-146,

Class

DI,

2.50%, 10/20/50

182

20,304

Series

2020-162,

Class

TI,

2.50%, 10/20/50

374

40,190

Series

2020-175,

Class

DI,

2.50%, 11/20/50

100

11,102

71,596

Interest

Only

Commercial

Mortgage-Backed

Securities

—

1.0%

Federal

Home

Loan

Mortgage

Corp.,

Series

2015-K718,

Class

X2A,

0.10%, 02/25/48

(a)

16,371

9,682

Government

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

Series

2002-83,

0.00%, 10/16/42

......

380

—

Series

2003-17,

0.00%, 03/16/43

......

205

2

Series

2003-109,

0.00%, 11/16/43

.....

402

16

Series

2016-22,

0.79%, 11/16/55

......

1,545

59,262

Series

2016-45,

0.94%, 02/16/58

......

849

46,585

Series

2016-92,

0.87%, 04/16/58

......

264

13,810

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.15%, 02/16/58

.........

1,018

72,564

Series

2016-151,

1.06%, 06/16/58

.....

802

51,649

Series

2017-30,

0.65%, 08/16/58

......

395

16,769

Series

2017-44,

0.67%, 04/17/51

......

394

17,326

Series

2017-53,

0.66%, 11/16/56

......

3,228

145,526

Series

2017-61,

0.75%, 05/16/59

......

347

19,873

Series

2017-64,

0.75%, 11/16/57

......

255

14,433

Series

2017-72,

0.66%, 04/16/57

......

777

39,204

Series

2020-178,

1.43%, 10/16/60

.....

224

23,143

529,844

Mortgage-Backed

Securities

—

60.3%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 03/01/30

-

04/01/31

..........

135

143,213

3.00%, 09/01/27

-

12/01/46

..........

288

309,488

3.50%, 04/01/31

-

01/01/48

..........

305

335,577

4.00%, 08/01/40

-

12/01/45

..........

45

49,673

4.50%, 02/01/39

-

07/01/47

..........

169

188,369

5.00%, 11/01/41

.................

72

83,372

5.50%, 06/01/41

.................

73

85,727

8.00%, 03/01/30

-

06/01/31

..........

10

10,536

Federal

National

Mortgage

Association:

3.50%, 11/01/46

.................

138

149,243

4.00%, 01/01/41

.................

5

4,929

Government

National

Mortgage

Association:

2.00%, 01/15/51

-

02/15/51

(c)

.........

3,864

4,037,093

2.50%, 01/15/51

(c)

................

748

791,828

3.00%, 02/15/45

-

09/20/50

..........

1,481

1,566,017

3.00%, 01/15/51

(c)

................

122

127,053

3.50%, 01/15/42

-

10/20/46

..........

1,600

1,733,156

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

4.00%, 10/20/40

-

01/15/48

..........

USD

514

$

556,839

4.00%, 01/15/51

(c)

................

179

190,845

4.50%, 12/20/39

-

08/20/50

..........

659

730,170

5.00%, 07/15/39

-

07/20/44

..........

51

58,355

5.00%, 01/15/51

(c)

................

126

137,552

Uniform

Mortgage-Backed

Securities:

1.50%, 01/25/51

(c)

................

210

212,174

2.00%, 10/01/31

-

03/01/32

..........

86

90,614

2.00%, 01/25/36

-

02/25/51

(c)

.........

1,798

1,872,655

2.50%, 04/01/30

-

12/01/50

..........

1,423

1,515,739

2.50%, 01/25/51

-

02/25/51

(c)

.........

5,022

5,289,879

3.00%, 04/01/29

-

09/01/50

..........

3,325

3,559,697

3.00%, 01/25/36

(c)

................

38

39,879

3.50%, 04/01/29

-

08/01/50

..........

2,124

2,316,462

3.50%, 01/25/51

-

02/25/51

(c)

.........

1,549

1,639,510

4.00%, 09/01/33

-

06/01/50

..........

1,556

1,715,224

4.00%, 01/25/51

-

02/25/51

(c)

.........

1,247

1,332,514

4.50%, 06/01/26

-

08/01/48

..........

782

869,208

4.50%, 01/25/51

(c)

................

12

13,005

5.00%, 02/01/35

-

12/01/43

..........

160

184,501

5.00%, 01/25/51

(c)

................

4

4,427

5.50%, 11/01/21

-

09/01/39

..........

203

235,520

6.00%, 04/01/35

-

09/01/40

..........

152

179,220

6.50%, 05/01/40

.................

33

39,614

32,398,877

Total

U.S.

Government

Sponsored

Agency

Securities

—

63.5%

(Cost:

$33,789,469)

..............................

34,141,856

U.S.

Treasury

Obligations

—

45.4%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

.................

160

237,438

4.50%, 08/15/39

.................

160

244,800

4.38%, 11/15/39

.................

160

241,963

3.13%, 02/15/43

.................

610

800,077

2.88%, 05/15/43

-

11/15/46

..........

1,200

1,524,967

3.63%, 08/15/43

.................

610

861,482

3.75%, 11/15/43

.................

610

878,019

3.00%, 02/15/48

.................

590

774,513

2.25%, 08/15/49

.................

727

831,989

U.S.

Treasury

Inflation

Linked

Bonds,

0.25%, 02/15/50

.................

373

444,000

U.S.

Treasury

Notes:

1.13%, 07/31/21

.................

2,650

2,665,527

1.75%, 07/31/21

-

07/31/24

..........

3,695

3,833,016

1.50%, 01/31/22

-

08/15/26

..........

4,050

4,184,957

2.75%, 05/31/23

.................

380

403,809

2.13%, 07/31/24

-

05/15/25

..........

2,470

2,652,911

2.00%, 02/15/25

.................

1,470

1,573,876

2.25%, 08/15/27

.................

1,180

1,308,417

2.88%, 08/15/28

.................

350

406,561

3.13%, 11/15/28

.................

350

414,394

1.63%, 08/15/29

.................

125

133,721

Total

U.S.

Treasury

Obligations

—

45.4%

(Cost:

$22,719,304)

..............................

24,416,437

Total

Long-Term

Investments

—

120.9%

(Cost:

$62,840,765)

..............................

65,024,161

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

130

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(continued)

December

31,

2020

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

—

10.1%

Certificates

of

Deposit

—

2.1%

Yankee

—

2.1%

(d)

Credit

Suisse

AG,

New

York,

0.30%, 09/01/21

USD

1,100

$

1,100,126

Total

Certificates

of

Deposit

—

2.1%

(Cost:

$1,100,000)

..............................

1,100,126

U.S.

Government

Sponsored

Agency

Securities

—

8.0%

Federal

Home

Loan

Bank

Discount

Notes,

0.08%, 01/15/21

(e)

...............

4,300

4,299,908

Total

U.S.

Government

Sponsored

Agency

Securities

—

8.0%

(Cost:

$4,299,875)

..............................

4,299,908

Total

Short-Term

Securities

—

10.1%

(Cost:

$5,399,875)

..............................

5,400,034

Total

Options

Purchased

—

0.1%

(Cost:

$70,567)

................................

75,624

Total

Investments

Before

TBA

Sale

Commitments

—

131.1%

(Cost:

$68,311,207

)

..............................

70,499,819

Security

Par

(000)

Pa

r

(

000)

Value

TBA

Sale

Commitments

—

(27.5)%

(c)

Mortgage-Backed

Securities

—

(27.5)%

Government

National

Mortgage

Association:

2.00%

,

 01/15/51

.................

USD

1,473

$

(1,540,378)

3.00%

,

 01/15/51

.................

61

(63,788)

3.50%

,

 01/15/51

.................

238

(251,832)

4.00%

,

 01/15/51

.................

26

(27,720)

4.50%

,

 01/15/51

.................

119

(127,423)

Uniform

Mortgage-Backed

Securities:

2.50%

,

 01/25/36

-

03/25/51

..........

8,385

(8,822,335)

3.00%

,

 01/25/36

-

01/25/51

..........

1,078

(1,129,550)

3.50%

,

 01/25/36

-

01/25/51

..........

1,109

(1,172,887)

4.00%

,

 01/25/36

-

01/25/51

..........

625

(666,641)

1.50%

,

 01/25/51

-

02/25/51

..........

536

(541,415)

2.00%

,

 01/25/51

.................

285

(296,408)

4.50%

,

 01/25/51

.................

121

(131,134)

Total

TBA

Sale

Commitments

—

(27.5)%

(Proceeds:

$14,695,693)

..........................

(14,771,511)

Total

Investments

Net

of

TBA

Sale

Commitments

—

103.6%

(Cost:

$53,615,514

)

..............................

55,728,308

Liabilities

in

Excess

of

Other

Assets

—

(3.6)%

............

(1,953,091)

Net

Assets

—

100.0%

..............................

$

53,775,217

(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)

Represents

or

includes

a

TBA

transaction.

(d)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(e)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

*

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

December

31,

2020

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/19

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/20

Shares

Held

at

12/31/20

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)(b)

$

1,217,840

$

—

$

(1,217,840)

$

—

$

—

$

—

—

$

6,798

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

131

Schedule

of

Investments

(continued)

December

31,

2020

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

2

Year

Note

....................................................

48

03/31/21

$

10,607

$

7,071

U.S.

Treasury

5

Year

Note

....................................................

42

03/31/21

5,299

14,269

21,340

Short

Contracts

Euro-Bund

..............................................................

8

03/08/21

1,736

606

U.S.

Treasury

10

Year

Note

...................................................

7

03/22/21

967

(1,783)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

2

03/22/21

313

162

U.S.

Treasury

Long

Bond

....................................................

5

03/22/21

866

(2,988)

U.S.

Treasury

Ultra

Bond

....................................................

2

03/22/21

427

2,335

90-day

Eurodollar

.........................................................

1

12/19/22

249

(184)

(1,852)

$

19,488

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

109,733

USD

150,000

Bank

of

America

NA

01/05/21

$

60

MXN

1,010,500

USD

50,000

Citibank

NA

01/05/21

780

MXN

2,022,520

USD

100,000

HSBC

Bank

plc

01/05/21

1,637

USD

150,000

ZAR

2,203,312

BNP

Paribas

SA

01/05/21

64

ZAR

748,900

USD

50,000

BNP

Paribas

SA

01/05/21

963

ZAR

1,554,555

USD

100,000

Deutsche

Bank

AG

01/05/21

5,788

IDR

1,420,800,000

USD

100,000

Bank

of

America

NA

01/06/21

1,259

IDR

709,400,000

USD

50,000

JPMorgan

Chase

Bank

NA

01/06/21

558

INR

7,425,000

USD

100,000

Bank

of

America

NA

01/06/21

1,614

INR

3,685,250

USD

50,000

JPMorgan

Chase

Bank

NA

01/06/21

434

AUD

10,000

USD

7,571

Natwest

Markets

plc

01/08/21

139

BRL

52,069

USD

10,000

Goldman

Sachs

International

01/08/21

25

CNY

65,403

USD

10,000

Natwest

Markets

plc

01/08/21

56

IDR

283,770,000

USD

20,000

Barclays

Bank

plc

01/08/21

278

INR

739,135

USD

10,000

UBS

AG

01/08/21

115

JPY

1,040,267

USD

10,000

State

Street

Bank

and

Trust

Co.

01/08/21

75

KRW

10,917,350

USD

10,000

Morgan

Stanley

&

Co.

International

plc

01/08/21

44

MXN

200,264

USD

10,000

JPMorgan

Chase

Bank

NA

01/08/21

60

MXN

202,473

USD

10,000

State

Street

Bank

and

Trust

Co.

01/08/21

171

USD

10,000

BRL

51,669

Deutsche

Bank

AG

01/08/21

52

USD

10,000

PLN

36,672

Citibank

NA

01/08/21

183

USD

10,000

TWD

280,850

Goldman

Sachs

International

01/08/21

1

RUB

7,680,190

USD

100,000

Citibank

NA

01/12/21

3,774

KZT

579,348

USD

1,320

Citibank

NA

01/20/21

53

MXN

2,998,425

USD

150,000

Citibank

NA

02/02/21

188

USD

150,000

EUR

122,511

Bank

of

America

NA

02/02/21

229

USD

150,000

JPY

15,481,530

Bank

of

America

NA

02/02/21

12

USD

150,000

SEK

1,231,482

Bank

of

America

NA

02/02/21

270

COP

50,006,611

USD

14,400

JPMorgan

Chase

Bank

NA

02/24/21

230

MXN

1,069,000

USD

52,963

Citibank

NA

02/26/21

441

19,553

EUR

122,594

USD

150,000

Bank

of

America

NA

01/05/21

(233)

JPY

15,486,750

USD

150,000

Bank

of

America

NA

01/05/21

(15)

SEK

1,231,883

USD

150,000

Bank

of

America

NA

01/05/21

(274)

USD

100,000

EUR

83,500

Bank

of

America

NA

01/05/21

(2,008)

USD

50,000

EUR

41,182

JPMorgan

Chase

Bank

NA

01/05/21

(310)

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

132

Schedule

of

Investments

(continued)

December

31,

2020

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

150,000

GBP

112,242

Deutsche

Bank

AG

01/05/21

$

(3,490)

USD

50,000

JPY

5,193,790

Bank

of

America

NA

01/05/21

(301)

USD

100,000

JPY

10,418,750

Citibank

NA

01/05/21

(903)

USD

150,000

MXN

2,988,825

Citibank

NA

01/05/21

(196)

USD

50,000

SEK

420,015

Bank

of

America

NA

01/05/21

(1,050)

USD

100,000

SEK

854,194

JPMorgan

Chase

Bank

NA

01/05/21

(3,821)

USD

100,000

CLP

75,010,000

Citibank

NA

01/06/21

(5,572)

USD

50,000

CLP

38,354,000

JPMorgan

Chase

Bank

NA

01/06/21

(3,981)

BRL

51,303

USD

10,000

Citibank

NA

01/08/21

(122)

MXN

198,851

USD

10,000

Citibank

NA

01/08/21

(11)

PLN

36,557

USD

10,000

UBS

AG

01/08/21

(214)

USD

10,000

CAD

12,782

JPMorgan

Chase

Bank

NA

01/08/21

(42)

USD

10,000

CLP

7,304,000

Morgan

Stanley

&

Co.

International

plc

01/08/21

(279)

USD

10,000

COP

34,370,900

Goldman

Sachs

International

01/08/21

(63)

USD

12,171

EUR

10,000

Barclays

Bank

plc

01/08/21

(47)

USD

20,000

ZAR

303,793

Goldman

Sachs

International

01/08/21

(662)

RUB

3,694,500

USD

50,000

Bank

of

America

NA

01/12/21

(80)

RUB

1,464,916

USD

20,000

Barclays

Bank

plc

01/12/21

(206)

USD

20,000

RUB

1,510,682

HSBC

Bank

plc

01/12/21

(412)

RUB

11,133,000

USD

150,000

JPMorgan

Chase

Bank

NA

02/02/21

(46)

USD

150,000

GBP

109,709

Bank

of

America

NA

02/02/21

(61)

ZAR

2,211,937

USD

150,000

BNP

Paribas

SA

02/02/21

(84)

INR

10,985,550

USD

150,000

Citibank

NA

02/03/21

(28)

USD

24,294

COP

88,439,198

Deutsche

Bank

AG

02/24/21

(1,580)

USD

115,036

RUB

8,786,205

Citibank

NA

02/24/21

(3,008)

USD

70,225

MXN

1,423,813

Barclays

Bank

plc

02/26/21

(905)

USD

25,560

MXN

517,000

Deutsche

Bank

AG

02/26/21

(267)

USD

1,008,553

CNY

6,628,209

Standard

Chartered

Bank

03/17/21

(5,913)

(36,184)

$

(16,631)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

June

2021

Futures

..............

67

06/11/21

USD

99.25

USD

16,750

$

13,819

90-day

Eurodollar

September

2021

Futures

..........

74

09/10/21

USD

99.38

USD

18,500

11,563

90-day

Eurodollar

September

2021

Futures

..........

94

09/10/21

USD

99.63

USD

23,500

5,875

$

31,257

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

1.15%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

05/28/21

1.15

%

USD

1,400

$

12,673

10-Year

Interest

Rate

Swap

(a)

1.05%

Semi-Annual

3

month

LIBOR

Quarterly

Barclays

Bank

plc

02/22/22

1.05

USD

1,150

31,694

$

44,367

(a)

Forward

settling

swaption.

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

133

Schedule

of

Investments

(continued)

December

31,

2020

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

REPO_CORRA

At

Termination

0.48%

At

Termination

10/07/22

(a)

10/07/23

CAD

1,220

$

432

$

—

$

432

3

month

BA

Semi-Annual

0.76%

Semi-Annual

10/07/22

(a)

10/07/23

CAD

2,930

558

(61)

619

3

month

BA

Semi-Annual

0.75%

Semi-Annual

10/24/22

(a)

10/24/23

CAD

2,168

37

—

37

3

month

BA

Semi-Annual

0.74%

Semi-Annual

10/26/22

(a)

10/26/23

CAD

1,630

(124)

—

(124)

3

month

BA

Semi-Annual

0.83%

Semi-Annual

11/09/22

(a)

11/09/23

CAD

1,477

805

—

805

3

month

BA

Semi-Annual

0.85%

Semi-Annual

12/01/22

(a)

12/01/23

CAD

1,700

876

—

876

0.80%

Semi-Annual

3

month

BA

Semi-Annual

12/12/22

(a)

12/12/23

CAD

1,768

(54)

—

(54)

28

day

MXIBTIIE

Monthly

6.67%

Monthly

N/A

08/12/24

MXN

470

1,754

—

1,754

28

day

MXIBTIIE

Monthly

6.72%

Monthly

N/A

08/13/24

MXN

404

1,540

—

1,540

28

day

MXIBTIIE

Monthly

6.59%

Monthly

N/A

11/08/24

MXN

296

1,107

—

1,107

28

day

MXIBTIIE

Monthly

5.04%

Monthly

N/A

11/12/25

MXN

1,295

996

—

996

2.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/21/28

USD

200

(32,967)

—

(32,967)

1.61%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/01/29

USD

400

(28,019)

—

(28,019)

$

(53,059)

$

(61)

$

(52,998)

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

0.72%

At

Termination

1

month

HICPXT

At

Termination

09/15/25

EUR

195

$

1,586

$

—

$

1,586

0.73%

At

Termination

1

month

HICPXT

At

Termination

09/15/25

EUR

195

1,463

—

1,463

0.67%

At

Termination

1

month

HICPXT

At

Termination

10/15/25

EUR

240

2,588

—

2,588

0.70%

At

Termination

1

month

HICPXT

At

Termination

11/15/25

EUR

210

3,767

—

3,767

1.01%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

45

5

—

5

1.03%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

68

(91)

—

(91)

1.03%

At

Termination

1

month

HICPXT

At

Termination

12/15/25

EUR

68

(85)

—

(85)

1

month

HICPXT

At

Termination

0.96%

At

Termination

09/15/30

EUR

195

(2,355)

—

(2,355)

1

month

HICPXT

At

Termination

0.98%

At

Termination

09/15/30

EUR

195

(1,940)

—

(1,940)

1

month

HICPXT

At

Termination

0.92%

At

Termination

10/15/30

EUR

240

(4,374)

—

(4,374)

1

month

HICPXT

At

Termination

0.90%

At

Termination

11/15/30

EUR

210

(6,315)

—

(6,315)

1

month

HICPXT

At

Termination

1.13%

At

Termination

12/15/30

EUR

45

(42)

—

(42)

1

month

HICPXT

At

Termination

1.14%

At

Termination

12/15/30

EUR

68

67

—

67

1

month

HICPXT

At

Termination

1.14%

At

Termination

12/15/30

EUR

68

13

—

13

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.33%

At

Termination

11/15/40

GBP

60

456

—

456

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

60

1,946

—

1,946

$

(3,311)

$

—

$

(3,311)

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

6.32%

Monthly

Goldman

Sachs

International

08/06/25

MXN

511

$

1,797

$

—

$

1,797

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

134

Schedule

of

Investments

(continued)

December

31,

2020

i

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

0.20

%

1

month

HICPXT

......................................

Harmonized

Index

Of

Consumer

Prices

Excluding

Tobacco

(0.36)

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.48

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.48

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.24

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

—

$

(61)

$

20,057

$

(76,366)

OTC

Swaps

...................................................................

—

—

1,797

—

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instru

ments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

—

$

—

$

24,443

$

—

$

24,443

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

19,553

—

—

19,553

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

—

—

75,624

—

75,624

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

8,166

11,891

20,057

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

—

—

1,797

—

1,797

$

—

$

—

$

—

$

19,553

$

110,030

$

11,891

$

141,474

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

4,955

—

4,955

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

36,184

—

—

36,184

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

61,164

15,202

76,366

$

—

$

—

$

—

$

36,184

$

66,119

$

15,202

$

117,505

(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).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

135

Schedule

of

Investments

(continued)

December

31,

2020

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

For

the

year

ended

December

31,

2020,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

—

$

—

$

66,519

$

—

$

66,519

Forward

foreign

currency

exchange

contracts

....

—

—

—

(10,036)

—

—

(10,036)

Options

purchased

(a)

....................

—

—

—

(27,195)

(105,558)

—

(132,753)

Options

written

........................

—

—

—

10,304

97,634

—

107,938

Swaps

..............................

—

1,291

—

—

(464,822)

42,406

(421,125)

$

—

$

1,291

$

—

$

(26,927)

$

(406,227)

$

42,406

$

(389,457)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

—

—

(4,872)

—

(4,872)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(55,062)

—

—

(55,062)

Options

purchased

(b)

....................

—

—

—

(1,343)

36,884

—

35,541

Options

written

........................

—

—

—

487

(13,151)

—

(12,664)

Swaps

..............................

—

989

—

—

99,367

(3,311)

97,045

$

—

$

989

$

—

$

(55,918)

$

118,228

$

(3,311)

$

59,988

(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

..................................................................................

$

14,320,487

Average

notional

value

of

contracts

—

short

.................................................................................

2,694,200

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

1,873,625

Average

amounts

sold

—

in

USD

........................................................................................

992,100

Options:

Average

value

of

option

contracts

purchased

................................................................................

17,458

Average

value

of

option

contracts

written

...................................................................................

33,758

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

1,930,750

Average

notional

value

of

swaption

contracts

written

...........................................................................

3,375,000

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

—

(a)

Average

notional

value

—

sell

protection

...................................................................................

—

(a)

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

7,204,063

Average

notional

value

—

receives

fixed

rate

................................................................................

9,079,708

Inflation

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

1,619,335

Average

notional

value

—

receives

fixed

rate

................................................................................

1,660,360

(a)

Derivative

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

2020

BlackRock

Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

136

Schedule

of

Investments

(continued)

December

31,

2020

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

....................................................................................

$

3,093

$

4,350

Forward

foreign

currency

exchange

contracts

.................................................................

19,553

36,184

Options

(a)(b)

........................................................................................

75,624

—

Swaps

—

Centrally

cleared

.............................................................................

—

666

Swaps

—

OTC

(c)

....................................................................................

1,797

—

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

100,067

$

41,200

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(34,350)

(5,016)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

65,717

$

36,184

(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

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Bank

of

America

NA

..............................

$

16,117

$

(4,022)

$

—

$

—

$

12,095

Barclays

Bank

plc

................................

31,972

(1,158)

—

—

30,814

BNP

Paribas

SA

.................................

1,027

(84)

—

—

943

Citibank

NA

....................................

5,419

(5,419)

—

—

—

Deutsche

Bank

AG

...............................

5,840

(5,337)

—

—

503

Goldman

Sachs

International

........................

1,823

(725)

—

—

1,098

HSBC

Bank

plc

..................................

1,637

(412)

—

—

1,225

JPMorgan

Chase

Bank

NA

..........................

1,282

(1,282)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

44

(44)

—

—

—

Natwest

Markets

plc

..............................

195

—

—

—

195

State

Street

Bank

and

Trust

Co.

......................

246

—

—

—

246

UBS

AG

......................................

115

(115)

—

—

—

$

65,717

$

(18,598)

$

—

$

—

$

47,119

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)

Bank

of

America

NA

..............................

$

4,022

$

(4,022)

$

—

$

—

$

—

Barclays

Bank

plc

................................

1,158

(1,158)

—

—

—

BNP

Paribas

SA

.................................

84

(84)

—

—

—

Citibank

NA

....................................

9,840

(5,419)

—

—

4,421

Deutsche

Bank

AG

...............................

5,337

(5,337)

—

—

—

Goldman

Sachs

International

........................

725

(725)

—

—

—

HSBC

Bank

plc

..................................

412

(412)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

8,200

(1,282)

—

—

6,918

Morgan

Stanley

&

Co.

International

plc

..................

279

(44)

—

—

235

Standard

Chartered

Bank

...........................

5,913

—

—

—

5,913

UBS

AG

......................................

214

(115)

—

—

99

$

36,184

$

(18,598)

$

—

$

—

$

17,586

(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

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

137

Schedule

of

Investments

(continued)

December

31,

2020

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

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

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

......................................

$

—

$

65,024,161

$

—

$

65,024,161

Short-Term

Securities

.......................................

—

5,400,034

—

5,400,034

Options

Purchased:

Interest

rate

contracts

......................................

31,257

44,367

—

75,624

Liabilities:

Investments:

TBA

Sale

Commitments

....................................

—

(14,771,511)

—

(14,771,511)

$

31,257

$

55,697,051

$

—

$

55,728,308

Derivative

Financial

Instruments

(a)

Assets:

Foreign

currency

exchange

contracts

............................

$

—

$

19,553

$

—

$

19,553

Interest

rate

contracts

.......................................

24,443

9,963

—

34,406

Other

contracts

...........................................

—

11,891

—

11,891

Liabilities:

Foreign

currency

exchange

contracts

............................

—

(36,184)

—

(36,184)

Interest

rate

contracts

.......................................

(4,955)

(61,164)

—

(66,119)

Other

contracts

...........................................

—

(15,202)

—

(15,202)

$

19,488

$

(71,143)

$

—

$

(51,655)

(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.

Statements

of

Assets

and

Liabilities

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

138

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

ASSETS

Investments

at

value

—

unaffiliated

(b)

(c)

.........................................

$

190,046,958‌

$

527,377,553‌

$

246,624,651‌

$

191,479,579‌

Investments

at

value

—

affiliated

(d)

............................................

7,472,752‌

44,172,366‌

6,150,530‌

15,578,078‌

Cash  

...............................................................

—‌

—‌

—‌

1,406,613‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................

—‌

—‌

—‌

60,000‌

Futures

contracts

......................................................

367,000‌

1,305,000‌

—‌

1,480,000‌

Centrally

cleared

swaps

..................................................

—‌

233,182‌

—‌

408,000‌

Foreign

currency

at

value

(e)

.................................................

—‌

1,202,733‌

5‌

93,618‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

1,067,718‌

45,769,868‌

122,911‌

175,510‌

Securities

lending

income

—

affiliated

........................................

5,431‌

9,242‌

774‌

2,673‌

TBA

sale

commitments

..................................................

—‌

49,124,594‌

—‌

—‌

Dividends

—

affiliated

...................................................

124‌

34,409‌

8‌

14‌

Dividends

—

unaffiliated

.................................................

131,186‌

214,397‌

11,308‌

93,387‌

Interest

—

unaffiliated

...................................................

—‌

1,149,337‌

—‌

264,652‌

From

the

Manager

.....................................................

—‌

—‌

—‌

316‌

Variation

margin

on

futures

contracts

.........................................

40,588‌

193,739‌

—‌

23,848‌

Swap

premiums

paid

.....................................................

—‌

117,284‌

—‌

9,571‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

225,332‌

—‌

600,827‌

OTC

swaps

..........................................................

—‌

8,728‌

—‌

78,656‌

Prepaid

expenses

.......................................................

1,584‌

4,365‌

1,742‌

1,642‌

Other

assets

...........................................................

—‌

1,123‌

—‌

—‌

Total

assets

...........................................................

199,133,341‌

671,143,252‌

252,911,929‌

211,756,984‌

LIABILITIES

Investments

sold

short

at

value

(f)

.............................................

—‌

104,867‌

—‌

1,135,442‌

Bank

overdraft

..........................................................

—‌

5,678‌

—‌

—‌

Borrowed

bonds

at

value

(g)

.................................................

—‌

3,893,821‌

—‌

—‌

Collateral

on

securities

loaned

at

value

.........................................

1,966,337‌

8,025,262‌

4,994,550‌

6,399,328‌

Options

written

at

value

(h)

..................................................

—‌

92,259‌

—‌

1,088,861‌

TBA

sale

commitments

at

value

(i)

.............................................

—‌

49,362,896‌

—‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

769,144‌

84,854,073‌

447,420‌

1,656,707‌

Swaps  

............................................................

—‌

—‌

—‌

5,404‌

Accounting

services

fees

.................................................

22,098‌

37,196‌

18,735‌

50,151‌

Capital

shares

redeemed

.................................................

6,866‌

106,392‌

12,166‌

14,041‌

Custodian

fees

........................................................

22,848‌

51,428‌

8,810‌

221,304‌

Deferred

foreign

capital

gain

tax

............................................

—‌

—‌

—‌

29,799‌

Interest

expense

......................................................

—‌

5,497‌

—‌

—‌

Investment

advisory

fees

.................................................

59,490‌

158,390‌

75,145‌

16,285‌

Directors'

and

Officer's

fees

...............................................

2,205‌

2,546‌

2,232‌

2,206‌

Other

affiliate

fees

.....................................................

1,553‌

4,267‌

1,717‌

1,561‌

Printing

and

postage

fees

................................................

14,292‌

13,982‌

3,776‌

5,206‌

Professional

fees

......................................................

30,790‌

34,713‌

26,713‌

34,968‌

Transfer

agent

fees

....................................................

65,506‌

182,193‌

80,812‌

64,574‌

Other

accrued

expenses

.................................................

6,154‌

4,946‌

—‌

14,694‌

Variation

margin

on

futures

contracts

.........................................

—‌

10,255‌

—‌

131,316‌

Variation

margin

on

centrally

cleared

swaps

....................................

—‌

1,579‌

—‌

9,804‌

Swap

premiums

received

..................................................

—‌

2,932‌

—‌

4,468‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

313,215‌

—‌

317,747‌

OTC

swaps

..........................................................

—‌

103,980‌

—‌

11,729‌

Total

liabilities

..........................................................

2,967,283‌

147,372,367‌

5,672,076‌

11,215,595‌

NET

ASSETS

..........................................................

$

196,166,058‌

$

523,770,885‌

$

247,239,853‌

$

200,541,389‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2020

139

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

NET

ASSETS

CONSIST

OF

Paid-in

capital

..........................................................

$

157,189,238‌

$

457,689,476‌

$

124,565,263‌

$

16

2

,

562

,

890‌

Accumulated

earnings

....................................................

38,976,820‌

66,081,409‌

122,674,590‌

3

7

,

978

,

499‌

NET

ASSETS

..........................................................

$

196,166,058‌

$

523,770,885‌

$

247,239,853‌

$

200,541,389‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments

at

cost

—

unaffiliated

...........................................

$

154,996,423‌

$

466,892,068‌

$

130,449,260‌

$

151,935,583‌

(c)

  Securities

loaned

at

value

................................................

$

1,909,044‌

$

7,827,928‌

$

4,879,339‌

$

6,280,458‌

(d)

  Investments

at

cost

—

affiliated

............................................

$

7,472,752‌

$

44,074,449‌

$

6,150,530‌

$

15,164,048‌

(e)

  Foreign

currency

at

cost

.................................................

$

—‌

$

1,154,726‌

$

5‌

$

135,286‌

(f)

  Proceeds

received

from

investments

sold

short

at

value

—

unaffiliated

..................

$

—‌

$

104,869‌

$

—‌

$

1,176,657‌

(g)

  Proceeds

received

from

borrowed

bonds

......................................

$

—‌

$

4,010,744‌

$

—‌

$

—‌

(h)

  Premiums

received

....................................................

$

—‌

$

91,615‌

$

—‌

$

1,133,871‌

(i)

  Proceeds

from

TBA

sale

commitments

........................................

$

—‌

$

49,124,594‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

140

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

NET

ASSET

VALUE

Net

assets

.....................................................

$

196,166,058

$

523,770,885

$

247,239,853

$

200,541,389

Shares

outstanding

..............................................

7,504,885

31,204,029

4,391,506

11,163,812

Net

asset

value

.................................................

$

26.14

$

16.79

$

56.30

$

17.96

Shares

authorized

...............................................

100

million

300

million

100

million

100

million

Par

value

.....................................................

$

0.10

$

0.10

$

0.10

$

0.10

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2020

141

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

BlackRock

U.S.

Government

Bond

Portfolio

ASSETS

Investments

at

value

—

unaffiliated

(a)

..........................................................

$

79,312,461‌

$

28,644,349‌

$

70,499,819‌

Investments

at

value

—

affiliated

(b)

............................................................

—‌

171,880‌

—‌

Cash  

...............................................................................

3,839,920‌

616‌

—‌

Cash

pledged:

Futures

contracts

......................................................................

—‌

—‌

66,540‌

Centrally

cleared

swaps

..................................................................

—‌

—‌

69,000‌

Foreign

currency

at

value

(c)

.................................................................

—‌

996‌

168,062‌

Repurchase

agreements

at

value

—

unaffiliated

(d)

..................................................

25,900,000‌

—‌

—‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

—‌

5,963‌

9,875,882‌

TBA

sale

commitments

..................................................................

—‌

—‌

14,695,693‌

Capital

shares

sold

.....................................................................

7,203‌

—‌

91‌

Dividends

—

affiliated

...................................................................

—‌

7‌

66‌

Dividends

—

unaffiliated

.................................................................

—‌

1,814‌

28,167‌

Interest

—

unaffiliated

...................................................................

11,333‌

414,902‌

262,682‌

From

the

Manager

.....................................................................

—‌

4,527‌

—‌

Investment

adviser

.....................................................................

11,099‌

—‌

—‌

Variation

margin

on

futures

contracts

.........................................................

—‌

—‌

3,093‌

Swap

premiums

paid

.....................................................................

—‌

949‌

—‌

Unrealized

appreciation

on:

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................................

—‌

2,564‌

19,553‌

OTC

swaps

..........................................................................

—‌

459‌

1,797‌

Prepaid

expenses

.......................................................................

1,092‌

536‌

1,025‌

Other

assets

...........................................................................

—‌

351‌

3,136‌

Total

assets

...........................................................................

109,083,108‌

29,249,913‌

95,694,606‌

LIABILITIES

Bank

overdraft

..........................................................................

—‌

—‌

1,357,554‌

TBA

sale

commitments

at

value

(e)

............................................................

—‌

—‌

14,771,511‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

—‌

100,197‌

25,552,440‌

Accounting

services

fees

.................................................................

13,039‌

33,358‌

22,249‌

Capital

shares

redeemed

.................................................................

51,123‌

1,810‌

1,684‌

Custodian

fees

........................................................................

6,062‌

14,209‌

13,339‌

Income

dividend

distributions

..............................................................

—‌

120,777‌

56,839‌

Investment

advisory

fees

.................................................................

—‌

—‌

7,581‌

Directors'

and

Officer's

fees

...............................................................

2,131‌

3,828‌

2,746‌

Other

affiliate

fees

.....................................................................

1,044‌

252‌

506‌

Printing

and

postage

fees

................................................................

5,051‌

8,676‌

9,979‌

Professional

fees

......................................................................

27,320‌

34,601‌

59,667‌

Registration

fees

......................................................................

2,933‌

—‌

229‌

Transfer

agent

fees

....................................................................

59,012‌

10,664‌

12,861‌

Other

accrued

expenses

.................................................................

472‌

864‌

9,004‌

Variation

margin

on

futures

contracts

.........................................................

—‌

—‌

4,350‌

Variation

margin

on

centrally

cleared

swaps

....................................................

—‌

—‌

666‌

Swap

premiums

received

..................................................................

—‌

1,076‌

—‌

Unrealized

depreciation

on:

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................................

—‌

—‌

36,184‌

OTC

swaps

..........................................................................

—‌

673‌

—‌

Total

liabilities

..........................................................................

168,187‌

330,985‌

41,919,389‌

NET

ASSETS

..........................................................................

$

108,914,921‌

$

28,918,928‌

$

53,775,217‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

142

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

BlackRock

U.S.

Government

Bond

Portfolio

NET

ASSETS

CONSIST

OF

Paid-in

capital

..........................................................................

$

108,909,625‌

$

29,829,996‌

$

52,874,507‌

Accumulated

earnings

(loss)

................................................................

5,296‌

(911,068‌)

900,710‌

NET

ASSETS

..........................................................................

$

108,914,921‌

$

28,918,928‌

$

53,775,217‌

(a)

  Investments

at

cost

—

unaffiliated

...........................................................

$

79,312,461‌

$

27,253,626‌

$

68,311,207‌

(b)

  Investments

at

cost

—

affiliated

............................................................

$

—‌

$

171,880‌

$

—‌

(c)

  Foreign

currency

at

cost

.................................................................

$

—‌

$

955‌

$

161,796‌

(d)

  Repurchase

agreements

at

cost

—

unaffiliated

..................................................

$

25,900,000‌

$

—‌

$

—‌

(e)

  Proceeds

from

TBA

sale

commitments

.......................................................

$

—‌

$

—‌

$

14,695,693‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2020

143

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

BlackRock

U.S.

Government

Bond

Portfolio

NET

ASSET

VALUE

Net

assets

......................................................................

$

108,914,921

$

28,918,928

$

53,775,217

Shares

outstanding

...............................................................

108,909,631

5,219,521

4,672,900

Net

asset

value

..................................................................

$

1.00

$

5.54

$

11.51

Shares

authorized

................................................................

2

billion

100

million

100

million

Par

value

......................................................................

$

0.10

$

0.10

$

0.10

Statements

of

Operations

Year

Ended

December

31,

2020

2020

BlackRock

Annual

Report

to

Shareholders

144

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

...................................................

$

8,456‌

$

326,639‌

$

3,255‌

$

113,641‌

Dividends

—

unaffiliated

.................................................

2,949,361‌

4,873,574‌

1,024,997‌

1,829,025‌

Interest

—

unaffiliated

...................................................

—‌

4,683,576‌

—‌

1,083,297‌

Securities

lending

income

—

affiliated

—

net

...................................

33,506‌

55,782‌

16,808‌

31,948‌

Foreign

taxes

withheld

..................................................

(1,036‌)

(12,089‌)

(12,121‌)

(78,603‌)

Total

investment

income

...................................................

2,990,287‌

9,927,482‌

1,032,939‌

2,979,308‌

EXPENSES

Investment

advisory

....................................................

661,458‌

1,794,281‌

790,116‌

664,373‌

Transfer

agent

........................................................

247,231‌

690,445‌

301,345‌

268,713‌

Accounting

services

....................................................

51,559‌

120,788‌

57,927‌

139,989‌

Professional

.........................................................

50,729‌

73,859‌

68,526‌

82,945‌

Custodian

...........................................................

30,809‌

109,293‌

16,161‌

298,621‌

Directors

and

Officer

...................................................

4,993‌

13,081‌

12,606‌

12,508‌

Printing

and

postage

...................................................

—‌

23,577‌

6,415‌

5,961‌

Miscellaneous

........................................................

3,198‌

38,613‌

4,033‌

10,992‌

Total

expenses

excluding

dividend

expense

and

interest

expense

.......................

1,049,977‌

2,863,937‌

1,257,129‌

1,484,102‌

Dividend

expense

—

affiliated

...............................................

—‌

—‌

—‌

3,311‌

Dividend

expense

—

unaffiliated

.............................................

—‌

—‌

—‌

7,947‌

Interest

expense

........................................................

—‌

82,828‌

—‌

—‌

Total

expenses

.........................................................

1,049,977‌

2,946,765‌

1,257,129‌

1,495,360‌

Less:

–‌

–‌

–‌

–‌

Transfer

agent

fees

reimbursed

............................................

(173,943‌)

(498,632‌)

(210,892‌)

(263,634‌)

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(3,360‌)

(13,431‌)

(499‌)

(196,790‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

872,674‌

2,434,702‌

1,045,738‌

1,034,936‌

Net

investment

income

(loss)

................................................

2,117,613‌

7,492,780‌

(12,799‌)

1,944,372‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

31,092,881‌

$

64,081,144‌

$

74,235,108‌

$

33,334,823‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...............................................

$

(7,449‌)

$

102,175‌

$

3,008‌

$

44,647‌

Investments

—

unaffiliated

(b)

............................................

15,878,272‌

37,141,712‌

22,957,622‌

8,167,431‌

Borrowed

bonds

....................................................

—‌

119,121‌

—‌

—‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

........................

—‌

2,380‌

—‌

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

(200,867‌)

—‌

(447,696‌)

Foreign

currency

transactions

...........................................

—‌

216,704‌

13,089‌

11,373‌

Futures

contracts

....................................................

1,440,221‌

2,827,254‌

—‌

192,532‌

Options

written

.....................................................

—‌

161,459‌

—‌

1,901,258‌

Short

sales

—

unaffiliated

..............................................

—‌

(132,548‌)

—‌

109,932‌

Swaps  

..........................................................

—‌

459,192‌

—‌

100,881‌

17,311,044‌

40,696,582‌

22,973,719‌

10,080,358‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...............................................

—‌

110,033‌

(20‌)

392,500‌

Investments

—

unaffiliated

(c)

............................................

13,656,831‌

22,894,976‌

51,261,303‌

23,446,130‌

Borrowed

bonds

....................................................

—‌

108,138‌

—‌

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

(179,339‌)

—‌

(4,664‌)

Foreign

currency

translations

............................................

—‌

44,492‌

106‌

(43,657‌)

Futures

contracts

....................................................

125,006‌

438,287‌

—‌

(427,710‌)

Options

written

.....................................................

—‌

(47,030‌)

—‌

(94,387‌)

Short

sales

—

unaffiliated

..............................................

—‌

2‌

—‌

47,154‌

Swaps  

..........................................................

—‌

15,002‌

—‌

(60,902‌)

13,781,837‌

23,384,561‌

51,261,389‌

23,254,464‌

Net

realized

and

unrealized

gain

.............................................

31,092,881‌

64,081,143‌

74,235,108‌

33,334,822‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

33,210,494‌

$

71,573,923‌

$

74,222,309‌

$

35,279,194‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

..............................................

$

—‌

$

—‌

$

—‌

$

(11,901‌)

(c)

  Net

of

foreign

capital

gain

tax

..............................................

$

—‌

$

—‌

$

—‌

$

16,341‌

Statements

of

Operations

(continued)

Year

Ended

December

31,

2020

145

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

BlackRock

U.S.

Government

Bond

Portfolio

INVESTMENT

INCOME

–

–

–

Dividends

—

affiliated

...................................................................

$

—‌

$

1,605‌

$

6,798‌

Dividends

—

unaffiliated

.................................................................

—‌

7,362‌

119‌

Interest

—

unaffiliated

...................................................................

670,664‌

1,655,385‌

1,274,626‌

Foreign

taxes

withheld

..................................................................

—‌

—‌

(72‌)

Total

investment

income

...................................................................

670,664‌

1,664,352‌

1,281,471‌

EXPENSES

Investment

advisory

....................................................................

408,279‌

102,930‌

206,458‌

Transfer

agent

........................................................................

156,676‌

42,666‌

85,459‌

Professional

.........................................................................

51,253‌

63,921‌

91,595‌

Accounting

services

....................................................................

39,404‌

105,496‌

78,873‌

Directors

and

Officer

...................................................................

12,137‌

—‌

—‌

Custodian

...........................................................................

11,936‌

29,657‌

29,583‌

Printing

and

postage

...................................................................

1,157‌

4,906‌

5,171‌

Miscellaneous

........................................................................

4,159‌

3,750‌

23,617‌

Total

expenses

excluding

interest

expense

.......................................................

685,001‌

353,326‌

520,756‌

Interest

expense

........................................................................

—‌

—‌

49,779‌

Total

expenses

.........................................................................

685,001‌

353,326‌

570,535‌

Less:

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................................

(172,845‌)

(176,535‌)

(161,493‌)

Transfer

agent

fees

reimbursed

............................................................

(145,039‌)

(37,665‌)

(80,446‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

367,117‌

139,126‌

328,596‌

Net

investment

income

....................................................................

303,547‌

1,525,226‌

952,875‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

1,978‌

$

528,300‌

$

2,599,403‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

$

1,978‌

$

129,089‌

$

1,946,954‌

Forward

foreign

currency

exchange

contracts

.................................................

—‌

31,273‌

(10,036‌)

Foreign

currency

transactions

...........................................................

—‌

(7,283‌)

24,929‌

Futures

contracts

....................................................................

—‌

(47,181‌)

66,519‌

Options

written

.....................................................................

—‌

(7,362‌)

107,938‌

Short

sales

—

unaffiliated

..............................................................

—‌

(674‌)

—‌

Swaps  

..........................................................................

—‌

(18,420‌)

(421,125‌)

1,978‌

79,442‌

1,715,179‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

—‌

439,120‌

853,706‌

Forward

foreign

currency

exchange

contracts

.................................................

—‌

2,976‌

(55,062‌)

Foreign

currency

translations

............................................................

—‌

32‌

6,071‌

Futures

contracts

....................................................................

—‌

—‌

(4,872‌)

Options

written

.....................................................................

—‌

27‌

(12,664‌)

Swaps  

..........................................................................

—‌

8,331‌

97,045‌

Unfunded

floating

rate

loan

interests

.......................................................

—‌

(1,628‌)

—‌

—‌

448,858‌

884,224‌

Net

realized

and

unrealized

gain

.............................................................

1,978‌

528,300‌

2,599,403‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................................

$

305,525‌

$

2,053,526‌

$

3,552,278‌

Statements

of

Changes

in

Net

Assets

2020

BlackRock

Annual

Report

to

Shareholders

146

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

Year

Ended

December

31,

Year

Ended

December

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

2,117,613‌

$

2,732,108‌

$

7,492,780‌

$

10,124,182‌

Net

realized

gain

........................................................

17,311,044‌

12,780,256‌

40,696,582‌

30,371,439‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

13,781,837‌

29,596,853‌

23,384,561‌

55,618,922‌

Net

increase

in

net

assets

resulting

from

operations

...................................

33,210,494‌

45,109,217‌

71,573,923‌

96,114,543‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(17,311,283‌)

(11,852,191‌)

(44,587,034‌)

(34,979,827‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.........................

(8,640,098‌)

(5,763,171‌)

(3,838,260‌)

(13,542,103‌)

NET

ASSETS

Total

increase

in

net

assets

...................................................

7,259,113‌

27,493,855‌

23,148,629‌

47,592,613‌

Beginning

of

year

..........................................................

188,906,945‌

161,413,090‌

500,622,256‌

453,029,643‌

End

of

year

..............................................................

$

196,166,058‌

$

188,906,945‌

$

523,770,885‌

$

500,622,256‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

147

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

Year

Ended

December

31,

Year

Ended

December

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

(12,799‌)

$

238,649‌

$

1,944,372‌

$

3,114,587‌

Net

realized

gain

........................................................

22,973,719‌

21,358,788‌

10,080,358‌

5,624,417‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

51,261,389‌

29,740,883‌

23,254,464‌

21,197,382‌

Net

increase

in

net

assets

resulting

from

operations

...................................

74,222,309‌

51,338,320‌

35,279,194‌

29,936,386‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(18,235,911‌)

(21,012,661‌)

(14,667,909‌)

(8,154,274‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(4,684,476‌)

2,746,206‌

(5,652,210‌)

(10,182,860‌)

NET

ASSETS

Total

increase

in

net

assets

...................................................

51,301,922‌

33,071,865‌

14,959,075‌

11,599,252‌

Beginning

of

year

..........................................................

195,937,931‌

162,866,066‌

185,582,314‌

173,983,062‌

End

of

year

..............................................................

$

247,239,853‌

$

195,937,931‌

$

200,541,389‌

$

185,582,314‌

(a)

Consolidated

Statements

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

148

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

Year

Ended

December

31,

Year

Ended

December

31,

2020

2019

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

303,547‌

$

2,123,664‌

$

1,525,226‌

$

1,735,796‌

Net

realized

gain

(loss)

....................................................

1,978‌

2,436‌

79,442‌

(376,917‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

—‌

—‌

448,858‌

2,822,804‌

Net

increase

in

net

assets

resulting

from

operations

...................................

305,525‌

2,126,100‌

2,053,526‌

4,181,683‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(303,547‌)

(2,123,664‌)

(1,531,302‌)

(1,741,887‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(3,541,319‌)

(18,908,774‌)

(2,276,026‌)

1,165,075‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(3,539,341‌)

(18,906,338‌)

(1,753,802‌)

3,604,871‌

Beginning

of

year

..........................................................

112,454,262‌

131,360,600‌

30,672,730‌

27,067,859‌

End

of

year

..............................................................

$

108,914,921‌

$

112,454,262‌

$

28,918,928‌

$

30,672,730‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

149

Financial

Statements

See

notes

to

financial

statements.

BlackRock

U.S.

Government

Bond

Portfolio

Year

Ended

December

31,

2020

2019

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

952,875‌

$

1,349,560‌

Net

realized

gain

......................................................................................

1,715,179‌

585,109‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

884,224‌

1,640,341‌

Net

increase

in

net

assets

resulting

from

operations

.................................................................

3,552,278‌

3,575,010‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(1,114,751‌)

(1,423,246‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.......................................................

(2,995,397‌)

(1,759,775‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.........................................................................

(557,870‌)

391,989‌

Beginning

of

year

........................................................................................

54,333,087‌

53,941,098‌

End

of

year

............................................................................................

$

53,775,217‌

$

54,333,087‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

150

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

23.90‌

$

19.76‌

$

24.31‌

$

27.15‌

$

26.53‌

Net

investment

income

(a)

....................................

0.28‌

0.35‌

0.38‌

(b)

0.40‌

0.36‌

Net

realized

and

unrealized

gain

(loss)

..........................

4.43‌

5.38‌

(1.62‌)

5.58‌

2.47‌

Net

increase

(decrease)

from

investment

operations

...................

4.71‌

5.73‌

(1.24‌)

5.98‌

2.83‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.34‌)

(0.34‌)

(0.39‌)

(0.41‌)

(0.37‌)

From

net

realized

gain

......................................

(2.13‌)

(1.25‌)

(2.92‌)

(8.41‌)

(1.84‌)

Total

distributions

..........................................

(2.47‌)

(1.59‌)

(3.31‌)

(8.82‌)

(2.21‌)

Net

asset

value,

end

of

year

..................................

$

26.14‌

$

23.90‌

$

19.76‌

$

24.31‌

$

27.15‌

Total

Return

(d)

19.99%

29.09%

(5.11)%

—

—

Based

on

net

asset

value

.....................................

19.99%

29.09%

(5.11)%

22.24%

10.69%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.59%

0.60%

0.63%

0.63%

0.60%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.49%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

......................................

1.18%

1.52%

1.51%

(b)

1.35%

1.36%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

196,166‌

$

188,907‌

$

161,413‌

$

187,538‌

$

167,987‌

Portfolio

turnover

rate

.......................................

124%

131%

151%

154%

48%

(a)

Based

on

average

shares

outstanding.

(b)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.01

per

share

and

0.06%,

respectively,

resulting

from

a

non-recurring

dividend.

(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.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

151

Financial

Highlights

(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

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(e)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Balanced

Capital

Portfolio

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

15.86‌

$

13.97‌

$

15.81‌

$

16.87‌

$

16.74‌

Net

investment

income

(a)

....................................

0.25‌

0.33‌

0.32‌

0.31‌

0.29‌

Net

realized

and

unrealized

gain

(loss)

..........................

2.23‌

2.75‌

(0.73‌)

2.14‌

1.16‌

Net

increase

(decrease)

from

investment

operations

...................

2.48‌

3.08‌

(0.41‌)

2.45‌

1.45‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.29‌)

(0.33‌)

(0.31‌)

(0.34‌)

(0.30‌)

From

net

realized

gain

......................................

(1.26‌)

(0.86‌)

(1.12‌)

(3.17‌)

(1.02‌)

Total

distributions

..........................................

(1.55‌)

(1.19‌)

(1.43‌)

(3.51‌)

(1.32‌)

Net

asset

value,

end

of

year

..................................

$

16.79‌

$

15.86‌

$

13.97‌

$

15.81‌

$

16.87‌

Total

Return

(c)

15.75%

22.06%

(2.66)%

—

—

Based

on

net

asset

value

.....................................

15.75%

22.06%

(2.66)%

14.59%

8.65%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

............................................

0.61%

0.63%

0.64%

0.66%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.50%

0.52%

0.52%

0.53%

0.52%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

...............................................

0.48%

0.49%

0.49%

0.49%

0.49%

Net

investment

income

......................................

1.56%

2.08%

1.98%

1.75%

1.72%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

523,771‌

$

500,622‌

$

453,030‌

$

511,193‌

$

490,442‌

Portfolio

turnover

rate

(e)

......................................

345%

320%

280%

332%

264%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.01%

—%

0.02%

0.01%

0.01%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Portfolio

turnover

rate

(excluding

MDRs)

............................

238%

228%

211%

248%

188%

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

152

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

Portfolio

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

43.39‌

$

36.63‌

$

40.56‌

$

33.61‌

$

34.32‌

Net

investment

income

(loss)

(a)

................................

(0.00‌)

(b)

0.06‌

0.15‌

(c)

0.12‌

(d)

0.07‌

(e)

Net

realized

and

unrealized

gain

..............................

17.32‌

11.86‌

0.83‌

11.11‌

0.07‌

Net

increase

from

investment

operations

...........................

17.32‌

11.92‌

0.98‌

11.23‌

0.14‌

Distributions

(f)

–

–

–

–

–

From

net

investment

income

.................................

(0.01‌)

(0.05‌)

(0.14‌)

(0.12‌)

(0.08‌)

From

net

realized

gain

......................................

(4.40‌)

(5.11‌)

(4.77‌)

(4.16‌)

(0.77‌)

Total

distributions

..........................................

(4.41‌)

(5.16‌)

(4.91‌)

(4.28‌)

(0.85‌)

Net

asset

value,

end

of

year

..................................

$

56.30‌

$

43.39‌

$

36.63‌

$

40.56‌

$

33.61‌

Total

Return

(g)

40.16%

32.79%

—

—

—

Based

on

net

asset

value

.....................................

40.16%

32.79%

2.42%

33.62%

0.40%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.59%

0.58%

0.59%

(h)

0.60%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.49%

0.48%

0.49%

(h)

0.51%

0.53%

Net

investment

income

(loss)

..................................

(0.01)%

0.13%

0.33%

(c)(h)

0.29%

(d)

0.21%

(e)

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

247,240‌

$

195,938‌

$

162,866‌

$

170,830‌

$

139,019‌

Portfolio

turnover

rate

.......................................

38%

42%

45%

48%

86%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

greater

that

$(0.005)

per

share.

(c)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.10

per

share

and

0.22%,

respectively,

resulting

from

a

non-recurring

dividend.

(d)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.04

per

share

and

0.09%,

respectively,

resulting

from

a

non-recurring

dividend.

(e)

Net

investment

income

per

share

and

the

ratio

of

net

investment

income

to

average

net

assets

includes

$0.03

per

share

and

0.08%,

respectively,

resulting

from

a

non-recurring

dividend.

(f)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(g)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(h)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

153

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Excluding

MDRs,

the

portfolio

turnover

rate

would

have

been

158%.

BlackRock

Global

Allocation

Portfolio

(a)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

16.03‌

$

14.20‌

$

16.42‌

$

14.60‌

$

14.25‌

Net

investment

income

(b)

....................................

0.18‌

0.27‌

0.27‌

0.25‌

0.23‌

Net

realized

and

unrealized

gain

(loss)

..........................

3.15‌

2.28‌

(1.44‌)

1.80‌

0.37‌

Net

increase

(decrease)

from

investment

operations

...................

3.33‌

2.55‌

(1.17‌)

2.05‌

0.60‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

.................................

(0.26‌)

(0.24‌)

(0.24‌)

(0.23‌)

(0.25‌)

From

net

realized

gain

......................................

(1.14‌)

(0.48‌)

(0.81‌)

—‌

—‌

Total

distributions

..........................................

(1.40‌)

(0.72‌)

(1.05‌)

(0.23‌)

(0.25‌)

Net

asset

value,

end

of

year

..................................

$

17.96‌

$

16.03‌

$

14.20‌

$

16.42‌

$

14.60‌

Total

Return

(d)

20.95%

18.05%

(7.27)%

—

—

Based

on

net

asset

value

.....................................

20.95%

18.05%

(7.27)%

14.05%

4.17%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

............................................

0.83%

0.79%

0.78%

0.79%

0.83%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.58%

0.57%

0.58%

0.58%

0.58%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

broker

fees

and

expenses

on

short

sales,

interest

expense

and

stock

loan

fees

...............................................

0.57%

0.57%

0.57%

0.57%

0.57%

Net

investment

income

......................................

1.08%

1.72%

1.67%

1.56%

1.62%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

200,541‌

$

185,582‌

$

173,983‌

$

211,555‌

$

206,525‌

Portfolio

turnover

rate

.......................................

159%

(f)

207%

145%

129%

134%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.02%

—%

0.02%

0.01%

—%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

154

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

.....................................

0.0026‌

0.0177‌

0.0139‌

0.0044‌

0.0000‌

(a)

Net

realized

gain

.........................................

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

...........................

0.0026‌

0.0177‌

0.0139‌

0.0044‌

0.0000‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.0026‌)

(0.0177‌)

(0.0139‌)

(0.0044‌)

(0.0000‌)

(c)

From

net

realized

gain

......................................

(0.0000‌)

(c)

(0.0000‌)

(c)

—‌

(0.0000‌)

(c)

(0.0000‌)

(c)

Total

distributions

..........................................

(0.0026‌)

(0.0177‌)

(0.0139‌)

(0.0044‌)

(0.0000‌)

Net

asset

value,

end

of

year

..................................

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Total

Return

(d)

0.26%

1.78%

1.41%

—

—

Based

on

net

asset

value

.....................................

0.26%

1.78%

1.41%

0.45%

0.00%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

0.62%

0.62%

0.64%

0.70%

0.54%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.33%

0.50%

0.50%

0.50%

0.42%

Net

investment

income

......................................

0.28%

1.77%

1.41%

0.44%

0.00%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

108,915‌

$

112,454‌

$

131,361‌

$

107,299‌

$

122,057‌

(a)

Amount

is

less

than

$0.00005

per

share.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

155

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

5.43‌

$

5.00‌

$

5.42‌

$

5.31‌

$

4.91‌

Net

investment

income

(a)

....................................

0.29‌

0.31‌

0.30‌

0.30‌

0.29‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.11‌

0.43‌

(0.42‌)

0.12‌

0.40‌

Net

increase

(decrease)

from

investment

operations

...................

0.40‌

0.74‌

(0.12‌)

0.42‌

0.69‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.29‌)

(0.31‌)

(0.30‌)

(0.31‌)

(0.29‌)

From

return

of

capital

......................................

—‌

—‌

(0.00‌)

(c)

—‌

—‌

Total

distributions

..........................................

(0.29‌)

(0.31‌)

(0.30‌)

(0.31‌)

(0.29‌)

Net

asset

value,

end

of

year

..................................

$

5.54‌

$

5.43‌

$

5.00‌

$

5.42‌

$

5.31‌

Total

Return

(d)

7.80%

15.04%

(2.31)%

—

—

Based

on

net

asset

value

.....................................

7.80%

15.04%

(2.31)%

(e)

7.95%

14.43%

Ratios

to

Average

Net

Assets

Total

expenses

............................................

1.27%

1.15%

1.98%

1.34%

0.99%

(f)

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.50%

0.50%

0.50%

0.50%

0.50%

(f)

Net

investment

income

......................................

5.48%

5.76%

5.66%

5.53%

5.64%

(f)

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

28,919‌

$

30,673‌

$

27,068‌

$

32,005‌

$

33,794‌

Portfolio

turnover

rate

.......................................

89%

74%

67%

73%

101%

(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)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2020

BlackRock

Annual

Report

to

Shareholders

156

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

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

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

U.S.

Government

Bond

Portfolio

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

year

.............................

$

11.01‌

$

10.58‌

$

10.80‌

$

10.86‌

$

10.90‌

Net

investment

income

(a)

....................................

0.20‌

0.27‌

0.25‌

0.21‌

0.17‌

Net

realized

and

unrealized

gain

(loss)

..........................

0.53‌

0.44‌

(0.17‌)

(0.02‌)

0.00‌

(b)

Net

increase

from

investment

operations

...........................

0.73‌

0.71‌

0.08‌

0.19‌

0.17‌

Distributions

from

net

investment

income

(c)

.........................

(0.23‌)

(0.28‌)

(0.30‌)

(0.25‌)

(0.21‌)

Net

asset

value,

end

of

year

..................................

$

11.51‌

$

11.01‌

$

10.58‌

$

10.80‌

$

10.86‌

Total

Return

(d)

6.64%

6.78%

0.77%

—

—

Based

on

net

asset

value

.....................................

6.64%

6.78%

0.77%

1.72%

1.54%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

............................................

1.02%

1.47%

1.69%

1.15%

0.94%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.59%

1.02%

0.86%

0.63%

0.59%

Total

expenses

after

fees

waived

and/or

reimbursed

and/or

reimbursed

and

excluding

interest

expense

...................................

0.50%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

......................................

1.71%

2.45%

2.39%

1.89%

1.50%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

53,775‌

$

54,333‌

$

53,941‌

$

54,580‌

$

60,506‌

Portfolio

turnover

rate

(f)

......................................

629%

658%

728%

1,058%

1,004%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

..................................

0.01%

0.01%

0.01%

0.01%

—%

Year

Ended

December

31,

2020

2019

2018

2017

2016

Portfolio

turnover

rate

(excluding

MDRs)

............................

386%

425%

434%

694%

631%

Notes

to

Financial

Statements

157

Notes

to

Financial

Statements

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

2

separate

portfolios.

The

following

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

The

Funds

offer

shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. 

Advantage

Large

Cap

Core,

Balanced

Capital,

Capital

Appreciation,

Global

Allocation

and

Government

Money

Market,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”)

or

its

affiliates,

are

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

High

Yield

and

U.S.

Government

Bond,

together

with

certain

other

registered

investment

companies

advised

by

the

Manager

or

its

affiliates,

are

included

in

a

complex

of

non-index

fixed-income

mutual

funds

and

all

BlackRock-advised

closed-end

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

liquidity

fees

or

temporary

suspensions

of

redemptions

due

to

declines

in

the

Fund's

weekly

liquid

assets.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

Global

Allocation

 include

the

accounts

of

BlackRock

Cayman

Global

Allocation

Portfolio

I,

Ltd.

(the

“Subsidiary”),

which

is

a

wholly-owned

subsidiary

of

Global

Allocation

 and

primarily

invests

in

commodity-related

instruments

and

other

derivatives

.

The

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

Subsidiary.

The

net

assets

of

the

Subsidiary

as

of

period

end

were

$6,860,083

,

which

is

3.4%

 of

Global

Allocation's

 consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to 

Global

Allocation

,

except

that

the

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments. 

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.

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

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

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,

is

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.

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)

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:

Certain

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

Fund

Name

Company

Herein

Referred

To

As

Diversification

Classification

BlackRock

Advantage

Large

Cap

Core

Portfolio

...................

Series

Fund

Advantage

Large

Cap

Core

Diversified

BlackRock

Balanced

Capital

Portfolio

..........................

Series

Fund

Balanced

Capital

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

U.S.

Government

Bond

Portfolio

......................

Series

Fund

II

U.S.

Government

Bond

Diversified

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

158

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,

2020

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Segregation

and

Collateralization:

In

cases

where a

Fund

enters

into

certain

investments

(e.g.,

dollar

rolls,

TBA

sale

commitments,

futures

contracts,

forward

foreign

currency

exchange

contracts,

options

written,

swaps

and

short

sales)

or

certain

borrowings

(e.g.,

reverse

repurchase

transactions)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, a

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments

or

borrowings.

Doing

so

allows

the

investment

or

borrowings

to

be

excluded

from

treatment

as

a

“senior

security.” Furthermore,

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

or

obligations.  

Distributions: 

For

Government

Money

Market,

High

Yield

and

U.S.

Government

Bond, distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

For

Advantage

Large

Cap

Core,

Balanced

Capital,

Capital

Appreciation

and

Global

Allocation,

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

date

and

made

at

least

annually.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund's

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital. 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

Subsidiary

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Subsidiary

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Global

Allocation’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

the

Funds,

as

defined

in

the

1940

Act

(“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

Independent

Directors

.

This

has

the

same

economic

effect

for

the

Independent 

Directors

as

if

the

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

and

U.S.

Government

Bond,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

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. 

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.

Global

Allocation

has

an

arrangement

with

its

custodian

whereby

credits

are

earned

on

uninvested

cash

balances,

which

could

be

used

to

reduce

custody

fees

and/or

overdraft

charges.

Global

Allocation

may

incur

charges

on overdrafts,

subject

to

certain

conditions.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

(except

Government

Money

Market) 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. Each

Fund

determines

the

fair

values

of its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Boards

of Directors

of

the

Companies

(each,

a

"Board"

and

together,

the

“Boards”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by each

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

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)

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

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Funds’

net

assets.

Each

business

day,

the

Funds

use

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

Notes

to

Financial

Statements

(continued)

159

Notes

to

Financial

Statements

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

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.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published NAV. 

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

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.

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.

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

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

market

value. 

If

events

(e.g.,

a

market

closure,

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

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

Global

Valuation

Committee,

or

its

delegate,

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

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

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

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

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.

Valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”)

or

a

hybrid

of

those

techniques

are

used

in

allocating

enterprise

value

of

the

company,

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

160

as

deemed

appropriate

under

the

circumstances.

The

use

of

OPM

and

PWERM

techniques

involve

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. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

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.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

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,

2020,

certain

investments

of

the

Funds were

fair

valued

using

NAV per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy. 

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

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

Notes

to

Financial

Statements

(continued)

161

Notes

to

Financial

Statements

inflation-indexed

bond

will

be

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

p

ayments

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. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets

.

Stripped

mortgage-backed

securities

may

be

privately

issued.

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. 

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

fu

nd

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

London

Interbank

Offered

Rate

(“LIBOR”),

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,

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

162

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,

certain

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.

As

of

period

end,

Global

Allocation

had

the

following

unfunded

floating

rate

loan

interests:

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 Global

Allocation

to

make

future

cash

payments. As

of

December

31,

2020,

Global

Allocation

had

outstanding

commitments

of

$174,150.

These

commitments

are

not

included

in

the

net

assets

of

the Global

Allocation

as

of

December

31,

2020.

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

Certain

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.

A

Fund

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,

a

Fund

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,

a

Fund

assumes

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,

a

Fund’s

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

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.

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

:

Certain

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

gai

ns

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. 

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

a

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

a

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,

a

fund

receives

securities

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Opendoor

,

Term

Loan

...............................................

$

120,933‌

$

120,933‌

$

120,933‌

$

–‌

Notes

to

Financial

Statements

(continued)

163

Notes

to

Financial

Statements

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects

a

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

be

referred

to

as

borrowed

bond

agreements

when

entered

into

in

connection

with

short

sales

of

bonds.

In

a

borrowed

bond

agreement,

a

fund

borrows

a

bond

from

a

counterparty

in

exchange

for

cash

collateral.

The

agreement

contains

a

commitment

that

the

security

and

the

cash

will

be

returned

to

the

counterparty

and

a

fund

at

a

mutually

agreed

upon

date.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Earnings

on

cash

collateral

and

compensation

to

the

lender

of

the

bond

are

based

on

agreed

upon

rates

between

a

fund

and

the

counterparty.

The

value

of

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

of

the

borrowed

bond.

To

the

extent

that

a

borrowed

bond

transaction

exceeds

one

business

day,

the

value

of

the

cash

collateral

in

the

possession

of

the

counterparty

is

monitored

on

a

daily

basis

to

ensure

the

adequacy

of

the

collateral.

As

the

market

value

of

the

borrowed

bond

changes,

the

cash

collateral

is

periodically

increased

or

decreased

with

a

frequency

and

in

amounts

prescribed

in

the

borrowed

bond

agreement.

A

fund

may

also

experience

delays

in

gaining

access

to

the

collateral.

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third

party

broker

dealers

in

which

a

fund

sells

securities

to

a

bank

or

broker-dealer

and

agrees

to

repurchase

the

same

securities

at

a

mutually

agreed

upon

date

and

price.

A

fund

receives

cash

from

the

sale

to

use

for

other

investment

purposes.

During

the

term

of

the

reverse

repurchase

agreement,

a

fund

continues

to

receive

the

principal

and

interest

payments

on

the

securities

sold.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Interest

on

the

value

of

the

reverse

repurchase

agreements

issued

and

outstanding

is

based

upon

competitive

market

rates

determined

at

the

time

of

issuance.

A

fund

may

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

If

a

fund

suffers

a

loss

on

its

investment

of

the

transaction

proceeds

from

a

reverse

repurchase

agreement,

a

fund

would

still

be

required

to

pay

the

full

repurchase

price.

Further,

a

fund

remains

subject

to

the

risk

that

the

market

value

of

the

securities

repurchased

declines

below

the

repurchase

price.

In

such

cases,

a

fund

would

be

required

to

return

a

portion

of

the

cash

received

from

the

transaction

or

provide

additional

securities

to

the

counterparty. 

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Statements

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Statements

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

year

ended

December

31,

2020,

the

average

amount

of

reverse

repurchase

agreements

and

the

daily

weighted

average

interest

rate

for

the

Funds

were

as

follows:

Borrowed

bond

agreements are

entered

into

by

a

fund

under

MRAs,

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

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.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

with

respect

to

excess

collateral

and,

as

such,

the

return

of

excess

collateral

may

be

delayed.

As

of

period

end,

the

following

table

is

a

summary

of

a

Fund’s

open

borrowed

bond

agreements by

counterparty

which

are

subject

to

offset

under

an

MRA

on

a

net

basis:  

(a)

Included

in

Investments

at

value-unaffiliated

in

the

Statements

of

Assets

and

Liabilities.

(b)

Includes

accrued

interest

on

borrowed

bonds

in

the

amount

of

$5,497

which

is

included

in

interest

expense

payable

in

the

Statements

of

Assets

and

Liabilities.

(c)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

In

the

event

the

counterparty

of

securities

under

an

MRA

files

for

bankruptcy

or

becomes

insolvent,

a

fund’s

use

of

the

proceeds

from

the

agreement

may

be

restricted

while

the

counterparty,

or

its

trustee

or

receiver,

determines

whether

or

not

to

enforce

a

fund’s

obligation

to

repurchase

the

securities.

Short

Sale

Transactions

(Borrowed

Bonds):

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

(borrowed

bond)

and

deliver

the

fixed-income

security

to

the

counterparty

to

which

it

sold

the

security

short.

An

amount

equal

to

the

proceeds

received

by

a

fund

is

reflected

as

an

asset

and

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

is

required

to

repay

the

counterparty

interest

on

the

security

sold

short,

which,

if

applicable,

is

included

in

interest

expense

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

Balanced

Capital

U.S.

Government

Bond

Average

Borrowings

..............................................................................

$

6,026,967‌

$

7,672,822‌

Daily

Weighted

Average

Interest

Rate

..................................................................

0.45%

0.48%

Counterparty

Borrowed

Bond

Agreements

(a)

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Exposure

Due

(to)/from

Counterparty

before

Collateral

Non-cash

Collateral

Received

Cash

Collateral

Received

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(c)

Balanced

Capital

Bank

of

America

Securities,

Inc.

.....

$

3,891,754‌

$

(3,899,318‌)

$

(7,564‌)

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

(7,564‌)

...........................................

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

164

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.

Short

Sale

Transactions

(Equities):

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,

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:

 Certain

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.

The

market

value

of

any

securities

on

loan,

all

of

which

were

classified

as

common

stocks/preferred

stocks/affiliated

and

unaffiliated

investment

companies

in

the

Funds’

Schedules

of

Investments,

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated,

and

collateral

on

securities

loaned

at

value,

respectively.

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.

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

a

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

165

Notes

to

Financial

Statements

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,

the

Funds

benefit

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

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

the

Funds.

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.

As

of

period

end,

the

following

table

is

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

Advantage

Large

Cap

Core

Citigroup

Global

Markets,

Inc.

.........................................

$

246,440‌

$

(246,440‌)

$

—‌

Credit

Suisse

Securities

(USA)

LLC

.....................................

361,614‌

(361,614‌)

—‌

Deutsche

Bank

Securities,

Inc.

........................................

101,790‌

(101,790‌)

—‌

JP

Morgan

Securities

LLC

...........................................

6,738‌

(6,738‌)

—‌

Morgan

Stanley

&

Co.

LLC

...........................................

147,370‌

(147,370‌)

—‌

SG

Americas

Securities

LLC

..........................................

1,045,092‌

(1,045,092‌)

—‌

$

1,909,044‌

$

(1,909,044‌)

$

—‌

Balanced

Capital

Citigroup

Global

Markets,

Inc.

.........................................

131,900‌

(131,900‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.....................................

1,372,980‌

(1,372,980‌)

—‌

Goldman

Sachs

&

Co.

..............................................

252,779‌

(252,779‌)

—‌

JP

Morgan

Securities

LLC

...........................................

2,101,688‌

(2,101,688‌)

—‌

Morgan

Stanley

&

Co.

LLC

...........................................

360,569‌

(360,569‌)

—‌

National

Financial

Services

LLC

........................................

221,853‌

(221,853‌)

—‌

SG

Americas

Securities

LLC

..........................................

3,386,159‌

(3,386,159‌)

—‌

$

7,827,928‌

$

(7,827,928‌)

$

—‌

Capital

Appreciation

Citigroup

Global

Markets,

Inc.

.........................................

1,400‌

(1,400‌)

—‌

JP

Morgan

Securities

LLC

...........................................

2,108,878‌

(2,108,878‌)

—‌

National

Financial

Services

LLC

........................................

437,180‌

(437,180‌)

—‌

SG

Americas

Securities

LLC

..........................................

2,331,881‌

(2,331,881‌)

—‌

$

4,879,339‌

$

(4,879,339‌)

$

—‌

Global

Allocation

BofA

Securities,

Inc.

................................................

1,106,254‌

(1,106,254‌)

—‌

Citigroup

Global

Markets,

Inc.

.........................................

361,933‌

(361,933‌)

—‌

Credit

Suisse

Securities

(USA)

LLC

.....................................

2,736,797‌

(2,736,797‌)

—‌

Goldman

Sachs

&

Co.

..............................................

1,335,307‌

(1,335,307‌)

—‌

JP

Morgan

Securities

LLC

...........................................

466,947‌

(466,947‌)

—‌

State

Street

Bank

&

Trust

Co.

.........................................

23,055‌

(23,055‌)

—‌

UBS

Securities

LLC

................................................

250,165‌

(250,165‌)

—‌

$

6,280,458‌

$

(6,280,458‌)

$

—‌

(a)

Collateral

received

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

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

166

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.

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.

A

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:

Certain

Funds

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

–

Certain

Funds

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

– Certain

Funds

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

– Certain

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,

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

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

Notes

to

Financial

Statements

(continued)

167

Notes

to

Financial

Statements

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.

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

— Certain

Funds

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

risk

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

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

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

168

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

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

Funds

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.

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 seven

combined

Funds’

average

daily

net

assets

at

the

following

annual

rates:

The

portion

of

the

assets

of

a

Fund

to

which

the

rate

at

each

breakpoint

level

applies

will

be

determined

on

a

“uniform

percentage”

basis.

The

uniform

percentage

applicable

to

a

breakpoint

level

is

determined

by

dividing

the

amount

of

the

aggregate

average

daily

net

assets

of

the

seven

combined

Funds

that

falls

within

that

breakpoint

level

by

the

aggregate

average

daily

net

assets

of

the

seven

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

Subsidiary

of

Global

Allocation.

The

Manager

does

not

receive

separate

compensation

from

the

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

Subsidiary.

With

respect

to

each

of

High

Yield

and

U.S.

Government

Bond,

the

Manager

entered

into

separate

sub-advisory

agreements,

effective

March

2,

2020

and

May

19,

2020

respectively,

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

each

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

each

Fund

to

the

Manager.

With

respect

to

Balanced

Capital,

the

Manager

entered

into

separate

sub-advisory

agreements

with

BIL

and

BlackRock

(Singapore)

Limited

(“BRS”)

(collectively,

the

“Sub-

Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BRS

for

services

they

provide

for

that

portion

of

Balanced

Capital

for

which

BIL

or

BRS,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Balanced

Capital

to

the

Manager.

For

the

year ended

December

31,

2020,

the

Funds

reimbursed

the

Manager

for

certain

accounting

services,

which

is

included

in

accounting

services

in

the

Statements

of

Operations.

The

reimbursements

were

as

follows:

Average

Daily

Net

Assets

of

the

Seven

Combined

Funds

Investment

Advisory

Fees

First

$250

Million

.......................................................................................................

0.50%

$250

Million

-

$300

Million

.................................................................................................

0.45

$300

Million

-

$400

Million

.................................................................................................

0.40

$400

Million

-

$800

Million

.................................................................................................

0.35

Greater

than

$800

Million

.................................................................................................

0.30

Advantage

Large

Cap

Core

..................................................................................................

$

2,050‌

Balanced

Capital

.........................................................................................................

5,603‌

Capital

Appreciation

.......................................................................................................

2,285‌

Global

Allocation

.........................................................................................................

2,028‌

Government

Money

Market

..................................................................................................

1,301‌

High

Yield

..............................................................................................................

327‌

U.S.

Government

Bond

.....................................................................................................

670‌

Notes

to

Financial

Statements

(continued)

169

Notes

to

Financial

Statements

Distribution

Fees:

Each

Company,

on behalf

of

its

respective

Funds,

entered

into

a

Distribution

Agreement

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Transfer

Agent:

On

behalf

of

the

Funds,

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,

2020

,

the

Funds

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

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

April

30,

2021.

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.

Prior

to

May

1,

2020,

this

waiver

was

voluntary.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2020,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

each

Fund's

(other

than

Government

Money

Market)

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

exchange-traded

funds

that

have

a

contractual

management

fee

through

April

30,

2021.

 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,

2020,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021,

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

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

2020,

expense

reimbursements

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

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:

Advantage

Large

Cap

Core

......................................................................................................

$

3,110‌

Balanced

Capital

.............................................................................................................

11,522‌

Capital

Appreciation

...........................................................................................................

499‌

Global

Allocation

.............................................................................................................

567‌

High

Yield

..................................................................................................................

320‌

U.S.

Government

Bond

.........................................................................................................

2,549‌

Balanced

Capital

.............................................................................................................

$

1,724‌

Global

Allocation

.............................................................................................................

8,604‌

Advantage

Large

Cap

Core

..................................................................................................

0.04‌

%

Balanced

Capital

.........................................................................................................

0.04‌

Capital

Appreciation

.......................................................................................................

0.04‌

Global

Allocation

.........................................................................................................

0.04‌ 

Government

Money

Market

..................................................................................................

0.02‌

High

Yield

..............................................................................................................

0.05‌ 

U.S.

Government

Bond

.....................................................................................................

0.05‌ 

Advantage

Large

Cap

Core

..................................................................................................

$

170,639‌

Balanced

Capital

.........................................................................................................

491,359‌

Capital

Appreciation

.......................................................................................................

210,892‌

Global

Allocation

.........................................................................................................

191,8

0

3‌

Government

Money

Market

..................................................................................................

1

2

9

,6

1

9‌

High

Yield

..............................................................................................................

23,752‌

U.S.

Government

Bond

.....................................................................................................

52,566‌

Advantage

Large

Cap

Core

...................................................................................................

0.50‌%

Balanced

Capital

..........................................................................................................

0.50‌

Capital

Appreciation

........................................................................................................

0.57‌

Global

Allocation

..........................................................................................................

0.57‌

Government

Money

Market

...................................................................................................

0.50‌

High

Yield

...............................................................................................................

0.50‌

U.S.

Government

Bond

......................................................................................................

0.50‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

170

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

April

30,

2021.

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,

2020,

the

following

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

in

the

Statements

of

Operations:

The

Manager has

also

voluntarily

agreed

to

waive

a

portion

of

its investment

advisory

fees and/or

reimburse

operating

expenses

to

enable

Government

Money

Market

to

maintain

minimum

levels

of

daily

net

investment

income

if

applicable.

These

amounts,

if

any,

are

reported

in

the

Statements

of

Operations

as

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed.

The

Manager

may

discontinue

the

waiver

and/or

reimbursement

at

any

time.

For

the

year ended

December

31,

2020,

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

under

this

agreement

were

$159,705

and

$13,035,

respectively,

for

Government

Money

Market.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

"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

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

SL

Liquidity

Series,

LLC

("Money

Market

Series"), managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Advantage

Large

Cap

Core,

Balanced

Capital

and

Capital

Appreciation

retain

75%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

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,

Advantage

Large

Cap

Core,

Balanced

Capital

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

80%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Pursuant

to

the

current

securities

lending

agreement,

Global

Allocation,

Government

Money

Market,

High

Yield

and

U.S.

Government

Bond

retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

or

Fixed-Income

Complexes,

as

applicable,

in

a

calendar

year

exceeds

a

specified

threshold,

Global

Allocation,

Government

Money

Market,

High

Yield

and

U.S.

Government

Bond,

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

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Fees

Waived

and/or

reimbursed

by

the

Manager

Advantage

Large

Cap

Core

..................................................................................................

$

250‌

Balanced

Capital

.........................................................................................................

185‌

Global

Allocation

.........................................................................................................

187,619‌

Government

Money

Market

..................................................................................................

13,140‌

High

Yield

..............................................................................................................

176,215‌

U.S.

Government

Bond

.....................................................................................................

158,944‌

Transfer

agent

fees

reimbursed

Advantage

Large

Cap

Core

..................................................................................................

$

3,304‌

Balanced

Capital

.........................................................................................................

7,273‌

Global

Allocation

.........................................................................................................

71,831‌

Government

Money

Market

..................................................................................................

2

,385‌

High

Yield

..............................................................................................................

13,913‌

U.S.

Government

Bond

.....................................................................................................

27,880‌

Notes

to

Financial

Statements

(continued)

171

Notes

to

Financial

Statements

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,

2020, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

th

e

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

Boards. 

During

the

year

ended

December

31,

2020,

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,

2020,

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:

PURCHASES

AND

SALES 

For

the

year ended

December

31,

2020,

purchases

and

sales

of

investments,

including

paydowns,

mortgage

dollar

rolls and

excluding

short-term

investments,

were

as

follows:

RULE-ABOVE

For

the

year ended

December

31,

2020,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

RULE-ABOVE

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

fiscal

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. 

Advantage

Large

Cap

Core

..................................................................................................

$

9,587‌

Balanced

Capital

.........................................................................................................

15,967‌

Capital

Appreciation

.......................................................................................................

4,842‌

Global

Allocation

.........................................................................................................

6,443‌

Purchases 

Sales 

Net

Realized

Gain

Balanced

Capital

...................................................................

$

280,510‌

$

106,665‌

$

2,399‌

Global

Allocation

...................................................................

92,910‌

112,420‌

2,590‌

High

Yield

........................................................................

239,181‌

358,451‌

6,785‌

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

Advantage

Large

Cap

Core

...............................................

$

—‌

$

—‌

$

215,477,681‌

$

242,346,352‌

Balanced

Capital

......................................................

44,862,350‌

54,299,804‌

1,634,552,091‌

1,721,030,457‌

Capital

Appreciation

....................................................

—‌

—‌

80,254,010‌

103,635,354‌

Global

Allocation

......................................................

21,633,971‌

33,871,341‌

238,901,165‌

229,388,30

6‌

Government

Money

Market

...............................................

—‌

—‌

—‌

—‌

High

Yield

...........................................................

—‌

—‌

24,387,082‌

26,779,912‌

U.S.

Government

Bond

..................................................

30,620,091‌

37,216,304‌

349,120,726‌

359,746,838‌

Purchases

Sales

Balanced

Capital

......................................................................................

$

520,827,308‌

$

520,793,712‌

Global

Allocation

......................................................................................

1,849,696‌

1,851,164‌

U.S.

Government

Bond

..................................................................................

146,781,898‌

146,776,108‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

172

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

December

31,

2020,

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.

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,

the

following

permanent

differences,

attributable

to

investments

in

wholly

owned

subsidiaries,

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

period

end,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amount

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,

options

and

foreign

currency

exchange

contracts,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements,

and

the

classification

of

investments.

During

the

year

ended December

31,

2020,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

Global

Allocation

Paid-in

capital

...........................................................................................................

$

(130,310‌

)

Accumulated

earnings

(loss)

.................................................................................................

130,3

10‌

Ordinary

Income

Long-Term

Capital

Gains

Total

Advantage

Large

Cap

Core

12/31/20

............................................................................

$

6,948,236‌

$

10,363,047‌

$

17,311,283‌

12/31/19

............................................................................

3,492,185‌

8,360,006‌

11,852,191‌

Balanced

Capital

12/31/20

............................................................................

24,420,865‌

20,166,169‌

44,587,034‌

12/31/19

............................................................................

18,152,149‌

16,827,678‌

34,979,827‌

Capital

Appreciation

12/31/20

............................................................................

64,020‌

18,171,891‌

18,235,911‌

12/31/19

............................................................................

184,784‌

20,827,877‌

21,012,661‌

Global

Allocation

12/31/20

............................................................................

11,619,570‌

3,048,339‌

14,667,909‌

12/31/19

............................................................................

6,673,519‌

1,480,755‌

8,154,274‌

Government

Money

Market

12/31/20

............................................................................

303,547‌

—‌

303,547‌

12/31/19

............................................................................

2,123,664‌

—‌

2,123,664‌

High

Yield

12/31/20

............................................................................

1,531,302‌

—‌

1,531,302‌

12/31/19

............................................................................

1,741,887‌

—‌

1,741,887‌

U.S.

Government

Bond

12/31/20

............................................................................

1,114,751‌

—‌

1,114,751‌

12/31/19

............................................................................

1,423,246‌

—‌

1,423,246‌

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Advantage

Large

Cap

Core

.......................................

$

3,462,525‌

$

1,421,821‌

$

—‌

$

34,092,474‌

$

38,976,820‌

Balanced

Capital

..............................................

3,996,134‌

4,016,969‌

—‌

58,068,306‌

66,081,409‌

Capital

Appreciation

............................................

70,585‌

6,458,103‌

—‌

116,145,902‌

122,674,590‌

Global

Allocation

..............................................

2,761,808‌

—‌

—‌

35,216,691‌

37,978,499‌

Government

Money

Market

.......................................

5,296‌

—‌

—‌

—‌

5,296‌

High

Yield

...................................................

—‌

—‌

(2,161,636‌)

1,250,568‌

(911,068‌)

U.S.

Government

Bond

..........................................

119,441‌

—‌

(1,164,950‌)

1,946,219‌

900,710‌

High

Yield

U.S.

Government

Bond

Amount

utilized

.................................................................................................

$

44,917‌

$

1,530,571‌

Notes

to

Financial

Statements

(continued)

173

Notes

to

Financial

Statements

As

of

December

31,

2020, 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: 

BANK

BORROWINGS 

The

Companies,

on

behalf

of

the

Funds

(except

for

Government

Money

Market),

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

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)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

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,

2020,

the

Funds

did

not

borrow

under

the

credit

agreement.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, certain

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. 

Certain

obligations

held

by

Government

Money

Market

have

a

credit

enhancement

or

liquidity

feature

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

when

due.

These

enhancements,

which

may

include

letters

of

credit,

stand-by

bond

purchase

agreements

and/or

third

party

insurance,

are

issued

by

financial

institutions.

The

value

of

the

obligations

may

be

affected

by

changes

in

creditworthiness

of

the

entities

that

provide

the

credit

enhancements

or

liquidity

features.

Government

Money

Market

monitors

its

exposure

by

reviewing

the

creditworthiness

of

the

issuers,

as

well

as

the

financial

institutions

issuing

the

credit

enhancements

and

by

limiting

the

amount

of

holdings

with

credit

enhancements

from

one

financial

institution.

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

redemption

gates

or

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.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

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,

Advantage

Large

Cap

Core

Balanced

Capital

Capital

Appreciation

Global

Allocation

High

Yield

U.S.

Government

Bond

Tax

cost

......................................

$

163,429,941‌

$

512,918,490‌

$

136,631,823‌

$

168,156,138‌

$

27,474,133‌

$

68,352,462‌

Gross

unrealized

appreciation

.......................

$

35,559,749‌

$

62,676,551‌

$

116,228,594‌

$

41,458,285‌

$

1,696,704‌

$

2,592,932‌

Gross

unrealized

depreciation

.......................

(1,469,980‌)

(4,230,456‌)

(85,236‌)

(4,878,265‌)

(353,984‌)

(565,572‌)

Net

unrealized

appreciation

(depreciation)

...............

$

34,089,769‌

$

58,446,095‌

$

116,143,358‌

$

36,580,020‌

$

1,342,720‌

$

2,027,360‌

Notes

to

Financial

Statements

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

174

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. 

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.

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. 

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.

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,

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. 

Concentration

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 certain

Fund's

portfolios

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

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates. 

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-

backed

securities.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers.

Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Schedules

of

Investments.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

Notes

to

Financial

Statements

(continued)

175

Notes

to

Financial

Statements

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/20

Year

Ended

12/31/19

Shares

Amount

Shares

Amount

Advantage

Large

Cap

Core

Shares

sold

38,859‌

$

929,548‌

66,878‌

$

1,469,715‌

Shares

issued

in

reinvestment

of

distributions

........................

674,929‌

17,311,283‌

501,554‌

11,852,191‌

Shares

redeemed

(1,113,413‌)

(26,880,929‌)

(832,213‌)

(19,085,077‌)

        Net

decrease

(399,625‌)

$

(8,640,098‌)

(263,781‌)

$

(5,763,171‌)

Balanced

Capital

Shares

sold

75,896‌

$

1,210,797‌

132,621‌

$

2,069,462‌

Shares

issued

in

reinvestment

of

distributions

........................

2,673,232‌

44,587,034‌

2,208,322‌

34,979,827‌

Shares

redeemed

(3,104,207‌)

(49,636,091‌)

(3,218,758‌)

(50,591,392‌)

        Net

decrease

(355,079‌)

$

(3,838,260‌)

(877,815‌)

$

(13,542,103‌)

Capital

Appreciation

Shares

sold

43,811‌

$

2,036,965‌

56,224‌

$

2,303,761‌

Shares

issued

in

reinvestment

of

distributions

........................

328,864‌

18,235,911‌

490,562‌

21,012,661‌

Shares

redeemed

(496,857‌)

(24,957,352‌)

(476,802‌)

(20,570,216‌)

        Net

increase

(decrease)

(124,182‌)

$

(4,684,476‌)

69,984‌

$

2,746,206‌

Global

Allocation

Shares

sold

166,377‌

$

2,884,411‌

166,976‌

$

2,557,633‌

Shares

issued

in

reinvestment

of

distributions

........................

827,991‌

14,667,909‌

511,283‌

8,154,274‌

Shares

redeemed

(1,404,651‌)

(23,204,530‌)

(1,352,496‌)

(20,894,767‌)

        Net

decrease

(410,283‌)

$

(5,652,210‌)

(674,237‌)

$

(10,182,860‌)

Government

Money

Market

Shares

sold

68,371,134‌

$

68,371,134‌

53,468,807‌

$

53,468,807‌

Shares

issued

in

reinvestment

of

distributions

........................

299,826‌

299,826‌

2,119,850‌

2,119,850‌

Shares

redeemed

(72,212,279‌)

(72,212,279‌)

(74,497,431‌)

(74,497,431‌)

        Net

decrease

(3,541,319‌)

$

(3,541,319‌)

(18,908,774‌)

$

(18,908,774‌)

High

Yield

Shares

sold

957,994‌

$

4,941,528‌

663,278‌

$

3,476,409‌

Shares

issued

in

reinvestment

of

distributions

........................

295,863‌

1,544,021‌

327,898‌

1,733,975‌

Shares

redeemed

(1,679,992‌)

(8,761,575‌)

(761,839‌)

(4,045,309‌)

        Net

increase

(decrease)

(426,135‌)

$

(2,276,026‌)

229,337‌

$

1,165,075‌

U.S.

Government

Bond

Shares

sold

391,313‌

$

4,487

,

037‌

463,896‌

$

5,048,514‌

Shares

issued

in

reinvestment

of

distributions

........................

101,934‌

1,165,802‌

131,942‌

1,430,787‌

Shares

redeemed

(754,958‌)

(8,648,236‌)

(757,229‌)

(8,239,076‌)

        Net

decrease

(

261,711‌

)

$

(

2,995,397‌

)

(161,391‌)

$

(1,759,775‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2020

BlackRock

Annual

Report

to

Shareholders

176

To

the

Shareholders

of

the

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Balanced

Capital

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

Government

Money

Market

Portfolio,

BlackRock

High

Yield

Portfolio,

and

BlackRock

U.S.

Government

Bond

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

consolidated

statement

of

assets

and

liabilities

of

BlackRock

Global

Allocation

Portfolio

of

BlackRock

Series

Fund,

Inc.,

including

the

consolidated

schedule

of

investments,

as

of

December

31,

2020,

the

related

consolidated

statement

of

operations

for

the

year

then

ended,

the

consolidated

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

We

have

also

audited

the

accompanying

statements

of

assets

and

liabilities

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Balanced

Capital

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

and

BlackRock

Government

Money

Market

Portfolio

of

BlackRock

Series

Fund,

Inc.,

and

of

BlackRock

High

Yield

Portfolio

and

BlackRock

U.S.

Government

Bond

Portfolio

of

BlackRock

Series

Fund

II,

Inc.,

(collectively

with

BlackRock

Global

Allocation

Portfolio,

the

“Funds”),

including

the

schedules

of

investments,

as

of

December

31,

2020,

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.

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,

2020,

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,

2020,

by

correspondence

with

the

custodian,

agent

banks,

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

16,

2021

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Statement

Regarding

Liquidity

Risk

Management

Program

177

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

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")

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Balanced

Capital

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio,

BlackRock

High

Yield

Portfolio

and

BlackRock

U.S.

Government

Bond

Portfolio

(the

“Funds”),

each

a

series

of

the

Series

Fund

and

Series

Fund

II,

as

applicable,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Directors

(the

“Board”)

of

Series

Fund,

on

behalf

of

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Balanced

Capital

Portfolio,

BlackRock

Capital

Appreciation

Portfolio

and

BlackRock

Global

Allocation

Portfolio,

met

on

November

10-11,

2020

and

the

Board

of

Series

Fund

II,

on

behalf

of

BlackRock

High

Yield

Portfolio

and

BlackRock

U.S.

Government

Bond

Portfolio,

met

on

November

18-19,

2020

(the

“Meeting”)

to

review

the

Program.

The

Boards

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

Funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meetings,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Boards

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

operation

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

impact

of

the

coronavirus

outbreak

on

the

Funds

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

Funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

Fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

Fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

Fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

Fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

Fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

Funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period.

The

Report

provided

to

the

Boards

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Director

and

Officer

Information

2020

BlackRock

Annual

Report

to

Shareholders

178

BlackRock

Series

Fund,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Mark

Stalnecker

1951

Chair

of

the

Board

and

Director

(Since

2019)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

33

RICs

consisting

of

159

Portfolios

None

Bruce

R.

Bond

1946

Director

(Since

2007)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

of

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

to

2005;

Board

Member

of

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

to

2007.

33

RICs

consisting

of

159

Portfolios

None

Susan

J.

Carter

1956

Director

(Since

2019)

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

since

1997;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019.

33

RICs

consisting

of

159

Portfolios

None

Collette

Chilton

1958

Director

(Since

2019)

Chief

Investment

Officer,

Williams

College

since

2006;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006.

33

RICs

consisting

of

159

Portfolios

None

Neil

A.

Cotty

1954

Director

(Since

2019)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

33

RICs

consisting

of

159

Portfolios

None

Lena

G.

Goldberg

1949

Director

(Since

2016)

Senior

Lecturer,

Harvard

Business

School,

since

2008;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

FMR

LLC/

Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

33

RICs

consisting

of

159

Portfolios

None

Henry

R.

Keizer

1956

Director

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

to

2016;

Director,

American

Institute

of

Certified

Public

Accountants

from

2009

to

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

to

2005

and

2010

to

2012;

Director,

KPMG

International

in

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

to

2012

and

U.S.

Vice

Chairman

of

Audit

thereof

from

2005

to

2010;

Global

Head

of

Audit,

KPMGI

(consortium

of

KPMG

firms)

from

2006

to

2010;

Director,

YMCA

of

Greater

New

York

from

2006

to

2010.

33

RICs

consisting

of

159

Portfolios

Hertz

Global

Holdings

(car

rental);

Montpelier

Re

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

until

2015;

WABCO

(commercial

vehicle

safety

systems);

Sealed

Air

Corp.

(packaging)

Cynthia

A.

Montgomery

1952

Director

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

33

RICs

consisting

of

159

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

Director

and

Officer

Information

(continued)

179

Director

and

Officer

Information

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Donald

C.

Opatrny

1952

Director

(Since

2015)

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

since

2004;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

to

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2018;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

of

Investment

Committee

since

2020.

33

RICs

consisting

of

159

Portfolios

None

Joseph

P.

Platt

1947

Director

(Since

2019)

General

Partner,

Thorn

Partners,

LP

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

33

RICs

consisting

of

159

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

Kenneth

L.

Urish

1951

Director

(Since

2019)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

founding

in

2001;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-Tel

from

2006

to

2007.

33

RICs

consisting

of

159

Portfolios

None

Claire

A.

Walton

1957

Director

(Since

2019)

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.

33

RICs

consisting

of

159

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

180

Interested

Directors

(a)(d)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

"interested

persons,"

as

defined

in

the

1940

Act,

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

In

addition,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Director

joined

the

Board,

certain

Independent

Directors

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Bruce

R.

Bond,

2005;

Susan

J.

Carter,

2016;

Collette

Chilton,

2015;

Neil

A.

Cotty,

2016;

Cynthia

A.

Montgomery,

1994;

Joseph

P.

Platt,

1999;

Mark

Stalnecker,

2015;

Kenneth

L.

Urish,

1999;

Claire

A.

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

117

RICs

consisting

of

267

Portfolios

None

John

M.

Perlowski

(e)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

118

RICs

consisting

of

268

Portfolios

None

Director

and

Officer

Information

(continued)

181

Director

and

Officer

Information

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company's

Directors

and

Officers

is

available

in

the

Company's

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Neal

J.

Andrews

1966

Chief

Financial

Officer

(Since

2007)

Chief

Financial

Officer

of

the

iShares

®

exchange

traded

funds

from

2019

to

2020;

Managing

Director

of

BlackRock,

Inc.

since

2006.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Neal

J.

Andrews

retired

as

the

Chief

Financial

Officer

effective

December

31,

2020,

and

Trent

Walker

was

elected

as

the

Chief

Financial

Officer

effective

January

1,

2021.

Director

and

Officer

Information

2020

BlackRock

Annual

Report

to

Shareholders

182

BlackRock

Series

Fund

II,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Richard

E.

Cavanagh

1946

Co-Chair

of

the

Board

and

Director

(Since

2019)

Director,

The

Guardian

Life

Insurance

Company

of

America

since

1998;

Board

Chair,

Volunteers

of

America

(a

not-for-profit

organization)

from

2015

to

2018

(board

member

since

2009);

Director,

Arch

Chemicals

(chemical

and

allied

products)

from

1999

to

2011;

Trustee,

Educational

Testing

Service

from

1997

to

2009

and

Chairman

thereof

from

2005

to

2009;

Senior

Advisor,

The

Fremont

Group

since

2008

and

Director

thereof

since

1996;

Faculty

Member/Adjunct

Lecturer,

Harvard

University

since

2007

and

Executive

Dean

from

1987

to

1995;

President

and

Chief

Executive

Officer,

The

Conference

Board,

Inc.

(global

business

research

organization)

from

1995

to

2007.

84

RICs

consisting

of

108

Portfolios

None

Karen

P.

Robards

1950

Co-Chair

of

the

Board

and

Director

(Since

2019)

Principal

of

Robards

&

Company,

LLC

(consulting

and

private

investing)

since

1987;

Co-founder

and

Director

of

the

Cooke

Center

for

Learning

and

Development

(a

not-for-profit

organization)

since

1987;

Director

of

Enable

Injections,

LLC

(medical

devices)

since

2019;

Investment

Banker

at

Morgan

Stanley

from

1976

to

1987.

84

RICs

consisting

of

108

Portfolios

Greenhill

&

Co.,

Inc.;

AtriCure,

Inc.

(medical

devices)

from

2000

until

2017

Michael

J.

Castellano

1946

Director

(Since

2019)

Chief

Financial

Officer

of

Lazard

Group

LLC

from

2001

to

2011;

Chief

Financial

Officer

of

Lazard

Ltd

from

2004

to

2011;

Director,

Support

Our

Aging

Religious

(non-profit)

from

2009

to

June

2015

and

from

2017

to

September

2020;

Director,

National

Advisory

Board

of

Church

Management

at

Villanova

University

since

2010;

Trustee,

Domestic

Church

Media

Foundation

since

2012;

Director,

CircleBlack

Inc.

(financial

technology

company)

from

2015

to

July

2020.

84

RICs

consisting

of

108

Portfolios

None

Cynthia

L.

Egan

1955

Director

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

84

RICs

consisting

of

108

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair)

(insurance);

Huntsman

Corporation

(chemical

products);

Envestnet

(investment

platform)

from

2013

until

2016

Frank

J.

Fabozzi

(d)

1948

Director

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

since

2011;

Visiting

Professor,

Princeton

University

for

the

2013

to

2014

academic

year

and

Spring

2017

semester;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Board

Member,

BlackRock

Equity-Liquidity

Funds

from

2014

to

2016;

affiliated

professor

Karlsruhe

Institute

of

Technology

from

2008

to

2011;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year.

85

RICs

consisting

of

109

Portfolios

None

R.

Glenn

Hubbard

1958

Director

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

84

RICs

consisting

of

108

Portfolios

ADP

(data

and

information

services);

Metropolitan

Life

Insurance

Company

(insurance);

KKR

Financial

Corporation

(finance)

from

2004

until

2014

W.

Carl

Kester

(d)

1951

Director

(Since

2019)

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

since

2008;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

85

RICs

consisting

of

109

Portfolios

None

Director

and

Officer

Information

(continued)

183

Director

and

Officer

Information

Interested

Directors

(a)(e)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company's

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company's

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Directors

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Richard

E.

Cavanagh,

1994;

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

W.

Carl

Kester,

1995;

and

Karen

P.

Robards,

1998.

Certain

other

Independent

Directors

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Michael

J.

Castellano,

2011;

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Dr.

Kester,

Ms.

Lynch

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Catherine

A.

Lynch

(d)

1961

Director

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

85

RICs

consisting

of

109

Portfolios

None

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

117

RICs

consisting

of

267

Portfolios

None

John

M.

Perlowski

(d)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

118

RICs

consisting

of

268

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

184

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company’s

Directors

and

Officers

is

available

in

the

Company’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Neal

J.

Andrews

1966

Chief

Financial

Officer

(Since

2007)

Chief

Financial

Officer

of

the

iShares

®

exchange

traded

funds

from

2019

to

2020;

Managing

Director

of

BlackRock,

Inc.

since

2006.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Neal

J.

Andrews

retired

as

the

Chief

Financial

Officer

effective

December

31,

2020,

and

Trent

Walker

was

elected

as

the

Chief

Financial

Officer

effective

January

1,

2021.

Additional

Information

185

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Funds

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

the

third

quarter

of

2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

so

that

a

failure

to

comply

with

the

limits

would

result

in

a

statutory

violation

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports

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.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

(except

BlackRock

Government

Money

Market

Portfolio)

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

The

BlackRock

Government

Money

Market

Portfolio

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Fund’s

reports

on

Form

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

The

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7762

;

(2)

at

blackrock.com/prospectus/insurance

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds’

portfolios

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com/prospectus/insurance

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

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)

441-7762

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.

Additional

Information

(continued)

2020

BlackRock

Annual

Report

to

Shareholders

186

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

(a)

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

(b)

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

(c)

New

York,

NY

10179

Brown

Brothers

Harriman

&

Co.

(d)

Boston,

MA

02109

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

(e)

New

York,

NY

10019

Willkie

Farr

&

Gallagher

LLP

(f)

New

York,

NY

10019

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Balanced

Capital

Portfolio,

BlackRock

High

Yield

Portfolio

and

BlackRock

U.S.

Government

Bond

Portfolio.

(b)

For

BlackRock

Balanced

Capital

Portfolio.

(c)

For

all

Funds

except

BlackRock

Global

Allocation

Portfolio.

(d)

For

BlackRock

Global

Allocation

Portfolio.

(e)

For

BlackRock

Advantage

Large

Cap

Core

Portfolio,

BlackRock

Balanced

Capital

Portfolio,

BlackRock

Capital

Appreciation

Portfolio,

BlackRock

Global

Allocation

Portfolio

and

BlackRock

Government

Money

Market

Portfolio.

(f)

For

BlackRock

High

Yield

Portfolio

and

BlackRock

U.S.

Government

Bond

Portfolio.

Glossary

of

Terms

Used

in

this

Report

187

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

NOK

Norwegian

Krone

PEN

Peruvian

Sol

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CVR

Contingent

Value

Rights

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

NYRS

New

York

Registered

Shares

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

REPO_CORRA

Canadian

Overnight

Repo

Rate

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

Want

to

know

more?

blackrock.com

|

800-441-7762

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

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

Government

agency.

BlackRock

Government

Money

Market

Portfolio's

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Portfolio.

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.

Series8-12/20-AR

Item 2 –           Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 –           Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi
Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions.  Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987.  Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results.  Ms. Robards has over 30 years of experience analyzing financial statements.  She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock High Yield Portfolio	$30,192	$30,192	$0	$38	$9,800	$10,100	$0	$0
BlackRock U.S. Government Bond Portfolio	$39,474	$39,474	$0	$38	$14,900	$15,400	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$1,984,000	$2,050,500

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Non-audit fees of $1,984,000 and $2,050,500 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock High Yield Portfolio	$9,800	$10,138
BlackRock U.S. Government Bond Portfolio	$14,900	$15,438

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$1,984,000	$2,050,500

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 –           Investments

 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Series Fund II, Inc.  

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Series Fund II, Inc.  

Date: February 26, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Series Fund II, Inc.  

Date: February 26, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Series Fund II, Inc.  

Date: February 26, 2021