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: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

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

June

30,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States,

along

with

most

of

the

world,

began

the

reporting

period

emerging

from

a

severe

recession,

prompted

by

pandemic-related

restrictions

that

disrupted

many

aspects

of

daily

life.

However,

easing

restrictions

and

robust

government

intervention

led

to

a

strong

rebound,

and

the

economy

grew

at

a

significant

pace

for

the

reporting

period,

recovering

much

of

the

output

lost

at

the

beginning

of

the

pandemic.

Equity

prices

rose

with

the

broader

economy,

as

investors

became

increasingly

optimistic

about

the

economic

outlook.

Stocks

rose

through

the

summer

of

2020,

fed

by

strong

fiscal

and

monetary

support

and

positive

economic

indicators.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

$1.9

trillion

of

fiscal

stimulus

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

substantial

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

Late

in

the

period

the

Fed

elaborated

on

their

expected

timeline,

raising

the

likelihood

of

slower

bond

purchasing

and

the

possibility

of

higher

rates

in

2023.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

While

we

expect

inflation

to

increase

somewhat

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

healthcare,

are

particularly

attractive

in

the

long-term.

U.S.

small-caps

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart.

We

are

underweight

long-term

on

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

Chinese

government

bonds

offer

potential

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

June

30,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.25%

40.79%

U.S.

small

cap

equities

(Russell

2000

®

Index)

17.54

62.03

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

8.83

32.35

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

7.45

40.90

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.09

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.10)

(5.89)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.60)

(0.33)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

1.24

4.20

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

3.61

15.34

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summaries

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

4

The

Benefits

and

Risks

of

Leveraging

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

19

Disclosure

of

Expenses

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

19

Derivative

Financial

Instruments

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

19

Financial

Statements:

Schedules

of

Investments

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

20

Statements

of

Assets

and

Liabilities

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

136

Statements

of

Operations

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

142

Statements

of

Changes

in

Net

Assets

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

144

Financial

Highlights

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

148

Notes

to

Financial

Statements

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

155

Disclosure

of

Investment

Advisory

Agreements

and

Sub-Advisory

Agreements

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

174

Additional

Information

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

182

Glossary

of

Terms

Used

in

this

Report

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

184

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Index.

What

factors

influenced

performance?

The

Fund

performed

well

against

the

changeable

market

backdrop.

U.S.

stocks

advanced

amid

accelerated

vaccine

distribution

alongside

strong

fiscal

policy

support

following

the

results

of

the

Georgia

senate

election

races.

With

the

removal

of

mobility

restrictions,

economic

activity

levels

experienced

a

sharp

rise

with

consumer

price

inflation

hitting

a

multi-year

high

in

the

second

half

of

the

period.

The

resulting

rise

in

rates

with

the

10-year

U.S.

Treasury

touching

pre-COVID

levels

in

the

first

quarter

of

2021

was

driven

by

a

greater

pricing

in

of

inflationary

pressures.

This

drove

a

reflationary

preference

within

equities

that

led

to

outperformance

across

value

stocks,

led

by

energy

and

financials,

at

the

expense

of

growth

and

momentum

throughout

the

first

five

months

of

2021.

As

markets

sought

to

evaluate

whether

inflation

increases

were

transitory,

the

Fed

took

a

surprisingly

hawkish

tone

in

June

2021.

This

prompted

a

sharp

reversal

that

restored

2020

trends

with

large-cap

secular

growth

stocks

the

dominant

market

theme

and

small

caps

lagging.

The

style

shift

was

further

supported

by

concerns

about

the

spread

of

the

Delta

COVID

strain

alongside

declining

bond

yields,

which

pointed

to

a

mid-cycle

economy.

While

the

growth

outlook

remained

strong,

investors

balanced

this

against

virus

developments

as

well

as

inflation

trends

with

the

potential

to

result

in

a

more

rapid

withdrawal

of

the

Fed’s

monetary

support.

Despite

the

rotation

in

June

2021,

strong

early

gains

across

fundamental

insights

led

to

overall

outperformance

for

the

period.

Valuation-related

measures

drove

gains

in

the

first

half

of

the

period

amid

market

style

preferences

driven

by

the

reflationary

theme.

Valuation

measures

performed

well

overall,

with

both

traditional

insights

as

well

as

more

nuanced

measures

such

as

comparing

valuations

across

research

expenditures

benefiting

from

the

reflationary

tone.

Additionally,

fundamental

quality

measures,

specifically

those

looking

at

balance

sheet

strength,

were

additive.

While

strong

contributors

throughout

most

of

the

period,

June

proved

challenging

to

valuation-based

measures

given

the

shift

toward

secular

growth

and

technology

stocks.

Nontraditional

fundamental

measures,

such

as

insights

related

to

environmental,

social

and

governance

(“ESG”)

factors

also

provided

performance

gains.

Environmental

transition

measures

that

look

toward

investor

positioning

into

ESG-related

holdings

performed

well

as

these

measures

captured

the

broader

sustainability

trend

across

the

market.

Insights

identifying

patents

filed

for

green

technology

development

also

performed

well

given

the

rotation

to

growth

and

technology

names

in

June

2021.

Sentiment

measures

outperformed

as

they

correctly

positioned

the

Fund

around

the

reopening

and

reflationary

themes.

An

insight

designed

to

capture

sentiment

across

market

participants,

such

as

bond

investors,

performed

well

as

interest

rates

became

more

volatile

in

response

to

shifting

inflation

expectations.

Other

sentiment

measures

that

evaluate

hiring

trends,

text

analyses

and

news

stories

all

performed

well.

These

faster-moving

insights

motivated

an

overweight

position

to

machinery

and

energy

names,

providing

gains

as

commodities

rallied.

Despite

generally

strong

relative

performance

in

the

period,

select

measures

were

challenged

to

keep

pace.

The

Fund

struggled

in

June

2021

after

the

surprise

Fed

pivot

to

a

hawkish

stance.

As

the

market

shifted

back

to

2020

themes,

risk

mitigation

ESG

insights,

such

as

those

that

evaluate

company

controversies,

detracted.

Another

measure

that

penalizes

companies

that

pay

lower

taxes

versus

peers,

typically

growth-oriented

technology

stocks,

while

favoring

those

with

higher

relative

tax

levels,

typically

more

blue

chip-type

stocks,

also

lagged.

Elsewhere,

a

dynamic

insight

that

seeks

to

combine

signals

and

data

sources

in

an

optimal

way

was

a

leading

detractor

as

it

motivated

an

underweight

to

oil

names,

which

rallied

along

with

the

price

of

oil.

Finally,

insights

that

seek

to

identify

lower

risk

securities

declined

as

the

market

continued

its

overall

upward

trajectory.

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.

The

Fund

built

upon

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

around

retail

names.

Additionally,

given

the

dynamism

of

the

current

environment,

the

Fund

has

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends,

such

as

sentiment

around

vaccine

distribution

and

the

impact

on

economic

reopening.

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

to

industrials

and

information

technology

and

slight

underweights

to

communication

services

and

health

care.

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

June

30,

2021

(continued)

5

Fund

Summary

BlackRock

Advantage

Large

Cap

Core

Portfolio

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Advantage

Large

Cap

Core

Portfolio

(b)

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

15.91‌%

42.12‌%

18.65‌%

13.75‌%

Russell

1000

®

Index

(c)

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

14.95‌

43.07‌

17.99‌

14.90‌

(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.”

(b)

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.

(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.

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

Advantage

Large

Cap

Core

Portfolio

........

$

1,000.00‌

$

1,159.10‌

$

2.52‌

$

1,000.00‌

$

1,022.46‌

$

2.36‌

0.47‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

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

28‌

%

Health

Care

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

1

3‌ 

Financials

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

1

2‌ 

Consumer

Discretionary

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

11‌

Industrials

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

10‌

Communication

Services

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

10‌

Consumer

Staples

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

5‌

Energy

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

3‌

Utilities

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

3‌

Real

Estate

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

2‌

Materials

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

2‌

Short-Term

Securities

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

2‌

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

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

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

six-month

period

ended

June

30,

2021,

the

Fund

returned

9.23%,

outperforming

its

blended

benchmark

(60%

Russell

1000

®

Index/40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index),

which

returned

8.11%

for

the

period.

The

Russell

1000

®

Index

returned

14.95%,

and

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

returned

(1.60)%.

What

factors

influenced

performance?

Asset

allocation

decisions

as

well

as

the

Fund's

underlying

equity

and

fixed

income

allocations

all

contributed

to

relative

performance

during

the

period.

From

an

asset

allocation

perspective,

the

Fund's

overweight

allocation

to

U.S.

equities

was

the

primary

driver

of

performance,

as

equities

gained

during

the

period

amid

a

pickup

in

economic

activity,

further

U.S.

fiscal

stimulus,

and

positive

developments

in

the

COVID-19

vaccine

rollout.

Within

the

equity

allocation,

strong

early

gains

among

fundamental

insights

provided

overall

outperformance

for

the

period.

Valuation-related

measures

drove

gains

in

the

first

half

of

the

period

amid

the

reflationary

market

environment

and

style

preference,

and

they

performed

well

overall.

Both

traditional

insights

as

well

as

more

nuanced

measures

such

as

comparing

valuations

across

research

expenditures

benefited

from

the

reflationary

tone.

Additionally,

fundamental

quality

measures,

specifically

those

looking

at

balance

sheet

strength,

were

also

additive.

Elsewhere,

nontraditional

fundamental

measures,

such

as

environmental,

social

and

governance

(“ESG”)-related

insights,

also

provided

gains.

Sentiment

measures

also

contributed

to

performance

as

they

correctly

positioned

the

Fund

around

the

reopening

and

reflationary

themes.

Within

the

fixed

income

allocation,

U.S.

high-yield

credit,

structured

products,

and

duration

positioning

to

interest

rate

sensitivity

were

the

primary

contributors

to

performance.

Conversely,

select

measures

within

the

equity

allocation

detracted

from

performance.

As

performance

themes

began

to

reverse

course

after

the

surprise

pivot

from

the

Fed

to

a

hawkish

stance

on

monetary

policy,

risk-mitigation

ESG

insights,

such

as

those

that

evaluate

company

controversies,

detracted.

Another

measure

that

penalizes

companies

paying

lower

levels

of

taxes

than

peers

(such

as

growth-oriented

tech

companies)

in

favor

of

those

paying

higher

relative

tax

levels

(such

as

blue

chips)

also

detracted.

Elsewhere,

a

dynamic

insight

seeking

optimally

to

combine

signals

and

data

sources

was

a

top

detractor,

as

it

motivated

an

underweight

to

oil

companies,

dragging

on

performance

amid

the

rally

in

crude

oil

prices.

Lastly,

insights

seeking

to

identify

lower-risk

securities

declined

as

the

market

continued

its

run-up.

Detracting

the

most

from

performance

within

the

fixed

income

allocation

were

macro

strategies,

emerging

market

debt,

and

absolute

return

strategies.

No

asset

allocation

views

significantly

detracted

from

relative

returns

during

the

period.

The

Fund

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

during

the

period.

Describe

recent

portfolio

activity.

The

Fund

entered

the

period

with

a

moderate

overweight

to

U.S.

equities

and

a

neutral

duration

position

versus

the

benchmark.

This

positioning

reflected

the

belief

that

as

vaccination

rates

picked

up,

economies

would

reopen,

and

economic

activity

would

accelerate.

As

the

period

progressed,

the

Fund

increased

its

overweight

to

equities,

driven

by

a

noticeable

improvement

in

global

growth

and

supportive

monetary

and

fiscal

policy.

However,

in

June,

as

prices

moved

in

line

with

the

investment

adviser’s

views,

the

Fund

trimmed

its

overweight

to

equities

to

a

more

modest

position

and

also

moved

to

underweight

U.S.

duration,

motivated

by

the

hawkish

shift

in

stance

by

the

Fed

following

the

June

2021

meeting

of

the

Federal

Open

Market

Committee.

Within

the

equity

allocation,

the

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

group

of

insights.

The

Fund

built

upon

its

alternative

data

capabilities

by

adding

an

insight

that

captures

brand

sentiment

around

retail

names.

Additionally,

given

the

dynamism

of

the

current

environment,

the

Fund

instituted

enhanced

signal

constructs

to

best

identify

emerging

trends,

such

as

sentiment

around

vaccine

distribution

and

the

impact

on

economic

reopening.

Within

the

fixed

income

allocation,

the

portfolio

trimmed

duration

and

remained

underweight,

primarily

concentrated

in

the

United

States,

given

the

view

that

duration

will

provide

a

less

effective

hedge

in

the

current

market

environment

as

growth

improves

and

the

economy

re-opens,

which

should

push

interest

rates

higher

to

end

the

year.

In

turn,

the

Fund

favored

European

peripheral

bonds,

emerging

market

duration,

and

Chinese

government

bonds

as

a

hedge

and

for

their

relatively

attractive

yield

profile.

In

addition,

the

Fund

moved

down

the

capital

structure

into

U.S.

high-yield

credit,

hard

currency

corporate

bonds

in

emerging

markets,

and

structured

products

given

the

attractive

income

profile

in

a

low-rate

regime.

Describe

portfolio

positioning

at

period

end.

The

Fund

ended

the

period

with

an

overweight

position

in

U.S.

equities

and

underweight

to

U.S.

duration,

reflecting

the

fact

that

global

growth

remained

robust

with

strength

underpinned

by

fiscal

and

monetary

stimulus

as

well

as

public

health

policy.

While

pricing

in

this

positive

growth

environment

has

risen,

the

Fund's

position

reflects

the

belief

that

there

remains

scope

for

further

increases

as

fiscal

and

monetary

policy

remain

broadly

supportive

and

vaccine

rollouts

reduce

COVID-19-related

restrictions

on

economic

activity.

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

June

30,

2021

(continued)

7

Fund

Summary

BlackRock

Balanced

Capital

Portfolio

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Balanced

Capital

Portfolio

(b)

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

9.23‌%

25.96‌%

13.02‌%

10.40‌%

60%

Russell

1000

®

Index/40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(c)

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

8.11‌

24.23‌

12.11‌

10.43‌

Russell

1000

®

Index

(d)

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

14.95‌

43.07‌

17.99‌

14.90‌

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(e)

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

(1.60‌)

(0.33‌)

3.03‌

3.39‌

(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)

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.

(c)

A

customized

weighted

index

comprised

of

the

returns

of

the

Russell

1000

®

Index

(60%)

and

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(40%).

(d)

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.

(e)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

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)

Including

Interest

Expense

Excluding

Interest

Expense

Including

Interest

Expense

Excluding

Interest

Expense

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(c)

BlackRock

Balanced

Capital

Portfolio

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

$

1,000.00‌

$

1,092.30‌

$

2.54‌

$

2.49‌

$

1,000.00‌

$

1,022.36‌

$

2.46‌

$

1,022.41‌

$

2.41‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.49%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

181/365

(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

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

12‌

U.S.

Treasury

Obligations

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

6‌

Investment

Companies

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

4‌

Foreign

Government

Obligations

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

2‌

Asset-Backed

Securities

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

2‌

Non-Agency

Mortgage-Backed

Securities

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

1‌

Municipal

Bonds

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

—‌

(b)

Capital

Trusts

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

—‌

(b)

Foreign

Agency

Obligations

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

—‌

(b)

Floating

Rate

Loan

Interests

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

—‌

(b)

Other

Interests

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

—‌

(b)

(a)

Excludes

short-term

securities,

options

purchased,

options

written,

borrowed

bonds

and

TBA

sale

commitments.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Russell

1000

®

Growth

Index,

while

underperforming

the

broad

market

S&P

500

®

Index.

What

factors

influenced

performance?

The

Fund's

stock

selection

decisions

within

the

information

technology

("IT")

and

financials

sectors

and

its

positioning

among

consumer

staples

were

the

largest

contributors

to

relative

performance

during

the

period.

Within

IT,

an

underweight

allocation

to

the

technology

hardware,

storage

&

peripherals

industry,

most

notably

its

underweight

position

in

Apple,

Inc.,

drove

relative

performance.

Avoiding

more

defensive

consumer

staples

sub-sectors,

such

as

beverages,

proved

advantageous,

as

these

areas

typically

lag

in

a

rising

market

environment.

Lastly,

among

financials,

an

overweight

position

in

S&P

Global,

Inc.

in

the

capital

markets

sub-sector

contributed

to

relative

returns.

Conversely,

the

Fund's

stock

selection

in

industrials

and

communication

services,

as

well

as

a

mix

of

positioning

and

stock

selection

in

real

estate,

were

the

largest

detractors

from

relative

performance.

Within

industrials,

overweight

exposure

to

the

professional

services

industry

generally

and

an

overweight

position

in

CoStar

Group,

Inc.

in

particular

detracted

the

most.

In

communication

services,

selection

in

the

interactive

media

&

services

industry,

specifically

an

out-of-benchmark

position

in

Tencent

Holdings

Ltd.,

weighed

on

relative

performance.

Lastly,

within

real

estate,

positioning

in

real

estate

investment

trusts,

particularly

an

overweight

position

in

SBA

Communications

Corp.,

slightly

detracted

from

results.

Describe

recent

portfolio

activity.

During

the

period,

the

most

notable

increase

in

the

Fund’s

sector

weightings

was

to

communication

services,

especially

within

the

interactive

media

&

services

industry.

Exposure

to

industrials

also

rose.

Conversely,

the

Fund's

exposure

to

IT

decreased

the

most

due

to

a

reduced

allocation

to

the

software

industry.

Exposure

to

health

care

decreased

as

well.

Describe

portfolio

positioning

at

period

end.

Relative

to

its

benchmark,

the

Fund

ended

the

period

with

its

largest

overweight

positions

in

the

communication

services

sector,

followed

by

financials

and

materials.

The

Fund’s

largest

underweight

position

was

in

consumer

staples,

followed

by

real

estate

and

health

care.

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

June

30,

2021

(continued)

9

Fund

Summary

BlackRock

Capital

Appreciation

Portfolio

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Capital

Appreciation

Portfolio

(b)

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

13.50‌%

39.82‌%

24.81‌%

16.61‌%

S&P

500

®

Index

(c)

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

15.25‌

40.79‌

17.65‌

14.84‌

Russell

1000

®

Growth

Index

(d)

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

12.99‌

42.50‌

23.66‌

17.87‌

(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)

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.

(c)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

(d)

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.

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

Capital

Appreciation

Portfolio

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

$

1,000.00‌

$

1,135.00‌

$

2.49‌

$

1,000.00‌

$

1,022.46‌

$

2.36‌

0.47‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

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

44‌

%

Consumer

Discretionary

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

18‌

Communication

Services

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

17‌

Health

Care

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

8‌

Industrials

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

7‌

Financials

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

4‌

Materials

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

2‌

Short-Term

Securities

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

4‌

Liabilities

in

Excess

of

Other

Assets

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

(4‌)

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

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

10

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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

reference

benchmark,

which

is

comprised

of

the

S&P

500

®

Index

(36%),

FTSE

World

(ex-US)

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

underperformed

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?

The

Fund’s

broad

overweight

to

equities

contributed

to

performance.

From

a

sector

perspective,

stock

selection

within

financials

and

materials

was

additive.

Stock

selection

within

health

care

contributed

to

performance

as

well,

although

this

was

partially

offset

by

an

overweight

to

the

sector.

Within

fixed

income,

a

broad

underweight

to

developed

market

government

bonds

as

compared

to

the

Reference

Benchmark

positively

impacted

returns.

Finally,

exposure

to

corporate

credit,

most

notably

U.S.

high

yield,

was

additive.

Within

equities,

security

selection

within

consumer

discretionary

detracted

from

performance.

Tactical

hedges

on

U.S.

equity

positioning

to

manage

the

Fund’s

overall

beta

(market

sensitivity)

weighed

on

performance.

Within

fixed

income,

positioning

within

U.S.

Treasuries,

most

notably

exposure

to

longer

maturities,

negatively

impacted

performance.

Exposure

to

cash

and

cash

equivalents

and

gold-related

securities

also

weighed

on

returns.

The

Fund

uses

derivatives,

which

may

include

options,

futures,

swaps

and

forward

contracts

both

to

seek

to

enhance

returns

of

the

Fund

and

to

hedge

(or

protect)

against

adverse

movements

in

currency

exchange

rates,

interest

rates

and

movements

in

the

securities

markets.

During

the

period,

the

Fund’s

use

of

derivatives,

in

aggregate,

detracted

from

the

Fund’s

performance.

Describe

recent

portfolio

activity.

During

the

period,

the

Fund’s

overall

equity

allocation

increased

from

68%

to

72%

of

net

assets.

Within

equities,

the

Fund

increased

exposure

to

Europe

and

decreased

exposure

to

Japan.

Exposure

to

the

United

States

was

tactically

managed

over

the

period,

however,

the

weighting

at

the

end

of

the

reporting

period

was

in

line

with

the

weighting

at

the

beginning.

From

a

sector

perspective,

the

Fund

increased

exposure

to

financials,

energy,

industrials

and

consumer

discretionary,

and

decreased

exposure

to

information

technology,

health

care

and

consumer

staples.

The

Fund’s

allocation

to

fixed

income

decreased

from

24%

to

19%

of

net

assets.

Within

fixed

income,

the

Fund

decreased

exposure

to

developed

market

government

bonds

and

corporate

credit,

and

increased

exposure

to

securitized

debt

and

floating

rate

loan

interests

(“bank

loans”).

From

the

standpoint

of

duration

and

corresponding

interest

rate

sensitivity,

the

Fund’s

total

portfolio

duration

was

tactically

managed

over

the

period

and

ended

the

period

at

-0.1

years,

down

from

1.9

years

at

the

beginning

of

the

period.

The

Fund’s

allocation

to

commodity-related

securities

decreased

slightly

from

1%

to

less

than

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

7%

to

9%

of

net

assets.

During

the

six-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,

underweight

in

fixed

income,

and

had

exposure

to

commodities

and

cash

equivalents.

Within

equities,

the

Fund's

largest

overweight

positions

were

to

consumer

discretionary,

industrials,

materials

and

health

care,

and

largest

underweights

were

to

consumer

staples

and

real

estate.

The

Fund

was

overweight

in

Europe,

the

United

States

and

China,

and

underweight

in

Japan

and

Australia.

Within

fixed

income,

the

Fund

was

significantly

underweight

in

developed

market

government

bonds,

and

overweight

in

corporate

credit,

securitized

debt

and

bank

loans.

The

total

portfolio

duration

of

-0.1

was

below

the

benchmark’s

duration

of

2.7

(total

portfolio

duration

assumes

equity

duration

of

0).

From

a

currency

perspective,

the

Fund

was

overweight

in

the

U.S.

dollar

and

underweight

in

the

euro.

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

June

30,

2021

(continued)

11

Fund

Summary

BlackRock

Global

Allocation

Portfolio

Performance

Summary

for

the

Period

Ended

June

30,

2021

Average

Annual

Total

Returns

(a)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

BlackRock

Global

Allocation

Portfolio

(b)(c)

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

6.63‌%

28.32‌%

10.85‌%

7.28‌%

FTSE

World

Index

(d)

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

13.12‌

40.28‌

15.28‌

10.72‌

Reference

Benchmark

(e)

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

6.37‌

22.60‌

9.92‌

7.68‌

U.S.

Stocks:

S&P

500

®

Index

(f)

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

15.25‌

40.79‌

17.65‌

14.84‌

Non

U.S.

Stocks:

FTSE

World

(ex-U.S.)

Index

(g)

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

10.37‌

37.45‌

11.47‌

6.08‌

U.S.

Bonds:

ICE

BofA

Current

5-Year

U.S.

Treasury

Index

(h)

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

(1.69‌)

(1.73‌)

1.90‌

2.37‌

Non

U.S.

Bonds:

FTSE

Non-U.S.

Dollar

World

Government

Bond

Index

(

i

)

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

(6.00‌)

3.06‌

1.28‌

0.79‌

(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

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(b)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(c)

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.

(d)

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.

(e)

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.

(f)

An

unmanaged

index

that

covers

500

leading

companies

and

captures

approximately

80%

coverage

of

available

market

capitalization.

(g)

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.

(h)

An

unmanaged

index

designed

to

track

the

total

return

of

the

current

coupon

five-year

U.S.

Treasury

bond.

(

i

)

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.

GEOGRAPHIC

ALLOCATION

Percent

of

Total

Investments

(a)

Country/Geographic

Region

Long

Short

Total

United

States

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

64‌

%

1‌

%

65‌

%

China

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

6‌

—‌

(b)

6‌

Germany

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

5‌

—‌

(b)

5‌

France

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

4‌ 

—‌

(b)

4‌ 

United

Kingdom

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

4‌

—‌

(b)

4‌

Netherlands

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

2‌

—‌

(b)

2‌

Japan

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

2‌ 

—‌

(b)

2‌ 

Italy

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

2‌

—‌

(b)

2‌

Other

(c)

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

10‌

—‌

10‌

Total

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

99‌%

1‌%

100‌%

(a)

Total

investments

include

the

gross

market

values

of

long

and

short

positions

and

exclude

Short-Term

Securities,

Options

Purchased

and

Options

Written.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

(c)

Includes

holdings

within

countries

that

are

1%

or

less

of

long-term

investments.

Please

refer

to

the

Consolidated

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

June

30,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

12

BlackRock

Global

Allocation

Portfolio

Expense

Example

Actual

Hypothetical

(a)

Including

dividend

expense

Excluding

dividend

expense

Including

dividend

expense

Excluding

dividend

expense

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(c)

BlackRock

Global

Allocation

Portfolio

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

$

1,000.00‌

$

1,066.30‌

$

2.97‌

$

2.92‌

$

1,000.00‌

$

1,021.92‌

$

2.91‌

$

1,021.97‌

$

2.86‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.58%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Money

Market

Overview

For

the

6-Month

Period

Ended

June

30,

2021

13

Money

Market

Overview

BlackRock

Government

Money

Market

Portfolio

2021

began

with

the

transition

to

the

Biden-Harris

administration,

passage

of

the

$1.9

trillion

American

Rescue

Plan

Act

of

2021,

and

an

acceleration

of

COVID-19

vaccination

programs.

As

the

year

progressed

and

vaccination

efforts

ramped

up,

COVID-19

cases

in

the

U.S.

plummeted

and

the

country

started

to

reopen.

U.S.

macroeconomic

data

continued

to

improve

throughout

the

period

as

evidenced

by

the

unemployment

rate

dropping

from

6.7%

at

the

beginning

of

the

year

to

5.9%

as

of

June

30,

2021.

As

expected,

the

Federal

Open

Market

Committee

(the

“FOMC”)

left

the

range

for

the

Federal

Funds

target

rate

unchanged

at

0.00%

—

0.25%,

and

made

no

change

to

its

forward

guidance

about

interest

rates

or

the

Fed’s

asset

purchase

program

during

the

six-month

period.

A

statement

released

in

conjunction

with

the

June

16,

2021

meeting

noted

that

“progress

on

vaccinations

will

likely

reduce

the

effects

of

the

public

health

crisis

on

the

economy.”

The

Fed’s

updated

Summary

of

Economic

Projections

(“SEP”)

reflected

a

sharply

higher

outlook

for

inflation

in

2021

relative

to

its

March

forecasts.

While

the

FOMC

statement

noted

the

recent

rise

in

inflation

“largely

(reflects)

transitory

factors,”

the

SEP

showed

core

inflation

is

projected

to

exceed

2.0%

throughout

the

2023

forecast

horizon.

The

so-called

“dot

plot”

interest

rate

forecast

for

the

median

Federal

Funds

rate

penciled

in

two

0.25%

interest

rate

hikes

in

2023.

This

is

up

from

the

March

2021

FOMC

meeting

that

forecasted

no

change,

raising

the

median

Federal

Funds

projection

from

0.10%

to

0.60%.

Importantly,

the

Fed

made

upward

“technical”

adjustments

of

0.05%

to

the

interest

rate

paid

on

required

and

excess

reserves

and

the

offering

rate

on

overnight

reverse

repurchase

agreement

(“RRP”)

operations,

bringing

these

“administered

rates”

to

0.15%

and

0.05%,

respectively.

Fed

Chair

Jerome

Powell

noted

in

the

press

conference

following

the

meeting

that

these

adjustments

were

made

“in

order

to

keep

the

federal

funds

rate

well

within

the

target

range

and

to

support

smooth

functioning

in

money

markets.”

Daily

RRP

volume

surged

following

the

adjustment

in

the

program’s

offering

rate,

reaching

a

record

$992

billion

as

of

June

30,

2021.

It

is

expected

RRP

utilization

to

remain

elevated

given

abundant

liquidity

in

the

financial

system

and

insufficient

supply

at

the

front

end

of

the

market.

Rates

on

U.S.

Treasury

bills

(“T-bills”)

also

moved

up

following

the

June

FOMC

meeting

but

were

generally

below

0.05%

for

tenors

out

to

six-months.

This

move

is

likely

attributed

to

the

acute

supply-demand

imbalance

in

the

money

markets

and

the

large

number

of

market

participants

who

lack

access

to

the

Fed’s

RPP

program.

Industry-wide

money

market

mutual

funds

(“MMFs”)

experienced

inflows

of

nearly

$230

billion

during

the

six-month

period.

Of

this,

assets

of

prime

and

municipal

MMFs

fell

$60

billion

and

$12

billion,

respectively,

while

government

MMFs

experienced

$298

billion

of

inflows.

For

the

first

time,

government

MMF

assets

exceeded

the

$4

trillion

mark

in

May

2021.

Net

new

U.S.

T-bill

supply

contracted

$689

billion

during

the

period,

further

accelerating

the

supply-and-demand

imbalance

in

the

money

market

space.

T-bill

tenors

between

one-month

and

one-year

were

trading

with

yields

of

0.00%

—

0.04%

prior

to

the

Fed’s

technical

adjustments

on

June

16,

2021

and

ended

the

period

at

0.04%

—

0.07%.

The

secured

overnight

financing

rate

—

a

broad

measure

of

the

cost

of

borrowing

cash

overnight

collateralized

by

Treasury

securities

—

which

had

been

pegged

at

0.01%

since

March

2021,

also

received

a

boost

in

June

and

ended

the

period

at

0.055%.

The

three-month

London

Interbank

Offered

Rate

fell

to

a

record

low

of

0.12%

as

of

June

14,

2021

but

reversed

course

around

the

time

of

the

FOMC

meeting

and

closed

out

the

second

quarter

of

2021

at

0.15%.

The

near-term

outlook

for

U.S.

money

markets

remains

challenging

as

the

impending

U.S.

debt

ceiling

suspension

expiration

on

July

31

will

result

in

almost

$300

billion

in

cash

being

pushed

into

the

system.

It

is

our

expectation

for

the

U.S.

Treasury

to

enact

“extraordinary

accounting

measures”

over

the

next

90

days,

which

would

result

in

further

cuts

to

T-bill

supply,

ranging

from

$200

-

$350

billion.

Despite

front-end

rates

receiving

a

lift

following

the

June

16,

2021

FOMC

meeting,

there

are

still

too

many

factors

at

play

that

will

keep

a

lid

on

rates.

Such

factors

include,

but

aren’t

limited

to,

the

abundance

of

liquidity

in

the

front-end

and

elevated

reserves

in

the

system,

the

Treasury

General

Account

balance

drawdown,

a

shrinking

supply

of

T-bills

and

solid

demand

for

government

securities.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

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

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

42‌

%

U.S.

Government

Sponsored

Agency

Obligations

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

29‌

Repurchase

Agreements

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

27‌

Other

Assets

Less

Liabilities

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

2‌

CURRENT

SEVEN-DAY

YIELDS

7-Day

SEC

Yield

7-Day

Yield

BlackRock

Government

Money

Market

Portfolio

.....

0.00‌

%

0.00‌

%

The

7-Day

SEC

Yields

may

differ

from

the

7-Day

Yields

shown

above

due

to

the

fact

that

the

7-Day

SEC

Yields

exclude

distributed

capital

gains.

Past

performance

is

not

an

indication

of

future

results.

Actual

Hypothetical

(a)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

Government

Money

Market

Portfolio

........

$

1,000.00‌

$

1,000.00‌

$

0.45‌

$

1,000.00‌

$

1,024.35‌

$

0.45‌

0.09‌%

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Fund

Summary

as

of

June

30,

2021

15

Fund

Summary

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?

During

the

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

the

benchmark,

the

Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index.

What

factors

influenced

performance?

High-yield

bonds

delivered

positive

returns

and

outpaced

the

investment-grade

bond

market

in

the

first

half

of

the

year.

The

gains

were

driven

by

the

combination

of

a

strong

economic

recovery,

rising

oil

prices,

and

continued

support

from

fiscal

and

monetary

policy.

Together,

these

factors

helped

fuel

investors’

appetite

for

both

risk

and

yield.

Security

selection

in

the

independent

energy,

technology

and

health

care

sectors

contributed

to

Fund

performance.

By

credit

rating,

security

selection

among

B

rated

issues

and

an

overweight

in

BBBs

added

value.

Tactical

positions

in

equities

and

bank

loans

further

contributed

to

performance,

as

did

an

allocation

to

investment-grade

bonds.

Security

selection

in

the

oil

field

services

and

automotive

sectors,

as

well

as

an

underweight

position

in

retail,

detracted

from

results.

From

a

credit

rating

standpoint,

an

underweight

position

in

BBs

and

selection

in

CCCs

also

limited

the

extent

of

the

Fund’s

outperformance.

Describe

recent

portfolio

activity.

While

key

positioning

themes

remained

broadly

consistent,

the

investment

adviser

team

tactically

adjusted

sector-

and

issuer-level

positions

to

take

advantage

of

market

opportunities.

The

Fund

increased

its

allocations

to

the

technology,

leisure

and

airlines

sectors

and

reduced

its

positions

in

banking,

automotive

and

cable

&

satellite

issues.

The

investment

adviser

reduced

the

portfolio’s

allocation

to

investment-grade

bonds

during

the

first

half

of

2021,

ending

the

period

with

a

weighting

of

approximately

2.5%

in

this

area.

In

comparison,

the

Fund

had

an

8%

allocation

to

investment-grade

debt

at

the

end

of

2020.

The

remaining

position

largely

represented

issuer-specific

opportunities.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

underweight

in

BB

rated

debt

and

overweight

in

select

CCCs.

With

that

said,

the

portfolio

remained

underweight

in

the

highest-yielding

portion

of

the

market

that

contains

a

larger

concentration

of

stressed

assets.

The

leading

sector

overweights

were

in

technology,

building

materials

and

cable

&

satellite,

and

the

largest

underweights

included

finance

companies,

food

&

beverage,

and

electric

utilities.

The

Fund

also

continued

to

hold

a

tactical

allocation

of

about

10.3%

to

floating

rate

loan

interests,

which

the

investment

adviser

believes

offer

an

attractive

value

versus

high

yield

bonds.

These

senior

secured

assets

experienced

a

recovery

similar

to

high

yield

bonds,

but

yield

spreads

remain

wide

versus

historical

levels.

The

Fund

also

held

an

out-of-benchmark

allocation

to

equities

of

approximately

3%.

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

June

30,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

BlackRock

High

Yield

Portfolio

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

Portfolio

Information

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

(c)

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

3.75‌%

2.71‌%

4.19‌%

16.20‌%

7.86‌%

6.60‌%

Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

(d)

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

—‌

—‌

3.61‌

15.34‌

7.47‌

6.65‌

(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

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)

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.

(c)

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.

(d)

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.

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

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

BlackRock

High

Yield

Portfolio

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

$

1,000.00‌

$

1,041.90‌

$

2.53‌

$

1,000.00‌

$

1,022.32‌

$

2.51‌

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

365.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

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

7‌

BB/Ba

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

36‌

B

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

38‌

CCC/

Caa

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

14‌

CC/Ca

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

—‌

(c)

NR

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

5‌

(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

June

30,

2021

17

Fund

Summary

BlackRock

U.S.

Government

Bond

Portfolio

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

six-month

period

ended

June

30,

2021,

the

Fund

outperformed

its

benchmark,

the

Bloomberg

Barclays

U.S.

Government/Mortgage

Index.

What

factors

influenced

performance?

Positive

contributors

to

performance

relative

to

the

benchmark

included

the

Fund’s

below-benchmark

stance

with

respect

to

duration

(and

corresponding

interest

rate

sensitivity)

along

with

yield

curve

positioning

as

U.S.

Treasury

yields

rose

in

the

first

quarter

of

2021.

An

allocation

to

commercial

mortgage-backed

securities

(“CMBS”)

also

proved

additive.

Finally,

selection

within

30-year

MBS

contributed

positively

for

the

period.

The

largest

detractors

from

the

Fund's

performance

relative

to

the

benchmark

included

overweight

allocations

to

both

30-year

and

15-year

agency

mortgage-backed

securities

("MBS").

Exposure

to

Canadian

interest

rates

also

weighed

on

the

Fund’s

relative

return.

Describe

recent

portfolio

activity.

During

the

reporting

period,

the

Fund

shifted

from

an

underweight

to

a

neutral

allocation

to

agency

MBS

as

valuations

improved

and

the

technical

environment

remained

supportive,

driven

by

the

near-term

supply

and

demand

outlook.

While

the

Fund

continued

to

hold

an

allocation

to

higher-coupon,

call-protected

pools

within

agency

MBS,

recent

additions

have

favored

more

generic

to-be-announced

(“TBA”)

collateral

and

current

coupons.

Allocations

to

emerging

market

sovereigns

was

marginally

increased

along

with

positioning

in

select

single

asset-single

borrower

CMBS.

The

Fund

had

a

modestly

elevated

cash

position

at

period

end

due

to

the

investment

adviser’s

preference

for

using

forward

contracts

to

gain

MBS

exposure

as

opposed

to

holding

cash

bonds.

The

Fund’s

cash

position

did

not

have

a

material

impact

on

performance

over

the

six

months.

The

portfolio

holds

a

small

percentage

of

assets

in

derivatives

as

a

hedge

to

allocations

in

MBS

and

securitized

assets.

The

Fund’s

use

of

derivatives

had

a

positive

impact

on

Fund

performance

for

the

period.

Describe

portfolio

positioning

at

period

end.

At

period

end,

the

Fund’s

positioning

reflected

the

view

that

U.S.

economic

growth

will

remain

well

supported

and

above

trend

through

the

third

quarter

of

2021

before

moderating

into

the

end

of

the

year,

and

that

inflation

should

remain

elevated

before

easing

slightly

into

2022.

Because

of

these

views,

the

Fund

continued

to

hold

a

duration

underweight

relative

to

the

benchmark

while

being

more

neutral

on

curve

exposures

in

anticipation

of

elevated

sensitivity

to

incoming

data,

particularly

between

two

and

five

years.

The

Fund

maintained

out-of-benchmark

allocations

to

sectors

such

as

CMBS

although

some

of

the

exposures

more

sensitive

to

changing

credit

spreads

were

trimmed

in

the

period

in

order

to

rotate

assets

into

agency

MBS.

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

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

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

6‌

Foreign

Government

Obligations

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

3‌

Asset-Backed

Securities

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

1‌

See

“Disclosure

of

Expenses”

on

for

further

information

on

how

expenses

were

calculated.

(a)

Excludes

short-term

securities,

options

purchased,

options

written

and

TBA

sale

commitments.

Fund

Summary

as

of

June

30,

2021

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

BlackRock

U.S.

Government

Bond

Portfolio

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

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

(c)

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

1.33‌%

0.99‌%

(1.26‌)%

(0.75‌)%

2.33‌%

2.69‌%

Bloomberg

Barclays

U.S.

Government/Mortgage

Index

(d)

........

—‌

—‌

(1.79‌)

(2.01‌)

2.25‌

2.72‌

Bloomberg

Barclays

U.S.

Mortgage-Backed

Securities

Index

(e)

....

—‌

—‌

(0.77‌)

(0.42‌)

2.27‌

2.64‌

(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

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)

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.

(c)

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.

(d)

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.

(e)

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.

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)

Including

Interest

Expense

Excluding

Interest

Expense

Including

Interest

Expense

Excluding

Interest

Expense

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Expenses

Paid

During

the

Period

(c)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(c)

BlackRock

U.S.

Government

Bond

Portfolio

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

$

1,000.00‌

$

987.40‌

$

2.46‌

$

2.46‌

$

1,000.00‌

$

1,022.32‌

$

2.51‌

$

1,022.32‌

$

2.51‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio

(0.50%),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(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

181/365

(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

19

The

Benefits

and

Risks

of

Leveraging

/

Disclosure

Of

Expenses

/

Derivative

Financial

Instruments

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

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 shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021) 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 and

share

class

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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.1%

Aerospace

&

Defense

—

0.7%

Lockheed

Martin

Corp.

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

3,237

$

1,224,719

Mercury

Systems,

Inc.

(a)

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

2,931

194,267

Northrop

Grumman

Corp.

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

150

54,514

1,473,500

Air

Freight

&

Logistics

—

1.5%

CH

Robinson

Worldwide,

Inc.

..........

8,840

828,043

Expeditors

International

of

Washington,

Inc.

.

19,503

2,469,080

3,297,123

Airlines

—

0.1%

(a)

Delta

Air

Lines,

Inc.

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

3,110

134,539

Southwest

Airlines

Co.

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

2,944

156,297

290,836

Auto

Components

—

1.1%

BorgWarner,

Inc.

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

50,166

2,435,058

Automobiles

—

1.2%

Tesla,

Inc.

(a)

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

3,824

2,599,173

Banks

—

2.1%

Bank

of

Hawaii

Corp.

(b)

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

3,098

260,914

Citigroup,

Inc.

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

6,535

462,351

JPMorgan

Chase

&

Co.

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

9,068

1,410,437

Pinnacle

Financial

Partners,

Inc.

.........

2,216

195,651

Signature

Bank

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

2,573

632,057

Truist

Financial

Corp.

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

12,644

701,742

Wells

Fargo

&

Co.

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

15,880

719,205

Wintrust

Financial

Corp.

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

1,719

130,008

4,512,365

Beverages

—

1.0%

Molson

Coors

Beverage

Co.,

Class

B

(a)

....

3,431

184,210

PepsiCo,

Inc.

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

13,746

2,036,745

2,220,955

Biotechnology

—

2.5%

AbbVie,

Inc.

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

5,093

573,676

Amgen,

Inc.

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

3,065

747,094

BioMarin

Pharmaceutical,

Inc.

(a)

.........

3,273

273,099

Gilead

Sciences,

Inc.

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

42,391

2,919,044

Vertex

Pharmaceuticals,

Inc.

(a)

..........

4,522

911,771

5,424,684

Building

Products

—

1.6%

Allegion

plc

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

4,303

599,408

Carrier

Global

Corp.

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

14,994

728,708

Owens

Corning

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

921

90,166

Trane

Technologies

plc

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

11,686

2,151,860

3,570,142

Capital

Markets

—

2.9%

Bank

of

New

York

Mellon

Corp.

(The)

.....

5,393

276,284

Charles

Schwab

Corp.

(The)

...........

17,415

1,267,986

CME

Group,

Inc.

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

3,249

690,997

Invesco

Ltd.

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

6,747

180,347

Moody's

Corp.

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

2,147

778,008

Morgan

Stanley

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

32,845

3,011,558

Stifel

Financial

Corp.

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

1,731

112,273

6,317,453

Chemicals

—

1.3%

Ecolab,

Inc.

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

4,933

1,016,050

PPG

Industries,

Inc.

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

11,111

1,886,314

2,902,364

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

0.8%

Cintas

Corp.

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

157

$

59,974

Copart

,

Inc.

(a)

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

7,265

957,745

IAA,

Inc.

(a)

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

14,701

801,793

1,819,512

Construction

&

Engineering

—

0.5%

EMCOR

Group,

Inc.

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

7,611

937,599

Quanta

Services,

Inc.

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

651

58,961

996,560

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

464

80,768

Consumer

Finance

—

1.7%

Ally

Financial,

Inc.

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

37,870

1,887,441

American

Express

Co.

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

10,997

1,817,034

3,704,475

Containers

&

Packaging

—

0.4%

Crown

Holdings,

Inc.

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

8,967

916,517

Distributors

—

0.3%

Genuine

Parts

Co.

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

5,832

737,573

Diversified

Consumer

Services

—

0.6%

(a)

Bright

Horizons

Family

Solutions,

Inc.

.....

3,176

467,221

Terminix

Global

Holdings,

Inc.

..........

15,798

753,723

1,220,944

Diversified

Financial

Services

—

1.2%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

2,053

570,570

Voya

Financial,

Inc.

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

32,444

1,995,306

2,565,876

Diversified

Telecommunication

Services

—

0.0%

AT&T,

Inc.

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

805

23,168

Electric

Utilities

—

1.5%

Eversource

Energy

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

12,545

1,006,611

NextEra

Energy,

Inc.

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

7,935

581,477

OGE

Energy

Corp.

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

38,891

1,308,682

Pinnacle

West

Capital

Corp.

...........

363

29,755

Portland

General

Electric

Co.

...........

427

19,676

Xcel

Energy,

Inc.

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

3,431

226,034

3,172,235

Electrical

Equipment

—

0.0%

Rockwell

Automation,

Inc.

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

250

71,505

Electronic

Equipment,

Instruments

&

Components

—

0.5%

Flex

Ltd.

(a)

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

59,001

1,054,348

Energy

Equipment

&

Services

—

0.7%

ChampionX

Corp.

(a)

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

6,292

161,390

Schlumberger

NV

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

43,681

1,398,229

1,559,619

Entertainment

—

2.1%

(a)

Live

Nation

Entertainment,

Inc.

..........

5,966

522,562

Roku,

Inc.

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

1,317

604,832

Spotify

Technology

SA

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

3,709

1,022,164

Walt

Disney

Co.

(The)

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

10,548

1,854,022

Zynga,

Inc.,

Class

A

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

54,556

579,930

4,583,510

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.9%

Brixmor

Property

Group,

Inc.

...........

2,127

48,687

Equinix

,

Inc.

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

2,108

1,691,881

Prologis,

Inc.

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

19,881

2,376,376

4,116,944

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Food

&

Staples

Retailing

—

1.6%

Costco

Wholesale

Corp.

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

8,745

$

3,460,134

Food

Products

—

1.3%

Bunge

Ltd.

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

2,711

211,865

Conagra

Brands,

Inc.

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

18,047

656,550

Hershey

Co.

(The)

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

5,696

992,129

Kellogg

Co.

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

6,376

410,168

McCormick

&

Co.,

Inc.

(Non-Voting)

......

6,910

610,291

2,881,003

Gas

Utilities

—

0.4%

Atmos

Energy

Corp.

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

6,251

600,784

UGI

Corp.

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

6,334

293,327

894,111

Health

Care

Equipment

&

Supplies

—

3.6%

Align

Technology,

Inc.

(a)

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

2,067

1,262,937

Danaher

Corp.

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

4,359

1,169,781

DexCom

,

Inc.

(a)

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

5,299

2,262,673

Envista

Holdings

Corp.

(a)

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

5,210

225,124

Hill-Rom

Holdings,

Inc.

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

2,568

291,699

IDEXX

Laboratories,

Inc.

(a)

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

4,197

2,650,616

Insulet

Corp.

(a)

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

84

23,059

7,885,889

Health

Care

Providers

&

Services

—

1.9%

AmerisourceBergen

Corp.

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

5,820

666,332

Anthem,

Inc.

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

2,619

999,934

Cigna

Corp.

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

738

174,958

Henry

Schein,

Inc.

(a)

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

1,007

74,709

McKesson

Corp.

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

6,523

1,247,458

UnitedHealth

Group,

Inc.

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

2,620

1,049,153

4,212,544

Health

Care

Technology

—

0.2%

Cerner

Corp.

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

3,857

301,463

Teladoc

Health,

Inc.

(a)

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

186

30,930

332,393

Hotels,

Restaurants

&

Leisure

—

2.3%

Aramark

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

7,544

281,014

Chipotle

Mexican

Grill,

Inc.

(a)

...........

395

612,384

International

Game

Technology

plc

(a)

......

14,985

359,041

Marriott

Vacations

Worldwide

Corp.

(a)

.....

751

119,634

McDonald's

Corp.

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

1,720

397,303

MGM

Resorts

International

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

2,023

86,281

Rush

Street

Interactive,

Inc.

(a)

..........

4,240

51,982

Shake

Shack,

Inc.,

Class

A

(a)

...........

6,474

692,848

Six

Flags

Entertainment

Corp.

(a)

.........

20,613

892,131

Wyndham

Hotels

&

Resorts,

Inc.

(b)

.......

7,196

520,199

Wynn

Resorts

Ltd.

(a)

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

8,128

994,054

5,006,871

Household

Durables

—

0.1%

iRobot

Corp.

(a)

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

1,966

183,605

Household

Products

—

1.0%

Colgate-Palmolive

Co.

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

26,490

2,154,961

Procter

&

Gamble

Co.

(The)

...........

278

37,511

2,192,472

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Brookfield

Renewable

Corp.

...........

4,739

198,754

Sunnova

Energy

International,

Inc.

(a)

......

8,176

307,908

506,662

Security

Shares

Shares

Value

Industrial

Conglomerates

—

1.2%

Honeywell

International,

Inc.

...........

8,848

$

1,940,809

Roper

Technologies,

Inc.

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

1,320

620,664

2,561,473

Insurance

—

2.8%

Athene

Holding

Ltd.,

Class

A

(a)

..........

607

40,973

Marsh

&

McLennan

Cos.,

Inc.

..........

9,623

1,353,764

MetLife,

Inc.

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

43,626

2,611,016

Progressive

Corp.

(The)

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

8,688

853,248

Travelers

Cos.,

Inc.

(The)

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

6,758

1,011,740

Trupanion

,

Inc.

(a)

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

552

63,535

Willis

Towers

Watson

plc

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

691

158,944

6,093,220

Interactive

Media

&

Services

—

6.4%

(a)

Alphabet,

Inc.,

Class

A

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

2,563

6,258,308

Alphabet,

Inc.,

Class

C

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

1,486

3,724,391

Facebook,

Inc.,

Class

A

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

9,383

3,262,563

Twitter,

Inc.

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

9,451

650,324

13,895,586

Internet

&

Direct

Marketing

Retail

—

2.8%

(a)

Amazon.com,

Inc.

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

1,769

6,085,643

MercadoLibre

,

Inc.

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

61

95,025

6,180,668

IT

Services

—

5.6%

Accenture

plc,

Class

A

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

8,416

2,480,953

Automatic

Data

Processing,

Inc.

.........

5,342

1,061,028

Fidelity

National

Information

Services,

Inc.

..

4,752

673,216

Fiserv,

Inc.

(a)

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

5,868

627,231

Mastercard

,

Inc.,

Class

A

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

5,174

1,888,976

PayPal

Holdings,

Inc.

(a)

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

8,659

2,523,925

Twilio

,

Inc.,

Class

A

(a)

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

684

269,605

Visa,

Inc.,

Class

A

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

11,804

2,760,011

12,284,945

Life

Sciences

Tools

&

Services

—

0.8%

Agilent

Technologies,

Inc.

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

7,244

1,070,736

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

42

27,060

Bruker

Corp.

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

6,449

489,995

PPD,

Inc.

(a)

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

916

42,218

1,630,009

Machinery

—

2.1%

Caterpillar,

Inc.

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

1,945

423,290

Deere

&

Co.

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

5,309

1,872,537

Oshkosh

Corp.

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

4,416

550,410

Otis

Worldwide

Corp.

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

18,645

1,524,602

Xylem,

Inc.

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

1,306

156,668

4,527,507

Media

—

1.2%

Cardlytics,

Inc.

(a)

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

435

55,215

Comcast

Corp.,

Class

A

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

16,605

946,817

Discovery,

Inc.,

Class

A

(a)

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

17,991

551,964

Discovery,

Inc.,

Class

C

(a)

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

1,784

51,700

Fox

Corp.,

Class

A

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

1,033

38,355

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

442

20,588

Sirius

XM

Holdings,

Inc.

(b)

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

117,091

765,775

TEGNA,

Inc.

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

5,439

102,036

2,532,450

Metals

&

Mining

—

0.3%

Reliance

Steel

&

Aluminum

Co.

.........

4,848

731,563

Multiline

Retail

—

1.2%

Target

Corp.

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

11,199

2,707,246

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Multi-Utilities

—

1.1%

Ameren

Corp.

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

423

$

33,857

Consolidated

Edison,

Inc.

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

27,536

1,974,882

DTE

Energy

Co.

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

2,922

378,691

2,387,430

Oil,

Gas

&

Consumable

Fuels

—

2.7%

Antero

Midstream

Corp.

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

13,265

137,823

Chesapeake

Energy

Corp.

(b)

...........

4,753

246,776

Chevron

Corp.

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

9,612

1,006,761

Devon

Energy

Corp.

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

1,602

46,762

EOG

Resources,

Inc.

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

5,996

500,306

EQT

Corp.

(a)

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

2,522

56,140

Hess

Corp.

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

12,242

1,068,972

Kinder

Morgan,

Inc.

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

33,871

617,468

Phillips

66

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

22,344

1,917,562

Valero

Energy

Corp.

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

3,214

250,949

5,849,519

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

1,243

395,373

Herbalife

Nutrition

Ltd.

(a)

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

10,763

567,533

962,906

Pharmaceuticals

—

3.1%

Bristol-Myers

Squibb

Co.

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

23,567

1,574,747

Johnson

&

Johnson

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

28,347

4,669,885

Pfizer,

Inc.

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

12,635

494,786

6,739,418

Professional

Services

—

0.2%

IHS

Markit

Ltd.

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

2,115

238,276

Robert

Half

International,

Inc.

...........

2,125

189,061

427,337

Real

Estate

Management

&

Development

—

0.5%

CBRE

Group,

Inc.,

Class

A

(a)

...........

13,611

1,166,871

Road

&

Rail

—

0.9%

Landstar

System,

Inc.

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

822

129,892

Ryder

System,

Inc.

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

19,369

1,439,698

Schneider

National,

Inc.,

Class

B

........

21,185

461,198

2,030,788

Semiconductors

&

Semiconductor

Equipment

—

4.6%

Advanced

Micro

Devices,

Inc.

(a)

.........

8,850

831,280

Applied

Materials,

Inc.

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

8,509

1,211,681

Intel

Corp.

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

47,877

2,687,815

Lam

Research

Corp.

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

261

169,833

NVIDIA

Corp.

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

1,727

1,381,773

QUALCOMM,

Inc.

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

22,703

3,244,940

Silicon

Laboratories,

Inc.

(a)

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

1,347

206,428

Xilinx,

Inc.

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

1,310

189,478

9,923,228

Software

—

10.6%

ACI

Worldwide,

Inc.

(a)

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

2

74

Adobe,

Inc.

(a)

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

6,608

3,869,909

Alteryx

,

Inc.,

Class

A

(a)

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

3,103

266,920

Appian

Corp.

(a)

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

379

52,207

Cadence

Design

Systems,

Inc.

(a)

........

2,839

388,432

HubSpot

,

Inc.

(a)

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

1,473

858,347

Intuit,

Inc.

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

6,381

3,127,775

LivePerson

,

Inc.

(a)

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

243

15,368

Security

Shares

Shares

Value

Software

(continued)

Microsoft

Corp.

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

30,657

$

8,304,981

PagerDuty

,

Inc.

(a)

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

4,441

189,098

PTC,

Inc.

(a)

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

4,920

694,999

salesforce.com,

Inc.

(a)

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

911

222,530

ServiceNow

,

Inc.

(a)

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

1,579

867,740

Splunk

,

Inc.

(a)

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

7,969

1,152,158

UiPath

,

Inc.,

Class

A

(a)(b)

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

2,599

176,550

VMware,

Inc.,

Class

A

(a)

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

7,160

1,145,385

Workday,

Inc.,

Class

A

(a)

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

6,504

1,552,765

Zendesk

,

Inc.

(a)

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

895

129,184

23,014,422

Specialty

Retail

—

1.3%

Home

Depot,

Inc.

(The)

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

4,975

1,586,478

Lithia

Motors,

Inc.,

Class

A

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

491

168,727

Lowe's

Cos.,

Inc.

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

4,490

870,925

TJX

Cos.,

Inc.

(The)

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

2,823

190,327

2,816,457

Technology

Hardware,

Storage

&

Peripherals

—

7.1%

Apple,

Inc.

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

83,908

11,492,040

Dell

Technologies,

Inc.,

Class

C

(a)

........

15,163

1,511,296

Hewlett

Packard

Enterprise

Co.

.........

139,556

2,034,726

HP,

Inc.

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

10,411

314,308

NetApp,

Inc.

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

951

77,811

15,430,181

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Levi

Strauss

&

Co.,

Class

A

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

12,255

339,708

NIKE,

Inc.,

Class

B

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

4,122

636,808

Ralph

Lauren

Corp.

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

401

47,242

1,023,758

Thrifts

&

Mortgage

Finance

—

0.3%

New

York

Community

Bancorp,

Inc.

......

64,380

709,468

Trading

Companies

&

Distributors

—

0.4%

SiteOne

Landscape

Supply,

Inc.

(a)

........

2,742

464,111

WW

Grainger,

Inc.

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

710

310,980

775,091

Wireless

Telecommunication

Services

—

0.2%

United

States

Cellular

Corp.

(a)

..........

12,220

443,708

Total

Common

Stocks

—

99.1%

(Cost:

$174,885,690)

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

216,068,140

Total

Long-Term

Investments

—

99.1%

(Cost:

$174,885,690)

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

216,068,140

Short-Term

Securities

—

1.7%

(c)(d)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

2,027,162

2,027,162

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(e)

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

1,644,694

1,645,187

Total

Short-Term

Securities

—

1.7%

(Cost:

$3,672,349)

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

3,672,349

Total

Investments

—

100.8%

(Cost:

$178,558,039

)

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

219,740,489

Liabilities

in

Excess

of

Other

Assets

—

(0.8)%

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

(1,693,593)

Net

Assets

—

100.0%

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

$

218,046,896

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

23

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

5,514,524

$

—

$

(3,487,362)

$

—

$

—

$

2,027,162

2,027,162

$

458

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

1,958,228

—

(313,026)

(15)

—

1,645,187

1,644,694

17,240

(b)

—

$

(15)

$

—

$

3,672,349

$

17,698

$

—

—

—

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Advantage

Large

Cap

Core

Portfolio

24

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

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

10

09/17/21

$

2,144

$

21,766

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)

.....

$

—

$

—

$

21,766

$

—

$

—

$

—

$

21,766

(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

six

months

ended

June

30,

2021,

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

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

$

—

$

—

$

885,790

$

—

$

—

$

—

$

885,790

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

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

—

—

(125,798)

—

—

—

(125,798)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

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

$

4,444,440

BlackRock

Advantage

Large

Cap

Core

Portfolio

Schedules

of

Investments

25

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments

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

$

216,068,140

$

—

$

—

$

216,068,140

Short-Term

Securities

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

2,027,162

—

—

2,027,162

$

218,095,302

$

—

$

—

$

218,095,302

Investments

valued

at

NAV

(a)

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

1,645,187

$

—

$

219,740,489

$

—

Derivative

Financial

Instruments

(b)

Assets:

Equity

contracts

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

$

21,766

$

—

$

—

$

21,766

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

1.7%

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2007-HE4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.26%),

0.35%,

05/25/37

(a)

.....

USD

46

$

10,792

Ajax

Mortgage

Loan

Trust

(b)

:

Series

2018-D,

Class

A,

3.75%,

08/25/58

(a)(c)

129

129,485

Series

2018-E,

Class

A,

4.38%,

06/25/58

(a)

82

82,680

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)(c)

138

138,228

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)

127

128,712

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

223

225,723

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(LIBOR

USD

3

Month

+

1.08%),

1.27%,

10/21/28

(a)(b)

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

246

241,681

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

:

Series

2014-5RA,

Class

B,

(LIBOR

USD

3

Month

+

1.45%),

1.63%,

01/15/30

....

250

248,497

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

01/15/30

....

250

248,502

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.26%,

04/15/31

(a)(b)

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

500

500,025

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(LIBOR

USD

1

Month

+

0.24%),

0.33%,

05/25/35

(a)

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

66

61,079

Avery

Point

V

CLO

Ltd.,

Series

2014-5A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.17%,

07/17/26

(a)(b)

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

18

17,918

Barings

CLO

Ltd.,

Series

2018-3A,

Class

A1,

(LIBOR

USD

3

Month

+

0.95%),

1.14%,

07/20/29

(a)(b)

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

250

249,915

BCMSC

Trust

(a)

:

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

53

12,461

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

49

11,953

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

35

9,109

BDS

Ltd.,

Series

2019-FL3,

Class

A,

(LIBOR

USD

1

Month

+

1.40%),

1.48%,

12/15/35

(a)(b)

62

61,743

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

:

Series

2004-HE7,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.82%,

08/25/34

....

2

1,809

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

09/25/36

....

98

96,290

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

01/25/37

...

30

29,526

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

16

15,500

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

34

32,021

Series

2007-HE3,

Class

1A3,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

04/25/37

....

67

78,414

Benefit

Street

Partners

CLO

VI

Ltd.,

Series

2015-VIA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.24%),

1.43%,

10/18/29

(a)(b)

.........

250

250,046

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

:

Series

2014-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

0.97%),

1.16%,

04/17/31

....

249

248,596

Series

2015-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

07/28/28

....

250

249,999

Carlyle

US

CLO

Ltd.,

Series

2017-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.36%,

01/15/30

(a)(b)

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

250

250,182

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

10/25/36

(a)

...........

53

51,120

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

10/17/30

(a)(b)

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

USD

250

$

250,123

CIFC

Funding

Ltd.

(a)(b)

:

Series

2013-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.75%),

1.93%,

07/16/30

....

250

250,017

Series

2014-4RA,

Class

A1A,

(LIBOR

USD

3

Month

+

1.13%),

1.32%,

10/17/30

....

250

249,949

Citigroup

Mortgage

Loan

Trust

(a)

:

Series

2007-AHL2,

Class

A3B,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

05/25/37

...

168

134,351

Series

2007-AHL2,

Class

A3C,

(LIBOR

USD

1

Month

+

0.27%),

0.36%,

05/25/37

...

76

61,466

Conseco

Finance

Corp.:

Series

1998-8,

Class

A1,

6.28%,

09/01/30

.

10

10,539

Series

1998-8,

Class

M1,

6.98%,

09/01/30

(a)

55

51,926

Series

2001-D,

Class

B1,

(LIBOR

USD

1

Month

+

2.50%),

2.57%,

11/15/32

(a)

...

62

56,910

Conseco

Finance

Securitizations

Corp.:

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

31

9,546

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

42

12,780

Series

2000-5,

Class

A6,

7.96%,

05/01/31

.

38

15,499

Countrywide

Asset-Backed

Certificates:

Series

2006-8,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

12/25/35

(a)

...

15

14,932

Series

2006-S3,

Class

A4,

7.02%,

01/25/29

(d)

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

4

5,388

Series

2006-SPS1,

Class

A,

(LIBOR

USD

1

Month

+

0.22%),

0.31%,

12/25/25

(a)

...

1

1,022

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-MH29,

Class

B1,

8.10%,

09/25/31

(a)

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

26

27,047

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2006-MH1,

Class

B1,

6.25%,

10/25/36

(b)(d)

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

100

102,780

CWABS

Asset-Backed

Certificates

Trust,

Series

2005-17,

Class

1AF4,

6.05%,

05/25/36

(d)

..

23

22,895

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

6

7,388

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

:

Series

2006-RES,

Class

4Q1B,

(LIBOR

USD

1

Month

+

0.30%),

0.37%,

12/15/33

...

17

15,106

Series

2006-RES,

Class

5B1A,

(LIBOR

USD

1

Month

+

0.19%),

0.26%,

05/15/35

...

49

47,508

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

:

Series

2005-B,

Class

2A,

(LIBOR

USD

1

Month

+

0.18%),

0.25%,

05/15/35

....

8

7,730

Series

2006-H,

Class

1A,

(LIBOR

USD

1

Month

+

0.15%),

0.22%,

11/15/36

....

16

14,321

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.30%,

01/15/31

(a)(b)

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

280

280,004

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M2,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

01/25/36

(a)

.....

40

35,262

GSAMP

Trust

(a)

:

Series

2007-H1,

Class

A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

01/25/47

....

25

16,021

Series

2007-HS1,

Class

M6,

(LIBOR

USD

1

Month

+

2.25%),

2.34%,

02/25/47

....

25

26,959

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2015-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.26%,

07/25/27

(a)(b)

..........

49

49,212

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

05/25/37

(a)

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

USD

38

$

34,373

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(d)

.........

130

24,316

Home

Loan

Mortgage

Loan

Trust,

Series

2005-

1,

Class

A3,

(LIBOR

USD

1

Month

+

0.72%),

0.79%,

04/15/36

(a)

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

28

26,496

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.14%),

1.33%,

10/19/28

(a)(b)

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

238

238,052

IXIS

Real

Estate

Capital

Trust,

Series

2007-

HE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.23%),

0.32%,

05/25/37

(a)

...........

658

231,369

Lehman

ABS

Manufactured

Housing

Contract

Trust:

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

82

86,741

Series

2002-A,

Class

C,

0.00%,

06/15/33

.

5

4,820

Litigation

Fee

Residual

Funding

LLC,

Series

2015-1,  4.00%,

10/30/27

(c)

...........

30

29,665

Long

Beach

Mortgage

Loan

Trust

(a)

:

Series

2006-5,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

06/25/36

....

24

14,799

Series

2006-7,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

08/25/36

....

15

8,040

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.38%,

10/21/30

(a)(b)

..........

250

250,050

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.24%),

0.33%,

05/25/37

(a)

21

16,320

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE1,

Class

A2MZ,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

12/25/34

(a)

.....

78

73,899

Oakwood

Mortgage

Investors,

Inc.,

Series

2001-D,

Class

A4,

6.93%,

09/15/31

(a)

....

10

7,802

OCP

CLO

Ltd.,

Series

2016-12A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.12%),

1.31%,

10/18/28

(a)(b)

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

81

80,857

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.02%),

1.21%,

07/17/30

(a)(b)

.........

305

304,176

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.04%),

1.19%,

05/23/31

(a)(b)

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

285

284,268

Option

One

Mortgage

Loan

Trust:

Series

2007-CP1,

Class

2A3,

(LIBOR

USD

1

Month

+

0.21%),

0.30%,

03/25/37

(a)

...

40

32,336

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

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

33

33,479

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

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

39

39,348

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

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

46

46,541

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(LIBOR

USD

1

Month

+

1.20%),

1.27%,

10/15/37

(a)(b)(c)

...

20

19,803

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(d)

.........

30

29,002

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.25%),

1.43%,

10/22/30

(a)(b)

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

486

485,678

OZLM

XXI

Ltd.,

Series

2017-21A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.09%,

01/20/31

(a)(b)

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

250

250,146

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Parallel

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.85%),

1.04%,

07/20/27

(a)(b)

USD

65

$

64,969

Scholar

Funding

Trust,

Series

2013-A,

Class

A,

(LIBOR

USD

1

Month

+

0.65%),

0.74%,

01/30/45

(a)(b)

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

163

162,699

SG

Mortgage

Securities

Trust,

Series

2006-

FRE2,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.41%,

07/25/36

(a)

...........

16

4,895

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.24%),

1.43%,

07/20/30

(a)(b)

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

250

250,112

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(LIBOR

USD

3

Month

+

0.33%),

0.45%,

03/15/24

(a)

...........

48

48,011

Structured

Asset

Investment

Loan

Trust,

Series

2004-8,

Class

M4,

(LIBOR

USD

1

Month

+

1.50%),

1.59%,

09/25/34

(a)

...........

5

4,637

Structured

Asset

Securities

Corp.

Mortgage

Pass-Through

Certificates,

Series

2004-

23XS,

Class

2A1,

(LIBOR

USD

1

Month

+

0.45%),

0.39%,

01/25/35

(a)

...........

1

1,324

Symphony

CLO

XVII

Ltd.,

Series

2016-17A,

Class

AR,

(LIBOR

USD

3

Month

+

0.88%),

1.06%,

04/15/28

(a)(b)

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

214

213,703

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE2A,

Class

A,

(LIBOR

USD

1

Month

+

0.13%),

0.22%,

07/25/37

(a)(b)

40

37,489

Total

Asset-Backed

Securities

—

1.7%

(Cost:

$9,148,876)

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

9,072,052

Shares

Shares

Common

Stocks

—

59.9%

Aerospace

&

Defense

—

0.4%

Lockheed

Martin

Corp.

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

4,895

1,852,023

Mercury

Systems,

Inc.

(e)

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

4,737

313,968

Northrop

Grumman

Corp.

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

255

92,675

2,258,666

Air

Freight

&

Logistics

—

0.9%

CH

Robinson

Worldwide,

Inc.

...........

11,219

1,050,884

Expeditors

International

of

Washington,

Inc.

(f)

.

29,326

3,712,671

4,763,555

Airlines

—

0.1%

(e)

Delta

Air

Lines,

Inc.

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

5,884

254,542

Southwest

Airlines

Co.

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

3,851

204,450

458,992

Auto

Components

—

0.7%

BorgWarner,

Inc.

(f)

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

74,906

3,635,937

Automobiles

—

0.7%

Tesla,

Inc.

(e)

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

5,670

3,853,899

Banks

—

1.2%

Bank

of

Hawaii

Corp.

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

2,881

242,638

Citigroup,

Inc.

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

10,356

732,687

JPMorgan

Chase

&

Co.

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

11,031

1,715,761

Pinnacle

Financial

Partners,

Inc.

..........

2,376

209,777

Signature

Bank

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

3,835

942,068

Truist

Financial

Corp.

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

19,652

1,090,686

Wells

Fargo

&

Co.

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

30,135

1,364,814

Wintrust

Financial

Corp.

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

1,652

124,941

6,423,372

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Beverages

—

0.6%

Molson

Coors

Beverage

Co.,

Class

B

(e)

.....

4,984

$

267,591

PepsiCo,

Inc.

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

20,328

3,012,000

3,279,591

Biotechnology

—

1.5%

AbbVie,

Inc.

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

5,292

596,091

Alexion

Pharmaceuticals,

Inc.

(e)

..........

346

63,563

Amgen,

Inc.

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

4,885

1,190,719

BioMarin

Pharmaceutical,

Inc.

(e)

..........

5,395

450,159

Gilead

Sciences,

Inc.

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

62,531

4,305,885

Vertex

Pharmaceuticals,

Inc.

(e)

...........

6,391

1,288,617

7,895,034

Building

Products

—

1.0%

Allegion

plc

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

7,257

1,010,900

Carrier

Global

Corp.

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

23,072

1,121,299

Owens

Corning

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

1,561

152,822

Trane

Technologies

plc

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

16,730

3,080,662

5,365,683

Capital

Markets

—

1.8%

Ameriprise

Financial,

Inc.

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

449

111,747

Bank

of

New

York

Mellon

Corp.

(The)

......

7,546

386,582

Charles

Schwab

Corp.

(The)

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

25,461

1,853,815

CME

Group,

Inc.

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

4,792

1,019,162

Invesco

Ltd.

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

11,683

312,287

Moody's

Corp.

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

3,627

1,314,316

Morgan

Stanley

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

49,591

4,546,999

Stifel

Financial

Corp.

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

2,141

138,865

9,683,773

Chemicals

—

0.8%

Ecolab,

Inc.

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

6,789

1,398,330

PPG

Industries,

Inc.

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

16,765

2,846,194

4,244,524

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

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

103

39,346

Copart

,

Inc.

(e)

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

11,505

1,516,704

IAA,

Inc.

(e)

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

21,317

1,162,629

2,718,679

Construction

&

Engineering

—

0.3%

EMCOR

Group,

Inc.

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

9,998

1,231,654

Quanta

Services,

Inc.

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

2,514

227,693

1,459,347

Construction

Materials

—

0.0%

Vulcan

Materials

Co.

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

450

78,332

Consumer

Finance

—

1.1%

Ally

Financial,

Inc.

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

58,253

2,903,330

American

Express

Co.

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

17,362

2,868,723

5,772,053

Containers

&

Packaging

—

0.2%

Crown

Holdings,

Inc.

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

12,967

1,325,357

Distributors

—

0.2%

Genuine

Parts

Co.

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

9,374

1,185,530

Diversified

Consumer

Services

—

0.3%

(e)

Bright

Horizons

Family

Solutions,

Inc.

......

4,793

705,098

Terminix

Global

Holdings,

Inc.

...........

22,878

1,091,510

1,796,608

Security

Shares

Shares

Value

Diversified

Financial

Services

—

0.7%

Berkshire

Hathaway,

Inc.,

Class

B

(e)

.......

3,029

$

841,820

Voya

Financial,

Inc.

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

46,847

2,881,090

3,722,910

Diversified

Telecommunication

Services

—

0.0%

AT&T,

Inc.

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

4,315

124,186

Electric

Utilities

—

0.8%

Eversource

Energy

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

19,956

1,601,269

NextEra

Energy,

Inc.

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

9,566

700,997

OGE

Energy

Corp.

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

57,498

1,934,808

Pinnacle

West

Capital

Corp.

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

644

52,789

Portland

General

Electric

Co.

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

892

41,103

Xcel

Energy,

Inc.

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

3,114

205,150

4,536,116

Electrical

Equipment

—

0.0%

Rockwell

Automation,

Inc.

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

635

181,623

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Flex

Ltd.

(e)

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

83,609

1,494,093

Energy

Equipment

&

Services

—

0.4%

ChampionX

Corp.

(e)

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

7,099

182,089

Schlumberger

NV

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

65,777

2,105,522

2,287,611

Entertainment

—

1.3%

(e)

Live

Nation

Entertainment,

Inc.

...........

9,254

810,558

Roku,

Inc.

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

1,971

905,182

Spotify

Technology

SA

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

5,450

1,501,966

Walt

Disney

Co.

(The)

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

16,155

2,839,564

Zynga,

Inc.,

Class

A

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

80,170

852,207

6,909,477

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

Brixmor

Property

Group,

Inc.

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

7,826

179,137

Equinix

,

Inc.

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

3,292

2,642,159

Prologis,

Inc.

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

31,062

3,712,841

6,534,137

Food

&

Staples

Retailing

—

0.9%

Costco

Wholesale

Corp.

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

12,999

5,143,314

Food

Products

—

0.8%

Bunge

Ltd.

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

3,836

299,783

Conagra

Brands,

Inc.

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

23,282

846,999

Hershey

Co.

(The)

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

8,578

1,494,116

Kellogg

Co.

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

11,772

757,293

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

10,609

936,987

4,335,178

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

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

8,897

855,091

UGI

Corp.

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

12,240

566,834

1,421,925

Health

Care

Equipment

&

Supplies

—

2.2%

Align

Technology,

Inc.

(e)

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

2,932

1,791,452

Danaher

Corp.

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

6,773

1,817,602

DexCom

,

Inc.

(e)

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

8,056

3,439,912

Envista

Holdings

Corp.

(e)

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

6,943

300,007

Hill-Rom

Holdings,

Inc.

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

3,904

443,456

IDEXX

Laboratories,

Inc.

(e)

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

6,287

3,970,555

11,762,984

Health

Care

Providers

&

Services

—

1.2%

AmerisourceBergen

Corp.

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

9,366

1,072,313

Anthem,

Inc.

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

3,784

1,444,731

Cigna

Corp.

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

1,374

325,734

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Henry

Schein,

Inc.

(e)

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

531

$

39,395

McKesson

Corp.

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

9,658

1,846,996

UnitedHealth

Group,

Inc.

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

3,940

1,577,734

6,306,903

Health

Care

Technology

—

0.1%

Cerner

Corp.

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

6,011

469,820

Teladoc

Health,

Inc.

(e)

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

568

94,453

564,273

Hotels,

Restaurants

&

Leisure

—

1.4%

Aramark

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

7,030

261,868

Chipotle

Mexican

Grill,

Inc.

(e)

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

539

835,633

International

Game

Technology

plc

(e)

.......

23,337

559,155

Marriott

Vacations

Worldwide

Corp.

(e)

......

896

142,733

McDonald's

Corp.

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

2,458

567,773

MGM

Resorts

International

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

3,645

155,459

Rush

Street

Interactive,

Inc.

(e)

...........

6,833

83,773

Shake

Shack,

Inc.,

Class

A

(e)

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

10,615

1,136,017

Six

Flags

Entertainment

Corp.

(e)

..........

30,298

1,311,297

Wendy's

Co.

(The)

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

3,590

84,078

Wyndham

Hotels

&

Resorts,

Inc.

(f)

.........

10,674

771,624

Wynn

Resorts

Ltd.

(e)(f)

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

12,568

1,537,066

7,446,476

Household

Durables

—

0.0%

iRobot

Corp.

(e)

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

2,848

265,975

Household

Products

—

0.6%

Colgate-Palmolive

Co.

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

38,534

3,134,741

Procter

&

Gamble

Co.

(The)

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

472

63,687

3,198,428

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Brookfield

Renewable

Corp.

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

4,062

170,360

Sunnova

Energy

International,

Inc.

(e)

.......

12,362

465,553

635,913

Industrial

Conglomerates

—

0.7%

Honeywell

International,

Inc.

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

13,289

2,914,942

Roper

Technologies,

Inc.

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

1,894

890,559

3,805,501

Insurance

—

1.7%

Athene

Holding

Ltd.,

Class

A

(e)

...........

902

60,885

Marsh

&

McLennan

Cos.,

Inc.

...........

14,401

2,025,933

MetLife,

Inc.

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

65,200

3,902,220

Progressive

Corp.

(The)

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

14,025

1,377,395

Travelers

Cos.,

Inc.

(The)

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

10,270

1,537,522

Trupanion

,

Inc.

(e)

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

1,207

138,926

Willis

Towers

Watson

plc

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

1,027

236,230

9,279,111

Interactive

Media

&

Services

—

3.9%

(e)

Alphabet,

Inc.,

Class

A

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

3,895

9,510,772

Alphabet,

Inc.,

Class

C

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

2,226

5,579,068

Facebook,

Inc.,

Class

A

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

13,852

4,816,479

Twitter,

Inc.

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

14,343

986,942

20,893,261

Internet

&

Direct

Marketing

Retail

—

1.7%

(e)

Amazon.com,

Inc.

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

2,684

9,233,389

Etsy,

Inc.

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

194

39,933

MercadoLibre

,

Inc.

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

69

107,488

9,380,810

IT

Services

—

3.4%

Accenture

plc,

Class

A

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

13,004

3,833,449

Automatic

Data

Processing,

Inc.

..........

7,650

1,519,443

Security

Shares

Shares

Value

IT

Services

(continued)

Fidelity

National

Information

Services,

Inc.

...

6,394

$

905,838

Fiserv,

Inc.

(e)

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

7,965

851,379

Mastercard

,

Inc.,

Class

A

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

7,319

2,672,094

Okta

,

Inc.

(e)

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

127

31,074

PayPal

Holdings,

Inc.

(e)

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

13,426

3,913,411

Twilio

,

Inc.,

Class

A

(e)

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

987

389,036

Visa,

Inc.,

Class

A

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

17,837

4,170,647

18,286,371

Life

Sciences

Tools

&

Services

—

0.5%

Agilent

Technologies,

Inc.

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

12,273

1,814,072

Bruker

Corp.

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

9,359

711,097

PPD,

Inc.

(e)

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

2,159

99,508

2,624,677

Machinery

—

1.3%

Caterpillar,

Inc.

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

2,831

616,111

Deere

&

Co.

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

7,622

2,688,356

Oshkosh

Corp.

(f)

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

7,641

952,374

Otis

Worldwide

Corp.

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

28,364

2,319,324

Xylem,

Inc.

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

2,949

353,762

6,929,927

Media

—

0.7%

Cardlytics,

Inc.

(e)

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

461

58,515

Comcast

Corp.,

Class

A

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

25,733

1,467,296

Discovery,

Inc.,

Class

A

(e)

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

27,110

831,735

Discovery,

Inc.,

Class

C

(e)

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

2,666

77,260

Fox

Corp.,

Class

A

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

1,882

69,879

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(e)

683

31,814

Sirius

XM

Holdings,

Inc.

(f)

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

161,676

1,057,361

TEGNA,

Inc.

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

8,280

155,333

3,749,193

Metals

&

Mining

—

0.2%

Reliance

Steel

&

Aluminum

Co.

..........

7,469

1,127,072

Multiline

Retail

—

0.7%

Target

Corp.

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

16,446

3,975,656

Multi-Utilities

—

0.7%

Ameren

Corp.

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

1,420

113,657

Consolidated

Edison,

Inc.

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

41,385

2,968,132

DTE

Energy

Co.

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

6,302

816,739

3,898,528

Oil,

Gas

&

Consumable

Fuels

—

1.6%

Antero

Midstream

Corp.

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

20,429

212,257

Chesapeake

Energy

Corp.

(f)

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

6,596

342,464

Chevron

Corp.

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

15,012

1,572,357

Continental

Resources,

Inc.

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

2,005

76,250

EOG

Resources,

Inc.

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

9,878

824,220

EQT

Corp.

(e)

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

2,781

61,905

Hess

Corp.

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

18,155

1,585,295

Kinder

Morgan,

Inc.

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

45,384

827,350

Phillips

66

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

31,984

2,744,867

Valero

Energy

Corp.

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

5,069

395,788

8,642,753

Personal

Products

—

0.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

1,699

540,418

Herbalife

Nutrition

Ltd.

(e)

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

16,632

877,005

1,417,423

Pharmaceuticals

—

1.9%

Bristol-Myers

Squibb

Co.

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

36,539

2,441,536

Johnson

&

Johnson

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

42,163

6,945,932

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Pfizer,

Inc.

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

18,911

$

740,555

10,128,023

Professional

Services

—

0.1%

IHS

Markit

Ltd.

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

3,149

354,766

Robert

Half

International,

Inc.

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

2,971

264,330

619,096

Real

Estate

Management

&

Development

—

0.3%

CBRE

Group,

Inc.,

Class

A

(e)

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

16,729

1,434,177

Road

&

Rail

—

0.6%

Landstar

System,

Inc.

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

1,944

307,191

Ryder

System,

Inc.

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

28,841

2,143,751

Schneider

National,

Inc.,

Class

B

.........

29,245

636,664

3,087,606

Semiconductors

&

Semiconductor

Equipment

—

2.8%

Advanced

Micro

Devices,

Inc.

(e)

..........

13,080

1,228,604

Applied

Materials,

Inc.

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

12,230

1,741,552

Intel

Corp.

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

71,658

4,022,880

Lam

Research

Corp.

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

517

336,412

NVIDIA

Corp.

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

2,581

2,065,058

QUALCOMM,

Inc.

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

34,699

4,959,528

Silicon

Laboratories,

Inc.

(e)

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

2,474

379,141

Xilinx,

Inc.

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

1,788

258,616

14,991,791

Software

—

6.4%

Adobe,

Inc.

(e)

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

9,838

5,761,526

Alteryx

,

Inc.,

Class

A

(e)

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

4,608

396,380

Appian

Corp.

(e)

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

640

88,160

Cadence

Design

Systems,

Inc.

(e)

.........

5,167

706,949

HubSpot

,

Inc.

(e)

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

2,209

1,287,228

Intuit,

Inc.

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

9,505

4,659,066

LivePerson

,

Inc.

(e)

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

332

20,996

Microsoft

Corp.

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

45,717

12,384,735

PagerDuty

,

Inc.

(e)

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

5,445

231,848

PTC,

Inc.

(e)

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

7,695

1,086,996

salesforce.com,

Inc.

(e)

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

1,707

416,969

ServiceNow

,

Inc.

(e)

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

2,696

1,481,587

Splunk

,

Inc.

(e)

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

12,065

1,744,358

UiPath

,

Inc.,

Class

A

(e)(f)

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

3,879

263,500

VMware,

Inc.,

Class

A

(e)

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

11,073

1,771,348

Workday,

Inc.,

Class

A

(e)

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

9,193

2,194,737

Zendesk

,

Inc.

(e)

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

1,108

159,929

34,656,312

Specialty

Retail

—

0.8%

Home

Depot,

Inc.

(The)

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

8,022

2,558,135

Lithia

Motors,

Inc.,

Class

A

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

609

209,277

Lowe's

Cos.,

Inc.

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

6,572

1,274,771

TJX

Cos.,

Inc.

(The)

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

2,966

199,968

4,242,151

Technology

Hardware,

Storage

&

Peripherals

—

4.2%

Apple,

Inc.

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

124,941

17,111,920

Dell

Technologies,

Inc.,

Class

C

(e)

.........

20,336

2,026,889

Hewlett

Packard

Enterprise

Co.

..........

209,433

3,053,533

HP,

Inc.

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

19,111

576,961

NetApp,

Inc.

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

2,799

229,014

22,998,317

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Levi

Strauss

&

Co.,

Class

A

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

16,639

461,233

NIKE,

Inc.,

Class

B

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

6,717

1,037,710

Ralph

Lauren

Corp.

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

451

53,132

1,552,075

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

—

0.2%

Essent

Group

Ltd.

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

2,556

$

114,892

New

York

Community

Bancorp,

Inc.

.......

91,890

1,012,628

Radian

Group,

Inc.

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

1,977

43,988

1,171,508

Tobacco

—

0.0%

British

American

Tobacco

plc,

ADR

........

1

39

Trading

Companies

&

Distributors

—

0.2%

SiteOne

Landscape

Supply,

Inc.

(e)

.........

4,203

711,400

WW

Grainger,

Inc.

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

844

369,672

1,081,072

Wireless

Telecommunication

Services

—

0.1%

United

States

Cellular

Corp.

(e)

...........

17,210

624,895

Total

Common

Stocks

—

59.9%

(Cost:

$264,255,465)

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

323,667,799

Par

(000)

Par

(000)

Corporate

Bonds

—

12.7%

Aerospace

&

Defense

—

0.7%

BAE

Systems

Holdings,

Inc.,

3.85%,

12/15/25

(b)

USD

24

26,506

BAE

Systems

plc,

3.40%,

04/15/30

(b)

......

200

217,381

Boeing

Co.

(The):

4.88%,

05/01/25

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

80

89,637

5.81%,

05/01/50

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

60

80,798

5.93%,

05/01/60

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

66

91,137

Embraer

Netherlands

Finance

BV,

5.40%,

02/01/27

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

9

9,557

Embraer

Overseas

Ltd.,

5.70%,

09/16/23

...

14

14,910

General

Dynamics

Corp.:

1.15%,

06/01/26

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

19

19,070

3.63%,

04/01/30

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

149

168,318

Huntington

Ingalls

Industries,

Inc.:

3.84%,

05/01/25

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

49

53,396

4.20%,

05/01/30

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

76

86,801

L3Harris

Technologies,

Inc.:

3.85%,

12/15/26

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

55

61,686

4.40%,

06/15/28

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

220

255,388

2.90%,

12/15/29

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

90

95,317

1.80%,

01/15/31

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

106

102,788

Leidos,

Inc.,

4.38%,

05/15/30

..........

154

174,872

Lockheed

Martin

Corp.:

4.07%,

12/15/42

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

112

135,986

3.80%,

03/01/45

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

58

67,487

Northrop

Grumman

Corp.:

3.25%,

01/15/28

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

189

206,435

4.03%,

10/15/47

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

36

42,951

5.25%,

05/01/50

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

79

110,953

Raytheon

Technologies

Corp.:

3.15%,

12/15/24

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

35

37,560

3.50%,

03/15/27

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

455

501,865

7.20%,

08/15/27

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

20

25,946

7.00%,

11/01/28

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

89

117,034

4.13%,

11/16/28

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

133

153,024

2.25%,

07/01/30

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

60

60,973

4.50%,

06/01/42

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

5

6,225

4.20%,

12/15/44

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

20

22,448

Textron,

Inc.:

3.65%,

03/15/27

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

35

38,772

3.90%,

09/17/29

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

87

97,347

TransDigm

,

Inc.

(b)

:

8.00%,

12/15/25

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

88

95,084

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

6.25%,

03/15/26

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

USD

217

$

228,935

3,496,587

Air

Freight

&

Logistics

—

0.1%

FedEx

Corp.:

4.25%,

05/15/30

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

105

122,252

2.40%,

05/15/31

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

169

171,995

3.90%,

02/01/35

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

27

30,947

United

Parcel

Service,

Inc.:

3.40%,

03/15/29

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

70

78,630

4.45%,

04/01/30

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

137

165,812

6.20%,

01/15/38

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

15

22,164

3.63%,

10/01/42

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

77

88,732

XPO

Logistics,

Inc.

(b)

:

6.13%,

09/01/23

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

8

8,060

6.75%,

08/15/24

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

25

25,968

714,560

Airlines

—

0.2%

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

AA,

3.30%,

01/15/30

(b)

.........

17

17,644

American

Airlines

Pass-Through

Trust:

Series

2015-2,

Class

B,

4.40%,

09/22/23

.

78

76,071

Series

2016-1,

Class

B,

5.25%,

01/15/24

.

48

47,212

Series

2017-1,

Class

B,

4.95%,

02/15/25

.

18

17,960

Series

2015-2,

Class

AA,

3.60%,

09/22/27

13

13,420

Series

2016-1,

Class

AA,

3.58%,

01/15/28

31

32,001

Series

2019-1,

Class

B,

3.85%,

02/15/28

.

68

64,811

Series

2016-2,

Class

AA,

3.20%,

06/15/28

28

28,886

Series

2016-3,

Class

AA,

3.00%,

10/15/28

44

44,513

Series

2017-1,

Class

AA,

3.65%,

02/15/29

21

21,558

Series

2019-1,

Class

AA,

3.15%,

02/15/32

66

68,190

Avianca

Holdings

SA,

(LIBOR

USD

3

Month

+

12.00%),

12.15%,

(12.15%

Cash

or

12.00%

PIK),

11/10/21

(a)(g)

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

8

8,110

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

.....

150

158,582

Gol

Finance

SA,

7.00%,

01/31/25

(b)

.......

37

35,409

Turkish

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A,

4.20%,

03/15/27

(b)

.....

42

39,176

United

Airlines

Pass-Through

Trust:

Series

2014-1,

Class

B,

4.75%,

04/11/22

.

9

8,806

Series

2014-2,

Class

B,

4.63%,

09/03/22

.

5

5,510

Series

2016-2,

Class

B,

3.65%,

10/07/25

.

4

4,200

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

39

41,164

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

214

237,585

Series

2015-1,

Class

AA,

3.45%,

12/01/27

12

12,814

Series

2019-2,

Class

B,

3.50%,

05/01/28

.

39

39,021

Series

2016-1,

Class

AA,

3.10%,

07/07/28

4

4,156

Series

2016-2,

Class

AA,

2.88%,

10/07/28

24

24,956

Series

2018-1,

Class

AA,

3.50%,

03/01/30

9

9,240

Series

2019-2,

Class

AA,

2.70%,

05/01/32

40

40,456

1,101,451

Auto

Components

—

0.0%

American

Axle

&

Manufacturing,

Inc.,

6.25%,

04/01/25

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

16

16,527

Magna

International,

Inc.,

2.45%,

06/15/30

..

40

40,875

57,402

Automobiles

—

0.2%

BMW

US

Capital

LLC,

2.55%,

04/01/31

(b)

...

85

88,022

Daimler

Finance

North

America

LLC,

2.55%,

08/15/22

(b)

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

210

214,920

General

Motors

Co.,

6.13%,

10/01/25

.....

49

58,006

Hyundai

Capital

America,

3.95%,

02/01/22

(b)

.

94

95,858

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)

...

USD

400

$

451,616

908,422

Banks

—

2.0%

Banco

Santander

SA,

2.71%,

06/27/24

.....

200

210,453

Bank

of

America

Corp.:

(LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/23

(a)

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

31

32,127

4.20%,

08/26/24

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

65

71,255

(SOFR

+

0.74%),

0.81%,

10/24/24

(a)

....

50

50,208

4.00%,

01/22/25

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

91

99,869

Series

L,

3.95%,

04/21/25

...........

79

86,698

7.25%,

10/15/25

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

75

92,315

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

537

561,753

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

68

73,317

4.45%,

03/03/26

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

21

23,852

(SOFR

+

1.15%),

1.32%,

06/19/26

(a)

....

186

186,407

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

....

131

129,745

(SOFR

+

0.96%),

1.73%,

07/22/27

(a)

....

390

393,000

(LIBOR

USD

3

Month

+

1.58%),

3.82%,

01/20/28

(a)

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

148

164,225

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

89

98,415

(LIBOR

USD

3

Month

+

1.37%),

3.59%,

07/21/28

(a)

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

39

42,937

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

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

197

214,555

(LIBOR

USD

3

Month

+

1.07%),

3.97%,

03/05/29

(a)

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

119

134,142

(SOFR

+

1.06%),

2.09%,

06/14/29

(a)

....

255

257,063

(LIBOR

USD

3

Month

+

1.31%),

4.27%,

07/23/29

(a)

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

145

166,574

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

107

121,336

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

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

97

104,426

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

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

58

61,097

(SOFR

+

1.53%),

1.90%,

07/23/31

(a)

....

55

53,474

(SOFR

+

1.93%),

2.68%,

06/19/41

(a)

....

133

129,076

(SOFR

+

1.58%),

3.31%,

04/22/42

(a)

....

68

71,951

Barclays

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

2.67%,

03/10/32

(a)

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

200

201,089

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%),

5.87%,

09/13/34

(a)

...........

200

218,787

BNP

Paribas

SA,

(LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/25

(a)(b)

..........

200

210,428

Citigroup,

Inc.:

4.40%,

06/10/25

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

94

104,981

(SOFR

+

0.77%),

1.46%,

06/09/27

(a)

....

25

24,892

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

(a)

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

391

431,226

(LIBOR

USD

3

Month

+

1.19%),

4.07%,

04/23/29

(a)

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

121

137,232

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.....

483

511,585

Citizens

Financial

Group,

Inc.,

3.25%,

04/30/30

41

44,422

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

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

280

291,363

Danske

Bank

A/S:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

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

200

201,003

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

5.38%,

01/12/24

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

USD

200

$

221,771

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

.......

200

197,690

HSBC

Holdings

plc

(a)

:

(LIBOR

USD

3

Month

+

1.53%),

4.58%,

06/19/29

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

200

231,152

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.70%

(h)

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

200

207,500

ING

Groep

NV,

4.10%,

10/02/23

.........

210

226,468

JPMorgan

Chase

&

Co.:

(SOFR

+

0.60%),

0.65%,

09/16/24

(a)

....

100

100,058

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

274

295,736

(SOFR

+

1.59%),

2.00%,

03/13/26

(a)

....

227

234,355

2.95%,

10/01/26

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

106

114,064

(LIBOR

USD

3

Month

+

1.25%),

3.96%,

01/29/27

(a)

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

120

133,633

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

127

141,027

(LIBOR

USD

3

Month

+

1.38%),

3.54%,

05/01/28

(a)

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

431

473,869

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

....

6

6,144

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

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

153

172,972

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

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

13

15,202

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

....

155

161,344

(LIBOR

USD

3

Month

+

1.58%),

4.26%,

02/22/48

(a)

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

145

175,991

(LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/48

(a)

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

24

28,164

(LIBOR

USD

3

Month

+

1.22%),

3.90%,

01/23/49

(a)

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

26

30,215

(SOFR

+

1.58%),

3.33%,

04/22/52

(a)

....

5

5,339

Mitsubishi

UFJ

Financial

Group,

Inc.,

1.41%,

07/17/25

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

200

201,910

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.53%),

1.98%,

09/08/31

(a)

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

202

197,599

Santander

UK

Group

Holdings

plc,

(SOFR

+

0.79%),

1.09%,

03/15/25

(a)

...........

237

237,758

Sumitomo

Mitsui

Financial

Group,

Inc.,

3.78%,

03/09/26

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

116

129,066

Washington

Mutual

Escrow

Bonds

(c)(e)(

i

)

:

0.00%,

11/06/09

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

100

—

0.00%,

09/29/17

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

400

—

Wells

Fargo

&

Co.:

3.00%,

04/22/26

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

18

19,355

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

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

158

174,067

(SOFR

+

1.43%),

2.88%,

10/30/30

(a)

....

71

75,187

(SOFR

+

4.03%),

4.48%,

04/04/31

(a)

....

63

74,465

(SOFR

+

2.53%),

3.07%,

04/30/41

(a)

....

248

254,369

10,543,748

Beverages

—

0.3%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

.

331

406,251

Anheuser-Busch

InBev

Worldwide,

Inc.:

4.00%,

04/13/28

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

343

390,545

3.50%,

06/01/30

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

396

440,505

Coca-Cola

Co.

(The):

2.50%,

06/01/40

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

100

99,054

2.75%,

06/01/60

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

21

20,503

Keurig

Dr

Pepper,

Inc.,

3.20%,

05/01/30

....

103

111,335

PepsiCo,

Inc.,

3.45%,

10/06/46

.........

25

28,116

1,496,309

Security

Par

(000)

Par

(000)

Value

Biotechnology

—

0.3%

AbbVie,

Inc.:

2.60%,

11/21/24

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

USD

277

$

292,082

3.80%,

03/15/25

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

74

80,945

3.20%,

05/14/26

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

305

330,702

4.55%,

03/15/35

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

52

63,113

4.50%,

05/14/35

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

161

193,924

4.40%,

11/06/42

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

21

25,499

4.85%,

06/15/44

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

7

8,901

4.88%,

11/14/48

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

25

32,203

4.25%,

11/21/49

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

88

105,469

Amgen,

Inc.:

2.45%,

02/21/30

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

87

89,681

4.40%,

05/01/45

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

133

161,481

Biogen,

Inc.:

2.25%,

05/01/30

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

108

108,294

3.15%,

05/01/50

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

58

56,962

Gilead

Sciences,

Inc.:

4.75%,

03/01/46

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

145

183,882

4.15%,

03/01/47

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

37

43,567

1,776,705

Building

Products

—

0.0%

Carrier

Global

Corp.,

2.24%,

02/15/25

.....

132

137,250

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

15

15,895

Owens

Corning,

3.88%,

06/01/30

........

12

13,391

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

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

15

15,534

4.75%,

01/15/28

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

7

7,327

189,397

Capital

Markets

—

0.9%

Bank

of

New

York

Mellon

Corp.

(The),

(LIBOR

USD

3

Month

+

1.07%),

3.44%,

02/07/28

(a)

.

66

72,680

Charles

Schwab

Corp.

(The),

3.20%,

03/02/27

24

26,188

Deutsche

Bank

AG:

(SOFR

+

1.13%),

1.45%,

04/01/25

(a)

....

269

270,617

1.69%,

03/19/26

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

300

302,846

E*TRADE

Financial

Corp.,

3.80%,

08/24/27

..

62

68,857

Goldman

Sachs

Group,

Inc.

(The):

3.50%,

01/23/25

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

271

293,004

3.50%,

04/01/25

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

916

993,766

3.75%,

05/22/25

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

159

173,937

3.50%,

11/16/26

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

27

29,360

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

175

174,507

(LIBOR

USD

3

Month

+

1.51%),

3.69%,

06/05/28

(a)

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

206

227,446

Intercontinental

Exchange,

Inc.:

3.75%,

09/21/28

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

50

56,268

2.10%,

06/15/30

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

113

111,984

Moody's

Corp.,

3.25%,

01/15/28

.........

69

75,618

Morgan

Stanley:

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

....

57

59,951

3.13%,

07/27/26

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

4

4,334

3.63%,

01/20/27

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

281

311,579

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

201

202,422

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

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

35

38,771

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

407

456,787

(LIBOR

USD

3

Month

+

1.63%),

4.43%,

01/23/30

(a)

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

357

418,008

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

355

371,615

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

15

15,901

Northern

Trust

Corp.,

3.15%,

05/03/29

.....

30

32,975

State

Street

Corp.,

2.40%,

01/24/30

......

38

39,573

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

UBS

Group

AG,

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(a)(b)(h)

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

USD

200

$

220,250

5,049,244

Chemicals

—

0.2%

Dow

Chemical

Co.

(The):

4.55%,

11/30/25

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

4

4,554

2.10%,

11/15/30

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

39

38,515

3.60%,

11/15/50

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

65

70,232

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/25

..

148

168,299

Ecolab,

Inc.,

4.80%,

03/24/30

..........

71

86,860

LYB

International

Finance

III

LLC,

4.20%,

05/01/50

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

67

77,091

MEGlobal

Canada

ULC,

5.00%,

05/18/25

(b)

..

200

224,250

Sherwin-Williams

Co.

(The):

4.20%,

01/15/22

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

115

116,238

2.30%,

05/15/30

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

98

99,136

885,175

Commercial

Services

&

Supplies

—

0.1%

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

31

32,463

Clean

Harbors,

Inc.,

4.88%,

07/15/27

(b)

.....

16

16,760

KAR

Auction

Services,

Inc.,

5.13%,

06/01/25

(b)

29

29,760

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

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

11

11,316

RELX

Capital,

Inc.:

3.50%,

03/16/23

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

115

120,581

4.00%,

03/18/29

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

108

122,669

3.00%,

05/22/30

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

143

152,783

Republic

Services,

Inc.:

2.90%,

07/01/26

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

42

44,979

3.95%,

05/15/28

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

47

53,467

2.30%,

03/01/30

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

20

20,310

Waste

Management,

Inc.:

1.15%,

03/15/28

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

133

128,862

2.00%,

06/01/29

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

19

19,202

2.95%,

06/01/41

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

24

24,725

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

16

16,516

794,393

Communications

Equipment

—

0.1%

Motorola

Solutions,

Inc.:

4.60%,

05/23/29

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

162

188,881

2.75%,

05/24/31

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

130

132,690

5.50%,

09/01/44

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

65

84,663

406,234

Construction

&

Engineering

—

0.0%

Mexico

City

Airport

Trust,

5.50%,

07/31/47

..

200

201,750

Consumer

Finance

—

0.2%

AerCap

Ireland

Capital

DAC,

4.45%,

04/03/26

150

164,732

Capital

One

Financial

Corp.,

3.90%,

01/29/24

43

46,406

General

Motors

Financial

Co.,

Inc.:

3.55%,

07/08/22

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

163

168,238

5.20%,

03/20/23

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

278

299,346

3.70%,

05/09/23

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

16

16,797

1.70%,

08/18/23

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

69

70,424

5.10%,

01/17/24

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

34

37,431

3.50%,

11/07/24

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

21

22,540

2.75%,

06/20/25

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

166

174,780

2.70%,

06/10/31

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

11

11,039

Navient

Corp.:

6.50%,

06/15/22

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

27

28,153

7.25%,

09/25/23

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

16

17,660

5.88%,

10/25/24

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

16

17,260

6.75%,

06/25/25

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

16

17,715

6.75%,

06/15/26

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

16

17,860

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Synchrony

Financial:

4.50%,

07/23/25

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

USD

2

$

2,237

3.70%,

08/04/26

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

22

24,021

Toyota

Motor

Credit

Corp.,

2.15%,

02/13/30

..

65

66,621

1,203,260

Containers

&

Packaging

—

0.0%

Ball

Corp.:

5.25%,

07/01/25

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

7

7,901

4.88%,

03/15/26

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

7

7,797

International

Paper

Co.,

6.00%,

11/15/41

...

41

58,265

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

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

21

22,646

96,609

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

4.00%,

01/15/28

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

24

24,593

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

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

30

31,529

56,122

Diversified

Financial

Services

—

0.1%

Banco

Votorantim

SA,

4.00%,

09/24/22

(b)

...

200

206,225

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

200

239,696

Shell

International

Finance

BV:

2.38%,

11/07/29

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

250

259,481

2.75%,

04/06/30

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

37

39,440

4.38%,

05/11/45

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

16

19,619

764,461

Diversified

Telecommunication

Services

—

0.5%

AT&T,

Inc.:

4.35%,

03/01/29

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

173

200,309

4.30%,

02/15/30

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

147

169,906

2.75%,

06/01/31

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

110

114,344

2.55%,

12/01/33

(b)

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

127

125,811

5.38%,

10/15/41

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

34

41,919

5.15%,

03/15/42

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

16

20,057

4.90%,

06/15/42

(d)

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

20

24,132

4.50%,

03/09/48

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

118

139,164

3.50%,

09/15/53

(b)

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

60

60,280

5.70%,

03/01/57

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

47

65,904

3.80%,

12/01/57

(b)

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

95

98,979

3.65%,

09/15/59

(b)

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

102

103,438

CCO

Holdings

LLC

(b)

:

5.75%,

02/15/26

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

24

24,805

5.50%,

05/01/26

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

26

26,881

5.13%,

05/01/27

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

76

79,716

5.00%,

02/01/28

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

81

84,949

5.38%,

06/01/29

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

36

39,352

4.75%,

03/01/30

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

40

42,300

Level

3

Financing,

Inc.:

5.25%,

03/15/26

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

16

16,488

4.63%,

09/15/27

(b)

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

6

6,228

Oi

SA,

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(g)

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

13

13,333

Verizon

Communications,

Inc.:

4.13%,

03/16/27

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

96

109,329

2.10%,

03/22/28

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

53

54,109

4.33%,

09/21/28

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

115

133,807

3.15%,

03/22/30

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

53

57,228

1.50%,

09/18/30

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

209

199,696

1.68%,

10/30/30

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

86

82,117

1.75%,

01/20/31

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

167

160,042

2.55%,

03/21/31

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

27

27,597

4.27%,

01/15/36

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

28

33,315

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

2.65%,

11/20/40

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

USD

347

$

333,924

4.86%,

08/21/46

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

45

58,221

3.70%,

03/22/61

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

105

112,461

2,860,141

Electric

Utilities

—

0.9%

AEP

Texas,

Inc.:

3.95%,

06/01/28

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

81

91,248

Series

H,

3.45%,

01/15/50

...........

26

26,877

3.45%,

05/15/51

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

59

60,963

AEP

Transmission

Co.

LLC:

3.15%,

09/15/49

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

67

69,784

Series

M,

3.65%,

04/01/50

...........

88

99,527

Alabama

Power

Co.:

4.15%,

08/15/44

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

10

11,988

3.45%,

10/01/49

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

32

34,732

3.13%,

07/15/51

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

40

40,991

Baltimore

Gas

&

Electric

Co.:

2.25%,

06/15/31

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

18

18,171

3.50%,

08/15/46

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

50

55,197

3.75%,

08/15/47

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

30

34,366

3.20%,

09/15/49

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

51

53,353

CenterPoint

Energy

Houston

Electric

LLC:

Series

AE,

2.35%,

04/01/31

..........

30

30,757

3.95%,

03/01/48

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

20

23,882

Series

AF,

3.35%,

04/01/51

..........

38

41,643

Commonwealth

Edison

Co.,

Series

130,

3.13%,

03/15/51

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

64

66,807

DTE

Electric

Co.:

Series

A,

4.05%,

05/15/48

...........

75

91,186

3.95%,

03/01/49

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

25

30,221

Duke

Energy

Carolinas

LLC:

3.95%,

11/15/28

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

12

13,746

2.45%,

02/01/30

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

12

12,396

2.55%,

04/15/31

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

35

36,337

3.88%,

03/15/46

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

25

28,834

3.95%,

03/15/48

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

66

77,536

Duke

Energy

Corp.,

4.80%,

12/15/45

......

5

6,109

Duke

Energy

Florida

LLC:

3.80%,

07/15/28

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

15

16,998

2.50%,

12/01/29

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

309

323,806

3.40%,

10/01/46

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

25

27,200

Duke

Energy

Ohio,

Inc.,

3.65%,

02/01/29

...

38

42,317

Duke

Energy

Progress

LLC,

3.45%,

03/15/29

.

70

77,540

Edison

International,

3.13%,

11/15/22

.....

1

1,030

Entergy

Arkansas

LLC,

3.35%,

06/15/52

....

22

23,490

Entergy

Louisiana

LLC:

2.35%,

06/15/32

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

15

15,177

4.20%,

09/01/48

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

59

71,621

Exelon

Corp.:

5.10%,

06/15/45

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

10

13,064

4.70%,

04/15/50

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

32

40,420

FirstEnergy

Corp.:

Series

B,

4.40%,

07/15/27

(d)

..........

42

45,675

2.65%,

03/01/30

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

77

76,690

Series

B,

2.25%,

09/01/30

...........

11

10,547

Series

C,

5.35%,

07/15/47

(d)

..........

34

40,800

Series

C,

3.40%,

03/01/50

...........

38

37,145

FirstEnergy

Transmission

LLC

(b)

:

4.35%,

01/15/25

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

175

191,996

4.55%,

04/01/49

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

155

181,794

Florida

Power

&

Light

Co.:

4.05%,

10/01/44

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

17

20,708

3.95%,

03/01/48

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

93

112,966

3.15%,

10/01/49

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

99

107,580

Genneia

SA,

8.75%,

01/20/22

..........

27

26,136

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

MidAmerican

Energy

Co.:

3.65%,

04/15/29

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

USD

121

$

136,820

4.25%,

07/15/49

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

58

72,902

3.15%,

04/15/50

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

30

32,042

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

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

14

15,755

NextEra

Energy

Capital

Holdings,

Inc.,

1.90%,

06/15/28

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

27

27,290

Northern

States

Power

Co.:

2.25%,

04/01/31

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

40

41,163

2.90%,

03/01/50

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

50

51,004

2.60%,

06/01/51

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

24

22,796

NRG

Energy,

Inc.:

7.25%,

05/15/26

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

21

21,769

6.63%,

01/15/27

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

29

30,021

2.45%,

12/02/27

(b)

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

104

104,669

5.75%,

01/15/28

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

22

23,430

4.45%,

06/15/29

(b)

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

66

72,849

5.25%,

06/15/29

(b)

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

21

22,339

Ohio

Power

Co.:

Series

Q,

1.63%,

01/15/31

...........

35

33,548

4.00%,

06/01/49

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

29

34,081

Oncor

Electric

Delivery

Co.

LLC:

3.70%,

11/15/28

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

32

36,185

5.30%,

06/01/42

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

6

8,271

3.80%,

06/01/49

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

98

116,457

PECO

Energy

Co.:

3.90%,

03/01/48

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

18

21,517

3.05%,

03/15/51

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

61

63,721

Public

Service

Electric

&

Gas

Co.:

3.65%,

09/01/28

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

80

89,864

2.05%,

08/01/50

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

31

26,730

Southern

California

Edison

Co.:

1.85%,

02/01/22

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

12

12,149

Series

E,

3.70%,

08/01/25

...........

26

28,319

Series

20C,

1.20%,

02/01/26

.........

60

59,556

Series

A,

4.20%,

03/01/29

...........

33

37,218

2.25%,

06/01/30

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

103

101,273

Southwestern

Public

Service

Co.,

Series

8,

3.15%,

05/01/50

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

78

81,480

Tampa

Electric

Co.:

4.30%,

06/15/48

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

19

23,361

4.45%,

06/15/49

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

44

55,599

Trans-Allegheny

Interstate

Line

Co.,

3.85%,

06/01/25

(b)

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

190

205,395

Virginia

Electric

&

Power

Co.:

Series

B,

6.00%,

01/15/36

...........

14

19,368

Series

A,

6.00%,

05/15/37

...........

28

38,917

4.00%,

01/15/43

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

52

61,043

Virginia

Electric

and

Power

Co.,

Series

A,

3.50%,

03/15/27

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

25

27,679

Vistra

Operations

Co.

LLC

(b)

:

5.50%,

09/01/26

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

27

27,844

3.70%,

01/30/27

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

40

42,736

5.63%,

02/15/27

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

35

36,312

5.00%,

07/31/27

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

35

35,932

4.30%,

07/15/29

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

128

139,126

4,699,881

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Corning,

Inc.,

4.38%,

11/15/57

..........

22

26,213

Tyco

Electronics

Group

SA,

3.45%,

08/01/24

.

15

16,073

42,286

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

—

0.0%

Odebrecht

Offshore

Drilling

Finance

Ltd.,

1.00%,

(1.00%

Cash

or

7.72%

PIK),

12/01/26

(b)(g)

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

USD

—

(j)

$

105

Entertainment

—

0.1%

Activision

Blizzard,

Inc.:

1.35%,

09/15/30

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

67

62,648

2.50%,

09/15/50

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

68

61,039

NBCUniversal

Media

LLC,

4.45%,

01/15/43

..

54

66,236

Netflix,

Inc.:

4.88%,

04/15/28

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

10

11,625

6.38%,

05/15/29

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

7

8,941

5.38%,

11/15/29

(b)

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

7

8,502

4.88%,

06/15/30

(b)

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

7

8,325

Walt

Disney

Co.

(The),

4.70%,

03/23/50

....

127

169,352

396,668

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

American

Tower

Corp.:

5.00%,

02/15/24

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

15

16,636

2.40%,

03/15/25

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

196

204,789

1.60%,

04/15/26

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

26

26,275

3.95%,

03/15/29

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

38

42,631

3.80%,

08/15/29

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

47

52,368

2.10%,

06/15/30

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

53

52,120

Crown

Castle

International

Corp.:

3.70%,

06/15/26

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

50

54,983

1.05%,

07/15/26

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

28

27,346

3.10%,

11/15/29

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

171

181,424

3.30%,

07/01/30

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

61

65,349

2.25%,

01/15/31

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

28

27,637

5.20%,

02/15/49

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

18

23,425

Duke

Realty

LP:

1.75%,

07/01/30

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

23

22,055

1.75%,

02/01/31

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

117

112,226

Equinix

,

Inc.:

1.00%,

09/15/25

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

151

149,925

2.50%,

05/15/31

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

40

40,681

ESH

Hospitality,

Inc.,

5.25%,

05/01/25

(b)

....

26

26,484

GLP

Capital

LP:

3.35%,

09/01/24

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

30

31,779

5.38%,

04/15/26

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

30

34,530

5.75%,

06/01/28

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

36

42,835

4.00%,

01/15/30

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

45

48,299

4.00%,

01/15/31

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

79

85,121

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

62

67,143

4.50%,

09/01/26

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

18

19,215

5.75%,

02/01/27

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

30

33,379

MPT

Operating

Partnership

LP:

5.25%,

08/01/26

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

3

3,090

5.00%,

10/15/27

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

38

40,284

4.63%,

08/01/29

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

7

7,493

National

Retail

Properties,

Inc.,

3.50%,

04/15/51

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

52

54,421

Prologis

LP,

3.00%,

04/15/50

...........

19

19,348

Realty

Income

Corp.:

3.00%,

01/15/27

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

5

5,402

3.25%,

01/15/31

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

40

43,577

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

..

26

26,703

Service

Properties

Trust,

4.35%,

10/01/24

...

40

40,280

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

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

21

21,415

4.25%,

12/01/26

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

9

9,362

3.75%,

02/15/27

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

7

7,120

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

4.63%,

12/01/29

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

USD

7

$

7,437

4.13%,

08/15/30

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

7

7,188

1,781,775

Food

&

Staples

Retailing

—

0.1%

Albertsons

Cos.,

Inc.:

3.50%,

02/15/23

(b)

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

22

22,583

5.75%,

03/15/25

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

9

9,202

7.50%,

03/15/26

(b)

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

37

40,607

4.63%,

01/15/27

(b)

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

9

9,414

5.88%,

02/15/28

(b)

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

27

29,090

4.88%,

02/15/30

(b)

.................

7

7,466

Alimentation

Couche-Tard,

Inc.,

3.55%,

07/26/27

(b)

.....................

125

137,379

255,741

Food

Products

—

0.1%

Darling

Ingredients,

Inc.,

5.25%,

04/15/27

(b)

..

15

15,750

JBS

USA

LUX

SA

(b)

:

6.75%,

02/15/28

..................

27

29,531

6.50%,

04/15/29

..................

40

44,950

5.50%,

01/15/30

..................

9

10,066

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

..................

22

22,765

4.88%,

11/01/26

..................

22

22,743

Mondelez

International,

Inc.,

2.75%,

04/13/30

72

75,840

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

....

49

52,185

Post

Holdings,

Inc.

(b)

:

5.75%,

03/01/27

..................

38

39,758

5.63%,

01/15/28

..................

29

30,740

5.50%,

12/15/29

..................

22

23,567

367,895

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.,

4.13%,

03/15/49

.....

24

28,990

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

......................

138

132,301

Eastern

Energy

Gas

Holdings

LLC,

4.80%,

11/01/43

......................

15

17,902

Eastern

Gas

Transmission

&

Storage,

Inc.,

4.60%,

12/15/44

.................

12

14,002

ONE

Gas,

Inc.,

2.00%,

05/15/30

.........

20

19,667

Piedmont

Natural

Gas

Co.,

Inc.:

2.50%,

03/15/31

..................

45

45,705

3.64%,

11/01/46

..................

7

7,529

266,096

Health

Care

Equipment

&

Supplies

—

0.0%

Boston

Scientific

Corp.,

2.65%,

06/01/30

...

47

48,612

Teleflex,

Inc.,

4.63%,

11/15/27

..........

15

15,978

64,590

Health

Care

Providers

&

Services

—

0.5%

Aetna,

Inc.:

6.63%,

06/15/36

..................

22

32,053

4.50%,

05/15/42

..................

22

26,284

Anthem,

Inc.:

4.10%,

03/01/28

..................

53

60,574

4.38%,

12/01/47

..................

25

30,491

4.55%,

03/01/48

..................

45

56,242

Centene

Corp.:

5.38%,

06/01/26

(b)

.................

39

40,755

5.38%,

08/15/26

(b)

.................

16

16,720

4.25%,

12/15/27

..................

67

70,601

4.63%,

12/15/29

..................

21

23,095

Cigna

Corp.:

3.25%,

04/15/25

..................

50

53,905

3.40%,

03/01/27

..................

130

142,564

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

4.38%,

10/15/28

..................

USD

200

$

232,606

CVS

Health

Corp.:

3.75%,

04/01/30

..................

475

531,558

5.13%,

07/20/45

..................

140

182,091

5.05%,

03/25/48

..................

50

64,944

Encompass

Health

Corp.:

4.50%,

02/01/28

..................

16

16,600

4.75%,

02/01/30

..................

16

17,000

HCA,

Inc.:

4.75%,

05/01/23

..................

70

75,004

5.00%,

03/15/24

..................

208

229,825

5.38%,

02/01/25

..................

16

18,048

5.25%,

04/15/25

..................

324

370,678

5.88%,

02/15/26

..................

10

11,556

5.25%,

06/15/26

..................

11

12,733

5.38%,

09/01/26

..................

7

8,055

5.63%,

09/01/28

..................

10

11,850

5.88%,

02/01/29

..................

7

8,453

Humana,

Inc.:

4.50%,

04/01/25

..................

16

17,914

4.88%,

04/01/30

..................

57

68,768

Molina

Healthcare,

Inc.,

5.38%,

11/15/22

(d)

..

19

19,879

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

17

18,105

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

..................

32

32,471

4.63%,

09/01/24

(b)

.................

17

17,448

4.88%,

01/01/26

(b)

.................

57

59,120

6.25%,

02/01/27

(b)

.................

86

89,763

5.13%,

11/01/27

(b)

.................

10

10,487

UnitedHealth

Group,

Inc.:

3.50%,

08/15/39

..................

113

126,288

4.75%,

07/15/45

..................

30

39,299

4.20%,

01/15/47

..................

24

29,275

4.25%,

06/15/48

..................

18

22,317

4.45%,

12/15/48

..................

21

26,826

3.25%,

05/15/51

..................

18

19,202

2,941,447

Hotels,

Restaurants

&

Leisure

—

0.2%

1011778

BC

ULC,

3.88%,

01/15/28

(b)

......

7

7,087

Caesars

Resort

Collection

LLC,

5.25%,

10/15/25

(b)

.....................

47

47,588

Cedar

Fair

LP:

5.50%,

05/01/25

(b)

.................

18

18,787

5.38%,

04/15/27

..................

28

28,840

5.25%,

07/15/29

..................

28

28,840

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

..................

36

37,514

4.75%,

01/15/28

..................

18

18,625

Expedia

Group,

Inc.:

6.25%,

05/01/25

(b)

.................

53

61,653

3.25%,

02/15/30

..................

156

162,949

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

01/15/30

......................

7

7,473

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

......................

19

19,807

Marriott

International,

Inc.,

Series

FF,

4.63%,

06/15/30

......................

21

24,186

Marriott

Ownership

Resorts,

Inc.,

6.50%,

09/15/26

......................

22

22,852

McDonald's

Corp.:

3.60%,

07/01/30

..................

88

98,954

4.88%,

12/09/45

..................

108

139,122

MGM

Resorts

International:

5.75%,

06/15/25

..................

4

4,411

4.63%,

09/01/26

..................

3

3,169

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

5.50%,

04/15/27

..................

USD

4

$

4,390

Scientific

Games

International,

Inc.,

5.00%,

10/15/25

(b)

.....................

30

30,975

Starbucks

Corp.,

2.25%,

03/12/30

........

153

154,790

Station

Casinos

LLC,

5.00%,

10/01/25

(b)

....

16

16,240

Wynn

Las

Vegas

LLC

(b)

:

5.50%,

03/01/25

..................

65

69,996

5.25%,

05/15/27

..................

31

33,297

Wynn

Resorts

Finance

LLC,

5.13%,

10/01/29

(b)

27

28,519

1,070,064

Household

Durables

—

0.0%

Brookfield

Residential

Properties,

Inc.,

6.25%,

09/15/27

(b)

.....................

35

36,968

Century

Communities,

Inc.,

6.75%,

06/01/27

.

16

16,980

Lennar

Corp.:

4.13%,

01/15/22

..................

11

11,110

4.50%,

04/30/24

..................

16

17,500

4.75%,

05/30/25

..................

3

3,364

5.25%,

06/01/26

..................

95

110,256

4.75%,

11/29/27

..................

7

8,091

Mattamy

Group

Corp.,

5.25%,

12/15/27

(b)

...

3

3,135

PulteGroup,

Inc.:

5.50%,

03/01/26

..................

4

4,670

5.00%,

01/15/27

..................

4

4,678

Taylor

Morrison

Communities,

Inc.,

5.88%,

06/15/27

(b)

.....................

3

3,394

220,146

Household

Products

—

0.0%

Spectrum

Brands,

Inc.,

5.75%,

07/15/25

....

21

21,520

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Capex

SA,

6.88%,

05/15/24

(b)

..........

13

11,991

Industrial

Conglomerates

—

0.0%

General

Electric

Co.:

6.88%,

01/10/39

..................

12

17,953

4.50%,

03/11/44

..................

2

2,424

Roper

Technologies,

Inc.,

1.75%,

02/15/31

..

26

24,985

45,362

Insurance

—

0.2%

Ambac

Assurance

Corp.,

5.10%

(b)(h)

.......

5

6,780

Ambac

LSNI

LLC,

(LIBOR

USD

3

Month

+

5.00%),

6.00%,

02/12/23

(a)(b)

..........

25

25,086

American

International

Group,

Inc.:

3.40%,

06/30/30

..................

86

94,308

4.50%,

07/16/44

..................

81

98,313

4.38%,

01/15/55

..................

20

24,226

Aon

Corp.:

4.50%,

12/15/28

..................

122

142,650

3.75%,

05/02/29

..................

74

83,270

2.80%,

05/15/30

..................

52

54,591

Aon

plc,

4.25%,

12/12/42

.............

9

10,450

Marsh

&

McLennan

Cos.,

Inc.:

4.38%,

03/15/29

..................

46

53,919

2.25%,

11/15/30

..................

171

173,198

Trinity

Acquisition

plc,

4.40%,

03/15/26

.....

20

22,602

Willis

North

America,

Inc.,

3.60%,

05/15/24

..

67

71,973

861,366

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.:

1.65%,

05/12/28

..................

170

171,451

3.88%,

08/22/37

..................

23

27,427

4.05%,

08/22/47

..................

30

36,595

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

(continued)

eBay,

Inc.,

1.40%,

05/10/26

...........

USD

127

$

127,430

362,903

IT

Services

—

0.3%

Fidelity

National

Information

Services,

Inc.:

1.15%,

03/01/26

..................

109

108,145

1.65%,

03/01/28

..................

58

57,671

3.10%,

03/01/41

..................

20

20,488

Fiserv,

Inc.:

3.50%,

07/01/29

..................

301

331,203

2.65%,

06/01/30

..................

41

42,450

Global

Payments,

Inc.:

4.80%,

04/01/26

..................

145

165,780

3.20%,

08/15/29

..................

115

123,091

International

Business

Machines

Corp.:

3.30%,

05/15/26

..................

150

165,009

3.50%,

05/15/29

..................

100

111,910

1.95%,

05/15/30

..................

137

136,811

5.88%,

11/29/32

..................

22

30,180

4.00%,

06/20/42

..................

2

2,356

Mastercard,

Inc.,

2.95%,

06/01/29

........

39

42,571

PayPal

Holdings,

Inc.:

1.65%,

06/01/25

..................

48

49,262

2.65%,

10/01/26

..................

14

15,035

Visa,

Inc.,

4.15%,

12/14/35

............

49

60,240

1,462,202

Leisure

Products

—

0.0%

Hasbro,

Inc.,

2.60%,

11/19/22

..........

130

133,747

Life

Sciences

Tools

&

Services

—

0.1%

Agilent

Technologies,

Inc.:

3.05%,

09/22/26

..................

115

124,015

2.10%,

06/04/30

..................

97

95,969

Charles

River

Laboratories

International,

Inc.,

4.25%,

05/01/28

(b)

................

3

3,101

Thermo

Fisher

Scientific,

Inc.,

4.50%,

03/25/30

284

338,164

561,249

Machinery

—

0.1%

CNH

Industrial

Capital

LLC,

4.20%,

01/15/24

.

220

238,058

Deere

&

Co.,

3.75%,

04/15/50

..........

17

20,552

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

78

80,781

339,391

Media

—

0.5%

AMC

Networks,

Inc.:

5.00%,

04/01/24

..................

8

8,102

4.75%,

08/01/25

..................

22

22,587

Charter

Communications

Operating

LLC:

6.48%,

10/23/45

..................

197

271,305

5.75%,

04/01/48

..................

172

218,911

3.85%,

04/01/61

..................

57

55,945

4.40%,

12/01/61

..................

61

65,544

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

................

37

37,933

Comcast

Corp.:

2.35%,

01/15/27

..................

62

65,031

3.15%,

02/15/28

..................

136

149,250

2.65%,

02/01/30

..................

204

214,744

3.40%,

04/01/30

..................

142

156,746

1.95%,

01/15/31

..................

174

171,533

3.75%,

04/01/40

..................

74

83,419

3.40%,

07/15/46

..................

34

36,269

3.97%,

11/01/47

..................

174

202,577

4.00%,

11/01/49

..................

91

107,162

Cox

Communications,

Inc.

(b)

:

3.15%,

08/15/24

..................

82

87,475

Security

Par

(000)

Par

(000)

Value

Media

(continued)

3.60%,

06/15/51

..................

USD

72

$

75,818

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

17

11,008

Gray

Television,

Inc.

(b)

:

5.88%,

07/15/26

..................

16

16,520

7.00%,

05/15/27

..................

22

23,788

iHeartCommunications

,

Inc.:

6.38%,

05/01/26

..................

22

23,554

5.25%,

08/15/27

(b)

.................

21

21,953

4.75%,

01/15/28

(b)

.................

3

3,086

Interpublic

Group

of

Cos.,

Inc.

(The):

4.20%,

04/15/24

..................

15

16,313

2.40%,

03/01/31

..................

32

32,101

Lamar

Media

Corp.,

3.75%,

02/15/28

......

4

4,070

Meredith

Corp.,

6.88%,

02/01/26

........

43

44,720

Nexstar

Broadcasting,

Inc.,

5.63%,

07/15/27

(b)

32

33,920

Outfront

Media

Capital

LLC

(b)

:

5.00%,

08/15/27

..................

37

38,309

4.63%,

03/15/30

..................

3

3,045

Sirius

XM

Radio,

Inc.

(b)

:

4.63%,

07/15/24

..................

30

30,792

5.38%,

07/15/26

..................

18

18,585

5.00%,

08/01/27

..................

40

41,910

5.50%,

07/01/29

..................

35

38,140

TEGNA,

Inc.:

4.63%,

03/15/28

..................

7

7,262

5.00%,

09/15/29

..................

8

8,372

ViacomCBS

,

Inc.:

4.38%,

03/15/43

..................

27

31,241

5.85%,

09/01/43

..................

73

100,018

2,579,058

Metals

&

Mining

—

0.1%

Anglo

American

Capital

plc,

5.63%,

04/01/30

(b)

200

245,806

FMG

Resources

August

2006

Pty.

Ltd.,

4.50%,

09/15/27

(b)

.....................

4

4,350

Freeport-McMoRan,

Inc.:

5.00%,

09/01/27

..................

4

4,225

5.25%,

09/01/29

..................

4

4,415

Glencore

Funding

LLC

(b)

:

1.63%,

04/27/26

..................

112

112,381

2.50%,

09/01/30

..................

67

66,836

2.85%,

04/27/31

..................

71

72,202

Newmont

Corp.,

2.25%,

10/01/30

........

50

49,863

Steel

Dynamics,

Inc.,

2.80%,

12/15/24

.....

35

36,941

Vale

Overseas

Ltd.,

3.75%,

07/08/30

......

25

26,588

623,607

Multi-Utilities

—

0.1%

Ameren

Illinois

Co.:

3.80%,

05/15/28

..................

50

56,628

3.25%,

03/15/50

..................

58

62,696

Consumers

Energy

Co.:

3.75%,

02/15/50

..................

130

153,369

3.10%,

08/15/50

..................

20

21,128

3.50%,

08/01/51

..................

35

39,652

333,473

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Boardwalk

Pipelines

LP,

4.80%,

05/03/29

...

15

17,262

BP

Capital

Markets

America,

Inc.:

3.79%,

02/06/24

..................

55

59,330

3.19%,

04/06/25

..................

23

24,783

3.38%,

02/08/61

..................

30

30,159

Buckeye

Partners

LP,

3.95%,

12/01/26

.....

4

4,070

Cameron

LNG

LLC

(b)

:

3.30%,

01/15/35

..................

80

85,903

3.40%,

01/15/38

..................

100

105,607

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%,

03/31/25

..................

USD

76

$

87,101

5.13%,

06/30/27

..................

174

202,325

Cheniere

Energy

Partners

LP:

5.63%,

10/01/26

..................

16

16,600

4.50%,

10/01/29

..................

10

10,750

Chevron

USA,

Inc.:

5.25%,

11/15/43

..................

67

91,075

2.34%,

08/12/50

..................

20

18,013

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

34

34,680

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

16

16,560

DCP

Midstream

Operating

LP:

5.38%,

07/15/25

..................

7

7,796

5.13%,

05/15/29

..................

4

4,420

Devon

Energy

Corp.:

5.85%,

12/15/25

..................

15

17,606

4.50%,

01/15/30

(b)

.................

18

19,789

Diamondback

Energy,

Inc.:

3.50%,

12/01/29

..................

138

147,735

3.13%,

03/24/31

..................

103

106,745

Energean

Israel

Finance

Ltd.,

5.88%,

03/30/31

(b)

.....................

20

20,569

Energy

Transfer

LP:

3.60%,

02/01/23

..................

130

134,895

4.25%,

03/15/23

..................

83

87,082

4.20%,

09/15/23

..................

77

82,359

4.50%,

04/15/24

..................

99

107,784

2.90%,

05/15/25

..................

174

183,132

5.95%,

12/01/25

..................

75

87,809

6.50%,

02/01/42

..................

105

136,324

Enterprise

Products

Operating

LLC:

3.13%,

07/31/29

..................

93

100,341

2.80%,

01/31/30

..................

91

96,134

EOG

Resources,

Inc.,

4.15%,

01/15/26

....

10

11,251

Kinder

Morgan

Energy

Partners

LP:

7.50%,

11/15/40

..................

16

23,613

5.00%,

08/15/42

..................

20

23,942

4.70%,

11/01/42

..................

29

33,898

Marathon

Petroleum

Corp.,

5.85%,

12/15/45

.

25

32,616

Matador

Resources

Co.,

5.88%,

09/15/26

...

8

8,240

MPLX

LP:

4.88%,

12/01/24

..................

65

72,739

1.75%,

03/01/26

..................

126

127,358

2.65%,

08/15/30

..................

51

51,474

NGPL

PipeCo

LLC

(b)

:

4.88%,

08/15/27

..................

41

46,959

3.25%,

07/15/31

..................

123

126,767

7.77%,

12/15/37

..................

31

44,346

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

182

203,611

Petrobras

Global

Finance

BV:

6.25%,

03/17/24

..................

9

10,160

5.30%,

01/27/25

..................

35

39,294

Sabine

Pass

Liquefaction

LLC:

5.75%,

05/15/24

..................

214

240,148

5.63%,

03/01/25

..................

780

891,491

Suncor

Energy,

Inc.,

6.50%,

06/15/38

.....

27

38,198

Sunoco

LP:

5.50%,

02/15/26

..................

7

7,213

6.00%,

04/15/27

..................

9

9,412

Targa

Resources

Partners

LP:

5.88%,

04/15/26

..................

20

21,006

5.38%,

02/01/27

..................

15

15,619

6.50%,

07/15/27

..................

22

23,842

5.00%,

01/15/28

..................

7

7,385

6.88%,

01/15/29

..................

22

24,786

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.50%,

03/01/30

..................

USD

7

$

7,697

Texas

Eastern

Transmission

LP,

3.50%,

01/15/28

(b)

.....................

103

112,025

TransCanada

PipeLines

Ltd.,

4.63%,

03/01/34

32

37,958

Transcontinental

Gas

Pipe

Line

Co.

LLC:

7.85%,

02/01/26

..................

178

226,042

4.00%,

03/15/28

..................

131

148,217

4.60%,

03/15/48

..................

6

7,311

3.95%,

05/15/50

..................

32

35,756

Williams

Cos.,

Inc.

(The),

Series

A,

7.50%,

01/15/31

......................

20

27,707

4,882,819

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC:

1.75%,

09/30/25

(b)

.................

22

22,562

0.95%,

05/15/26

(b)

.................

10

9,834

2.10%,

04/30/27

(b)

.................

65

67,075

7.75%,

11/15/29

..................

20

28,827

2.30%,

04/30/30

(b)

.................

26

26,556

Suzano

Austria

GmbH,

3.13%,

01/15/32

....

25

24,760

179,614

Pharmaceuticals

—

0.2%

AstraZeneca

plc,

1.38%,

08/06/30

........

115

108,821

Bausch

Health

Americas,

Inc.

(b)

:

9.25%,

04/01/26

..................

40

43,508

8.50%,

01/31/27

..................

47

51,084

Bausch

Health

Cos.,

Inc.

(b)

:

5.50%,

11/01/25

..................

32

32,832

9.00%,

12/15/25

..................

40

42,892

5.75%,

08/15/27

..................

9

9,553

7.00%,

01/15/28

..................

21

21,630

7.25%,

05/30/29

..................

21

21,460

Elanco

Animal

Health,

Inc.

(d)

:

5.27%,

08/28/23

..................

21

22,587

5.90%,

08/28/28

..................

7

8,192

Johnson

&

Johnson:

3.70%,

03/01/46

..................

16

19,030

3.75%,

03/03/47

..................

32

38,483

Merck

&

Co.,

Inc.,

2.45%,

06/24/50

.......

30

28,301

Pfizer,

Inc.:

3.45%,

03/15/29

..................

52

58,486

2.63%,

04/01/30

..................

42

44,729

1.70%,

05/28/30

..................

103

102,636

Takeda

Pharmaceutical

Co.

Ltd.:

5.00%,

11/26/28

..................

200

240,819

2.05%,

03/31/30

..................

200

198,417

1,093,460

Road

&

Rail

—

0.3%

Burlington

Northern

Santa

Fe

LLC:

4.45%,

03/15/43

..................

15

18,871

3.30%,

09/15/51

..................

120

131,045

CSX

Corp.:

2.40%,

02/15/30

..................

69

70,931

4.10%,

03/15/44

..................

18

21,135

4.30%,

03/01/48

..................

89

108,004

Norfolk

Southern

Corp.:

2.90%,

06/15/26

..................

42

45,344

4.80%,

08/15/43

..................

20

23,908

3.05%,

05/15/50

..................

113

112,951

Penske

Truck

Leasing

Co.

LP

(b)

:

4.25%,

01/17/23

..................

40

42,190

2.70%,

03/14/23

..................

50

51,617

2.70%,

11/01/24

..................

15

15,775

3.95%,

03/10/25

..................

14

15,308

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

1.20%,

11/15/25

..................

USD

182

$

180,265

1.70%,

06/15/26

..................

16

16,106

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)

.

200

209,725

Ryder

System,

Inc.,

4.63%,

06/01/25

......

195

220,078

Union

Pacific

Corp.:

3.25%,

08/15/25

..................

21

22,746

2.75%,

03/01/26

..................

35

37,343

3.20%,

05/20/41

..................

76

80,449

3.84%,

03/20/60

..................

82

93,357

2.97%,

09/16/62

..................

52

49,971

3.75%,

02/05/70

..................

20

22,045

1,589,164

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Applied

Materials,

Inc.,

4.35%,

04/01/47

....

37

47,317

Broadcom

Corp.,

3.88%,

01/15/27

.......

129

142,542

Broadcom,

Inc.:

4.75%,

04/15/29

..................

95

110,509

5.00%,

04/15/30

..................

136

160,449

4.15%,

11/15/30

..................

114

127,841

3.42%,

04/15/33

(b)

.................

115

120,769

3.47%,

04/15/34

(b)

.................

55

58,177

Intel

Corp.,

3.73%,

12/08/47

...........

84

95,923

KLA

Corp.:

4.10%,

03/15/29

..................

111

128,139

3.30%,

03/01/50

..................

135

142,848

Lam

Research

Corp.:

3.75%,

03/15/26

..................

116

129,896

2.88%,

06/15/50

..................

124

124,792

NVIDIA

Corp.:

3.20%,

09/16/26

..................

12

13,201

1.55%,

06/15/28

..................

212

211,136

2.85%,

04/01/30

..................

53

57,371

3.50%,

04/01/50

..................

50

56,445

NXP

BV

(b)

:

3.88%,

06/18/26

..................

25

27,698

4.30%,

06/18/29

..................

172

196,689

3.40%,

05/01/30

..................

70

76,074

2.50%,

05/11/31

..................

189

190,869

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

108

136,356

2,355,041

Software

—

0.3%

Autodesk,

Inc.,

3.50%,

06/15/27

.........

141

155,380

Citrix

Systems,

Inc.:

4.50%,

12/01/27

..................

73

82,744

3.30%,

03/01/30

..................

51

53,656

Microsoft

Corp.,

2.92%,

03/17/52

........

197

209,086

Oracle

Corp.:

4.30%,

07/08/34

..................

67

77,672

3.90%,

05/15/35

..................

60

66,816

3.85%,

07/15/36

..................

105

115,431

6.13%,

07/08/39

..................

59

81,680

3.60%,

04/01/40

..................

108

113,914

3.65%,

03/25/41

..................

189

200,407

4.13%,

05/15/45

..................

100

111,426

4.00%,

07/15/46

..................

258

279,768

3.60%,

04/01/50

..................

60

61,611

salesforce.com,

Inc.,

3.05%,

07/15/61

.....

10

10,132

1,619,723

Specialty

Retail

—

0.1%

Home

Depot,

Inc.

(The):

2.95%,

06/15/29

..................

170

185,694

1.38%,

03/15/31

..................

31

29,685

Lowe's

Cos.,

Inc.:

4.00%,

04/15/25

..................

235

260,018

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

3.65%,

04/05/29

..................

USD

93

$

104,026

2.63%,

04/01/31

..................

15

15,499

594,922

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.:

4.65%,

02/23/46

..................

79

104,827

4.25%,

02/09/47

..................

40

50,418

2.55%,

08/20/60

..................

64

59,705

2.80%,

02/08/61

..................

59

57,464

Dell

International

LLC:

4.90%,

10/01/26

..................

69

79,632

8.35%,

07/15/46

..................

24

39,254

Hewlett

Packard

Enterprise

Co.,

4.65%,

10/01/24

......................

155

172,326

Seagate

HDD

Cayman,

4.09%,

06/01/29

(b)

..

32

32,761

596,387

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.

(b)

:

4.63%,

05/15/24

..................

27

28,620

4.88%,

05/15/26

..................

7

7,560

Under

Armour,

Inc.,

3.25%,

06/15/26

......

4

4,144

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

15

15,783

56,107

Thrifts

&

Mortgage

Finance

—

0.1%

(b)

BPCE

SA,

2.70%,

10/01/29

............

274

285,981

Quicken

Loans,

Inc.,

5.25%,

01/15/28

.....

28

29,400

315,381

Tobacco

—

0.3%

Altria

Group,

Inc.:

4.40%,

02/14/26

..................

90

101,830

4.80%,

02/14/29

..................

32

37,100

3.40%,

05/06/30

..................

44

46,405

2.45%,

02/04/32

..................

243

235,001

5.80%,

02/14/39

..................

211

260,658

6.20%,

02/14/59

..................

8

10,347

BAT

Capital

Corp.:

3.22%,

08/15/24

..................

43

45,673

3.22%,

09/06/26

..................

10

10,609

4.91%,

04/02/30

..................

154

176,921

2.73%,

03/25/31

..................

91

89,842

BAT

International

Finance

plc:

3.95%,

06/15/25

(b)

.................

18

19,658

1.67%,

03/25/26

..................

42

41,976

Philip

Morris

International,

Inc.:

6.38%,

05/16/38

..................

35

50,017

4.13%,

03/04/43

..................

26

29,781

4.25%,

11/10/44

..................

25

29,126

Reynolds

American,

Inc.:

4.45%,

06/12/25

..................

82

90,838

5.85%,

08/15/45

..................

97

118,772

1,394,554

Trading

Companies

&

Distributors

—

0.1%

Air

Lease

Corp.,

1.88%,

08/15/26

........

177

177,137

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

35

36,897

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

..................

28

28,974

5.50%,

05/15/27

..................

28

29,680

3.88%,

11/15/27

..................

7

7,355

4.88%,

01/15/28

..................

46

48,783

5.25%,

01/15/30

..................

7

7,668

336,494

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.0%

DP

World

Crescent

Ltd.,

3.91%,

05/31/23

...

USD

200

$

210,288

Wireless

Telecommunication

Services

—

0.2%

Empresa

Nacional

de

Telecomunicaciones

SA,

4.75%,

08/01/26

(b)

................

200

220,975

Sprint

Corp.:

7.63%,

02/15/25

..................

47

55,842

7.63%,

03/01/26

..................

47

57,340

Sprint

Spectrum

Co.

LLC,

3.36%,

09/20/21

(b)(d)

18

17,660

T-Mobile

USA,

Inc.:

3.75%,

04/15/27

..................

164

181,220

3.88%,

04/15/30

..................

442

494,076

Vodafone

Group

plc:

5.25%,

05/30/48

..................

120

158,120

4.88%,

06/19/49

..................

31

39,099

1,224,332

Total

Corporate

Bonds

—

12.7%

(Cost:

$67,229,974)

...............................

68,492,819

Floating

Rate

Loan

Interests

—

0.0%

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(LIBOR

USD

3

Month

+

3.75%),

3.90%

,

 02/21/23

(a)(c)

................

10

9,400

Total

Floating

Rate

Loan

Interests

—

0.0%

(Cost:

$10,000)

.................................

9,400

Foreign

Agency

Obligations

—

0.1%

Argentina

—

0.0%

YPF

SA,

7.00%

,

12/15/47

(b)

.............

28

18,205

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA,

3.63%

,

02/04/25

(b)

......................

200

206,850

Colombia

—

0.0%

Ecopetrol

SA:

5.38%,

06/26/26

..................

115

126,799

6.88%,

04/29/30

..................

11

13,236

140,035

Mexico

—

0.1%

Petroleos

Mexicanos

:

Series

13-2,

7.19%,

09/12/24

.........

MXN

5

23,700

6.88%,

10/16/25

..................

USD

13

14,342

5.35%,

02/12/28

..................

22

21,581

6.50%,

01/23/29

..................

79

81,765

6.84%,

01/23/30

..................

120

123,510

7.69%,

01/23/50

..................

65

62,319

327,217

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$664,470)

.................................

692,307

Foreign

Government

Obligations

—

2.5%

Argentina

—

0.0%

Argentine

Republic

(The),

0.12%

,

07/09/35

(d)

.

156

49,374

Brazil

—

0.0%

Federative

Republic

of

Brazil,

3.88%

,

06/12/30

200

201,975

China

—

1.6%

People's

Republic

of

China:

1.99%,

04/09/25

..................

CNY

26,310

3,930,927

2.41%,

06/19/25

..................

4,200

636,919

2.85%,

06/04/27

..................

3,000

458,034

Security

Par

(000)

Par

(000)

Value

China

(continued)

2.68%,

05/21/30

..................

CNY

24,680

$

3,667,857

8,693,737

Colombia

—

0.2%

Republic

of

Colombia:

3.88%,

04/25/27

..................

USD

340

361,207

4.50%,

03/15/29

..................

540

587,689

3.13%,

04/15/31

..................

200

195,350

1,144,246

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond:

4.50%,

01/30/30

..................

150

153,075

4.88%,

09/23/32

(b)

.................

150

154,500

307,575

Ecuador

—

0.0%

Republic

of

Ecuador,

0.50%

,

07/31/35

(d)

.....

52

35,620

Hungary

—

0.0%

Hungary

Government

Bond,

5.38%

,

03/25/24

.

140

157,920

Indonesia

—

0.1%

Republic

of

Indonesia:

4.45%,

02/11/24

..................

200

218,860

2.85%,

02/14/30

..................

200

206,975

6.50%,

02/15/31

..................

IDR

974,000

66,601

492,436

Mexico

—

0.2%

United

Mexican

States,

2.66%

,

05/24/31

....

USD

1,215

1,186,372

Panama

—

0.0%

Republic

of

Panama,

3.88%

,

03/17/28

......

200

219,912

Peru

—

0.0%

Republic

of

Peru,

4.13%

,

08/25/27

........

179

200,346

Philippines

—

0.1%

Republic

of

Philippines,

3.00%

,

02/01/28

....

260

280,257

South

Africa

—

0.1%

Republic

of

South

Africa:

7.00%,

02/28/31

..................

ZAR

2,477

148,813

8.25%,

03/31/32

..................

1,491

95,266

244,079

Ukraine

—

0.1%

Ukraine

Government

Bond:

7.38%,

09/25/32

..................

USD

200

209,912

7.25%,

03/15/33

..................

200

207,975

417,887

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay:

4.38%,

10/27/27

..................

90

103,432

5.10%,

06/18/50

..................

30

39,278

142,710

Total

Foreign

Government

Obligations

—

2.5%

(Cost:

$13,271,677)

...............................

13,774,446

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Investment

Companies

—

4.4%

(k)

BlackRock

Allocation

Target

Shares-

BATS

Series

A

........................

2,221,607

$

22,349,370

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

16,800

1,479,072

Total

Investment

Companies

—

4.4%

(Cost:

$23,673,278)

...............................

23,828,442

Par

(000)

Par

(000)

Municipal

Bonds

—

0.2%

California

-

0.1%

Bay

Area

Toll

Authority,

Series

2010S-1,

RB,

7.04%, 04/01/50

..................

USD

55

96,059

Los

Angeles

Community

College

District,

Series

2010E,

GO,

6.60%, 08/01/42

..........

50

79,230

Los

Angeles

Unified

School

District,

Series

2010I,

GO,

6.76%, 07/01/34

..........

70

100,651

State

of

California,

Series

2018,

GO,

4.60%, 04/01/38

..................

165

193,606

University

of

California,

Series

2012AD,

RB,

4.86%, 05/15/12

..................

58

82,340

551,886

Georgia

-

0.0%

Municipal

Electric

Authority

of

Georgia,

Series

2010A,

RB,

6.64%, 04/01/57

..........

53

80,689

Illinois

-

0.1%

State

of

Illinois,

Series

2003,

GO,

5.10%, 06/01/33

..................

210

247,046

Massachusetts

-

0.0%

Massachusetts

Housing

Finance

Agency,

Series

2015A,

RB,

4.50%, 12/01/48

.....

10

10,702

New

Jersey

-

0.0%

New

Jersey

Turnpike

Authority,

Series

2009F,

RB,

7.41%, 01/01/40

...............

79

129,893

New

York

-

0.0%

New

York

City

Water

&

Sewer

System,

Series

2011CC,

RB,

5.88%, 06/15/44

.........

60

93,171

Port

Authority

of

New

York

&

New

Jersey,

Series

2014-181,

RB,

4.96%, 08/01/46

...

15

20,082

113,253

Ohio

-

0.0%

American

Municipal

Power,

Inc.,

Series

2010B,

RB,

8.08%, 02/15/50

...............

35

64,133

Texas

-

0.0%

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2010A,

RB,

5.81%, 02/01/41

.....

55

81,012

State

of

Texas,

Series

2009A,

GO,

5.52%, 04/01/39

..................

60

86,796

167,808

Total

Municipal

Bonds

—

0.2%

(Cost:

$1,179,107)

...............................

1,365,410

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

—

0.9%

Collateralized

Mortgage

Obligations

—

0.3%

Alternative

Loan

Trust:

Series

2005-22T1,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

06/25/35

(a)

...

USD

47

$

39,345

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

01/25/36

(a)

...

17

16,599

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

21

15,433

Series

2006-OA21,

Class

A1,

(LIBOR

USD

1

Month

+

0.19%),

0.28%,

03/20/47

(a)

...

670

576,071

Series

2006-OA9,

Class

2A1B,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

07/20/46

(a)

..

101

79,481

Series

2006-OC10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.46%),

0.55%,

11/25/36

(a)

..

23

21,424

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

04/25/47

(a)

...

29

26,264

Series

2007-OA3,

Class

2A2,

(LIBOR

USD

1

Month

+

0.18%),

0.27%,

04/25/47

(a)

...

3

32

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.18%),

0.27%,

06/25/47

(a)

...

18

14,826

Series

2007-OH2,

Class

A2A,

(LIBOR

USD

1

Month

+

0.24%),

0.33%,

08/25/47

(a)

..

9

8,419

American

Home

Mortgage

Assets

Trust,

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.06%,

10/25/46

(a)

...........

52

42,452

APS

Resecuritization

Trust

(a)(b)

:

Series

2016-1,

Class

1MZ,

3.82%,

07/31/57

131

47,113

Series

2016-3,

Class

3A,

(LIBOR

USD

1

Month

+

2.85%),

2.94%,

09/27/46

....

65

65,282

Series

2016-3,

Class

4A,

(LIBOR

USD

1

Month

+

2.60%),

2.69%,

04/27/47

....

16

15,655

Banc

of

America

Funding

Trust,

Series

2016-

R2,

Class

1A1,

4.70%,

05/01/33

(a)(b)

.....

129

124,241

Bear

Stearns

Mortgage

Funding

Trust,

Series

2006-SL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.28%),

0.37%,

08/25/36

(a)

...........

26

25,362

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

300

188,793

CHL

Mortgage

Pass-Through

Trust:

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.08%,

04/25/46

(a)

....................

57

23,833

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

80

45,785

Citicorp

Mortgage

Securities

Trust,

Series

2008-

2,

Class

1A1,

6.50%,

06/25/38

.........

32

28,191

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

......................

109

60,922

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(LIBOR

USD

1

Month

+

1.35%),

1.44%,

11/25/35

(a)

......................

19

3,484

CSMC

Mortgage-Backed

Trust,

Series

2007-5,

Class

1A11,

7.00%,

08/25/37

(a)

.........

26

20,798

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

08/25/47

(a)

....

102

109,677

Deutsche

Alt-A

Securities,

Inc.,

Series

2007-

RS1,

Class

A2,

(LIBOR

USD

1

Month

+

0.50%),

0.59%,

01/27/37

(a)(b)

..........

1

577

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.12%,

03/25/36

(a)

...........

USD

8

$

7,940

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

2

2,488

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2007-AR19,

Class

3A1,

3.12%,

09/25/37

(a)

.

31

21,656

JPMorgan

Alternative

Loan

Trust,

Series

2007-

A1,

Class

1A4,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

03/25/37

(a)

...........

40

40,605

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

..

54

57,239

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

06/25/37

(a)

5

4,513

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.05%,

04/25/36

(a)

......................

9

7,117

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

06/25/36

(a)

.....

13

12,077

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust:

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

55

55,454

Series

2006-4,

Class

3A5,

6.35%,

05/25/36

(d)

....................

53

52,436

1,861,584

Commercial

Mortgage-Backed

Securities

—

0.5%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.19%,

09/15/34

(a)(b)

..........

100

98,744

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

:

Series

2015-200P,

Class

F,

3.72%,

04/14/33

100

102,522

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.77%,

09/15/34

....

100

99,625

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.54%,

01/25/36

....

20

18,884

Series

2005-4A,

Class

M1,

(LIBOR

USD

1

Month

+

0.68%),

0.77%,

01/25/36

....

15

14,260

Series

2006-1A,

Class

A2,

(LIBOR

USD

1

Month

+

0.54%),

0.63%,

04/25/36

....

9

8,237

Series

2006-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

10/25/36

....

12

11,423

Series

2006-3A,

Class

A2,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

10/25/36

....

12

11,446

Series

2006-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.35%),

0.44%,

12/25/36

....

143

137,880

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(LIBOR

USD

1

Month

+

0.72%),

0.79%,

03/15/37

(a)(b)

................

15

14,906

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

.................

90

95,441

Bear

Stearns

Commercial

Mortgage

Securities

Trust,

Series

2007-T26,

Class

AM,

5.51%,

01/12/45

(a)

......................

11

11,032

Benchmark

Mortgage

Trust,

Series

2019-B10,

Class

3CCA,

4.03%,

03/15/62

(a)(b)

.......

60

64,475

BHMS,

Series

2018-ATLS,

Class

A,

(LIBOR

USD

1

Month

+

1.25%),

1.32%,

07/15/35

(a)(b)

100

100,061

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

C,

3.45%,

03/10/33

(b)

...........

100

104,936

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust,

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

11/15/35

(a)(b)

..........

USD

154

$

154,287

BXP

Trust

(a)(b)

:

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.67%,

08/13/37

....

25

26,350

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.67%,

08/13/37

....

40

40,983

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(LIBOR

USD

1

Month

+

1.75%),

1.82%,

12/15/37

(a)(b)

..........

100

100,155

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

...............

10

11,052

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

11,012

CFK

Trust,

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

(a)(b)

.....................

100

111,762

Citigroup

Commercial

Mortgage

Trust:

Series

2016-C1,

Class

D,

5.11%,

05/10/49

(a)

(b)

..........................

10

10,272

Series

2017-C4,

Class

A4,

3.47%,

10/12/50

20

21,992

Commercial

Mortgage

Trust:

Series

2014-CR18,

Class

A4,

3.55%,

07/15/47

.....................

8

8,949

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

44

41,639

CSAIL

Commercial

Mortgage

Trust:

Series

2015-C2,

Class

A4,

3.50%,

06/15/57

10

10,796

Series

2019-C15,

Class

D,

3.00%,

03/15/52

(b)

....................

11

9,844

DBGS

Mortgage

Trust,

Series

2019-1735,

Class

F,

4.33%,

04/10/37

(a)(b)

..........

100

83,868

DBUBS

Mortgage

Trust

(b)

:

Series

2017-BRBK,

Class

A,

3.45%,

10/10/34

.....................

40

42,624

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.65%,

10/10/34

(a)

...

170

174,741

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

(a)

....................

40

40,554

GS

Mortgage

Securities

Trust:

Series

2015-GS1,

Class

A3,

3.73%,

11/10/48

.....................

10

10,993

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

....................

10

9,257

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

......................

100

100,018

IMT

Trust,

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

(b)

.................

100

106,074

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

03/25/37

(a)(b)

.....................

9

8,965

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

......................

16

15,630

Morgan

Stanley

Capital

I

Trust:

Series

2007-T27,

Class

AJ,

6.21%,

06/11/42

(a)

....................

31

31,433

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.67%,

11/15/34

(a)(b)

..

84

83,937

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

(c)

....................

10

8,500

Series

2019-L2,

Class

A4,

4.07%,

03/15/52

13

14,921

PFP

Ltd.

(a)(b)

:

Series

2019-5,

Class

A,

(LIBOR

USD

1

Month

+

0.97%),

1.04%,

04/14/36

....

7

6,869

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2019-5,

Class

AS,

(LIBOR

USD

1

Month

+

1.42%),

1.49%,

04/14/36

....

USD

10

$

9,988

Wells

Fargo

Commercial

Mortgage

Trust

(a)(b)

:

Series

2017-C39,

Class

D,

4.49%,

09/15/50

63

59,502

Series

2017-C41,

Class

D,

2.60%,

11/15/50

25

20,385

Series

2017-HSDB,

Class

A,

(LIBOR

USD

1

Month

+

0.85%),

0.92%,

12/13/31

....

100

98,567

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

C,

3.91%,

09/15/57

(a)

...

120

126,098

2,505,889

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Banc

of

America

Funding

Trust,

Series

2014-

R2,

Class

1C,

0.00%,

11/26/36

(a)(b)

......

56

15,706

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

Banc

of

America

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.78%,

02/15/50

.......................

1,000

32,521

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

1.11%,

08/10/35

(b)

.................

977

43,609

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.73%,

11/05/36

(b)

.................

4,250

85,474

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

XA,

(LIBOR

USD

1

Month

+

0.00%),

1.21%,

03/15/52

..................

992

66,566

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.87%,

05/10/58

....

120

3,905

Commercial

Mortgage

Trust,

Series

2015-3BP,

Class

XA,

0.17%,

02/10/35

(b)

..........

2,522

8,600

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

1,800

61,114

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

1.14%,

03/10/50

(b)

.....

805

22,486

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C19,

Class

XF,

1.34%,

12/15/47

(b)

......................

100

3,668

One

Market

Plaza

Trust

(b)

:

Series

2017-1MKT,

Class

XCP,

0.22%,

02/10/32

.....................

1,000

1,040

Series

2017-1MKT,

Class

XNCP,

0.00%,

02/10/32

(c)

....................

200

—

328,983

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(l)

.....

38

6,258

Total

Non-Agency

Mortgage-Backed

Securities

—

0.9%

(Cost:

$4,564,553)

...............................

4,718,420

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(m)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)(e)(

i

)

.......

620

—

Total

Other

Interests

—

0.0%

(Cost:

$0)

.....................................

—

Security

Par

(000)

Pa

r

(

000)

Value

Capital

Trusts

—

0.2%

(a)(h)

Banks

—

0.1%

Bank

of

America

Corp.,

Series

FF,

(LIBOR

USD

3

Month

+

2.93%),

5.87%

............

USD

95

$

108,733

Citigroup,

Inc.:

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

45

46,519

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%),

3.88%

.......................

221

225,696

380,948

Capital

Markets

—

0.1%

Bank

of

New

York

Mellon

Corp.

(The):

Series

E,

(LIBOR

USD

3

Month

+

3.42%),

3.55%

.......................

65

65,471

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.......................

15

15,619

Series

F,

(LIBOR

USD

3

Month

+

3.13%),

4.62%

.......................

97

106,865

Charles

Schwab

Corp.

(The):

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

.......................

40

41,700

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.......................

120

122,760

State

Street

Corp.:

Series

F,

(LIBOR

USD

3

Month

+

3.60%),

3.72%

.......................

30

30,024

Series

H,

(LIBOR

USD

3

Month

+

2.54%),

5.63%

.......................

140

148,400

530,839

Total

Capital

Trusts

—

0.2%

(Cost:

$878,104)

.................................

911,787

U.S.

Government

Sponsored

Agency

Securities

—

16.3%

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

:

Series

2013-63,

0.76%, 09/16/51

.......

493

14,023

Series

2016-26,

0.76%, 02/16/58

.......

273

11,167

Series

2016-92,

0.81%, 04/16/58

.......

40

1,835

Series

2016-110,

0.94%, 05/16/58

......

70

3,818

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.09%, 02/16/58

..........

63

3,980

34,823

Mortgage-Backed

Securities

—

16.3%

(n)

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 01/01/29

-

04/01/31

...........

245

257,930

3.00%, 09/01/27

-

12/01/46

...........

396

420,629

3.50%, 04/01/31

-

01/01/48

...........

591

644,450

4.00%, 08/01/40

-

12/01/45

...........

94

102,750

4.50%, 02/01/39

-

04/01/49

...........

776

857,810

5.00%, 10/01/41

-

11/01/48

...........

145

163,537

5.50%, 06/01/41

..................

63

73,209

6.00%, 01/01/34

..................

38

42,198

Federal

National

Mortgage

Association,

4.00%, 01/01/41

..................

8

8,232

Government

National

Mortgage

Association:

2.00%, 07/15/51

(n)

.................

2,621

2,669,325

2.50%, 07/15/51

(n)

.................

2,837

2,935,438

3.00%, 02/15/45

..................

31

32,023

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.00%, 07/15/51

-

08/15/51

(n)

..........

USD

8,823

$

9,204,655

3.50%, 01/15/42

-

10/20/46

...........

1,704

1,817,213

3.50%, 07/15/51

(n)

.................

687

721,176

4.00%, 04/20/39

-

12/20/47

...........

347

375,896

4.00%, 07/15/51

(n)

.................

862

910,252

4.50%, 12/20/39

-

04/20/50

...........

511

560,234

4.50%, 07/15/51

(n)

.................

207

220,584

5.00%, 12/15/38

-

07/20/42

...........

89

102,032

7.50%, 03/15/32

..................

2

2,039

Uniform

Mortgage-Backed

Securities:

1.50%, 07/25/36

(n)

.................

1,266

1,281,256

2.00%, 10/01/31

-

03/01/32

...........

140

144,432

2.00%, 07/25/36

-

09/25/51

(n)

..........

11,359

11,490,955

2.50%, 09/01/27

-

12/01/35

...........

999

1,050,708

2.50%, 07/25/36

-

08/25/51

(n)

..........

19,869

20,529,327

3.00%, 04/01/29

-

08/01/50

...........

3,943

4,201,370

3.00%, 07/25/36

-

07/25/51

(n)

..........

450

471,123

3.50%, 08/01/30

-

08/01/50

...........

3,013

3,252,644

3.50%, 07/25/36

-

07/25/51

(n)

..........

1,617

1,706,025

4.00%, 10/01/33

-

09/01/50

...........

10,507

11,240,459

4.00%, 07/25/51

-

08/25/51

(n)

..........

4,000

4,260,836

4.50%, 02/01/25

-

04/01/50

...........

3,962

4,377,690

4.50%, 07/25/51

(n)

.................

48

51,637

5.00%, 09/01/35

-

05/01/49

...........

273

307,045

5.00%, 07/25/51

(n)

.................

529

579,751

5.50%, 02/01/35

-

04/01/41

...........

415

478,841

6.00%, 12/01/27

-

06/01/41

...........

234

275,762

6.50%, 05/01/40

..................

68

79,979

87,901,452

Total

U.S.

Government

Sponsored

Agency

Securities

—

16.3%

(Cost:

$87,485,062)

...............................

87,936,275

U.S.

Treasury

Obligations

—

6.2%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

..................

66

90,319

4.50%, 08/15/39

..................

82

115,614

4.38%, 11/15/39

..................

82

114,073

1.13%, 05/15/40

-

08/15/40

...........

518

446,411

1.38%, 11/15/40

-

08/15/50

...........

356

314,427

3.13%, 02/15/43

..................

332

396,688

2.88%, 05/15/43

-

11/15/46

...........

597

689,392

3.63%, 08/15/43

..................

332

427,606

3.75%, 11/15/43

..................

332

435,802

2.50%, 02/15/45

..................

457

494,452

2.75%, 11/15/47

..................

457

520,230

3.00%, 02/15/48

..................

764

910,712

2.25%, 08/15/49

(o)

.................

1,285

1,331,180

2.38%, 11/15/49

-

05/15/51

...........

930

990,464

1.63%, 11/15/50

..................

88

79,035

U.S.

Treasury

Notes:

1.13%, 07/31/21

-

02/15/31

...........

1,529

1,526,573

1.75%, 07/31/21

-

11/15/29

...........

5,698

5,847,617

1.50%, 01/31/22

-

02/15/30

...........

4,094

4,181,327

2.13%, 12/31/22

-

05/15/25

...........

1,937

2,025,077

0.50%, 03/15/23

-

05/31/27

...........

464

461,346

0.13%, 03/31/23

-

05/31/23

...........

1,923

1,919,444

0.25%, 04/15/23

-

10/31/25

...........

2,154

2,130,246

2.75%, 05/31/23

..................

623

652,884

1.38%, 01/31/25

..................

41

42,126

2.00%, 02/15/25

..................

782

821,100

0.38%, 04/30/25

-

12/31/25

...........

2,157

2,120,265

0.75%, 05/31/26

..................

760

755,666

1.63%, 11/30/26

-

05/15/31

...........

849

867,540

2.25%, 08/15/27

..................

798

853,424

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.25%, 03/31/28

-

05/31/28

...........

USD

1,120

$

1,123,534

2.88%, 08/15/28

..................

188

209,084

3.13%, 11/15/28

..................

310

350,700

2.63%, 02/15/29

..................

63

69,083

2.38%, 05/15/29

..................

63

67,983

Total

U.S.

Treasury

Obligations

—

6.2%

(Cost:

$32,763,599)

...............................

33,381,424

Total

Long-Term

Investments

—

105.1%

(Cost:

$505,124,165)

..............................

567,850,581

Short-Term

Securities

—

6.3%

Borrowed

Bond

Agreements

—

0.9%

(p)

Bank

of

America

Securities,

Inc.,

(0.22)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

453,387,

collateralized

by

U.S.

Treasury

Notes,

0.88%,

due

at

11/15/30,

par

and

fair

value

of

USD

476,000

and

$452,646,

respectively)

.

453

453,390

Bank

of

America

Securities,

Inc.,

(0.16)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

477,739,

collateralized

by

U.S.

Treasury

Bonds,

1.88%,

due

at

02/15/51,

par

and

fair

value

of

USD

497,000

and

$474,324,

respectively)

.

478

477,741

Bank

of

America

Securities,

Inc.,

(0.10)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

696,576,

collateralized

by

U.S.

Treasury

Notes,

0.63%,

due

at

08/15/30,

par

and

fair

value

of

USD

746,000

and

$695,004,

respectively)

.

697

696,577

Bank

of

America

Securities,

Inc.,

(0.10)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

163,590,

collateralized

by

U.S.

Treasury

Notes,

0.75%,

due

at

04/30/26,

par

and

fair

value

of

USD

164,000

and

$163,167,

respectively)

.

164

163,590

Bank

of

America

Securities,

Inc.,

(0.02)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

214,185,

collateralized

by

U.S.

Treasury

Notes,

0.25%,

due

at

06/30/25,

par

and

fair

value

of

USD

218,000

and

$214,134,

respectively)

.

214

214,185

Bank

of

America

Securities,

Inc.,

(0.02)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

79,200,

collateralized

by

U.S.

Treasury

Bonds,

2.00%,

due

at

02/15/50,

par

and

fair

value

of

USD

80,000

and

$78,594,

respectively)

...

79

79,200

Bank

of

America

Securities,

Inc.,

(0.02)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

1,843,475,

collateralized

by

U.S.

Treasury

Notes,

0.63%,

due

at

05/15/30,

par

and

fair

value

of

USD

1,969,000

and

$1,840,477,

respectively)

.....................

1,843

1,843,476

Bank

of

America

Securities,

Inc.,

(0.02)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

96,757,

collateralized

by

U.S.

Treasury

Notes,

0.75%,

due

at

03/31/26,

par

and

fair

value

of

USD

97,000

and

$96,564,

respectively)

...

97

96,758

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Borrowed

Bond

Agreements

(continued)

Bank

of

America

Securities,

Inc.,

(0.02)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

645,175,

collateralized

by

U.S.

Treasury

Bonds,

1.25%,

due

at

05/15/50,

par

and

fair

v

alue

of

USD

788,000

and

$643,421

,

respectively)

.

USD

645

$

645,175

Bank

of

America

Securities,

Inc.,

(0.02)%, 07/01/21

(Purchased

on

06/30/21

to

be

repurchased

at

USD

44,212,

collateralized

by

U.S.

Treasury

Notes,

0.38%,

due

at

01/31/26,

par

and

fair

value

of

USD

45,000

and

$44,098,

respectively)

...

44

44,213

Total

Borrowed

Bond

Agreements

—

0.9%

(Cost:

$4,714,305)

...............................

4,714,305

Shares

Shares

Money

Market

Funds

—

5.4%

(k)(q)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

25,541,552

25,541,552

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(r)

........................

3,971,296

3,972,488

Total

Money

Market

Funds

—

5.4%

(Cost:

$29,514,040)

...............................

29,514,040

Total

Short-Term

Securities

—

6.3%

(Cost:

$34,228,345)

...............................

34,228,345

Total

Options

Purchased

—

0.1%

(Cost:

$282,362)

.................................

625,444

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

TBA

Sale

Commitments

—

111.5%

(Cost:

$539,634,872

)

..............................

602,704,370

Total

Options

Written

—

(0.1)%

(Premium

Received

—

$730,992)

.....................

(683,756)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

—

(0.9)%

U.S.

Treasury

Obligations

—

(0.9)%

U.S.

Treasury

Bonds:

1.25%

,

 05/15/50

..................

788

(643,421)

1.88%

,

 02/15/51

..................

497

(474,324)

2.00%

,

 02/15/50

..................

80

(78,594)

U.S.

Treasury

Notes:

0.25%

,

 06/30/25

..................

218

(214,134)

0.38%

,

 01/31/26

..................

45

(44,098)

0.63%

,

 05/15/30

-

08/15/30

...........

2,715

(2,535,481)

0.75%

,

 03/31/26

-

04/30/26

...........

261

(259,731)

0.88%

,

 11/15/30

..................

476

(452,646)

(4,702,429)

Total

U.S.

Treasury

Obligations

—

(0.9)%

(Proceeds:

$5,016,726)

............................

(4,702,429)

Total

Borrowed

Bonds

—

(0.9)%

(Proceeds:

$5,016,726)

............................

(4,702,429)

Security

Par

(000)

Par

(000)

Value

TBA

Sale

Commitments

—

(5.2)%

(n)

Mortgage-Backed

Securities

—

(5.2)%

Government

National

Mortgage

Association:

2.50%

,

 07/15/51

..................

USD

12

$

(12,418)

3.00%

,

 07/15/51

..................

365

(380,833)

4.00%

,

 07/15/51

..................

46

(48,575)

4.50%

,

 07/15/51

..................

25

(26,641)

Uniform

Mortgage-Backed

Securities:

3.00%

,

 07/25/36

-

08/25/51

...........

3,377

(3,520,277)

3.50%

,

 07/25/36

..................

40

(42,716)

2.00%

,

 07/25/51

-

08/25/51

...........

5,673

(5,721,121)

2.50%

,

 07/25/51

..................

5,522

(5,711,796)

4.00%

,

 07/25/51

-

08/25/51

...........

10,116

(10,773,207)

4.50%

,

 07/25/51

..................

1,941

(2,088,092)

Total

TBA

Sale

Commitments

—

(5.2)%

(Proceeds:

$28,367,519)

...........................

(28,325,676)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

TBA

Sale

Commitments

—

105.3%

(Cost:

$505,519,635

)

..............................

568,992,509

Liabilities

in

Excess

of

Other

Assets

—

(5.3)%

.............

(28,807,263)

Net

Assets

—

100.0%

...............................

$

540,185,246

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

46

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(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

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Non-income

producing

security.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(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)

Perpetual

security

with

no

stated

maturity

date.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

Rounds

to

less

than

1,000.

(k)

Affiliate

of

the

Fund.

(l)

Zero-coupon

bond.

(m)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(n)

Represents

or

includes

a

TBA

transaction.

(o)

All

or

a

portion

of

the

security

has

been

pledged

in

connection

with

outstanding

futures

contracts.

(p)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(q)

Annualized

7-day

yield

as

of

period

end.

(r)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

21,088,016

$

4,453,536

$

—

$

—

$

—

$

25,541,552

25,541,552

$

2,571

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

8,019,914

—

(4,047,265)

(161)

—

3,972,488

3,971,296

27,900

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

13,611,764

8,638,000

—

—

99,606

22,349,370

2,221,607

228,093

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

1,452,672

1,467,275

(1,449,525)

51,009

(42,359)

1,479,072

16,800

20,228

—

$

50,848

$

57,247

$

53,342,482

$

278,792

$

—

—

—

(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

Balanced

Capital

Portfolio

Schedules

of

Investments

47

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

......................................................

71

09/17/21

$

15,225

$

195,946

U.S.

Treasury

10

Year

Note

...................................................

81

09/21/21

10,726

41,404

U.S.

Treasury

Long

Bond

....................................................

57

09/21/21

9,152

267,985

U.S.

Treasury

2

Year

Note

....................................................

66

09/30/21

14,541

(22,706)

U.S.

Treasury

5

Year

Note

....................................................

80

09/30/21

9,871

(40,195)

442,434

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

...............................................

64

09/21/21

9,412

(141,092)

U.S.

Treasury

Ultra

Bond

....................................................

6

09/21/21

1,155

(6,017)

(147,109)

$

295,325

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

IDR

575,835,000

USD

39,000

Morgan

Stanley

&

Co.

International

plc

07/01/21

$

713

BRL

831,431

USD

164,000

Citibank

NA

07/02/21

3,162

BRL

425,922

USD

84,000

Deutsche

Bank

AG

07/02/21

1,634

BRL

101,600

USD

20,000

JPMorgan

Chase

Bank

NA

07/02/21

427

USD

31,000

KRW

34,535,753

BNP

Paribas

SA

07/12/21

437

USD

61,000

KRW

67,955,220

Morgan

Stanley

&

Co.

International

plc

07/12/21

863

CLP

22,913,650

USD

31,000

Citibank

NA

07/14/21

191

CLP

23,175,600

USD

31,000

Goldman

Sachs

International

07/14/21

547

MXN

1,832,742

USD

91,766

Barclays

Bank

plc

07/14/21

35

MXN

1,055,896

USD

52,000

Citibank

NA

07/14/21

890

MXN

1,251,718

USD

62,000

HSBC

Bank

plc

07/14/21

698

USD

62,000

CAD

76,556

BNP

Paribas

SA

07/14/21

242

USD

73,000

CLP

52,632,400

Citibank

NA

07/14/21

1,356

USD

20,000

CLP

14,405,000

UBS

AG

07/14/21

392

USD

70,352

EUR

58,000

ANZ

Banking

Group

Ltd.

07/14/21

1,561

USD

31,000

JPY

3,408,959

Commonwealth

Bank

of

Australia

07/14/21

312

USD

207,000

MXN

4,103,597

Citibank

NA

07/14/21

1,453

USD

71,589

MXN

1,427,614

HSBC

Bank

plc

07/14/21

80

USD

36,000

ZAR

497,228

BNP

Paribas

SA

07/14/21

1,233

USD

82,000

ZAR

1,130,755

Citibank

NA

07/14/21

2,936

USD

31,000

ZAR

434,344

Deutsche

Bank

AG

07/14/21

630

KZT

5,524,492

USD

12,590

Deutsche

Bank

AG

07/15/21

310

USD

60,652

EUR

50,000

JPMorgan

Chase

Bank

NA

07/20/21

1,342

USD

9,512

EUR

8,000

UBS

AG

07/20/21

22

KRW

35,126,061

USD

31,000

BNP

Paribas

SA

07/23/21

83

USD

31,000

KRW

34,912,200

Morgan

Stanley

&

Co.

International

plc

07/23/21

106

USD

20,000

TRY

172,900

JPMorgan

Chase

Bank

NA

07/30/21

439

USD

102,000

BRL

508,144

Bank

of

America

NA

08/03/21

197

USD

62,000

BRL

308,354

Citibank

NA

08/03/21

223

USD

31,000

CLP

22,766,400

Morgan

Stanley

&

Co.

International

plc

08/18/21

38

MXN

1,992,072

USD

96,092

UBS

AG

08/24/21

3,173

USD

1,207,228

CNY

7,829,720

HSBC

Bank

plc

08/24/21

1,376

USD

37,374

CNY

242,000

Morgan

Stanley

&

Co.

International

plc

08/24/21

104

USD

73,681

IDR

1,068,447,753

Standard

Chartered

Bank

08/24/21

793

USD

75,322

MXN

1,500,060

Barclays

Bank

plc

08/24/21

575

USD

34,589

MXN

684,866

Goldman

Sachs

International

08/24/21

462

USD

48,478

ZAR

681,277

Citibank

NA

08/24/21

1,094

USD

206,059

ZAR

2,869,674

JPMorgan

Chase

Bank

NA

08/24/21

6,468

MXN

1,274,000

USD

62,516

Barclays

Bank

plc

09/15/21

779

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

48

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

65,269

CAD

79,000

Natwest

Markets

plc

09/15/21

$

1,541

USD

3,449,099

CNY

22,164,252

Citibank

NA

09/15/21

41,071

USD

152,230

CNY

989,345

Deutsche

Bank

AG

09/15/21

106

USD

338,749

CNY

2,201,981

Goldman

Sachs

International

09/15/21

168

USD

61,823

EUR

51,000

BNP

Paribas

SA

09/15/21

1,254

USD

14,396

JPY

1,575,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

210

USD

63,718

MXN

1,274,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

423

82,149

USD

39,000

IDR

575,250,000

Morgan

Stanley

&

Co.

International

plc

07/01/21

(671)

BRL

506,532

USD

102,000

Bank

of

America

NA

07/02/21

(160)

USD

308,000

BRL

1,578,565

Citibank

NA

07/02/21

(9,377)

USD

62,000

BRL

314,916

Morgan

Stanley

&

Co.

International

plc

07/02/21

(1,316)

PLN

304,042

EUR

68,000

Bank

of

America

NA

07/07/21

(899)

KRW

102,896,480

USD

92,000

Citibank

NA

07/12/21

(941)

CAD

75,576

USD

62,000

JPMorgan

Chase

Bank

NA

07/14/21

(1,032)

CLP

22,320,000

USD

31,000

Goldman

Sachs

International

07/14/21

(617)

COP

153,422,000

USD

41,000

Citibank

NA

07/14/21

(144)

EUR

50,000

USD

60,594

HSBC

Bank

plc

07/14/21

(1,292)

EUR

8,000

USD

9,511

UBS

AG

07/14/21

(23)

JPY

10,274,294

USD

93,000

Bank

of

America

NA

07/14/21

(508)

RUB

2,957,330

USD

41,000

Citibank

NA

07/14/21

(634)

ZAR

288,857

USD

21,000

Bank

of

America

NA

07/14/21

(803)

ZAR

857,416

USD

62,000

BNP

Paribas

SA

07/14/21

(2,048)

EUR

58,000

USD

68,995

JPMorgan

Chase

Bank

NA

07/20/21

(195)

TRY

173,780

USD

20,000

Citibank

NA

07/30/21

(339)

CNY

812,432

USD

126,451

Goldman

Sachs

International

08/24/21

(1,329)

USD

14,403

MXN

289,472

Royal

Bank

of

Canada

08/24/21

(21)

IDR

834,272,000

USD

58,000

Citibank

NA

09/13/21

(1,232)

USD

134,596

CNY

876,674

HSBC

Bank

plc

09/15/21

(204)

USD

1,135,951

CNY

7,388,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

(45)

(23,830)

$

58,319

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

Bank

of

America

NA

07/16/21

USD

1.25

USD

1.25

EUR

6

$

3

Put

USD

Currency

...............

Down

and

Out

Morgan

Stanley

&

Co.

International

plc

07/02/21

BRL

5.02

BRL

4.84

USD

164

1,581

$

1,584

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

U.S.

Treasury

10

Year

Note

.....................

4

07/23/21

USD

131.00

USD

400

$

438

90-day

Eurodollar

September

2021

Futures

..........

144

09/10/21

USD

99.75

USD

36,000

44,100

90-day

Eurodollar

September

2021

Futures

..........

440

09/10/21

USD

99.38

USD

110,000

423,500

90-day

Eurodollar

December

2021

Futures

..........

625

12/10/21

USD

99.38

USD

156,250

132,813

$

600,851

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

49

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........................

Bank

of

America

NA

07/05/21

PLN

4.50

EUR

68

$

425

USD

Currency

...........................

Goldman

Sachs

International

07/08/21

MXN

21.00

USD

123

20

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

07/12/21

ZAR

13.70

USD

82

3,523

USD

Currency

...........................

Bank

of

America

NA

07/14/21

JPY

110.50

USD

164

1,219

EUR

Currency

...........................

BNP

Paribas

SA

07/16/21

USD

1.23

EUR

100

4

USD

Currency

...........................

Bank

of

America

NA

07/21/21

KRW

1,132.00

USD

88

414

USD

Currency

...........................

BNP

Paribas

SA

08/02/21

ZAR

14.65

USD

72

665

6,270

Put

USD

Currency

...........................

Deutsche

Bank

AG

07/02/21

IDR

14,450.00

USD

102

30

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

07/02/21

BRL

5.18

USD

102

4,133

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

07/02/21

MXN

19.80

USD

204

206

USD

Currency

...........................

Bank

of

America

NA

07/08/21

RUB

71.80

USD

82

35

USD

Currency

...........................

BNP

Paribas

SA

07/08/21

ZAR

14.00

USD

102

111

USD

Currency

...........................

Deutsche

Bank

AG

07/08/21

MXN

19.50

USD

82

31

USD

Currency

...........................

Deutsche

Bank

AG

07/08/21

BRL

5.18

USD

102

4,179

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

07/09/21

MXN

19.85

USD

82

340

USD

Currency

...........................

BNP

Paribas

SA

07/12/21

ZAR

13.60

USD

82

12

USD

Currency

...........................

Barclays

Bank

plc

07/14/21

BRL

5.08

USD

103

2,590

USD

Currency

...........................

Bank

of

America

NA

07/16/21

RUB

73.75

USD

82

1,010

EUR

Currency

...........................

UBS

AG

07/20/21

USD

1.18

EUR

138

609

USD

Currency

...........................

Bank

of

America

NA

07/21/21

KRW

1,110.00

USD

88

76

EUR

Currency

...........................

Standard

Chartered

Bank

07/29/21

USD

1.18

EUR

138

521

GBP

Currency

...........................

Deutsche

Bank

AG

07/29/21

USD

1.38

GBP

118

749

USD

Currency

...........................

BNP

Paribas

SA

08/02/21

BRL

5.05

USD

82

2,107

16,739

$

23,009

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

10

Year

Note

......................

2

07/23/21

USD

133.50

USD

200

$

(344)

Put

U.S.

Treasury

10

Year

Note

......................

2

07/23/21

USD

129.00

USD

200

(31)

90-day

Eurodollar

September

2021

Futures

...........

144

09/10/21

USD

99.50

USD

36,000

(9,000)

90-day

Eurodollar

September

2021

Futures

...........

197

09/10/21

USD

99.00

USD

49,250

(60,331)

90-day

Eurodollar

September

2021

Futures

...........

243

09/10/21

USD

99.13

USD

60,750

(113,906)

(183,268)

$

(183,612)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Deutsche

Bank

AG

07/02/21

IDR

14,800.00

USD

82

$

(4)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

07/12/21

ZAR

14.10

USD

123

(2,233)

EUR

Currency

.............................

BNP

Paribas

SA

07/16/21

USD

1.25

EUR

152

(1)

USD

Currency

.............................

BNP

Paribas

SA

08/02/21

BRL

5.40

USD

51

(136)

USD

Currency

.............................

Citibank

NA

08/02/21

ZAR

14.00

USD

102

(3,087)

–

(5,461)

–

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

50

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

07/02/21

MXN

19.40

USD

306

$

(1)

USD

Currency

.............................

Deutsche

Bank

AG

07/08/21

BRL

4.99

USD

102

(1,050)

USD

Currency

.............................

Bank

of

America

NA

07/08/21

RUB

71.00

USD

82

(6)

USD

Currency

.............................

BNP

Paribas

SA

07/08/21

ZAR

13.50

USD

102

(3)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

07/09/21

MXN

19.45

USD

102

(33)

USD

Currency

.............................

BNP

Paribas

SA

07/12/21

ZAR

13.25

USD

123

(2)

USD

Currency

.............................

Barclays

Bank

plc

07/14/21

BRL

4.93

USD

103

(726)

USD

Currency

.............................

Bank

of

America

NA

07/16/21

RUB

72.20

USD

122

(316)

–

(2,137)

–

$

(7,598)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

10/20/21

1.68

%

USD

150

$

(3,841)

10-Year

Interest

Rate

Swap

(a)

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

10/20/21

1.68

USD

3,688

(94,434)

10-Year

Interest

Rate

Swap

(a)

1.72%

Semi-Annual

3

month

LIBOR

Quarterly

Bank

of

America

NA

10/20/21

1.72

USD

150

(4,258)

10-Year

Interest

Rate

Swap

(a)

1.72%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

10/20/21

1.72

USD

3,688

(104,690)

10-Year

Interest

Rate

Swap

(a)

1.70%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

11/03/21

1.70

USD

1,920

(51,659)

10-Year

Interest

Rate

Swap

(a)

1.75%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

11/03/21

1.75

USD

1,920

(58,685)

10-Year

Interest

Rate

Swap

(a)

1.56%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/21/21

1.56

USD

1,119

(22,336)

(339,903)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.68%

Semi-Annual

Bank

of

America

NA

10/20/21

1.68

USD

150

(1,233)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.68%

Semi-Annual

Deutsche

Bank

AG

10/20/21

1.68

USD

3,688

(30,320)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.72%

Semi-Annual

Bank

of

America

NA

10/20/21

1.72

USD

150

(1,080)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.72%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/20/21

1.72

USD

3,688

(26,563)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.70%

Semi-Annual

Citibank

NA

11/03/21

1.70

USD

1,920

(16,963)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Goldman

Sachs

International

11/03/21

1.75

USD

1,920

(14,417)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.56%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/21/21

1.56

USD

1,119

(18,801)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.04

USD

3,303

(43,266)

(152,643)

$

(492,546)

(a)

Forward

settling

swaption.

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

51

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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)

0.74%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/17/23

PLN

958

$

349

$

—

$

349

0.72%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/17/23

PLN

958

424

—

424

0.76%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/18/23

PLN

663

175

—

175

0.83%

Semi-Annual

6

month

WIBOR

Semi-Annual

N/A

06/22/23

PLN

1,547

(147)

—

(147)

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/07/24

USD

487

(278)

—

(278)

5.88%

Quarterly

3

month

JIBAR

Quarterly

N/A

06/16/26

ZAR

1,316

294

—

294

5.84%

Quarterly

3

month

JIBAR

Quarterly

N/A

06/16/26

ZAR

1,018

350

—

350

1.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/31

USD

81

(748)

—

(748)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/01/31

USD

16

(231)

—

(231)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

3,303

(29,036)

(235)

(28,801)

$

(28,848)

$

(235)

$

(28,613)

(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)

1

month

USCPI

At

Termination

2.47%

At

Termination

04/26/31

USD

1,677

$

(16,268)

$

—

$

(16,268)

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

900

9,862

—

9,862

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

900

10,216

—

10,216

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.35%

At

Termination

12/15/40

GBP

15

(1,604)

—

(1,604)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

165

(15,467)

—

(15,467)

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.35%

At

Termination

01/15/41

GBP

8

(956)

—

(956)

$

(14,217)

$

—

$

(14,217)

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

06/20/26

USD

387

$

11,855

$

21,203

$

(9,348)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

50

1,533

1,594

(61)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

920

956

(36)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

920

956

(36)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

920

956

(36)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

72

2,208

2,279

(71)

Republic

of

Colombia

.......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

USD

10

171

180

(9)

Republic

of

Colombia

.......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

USD

30

512

530

(18)

Republic

of

Colombia

.......

1.00

Quarterly

Citibank

NA

06/20/26

USD

28

477

478

(1)

Republic

of

Colombia

.......

1.00

Quarterly

Citibank

NA

06/20/26

USD

28

477

452

25

Republic

of

Colombia

.......

1.00

Quarterly

Citibank

NA

06/20/26

USD

46

784

818

(34)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

20

341

374

(33)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

512

596

(84)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

20

341

383

(42)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

20

341

398

(57)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

32

546

636

(90)

Republic

of

Colombia

.......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

512

596

(84)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

52

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Republic

of

Colombia

.......

1.00

%

Quarterly

Goldman

Sachs

International

06/20/26

USD

20

$

341

$

374

$

(33)

Republic

of

Indonesia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

USD

310

(3,914)

(1,700)

(2,214)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

66

2,643

4,447

(1,804)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

115

4,589

7,722

(3,133)

Republic

of

South

Africa

.....

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

781

31,285

52,650

(21,365)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(86)

(13)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(29)

(70)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

58

(192)

14

(206)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(65)

(34)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(58)

(41)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

—

(99)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(51)

(48)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(65)

(34)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

40

(133)

(87)

(46)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

40

(133)

(87)

(46)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

40

(133)

(58)

(75)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(43)

(56)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

40

(133)

(58)

(75)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

28

(93)

(27)

(66)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(22)

(77)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

30

(99)

(14)

(85)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/26

USD

49

(162)

(118)

(44)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

USD

30

(99)

(29)

(70)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

06/20/26

USD

30

(99)

(36)

(63)

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

06/20/26

USD

30

(99)

(87)

(12)

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

06/20/26

USD

30

(99)

(94)

(5)

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

06/20/26

USD

30

(99)

(87)

(12)

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

06/20/26

USD

30

(99)

(79)

(20)

United

Mexican

States

......

1.00

Quarterly

Citibank

NA

06/20/26

USD

38

(126)

(64)

(62)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(15)

(84)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(22)

(77)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(15)

(84)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(72)

(27)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(72)

(27)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

20

(66)

(10)

(56)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

42

(139)

10

(149)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(79)

(20)

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

20

(66)

(72)

6

United

Mexican

States

......

1.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

30

(99)

(72)

(27)

United

Mexican

States

......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

483

(1,600)

3,027

(4,627)

CMBX.NA.9.AAA

..........

0.50

Monthly

Credit

Suisse

International

09/17/58

USD

60

(652)

736

(1,388)

CMBX.NA.9.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

09/17/58

USD

50

(543)

622

(1,165)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

110

(1,195)

1,453

(2,648)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

40

(434)

491

(925)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

50

(543)

613

(1,156)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

2

155

107

48

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

84

(329)

(66)

(263)

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

38

(148)

(6)

(142)

CMBX.NA.6.BBB-

.........

3.00

Monthly

JPMorgan

Securities

LLC

05/11/63

USD

20

5,281

1,788

3,493

$

–

$

–

$

–

$

54,653

$

103,894

$

(49,241)

$

–

$

–

$

–

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

53

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

—

$

—

$

(6)

$

6

CMBX.NA.3.AM

.......

0.50

Monthly

Goldman

Sachs

International

12/13/49

NR

USD

—

—

(13)

13

CMBX.NA.9.BBB-

.....

3.00

Monthly

Deutsche

Bank

AG

09/17/58

NR

USD

7

(541)

(784)

243

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

NR

USD

5

(440)

(398)

(42)

CMBX.NA.6.BBB-

.....

3.00

Monthly

Credit

Suisse

International

05/11/63

BBB-

USD

20

(5,289)

(1,477)

(3,812)

$

(6,270)

$

(2,678)

$

(3,592)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1.42%

Semi-Annual

1

day

CLICP

Semi-Annual

Bank

of

America

NA

04/01/23

CLP

180,449

$

3,610

$

—

$

3,610

1

day

CLICP

Semi-Annual

1.65%

Semi-Annual

Bank

of

America

NA

05/28/23

CLP

180,449

(3,680)

—

(3,680)

1

day

BZDIOVER

At

Termination

7.21%

At

Termination

Citibank

NA

01/02/24

BRL

1,728

(2,920)

—

(2,920)

1

day

BZDIOVER

At

Termination

7.61%

At

Termination

Citibank

NA

01/02/24

BRL

975

(171)

—

(171)

1

day

BZDIOVER

At

Termination

7.70%

At

Termination

Citibank

NA

01/02/24

BRL

127

31

—

31

1

day

BZDIOVER

At

Termination

8.29%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/29

BRL

540

(2,094)

—

(2,094)

1

day

BZDIOVER

At

Termination

8.42%

At

Termination

Citibank

NA

01/02/29

BRL

392

(878)

—

(878)

$

(6,102)

$

—

$

(6,102)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.02

%

1

day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0.00

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

5.40

3

month

JIBAR

.......................................

Johannesburg

Interbank

Average

Rate

3.69

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.15

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.15

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)

...........................................

$

—

$

(235)

$

21,670

$

(64,500)

$

—

OTC

Swaps

.....................................................

107,439

(6,223)

7,475

(66,410)

—

Options

Written

...................................................

N/A

N/A

173,139

(125,903)

(683,756)

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

54

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

.....

$

—

$

—

$

195,946

$

—

$

309,389

$

—

$

505,335

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

82,149

—

—

82,149

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

—

—

24,593

600,851

—

625,444

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

1,592

20,078

21,670

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

111,273

—

—

3,641

—

114,914

$

—

$

111,273

$

195,946

$

106,742

$

915,473

$

20,078

$

1,349,512

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

210,010

—

210,010

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

23,830

—

—

23,830

Options

written

(c)

Options

written

at

value

.....................

—

—

—

7,598

676,158

—

683,756

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

30,205

34,295

64,500

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

62,890

—

—

9,743

—

72,633

$

—

$

62,890

$

—

$

31,428

$

926,116

$

34,295

$

1,054,729

(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.

(c)

Includes

forward

settling

swaptions.

For

the

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

3,665,117

$

—

$

(1,437,615)

$

—

$

2,227,502

Forward

foreign

currency

exchange

contracts

....

—

—

—

(282,001)

—

—

(282,001)

Options

purchased

(a)

....................

—

—

(10,301)

(308,582)

43,010

—

(275,873)

Options

written

........................

—

—

15,313

153,422

(25,562)

—

143,173

Swaps

..............................

—

(65,334)

—

—

(96,790)

(189,036)

(351,160)

$

—

$

(65,334)

$

3,670,129

$

(437,161)

$

(1,516,957)

$

(189,036)

$

1,461,641

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(303,618)

—

74,111

—

(229,507)

Forward

foreign

currency

exchange

contracts

....

—

—

—

146,202

—

—

146,202

Options

purchased

(b)

....................

—

—

—

(82,821)

368,700

—

285,879

Options

written

........................

—

—

—

1,751

46,129

—

47,880

Swaps

..............................

—

39,028

—

—

(77,249)

(13,970)

(52,191)

$

—

$

39,028

$

(303,618)

$

65,132

$

411,691

$

(13,970)

$

198,263

(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.

BlackRock

Balanced

Capital

Portfolio

Schedules

of

Investments

55

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

75,046,783

Average

notional

value

of

contracts

—

short

.................................................................................

29,355,132

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

9,547,453

Average

amounts

sold

—

in

USD

........................................................................................

2,283,579

Options:

Average

value

of

option

contracts

purchased

................................................................................

989,398

Average

value

of

option

contracts

written

...................................................................................

516,490

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

—

(a)

Average

notional

value

of

swaption

contracts

written

...........................................................................

14,810,538

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

3,767,033

Average

notional

value

—

sell

protection

...................................................................................

32,265

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

8,495,032

Average

notional

value

—

receives

fixed

rate

................................................................................

1,773,494

Inflation

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

2,608,500

Average

notional

value

—

receives

fixed

rate

................................................................................

324,413

Total

return

swaps:

Average

notional

value

...............................................................................................

—

(a)

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

140,746

$

100,867

Forward

foreign

currency

exchange

contracts

.................................................................

82,149

23,830

Options

(a)(b)

........................................................................................

625,444

683,756

Swaps

—

Centrally

cleared

.............................................................................

—

11,779

Swaps

—

OTC

(c)

....................................................................................

114,914

72,633

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

963,253

$

892,865

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(741,597)

(296,258)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

221,656

$

596,607

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

56

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

ANZ

Banking

Group

Ltd.

...........................

$

1,561

$

—

$

—

$

—

$

1,561

Bank

of

America

NA

..............................

6,989

(6,989)

—

—

—

Barclays

Bank

plc

................................

25,196

(25,196)

—

—

—

BNP

Paribas

SA

.................................

6,858

(2,415)

—

—

4,443

Citibank

NA

....................................

54,180

(54,180)

—

—

—

Commonwealth

Bank

of

Australia

.....................

312

—

—

—

312

Credit

Suisse

International

..........................

742

(742)

—

—

—

Deutsche

Bank

AG

...............................

8,534

(8,534)

—

—

—

Goldman

Sachs

International

........................

76,143

(76,143)

—

—

—

HSBC

Bank

plc

..................................

2,154

(1,496)

—

—

658

JPMorgan

Chase

Bank

NA

..........................

8,676

(7,235)

—

—

1,441

JPMorgan

Securities

LLC

...........................

5,281

(440)

—

—

4,841

Morgan

Stanley

&

Co.

International

plc

..................

17,979

(17,979)

—

—

—

Natwest

Markets

plc

..............................

1,541

—

—

—

1,541

Standard

Chartered

Bank

...........................

1,314

—

—

—

1,314

UBS

AG

......................................

4,196

(23)

—

—

4,173

$

221,656

$

(201,372)

$

—

$

—

$

20,284

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

16,784

$

(6,989)

$

—

$

—

$

9,795

Barclays

Bank

plc

................................

55,323

(25,196)

—

—

30,127

BNP

Paribas

SA

.................................

2,415

(2,415)

—

—

—

Citibank

NA

....................................

88,902

(54,180)

—

—

34,722

Credit

Suisse

International

..........................

6,683

(742)

—

—

5,941

Deutsche

Bank

AG

...............................

128,234

(8,534)

—

—

119,700

Goldman

Sachs

International

........................

103,006

(76,143)

—

—

26,863

HSBC

Bank

plc

..................................

1,496

(1,496)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

7,235

(7,235)

—

—

—

JPMorgan

Securities

LLC

...........................

440

(440)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

186,045

(17,979)

—

(168,066)

—

Royal

Bank

of

Canada

.............................

21

—

—

—

21

UBS

AG

......................................

23

(23)

—

—

—

$

596,607

$

(201,372)

$

—

$

(168,066)

$

227,169

(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

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(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

Balanced

Capital

Portfolio

Schedules

of

Investments

57

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Fair

Value

Hierarchy

as

of

Peri

od

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

8,581,721

$

490,331

$

9,072,052

Common

Stocks

.........................................

323,667,799

—

—

323,667,799

Corporate

Bonds:

Aerospace

&

Defense

....................................

—

3,496,587

—

3,496,587

Air

Freight

&

Logistics

....................................

—

714,560

—

714,560

Airlines

..............................................

—

1,101,451

—

1,101,451

Auto

Components

......................................

—

57,402

—

57,402

Automobiles

..........................................

—

908,422

—

908,422

Banks

...............................................

—

10,543,748

—

10,543,748

Beverages

...........................................

—

1,496,309

—

1,496,309

Biotechnology

.........................................

—

1,776,705

—

1,776,705

Building

Products

.......................................

—

189,397

—

189,397

Capital

Markets

........................................

—

5,049,244

—

5,049,244

Chemicals

............................................

—

885,175

—

885,175

Commercial

Services

&

Supplies

.............................

—

794,393

—

794,393

Communications

Equipment

................................

—

406,234

—

406,234

Construction

&

Engineering

................................

—

201,750

—

201,750

Consumer

Finance

......................................

—

1,203,260

—

1,203,260

Containers

&

Packaging

..................................

—

96,609

—

96,609

Distributors

...........................................

—

56,122

—

56,122

Diversified

Financial

Services

...............................

—

764,461

—

764,461

Diversified

Telecommunication

Services

........................

—

2,860,141

—

2,860,141

Electric

Utilities

........................................

—

4,699,881

—

4,699,881

Electronic

Equipment,

Instruments

&

Components

.................

—

42,286

—

42,286

Energy

Equipment

&

Services

..............................

—

105

—

105

Entertainment

.........................................

—

396,668

—

396,668

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

1,781,775

—

1,781,775

Food

&

Staples

Retailing

..................................

—

255,741

—

255,741

Food

Products

.........................................

—

367,895

—

367,895

Gas

Utilities

...........................................

—

266,096

—

266,096

Health

Care

Equipment

&

Supplies

...........................

—

64,590

—

64,590

Health

Care

Providers

&

Services

............................

—

2,941,447

—

2,941,447

Hotels,

Restaurants

&

Leisure

..............................

—

1,070,064

—

1,070,064

Household

Durables

.....................................

—

220,146

—

220,146

Household

Products

.....................................

—

21,520

—

21,520

Independent

Power

and

Renewable

Electricity

Producers

............

—

11,991

—

11,991

Industrial

Conglomerates

..................................

—

45,362

—

45,362

Insurance

............................................

—

861,366

—

861,366

Internet

&

Direct

Marketing

Retail

............................

—

362,903

—

362,903

IT

Services

...........................................

—

1,462,202

—

1,462,202

Leisure

Products

.......................................

—

133,747

—

133,747

Life

Sciences

Tools

&

Services

..............................

—

561,249

—

561,249

Machinery

............................................

—

339,391

—

339,391

Media

...............................................

—

2,579,058

—

2,579,058

Metals

&

Mining

........................................

—

623,607

—

623,607

Multi-Utilities

..........................................

—

333,473

—

333,473

Oil,

Gas

&

Consumable

Fuels

...............................

—

4,882,819

—

4,882,819

Paper

&

Forest

Products

..................................

—

179,614

—

179,614

Pharmaceuticals

.......................................

—

1,093,460

—

1,093,460

Road

&

Rail

...........................................

—

1,589,164

—

1,589,164

Semiconductors

&

Semiconductor

Equipment

....................

—

2,355,041

—

2,355,041

Software

.............................................

—

1,619,723

—

1,619,723

Specialty

Retail

........................................

—

594,922

—

594,922

Technology

Hardware,

Storage

&

Peripherals

....................

—

596,387

—

596,387

Textiles,

Apparel

&

Luxury

Goods

............................

—

56,107

—

56,107

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Balanced

Capital

Portfolio

58

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Thrifts

&

Mortgage

Finance

................................

$

—

$

315,381

$

—

$

315,381

Tobacco

.............................................

—

1,394,554

—

1,394,554

Trading

Companies

&

Distributors

............................

—

336,494

—

336,494

Transportation

Infrastructure

...............................

—

210,288

—

210,288

Wireless

Telecommunication

Services

.........................

—

1,224,332

—

1,224,332

Floating

Rate

Loan

Interests

.................................

—

—

9,400

9,400

Foreign

Agency

Obligations

.................................

—

692,307

—

692,307

Foreign

Government

Obligations

..............................

—

13,774,446

—

13,774,446

Investment

Companies

....................................

1,479,072

—

—

1,479,072

Municipal

Bonds

.........................................

—

1,365,410

—

1,365,410

Non-Agency

Mortgage-Backed

Securities

........................

—

4,709,920

8,500

4,718,420

Other

Interests

..........................................

—

—

—

—

Capital

Trusts

...........................................

—

911,787

—

911,787

U.S.

Government

Sponsored

Agency

Securities

....................

—

87,936,275

—

87,936,275

U.S.

Treasury

Obligations

...................................

—

33,381,424

—

33,381,424

Short-Term

Securities:

Borrowed

Bond

Agreements

.................................

—

4,714,305

—

4,714,305

Money

Market

Funds

......................................

25,541,552

—

—

25,541,552

Options

Purchased:

Foreign

currency

exchange

contracts

...........................

—

24,593

—

24,593

Interest

rate

contracts

......................................

600,851

—

—

600,851

Liabilities:

Investments:

Borrowed

Bonds

.........................................

—

(4,702,429)

—

(4,702,429)

TBA

Sale

Commitments

....................................

—

(28,325,676)

—

(28,325,676)

$

351,289,274

$

191,556,902

$

508,231

$

543,354,407

Investments

valued

at

NAV

(a)

......................................

26,321,858

$

—

$

569,676,265

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

3,834

$

—

$

3,834

Equity

contracts

...........................................

195,946

—

—

195,946

Foreign

currency

exchange

contracts

............................

—

82,149

—

82,149

Interest

rate

contracts

.......................................

309,389

5,233

—

314,622

Other

contracts

...........................................

—

20,078

—

20,078

Liabilities:

Credit

contracts

...........................................

—

(56,667)

—

(56,667)

Foreign

currency

exchange

contracts

............................

—

(31,428)

—

(31,428)

Interest

rate

contracts

.......................................

(393,622)

(532,494)

—

(926,116)

Other

contracts

...........................................

—

(34,295)

—

(34,295)

$

111,713

$

(543,590)

$

—

$

(431,877)

(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

Capital

Appreciation

Portfolio

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.2%

Aerospace

&

Defense

—

1.2%

TransDigm

Group,

Inc.

(a)

..............

5,065

$

3,278,524

Capital

Markets

—

4.3%

Morgan

Stanley

....................

38,694

3,547,853

S&P

Global,

Inc.

(b)

..................

19,378

7,953,700

11,501,553

Chemicals

—

1.3%

Sherwin-Williams

Co.

(The)

............

12,773

3,480,004

Containers

&

Packaging

—

0.5%

Ball

Corp.

........................

17,437

1,412,746

Entertainment

—

3.9%

(a)

Netflix,

Inc.

.......................

11,015

5,818,233

Sea

Ltd.,

ADR

.....................

17,188

4,719,825

10,538,058

Health

Care

Equipment

&

Supplies

—

2.3%

Danaher

Corp.

....................

15,485

4,155,555

Intuitive

Surgical,

Inc.

(a)

...............

2,193

2,016,770

6,172,325

Health

Care

Providers

&

Services

—

1.5%

UnitedHealth

Group,

Inc.

..............

10,136

4,058,860

Hotels,

Restaurants

&

Leisure

—

0.6%

Domino's

Pizza,

Inc.

.................

3,484

1,625,251

Industrial

Conglomerates

—

1.6%

Roper

Technologies,

Inc.

..............

9,377

4,409,065

Interactive

Media

&

Services

—

11.8%

Alphabet,

Inc.,

Class

A

(a)

..............

4,864

11,876,866

Facebook,

Inc.,

Class

A

(a)

.............

28,049

9,752,918

Match

Group,

Inc.

(a)

.................

5,889

949,601

Snap,

Inc.,

Class

A

(a)

................

90,190

6,145,547

Tencent

Holdings

Ltd.

................

39,700

2,989,113

31,714,045

Internet

&

Direct

Marketing

Retail

—

12.0%

(a)

Amazon.com,

Inc.

..................

6,824

23,475,652

Etsy,

Inc.

........................

15,785

3,249,184

MercadoLibre

,

Inc.

..................

3,601

5,609,602

32,334,438

IT

Services

—

12.5%

Fidelity

National

Information

Services,

Inc.

..

10,649

1,508,644

Mastercard

,

Inc.,

Class

A

..............

26,004

9,493,800

PayPal

Holdings,

Inc.

(a)

...............

16,699

4,867,425

Shopify,

Inc.,

Class

A

(a)

...............

2,239

3,271,134

Visa,

Inc.,

Class

A

..................

46,411

10,851,820

Wix.com

Ltd.

(a)

.....................

12,360

3,587,861

33,580,684

Life

Sciences

Tools

&

Services

—

1.0%

Lonza

Group

AG

(Registered)

..........

3,615

2,562,879

Machinery

—

0.7%

Fortive

Corp.

......................

28,252

1,970,294

Metals

&

Mining

—

0.6%

Freeport-McMoRan,

Inc.

..............

43,552

1,616,215

Multiline

Retail

—

0.9%

Dollar

Tree,

Inc.

(a)

...................

25,430

2,530,285

Pharmaceuticals

—

2.7%

AstraZeneca

plc,

ADR

(b)

..............

29,329

1,756,807

Eli

Lilly

&

Co.

.....................

5,707

1,309,871

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.

.......................

22,045

$

4,108,306

7,174,984

Professional

Services

—

2.3%

CoStar

Group,

Inc.

(a)

.................

33,800

2,799,316

TransUnion

.......................

31,305

3,437,602

6,236,918

Road

&

Rail

—

0.7%

Union

Pacific

Corp.

.................

8,607

1,892,937

Semiconductors

&

Semiconductor

Equipment

—

9.0%

Analog

Devices,

Inc.

(b)

...............

36,285

6,246,826

ASML

Holding

NV

(Registered),

NYRS

....

12,008

8,295,607

Marvell

Technology,

Inc.

..............

96,538

5,631,061

NVIDIA

Corp.

.....................

5,240

4,192,524

24,366,018

Software

—

19.0%

Adobe,

Inc.

(a)

......................

11,181

6,548,041

Autodesk,

Inc.

(a)

....................

12,013

3,506,595

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

5,373

1,350,289

Intuit,

Inc.

........................

15,718

7,704,492

Microsoft

Corp.

....................

79,669

21,582,332

RingCentral,

Inc.,

Class

A

(a)

............

8,982

2,609,989

ServiceNow

,

Inc.

(a)

..................

14,178

7,791,520

51,093,258

Specialty

Retail

—

1.4%

Lowe's

Cos.,

Inc.

...................

10,810

2,096,816

TJX

Cos.,

Inc.

(The)

.................

26,204

1,766,673

3,863,489

Technology

Hardware,

Storage

&

Peripherals

—

3.2%

Apple,

Inc.

.......................

61,915

8,479,878

Textiles,

Apparel

&

Luxury

Goods

—

3.5%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

3,225

2,536,969

NIKE,

Inc.,

Class

B

.................

45,039

6,958,075

9,495,044

Wireless

Telecommunication

Services

—

0.7%

T-Mobile

US,

Inc.

(a)

..................

13,114

1,899,301

Total

Common

Stocks

—

99.2%

(Cost:

$144,203,287)

.............................

267,287,053

Preferred

Stocks

—

0.7%

Media

—

0.7%

Bytedance

Ltd.

Series

E-1

(Acquired

11/11/20,

cost

$1,164,993)

(c)(d)

...............

10,632

1,803,560

Total

Preferred

Stocks

—

0.7%

(Cost:

$1,164,993)

..............................

1,803,560

Total

Long-Term

Investments

—

99.9%

(Cost:

$145,368,280)

.............................

269,090,613

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Capital

Appreciation

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

3.9%

(e)(f)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

...................

546,316

$

546,316

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(g)

.......................

9,992,406

9,995,404

Total

Short-Term

Securities

—

3.9%

(Cost:

$10,541,720)

..............................

10,541,720

Total

Investments

—

103.8%

(Cost:

$155,910,000

)

.............................

279,632,333

Liabilities

in

Excess

of

Other

Assets

—

(3.8)%

............

(10,234,982)

Net

Assets

—

100.0%

..............................

$

269,397,351

(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

$1,803,560,

representing

0.67%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,164,993.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,153,780

$

—

$

(607,464)

$

—

$

—

$

546,316

546,316

$

85

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

4,996,750

4,999,080

—

(426)

—

9,995,404

9,992,406

14,260

(b)

—

$

(426)

$

—

$

10,541,720

$

14,345

$

—

—

—

(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

Capital

Appreciation

Portfolio

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

....................................

$

3,278,524

$

—

$

—

$

3,278,524

Capital

Markets

........................................

11,501,553

—

—

11,501,553

Chemicals

............................................

3,480,004

—

—

3,480,004

Containers

&

Packaging

..................................

1,412,746

—

—

1,412,746

Entertainment

.........................................

10,538,058

—

—

10,538,058

Health

Care

Equipment

&

Supplies

...........................

6,172,325

—

—

6,172,325

Health

Care

Providers

&

Services

............................

4,058,860

—

—

4,058,860

Hotels,

Restaurants

&

Leisure

..............................

1,625,251

—

—

1,625,251

Industrial

Conglomerates

..................................

4,409,065

—

—

4,409,065

Interactive

Media

&

Services

...............................

28,724,932

2,989,113

—

31,714,045

Internet

&

Direct

Marketing

Retail

............................

32,334,438

—

—

32,334,438

IT

Services

...........................................

33,580,684

—

—

33,580,684

Life

Sciences

Tools

&

Services

..............................

—

2,562,879

—

2,562,879

Machinery

............................................

1,970,294

—

—

1,970,294

Metals

&

Mining

........................................

1,616,215

—

—

1,616,215

Multiline

Retail

.........................................

2,530,285

—

—

2,530,285

Pharmaceuticals

.......................................

7,174,984

—

—

7,174,984

Professional

Services

....................................

6,236,918

—

—

6,236,918

Road

&

Rail

...........................................

1,892,937

—

—

1,892,937

Semiconductors

&

Semiconductor

Equipment

....................

24,366,018

—

—

24,366,018

Software

.............................................

51,093,258

—

—

51,093,258

Specialty

Retail

........................................

3,863,489

—

—

3,863,489

Technology

Hardware,

Storage

&

Peripherals

....................

8,479,878

—

—

8,479,878

Textiles,

Apparel

&

Luxury

Goods

............................

6,958,075

2,536,969

—

9,495,044

Wireless

Telecommunication

Services

.........................

1,899,301

—

—

1,899,301

Preferred

Stocks

.........................................

—

—

1,803,560

1,803,560

Short-Term

Securities

.......................................

546,316

—

—

546,316

$

259,744,408

$

8,088,961

$

1,803,560

$

269,636,929

Investments

valued

at

NAV

(a)

......................................

9,995,404

$

—

$

279,632,333

$

—

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

—

2.2%

Cayman

Islands

—

0.2%

(a)

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

04/20/34

(b)

.....

USD

250

$

250,000

Loanpal

Solar

Loan

Ltd.,

Series

2020-

2GF,

Class

A,

2.75%,

07/20/47

..

35

36,494

Voya

CLO

Ltd.,

Series

2017-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.04%),

1.23%,

04/20/34

(b)(c)

....

150

150,000

436,494

Ireland

—

0.1%

OCP

Euro

CLO

DAC,

Series

2017-2X,

Class

B,

(EURIBOR

3

Month

+

1.35%),

1.35%,

01/15/32

(b)

.....

EUR

100

118,656

United

States

—

1.9%

AccessLex

Institute,

Series

2007-A,

Class

A3,

(LIBOR

USD

3

Month

+

0.30%),

0.45%,

05/25/36

(b)

.....

USD

32

31,921

ACRES

Commercial

Realty

Ltd.,

Series

2021-FL1,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

1.27%,

06/15/36

(a)(b)

100

100,063

Battalion

CLO

18

Ltd.

(a)(b)

:

Series

2020-18A,

Class

A1,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

10/15/32

...............

250

250,699

Series

2020-18A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.48%,

10/15/32

...............

250

250,742

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

(a)

...........

120

119,944

Lendmark

Funding

Trust,

Series

2021-

1A,

Class

A,

1.90%,

11/20/31

(a)

..

100

100,897

Mariner

Finance

Issuance

Trust,

Series

2020-AA,

Class

A,

2.19%,

08/21/34

(a)

................

100

101,712

Mercury

Financial

Credit

Card

Master

Trust,

Series

2021-1A,

Class

A,

1.54%,

03/20/26

(a)

...........

193

193,583

Mosaic

Solar

Loans

LLC,

Series

2021-

2A,

Class

A,

1.64%,

04/22/47

(a)

..

100

99,399

Navient

Private

Education

Refi

Loan

Trust

(a)

:

Series

2021-DA,

Class

A,

(US

Prime

Rate

-

1.99%),

0.10%,

04/15/60

(b)

144

142,414

Series

2021-DA,

Class

C,

3.48%,

04/15/60

(c)

..............

110

110,000

Nelnet

Student

Loan

Trust

(a)

:

Series

2021-A,

Class

A1,

(LIBOR

USD

1

Month

+

0.80%),

0.90%,

04/20/62

(b)

..............

230

230,363

Series

2021-A,

Class

A2,

(LIBOR

USD

1

Month

+

1.03%),

1.13%,

04/20/62

(b)

..............

181

181,403

Series

2021-A,

Class

B2,

2.85%,

04/20/62

...............

200

203,946

Series

2021-A,

Class

C,

3.75%,

04/20/62

...............

100

100,778

Series

2021-A,

Class

D,

4.93%,

04/20/62

...............

100

100,717

Series

2021-BA,

Class

AFX,

1.42%,

04/20/62

...............

105

105,482

Series

2021-BA,

Class

B,

2.68%,

04/20/62

...............

205

205,377

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-BA,

Class

C,

3.57%,

04/20/62

...............

USD

100

$

100,208

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(a)(c)

...............

169

171,535

SLM

Private

Credit

Student

Loan

Trust

(b)

:

Series

2005-B,

Class

A4,

(LIBOR

USD

3

Month

+

0.33%),

0.45%,

06/15/39

...............

148

143,945

Series

2006-A,

Class

A5,

(LIBOR

USD

3

Month

+

0.29%),

0.41%,

06/15/39

...............

53

51,474

Series

2007-A,

Class

A4A,

(LIBOR

USD

3

Month

+

0.24%),

0.36%,

12/16/41

...............

61

59,324

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(LIBOR

USD

1

Month

+

4.75%),

4.82%,

10/15/41

(a)(b)

...............

168

187,342

SMB

Private

Education

Loan

Trust

(a)

:

Series

2021-A,

Class

B,

2.31%,

01/15/53

...............

100

101,366

Series

2021-A,

Class

C,

2.99%,

01/15/53

...............

204

205,660

Series

2021-A,

Class

D1,

3.86%,

01/15/53

...............

100

99,507

Series

2021-C,

Class

A2,

(LIBOR

USD

1

Month

+

0.80%),

0.89%,

01/15/53

(b)

..............

110

110,000

3,859,801

Total

Asset-Backed

Securities

—

2.2%

(Cost:

$4,370,774)

..............................

4,414,951

Shares

Shares

Common

Stocks

—

72.0%

Argentina

—

0.4%

MercadoLibre,

Inc.

(d)

............

549

855,227

Australia

—

0.3%

Australia

&

New

Zealand

Banking

Group

Ltd.

................

216

4,559

BHP

Group

Ltd.

...............

120

4,366

BHP

Group

plc

...............

5,949

176,037

Commonwealth

Bank

of

Australia

...

51

3,819

CSL

Ltd.

....................

44

9,410

Fortescue

Metals

Group

Ltd.

......

639

11,163

Goodman

Group

..............

231

3,656

Quintis

HoldCo

Pty.

Ltd.,

(Acquired

10/22/18,

cost

$115,835)

(c)(d)(e)

...

218,994

213,505

Ramsay

Health

Care

Ltd.

........

50

2,359

Rio

Tinto

plc

.................

2,151

177,646

Telstra

Corp.

Ltd.

..............

2,036

5,742

Woodside

Petroleum

Ltd.

........

254

4,229

616,491

Belgium

—

0.0%

Anheuser-Busch

InBev

SA/NV

.....

55

3,965

KBC

Group

NV

...............

34

2,596

6,561

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Brazil

—

0.2%

Ambev

SA

..................

1,171

$

4,017

B3

SA

-

Brasil

Bolsa

Balcao

.......

6,781

22,836

Banco

do

Brasil

SA

............

1,680

10,849

Cia

Siderurgica

Nacional

SA

......

153

1,346

Engie

Brasil

Energia

SA

.........

1,138

8,955

Magazine

Luiza

SA

(d)

...........

9,472

40,278

Petroleo

Brasileiro

SA,

ADR

(f)

......

892

10,909

Seguridade

Participacoes

SA

......

1,390

6,481

Vale

SA

....................

236

5,364

Vale

SA,

ADR

(f)

...............

8,014

182,799

WEG

SA

...................

400

2,705

296,539

Canada

—

1.0%

Alimentation

Couche-Tard,

Inc.,

Class

B

84

3,087

Bank

of

Nova

Scotia

(The)

........

56

3,642

Barrick

Gold

Corp.

.............

149

3,082

Brookfield

Asset

Management

Reinsurance

Partners

Ltd.,

Class

A

(d)

3

158

Brookfield

Asset

Management,

Inc.,

Class

A

..................

407

20,764

Canadian

National

Railway

Co.

....

98

10,340

Canadian

Natural

Resources

Ltd.

...

99

3,594

CGI,

Inc.,

Class

A

(d)

............

44

3,989

Enbridge,

Inc.

................

42,390

1,697,173

George

Weston

Ltd.

............

43

4,098

Loblaw

Cos.

Ltd.

..............

99

6,093

Magna

International,

Inc.

.........

25

2,315

Manulife

Financial

Corp.

.........

361

7,106

Nutrien

Ltd.

..................

180

10,907

Restaurant

Brands

International,

Inc.

41

2,642

Shopify,

Inc.,

Class

A

(d)

..........

135

197,241

Sun

Life

Financial,

Inc.

..........

112

5,775

TC

Energy

Corp.

..............

492

24,346

Thomson

Reuters

Corp.

.........

71

7,052

Toronto-Dominion

Bank

(The)

.....

72

5,046

2,018,450

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(d)

....

5,837

69,074

Chile

—

0.0%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(f)

.................

112

5,301

China

—

3.0%

AAC

Technologies

Holdings,

Inc.

...

5,500

41,148

Agricultural

Bank

of

China

Ltd.,

Class

H

37,000

12,839

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

......................

7,066

77,382

Alibaba

Group

Holding

Ltd.

(d)

......

10,500

297,716

Alibaba

Group

Holding

Ltd.,

ADR

(d)

..

2,008

455,374

Amoy

Diagnostics

Co.

Ltd.,

Class

A

.

2,400

38,581

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

500

2,650

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

B

100

1,385

ANTA

Sports

Products

Ltd.

.......

9,000

211,237

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

(d)

..............

1,099

63,216

Autobio

Diagnostics

Co.

Ltd.,

Class

A

2,187

25,612

Autohome,

Inc.,

ADR

...........

254

16,246

Baidu,

Inc.,

ADR,

Class

A

(d)

.......

63

12,846

Bank

of

China

Ltd.,

Class

H

.......

18,000

6,463

Brilliance

China

Automotive

Holdings

Ltd.

.....................

2,000

1,246

BYD

Co.

Ltd.,

Class

A

...........

5,900

228,085

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,000

1,894

Security

Shares

Shares

Value

China

(continued)

China

Construction

Bank

Corp.,

Class

H

......................

23,000

$

18,048

China

Feihe

Ltd.

(a)

.............

2,000

4,312

China

Galaxy

Securities

Co.

Ltd.,

Class

H

......................

4,000

2,383

China

Hongqiao

Group

Ltd.

.......

5,500

7,448

China

Life

Insurance

Co.

Ltd.,

Class

H

2,000

3,965

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................

5,000

42,591

China

National

Building

Material

Co.

Ltd.,

Class

H

...............

22,000

25,833

China

Petroleum

&

Chemical

Corp.,

Class

H

..................

30,000

15,248

China

Resources

Cement

Holdings

Ltd.

6,000

5,701

China

Resources

Power

Holdings

Co.

Ltd.

.....................

4,000

5,464

China

Tower

Corp.

Ltd.,

Class

H

(a)

...

14,000

1,928

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(d)

..............

6,100

502,723

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(d)

.................

500

1,256

Country

Garden

Services

Holdings

Co.

Ltd.

.....................

114

1,230

Dali

Foods

Group

Co.

Ltd.

(a)

.......

4,500

2,683

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

......................

6,000

5,386

ENN

Energy

Holdings

Ltd.

........

2,000

38,011

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

...............

2,000

39,827

Ganfeng

Lithium

Co.

Ltd.,

Class

H

(a)

.

4,000

59,737

Glodon

Co.

Ltd.,

Class

A

.........

3,900

41,031

GoerTek,

Inc.,

Class

A

..........

1,100

7,260

Guangdong

Marubi

Biotechnology

Co.

Ltd.,

Class

A

...............

2,500

20,123

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

..................

4,000

3,590

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

............

38,500

66,552

Haidilao

International

Holding

Ltd.

(a)

.

6,000

31,594

Haitong

Securities

Co.

Ltd.,

Class

H

.

2,800

2,452

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

..................

4,700

33,779

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(a)

..............

1,300

30,468

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)

....................

34,000

148,568

Hengan

International

Group

Co.

Ltd.

.

1,000

6,692

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

............

300

5,222

Huaneng

Power

International,

Inc.,

Class

H

..................

8,000

3,129

Huazhu

Group

Ltd.,

ADR

(d)(f)

.......

513

27,092

Hundsun

Technologies,

Inc.,

Class

A

(d)

2,780

40,011

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

...............

48,000

28,129

Intco

Medical

Technology

Co.

Ltd.,

Class

A

..................

120

2,315

JD

Health

International,

Inc.

(a)(d)

....

18,850

269,235

JD.com,

Inc.,

ADR

(d)

............

163

13,009

Kingdee

International

Software

Group

Co.

Ltd.

(d)

.................

37,000

125,314

Lenovo

Group

Ltd.

.............

4,000

4,594

Li

Auto,

Inc.,

ADR

(d)

............

7,764

271,274

Meituan

Dianping,

Class

B

(d)

......

900

37,126

Ming

Yuan

Cloud

Group

Holdings

Ltd.

(d)

8,000

39,596

NetEase,

Inc.,

ADR

............

764

88,051

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

China

(continued)

NIO,

Inc.,

ADR

(d)

..............

243

$

12,928

NXP

Semiconductors

NV

........

3,735

768,364

PetroChina

Co.

Ltd.,

Class

H

......

18,000

8,815

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(a)

100

2,663

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..................

10,000

8,747

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

...............

3,300

32,769

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

...............

1,500

14,663

Prosus

NV

(d)

.................

63

6,172

Shanghai

International

Airport

Co.

Ltd.,

Class

A

..................

9,000

66,917

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

...............

4,500

51,554

Sun

Art

Retail

Group

Ltd.

(d)

.......

6,000

4,468

TAL

Education

Group,

ADR

(d)

......

2,714

68,474

Tencent

Holdings

Ltd.

...........

10,900

820,688

Tingyi

Cayman

Islands

Holding

Corp.

6,000

11,979

Topsports

International

Holdings

Ltd.

(a)

1,000

1,635

Venus

MedTech

Hangzhou,

Inc.,

Class

H

(a)(d)

....................

9,500

79,143

Venustech

Group,

Inc.,

Class

A

....

7,699

34,513

Vipshop

Holdings

Ltd.,

ADR

(d)

......

625

12,550

Want

Want

China

Holdings

Ltd.

....

46,000

32,571

Wuhan

Raycus

Fiber

Laser

Technologies

Co.

Ltd.,

Class

A

...

4,039

71,155

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

..................

1,700

6,314

WuXi

AppTec

Co.

Ltd.,

Class

A

.....

2,064

49,886

Wuxi

Biologics

Cayman,

Inc.

(a)(d)

....

8,834

161,753

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

......................

4,082

35,384

Yihai

International

Holding

Ltd.

(d)

....

8,000

53,728

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

..................

4,200

21,574

Yum

China

Holdings,

Inc.

........

1,220

80,825

ZTO

Express

Cayman,

Inc.,

ADR

...

89

2,701

6,146,833

Denmark

—

0.3%

AP

Moller

-

Maersk

A/S,

Class

A

....

8

22,253

AP

Moller

-

Maersk

A/S,

Class

B

....

9

25,910

Carlsberg

A/S,

Class

B

..........

24

4,479

DSV

Panalpina

A/S

............

1,110

259,116

Genmab

A/S

(d)

................

235

96,290

Orsted

A/S

(a)

.................

15

2,105

Pandora

A/S

.................

954

128,708

538,861

Finland

—

0.2%

Neste

OYJ

..................

6,664

408,783

France

—

3.6%

Alstom

SA

..................

21,086

1,065,386

Arkema

SA

..................

4,616

580,158

AXA

SA

....................

426

10,817

BNP

Paribas

SA

..............

4,062

254,930

Cie

de

Saint-Gobain

............

6,070

400,595

Cie

Generale

des

Etablissements

Michelin

SCA

..............

76

12,129

Credit

Agricole

SA

.............

376

5,271

Danone

SA

..................

11,467

806,760

Electricite

de

France

SA

.........

175

2,391

EssilorLuxottica

SA

............

3,182

587,821

Faurecia

SE

.................

1

49

Security

Shares

Shares

Value

France

(continued)

Kering

SA

...................

198

$

173,491

LVMH

Moet

Hennessy

Louis

Vuitton

SE

966

759,911

Orange

SA

..................

812

9,267

Pernod

Ricard

SA

.............

108

24,004

Safran

SA

...................

8,895

1,234,474

Sanofi

.....................

11,019

1,157,685

Sartorius

Stedim

Biotech

.........

9

4,260

Societe

Generale

SA

...........

5,039

149,061

TOTAL

SE

..................

130

5,889

Worldline

SA

(a)(d)

..............

25

2,343

7,246,692

Germany

—

3.8%

adidas

AG

..................

2,811

1,048,947

Allianz

SE

(Registered)

..........

5,485

1,368,820

Auto1

Group

SE

(a)(d)

............

7,069

310,555

BASF

SE

...................

92

7,262

Bayerische

Motoren

Werke

AG

....

42

4,453

Continental

AG

...............

66

9,710

Daimler

AG

(Registered)

.........

11,907

1,063,993

Deutsche

Bank

AG

(Registered)

(d)

...

257

3,351

Deutsche

Boerse

AG

...........

127

22,167

Deutsche

Post

AG

(Registered)

....

108

7,355

Deutsche

Telekom

AG

(Registered)

.

48,897

1,034,172

Evonik

Industries

AG

...........

79

2,652

Fresenius

Medical

Care

AG

&

Co.

KGaA

...................

133

11,052

Fresenius

SE

&

Co.

KGaA

........

147

7,672

Infineon

Technologies

AG

........

5,616

225,894

Puma

SE

...................

4,171

497,813

SAP

SE

....................

23

3,231

Siemens

AG

(Registered)

........

8,852

1,405,510

Vantage

Towers

AG

(d)

...........

19,027

612,764

7,647,373

Hong

Kong

—

0.5%

AIA

Group

Ltd.

...............

70,200

870,872

CLP

Holdings

Ltd.

.............

3,500

34,590

Hang

Lung

Properties

Ltd.

........

24,000

58,207

Hysan

Development

Co.

Ltd.

......

6,000

23,917

Jardine

Matheson

Holdings

Ltd.

....

900

57,527

Nine

Dragons

Paper

Holdings

Ltd.

..

4,000

5,129

1,050,242

India

—

0.3%

HCL

Technologies

Ltd.

..........

1,662

22,018

Housing

Development

Finance

Corp.

Ltd.

.....................

28

934

Indian

Oil

Corp.

Ltd.

............

4,996

7,264

InterGlobe

Aviation

Ltd.

(a)(d)

.......

1,155

26,706

Petronet

LNG

Ltd.

.............

5,143

15,634

Reliance

Industries

Ltd.

.........

14,807

401,339

Tata

Consultancy

Services

Ltd.

....

119

5,363

Think

&

Learn

Pvt

Ltd.

Series

F

(Acquired

12/11/20,

cost

$67,547)

(c)(d)

(e)

......................

45

172,580

651,838

Indonesia

—

0.0%

Bank

Central

Asia

Tbk.

PT

........

24,800

51,577

Ireland

—

0.0%

Flutter

Entertainment

plc

(d)

........

142

25,844

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Israel

—

0.0%

(d)

ION

Acquisition

Corp.

2

Ltd.

.......

3,002

$

30,290

SimilarWeb

Ltd.

...............

1,418

27,935

58,225

Italy

—

1.7%

Assicurazioni

Generali

SpA

.......

8,618

173,021

Atlantia

SpA

(d)

................

1,881

34,155

Banca

Mediolanum

SpA

.........

3,712

36,152

Buzzi

Unicem

SpA

.............

1,288

34,218

Enel

SpA

...................

163,849

1,522,628

Eni

SpA

....................

397

4,840

Ferrari

NV

..................

1,168

241,129

FinecoBank

Banca

Fineco

SpA

(d)

...

2,126

37,102

Intesa

Sanpaolo

SpA

...........

457,676

1,266,087

Nexi

SpA

(a)(d)

.................

1,909

41,951

Poste

Italiane

SpA

(a)

............

2,640

34,942

Prysmian

SpA

................

1,095

39,295

Snam

SpA

..................

6,175

35,721

3,501,241

Japan

—

1.7%

Aisin

Seiki

Co.

Ltd.

.............

300

12,863

Asahi

Kasei

Corp.

.............

400

4,396

Astellas

Pharma,

Inc.

...........

750

13,070

Daifuku

Co.

Ltd.

...............

800

72,583

Dai-ichi

Life

Holdings,

Inc.

........

100

1,840

Daiichi

Sankyo

Co.

Ltd.

..........

200

4,315

Disco

Corp.

..................

400

121,620

ENEOS

Holdings,

Inc.

..........

1,300

5,448

FANUC

Corp.

................

700

167,858

GMO

Payment

Gateway,

Inc.

......

500

64,937

Honda

Motor

Co.

Ltd.

...........

200

6,433

Hoya

Corp.

..................

5,601

740,846

ITOCHU

Corp.

...............

100

2,885

Japan

Post

Bank

Co.

Ltd.

........

600

5,046

Kao

Corp.

...................

500

30,830

KDDI

Corp.

..................

100

3,116

Keyence

Corp.

...............

500

251,812

Kirin

Holdings

Co.

Ltd.

..........

1,000

19,516

Komatsu

Ltd.

................

100

2,477

Kose

Corp.

..................

1,600

251,355

Kubota

Corp.

................

200

4,046

Maeda

Road

Construction

Co.

Ltd.

..

500

9,840

Marubeni

Corp.

...............

400

3,483

Mitsubishi

Corp.

...............

100

2,732

Mitsubishi

Estate

Co.

Ltd.

........

4,300

69,503

Mitsubishi

UFJ

Financial

Group,

Inc.

.

600

3,232

Mizuho

Financial

Group,

Inc.

......

1,000

14,333

NEC

Corp.

..................

500

25,727

Nexon

Co.

Ltd.

...............

300

6,676

Nippon

Telegraph

&

Telephone

Corp.

4,040

105,627

Nissan

Motor

Co.

Ltd.

(d)

..........

900

4,484

Nomura

Holdings,

Inc.

..........

3,300

16,795

Ono

Pharmaceutical

Co.

Ltd.

......

600

13,380

Oracle

Corp.

Japan

............

200

15,282

Oriental

Land

Co.

Ltd.

..........

1,100

156,712

Panasonic

Corp.

..............

700

8,060

Recruit

Holdings

Co.

Ltd.

........

5,300

259,906

SG

Holdings

Co.

Ltd.

...........

100

2,626

Shin-Etsu

Chemical

Co.

Ltd.

......

4,220

705,840

SoftBank

Corp.

...............

400

5,230

Sony

Corp.

..................

1,900

184,238

Sumitomo

Mitsui

Financial

Group,

Inc.

300

10,342

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.

100

3,190

Suzuki

Motor

Corp.

............

100

4,238

Takeda

Pharmaceutical

Co.

Ltd.

....

200

6,712

Security

Shares

Shares

Value

Japan

(continued)

Tokio

Marine

Holdings,

Inc.

.......

100

$

4,606

Toshiba

Corp.

................

100

4,320

Toyota

Motor

Corp.

............

100

8,741

Z

Holdings

Corp.

..............

9,200

46,041

3,489,188

Luxembourg

—

0.1%

ArcelorMittal

SA

...............

3,781

116,406

Macau

—

0.0%

SJM

Holdings

Ltd.

(d)

............

22,000

24,014

Mexico

—

0.0%

Grupo

Bimbo

SAB

de

CV

........

2,787

6,138

Netherlands

—

1.8%

Adyen

NV

(a)(d)

................

241

591,012

Akzo

Nobel

NV

...............

5,142

636,687

ASML

Holding

NV

.............

1,595

1,101,059

Heineken

Holding

NV

...........

122

12,311

ING

Groep

NV

................

103,928

1,379,577

Koninklijke

Ahold

Delhaize

NV

.....

625

18,612

Koninklijke

Philips

NV

...........

126

6,254

Royal

Dutch

Shell

plc,

Class

A

.....

522

10,465

Royal

Dutch

Shell

plc,

Class

B

.....

321

6,231

3,762,208

New

Zealand

—

0.0%

Xero

Ltd.

(d)

..................

33

3,394

Norway

—

0.0%

LINK

Mobility

Group

Holding

ASA

(d)

..

5,552

20,273

Telenor

ASA

.................

655

11,047

31,320

Poland

—

0.1%

InPost

SA

(d)

..................

4,893

98,202

KGHM

Polska

Miedz

SA

.........

50

2,460

Polski

Koncern

Naftowy

ORLEN

SA

.

290

5,847

106,509

Portugal

—

0.0%

Jeronimo

Martins

SGPS

SA

.......

2,020

36,838

Saudi

Arabia

—

0.0%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

................

56

2,442

Singapore

—

0.1%

DBS

Group

Holdings

Ltd.

........

2,900

64,517

United

Overseas

Bank

Ltd.

.......

3,300

63,550

128,067

South

Africa

—

0.1%

Anglo

American

Platinum

Ltd.

.....

34

3,927

Anglo

American

plc

............

3,841

152,849

Impala

Platinum

Holdings

Ltd.

.....

475

7,813

Kumba

Iron

Ore

Ltd.

(f)

...........

197

8,803

MTN

Group

Ltd.

(d)

.............

491

3,547

Thungela

Resources

Ltd.

(d)

.......

14

39

176,978

South

Korea

—

0.7%

Amorepacific

Corp.

............

1,195

267,356

Hana

Financial

Group,

Inc.

.......

164

6,721

Kakao

Corp.

.................

2,920

422,940

KB

Financial

Group,

Inc.

.........

151

7,494

LG

Chem

Ltd.

................

474

357,913

LG

Electronics,

Inc.

............

17

2,461

Lotte

Chemical

Corp.

...........

12

2,797

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

South

Korea

(continued)

NCSoft

Corp.

................

107

$

77,856

POSCO

....................

151

46,666

Samsung

Biologics

Co.

Ltd.

(a)(d)

....

13

9,686

Samsung

Electronics

Co.

Ltd.

.....

197

14,102

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

.....................

29

5,680

Samsung

SDI

Co.

Ltd.

..........

411

254,466

SK

Hynix,

Inc.

................

28

3,160

SK,

Inc.

....................

41

10,277

1,489,575

Spain

—

0.4%

Cellnex

Telecom

SA

(a)

...........

13,424

856,200

Endesa

SA

..................

377

9,152

Iberdrola

SA

.................

560

6,829

872,181

Sweden

—

1.2%

Atlas

Copco

AB,

Class

A

.........

1,422

87,323

Atlas

Copco

AB,

Class

B

.........

59

3,107

Epiroc

AB,

Class

A

.............

3,058

69,611

EQT

AB

....................

84

3,051

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(d)

349

8,289

Hexagon

AB,

Class

B

...........

14,791

219,149

Sandvik

AB

..................

22,873

584,855

Svenska

Handelsbanken

AB,

Class

A

438

4,944

Swedbank

AB,

Class

A

..........

4,230

78,750

Telefonaktiebolaget

LM

Ericsson,

Class

B

......................

2,106

26,481

Volvo

AB,

Class

B

.............

58,411

1,407,671

2,493,231

Switzerland

—

0.5%

ABB

Ltd.

(Registered)

...........

4,796

162,942

Alcon,

Inc.

..................

214

15,009

Alcon,

Inc.

..................

1,180

82,907

Cie

Financiere

Richemont

SA

(Registered)

...............

848

102,802

Kuehne

+

Nagel

International

AG

(Registered)

...............

56

19,166

Lonza

Group

AG

(Registered)

.....

159

112,724

Nestle

SA

(Registered)

..........

1,323

164,908

Novartis

AG

(Registered)

........

162

14,779

Partners

Group

Holding

AG

.......

3

4,548

Roche

Holding

AG

.............

9

3,392

Sika

AG

(Registered)

...........

738

241,797

Straumann

Holding

AG

(Registered)

.

98

156,314

UBS

Group

AG

(Registered)

......

296

4,534

Zurich

Insurance

Group

AG

.......

21

8,435

1,094,257

Taiwan

—

1.1%

ASE

Technology

Holding

Co.

Ltd.

...

1,000

4,012

Cathay

Financial

Holding

Co.

Ltd.

...

20,000

38,669

China

Steel

Corp.

.............

2,000

2,840

Chunghwa

Telecom

Co.

Ltd.

......

10,000

40,807

Formosa

Chemicals

&

Fibre

Corp.

..

9,000

27,357

Formosa

Plastics

Corp.

..........

8,000

29,563

Fubon

Financial

Holding

Co.

Ltd.

...

22,000

58,324

Hon

Hai

Precision

Industry

Co.

Ltd.

..

11,760

47,216

Nan

Ya

Plastics

Corp.

...........

11,000

32,815

Nanya

Technology

Corp.

.........

1,000

2,858

Novatek

Microelectronics

Corp.

....

1,000

17,873

Sea

Ltd.,

ADR

(d)

...............

378

103,799

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

83,000

1,787,657

Uni-President

Enterprises

Corp.

....

16,000

42,015

Security

Shares

Shares

Value

Taiwan

(continued)

United

Microelectronics

Corp.

.....

2,000

$

3,793

Yageo

Corp.

(d)

................

4,000

80,530

2,320,128

Thailand

—

0.0%

Intouch

Holdings

PCL,

Class

F

.....

21,100

42,813

Thai

Beverage

PCL

............

24,100

12,120

54,933

United

Arab

Emirates

—

0.0%

NMC

Health

plc

(c)(d)

.............

8,338

—

United

Kingdom

—

2.9%

Alphawave

IP

Group

plc

(d)

........

20,076

99,976

AstraZeneca

plc

..............

10,015

1,203,244

Auto

Trader

Group

plc

(a)(d)

........

9,466

82,903

Barclays

plc

.................

2,465

5,850

Berkeley

Group

Holdings

plc

......

1,942

123,482

BP

plc

.....................

988

4,333

BP

plc,

ADR

.................

9,816

259,339

British

American

Tobacco

plc

......

144

5,591

Compass

Group

plc

(d)

...........

24,570

517,639

Diageo

plc

..................

773

37,049

Experian

plc

.................

89

3,436

Genius

Sports

Ltd.

(d)(f)

...........

3,275

61,472

GlaxoSmithKline

plc

............

1,055

20,740

Legal

&

General

Group

plc

.......

4,315

15,394

Linde

plc

...................

44

12,720

Lloyds

Banking

Group

plc

........

1,459,595

944,149

London

Stock

Exchange

Group

plc

..

29

3,205

National

Grid

plc

..............

510

6,487

Natwest

Group

plc

.............

1,957

5,508

Reckitt

Benckiser

Group

plc

.......

54

4,771

RELX

plc

...................

307

8,141

Spirax-Sarco

Engineering

plc

......

454

85,509

THG

Holdings

Ltd.

(d)

............

97,504

822,751

Unilever

plc

..................

7,064

412,775

Unilever

plc

..................

12,843

751,759

Vodafone

Group

plc

............

217,272

364,154

5,862,377

United

States

—

46.0%

10X

Future

Technologies

Holding

Ltd.,

(Acquired

05/13/21,

cost

$183,387)

(c)

(d)(e)

.....................

4,842

180,509

3M

Co.

.....................

19

3,774

Abbott

Laboratories

............

12,003

1,391,508

AbbVie,

Inc.

.................

11,067

1,246,587

Accenture

plc,

Class

A

..........

52

15,329

Activision

Blizzard,

Inc.

..........

34

3,245

Adobe,

Inc.

(d)

.................

49

28,696

Advance

Auto

Parts,

Inc.

.........

850

174,369

Advanced

Micro

Devices,

Inc.

(d)

....

96

9,017

Agilent

Technologies,

Inc.

........

89

13,155

Air

Products

&

Chemicals,

Inc.

.....

3,440

989,619

Airbnb,

Inc.,

Class

A

(d)

...........

1,177

180,246

Alaska

Air

Group,

Inc.

(d)

..........

726

43,785

Albemarle

Corp.

..............

2,249

378,867

Align

Technology,

Inc.

(d)

..........

17

10,387

Alkami

Technology,

Inc.

(d)

........

22

785

Alnylam

Pharmaceuticals,

Inc.

(d)

....

650

110,188

Alphabet,

Inc.,

Class

A

(d)

.........

31

75,696

Alphabet,

Inc.,

Class

C

(d)

.........

1,392

3,488,797

Altair

Engineering,

Inc.,

Class

A

(d)

...

2,397

165,321

Amazon.com,

Inc.

(d)(g)

...........

776

2,669,564

American

Electric

Power

Co.,

Inc.

...

59

4,991

American

Tower

Corp.

..........

5,261

1,421,207

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

American

Water

Works

Co.,

Inc.

....

735

$

113,286

Ameriprise

Financial,

Inc.

........

10

2,489

AmerisourceBergen

Corp.

........

36

4,122

Amgen,

Inc.

.................

531

129,431

Anthem,

Inc.

.................

1,977

754,819

Aon

plc,

Class

A

..............

58

13,848

Apellis

Pharmaceuticals,

Inc.

(d)

.....

943

59,598

Apple,

Inc.

(g)

.................

25,019

3,426,602

Applied

Materials,

Inc.

..........

5,941

845,998

Aptiv

plc

(d)

...................

4,030

634,040

Aramark

....................

527

19,631

Astra

Space,

Inc.,

(Acquired

06/30/21,

cost

$58,390)

(d)(e)

............

5,839

58,390

Atlassian

Corp.

plc,

Class

A

(d)

......

505

129,714

Autodesk,

Inc.

(d)

...............

2,200

642,180

AutoZone,

Inc.

(d)

..............

4

5,969

Bank

of

America

Corp.

..........

56,757

2,340,091

Bank

of

New

York

Mellon

Corp.

(The)

428

21,926

Baxter

International,

Inc.

.........

1,791

144,176

Becton

Dickinson

and

Co.

........

76

18,482

Berkshire

Hathaway,

Inc.,

Class

B

(d)

.

712

197,879

Biogen,

Inc.

(d)

................

15

5,194

Booking

Holdings,

Inc.

(d)

.........

3

6,564

Boston

Scientific

Corp.

(d)

.........

33,949

1,451,659

Bright

Horizons

Family

Solutions,

Inc.

(d)

225

33,100

Bristol-Myers

Squibb

Co.

.........

13,656

912,494

Broadcom,

Inc.

...............

18

8,583

Brown-Forman

Corp.,

Class

B

.....

328

24,580

C3.ai,

Inc.,

Class

A

(d)

...........

2,517

157,388

Cadence

Design

Systems,

Inc.

(d)

...

646

88,386

California

Resources

Corp.

(d)

......

3,433

103,471

Capital

One

Financial

Corp.

.......

9,570

1,480,383

Capri

Holdings

Ltd.

(d)

...........

4,049

231,562

Carrier

Global

Corp.

............

2,362

114,793

Cerner

Corp.

.................

251

19,618

CH

Robinson

Worldwide,

Inc.

(f)

.....

984

92,171

Charles

Schwab

Corp.

(The)

......

16,975

1,235,950

Charter

Communications,

Inc.,

Class

A

(d)

.....................

1,330

959,529

Chubb

Ltd.

..................

2,537

403,231

Cigna

Corp.

.................

157

37,220

Citigroup,

Inc.

................

726

51,365

Clorox

Co.

(The)

..............

38

6,837

CME

Group,

Inc.

..............

22

4,679

Cognizant

Technology

Solutions

Corp.,

Class

A

..................

218

15,099

Coinbase

Global,

Inc.,

Class

A

(d)

....

941

238,355

Colgate-Palmolive

Co.

..........

976

79,398

Comcast

Corp.,

Class

A

(g)

........

28,763

1,640,066

ConocoPhillips

...............

23,267

1,416,960

Consolidated

Edison,

Inc.

........

75

5,379

Constellation

Brands,

Inc.,

Class

A

..

117

27,365

Corteva,

Inc.

.................

547

24,259

Costco

Wholesale

Corp.

.........

2,504

990,758

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

.

1,467

368,672

Crown

Castle

International

Corp.

...

85

16,583

Crown

PropTech

Acquisitions

(d)

.....

3,804

37,774

Crown

PropTech

Acquisitions

(c)

.....

1,464

805

Cummins,

Inc.

................

35

8,533

Danaher

Corp.

...............

18

4,830

Danimer

Scientific,

Inc.

(d)

.........

1,088

27,254

Datadog,

Inc.,

Class

A

(d)

.........

582

60,575

Davidson

Kempner

Mercant

Co-

Invest

Fund

LP,

(Acquired

04/01/21,

cost

$203,100)

(c)(d)(e)(h)

............

203,100

203,100

Security

Shares

Shares

Value

United

States

(continued)

Deere

&

Co.

.................

719

$

253,598

Dell

Technologies,

Inc.,

Class

C

(d)

...

5,672

565,328

Delta

Air

Lines,

Inc.

(d)

...........

848

36,684

Devon

Energy

Corp.

............

2,417

70,552

DexCom,

Inc.

(d)

...............

18

7,686

Diamondback

Energy,

Inc.

(f)

.......

238

22,346

Diversey

Holdings

Ltd.

(d)(f)

........

25,606

458,603

DocuSign,

Inc.

(d)

..............

48

13,419

Dollar

Tree,

Inc.

(d)

..............

94

9,353

Dominion

Energy,

Inc.

...........

46

3,384

Dow,

Inc.

...................

137

8,669

DR

Horton,

Inc.

...............

8,645

781,249

Dynatrace,

Inc.

(d)

..............

2,103

122,857

Eaton

Corp.

plc

...............

124

18,374

Ecolab,

Inc.

.................

91

18,743

Edison

International

............

117

6,765

Edwards

Lifesciences

Corp.

(d)

.....

4,465

462,440

Electronic

Arts,

Inc.

............

174

25,026

Eli

Lilly

&

Co.

................

10

2,295

Emerson

Electric

Co.

...........

239

23,001

EOG

Resources,

Inc.

...........

32

2,670

EPAM

Systems,

Inc.

(d)

...........

113

57,738

Epic

Games,

Inc.,

(Acquired

07/02/20,

cost

$189,750)

(c)(d)(e)

..........

330

294,989

EQT

Corp.

(d)

.................

42,549

947,141

Equinix,

Inc.

.................

3

2,408

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

249

79,202

Eversource

Energy

............

61

4,895

Expedia

Group,

Inc.

(d)

...........

495

81,036

Exxon

Mobil

Corp.

.............

646

40,750

Facebook,

Inc.,

Class

A

(d)

........

2,755

957,941

FedEx

Corp.

.................

235

70,108

Ferguson

plc

.................

933

129,806

Fidelity

National

Information

Services,

Inc.

.....................

23

3,258

Fifth

Wall

Acquisition

Corp.

I,

Class

A

(d)

7,500

92,325

Fiserv,

Inc.

(d)

.................

119

12,720

Ford

Motor

Co.

(d)

..............

545

8,099

Fortinet,

Inc.

(d)

................

830

197,698

Fortive

Corp.

.................

15,930

1,110,958

Fortune

Brands

Home

&

Security,

Inc.

1,013

100,905

Freeport-McMoRan,

Inc.

(g)

........

30,491

1,131,521

Frontier

Communications

Parent,

Inc.

(d)

3,308

87,331

Gilead

Sciences,

Inc.

...........

158

10,880

Global

Payments,

Inc.

..........

6,275

1,176,814

Green

Plains,

Inc.

(d)

............

1,170

39,335

HCA

Healthcare,

Inc.

...........

140

28,944

Healthcare

Merger

Corp.,

(Acquired

10/30/20,

cost

$69,510)

(d)(e)

.....

6,951

39,551

Highland

Transcend

Partners

I

Corp.

(d)

6,118

61,302

Hilton

Worldwide

Holdings,

Inc.

(d)

...

2,474

298,414

Home

Depot,

Inc.

(The)

.........

3,360

1,071,470

Honeywell

International,

Inc.

......

34

7,458

HP,

Inc.

....................

847

25,571

Humana,

Inc.

................

65

28,777

IDEXX

Laboratories,

Inc.

(d)

........

20

12,631

iHeartMedia,

Inc.,

Class

A

(d)

.......

60

1,616

Illinois

Tool

Works,

Inc.

..........

122

27,274

Illumina,

Inc.

(d)

................

108

51,107

Insulet

Corp.

(d)

................

118

32,392

Intel

Corp.

..................

586

32,898

International

Flavors

&

Fragrances,

Inc.

4,740

708,156

International

Paper

Co.

..........

270

16,554

Intuit,

Inc.

...................

25

12,254

Intuitive

Surgical,

Inc.

(d)

..........

531

488,329

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

IQVIA

Holdings,

Inc.

(d)

...........

63

$

15,266

Jawbone

Health

Hub,

Inc.,

(Acquired

01/24/17,

cost

$0)

(c)(d)(e)

........

6,968

—

Johnson

&

Johnson

............

12,459

2,052,496

Johnson

Controls

International

plc

..

992

68,081

JPMorgan

Chase

&

Co.

(g)

........

9,612

1,495,050

Khosla

Ventures

Acquisition

Co.

(d)

...

5,294

52,358

KLA

Corp.

...................

38

12,320

Kroger

Co.

(The)

..............

268

10,267

L

Brands,

Inc.

................

1,430

103,046

L3Harris

Technologies,

Inc.

.......

3,661

791,325

Lam

Research

Corp.

...........

28

18,220

Las

Vegas

Sands

Corp.

(d)

........

5,244

276,306

Latch,

Inc.,

(Acquired

06/04/21,

cost

$51,030)

(d)(e)

...............

5,103

62,022

Liberty

Media

Acquisition

Corp.

(d)

...

12,038

127,482

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(d)

.................

7,122

331,743

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C

(d)

.................

8,964

415,840

Lions

Gate

Entertainment

Corp.,

Class

A

(d)

.....................

424

8,777

Live

Nation

Entertainment,

Inc.

(d)

...

1,272

111,414

Lockheed

Martin

Corp.

..........

13

4,919

Lookout,

Inc.,

(Acquired

03/04/15,

cost

$16,643)

(c)(e)

...............

1,457

16,974

Lowe's

Cos.,

Inc.

..............

4,743

920,000

Lululemon

Athletica,

Inc.

(d)

........

50

18,249

LyondellBasell

Industries

NV,

Class

A

21

2,160

ManpowerGroup,

Inc.

...........

564

67,065

Marathon

Petroleum

Corp.

.......

49

2,961

Marqeta,

Inc.,

Class

A

(d)

.........

3,030

85,052

Marriott

International,

Inc.,

Class

A

(d)

.

17

2,321

Marsh

&

McLennan

Cos.,

Inc.

.....

6,979

981,806

Masco

Corp.

.................

2,593

152,754

Masimo

Corp.

(d)

...............

470

113,952

Mastercard,

Inc.,

Class

A

.........

5,555

2,028,075

McDonald's

Corp.

.............

4,245

980,553

McKesson

Corp.

..............

28

5,355

Medallia,

Inc.

(d)

...............

7,861

265,309

Medtronic

plc

................

192

23,833

Merck

&

Co.,

Inc.

..............

110

8,555

Micron

Technology,

Inc.

(d)

........

9,461

803,996

Microsoft

Corp.

(g)

..............

17,774

4,814,977

MongoDB,

Inc.

(d)

..............

339

122,555

Monster

Beverage

Corp.

(d)

........

1,501

137,116

Morgan

Stanley

...............

10,095

925,611

Netflix,

Inc.

(d)

.................

57

30,108

Nevro

Corp.

(d)

................

179

29,676

New

Relic,

Inc.

(d)

..............

1,117

74,805

Newmont

Corp.

...............

62

3,930

NextEra

Energy,

Inc.

...........

20,765

1,521,659

NIKE,

Inc.,

Class

B

............

553

85,433

Northern

Genesis

Acquisition

Corp.

II

(d)

2,889

30,262

Northern

Trust

Corp.

............

163

18,846

Northrop

Grumman

Corp.

........

38

13,810

NVIDIA

Corp.

................

1,272

1,017,727

Okta,

Inc.

(d)

..................

649

158,797

Opendoor

Technologies,

Inc.

(d)(f)

....

5,720

101,416

Oracle

Corp.

.................

129

10,041

O'Reilly

Automotive,

Inc.

(d)

........

153

86,630

Organon

&

Co.

(d)

..............

51

1,543

Otis

Worldwide

Corp.

...........

308

25,185

Ovintiv,

Inc.

..................

665

20,928

Palo

Alto

Networks,

Inc.

(d)

........

515

191,091

Security

Shares

Shares

Value

United

States

(continued)

Parker-Hannifin

Corp.

...........

1,000

$

307,110

PayPal

Holdings,

Inc.

(d)

..........

3,503

1,021,054

Peloton

Interactive,

Inc.,

Class

A

(d)(f)

.

5,049

626,177

Penn

National

Gaming,

Inc.

(d)

......

1,116

85,363

PepsiCo,

Inc.

................

863

127,871

Pfizer,

Inc.

..................

386

15,116

Philip

Morris

International,

Inc.

.....

41

4,064

Pinterest,

Inc.,

Class

A

(d)

.........

84

6,632

Playstudios

Inc.,

(Acquired

06/17/21,

cost

$81,210)

(d)(e)

............

8,121

58,467

Playtika

Holding

Corp.

(d)

.........

16,161

385,278

PNC

Financial

Services

Group,

Inc.

(The)

....................

34

6,486

PPG

Industries,

Inc.

............

4,745

805,559

Procter

&

Gamble

Co.

(The)

......

62

8,366

Progressive

Corp.

(The)

.........

47

4,616

Prologis,

Inc.

.................

186

22,233

Proofpoint,

Inc.

(d)

..............

370

64,291

Proterra

Inc.,

(Acquired

06/14/21,

cost

$44,650)

(d)(e)

...............

4,465

74,189

PTC,

Inc.

(d)

..................

5,605

791,762

PubMatic,

Inc.,

Class

A

(d)

.........

1,357

53,018

PVH

Corp.

(d)

.................

1,655

178,061

QUALCOMM,

Inc.

.............

837

119,632

Quest

Diagnostics,

Inc.

..........

786

103,728

Ralph

Lauren

Corp.

............

268

31,573

Raytheon

Technologies

Corp.

.....

58

4,948

Regeneron

Pharmaceuticals,

Inc.

(d)

..

10

5,585

Reinvent

Technology

Partners

Z

(d)

...

4,693

48,244

ResMed,

Inc.

................

13

3,205

RingCentral,

Inc.,

Class

A

(d)

.......

239

69,449

Robert

Half

International,

Inc.

......

749

66,639

Rockwell

Automation,

Inc.

........

27

7,723

Ross

Stores,

Inc.

..............

107

13,268

Rotor

Acquisition

Corp.

(c)

.........

740

3,781

Rotor

Acquisition

Corp.

(d)

.........

1,371

14,423

salesforce.com,

Inc.

(d)

...........

6,084

1,486,139

SBA

Communications

Corp.

......

48

15,298

Schlumberger

Ltd.

.............

250

8,002

Schneider

Electric

SE

...........

194

30,583

Seagen,

Inc.

(d)

................

423

66,783

Sempra

Energy

...............

7,854

1,040,498

Sensata

Technologies

Holding

plc

(d)

.

598

34,666

ServiceNow,

Inc.

(d)

.............

1,725

947,974

Sherwin-Williams

Co.

(The)

.......

37

10,081

Snap,

Inc.,

Class

A

(d)

...........

77

5,247

Snorkel

AI,

Inc.,

Series

B

(Acquired

06/30/21,

cost

$7,945)

(c)(d)(e)

.....

529

8,660

Sofi

Technologies,

Inc.,

(Acquired

05/26/21,

cost

$15,000)

(d)(e)

.....

1,500

28,316

Sonos,

Inc.

(d)

.................

7,815

275,322

Southern

Co.

(The)

............

114

6,898

Southwest

Airlines

Co.

(d)

.........

3,736

198,344

Splunk,

Inc.

(d)

................

762

110,170

Square,

Inc.,

Class

A

(d)

..........

19

4,632

Stanley

Black

&

Decker,

Inc.

......

39

7,995

Starbucks

Corp.

...............

48

5,367

Starwood

Property

Trust,

Inc.

......

3,820

99,969

State

Street

Corp.

.............

100

8,228

Stellantis

NV

.................

117

2,302

Stryker

Corp.

................

349

90,646

Sun

Country

Airlines

Holdings,

Inc.,

(Acquired

03/17/21,

cost

$168,478)

(d)

(e)

......................

7,468

276,391

Sysco

Corp.

.................

86

6,687

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

Taboola.com

Ltd.,

(Acquired

06/30/21,

cost

$66,000)

(d)(e)

............

6,600

$

66,000

Target

Corp.

.................

28

6,769

TE

Connectivity

Ltd.

............

2,633

356,008

Thermo

Fisher

Scientific,

Inc.

(g)

.....

2,081

1,049,802

TJX

Cos.,

Inc.

(The)

............

12,396

835,738

T-Mobile

US,

Inc.

(d)

.............

34

4,924

Toll

Brothers,

Inc.

..............

3,094

178,864

Trane

Technologies

plc

..........

959

176,590

TransDigm

Group,

Inc.

(d)

.........

335

216,842

Truist

Financial

Corp.

...........

119

6,604

Twilio,

Inc.,

Class

A

(d)

...........

473

186,438

Uber

Technologies,

Inc.

(d)

........

428

21,451

Ulta

Beauty,

Inc.

(d)

.............

186

64,313

Union

Pacific

Corp.

............

2,677

588,753

United

Parcel

Service,

Inc.,

Class

B

.

6,841

1,422,723

United

Rentals,

Inc.

(d)

...........

197

62,845

United

States

Steel

Corp.

........

3,287

78,888

UnitedHealth

Group,

Inc.

.........

5,063

2,027,428

US

Bancorp

.................

2,742

156,212

Uwm

Holdings

Corp.,

(Acquired

01/20/21,

cost

$182,088)

(d)(e)

....

4,854

41,016

Vail

Resorts,

Inc.

(d)

.............

52

16,459

Valero

Energy

Corp.

(f)

...........

10,007

781,347

VeriSign,

Inc.

(d)

...............

556

126,596

Verisk

Analytics,

Inc.

............

60

10,483

Verizon

Communications,

Inc.

.....

542

30,368

Vertex

Pharmaceuticals,

Inc.

(d)

.....

29

5,847

Vertiv

Holdings

Co.,

(Acquired

02/04/20,

cost

$391,550)

(d)(e)

...........

39,155

1,068,932

VF

Corp.

...................

386

31,667

Visa,

Inc.,

Class

A

.............

62

14,497

VMware,

Inc.,

Class

A

(d)

.........

5,675

907,830

Vulcan

Materials

Co.

...........

5,318

925,704

Walmart,

Inc.

.................

4,070

573,951

Walt

Disney

Co.

(The)

(d)

.........

9,133

1,605,307

WEC

Energy

Group,

Inc.

.........

57

5,070

Wells

Fargo

&

Co.

.............

2,497

113,089

Western

Digital

Corp.

(d)

..........

1,257

89,461

Weyerhaeuser

Co.

.............

3,049

104,947

Willis

Towers

Watson

plc

.........

21

4,830

Workday,

Inc.,

Class

A

(d)

.........

468

111,730

Wynn

Resorts

Ltd.

(d)

............

2,617

320,059

Xilinx,

Inc.

...................

622

89,966

Zimmer

Biomet

Holdings,

Inc.

.....

514

82,661

Zoetis,

Inc.

..................

693

129,147

Zoom

Video

Communications,

Inc.,

Class

A

(d)

.................

54

20,900

Zscaler,

Inc.

(d)

................

910

196,615

93,945,261

Total

Common

Stocks

—

72.0%

(Cost:

$110,325,547)

.............................

147,210,597

Par

(000)

Pa

r

(

000)

Corporate

Bonds

—

4.4%

Australia

—

0.4%

Quintis

Australia

Pty.

Ltd.

(a)(c)(i)

:

7.50%,

(7.50%

Cash

or

8.00%

PIK),

10/01/26

...............

USD

428

419,185

Security

Par

(000)

Par

(000)

Value

Australia

(continued)

0.00%,

(0.00%

Cash

or

12.00%

PIK),

10/01/28

...........

USD

414

$

414,143

833,328

Canada

—

0.1%

(a)

Bombardier,

Inc.,

7.13%

,

06/15/26

..

17

17,799

Brookfield

Residential

Properties,

Inc.:

6.25%,

09/15/27

............

3

3,169

5.00%,

06/15/29

............

15

15,112

Mattamy

Group

Corp.,

4.63%

,

03/01/30

34

34,731

70,811

China

—

0.0%

China

Milk

Products

Group

Ltd.,

0.00%

,

01/05/12

(d)(j)(k)(l)

..............

300

300

Germany

—

0.2%

(a)

Adler

Pelzer

Holding

GmbH,

4.13%

,

04/01/24

.................

EUR

139

152,942

Douglas

GmbH,

6.00%

,

04/08/26

...

127

150,402

Kirk

Beauty

SUN

GmbH,

8.25%

,

10/01/26

(b)

................

100

117,680

421,024

Greece

—

0.1%

Ellaktor

Value

plc,

6.38%

,

12/15/24

(a)

.

135

153,992

India

—

0.0%

REI

Agro

Ltd.

(d)(j)(k)

:

5.50%,

11/13/14

(a)

...........

USD

220

2,115

5.50%,

11/13/14

(c)

...........

152

—

2,115

Italy

—

0.2%

Forno

d'Asolo

SpA,

(EURIBOR

3

Month

+

5.50%),

5.50%

,

04/30/27

(a)(b)

...

EUR

178

199,075

KME

SE,

6.75%

,

02/01/23

........

100

109,682

Marcolin

SpA,

6.13%

,

11/15/26

(a)

...

100

120,650

429,407

Luxembourg

—

0.3%

Garfunkelux

Holdco

3

SA,

7.75%

,

11/01/25

(a)

................

GBP

100

144,001

Herens

Midco

SARL,

5.25%

,

05/15/29

(a)

EUR

100

116,042

Intelsat

Jackson

Holdings

SA,

8.00%

,

02/15/24

(a)(m)

...............

USD

179

184,866

Picard

Bondco

SA,

5.38%

,

07/01/27

.

EUR

100

118,575

563,484

Turkey

—

0.0%

Bio

City

Development

Co.

BV,

8.00%

,

07/06/21

(a)(c)(d)(j)(k)

............

USD

800

62,000

United

Arab

Emirates

—

0.0%

Shelf

Drilling

Holdings

Ltd.,

8.88%

,

11/15/24

(a)

................

4

4,119

United

Kingdom

—

0.3%

British

Airways

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.25%

,

11/15/32

(a)

................

8

8,292

Deuce

Finco

plc,

5.50%

,

06/15/27

(a)

.

GBP

100

138,330

Inspired

Entertainment

Financing

plc,

7.88%

,

06/01/26

(a)

...........

100

141,788

Modulaire

Global

Finance

plc,

6.50%

,

02/15/23

.................

EUR

273

330,342

618,752

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

—

2.8%

Acadia

Healthcare

Co.,

Inc.

(a)

:

5.50%,

07/01/28

............

USD

6

$

6,405

5.00%,

04/15/29

............

6

6,258

Affinity

Gaming,

6.88%

,

12/15/27

(a)

..

22

23,348

Air

Lease

Corp.,

3.13%

,

12/01/30

...

39

39,620

Albertsons

Cos.,

Inc.,

3.50%

,

03/15/29

(a)

................

91

89,976

Allegiant

Travel

Co.,

8.50%

,

02/05/24

(a)

154

166,320

AMC

Networks,

Inc.:

5.00%,

04/01/24

............

2

2,026

4.75%,

08/01/25

............

3

3,080

AMN

Healthcare,

Inc.,

4.00%

,

04/15/29

(a)

................

7

7,049

Aramark

Services,

Inc.,

5.00%

,

02/01/28

(a)

................

4

4,189

Avantor

Funding,

Inc.,

4.63%

,

07/15/28

(a)

................

17

17,948

Avaya,

Inc.,

6.13%

,

09/15/28

(a)

.....

16

17,125

Bank

of

America

Corp.,

(SOFR

+

1.32%),

2.69%

,

04/22/32

(b)

.....

37

38,065

Bausch

Health

Cos.,

Inc.,

4.88%

,

06/01/28

(a)

................

26

26,611

Blue

Racer

Midstream

LLC,

7.63%

,

12/15/25

(a)

................

9

9,753

Bristow

Group,

Inc.,

6.88%

,

03/01/28

(a)

35

35,700

Broadcom,

Inc.,

1.95%

,

02/15/28

(a)

..

10

9,996

Buckeye

Partners

LP:

4.35%,

10/15/24

............

9

9,416

4.13%,

03/01/25

(a)

...........

47

48,704

Caesars

Entertainment,

Inc.

(a)

:

6.25%,

07/01/25

............

103

109,180

8.13%,

07/01/27

............

65

72,293

Caesars

Resort

Collection

LLC,

5.75%

,

07/01/25

(a)

................

21

22,129

Carrier

Global

Corp.,

3.58%

,

04/05/50

35

37,116

Cedar

Fair

LP:

5.38%,

04/15/27

............

2

2,060

5.25%,

07/15/29

............

2

2,060

Centene

Corp.:

4.25%,

12/15/27

............

11

11,591

2.45%,

07/15/28

............

66

66,891

Charter

Communications

Operating

LLC:

2.80%,

04/01/31

............

122

124,722

3.90%,

06/01/52

............

42

42,765

Cheniere

Energy

Partners

LP,

5.63%

,

10/01/26

.................

5

5,187

Cheniere

Energy,

Inc.,

4.63%

,

10/15/28

(a)

................

17

17,935

Chesapeake

Energy

Corp.

(a)

:

5.50%,

02/01/26

............

39

41,145

5.88%,

02/01/29

............

8

8,660

Churchill

Downs,

Inc.,

5.50%

,

04/01/27

(a)

................

3

3,126

Citigroup,

Inc.

(b)

:

(SOFR

+

3.91%),

4.41%,

03/31/31

49

57,216

(SOFR

+

1.17%),

2.56%,

05/01/32

27

27,484

Clean

Harbors,

Inc.,

4.88%

,

07/15/27

(a)

2

2,095

CommScope

Technologies

LLC,

6.00%

,

06/15/25

(a)

................

10

10,213

CrownRock

LP,

5.63%

,

10/15/25

(a)

..

4

4,140

CSC

Holdings

LLC,

4.63%

,

12/01/30

(a)

200

196,222

Darling

Ingredients,

Inc.,

5.25%

,

04/15/27

(a)

................

2

2,100

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

DaVita,

Inc.

(a)

:

4.63%,

06/01/30

............

USD

65

$

66,834

3.75%,

02/15/31

............

117

112,320

Elanco

Animal

Health,

Inc.,

4.91%

,

08/27/21

(m)

................

2

2,008

Emergent

BioSolutions,

Inc.,

3.88%

,

08/15/28

(a)

................

4

3,918

Endeavor

Energy

Resources

LP

(a)

:

5.50%,

01/30/26

............

2

2,077

5.75%,

01/30/28

............

4

4,265

Equinix,

Inc.,

2.50%

,

05/15/31

.....

17

17,289

Forestar

Group,

Inc.

(a)

:

3.85%,

05/15/26

............

15

15,136

5.00%,

03/01/28

............

97

100,395

Fresh

Market,

Inc.

(The),

9.75%

,

05/01/23

(a)

................

26

26,659

Frontier

Communications

Corp.,

6.75%

,

05/01/29

(a)

................

18

19,139

Frontier

Communications

Holdings

LLC,

5.88%

,

11/01/29

............

7

7,481

Frontier

North,

Inc.,

Series

G,

6.73%

,

02/15/28

.................

45

48,618

Full

House

Resorts,

Inc.,

8.25%

,

02/15/28

(a)

................

7

7,630

GCI

LLC,

4.75%

,

10/15/28

(a)

......

12

12,282

General

Motors

Financial

Co.,

Inc.,

2.70%

,

08/20/27

............

69

71,700

Genesis

Energy

LP,

8.00%

,

01/15/27

10

10,506

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.28%),

2.62%

,

04/22/32

(b)

78

79,682

Great

Western

Petroleum

LLC,

12.00%

,

09/01/25

(a)

................

9

8,955

Hilton

Domestic

Operating

Co.,

Inc.,

3.63%

,

02/15/32

(a)

...........

113

111,588

Hilton

Worldwide

Finance

LLC,

4.88%

,

04/01/27

.................

3

3,127

Hologic,

Inc.,

3.25%

,

02/15/29

(a)

....

69

68,396

Homes

by

West

Bay

LLC,

9.50%

,

04/30/27

(c)

................

146

143,080

Howard

Hughes

Corp.

(The)

(a)

:

5.38%,

08/01/28

............

52

55,205

4.13%,

02/01/29

............

29

29,000

4.38%,

02/01/31

............

32

31,884

iHeartCommunications,

Inc.:

6.38%,

05/01/26

............

3

3,434

5.25%,

08/15/27

(a)

...........

3

3,136

Iron

Mountain,

Inc.

(a)

:

5.25%,

07/15/30

............

44

46,578

4.50%,

02/15/31

............

83

84,037

Israel

Amplify

Program

Corp.,

0.00%

(c)(d)

3

12

Jaguar

Holding

Co.

II/PPD

Development

LP,

5.00%

,

06/15/28

(a)

6

6,504

JBS

USA

LUX

SA

(a)

:

6.75%,

02/15/28

............

4

4,375

6.50%,

04/15/29

............

6

6,743

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%

,

08/01/28

(a)

................

6

6,660

JPMorgan

Chase

&

Co.,

(SOFR

+

1.58%),

3.33%

,

04/22/52

(b)

.....

51

54,458

Lamb

Weston

Holdings,

Inc.,

4.88%

,

11/01/26

(a)

................

4

4,135

Legends

Hospitality

Holding

Co.

LLC,

5.00%

,

02/01/26

(a)

...........

4

4,170

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Level

3

Financing,

Inc.

(a)

:

4.25%,

07/01/28

............

USD

144

$

146,125

3.63%,

01/15/29

............

72

69,480

Lightning

eMotors,

Inc.,

7.50%

,

05/15/24

(a)(j)

................

27

21,789

Lions

Gate

Capital

Holdings

LLC,

5.50%

,

04/15/29

(a)

...........

12

12,615

Lumen

Technologies,

Inc.

(a)

:

4.00%,

02/15/27

............

3

3,060

5.38%,

06/15/29

............

38

38,547

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(a)

...........

54

57,427

6.50%,

09/15/26

............

3

3,116

Masonite

International

Corp.,

5.38%

,

02/01/28

(a)

................

3

3,179

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

............

5

5,415

3.88%,

02/15/29

(a)

...........

28

28,436

Midwest

Gaming

Borrower

LLC,

4.88%

,

05/01/29

(a)

................

34

34,042

Molina

Healthcare,

Inc.,

3.88%

,

11/15/30

(a)

................

10

10,413

Morgan

Stanley,

(SOFR

+

1.49%),

3.22%

,

04/22/42

(b)

...........

18

19,081

MPT

Operating

Partnership

LP,

5.00%

,

10/15/27

.................

6

6,361

Nationstar

Mortgage

Holdings,

Inc.

(a)

:

5.50%,

08/15/28

............

17

17,138

5.13%,

12/15/30

............

10

9,950

New

Home

Co.,

Inc.

(The),

7.25%

,

10/15/25

(a)

................

21

22,254

Nexstar

Broadcasting,

Inc.,

4.75%

,

11/01/28

(a)

................

26

26,715

NRG

Energy,

Inc.:

5.75%,

01/15/28

............

4

4,260

5.25%,

06/15/29

(a)

...........

3

3,191

NuStar

Logistics

LP,

5.75%

,

10/01/25

67

72,862

ONEOK

Partners

LP,

4.90%

,

03/15/25

79

88,389

Oracle

Corp.,

3.95%

,

03/25/51

.....

37

40,385

Outfront

Media

Capital

LLC,

5.00%

,

08/15/27

(a)

................

3

3,106

Pacific

Gas

&

Electric

Co.,

4.50%

,

07/01/40

.................

20

20,010

Park

Intermediate

Holdings

LLC

(a)

:

5.88%,

10/01/28

............

7

7,454

4.88%,

05/15/29

............

50

51,723

Parsley

Energy

LLC,

5.63%

,

10/15/27

(a)

3

3,240

Party

City

Holdings,

Inc.,

8.75%

,

02/15/26

(a)

................

15

16,013

Peninsula

Pacific

Entertainment

LLC,

8.50%

,

11/15/27

(a)

...........

20

21,480

PG&E

Corp.:

5.00%,

07/01/28

............

57

57,634

5.25%,

07/01/30

............

9

9,085

Pilgrim's

Pride

Corp.,

5.88%

,

09/30/27

(a)

4

4,260

Pitney

Bowes,

Inc.

(a)

:

6.88%,

03/15/27

............

33

34,856

7.25%,

03/15/29

............

40

42,500

Playtika

Holding

Corp.,

4.25%

,

03/15/29

(a)

................

17

16,988

Quicken

Loans

LLC

(a)

:

3.63%,

03/01/29

............

88

86,900

3.88%,

03/01/31

............

67

67,502

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Quicken

Loans,

Inc.,

5.25%

,

01/15/28

(a)

USD

4

$

4,200

Radiate

Holdco

LLC,

4.50%

,

09/15/26

(a)

19

19,665

Rattler

Midstream

LP,

5.63%

,

07/15/25

(a)

................

15

15,769

Renewable

Energy

Group,

Inc.,

5.88%

,

06/01/28

(a)

................

8

8,390

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%

,

08/01/25

(a)

...........

9

9,652

Select

Medical

Corp.,

6.25%

,

08/15/26

(a)

................

147

156,558

Service

Properties

Trust:

5.00%,

08/15/22

............

95

95,997

4.50%,

06/15/23

............

70

71,750

7.50%,

09/15/25

............

8

9,058

Sirius

XM

Radio,

Inc.

(a)

:

5.00%,

08/01/27

............

7

7,334

5.50%,

07/01/29

............

5

5,449

4.13%,

07/01/30

............

52

52,462

Six

Flags

Entertainment

Corp.,

4.88%

,

07/31/24

(a)

................

4

4,040

SM

Energy

Co.:

1.50%,

07/01/21

(j)

...........

49

49,000

10.00%,

01/15/25

(a)

..........

44

49,647

SRS

Distribution,

Inc.,

4.63%

,

07/01/28

(a)

................

9

9,203

Standard

Industries,

Inc.,

5.00%

,

02/15/27

(a)

................

2

2,071

Summit

Materials

LLC,

5.25%

,

01/15/29

(a)

................

4

4,250

Sunoco

LP:

6.00%,

04/15/27

............

3

3,137

4.50%,

05/15/29

(a)

...........

10

10,175

Talen

Energy

Supply

LLC,

7.63%

,

06/01/28

(a)

................

63

58,950

Targa

Resources

Partners

LP:

5.88%,

04/15/26

............

4

4,201

5.38%,

02/01/27

............

2

2,082

6.50%,

07/15/27

............

4

4,335

6.88%,

01/15/29

............

4

4,507

4.00%,

01/15/32

(a)

...........

84

86,407

TEGNA,

Inc.,

4.75%

,

03/15/26

(a)

....

16

17,040

Teleflex,

Inc.,

4.63%

,

11/15/27

.....

2

2,130

Tenet

Healthcare

Corp.

(a)

:

4.63%,

09/01/24

............

3

3,079

4.88%,

01/01/26

............

9

9,335

6.25%,

02/01/27

............

7

7,306

4.63%,

06/15/28

............

6

6,175

4.25%,

06/01/29

............

129

130,613

TransDigm,

Inc.,

6.25%

,

03/15/26

(a)

..

275

290,125

Travel

+

Leisure

Co.,

6.63%

,

07/31/26

(a)

15

16,995

Union

Pacific

Corp.,

3.55%

,

05/20/61

35

37,549

United

Airlines

Pass-Through

Trust:

Series

2020-1,

Class

B,

4.88%,

01/15/26

...............

5

5,145

Series

2020-1,

Class

A,

5.88%,

10/15/27

...............

160

177,397

United

Rentals

North

America,

Inc.:

5.50%,

05/15/27

............

4

4,240

4.88%,

01/15/28

............

7

7,423

United

Wholesale

Mortgage

LLC,

5.50%

,

11/15/25

(a)

...........

82

84,913

UnitedHealth

Group,

Inc.,

3.25%

,

05/15/51

.................

18

19,202

US

Concrete,

Inc.,

5.13%

,

03/01/29

(a)

6

6,555

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Verizon

Communications,

Inc.:

3.55%,

03/22/51

............

USD

23

$

24,572

3.70%,

03/22/61

............

25

26,777

VICI

Properties

LP,

3.50%

,

02/15/25

(a)

29

29,572

Vistra

Operations

Co.

LLC

(a)

:

5.63%,

02/15/27

............

84

87,150

5.00%,

07/31/27

............

6

6,160

Weekley

Homes

LLC,

4.88%

,

09/15/28

(a)

................

25

25,875

William

Carter

Co.

(The),

5.63%

,

03/15/27

(a)

................

2

2,104

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%

,

08/15/28

(a)

...........

7

7,267

Xerox

Holdings

Corp.,

5.00%

,

08/15/25

(a)

................

17

17,946

XHR

LP

(a)

:

6.38%,

08/15/25

............

65

69,144

4.88%,

06/01/29

............

8

8,260

5,776,654

Total

Corporate

Bonds

—

4.4%

(Cost:

$10,211,787)

..............................

8,935,986

Floating

Rate

Loan

Interests

—

2.5%

Canada

—

0.2%

(b)

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 06/02/25

............

100

99,538

Knowlton

Development

Corp.,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

5.00%),

5.00%

,

 12/22/25

......

EUR

189

224,990

Raptor

Acquisition

Corp.,

Term

Loan

B,

11/01/26

(n)

................

USD

13

13,016

337,544

France

—

0.1%

Babilou

Family,

Facility

Term

Loan,

(EURIBOR

3

Month

+

4.25%),

4.25%

,

 11/17/27

(b)

...........

EUR

214

253,910

Jersey,

Channel

Islands

—

0.0%

Vita

Global

Finco

Ltd.,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

0.00%

-

10.00%

,

 01/01/28

(b)(c)

...

67

76,950

Luxembourg

—

0.1%

(b)

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

............

USD

125

125,066

Luxembourg

Life

Fund

II

-

Absolute

Return

Fund

III,

Term

Loan,

(LIBOR

USD

3

Month

+

9.39%),

0.00%

-

10.00%

,

 01/01/28

(c)

..........

97

96,030

221,096

Netherlands

—

0.3%

(b)

Cypher

Bidco

BV,

Term

Loan,

(EURIBOR

3

Month

+

0.00%),

4.50%

-

10.00%

,

 01/01/28

(c)

.....

EUR

154

168,844

Ziggo

BV,

Facility

Term

Loan

H,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 01/31/29

............

311

365,716

534,560

Security

Par

(000)

Par

(000)

Value

United

States

—

1.8%

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.42%

,

 05/17/28

(b)

...........

USD

56

$

55,680

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 04/10/28

(b)

...........

14

13,996

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.50%

,

 02/02/26

(b)

.....

74

74,377

American

Rock

Salt

Co.

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 06/09/28

(b)

.....

18

18,008

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 09/19/24

(b)

.....

14

13,963

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.41%

,

 02/11/26

(b)

...........

21

20,993

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

3.25%

,

 11/08/27

(b)

...........

15

14,501

Avaya,

Inc.,

Term

Loan

B1,

12/15/27

(b)(n)

32

32,067

Avaya,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.07%

,

 12/15/27

(b)

...........

25

25,051

BCA

Central

Ltd.,

Facility

Term

Loan

A,

(EUR002M

+

0.00%),

5.50%

,

 04/29/23

(b)(c)

..........

EUR

167

200,062

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

(b)

...........

USD

20

19,900

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.60%

,

 07/21/25

(b)

.....

36

35,819

City

Brewing

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 04/05/28

(b)(c)

..........

32

32,120

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 05/14/28

(b)(c)

..........

8

7,990

Conair

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/17/28

(b)

.....

23

23,046

DT

Midstream,

Inc.,

Term

Loan,

06/12/28

(b)(n)

...............

54

54,048

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/06/26

(b)

.....

22

21,777

Ecl

Entertainment,

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

7.50%),

8.25%

,

 05/01/28

(b)(c)

..........

50

51,000

Flexera

Software

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 03/03/28

(b)

.....

22

21,921

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

(b)

20

19,424

Frontier

Communications

Holdings,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/01/28

(b)

45

44,887

Galaxy

Universal

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

8.00%

-

10.00%

,

 01/01/28

(b)(c)

...

100

99,225

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 07/02/25

(b)

....

USD

53

$

53,156

Herschend

Entertainment

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(b)(c)

....

90

90,769

Hertz

Corp.,

The,

Term

Loan

B,

06/30/28

(b)(n)

...............

46

45,722

Hertz

Corp.,

The,

Term

Loan

C,

06/30/28

(b)(n)

...............

9

8,617

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan,

05/19/28

(b)(n)

.......

83

83,026

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 06/22/26

(b)

.....

151

149,530

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/25/27

(b)

...........

78

77,910

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/15/27

(b)

...........

84

84,105

ITT

Holdings

LLC,

Term

Loan,

07/30/28

(b)(c)(n)

..............

26

25,935

J&J

Ventures

Gaming

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 04/26/28

(b)(c)

..........

59

59,147

Jo-Ann

Stores

LLC,

Term

Loan,

06/30/28

(b)(c)(n)

..............

25

24,937

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/17/27

(b)

.....

25

24,732

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(b)(n)

....

4

3,664

LBM

Acquisition

LLC,

Delayed

Draw

Term

Loan,

12/17/27

(b)(n)

.......

36

36,015

LBM

Acquisition

LLC,

Term

Loan

B2,

12/17/27

(b)(n)

...............

73

72,031

Leslie's

Poolmart,

Inc.,Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

-

0.00%

,

 03/09/28

(b)

.....

62

61,575

LogMeIn,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.83%

,

 08/31/27

(b)

...........

75

74,673

Luxembourg

Life

Fund

-

Long

Term

Growth

Fund,

Term

Loan,

0.00%

-

10.00%

,

 01/01/38

(b)(c)

.........

128

127,360

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 09/30/24

(b)

...........

22

21,870

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

(b)

19

18,890

MetroNet

Systems

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

06/02/28

(b)(n)

...............

2

2,099

Michaels

Co.

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 04/15/28

(b)

...........

23

23,084

Opendoor,

Term

Loan,

0.00%

-

10.00%

,

 01/23/26

(c)(o)

.........

181

181,400

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

6

Month

+

3.00%),

3.50%

,

 06/02/28

(b)

...........

44

44,028

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 12/28/27

(b)

.....

USD

48

$

47,708

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

(b)

...........

48

47,832

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(b)(c)

..........

14

14,280

PG&E

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/23/25

(b)

...........

49

47,813

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 03/13/28

(b)

...........

125

124,050

Project

Ruby

Ultimate

Parent

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 03/10/28

(b)

90

89,466

Proofpoint,

Inc.,

Term

Loan,

06/09/28

(b)

(n)

......................

19

18,884

Realpage,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

(b)

...........

53

52,814

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/27/28

(b)

.....

69

68,766

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.50%

,

 04/27/29

(b)

.....

32

31,169

Redstone

HoldCo

2

LP,

Delayed

Draw

1st

Lien

Term

Loan,

04/27/28

(b)(n)

.

27

26,914

Redstone

HoldCo

2

LP,

Delayed

Draw

2nd

Lien

Term

Loan,

04/27/29

(b)(n)

.

18

17,873

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 03/16/27

(b)

.....

83

82,931

Select

Medical

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/06/25

(b)

...........

15

14,425

Shearer's

Foods

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 09/23/27

(b)

...........

30

30,397

Signal

Parent,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 04/03/28

(b)(c)

..........

50

49,062

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

4.25%),

5.00%

,

 06/08/28

(b)

14

13,935

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 06/02/28

(b)

...........

67

66,926

Surf

Holdings

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.63%

,

 03/05/27

(b)

.....

66

65,369

The

Enterprise

Development

Authority,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/28/28

(b)(c)

...

110

109,886

Tory

Burch

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 04/16/28

(b)

...........

26

25,902

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

(b)

.....

45

44,937

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 05/04/26

(b)

...........

USD

35

$

34,845

Univision

Communications,

Inc.,

Term

Loan

B,

05/05/28

(b)(n)

..........

35

34,840

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 02/28/27

(b)

...........

37

36,690

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 04/29/23

(b)

...........

17

17,239

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

(b)

...........

133

133,497

WIN

Waste

Innovations

Holdings

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 03/24/28

(b)

.....

16

15,960

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(b)

.....

15

14,531

3,673,071

Total

Floating

Rate

Loan

Interests

—

2.5%

(Cost:

$5,016,368)

..............................

5,097,131

Foreign

Government

Obligations

—

4.0%

Argentina

—

0.1%

Argentine

Republic:

1.00%,

07/09/29

............

30

11,175

0.12%,

07/09/30

(m)

..........

295

105,934

0.12%,

07/09/35

(m)

..........

331

104,663

0.12%,

01/09/38

(m)

..........

119

44,605

266,377

Brazil

—

0.2%

Federative

Republic

of

Brazil,

10.00%

,

01/01/27

.................

BRL

2

356,971

China

—

2.7%

People's

Republic

of

China:

3.29%,

05/23/29

............

CNY

11,120

1,741,365

2.68%,

05/21/30

............

12,530

1,862,166

3.27%,

11/19/30

............

11,530

1,803,368

5,406,899

Greece

—

0.2%

Hellenic

Republic,

2.00%

,

04/22/27

(a)

EUR

343

448,827

Japan

—

0.4%

Japan

Government

Bond,

0.40%

,

09/20/49

.................

JPY

93,850

787,708

Mexico

—

0.4%

United

Mexican

States:

5.75%,

03/05/26

............

MXN

50

245,826

7.75%,

05/29/31

............

112

595,317

841,143

Total

Foreign

Government

Obligations

—

4.0%

(Cost:

$8,147,154)

..............................

8,107,925

Security

Shares

Shares

Value

Investment

Companies

—

2.9%

Consumer

Discretionary

Select

Sector

SPDR

Fund

...............

925

$

165,159

Energy

Select

Sector

SPDR

Fund

(f)

..

706

38,032

Financial

Select

Sector

SPDR

Fund

.

1,731

63,510

Health

Care

Select

Sector

SPDR

Fund

(f)

1,533

193,081

Industrial

Select

Sector

SPDR

Fund

(f)

3,689

377,754

Invesco

Senior

Loan

ETF

(f)

.......

13,525

299,579

iShares

China

Large-Cap

ETF

(f)(p)

...

3,630

168,178

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(f)(p)

...............

1,131

99,573

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(f)(p)

.......

293

39,368

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(p)

..........

25,105

2,823,308

iShares

Latin

America

40

ETF

(p)

....

2,948

92,921

iShares

MSCI

Brazil

ETF

(f)(p)

.......

4,150

168,241

iShares

MSCI

Emerging

Markets

ETF

(p)

429

23,659

iShares

MSCI

Japan

ETF

(p)

.......

1,698

114,683

iShares

Nasdaq

Biotechnology

ETF

(f)(p)

153

25,038

iShares

S&P

500

Value

ETF

(f)(p)

....

1,761

259,994

KraneShares

Bosera

MSCI

China

A

ETF

.....................

1,304

62,383

KraneShares

CSI

China

Internet

ETF

(f)

970

67,687

SPDR

Blackstone

Senior

Loan

ETF

.

2,338

108,226

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.................

284

31,229

SPDR

EURO

STOXX

50

ETF

(f)

....

671

31,423

SPDR

Gold

Shares

(h)

...........

2,388

395,524

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

(f)

............

1,543

149,193

United

States

Oil

Fund

LP

(h)

.......

867

43,246

Utilities

Select

Sector

SPDR

Fund

(f)

..

1,179

74,548

VanEck

Vectors

Semiconductor

ETF

.

221

57,955

Total

Investment

Companies

—

2.9%

(Cost:

$5,674,827)

..............................

5,973,492

Par

(000)

Pa

r

(

000)

Municipal

Bonds

—

0.0%

Ohio

-

0.0%

Buckeye

Tobacco

Settlement

Financing

Authority,

Series

2020B-2,

RB,

5.00%, 06/01/55

............

USD

100

116,964

Total

Municipal

Bonds

—

0.0%

(Cost:

$112,792)

................................

116,964

Non-Agency

Mortgage-Backed

Securities

—

1.1%

Collateralized

Mortgage

Obligations

—

0.1%

United

States

—

0.1%

(a)(b)

Federal

Home

Loan

Mortgage

Corp.

STACR

REMIC

Trust

Variable

Rate

Notes:

Series

2020-DNA6,

Class

B1,

(SOFR30A

+

3.00%),

3.02%,

12/25/50

...............

17

17,480

Series

2021-DNA3,

Class

B1,

(SOFR30A

+

3.50%),

3.52%,

10/25/33

...............

49

51,183

Series

2021-HQA1,

Class

B1,

(SOFR30A

+

3.00%),

3.02%,

08/25/33

...............

32

32,325

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-HQA1,

Class

B2,

(SOFR30A

+

5.00%),

5.02%,

08/25/33

...............

USD

20

$

20,200

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes:

Series

2021-DNA2,

Class

B1,

(SOFR30A

+

3.40%),

3.42%,

08/25/33

...............

18

18,536

Series

2021-DNA2,

Class

B2,

(SOFR30A

+

6.00%),

6.02%,

08/25/33

...............

17

19,074

158,798

Commercial

Mortgage-Backed

Securities

—

1.0%

United

States

—

1.0%

BANK:

Series

2017-BNK8,

Class

B,

4.06%,

11/15/50

(b)

..............

13

13,748

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/54

..........

17

19,321

Beast

Mortgage

Trust

(a)(b)

:

Series

2021-SSCP,

Class

B,

(LIBOR

USD

1

Month

+

1.10%),

1.17%,

04/15/36

...............

27

27,043

Series

2021-SSCP,

Class

C,

(LIBOR

USD

1

Month

+

1.35%),

1.42%,

04/15/36

...............

37

37,059

Series

2021-SSCP,

Class

D,

(LIBOR

USD

1

Month

+

1.60%),

1.67%,

04/15/36

...............

33

33,053

Series

2021-SSCP,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.17%,

04/15/36

...............

37

37,059

Series

2021-SSCP,

Class

F,

(LIBOR

USD

1

Month

+

2.90%),

2.97%,

04/15/36

...............

24

24,060

Series

2021-SSCP,

Class

G,

(LIBOR

USD

1

Month

+

3.80%),

3.87%,

04/15/36

...............

39

39,097

Series

2021-SSCP,

Class

H,

(LIBOR

USD

1

Month

+

4.90%),

4.98%,

04/15/36

...............

18

18,045

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

A5,

2.58%,

04/15/54

.................

46

47,711

BX

Commercial

Mortgage

Trust

(a)(b)

:

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.72%,

10/15/36

...............

91

90,613

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.88%,

05/15/38

...............

100

100,000

BX

Trust

(a)(b)

:

Series

2019-OC11,

Class

D,

4.08%,

12/09/41

...............

64

68,475

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

89

93,080

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.32%,

01/15/34

...............

20

19,994

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

01/15/34

...............

40

40,249

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.90%,

06/15/38

..........

USD

107

$

106,935

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(b)

.....

10

10,789

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

D,

5.26%,

03/10/47

(a)(b)

.............

10

10,698

Series

2014-GC23,

Class

AS,

3.86%,

07/10/47

..........

45

48,215

Series

2018-C6,

Class

A4,

4.41%,

11/10/51

...............

16

18,762

Commercial

Mortgage

Trust:

Series

2014-CR17,

Class

C,

4.95%,

05/10/47

(b)

..............

15

16,166

Series

2014-CR21,

Class

A3,

3.53%,

12/10/47

...............

32

34,041

CORE

Mortgage

Trust,

Series

2019-

CORE,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.42%,

12/15/31

(a)(b)

13

12,671

CSAIL

Commercial

Mortgage

Trust:

Series

2016-C5,

Class

C,

4.78%,

11/15/48

(b)

..............

10

10,788

Series

2020-C19,

Class

A3,

2.56%,

03/15/53

...............

94

97,809

Extended

Stay

America

Trust

(a)(b)

:

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.33%,

07/15/38

...............

204

204,980

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.93%,

07/15/38

...............

102

102,580

GS

Mortgage

Securities

Trust,

Series

2020-GC47,

Class

AS,

2.73%,

05/12/53

.................

36

37,233

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp.

(a)(b)

:

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.45%),

2.52%,

04/15/38

...............

60

60,131

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.95%),

3.02%,

04/15/38

...............

60

60,149

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR4,

Class

A5,

4.03%,

03/10/52

.....

35

39,984

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-WPT,

Class

DFX,

5.35%,

07/05/33

(a)

................

18

18,448

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.42%,

03/15/38

(a)(b)

....

117

117,364

MHC

Commercial

Mortgage

Trust

(a)(b)

:

Series

2021-MHC,

Class

E,

(LIBOR

USD

1

Month

+

2.10%),

2.17%,

04/15/38

...............

156

156,183

Series

2021-MHC,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.67%,

04/15/38

...............

106

106,069

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C24,

Class

C,

(LIBOR

USD

1

Month

+

0.00%),

4.49%,

05/15/48

(b)

..............

10

10,567

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2016-C32,

Class

A4,

3.72%,

12/15/49

...............

USD

27

$

30,031

Morgan

Stanley

Capital

I

Trust:

Series

2018-MP,

Class

A,

4.42%,

07/11/40

(a)(b)

.............

17

19,203

Series

2020-L4,

Class

A3,

2.70%,

02/15/53

...............

29

30,189

UBS

Commercial

Mortgage

Trust,

Series

2019-C17,

Class

A4,

2.92%,

10/15/52

.................

10

10,627

UBS-Barclays

Commercial

Mortgage

Trust,

Series

2012-C3,

Class

D,

5.21%,

08/10/49

(a)(b)

..........

14

14,298

Wells

Fargo

Commercial

Mortgage

Trust

(b)

:

Series

2015-C28,

Class

AS,

3.87%,

05/15/48

...............

30

32,474

Series

2017-C38,

Class

C,

3.90%,

07/15/50

...............

10

11,058

Series

2017-C41,

Class

B,

4.19%,

11/15/50

...............

25

26,782

2,163,831

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

United

States

—

0.0%

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

XA,

1.23%,

04/15/54

(b)

................

159

13,827

Total

Non-Agency

Mortgage-Backed

Securities

—

1.1%

(Cost:

$2,307,351)

..............................

2,336,456

Beneficial

Interest

(000)

Beneficial

Interest

(000)

Other

Interests

-

0.1%

Capital

Markets

-

0.1%

Sprott

Private

Resource

Streaming

&

Royalty

LP

(c)(q)

..............

166

197,635

Total

Other

Interests

-

0.1%

(Cost:

$167,154)

..................................

197,635

Par

(000)

Pa

r

(

000)

Preferred

Securities

—

2.9%

Capital

Trusts

—

0.2%

United

States

—

0.2%

(b)

American

Express

Co.,

Series

C

,

(LIBOR

USD

3

Month

+

3.29%),

3.40%

(r)

..................

73

73,091

Morgan

Stanley,

Series

H

,

(LIBOR

USD

3

Month

+

3.61%),

3.79%

(r)

.....

84

84,315

Prudential

Financial,

Inc.:

(LIBOR

USD

3

Month

+

3.92%),

5.63%, 06/15/43

..........

44

47,219

(LIBOR

USD

3

Month

+

4.18%),

5.87%, 09/15/42

..........

64

67,655

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

USB

Capital

IX

,

(LIBOR

USD

3

Month

+

1.02%),

3.50%

(r)

............

USD

31

$

30,690

302,970

Total

Capital

Trusts

—

0.2%  

(Cost:

$296,271)

................................

302,970

Shares

Shares

Preferred

Stocks

—

2.6%

Brazil

—

0.1%

Itau

Unibanco

Holding

SA

(Preference)

7,223

43,305

Neon

Payments

Ltd.

(c)

...........

239

89,250

132,555

China

—

0.2%

ByteDance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$272,511)

(c)(e)

.....

2,487

421,882

Germany

—

0.3%

Porsche

Automobil

Holding

SE

(Preference)

...............

953

102,305

Sartorius

AG

(Preference)

........

6

3,123

Volkswagen

AG

(Preference)

......

1,863

467,113

Volocopter

Gmbh,

(Acquired

03/03/21,

cost

$159,412)

(c)(e)

...........

30

158,650

731,191

India

—

0.1%

Think

&

Learn

Pvt

Ltd.,

Series

F

(Acquired

12/11/20,

cost

$103,122)

(c)

(e)

......................

32

122,723

Jersey

—

0.0%

Loadsmart,

Inc.,

Series

C

(Acquired

10/05/20,

cost

$85,987)

(c)(e)

.....

10,057

104,794

United

Kingdom

—

0.4%

(e)

Arrival

Ltd.,

Series

A

(Acquired

10/8/20,

cost

$252,641)

.............

35,173

538,453

Exscientia

Ltd.,

C-1

(Acquired

02/24/21,

cost

$80,550)

(c)

.............

46

161,100

Exscientia

Ltd.,

C-1

(Acquired

04/29/21,

cost

$38,524)

(c)(d)

............

11

38,524

738,077

United

States

—

1.5%

2020

Cash

Mandatory

Exchangeable

Trust,

5.25%

(a)(j)

.............

277

349,042

Aptiv

plc,

Series

A,

5.50%

(j)

.......

1,083

193,662

Becton

Dickinson

and

Co.,

Series

B,

6.00%

(f)

..................

4,094

219,070

Boston

Scientific

Corp.,

Series

A,

5.50%

...................

713

82,751

Cruise,

Series

G

(Acquired

03/25/21,

cost

$76,178)

(c)(e)

............

2,891

76,582

Databricks,

Inc.,

Series

F

(Acquired

10/22/19,

cost

$88,431)

(c)(e)

.....

2,059

365,205

Databricks,

Inc.,

Series

G

(Acquired

02/01/21,

cost

$102,873)

(c)(e)

....

580

102,874

Deep

Instinct

Ltd.,

Series

D-2

(Acquired

03/19/21,

cost

$89,710)

(c)(e)

.....

14,760

92,946

DoubleVerify

Holdings,

Inc.,

Series

A

(Acquired

11/18/20,

cost

$55,816)

(e)

3,243

133,113

Exo

Imaging,

Inc.,

Series

C

(Acquired

06/24/21,

cost

$62,470)

(c)(d)(e)

....

10,664

62,470

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

(continued)

Farmer’s

Business

Network,

Inc.,

Series

F

(Acquired

07/31/20,

cost

$69,518)

(c)(e)

...............

2,103

$

89,777

Grand

Rounds,

Inc.,

Series

C

(Acquired

03/31/15,

cost

$127,944)

(c)(e)

....

46,081

169,578

Grand

Rounds,

Inc.,

Series

D

(Acquired

05/01/18,

cost

$51,112)

(c)(e)

.....

21,089

76,975

Jumpcloud,

Inc.,

Series

E-1

(Acquired

10/30/20,

cost

$93,611)

(c)(e)

.....

51,330

92,394

Lookout,

Inc.,

Series

F

(Acquired

09/19/14-10/22/14,

cost

$243,061)

(c)

(e)

......................

21,278

247,889

Mount

Sinai

Genomics,

Inc.,

Sema

4

Series

C

(Acquired

07/17/20,

cost

$82,846)

(c)(e)

...............

135

189,648

Mythic

AI,

Inc.,

Series

C

(Acquired

01/26/21,

cost

$48,256)

(c)(e)

.....

7,024

50,292

PsiQuantum

Corp.,

(Acquired

05/21/21,

cost

$40,179)

(c)(d)(e)

...........

1,532

40,179

Relativity

Space,

Inc.,

(Acquired

05/27/21,

cost

$68,894),

Series

E

(c)(d)

(e)

......................

3,017

68,878

SambaNova

Systems,

Inc.,

(Acquired

04/09/21,

cost

$52,640),

Series

D

(c)(d)

(e)

......................

554

52,641

SambaNova

Systems,

Inc.,

Series

C

(Acquired

02/19/20,

cost

$91,575)

(c)

(e)

......................

1,720

163,434

Snorkel

AI,

Inc.,

Series

C

(Acquired

06/30/21,

cost

$28,447)

(c)(d)(e)

....

1,894

28,448

Wells

Fargo

&

Co.,

Series

L,

7.50%

(f)(j)(r)

46

70,206

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/07/20,

cost

$70,353)

(c)

(e)

......................

4,463

83,503

3,101,557

Total

Preferred

Stocks

—

2.6%  

(Cost:

$3,976,263)

..............................

5,352,779

Trust

Preferreds

—

0.1%

United

States

—

0.1%

(b)

Citigroup

Capital

XIII

,

(LIBOR

USD

3

Month

+

6.37%),

6.56%, 10/30/40

(f)

5,096

142,178

GMAC

Capital

Trust

I,

Series

2

,

(LIBOR

USD

3

Month

+

5.79%),

5.94%, 02/15/40

............

2,605

65,933

208,111

Total

Trust

Preferreds

—

0.1%  

(Cost:

$205,560)

................................

208,111

Total

Preferred

Securities

—

2.9%

(Cost:

$4,478,094)

..............................

5,863,860

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2018-M13,

Class

A2,

3.82%, 09/25/30

(b)

...........

USD

17

20,024

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates,

Series

KL06,

Class

XFX,

1.36%, 12/25/29

........

USD

100

$

9,141

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(b)

:

Series

K105,

Class

X1,

1.64%

,

 03/25/53

........

279

31,965

Series

K109,

Class

X1,

1.70%

,

 04/25/30

........

118

14,127

Series

K110,

Class

X1,

1.81%

,

 04/25/30

........

100

12,755

Series

K116,

Class

X1,

1.53%

,

 07/25/30

........

100

11,003

Series

K120,

Class

X1,

1.13%

,

 10/25/30

........

396

32,682

Series

KW09,

Class

X1,

0.94%

,

 05/25/29

........

465

24,422

136,095

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%  

(Cost:

$155,124)

................................

156,119

U.S.

Treasury

Obligations

—

2.2%

U.S.

Treasury

Bonds:

(h)

1.13%, 05/15/40

-

08/15/40

.....

1,262

1,086,464

2.38%, 11/15/49

............

1,135

1,208,065

U.S.

Treasury

Inflation

Linked

Notes,

0.13%, 01/15/30

-

01/15/31

(h)

....

413

453,641

U.S.

Treasury

Notes,

2.00%, 11/15/21

(g)

(h)

......................

1,750

1,762,578

Total

U.S.

Treasury

Obligations

—

2.2%

(Cost:

$4,527,769)

..............................

4,510,748

Shares

Shares

Warrants

—

0.0%

Brazil

—

0.0%

Neon

Payments

Ltd.

(Issued/

exercisable

06/25/20,

1

share

for

1

warrant,

Expires

10/08/21,

Strike

Price

USD

1.00)

(c)(d)

..........

80

1,435

Cayman

Islands

—

0.0%

Hedosophia

European

Growth

(Issued/

exercisable

06/15/21,

1

share

for

1

warrant,

Expires

05/13/27,

Strike

Price

EUR

11.50)

(d)

..........

1,945

2,283

Switzerland

—

0.0%

Cie

Financiere

Richemont

SA

(Issued/

exercisable

11/27/20,

1

share

for

1

warrant,

Expires

11/22/23,

Strike

Price

CHF

67.00)

(d)

..........

36

24

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

United

States

—

0.0%

(d)

Cano

Health,

Inc.

(Issued/exercisable

06/03/21,

1

share

for

1

warrant,

Expires

07/06/25,

Strike

Price

USD

11.50)

...................

1,986

$

7,326

Climate

Change

Crisis

Real

Impact

I

Acquisition

Corp.

(Issued/

exercisable

11/10/20,

1

share

for

1

warrant,

Expires

09/15/25,

Strike

Price

USD

11.50)

............

1,130

4,610

Crown

PropTech

Acquisitions

(Issued/

exercisable

02/05/21,

1

share

for

1

warrant,

Expires

02/01/26,

Strike

Price

USD

1.00)

(c)

...........

2,120

1,230

Israel

Amplify

Program

Corp.

(Issued/

exercisable

05/14/21,

1

share

for

1

warrant,

Expires

12/31/49,

Strike

Price

USD

1.00)

(c)

...........

3,104

4,687

Latch,

Inc.

(Issued/exercisable

06/04/21,

1

share

for

1

warrant,

Expires

12/31/26,

Strike

Price

USD

11.50)

...................

840

2,940

Lightning

eMotors,

Inc.

(Issued/

exercisable

12/10/20,

1

share

for

1

warrant,

Expires

12/15/25,

Strike

Price

USD

1.00)

............

2,348

7,890

Rotor

Acquisition

Corp.

(Issued/

exercisable

01/15/21,

1

share

for

1

warrant,

Expires

01/31/26,

Strike

Price

USD

11.50)

(c)

...........

780

850

Tortoise

Acquisition

Corp.

II

(Issued/

exercisable

10/22/20,

1

share

for

1

warrant,

Expires

06/14/27,

Strike

Price

USD

11.50)

............

1,160

2,517

TPG

Pace

Beneficial

Finance

Corp.

(Issued/exercisable

11/17/20,

1

share

for

1

warrant,

Expires

10/09/27,

Strike

Price

USD

11.50)

510

1,688

Zero

Mass

Water,

Inc.,

Series

C-1

(Acquired

05/08/20,

cost

$0)

(Issued/

exercisable

05/08/20,

1

share

for

1

warrant,

Expires

11/08/21,

Strike

Price

USD

18.92)

(c)(e)

.........

4,463

12,943

46,681

Total

Warrants

—

0.0%

............................

50,423

Total

Long-Term

Investments

—

94.4%

(Cost:

$155,525,202)

.............................

192,972,287

Par

(000)

Pa

r

(

000)

Short-Term

Securities

—

6.3%

Foreign

Government

Obligations

—

0.7%

(s)

Brazil

-

0.7%

Federative

Republic

of

Brazil

Treasury

Bills,

8.71%

,

07/01/24

.........

BRL

9

1,450,467

Total

Foreign

Government

Obligations

—

0.7%

(Cost:

$1,336,940)

..............................

1,450,467

Security

Shares

Shares

Value

Money

Market

Funds

—

5.4%

(p)(t)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

......

7,170,256

$

7,170,256

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(u)

.............

3,845,376

3,846,529

Total

Money

Market

Funds

—

5.4%

(Cost:

$11,016,785)

..............................

11,016,785

Par

(000)

Pa

r

(

000)

Time

Deposits

—

0.2%

Australia

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(0.44)%, 07/01/21

...........

AUD

13

9,402

Canada

—

0.1%

Royal

Bank

of

Canada,

0.01%, 07/02/21

............

CAD

87

70,536

Europe

—

0.0%

BNP

Paribas,

(0.78)%, 07/01/21

....

EUR

51

60,182

Hong

Kong

—

0.0%

Hong

Kong

&

Shanghai

Bank,

0.00%, 07/02/21

............

HKD

213

27,382

Japan

—

0.0%

Sumitomo

Mitsui

Financial

Group,

Inc.,

(0.31)%, 07/01/21

...........

JPY

2,376

21,307

Norway

—

0.0%

Brown

Brothers

Harriman

&

Co.,

(1.08)%, 07/01/21

...........

NOK

1

99

Singapore

—

0.0%

Hong

Kong

&

Shanghai

Bank,

0.00%, 07/01/21

............

SGD

3

1,888

Switzerland

—

0.0%

BNP

Paribas,

(1.83)%, 07/01/21

....

CHF

—

(v)

494

United

Kingdom

—

0.1%

Citibank

NA,

0.01%, 07/01/21

.....

GBP

47

64,176

United

States

—

0.0%

National

Australia

Bank

Ltd.,

0.80%, 07/01/21

............

USD

56

56,287

Total

Time

Deposits

—

0.2%

(Cost:

$311,753)

................................

311,753

Total

Short-Term

Securities

—

6.3%

(Cost:

$12,665,478)

..............................

12,779,005

Total

Options

Purchased

—

0.4%

(Cost:

$1,019,741

)

..............................

860,000

Total

Investments

Before

Options

Written

and

Investments

Sold

Short

—

101.1%

(Cost:

$169,210,421)

.............................

206,611,292

Total

Options

Written

—

(0.2)%

(Premiums

Received

—

$683,124)

...................

(468,150)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Investments

Sold

Short

—

(0.5)%

Common

Stocks

—

(0.5)%

United

States

—

(0.5)%

Appian

Corp.

(d)

...............

1,479

$

(203,732)

DoorDash,

Inc.,

Class

A

(d)

........

775

(138,206)

Hershey

Co.

(The)

.............

388

(67,582)

JM

Smucker

Co.

(The)

..........

412

(53,383)

Nordstrom,

Inc.

(d)

..............

620

(22,673)

Snowflake,

Inc.,

Class

A

(d)

........

554

(133,957)

Tesla,

Inc.

(d)

..................

197

(133,901)

Security

Shares

Shares

Value

United

States

(continued)

Walgreens

Boots

Alliance,

Inc.

.....

6,011

$

(316,239)

(1,069,673)

Total

Common

Stocks

—

(0.5)%

(Proceeds:

$990,229)

............................

(1,069,673)

Total

Investments

Sold

Short

—

(0.5)%

(Proceeds:

$990,229

)

............................

(1,069,673)

Total

Investments

Net

of

Options

Written

and

Investments

Sold

Short

—

100.4%

(Cost:

$167,537,068)

.............................

205,073,469

Liabilities

in

Excess

of

Other

Assets

—

(0.4)%

............

(741,073)

Net

Assets

—

100.0%

..............................

$

204,332,396

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$6,609,486,

representing

3.23%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$4,305,549.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(h)

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.

(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

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(n)

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.

(o)

Fixed

rate.

(p)

Affiliate

of

the

Fund.

(q)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(r)

Perpetual

security

with

no

stated

maturity

date.

(s)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(t)

Annualized

7-day

yield

as

of

period

end.

(u)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(v)

Rounds

to

less

than

1,000.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

80

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

110,670

$

7,059,586

$

—

$

—

$

—

$

7,170,256

7,170,256

$

98

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

6,400,603

—

(2,553,476)

(598)

—

3,846,529

3,845,376

18,767

(b)

—

iShares

China

Large-Cap

ETF

..

252,719

—

(83,907)

3,224

(3,858)

168,178

3,630

548

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

2,408,432

—

(2,286,888)

56,859

(78,830)

99,573

1,131

27,785

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

1,062,634

336,922

(1,323,656)

(14,571)

(21,961)

39,368

293

4,351

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

.

2,370,707

3,928,664

(3,411,557)

(82,317)

17,811

2,823,308

25,105

58,106

—

iShares

Latin

America

40

ETF

..

129,140

—

(39,044)

2,741

84

92,921

2,948

1,114

—

iShares

MSCI

Brazil

ETF

.....

97,012

97,699

(27,827)

1,238

119

168,241

4,150

2,598

—

iShares

MSCI

Emerging

Markets

ETF

..................

33,120

—

(11,200)

1,737

2

23,659

429

103

—

iShares

MSCI

Japan

ETF

.....

—

115,242

—

—

(559)

114,683

1,698

—

—

iShares

Nasdaq

Biotechnology

ETF

..................

34,691

—

(11,294)

2,660

(1,019)

25,038

153

34

—

iShares

Russell

2000

ETF

(c)

....

2,452,907

311,303

(2,947,808)

408,289

(224,691)

—

—

2,419

—

iShares

S&P

500

Value

ETF

...

225,443

—

—

—

34,551

259,994

1,761

2,147

—

$

379,262

$

(278,351)

$

14,831,748

$

118,070

$

—

—

—

(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.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

81

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-BTP

...............................................................

24

09/08/21

$

4,309

$

29,625

Euro-Bund

..............................................................

6

09/08/21

1,228

1,470

Euro-Buxl

...............................................................

1

09/08/21

241

3,918

Japan

10

Year

Bond

........................................................

2

09/13/21

2,731

(346)

Australia

10

Year

Bond

......................................................

29

09/15/21

3,071

(11,095)

DAX

Index

..............................................................

2

09/17/21

921

(13,866)

EURO

STOXX

50

Index

.....................................................

26

09/17/21

1,250

(25,765)

FTSE/MIB

Index

..........................................................

2

09/17/21

296

(6,240)

MSCI

Emerging

Markets

E-Mini

Index

............................................

4

09/17/21

273

(1,308)

Russell

2000

E-Mini

Index

....................................................

19

09/17/21

2,192

(21,776)

U.S.

Treasury

10

Year

Note

...................................................

22

09/21/21

2,913

6,859

U.S.

Treasury

Long

Bond

....................................................

5

09/21/21

803

22,181

U.S.

Treasury

Ultra

Bond

....................................................

4

09/21/21

770

7,926

U.S.

Treasury

5

Year

Note

....................................................

107

09/30/21

13,202

(11,184)

(19,601)

Short

Contracts

NASDAQ

100

E-Mini

Index

...................................................

27

09/17/21

7,856

(303,908)

S&P

500

E-Mini

Index

......................................................

76

09/17/21

16,297

(190,781)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

89

09/21/21

13,089

(157,801)

Long

Gilt

...............................................................

9

09/28/21

1,595

(10,106)

U.S.

Treasury

2

Year

Note

....................................................

102

09/30/21

22,473

16,354

(646,242)

$

(665,843)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

PLN

1,583,000

EUR

343,276

Morgan

Stanley

&

Co.

International

plc

07/09/21

$

8,076

CHF

945,000

USD

1,019,979

Morgan

Stanley

&

Co.

International

plc

07/14/21

1,705

USD

519,510

CHF

465,000

UBS

AG

07/14/21

16,777

USD

718,640

EUR

587,697

Morgan

Stanley

&

Co.

International

plc

07/21/21

21,495

USD

510,861

NOK

4,258,000

JPMorgan

Chase

Bank

NA

07/22/21

16,277

INR

15,564,000

USD

205,276

Citibank

NA

07/23/21

3,528

GBP

342,000

USD

471,533

Goldman

Sachs

International

07/29/21

1,596

MXN

9,141,000

USD

452,518

Goldman

Sachs

International

07/29/21

4,483

USD

473,326

GBP

342,000

Morgan

Stanley

&

Co.

International

plc

07/29/21

197

USD

513,782

EUR

430,000

JPMorgan

Chase

Bank

NA

08/12/21

3,469

USD

1,029,273

EUR

861,716

Bank

of

America

NA

08/20/21

6,445

USD

597,373

SEK

4,937,000

HSBC

Bank

plc

08/26/21

20,196

USD

394,205

CNY

2,531,499

HSBC

Bank

plc

09/09/21

4,783

BRL

522,587

USD

102,000

Goldman

Sachs

International

09/10/21

2,148

USD

124,612

INR

9,178,330

BNP

Paribas

SA

09/17/21

2,350

JPY

33,277,404

EUR

251,000

Citibank

NA

09/24/21

1,608

USD

995,942

CNY

6,474,917

HSBC

Bank

plc

09/24/21

1,005

USD

34,916

EUR

29,383

UBS

AG

09/24/21

13

USD

495,377

CNY

3,221,208

UBS

AG

09/30/21

625

116,776

JPY

85,553,000

USD

776,600

BNP

Paribas

SA

07/08/21

(6,477)

USD

801,023

CNY

5,306,000

HSBC

Bank

plc

07/08/21

(18,945)

JPY

85,985,000

USD

778,008

Bank

of

America

NA

07/09/21

(3,990)

USD

304,000

BRL

1,744,808

Citibank

NA

07/13/21

(46,362)

JPY

61,673,352

USD

561,974

BNP

Paribas

SA

07/14/21

(6,780)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

82

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

JPY

49,700,648

USD

452,655

Citibank

NA

07/14/21

$

(5,241)

JPY

55,993,950

EUR

429,000

HSBC

Bank

plc

07/15/21

(4,757)

JPY

84,786,000

USD

772,565

HSBC

Bank

plc

07/15/21

(9,300)

USD

455,132

BRL

2,574,000

BNP

Paribas

SA

07/15/21

(61,625)

EUR

587,697

USD

705,017

Deutsche

Bank

AG

07/21/21

(7,872)

JPY

73,818,000

USD

676,399

UBS

AG

07/21/21

(11,836)

AUD

290,000

USD

225,049

Morgan

Stanley

&

Co.

International

plc

07/22/21

(7,540)

GBP

528,000

USD

736,111

HSBC

Bank

plc

07/22/21

(5,683)

EUR

250,878

USD

303,716

Morgan

Stanley

&

Co.

International

plc

07/23/21

(6,104)

GBP

528,000

USD

736,077

HSBC

Bank

plc

07/23/21

(5,647)

JPY

57,891,000

USD

531,397

Bank

of

America

NA

07/29/21

(10,183)

JPY

73,818,000

USD

676,593

Morgan

Stanley

&

Co.

International

plc

07/29/21

(11,983)

EUR

502,437

USD

609,734

Deutsche

Bank

AG

07/30/21

(13,613)

JPY

94,967,783

EUR

721,000

Goldman

Sachs

International

07/30/21

(400)

JPY

57,923,000

USD

532,237

Bank

of

America

NA

07/30/21

(10,731)

JPY

61,881,000

USD

573,012

JPMorgan

Chase

Bank

NA

07/30/21

(15,870)

GBP

2,158

USD

2,999

Citibank

NA

08/05/21

(14)

GBP

427,842

USD

594,612

Morgan

Stanley

&

Co.

International

plc

08/05/21

(2,719)

JPY

60,740,000

USD

558,359

JPMorgan

Chase

Bank

NA

08/05/21

(11,462)

USD

576,634

CNY

3,763,000

BNP

Paribas

SA

08/05/21

(3,691)

USD

825,228

HKD

6,409,000

Bank

of

America

NA

08/05/21

(275)

EUR

334,081

USD

401,533

JPMorgan

Chase

Bank

NA

08/06/21

(5,102)

JPY

65,136,000

USD

596,588

JPMorgan

Chase

Bank

NA

08/06/21

(10,105)

USD

342,481

CNY

2,235,000

HSBC

Bank

plc

08/06/21

(2,173)

USD

7,661

CNY

50,000

UBS

AG

08/06/21

(49)

IDR

2,009,891,460

USD

139,502

Goldman

Sachs

International

08/11/21

(2,158)

IDR

989,946,540

USD

68,661

HSBC

Bank

plc

08/11/21

(1,013)

EUR

1,032,601

USD

1,255,708

Citibank

NA

08/12/21

(30,243)

JPY

80,975,000

USD

746,320

JPMorgan

Chase

Bank

NA

08/12/21

(17,186)

USD

827,784

HKD

6,429,000

BNP

Paribas

SA

08/12/21

(308)

EUR

812,091

USD

987,230

Citibank

NA

08/13/21

(23,442)

AUD

656,221

USD

509,419

BNP

Paribas

SA

08/19/21

(17,176)

JPY

71,260,000

USD

652,930

Deutsche

Bank

AG

08/19/21

(11,236)

KRW

458,023,394

USD

406,554

Citibank

NA

08/19/21

(1,307)

AUD

559,732

USD

431,861

JPMorgan

Chase

Bank

NA

08/20/21

(11,994)

EUR

861,716

USD

1,052,898

Barclays

Bank

plc

08/20/21

(30,070)

KRW

459,684,000

USD

407,594

JPMorgan

Chase

Bank

NA

08/24/21

(891)

KRW

463,406,000

USD

412,466

Morgan

Stanley

&

Co.

International

plc

08/25/21

(2,473)

AUD

118,487

USD

91,940

JPMorgan

Chase

Bank

NA

08/26/21

(3,058)

JPY

44,545,000

USD

406,554

Deutsche

Bank

AG

08/26/21

(5,404)

AUD

398,258

USD

308,140

JPMorgan

Chase

Bank

NA

08/27/21

(9,391)

AUD

446,176

USD

342,314

JPMorgan

Chase

Bank

NA

09/02/21

(7,612)

JPY

97,233,552

USD

888,880

Goldman

Sachs

International

09/09/21

(13,130)

USD

411,069

BRL

2,102,000

Citibank

NA

09/09/21

(7,902)

USD

102,000

BRL

518,364

Citibank

NA

09/10/21

(1,306)

CAD

456,000

USD

370,589

Deutsche

Bank

AG

09/23/21

(2,740)

USD

692,568

CNY

4,513,810

JPMorgan

Chase

Bank

NA

09/23/21

(1,076)

USD

171,061

CNY

1,115,101

UBS

AG

09/23/21

(297)

GBP

305,838

EUR

357,000

BNP

Paribas

SA

09/24/21

(921)

(508,863)

$

(392,087)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

Bank

of

America

NA

07/22/21

CNH

6.56

CNH

6.56

USD

10

$

1,376

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

83

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

USD

Currency

...............

One-Touch

Bank

of

America

NA

07/22/21

CNH

6.38

CNH

6.38

USD

20

$

1,410

$

2,786

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

......................

48

07/02/21

USD

427.00

USD

2,055

$

10,920

Alphabet,

Inc.

..............................

1

07/16/21

USD

2,600.00

USD

251

925

Amazon.com,

Inc.

...........................

1

07/16/21

USD

3,750.00

USD

344

323

Apple,

Inc.

................................

16

07/16/21

USD

140.00

USD

219

1,416

Applied

Materials,

Inc.

........................

15

07/16/21

USD

140.00

USD

214

7,650

BP

plc

...................................

68

07/16/21

USD

29.00

USD

180

578

Crowdstrike

Holdings,

Inc.

......................

5

07/16/21

USD

220.00

USD

126

16,138

DR

Horton,

Inc.

.............................

20

07/16/21

USD

95.00

USD

181

1,120

Freeport-McMoRan,

Inc.

.......................

8

07/16/21

USD

38.00

USD

30

736

FTSE

MIB

Index

............................

3

07/16/21

EUR

26,000.00

EUR

151

302

iShares

MSCI

Emerging

Markets

ETF

..............

123

07/16/21

USD

57.00

USD

678

1,230

Johnson

Controls

International

plc

................

29

07/16/21

USD

67.50

USD

199

5,365

Lions

Gate

Entertainment

Corp.

..................

4

07/16/21

USD

21.00

USD

8

240

Mastercard,

Inc.

............................

6

07/16/21

USD

390.00

USD

219

282

Microsoft

Corp.

.............................

8

07/16/21

USD

265.00

USD

217

6,000

PulteGroup,

Inc.

............................

12

07/16/21

USD

60.00

USD

65

180

Ralph

Lauren

Corp.

..........................

8

07/16/21

USD

145.00

USD

94

120

RingCentral,

Inc.

............................

2

07/16/21

USD

340.00

USD

58

140

Sabre

Corp.

...............................

4

07/16/21

USD

20.00

USD

5

12

Sandvik

AB

................................

24

07/16/21

SEK

237.83

SEK

530

62

SPDR

S&P

500

ETF

Trust

......................

90

07/16/21

USD

427.00

USD

3,853

41,085

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

....

6

07/16/21

USD

102.00

USD

58

864

Twilio,

Inc.

................................

1

07/16/21

USD

390.00

USD

39

1,588

VanEck

Vectors

Semiconductor

ETF

...............

30

07/16/21

USD

260.00

USD

787

17,250

SPDR

S&P

500

ETF

Trust

......................

113

07/30/21

USD

436.00

USD

4,837

21,301

Amazon.com,

Inc.

...........................

1

08/20/21

USD

3,600.00

USD

344

7,200

Comcast

Corp.

.............................

11

08/20/21

USD

57.50

USD

63

1,799

CommScope

Holding

Co.,

Inc.

...................

3

08/20/21

USD

25.00

USD

6

128

ConocoPhillips

.............................

34

08/20/21

USD

65.00

USD

207

4,998

Daimler

AG

................................

20

08/20/21

EUR

85.00

EUR

151

1,067

Energy

Select

Sector

SPDR

Fund

................

157

08/20/21

USD

60.00

USD

846

9,106

Facebook,

Inc.

.............................

13

08/20/21

USD

345.00

USD

452

23,173

Freeport-McMoRan,

Inc.

.......................

16

08/20/21

USD

41.00

USD

59

1,896

Global

Payments,

Inc.

........................

10

08/20/21

USD

210.00

USD

188

1,475

L

Brands,

Inc.

..............................

27

08/20/21

USD

80.00

USD

195

6,372

Las

Vegas

Sands

Corp.

.......................

5

08/20/21

USD

65.00

USD

26

238

Mastercard,

Inc.

............................

5

08/20/21

USD

375.00

USD

183

4,250

Mastercard,

Inc.

............................

11

08/20/21

USD

410.00

USD

402

1,535

salesforce.com,

Inc.

..........................

5

08/20/21

USD

250.00

USD

122

3,363

SPDR

S&P

500

ETF

Trust

......................

39

08/20/21

USD

440.00

USD

1,669

9,399

Trane

Technologies

plc

........................

2

08/20/21

USD

190.00

USD

37

800

Wells

Fargo

&

Co.

...........................

47

08/20/21

USD

45.00

USD

213

10,246

Western

Digital

Corp.

.........................

6

08/20/21

USD

95.00

USD

43

351

Western

Digital

Corp.

.........................

12

08/20/21

USD

85.00

USD

85

1,482

Zscaler,

Inc.

...............................

6

08/20/21

USD

220.00

USD

130

6,165

Advance

Auto

Parts,

Inc.

.......................

4

09/17/21

USD

210.00

USD

82

3,260

Carrier

Global

Corp.

..........................

26

09/17/21

USD

47.00

USD

126

8,580

Deere

&

Co.

...............................

1

09/17/21

USD

380.00

USD

35

745

FedEx

Corp.

...............................

4

09/17/21

USD

310.00

USD

119

3,670

Freeport-McMoRan,

Inc.

.......................

17

09/17/21

USD

40.00

USD

63

3,383

Illinois

Tool

Works,

Inc.

........................

8

09/17/21

USD

250.00

USD

179

700

Lions

Gate

Entertainment

Corp.

..................

6

09/17/21

USD

25.00

USD

12

375

SPDR

S&P

500

ETF

Trust

......................

157

09/17/21

USD

450.00

USD

6,721

31,008

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

84

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

SPDR

S&P

500

ETF

Trust

......................

179

09/17/21

USD

440.00

USD

7,662

$

85,920

Vinci

SA

..................................

14

09/17/21

EUR

100.00

EUR

126

1,311

Wells

Fargo

&

Co.

...........................

47

09/17/21

USD

45.00

USD

213

12,573

Nucor

Corp.

...............................

10

10/15/21

USD

110.00

USD

96

3,250

TE

Connectivity

Ltd.

..........................

5

10/15/21

USD

145.00

USD

68

1,375

Parker-Hannifin

Corp.

.........................

6

11/19/21

USD

340.00

USD

184

5,070

Diamondback

Energy,

Inc.

......................

10

12/17/21

USD

90.00

USD

94

14,200

Diamondback

Energy,

Inc.

......................

17

12/17/21

USD

115.00

USD

160

9,945

SPDR

S&P

500

ETF

Trust

......................

10

12/17/21

USD

360.00

USD

428

73,315

Caesars

Entertainment,

Inc.

....................

6

01/21/22

USD

100.00

USD

62

9,765

Devon

Energy

Corp.

..........................

29

01/21/22

USD

35.00

USD

85

5,960

Devon

Energy

Corp.

..........................

36

01/21/22

USD

28.00

USD

105

16,110

521,385

Put

SPDR

S&P

500

ETF

Trust

......................

3

07/02/21

USD

420.00

USD

128

29

SPDR

S&P

500

ETF

Trust

......................

53

07/02/21

USD

410.00

USD

2,269

186

Invesco

QQQ

Trust

1

.........................

35

07/16/21

USD

320.00

USD

1,241

1,295

Invesco

QQQ

Trust

1

.........................

43

07/16/21

USD

325.00

USD

1,524

1,957

iShares

Russell

2000

ETF

......................

2

07/16/21

USD

218.00

USD

46

146

Pitney

Bowes,

Inc.

...........................

3

07/16/21

USD

7.00

USD

3

30

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

......

5

07/16/21

USD

108.00

USD

55

63

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

........

150

09/17/21

USD

84.00

USD

1,321

5,700

PG&E

Corp.

...............................

4

09/17/21

USD

8.00

USD

4

56

90-day

Eurodollar

December

2021

Futures

..........

14

12/10/21

USD

99.38

USD

3,500

2,975

Uber

Technologies,

Inc.

.......................

3

12/17/21

USD

25.00

USD

15

47

12,484

$

533,869

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

adidas

AG

.............

Barclays

Bank

plc

321

07/16/21

EUR

305.00

EUR

101

$

4,477

EURO

STOXX

50

Index

....

Credit

Suisse

International

139

07/16/21

EUR

4,175.00

EUR

565

1,104

NXP

Semiconductors

NV

...

UBS

AG

1,055

07/16/21

USD

210.00

USD

217

2,959

Safran

SA

..............

Barclays

Bank

plc

811

07/16/21

EUR

125.00

EUR

95

509

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/28/21

MXN

21.50

USD

1,214

830

DR

Horton,

Inc.

..........

Citibank

NA

2,094

08/20/21

USD

90.00

USD

189

9,737

EURO

STOXX

50

Index

....

Goldman

Sachs

International

83

08/20/21

EUR

4,250.00

EUR

337

1,211

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...........

Barclays

Bank

plc

193

08/20/21

EUR

675.00

EUR

128

2,813

Autodesk,

Inc.

...........

Nomura

International

plc

1,083

09/17/21

USD

295.00

USD

316

12,386

EURO

STOXX

50

Index

....

Credit

Suisse

International

139

09/17/21

EUR

4,250.00

EUR

565

4,500

United

Rentals,

Inc.

.......

Credit

Suisse

International

300

09/17/21

USD

360.00

USD

96

2,235

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

09/29/21

MXN

20.75

USD

1,214

14,368

EURO

STOXX

50

Index

....

Credit

Suisse

International

139

11/19/21

EUR

4,300.00

EUR

565

7,351

Amazon.com,

Inc.

........

Citibank

NA

76

06/17/22

USD

4,150.00

USD

261

11,801

76,281

Put

SPDR

Gold

Shares

(a)

......

Citibank

NA

1,299

07/16/21

USD

164.00

USD

215

1,643

SPDR

Gold

Shares

(a)

......

Citibank

NA

1,590

07/16/21

USD

166.00

USD

263

3,291

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/27/21

RUB

72.25

USD

403

2,139

EUR

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/30/21

USD

1.19

EUR

2,143

14,862

EUR

Currency

...........

BNP

Paribas

SA

—

08/02/21

USD

1.19

EUR

1,492

14,746

iShares

National

Muni

Bond

ETF

...............

Credit

Suisse

International

27

08/20/21

USD

113.00

USD

3

–

iShares

National

Muni

Bond

ETF

...............

Credit

Suisse

International

27

08/20/21

USD

114.00

USD

3

–

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

85

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

08/25/21

MXN

19.75

USD

742

$

6,584

USD

Currency

...........

Bank

of

America

NA

—

08/26/21

RUB

72.50

USD

691

6,675

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

08/26/21

ZAR

13.75

USD

546

2,613

52,553

$

128,834

(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

Call

Dual

Binary

Option:

Payout

at

expiration

if

the

S&P

500

Index

<=

4,567.73

and

10

year

swap

>=

1.7

.......

Goldman

Sachs

International

24

10/15/21

USD

219

$

6,190

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

1.00

%

Quarterly

CDX.NA.IG.36.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/21/21

USD

65.00

USD

800

$

65

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

07/21/21

USD

108.00

USD

95

75

Bought

Protection

on

5-Year

Credit

Default

Swap

5.00

Quarterly

CDX.NA.HY.36.V1

Quarterly

JPMorgan

Chase

Bank

NA

07/21/21

USD

108.50

USD

50

55

$

195

(a)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.07%

Annual

Goldman

Sachs

International

12/24/21

0.07

%

EUR

762

$

6,631

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.60%

Semi-Annual

Goldman

Sachs

International

04/20/22

1.60

USD

767

28,276

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.30%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/21/22

1.30

USD

813

9,493

1-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

0.80%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.80

USD

10,341

24,923

69,323

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

86

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

5-Year

Interest

Rate

Swap

(a)

.

1.37%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

07/08/21

1.37

%

USD

2,543

$

1

30-Year

Interest

Rate

Swap

(a)

0.48%

Annual

6

month

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.48

EUR

760

32,573

30-Year

Interest

Rate

Swap

(a)

0.49%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

11/24/21

0.49

EUR

742

31,551

30-Year

Interest

Rate

Swap

(a)

0.52%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

12/09/21

0.52

EUR

687

27,593

10-Year

Interest

Rate

Swap

(a)

1.79%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

12/29/21

1.79

USD

952

9,355

1-Year

Interest

Rate

Swap

(a)

.

0.50%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/05/22

0.50

USD

11,010

17,730

118,803

$

188,126

(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

USD

Currency

.......

One-Touch

Bank

of

America

NA

—

07/22/21

CNH

6.45

CNH

6.45

USD

10

$

(4,620)

EURO

STOXX

50

Index

.

Down

and

In

Credit

Suisse

International

129

12/17/21

EUR

3,500.00

EUR

3,100.00

EUR

—

(8,801)

$

(13,421)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Alphabet,

Inc.

...............................

1

07/16/21

USD

2,800.00

USD

251

$

(498)

Amazon.com,

Inc.

............................

1

07/16/21

USD

4,100.00

USD

344

(78)

Apple,

Inc.

.................................

16

07/16/21

USD

155.00

USD

219

(80)

Applied

Materials,

Inc.

.........................

15

07/16/21

USD

155.00

USD

214

(923)

Crowdstrike

Holdings,

Inc.

.......................

5

07/16/21

USD

250.00

USD

126

(4,463)

Freeport-McMoRan,

Inc.

........................

8

07/16/21

USD

41.00

USD

30

(212)

iShares

MSCI

Emerging

Markets

ETF

...............

123

07/16/21

USD

61.00

USD

678

(369)

Mastercard,

Inc.

.............................

6

07/16/21

USD

440.00

USD

219

(54)

Microsoft

Corp.

..............................

8

07/16/21

USD

290.00

USD

217

(132)

NVIDIA

Corp.

...............................

2

07/16/21

USD

660.00

USD

160

(28,450)

RingCentral,

Inc.

.............................

2

07/16/21

USD

390.00

USD

58

(200)

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

ETF

.....

6

07/16/21

USD

110.00

USD

58

(219)

Twilio,

Inc.

.................................

1

07/16/21

USD

450.00

USD

39

(157)

UWM

Holdings

Corp.

..........................

8

07/16/21

USD

12.00

USD

7

(60)

UWM

Holdings

Corp.

..........................

13

07/16/21

USD

11.00

USD

11

(98)

Amazon.com,

Inc.

............................

1

08/20/21

USD

3,900.00

USD

344

(1,908)

Capital

One

Financial

Corp.

......................

10

08/20/21

USD

160.00

USD

155

(4,725)

ConocoPhillips

..............................

34

08/20/21

USD

75.00

USD

207

(935)

Energy

Select

Sector

SPDR

Fund

.................

236

08/20/21

USD

65.00

USD

1,271

(5,664)

Facebook,

Inc.

..............................

13

08/20/21

USD

365.00

USD

452

(11,960)

Freeport-McMoRan,

Inc.

........................

16

08/20/21

USD

46.00

USD

59

(720)

Global

Payments,

Inc.

.........................

10

08/20/21

USD

230.00

USD

188

(950)

Mastercard,

Inc.

.............................

10

08/20/21

USD

400.00

USD

365

(2,400)

Mastercard,

Inc.

.............................

11

08/20/21

USD

450.00

USD

402

(292)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

87

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

UWM

Holdings

Corp.

..........................

4

08/20/21

USD

12.50

USD

3

$

(70)

Western

Digital

Corp.

..........................

9

08/20/21

USD

100.00

USD

64

(414)

Zscaler,

Inc.

................................

6

08/20/21

USD

250.00

USD

130

(1,419)

SPDR

S&P

500

ETF

Trust

.......................

157

09/17/21

USD

454.00

USD

6,721

(21,274)

Wells

Fargo

&

Co.

............................

47

09/17/21

USD

52.50

USD

213

(2,562)

Diamondback

Energy,

Inc.

.......................

10

12/17/21

USD

130.00

USD

94

(3,450)

Diamondback

Energy,

Inc.

.......................

17

12/17/21

USD

135.00

USD

160

(4,888)

SPDR

S&P

500

ETF

Trust

.......................

20

12/17/21

USD

455.00

USD

856

(10,790)

Caesars

Entertainment,

Inc.

.....................

6

01/21/22

USD

130.00

USD

62

(3,495)

Devon

Energy

Corp.

...........................

29

01/21/22

USD

40.00

USD

85

(3,466)

Devon

Energy

Corp.

...........................

36

01/21/22

USD

38.00

USD

105

(5,364)

(122,739)

Put

SPDR

S&P

500

ETF

Trust

.......................

56

07/02/21

USD

390.00

USD

2,397

(84)

Alphabet,

Inc.

...............................

1

07/16/21

USD

2,100.00

USD

251

(105)

Amazon.com,

Inc.

............................

1

07/16/21

USD

3,000.00

USD

344

(338)

Apple,

Inc.

.................................

16

07/16/21

USD

115.00

USD

219

(152)

Applied

Materials,

Inc.

.........................

31

07/16/21

USD

115.00

USD

441

(403)

Autodesk,

Inc.

...............................

7

07/16/21

USD

240.00

USD

204

(189)

Crowdstrike

Holdings,

Inc.

.......................

5

07/16/21

USD

170.00

USD

126

(60)

DR

Horton,

Inc.

..............................

20

07/16/21

USD

80.00

USD

181

(170)

Invesco

QQQ

Trust

1

..........................

43

07/16/21

USD

295.00

USD

1,524

(559)

iShares

Russell

2000

ETF

.......................

2

07/16/21

USD

200.00

USD

46

(32)

Johnson

Controls

International

plc

.................

41

07/16/21

USD

60.00

USD

281

(205)

Mastercard,

Inc.

.............................

5

07/16/21

USD

330.00

USD

183

(233)

Mastercard,

Inc.

.............................

6

07/16/21

USD

345.00

USD

219

(732)

Microsoft

Corp.

..............................

8

07/16/21

USD

215.00

USD

217

(80)

PulteGroup,

Inc.

.............................

12

07/16/21

USD

50.00

USD

65

(240)

Ralph

Lauren

Corp.

...........................

8

07/16/21

USD

115.00

USD

94

(1,460)

RingCentral,

Inc.

.............................

2

07/16/21

USD

260.00

USD

58

(295)

salesforce.com,

Inc.

...........................

10

07/16/21

USD

185.00

USD

244

(60)

Sandvik

AB

.................................

24

07/16/21

SEK

208.10

SEK

530

(467)

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

.......

5

07/16/21

USD

105.00

USD

55

(50)

Twilio,

Inc.

.................................

1

07/16/21

USD

300.00

USD

39

(46)

MercadoLibre,

Inc.

............................

1

07/30/21

USD

1,300.00

USD

156

(825)

Amazon.com,

Inc.

............................

1

08/20/21

USD

2,800.00

USD

344

(1,155)

Comcast

Corp.

..............................

11

08/20/21

USD

52.50

USD

63

(803)

Daimler

AG

.................................

20

08/20/21

EUR

70.00

EUR

151

(2,194)

Facebook,

Inc.

..............................

7

08/20/21

USD

305.00

USD

243

(2,398)

Global

Payments,

Inc.

.........................

10

08/20/21

USD

185.00

USD

188

(6,300)

Global

Payments,

Inc.

.........................

10

08/20/21

USD

170.00

USD

188

(2,100)

Las

Vegas

Sands

Corp.

........................

10

08/20/21

USD

50.00

USD

53

(1,905)

Mastercard,

Inc.

.............................

5

08/20/21

USD

330.00

USD

183

(1,538)

Mastercard,

Inc.

.............................

8

08/20/21

USD

340.00

USD

292

(3,740)

salesforce.com,

Inc.

...........................

5

08/20/21

USD

220.00

USD

122

(940)

ServiceNow,

Inc.

.............................

4

08/20/21

USD

410.00

USD

220

(510)

Trane

Technologies

plc

.........................

2

08/20/21

USD

170.00

USD

37

(325)

Wells

Fargo

&

Co.

............................

47

08/20/21

USD

40.00

USD

213

(2,350)

Zscaler,

Inc.

................................

6

08/20/21

USD

190.00

USD

130

(1,674)

Advance

Auto

Parts,

Inc.

........................

4

09/17/21

USD

180.00

USD

82

(1,260)

Alphabet,

Inc.

...............................

1

09/17/21

USD

2,100.00

USD

251

(1,795)

Amazon.com,

Inc.

............................

1

09/17/21

USD

3,000.00

USD

344

(3,620)

Carrier

Global

Corp.

...........................

22

09/17/21

USD

43.00

USD

107

(1,320)

Deere

&

Co.

................................

1

09/17/21

USD

320.00

USD

35

(653)

EQT

Corp.

.................................

64

09/17/21

USD

17.00

USD

142

(2,240)

FedEx

Corp.

................................

4

09/17/21

USD

270.00

USD

119

(1,850)

Freeport-McMoRan,

Inc.

........................

17

09/17/21

USD

32.00

USD

63

(1,836)

Illinois

Tool

Works,

Inc.

.........................

8

09/17/21

USD

200.00

USD

179

(1,620)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

.........

150

09/17/21

USD

81.00

USD

1,321

(3,600)

Microsoft

Corp.

..............................

8

09/17/21

USD

225.00

USD

217

(1,092)

Vinci

SA

...................................

14

09/17/21

EUR

85.00

EUR

126

(3,719)

Wells

Fargo

&

Co.

............................

47

09/17/21

USD

40.00

USD

213

(3,784)

Nucor

Corp.

................................

10

10/15/21

USD

92.50

USD

96

(6,200)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

88

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

TE

Connectivity

Ltd.

...........................

5

10/15/21

USD

125.00

USD

68

$

(1,688)

Parker-Hannifin

Corp.

..........................

6

11/19/21

USD

250.00

USD

184

(3,060)

(74,054)

$

(196,793)

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

FANUC

Corp.

..............

Goldman

Sachs

International

100

07/08/21

JPY

28,144.32

JPY

2,680

$

(58)

Kose

Corp.

................

Morgan

Stanley

&

Co.

International

plc

100

07/08/21

JPY

18,949.54

JPY

1,748

(4)

Sony

Group

Corp.

...........

Morgan

Stanley

&

Co.

International

plc

200

07/08/21

JPY

11,765.40

JPY

2,163

(57)

adidas

AG

................

Barclays

Bank

plc

321

07/16/21

EUR

330.00

EUR

101

(578)

NXP

Semiconductors

NV

......

UBS

AG

1,055

07/16/21

USD

230.00

USD

217

(264)

Safran

SA

.................

Barclays

Bank

plc

811

07/16/21

EUR

140.00

EUR

95

(58)

SPDR

Gold

Shares

(a)

.........

Citibank

NA

649

07/16/21

USD

192.00

USD

107

(10)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

07/28/21

MXN

20.75

USD

1,214

(3,285)

Disco

Corp.

...............

JPMorgan

Chase

Bank

NA

49

08/13/21

JPY

38,689.39

JPY

1,664

(89)

FANUC

Corp.

..............

Goldman

Sachs

International

88

08/13/21

JPY

29,683.18

JPY

2,358

(135)

Hoya

Corp.

................

JPMorgan

Chase

Bank

NA

691

08/13/21

JPY

16,625.69

JPY

10,178

(316)

Keyence

Corp.

.............

JPMorgan

Chase

Bank

NA

37

08/13/21

JPY

63,543.85

JPY

2,075

(50)

Kose

Corp.

................

Morgan

Stanley

&

Co.

International

plc

139

08/13/21

JPY

19,925.43

JPY

2,430

(70)

Recruit

Holdings

Co.

Ltd.

......

Goldman

Sachs

International

449

08/13/21

JPY

6,191.74

JPY

2,456

(130)

Shin-Etsu

Chemical

Co.

Ltd.

....

JPMorgan

Chase

Bank

NA

527

08/13/21

JPY

20,481.09

JPY

9,792

(424)

Sony

Group

Corp.

...........

Goldman

Sachs

International

236

08/13/21

JPY

11,899.94

JPY

2,552

(141)

DR

Horton,

Inc.

.............

Citibank

NA

2,094

08/20/21

USD

97.50

USD

189

(3,874)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

193

08/20/21

EUR

715.00

EUR

128

(1,020)

NXP

Semiconductors

NV

......

Nomura

International

plc

9

08/20/21

USD

225.00

USD

185

(2,988)

Autodesk,

Inc.

..............

Nomura

International

plc

1,561

09/17/21

USD

325.00

USD

456

(7,210)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

09/29/21

MXN

21.50

USD

1,214

(6,972)

(27,733)

Put

adidas

AG

................

Barclays

Bank

plc

321

07/16/21

EUR

270.00

EUR

101

(133)

NXP

Semiconductors

NV

......

UBS

AG

1,055

07/16/21

USD

170.00

USD

217

(4)

Safran

SA

.................

Barclays

Bank

plc

811

07/16/21

EUR

110.00

EUR

95

(838)

SPDR

Gold

Shares

(a)

.........

Citibank

NA

3,538

07/16/21

USD

157.00

USD

586

(1,021)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

07/27/21

RUB

70.00

USD

403

(390)

EUR

Currency

..............

BNP

Paribas

SA

—

07/30/21

USD

1.17

EUR

2,143

(3,125)

EUR

Currency

..............

BNP

Paribas

SA

—

08/02/21

USD

1.15

EUR

2,239

(1,109)

DR

Horton,

Inc.

.............

Citibank

NA

2,094

08/20/21

USD

82.50

USD

189

(3,371)

Edwards

Lifesciences

Corp.

....

Citibank

NA

1,181

08/20/21

USD

87.50

USD

122

(528)

EURO

STOXX

50

Index

.......

Goldman

Sachs

International

83

08/20/21

EUR

3,725.00

EUR

337

(2,323)

Intuitive

Surgical,

Inc.

.........

Citibank

NA

136

08/20/21

USD

760.00

USD

125

(95)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

...................

Barclays

Bank

plc

193

08/20/21

EUR

605.00

EUR

128

(1,670)

USD

Currency

..............

Morgan

Stanley

&

Co.

International

plc

—

08/25/21

MXN

19.25

USD

1,113

(2,698)

USD

Currency

..............

Bank

of

America

NA

—

08/26/21

RUB

70.00

USD

1,037

(1,701)

USD

Currency

..............

JPMorgan

Chase

Bank

NA

—

08/26/21

ZAR

13.25

USD

820

(836)

Autodesk,

Inc.

..............

Nomura

International

plc

1,083

09/17/21

USD

250.00

USD

316

(3,511)

United

Rentals,

Inc.

..........

Credit

Suisse

International

300

09/17/21

USD

280.00

USD

96

(2,294)

Amazon.com,

Inc.

...........

Citibank

NA

38

06/17/22

USD

2,800.00

USD

131

(4,798)

(30,445)

$

(58,178)

(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.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

89

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

CDX.NA.IG.36.V1

Quarterly

1.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/21/21

NR

USD

80.00

USD

800

$

(42)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

0.02%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

08/24/21

0.02

%

EUR

762

$

(1,889)

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

(51)

1-Year

Interest

Rate

Swap

(a)

.

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.40

USD

10,341

(7,742)

1-Year

Interest

Rate

Swap

(a)

.

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

03/16/23

0.60

USD

10,341

(14,667)

(24,349)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.15%

Semi-Annual

Goldman

Sachs

International

07/08/21

2.15

USD

533

—

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.53%

Semi-Annual

Goldman

Sachs

International

07/08/21

2.53

USD

407

—

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.73%

Semi-Annual

Goldman

Sachs

International

07/26/21

1.73

USD

1,343

(970)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.72%

Semi-Annual

Goldman

Sachs

International

08/24/21

1.72

USD

952

(2,789)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Goldman

Sachs

International

08/31/21

1.75

USD

1,480

(4,441)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.19%

Semi-Annual

Goldman

Sachs

International

08/31/21

2.19

USD

740

(2,714)

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

(14,279)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.78%

Annual

JPMorgan

Chase

Bank

NA

11/16/21

0.78

EUR

760

(9,134)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.79%

Annual

Goldman

Sachs

International

11/24/21

0.79

EUR

742

(9,146)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.85%

Semi-Annual

Goldman

Sachs

International

11/26/21

1.85

USD

1,343

(9,037)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.32%

Semi-Annual

Goldman

Sachs

International

12/03/21

2.32

USD

416

(3,797)

30-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

0.82%

Annual

Goldman

Sachs

International

12/09/21

0.82

EUR

687

(8,412)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.76%

Semi-Annual

Goldman

Sachs

International

01/26/22

1.76

USD

2,974

(36,663)

30-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.60%

Semi-Annual

Goldman

Sachs

International

04/20/22

2.60

USD

767

(8,012)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

2.30%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

04/21/22

2.30

USD

813

(4,863)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.04

USD

3,176

(41,599)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

90

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/30/26

3.04

%

USD

1,445

$

(19,511)

(175,367)

$

(199,716)

(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

$

(139,000)

$

(104,908)

$

(34,092)

CDX.NA.HY.34.V9

...................

5.00

Quarterly

06/20/25

USD

337

(33,786)

4,538

(38,324)

CDX.NA.IG.36.V1

...................

1.00

Quarterly

06/20/26

USD

944

(24,320)

(19,076)

(5,244)

$

(197,106)

$

(119,446)

$

(77,660)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ITRAXX.EUR.

CROSSOVER.34.V2

.

5.00

%

Quarterly

12/20/25

BBB-

EUR

558

$

85,568

$

44,650

$

40,918

ITRAXX.EUR.

CROSSOVER.35.V1

.

5.00

Quarterly

06/20/26

BB-

EUR

391

58,309

57,482

827

$

143,877

$

102,132

$

41,745

(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

$

32,408

$

—

$

32,408

1.06%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/27/22

USD

8,345

(77,618)

(533)

(77,085)

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/17/22

USD

4,668

(50,661)

—

(50,661)

28

day

MXIBTIIE

Monthly

4.42%

Monthly

N/A

02/28/23

MXN

7,323

(9,061)

—

(9,061)

28

day

MXIBTIIE

Monthly

4.50%

Monthly

N/A

03/03/23

MXN

7,321

(8,640)

—

(8,640)

28

day

MXIBTIIE

Monthly

4.68%

Monthly

N/A

02/27/24

MXN

5,196

(10,063)

—

(10,063)

28

day

MXIBTIIE

Monthly

4.86%

Monthly

N/A

03/01/24

MXN

5,196

(8,957)

—

(8,957)

0.40%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

03/08/24

USD

6,570

8,189

—

8,189

0.53%

Semi-Annual

3

month

LIBOR

Quarterly

06/06/22

(a)

06/06/24

USD

1,612

6,658

—

6,658

0.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/28/24

USD

1,455

(168)

—

(168)

1.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/24/25

USD

3,339

(127,722)

33

(127,755)

0.35%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

08/27/25

USD

1,240

22,838

—

22,838

3

month

LIBOR

Quarterly

0.37%

Semi-Annual

N/A

10/29/25

USD

3,586

(73,605)

—

(73,605)

3

month

LIBOR

Quarterly

0.46%

Semi-Annual

N/A

11/23/25

USD

996

(17,656)

—

(17,656)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

91

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

Quarterly

0.39%

Semi-Annual

N/A

02/10/26

USD

2,506

$

(56,416)

$

—

$

(56,416)

0.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/19/26

USD

1,232

10,054

—

10,054

0.70%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/26

USD

337

2,495

—

2,495

3

month

LIBOR

Quarterly

0.83%

Semi-Annual

N/A

03/08/26

USD

4,030

(5,269)

—

(5,269)

3

month

LIBOR

Quarterly

0.85%

Semi-Annual

N/A

04/08/26

USD

5,900

(13,920)

—

(13,920)

3

month

LIBOR

Quarterly

0.87%

Semi-Annual

N/A

04/08/26

USD

2,429

(3,330)

—

(3,330)

0.62%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/08/26

USD

2,429

33,349

—

33,349

0.60%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/08/26

USD

5,900

86,822

—

86,822

0.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/26/26

USD

5,690

86,145

—

86,145

0.64%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

8,622

126,565

—

126,565

0.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/26

USD

2,874

12,388

—

12,388

3

month

LIBOR

Quarterly

0.98%

Semi-Annual

N/A

06/28/26

USD

873

437

—

437

0.69%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/23/30

USD

392

23,836

—

23,836

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

08/17/30

USD

936

(23,244)

—

(23,244)

3

month

LIBOR

Quarterly

0.64%

Semi-Annual

N/A

08/21/30

USD

427

(27,878)

—

(27,878)

3

month

LIBOR

Quarterly

0.68%

Semi-Annual

N/A

09/14/30

USD

154

(9,725)

—

(9,725)

3

month

LIBOR

Quarterly

0.66%

Semi-Annual

N/A

09/25/30

USD

234

(15,223)

—

(15,223)

0.71%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/25/30

USD

234

14,166

—

14,166

3

month

LIBOR

Quarterly

0.69%

Semi-Annual

N/A

09/29/30

USD

187

(11,644)

—

(11,644)

0.76%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

09/29/30

USD

187

10,432

—

10,432

0.81%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/23/30

USD

656

35,926

—

35,926

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/31

USD

426

8,485

—

8,485

1.20%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/31

USD

251

4,475

—

4,475

3

month

LIBOR

Quarterly

1.40%

Semi-Annual

N/A

04/07/31

USD

1,860

(3,197)

—

(3,197)

3

month

LIBOR

Quarterly

1.42%

Semi-Annual

N/A

04/08/31

USD

1,072

158

—

158

1.57%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/31

USD

696

(8,406)

—

(8,406)

1.54%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/31

USD

123

(1,138)

—

(1,138)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

1,070

(9,345)

—

(9,345)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

1,036

(9,105)

—

(9,105)

2.16%

Semi-Annual

3

month

LIBOR

Quarterly

06/18/26

(a)

06/18/31

USD

1,070

(8,484)

—

(8,484)

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

07/02/26

(a)

07/02/31

USD

433

—

—

—

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

07/02/26

(a)

07/02/31

USD

1,012

—

—

—

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/02/50

USD

291

61,858

—

61,858

0.88%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

07/21/50

USD

192

41,458

—

41,458

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

98

(16,498)

—

(16,498)

3

month

LIBOR

Quarterly

1.08%

Semi-Annual

N/A

09/28/50

USD

416

(70,619)

—

(70,619)

3

month

LIBOR

Quarterly

1.07%

Semi-Annual

N/A

10/21/50

USD

288

(49,643)

—

(49,643)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/23/50

USD

615

76,144

—

76,144

3

month

LIBOR

Quarterly

0.97%

Semi-Annual

N/A

10/28/50

USD

234

(45,987)

—

(45,987)

1.17%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/28/50

USD

243

36,004

—

36,004

0.98%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/29/50

USD

709

137,499

—

137,499

1.30%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/19/50

USD

538

63,239

—

63,239

1.22%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

11/27/50

USD

243

33,328

—

33,328

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/11/50

USD

179

14,680

—

14,680

3

month

LIBOR

Quarterly

1.20%

Semi-Annual

N/A

12/22/50

USD

943

(134,799)

—

(134,799)

1.27%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/30/50

USD

243

30,687

—

30,687

1.45%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/07/51

USD

583

45,367

—

45,367

1.52%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/08/51

USD

199

11,848

—

11,848

1.63%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/25/51

USD

424

14,541

—

14,541

1.48%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

01/28/51

USD

754

52,817

—

52,817

1.58%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/01/51

USD

435

20,360

—

20,360

1.66%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/04/51

USD

243

6,332

—

6,332

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/05/51

USD

251

5,335

—

5,335

3

month

LIBOR

Quarterly

1.24%

Semi-Annual

N/A

02/10/51

USD

683

(88,915)

—

(88,915)

0.89%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/10/51

USD

456

98,445

—

98,445

1.91%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

02/22/51

USD

98

(3,452)

—

(3,452)

2.01%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/27/51

USD

360

(19,575)

—

(19,575)

1.97%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

05/28/51

USD

59

(2,687)

—

(2,687)

2.04%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/07/51

USD

112

(6,727)

—

(6,727)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

92

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3

month

LIBOR

Quarterly

1.83%

Semi-Annual

N/A

06/22/51

USD

251

$

2,110

$

—

$

2,110

$

248,501

$

(500)

$

249,001

(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

$

(3,178)

$

7,646

$

(10,824)

$

–

$

–

$

–

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

$

1,719

$

(2,177)

$

3,896

(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)

Financial

Select

Sector

SPDR

Fund

................

USD

(2,107)

JPMorgan

Chase

Bank

NA

09/16/21

USD

2

$

476

$

—

$

476

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

312,744

Goldman

Sachs

International

09/20/21

USD

313

(946)

(111)

(835)

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

..

USD

208,495

Morgan

Stanley

&

Co.

International

plc

09/20/21

USD

208

(574)

(74)

(500)

S&P

500

Annual

Dividend

Index

Futures

December

2021

...

USD

48,550

BNP

Paribas

SA

12/17/21

USD

49

11,250

—

11,250

GSCBBL8X

Index

.........

USD

38,195

Goldman

Sachs

International

02/22/22

USD

38

6,598

—

6,598

$

16,804

$

(185)

$

16,989

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

93

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(1,332)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$(2,871)

of

net

dividends

and

financing

fees.

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

$

111,692

$

(14,324)

(c)

$

98,700

0.3

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

(347,961)

(347)

(e)

(345,437)

0.2

$

(14,671)

$

(246,737)

(b)

(d)

Range:

18-328

basis

points

5-142

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

June

30,

2021,

expiration

dates

01/25/21-05/31/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Italy

Leonardo

SpA

...........

48,360

$

391,299

396.5

%

Total

Reference

Entity

—

Long

............

391,299

Reference

Entity

—

Short

Brazil

Banco

BTG

Pactual

SA

.....

(157)

(3,844)

(3.9)

Canada

Power

Corp.

of

Canada

.....

(168)

(5,310)

(5.4)

China

BeiGene

Ltd.,

ADR

........

(15)

(5,148)

(5.2)

Bilibili,

Inc.,

ADR

..........

(97)

(11,818)

(12.0)

China

Conch

Venture

Holdings

Ltd.

................

(3,500)

(14,726)

(14.9)

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

......

(5,000)

(8,609)

(8.7)

China

Molybdenum

Co.

Ltd.,

Class

H

..............

(3,000)

(1,778)

(1.8)

China

Vanke

Co.

Ltd.,

Class

H

(2,000)

(6,251)

(6.3)

Gaotu

Techedu,

Inc.,

ADR

...

(181)

(2,673)

(2.7)

Kingsoft

Cloud

Holdings

Ltd.,

ADR

................

(102)

(3,461)

(3.5)

Longfor

Group

Holdings

Ltd.

..

(2,000)

(11,140)

(11.3)

Microport

Scientific

Corp.

....

(2,000)

(17,950)

(18.2)

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

...

(1,500)

(12,107)

(12.3)

Sunny

Optical

Technology

Group

Co.

Ltd.

..............

(200)

(6,316)

(6.4)

TravelSky

Technology

Ltd.,

Class

H

..................

(1,000)

(2,155)

(2.2)

Shares

Value

%

of

Basket

Value

China

(continued)

Zijin

Mining

Group

Co.

Ltd.,

Class

H

..............

(2,000)

$

(2,684)

(2.7)

%

(106,816)

Denmark

Vestas

Wind

Systems

A/S

...

(372)

(14,535)

(14.7)

Finland

Sampo

OYJ,

Class

A

.......

(456)

(20,969)

(21.2)

France

Air

Liquide

SA

...........

(27)

(4,735)

(4.8)

Airbus

SE

..............

(39)

(5,025)

(5.1)

(9,760)

South

Korea

Celltrion

Healthcare

Co.

Ltd.

..

(93)

(9,557)

(9.7)

Hyundai

Motor

Co.

........

(20)

(4,256)

(4.3)

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

.....

(47)

(5,590)

(5.7)

(19,403)

Spain

Ferrovial

SA

.............

(78)

(2,292)

(2.3)

Grifols

SA

..............

(58)

(1,573)

(1.6)

(3,865)

Sweden

Evolution

AB

............

(13)

(2,056)

(2.1)

Skandinaviska

Enskilda

Banken

AB,

Class

A

...........

(586)

(7,575)

(7.7)

(9,631)

Taiwan

E.Sun

Financial

Holding

Co.

Ltd.

(2,000)

(1,888)

(1.9)

United

Kingdom

BT

Group

plc

............

(1,827)

(4,910)

(5.0)

HSBC

Holdings

plc

........

(1,262)

(7,284)

(7.4)

Prudential

plc

............

(175)

(3,329)

(3.3)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

94

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Shares

Value

%

of

Basket

Value

United

Kingdom

(continued)

SSE

plc

................

(398)

$

(8,266)

(8.4)

%

Tesco

plc

...............

(3,417)

(10,556)

(10.7)

(34,345)

United

States

Amphenol

Corp.,

Class

A

....

(132)

(9,030)

(9.1)

Archer-Daniels-Midland

Co.

..

(158)

(9,575)

(9.7)

Boeing

Co.

(The)

.........

(67)

(16,050)

(16.3)

Digital

Realty

Trust,

Inc.

.....

(30)

(4,514)

(4.6)

Liberty

Broadband

Corp.,

Class

A

..................

(78)

(13,117)

(13.3)

Moderna,

Inc.

............

(42)

(9,869)

(10.0)

Oracle

Corp.

............

(1)

(78)

(0.1)

(62,233)

Total

Reference

Entity

—

Short

............

(292,599)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

98,700

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

June

30,

2021,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Short

Australia

Afterpay

Ltd.

............

(56)

$

(4,971)

1.4

%

Macquarie

Group

Ltd.

......

(80)

(9,373)

2.7

Transurban

Group

.........

(85)

(906)

0.3

Westpac

Banking

Corp.

.....

(236)

(4,567)

1.3

(19,817)

Brazil

Hapvida

Participacoes

e

Investimentos

SA

.......

(3,893)

(12,093)

3.5

Lojas

Americanas

SA

(Preference)

..........

(1,635)

(7,084)

2.1

Raia

Drogasil

SA

.........

(1,899)

(9,468)

2.7

(28,645)

Canada

Canadian

Pacific

Railway

Ltd.

.

(52)

(3,999)

1.2

Fairfax

Financial

Holdings

Ltd.

(8)

(3,508)

1.0

Shaw

Communications,

Inc.,

Class

B

..............

(442)

(12,804)

3.7

(20,311)

China

China

Southern

Airlines

Co.

Ltd.,

Class

H

..............

(10,000)

(6,206)

1.8

Country

Garden

Holdings

Co.

Ltd.

................

(5,000)

(5,596)

1.6

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

..........

(800)

(5,632)

1.6

GDS

Holdings

Ltd.,

ADR

....

(108)

(8,477)

2.5

Geely

Automobile

Holdings

Ltd.

(3,000)

(9,422)

2.7

Great

Wall

Motor

Co.

Ltd.,

Class

H

..................

(2,500)

(8,056)

2.3

Innovent

Biologics,

Inc.

.....

(500)

(5,832)

1.7

iQIYI,

Inc.,

ADR

..........

(1,286)

(20,036)

5.8

Kunlun

Energy

Co.

Ltd.

.....

(2,000)

(1,841)

0.5

Shares

Value

%

of

Basket

Value

China

(continued)

Ping

An

Healthcare

and

Technology

Co.

Ltd.

.....

(500)

$

(6,229)

1.8

%

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

..............

(3,500)

(6,188)

1.8

Shenzhou

International

Group

Holdings

Ltd.

..........

(200)

(5,051)

1.5

Tencent

Music

Entertainment

Group,

ADR

...........

(204)

(3,158)

0.9

Trip.com

Group

Ltd.,

ADR

...

(104)

(3,688)

1.1

Zai

Lab

Ltd.,

ADR

.........

(13)

(2,301)

0.7

(97,713)

Germany

Hannover

Rueck

SE

.......

(21)

(3,516)

1.0

Hong

Kong

Link

REIT

..............

(510)

(4,935)

1.4

Japan

Central

Japan

Railway

Co.

...

(100)

(15,195)

4.4

Mitsui

Fudosan

Co.

Ltd.

.....

(400)

(9,249)

2.7

Secom

Co.

Ltd.

...........

(100)

(7,622)

2.2

Seven

&

i

Holdings

Co.

Ltd.

..

(100)

(4,790)

1.4

Sumitomo

Realty

&

Development

Co.

Ltd.

..............

(100)

(3,577)

1.0

(40,433)

Mexico

Wal-Mart

de

Mexico

SAB

de

CV

(1,535)

(5,014)

1.5

South

Africa

Capitec

Bank

Holdings

Ltd.

...

(89)

(10,491)

3.0

South

Korea

POSCO

Chemical

Co.

Ltd.

...

(108)

(13,790)

4.0

Samsung

C&T

Corp.

.......

(19)

(2,301)

0.7

Samsung

Life

Insurance

Co.

Ltd.

(19)

(1,348)

0.4

(17,439)

Spain

Aena

SME

SA

...........

(75)

(12,306)

3.6

Switzerland

Chocoladefabriken

Lindt

&

Spruengli

AG

..........

(2)

(19,898)

5.8

Schindler

Holding

AG

......

(34)

(10,405)

3.0

(30,303)

United

Kingdom

Aviva

plc

...............

(1,933)

(10,852)

3.1

United

States

Allstate

Corp.

(The)

........

(85)

(11,087)

3.2

Hershey

Co.

(The)

........

(11)

(1,916)

0.6

Kraft

Heinz

Co.

(The)

.......

(54)

(2,202)

0.6

Mondelez

International,

Inc.,

Class

A

..............

(51)

(3,184)

0.9

Paychex,

Inc.

............

(49)

(5,258)

1.5

Roper

Technologies,

Inc.

....

(35)

(16,457)

4.8

Xcel

Energy,

Inc.

..........

(54)

(3,558)

1.0

(43,662)

Total

Reference

Entity

—

Short

............

(345,437)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(345,437)

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

95

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

28

day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

4.53

%

3

month

BA

..........................................

Canadian

Bankers

Acceptances

0.44

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.15

6

month

EURIBOR

.....................................

Euro

Interbank

Offered

Rate

(0.52)

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)

...........................................

$

106,703

$

(124,517)

$

1,319,623

$

(1,106,537)

$

—

OTC

Swaps

.....................................................

7,646

(2,362)

22,220

(26,830)

—

Options

Written

...................................................

N/A

N/A

280,688

(65,714)

(468,150)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

—

$

—

$

88,333

$

—

$

88,333

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

116,776

—

—

116,776

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

195

596,911

65,603

191,101

6,190

860,000

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

41,745

—

—

1,277,878

—

1,319,623

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

11,542

18,324

—

—

—

29,866

$

—

$

53,482

$

615,235

$

182,379

$

1,557,312

$

6,190

$

2,414,598

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

563,644

—

190,532

—

754,176

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

508,863

—

—

508,863

Options

written

(b)

Options

written

at

value

.....................

—

42

243,656

24,736

199,716

—

468,150

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

77,660

—

—

1,028,877

—

1,106,537

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

13,001

14,671

—

1,520

—

29,192

$

—

$

90,703

$

821,971

$

533,599

$

1,420,645

$

—

$

2,866,918

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

96

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

(2,911,757)

$

—

$

(931,185)

$

—

$

(3,842,942)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(348,620)

—

—

(348,620)

Options

purchased

(a)

....................

—

(1,958)

(1,160,309)

(125,861)

(401,924)

—

(1,690,052)

Options

written

........................

—

431

1,250,249

45,664

172,148

—

1,468,492

Swaps

..............................

—

(22,589)

129,923

—

(49,330)

—

58,004

$

—

$

(24,116)

$

(2,691,894)

$

(428,817)

$

(1,210,291)

$

—

$

(4,355,118)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(138,364)

—

(99,582)

—

(237,946)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(675,167)

—

—

(675,167)

Options

purchased

(b)

....................

—

(1,192)

(311,947)

1,944

74,533

2,883

(233,779)

Options

written

........................

—

518

103,136

2,396

63,914

—

169,964

Swaps

..............................

—

(40,081)

(63,527)

—

483,610

—

380,002

$

—

$

(40,755)

$

(410,702)

$

(670,827)

$

522,475

$

2,883

$

(596,926)

(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

..................................................................................

$

19,990,791

Average

notional

value

of

contracts

—

short

.................................................................................

3,320,695

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

16,577,683

Average

amounts

sold

—

in

USD

........................................................................................

23,851,786

Options:

Average

value

of

option

contracts

purchased

................................................................................

787,404

Average

value

of

option

contracts

written

...................................................................................

368,853

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

36,922,085

Average

notional

value

of

swaption

contracts

written

...........................................................................

44,042,672

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

8,212,948

Average

notional

value

—

sell

protection

...................................................................................

989,811

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

52,654,479

Average

notional

value

—

receives

fixed

rate

................................................................................

27,875,025

Total

return

swaps:

Average

notional

value

...............................................................................................

513,552

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

87,292

$

97,055

Forward

foreign

currency

exchange

contracts

.................................................................

116,776

508,863

Options

(a)(b)

........................................................................................

860,000

468,150

Swaps

—

Centrally

cleared

.............................................................................

—

28,020

Swaps

—

OTC

(c)

....................................................................................

29,866

29,192

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

1,093,934

$

1,131,280

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(621,161)

(321,868)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

472,773

$

809,412

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

97

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

15,906

$

(15,906)

$

—

$

—

$

—

Barclays

Bank

plc

................................

19,341

(19,341)

—

—

—

BNP

Paribas

SA

.................................

28,346

(28,346)

—

—

—

Citibank

NA

....................................

26,674

(26,674)

—

—

—

Citibank

NA

(d)

...................................

4,934

(1,031)

—

—

3,903

Credit

Suisse

International

..........................

15,190

(11,095)

—

—

4,095

Goldman

Sachs

International

........................

125,633

(107,291)

—

—

18,342

HSBC

Bank

plc

..................................

25,984

(25,984)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

57,677

(57,677)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

120,328

(105,634)

—

—

14,694

Nomura

International

plc

...........................

12,386

(12,386)

—

—

—

UBS

AG

......................................

20,374

(12,450)

—

—

7,924

$

472,773

$

(423,815)

$

—

$

—

$

48,958

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(e)

Cash

Collateral

Pledged

(e)

Net

Amount

of

Derivative

Liabilities

(c)(f)

Bank

of

America

NA

..............................

$

31,500

$

(15,906)

$

—

$

(15,594)

$

—

Barclays

Bank

plc

................................

88,967

(19,341)

—

—

69,626

BNP

Paribas

SA

.................................

101,212

(28,346)

—

—

72,866

Citibank

NA

....................................

142,807

(26,674)

—

—

116,133

Citibank

NA

(d)

...................................

1,031

(1,031)

—

—

—

Credit

Suisse

International

..........................

11,095

(11,095)

—

—

—

Deutsche

Bank

AG

...............................

40,865

—

—

—

40,865

Goldman

Sachs

International

........................

107,291

(107,291)

—

—

—

HSBC

Bank

plc

..................................

47,518

(25,984)

—

—

21,534

JPMorgan

Chase

Bank

NA

..........................

105,333

(57,677)

—

—

47,656

Morgan

Stanley

&

Co.

International

plc

..................

105,634

(105,634)

—

—

—

Nomura

International

plc

...........................

13,709

(12,386)

—

—

1,323

UBS

AG

......................................

12,450

(12,450)

—

—

—

$

809,412

$

(423,815)

$

—

$

(15,594)

$

370,003

(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

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

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.

(e)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(f)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

98

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities:

Cayman

Islands

........................................

$

—

$

286,494

$

150,000

$

436,494

Ireland

..............................................

—

118,656

—

118,656

United

States

..........................................

—

3,578,266

281,535

3,859,801

Common

Stocks:

Argentina

............................................

855,227

—

—

855,227

Australia

.............................................

—

402,986

213,505

616,491

Belgium

.............................................

—

6,561

—

6,561

Brazil

...............................................

296,539

—

—

296,539

Canada

.............................................

2,018,450

—

—

2,018,450

Cayman

Islands

........................................

69,074

—

—

69,074

Chile

...............................................

5,301

—

—

5,301

China

...............................................

1,834,732

4,312,101

—

6,146,833

Denmark

.............................................

—

538,861

—

538,861

Finland

..............................................

—

408,783

—

408,783

France

..............................................

—

7,246,692

—

7,246,692

Germany

............................................

923,319

6,724,054

—

7,647,373

Hong

Kong

...........................................

23,917

1,026,325

—

1,050,242

India

...............................................

—

479,258

172,580

651,838

Indonesia

............................................

—

51,577

—

51,577

Ireland

..............................................

—

25,844

—

25,844

Israel

...............................................

58,225

—

—

58,225

Italy

................................................

—

3,501,241

—

3,501,241

Japan

...............................................

—

3,489,188

—

3,489,188

Luxembourg

..........................................

—

116,406

—

116,406

Macau

..............................................

—

24,014

—

24,014

Mexico

..............................................

6,138

—

—

6,138

Netherlands

...........................................

—

3,762,208

—

3,762,208

New

Zealand

..........................................

—

3,394

—

3,394

Norway

..............................................

20,273

11,047

—

31,320

Poland

..............................................

98,202

8,307

—

106,509

Portugal

.............................................

36,838

—

—

36,838

Saudi

Arabia

..........................................

—

2,442

—

2,442

Singapore

............................................

—

128,067

—

128,067

South

Africa

...........................................

39

176,939

—

176,978

South

Korea

..........................................

—

1,489,575

—

1,489,575

Spain

...............................................

—

872,181

—

872,181

Sweden

.............................................

219,149

2,274,082

—

2,493,231

Switzerland

...........................................

82,907

1,011,350

—

1,094,257

Taiwan

..............................................

103,799

2,216,329

—

2,320,128

Thailand

.............................................

42,813

12,120

—

54,933

United

Arab

Emirates

....................................

—

—

—

—

United

Kingdom

........................................

2,008,017

3,854,360

—

5,862,377

United

States

..........................................

91,576,869

1,659,574

708,818

93,945,261

Corporate

Bonds

Australia

.............................................

—

—

833,328

833,328

Canada

.............................................

—

70,811

—

70,811

China

...............................................

—

300

—

300

Germany

............................................

—

421,024

—

421,024

Greece

..............................................

—

153,992

—

153,992

India

...............................................

—

2,115

—

2,115

Italy

................................................

—

429,407

—

429,407

Luxembourg

..........................................

—

563,484

—

563,484

Turkey

..............................................

—

—

62,000

62,000

United

Arab

Emirates

....................................

—

4,119

—

4,119

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedules

of

Investments

99

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

United

Kingdom

........................................

$

—

$

618,752

$

—

$

618,752

United

States

..........................................

—

5,633,562

143,092

5,776,654

Floating

Rate

Loan

Interests:

Canada

.............................................

—

337,544

—

337,544

France

..............................................

—

253,910

—

253,910

Jersey,

Channel

Islands

...................................

—

—

76,950

76,950

Luxembourg

..........................................

—

125,066

96,030

221,096

Netherlands

...........................................

—

365,716

168,844

534,560

United

States

..........................................

—

2,599,898

1,073,173

3,673,071

Foreign

Government

Obligations

..............................

—

8,107,925

—

8,107,925

Investment

Companies

....................................

5,973,492

—

—

5,973,492

Municipal

Bonds

.........................................

—

116,964

—

116,964

Non-Agency

Mortgage-Backed

Securities

........................

—

2,336,456

—

2,336,456

Other

Interests

..........................................

—

—

197,635

197,635

Preferred

Securities:

Brazil

...............................................

43,305

—

89,250

132,555

China

...............................................

—

—

421,882

421,882

Germany

............................................

—

572,541

158,650

731,191

India

...............................................

—

—

122,723

122,723

Jersey

..............................................

—

—

104,794

104,794

United

Kingdom

........................................

—

538,453

199,624

738,077

United

States

..........................................

1,122,842

436,083

2,053,713

3,612,638

U.S.

Government

Sponsored

Agency

Securities

....................

—

156,119

—

156,119

U.S.

Treasury

Obligations

...................................

—

4,510,748

—

4,510,748

Warrants

..............................................

21,388

7,890

21,145

50,423

Short-Term

Securities:

Foreign

Government

Obligations

..............................

—

1,450,467

—

1,450,467

Money

Market

Funds

......................................

7,170,256

—

—

7,170,256

Time

Deposits

..........................................

—

311,753

—

311,753

Options

Purchased:

Credit

contracts

..........................................

—

195

—

195

Equity

contracts

..........................................

530,894

66,017

—

596,911

Foreign

currency

exchange

contracts

...........................

—

65,603

—

65,603

Interest

rate

contracts

......................................

2,975

188,126

—

191,101

Other

contracts

..........................................

—

6,190

—

6,190

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

4

—

4

Liabilities:

Investments

Sold

Short

....................................

(1,069,673)

—

—

(1,069,673)

$

114,075,307

$

80,270,516

$

7,349,271

$

201,695,094

Investments

valued

at

NAV

(b)

......................................

3,846,529

$

—

$

205,541,623

$

—

Derivative

Financial

Instruments

(c)

Assets:

Credit

contracts

...........................................

$

—

$

45,641

$

—

$

45,641

Equity

contracts

...........................................

—

18,324

—

18,324

Foreign

currency

exchange

contracts

............................

—

116,776

—

116,776

Interest

rate

contracts

.......................................

88,333

1,277,878

—

1,366,211

Liabilities:

Credit

contracts

...........................................

—

(88,526)

—

(88,526)

Equity

contracts

...........................................

(760,437)

(61,534)

—

(821,971)

Foreign

currency

exchange

contracts

............................

—

(533,599)

—

(533,599)

Interest

rate

contracts

.......................................

(190,532)

(1,229,928)

—

(1,420,460)

$

(862,636)

$

(454,968)

$

—

$

(1,317,604)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

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.

(c)

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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Global

Allocation

Portfolio

100

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Options

Purchased

Other

Interests

Preferred

Securities

Warrants

Total

Investments:

Assets:

Opening

balance,

as

of

December

31,

2020

.........

$

—

$

371,145

$

899,115

$

982,823

$

1,862

$

—

$

2,517,063

$

8,398

$

4,780,406

Transfers

into

level

3

.......................

—

—

—

91,226

—

—

—

—

91,226

Transfers

out

of

level

3

......................

—

—

—

(74,252)

—

—

(55,844)

—

(130,096)

Accrued

discounts/premiums

...................

—

—

(447)

2,817

—

—

—

—

2,370

Net

realized

gain

..........................

—

—

—

10,314

—

—

62,626

—

72,940

Net

change

in

unrealized

appreciation

(depreciation)

(a)(b)

.

2,548

260,955

(19,795)

117,348

—

30,481

126,412

4,100

522,049

Purchases

...............................

428,987

462,803

159,547

936,614

—

167,154

1,185,867

8,647

3,349,619

Sales

..................................

—

—

—

(651,893)

(1,862)

—

(685,488)

—

(1,339,243)

Closing

balance,

as

of

June

30,

2021

.............

$

431,535

$

1,094,903

$

1,038,420

$

1,414,997

$

—

$

197,635

$

3,150,636

$

21,145

$

7,349,271

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

a

t

June

30,

2021

(b)

.........

$

2,548

$

260,955

$

(19,795)

$

125,760

$

—

$

30,481

$

730,786

$

4,889

$

1,135,624

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

BlackRock

Global

Allocation

Portfolio

Consolidated

Schedule

of

Investments

101

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

$1,101,410

.

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

...........................

$

1,094,903

Income

Discount

Rate

16%

—

Market

Revenue

Multiple

10.60x

–

26.25x

12.00x

Volatility

44%

-

65%

48%

Time

to

Exit

1.2

–

2.6

1.5

EBITDA

22.72x

—

Recent

Transactions

—

—

Corporate

Bonds

...........................

1,038,420

Income

Discount

Rate

16%

–

34%

17%

Market

Recent

Transactions

—

—

Floating

Rate

Loan

Interests

....................

749,809

Income

Discount

Rate

6%

–

11%

9%

Market

Recent

Transactions

—

—

Other

Interests

............................

197,635

Market

Discount

Rate

5%

—

Preferred

Stocks

(b)(c)

.........................

3,150,636

Income

Discount

Rate

27%

—

Market

Revenue

Multiple

2.75x

–

46.84x

17.89x

Time

to

Exit

0.3

–

4.0

2.1

Volatility

40%

–

79%

56%

Recent

Transactions

—

—

Warrants

................................

16,458

Market

Revenue

Multiple

9.75x

–

12.50x

10.02x

Time

to

Exit

0.3

–

1.9

1.7

Volatility

34%

-

71%

53%

$

6,247,861

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

For

the

period

end

June

30,

2021,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$741,793

changed

to

Current

Value.

The

investments

were

previously

valued

utilizing

Transaction

Price

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

(c)

For

the

period

end

June

30,

2021,

the

valuation

technique

for

investments

classified

as

Preferred

Stocks

amounting

to

$163,434

changed

to

Transaction

Price

approach.

The

investments

were

previously

valued

utilizing

Current

Value

approach.

The

change

was

due

to

consideration

of

the

information

that

was

available

at

the

time

the

investments

were

valued.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Government

Money

Market

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Government

Sponsored

Agency

Obligations

—

28.5%

Federal

Farm

Credit

Bank

Discount

Notes

(a)

:

0.15%

,

 07/01/21

..................

USD

1,070

$

1,070,000

0.03%

,

 07/21/21

..................

260

259,980

0.04%

,

 08/31/21

..................

280

279,957

0.05%

,

 09/22/21

..................

670

669,861

0.06%

,

 11/16/21

..................

700

699,785

0.06%

,

 11/17/21

..................

805

804,720

0.05%

,

 12/02/21

..................

275

274,883

0.05%

,

 12/28/21

..................

120

119,952

0.05%

,

 01/19/22

..................

325

324,854

0.05%

,

 01/28/22

..................

285

284,867

Federal

Farm

Credit

Bank

Variable

Rate

Notes

(b)

:

(LIBOR

USD

1

Month

+

0.16%),

0.25%

,

 07/01/21

................

380

380,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.23%),

0.27%

,

 07/08/21

.....

275

275,000

(LIBOR

USD

1

Month

+

0.11%),

0.18%

,

 11/12/21

................

130

130,000

(SOFR

+

0.19%),

0.24%

,

 11/18/21

......

215

215,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.15%),

0.20%

,

 12/13/21

.....

300

299,865

(SOFR

+

0.18%),

0.23%

,

 01/14/22

......

490

490,000

(SOFR

+

0.04%),

0.09%

,

 07/11/22

......

580

580,121

(US

Federal

Funds

Effective

Rate

(continuous

series)

+

0.18%),

0.28%

,

 07/20/22

................

1,075

1,074,888

(SOFR

+

0.10%),

0.15%

,

 09/02/22

......

175

175,000

(SOFR

+

0.05%),

0.10%

,

 09/08/22

......

580

580,104

(SOFR

+

0.06%),

0.11%

,

 10/21/22

......

820

820,000

(SOFR

+

0.08%),

0.12%

,

 11/03/22

......

665

665,000

(SOFR

+

0.03%),

0.07%

,

 01/12/23

......

945

944,927

(SOFR

+

0.06%),

0.11%

,

 01/20/23

......

210

210,000

Federal

Home

Loan

Bank:

0.04%

,

 10/15/21

..................

220

219,999

0.05%

,

 12/23/21

..................

265

264,996

Federal

Home

Loan

Bank

Discount

Notes

(a)

:

0.03%

,

 07/09/21

..................

200

200,000

0.03%

,

 07/14/21

..................

300

300,000

0.03%

,

 07/28/21

..................

200

199,999

0.04%

,

 08/04/21

..................

300

299,997

0.04%

,

 08/06/21

..................

400

399,994

0.04%

,

 08/11/21

..................

520

519,991

0.04%

,

 08/12/21

..................

300

299,995

0.05%

,

 09/17/21

..................

3,110

3,109,677

0.05%

,

 09/23/21

..................

1,090

1,089,885

0.05%

,

 09/29/21

..................

2,620

2,619,705

0.06%

,

 11/05/21

..................

315

314,944

Federal

Home

Loan

Bank

Variable

Rate

Notes

(b)

:

(SOFR

+

0.08%),

0.12%

,

 07/08/21

......

400

400,000

(SOFR

+

0.09%),

0.14%

,

 09/10/21

......

950

950,000

(SOFR

+

0.12%),

0.17%

,

 10/13/21

......

2,000

2,000,000

(SOFR

+

0.12%),

0.17%

,

 02/28/22

......

695

695,000

(SOFR

+

0.01%),

0.06%

,

 03/28/22

......

100

100,000

(SOFR

+

0.01%),

0.06%

,

 03/30/22

......

125

125,000

(SOFR

+

0.02%),

0.07%

,

 04/12/22

......

155

155,000

(SOFR

+

0.07%),

0.11%

,

 04/28/22

......

180

180,000

(SOFR

+

0.07%),

0.11%

,

 11/09/22

......

1,000

1,000,000

(SOFR

+

0.02%),

0.07%

,

 12/16/22

......

1,190

1,190,000

Federal

Home

Loan

Mortgage

Corp.,

1.13%, 08/12/21

.................

180

180,204

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(b)

:

(SOFR

+

0.18%),

0.23%

,

 12/13/21

......

200

200,000

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Obligations

(continued)

(SOFR

+

0.19%),

0.24%

,

 06/02/22

......

USD

610

$

610,000

(SOFR

+

0.07%),

0.11%

,

 11/10/22

......

415

415,000

Federal

National

Mortgage

Association,

1.38%, 10/07/21

.................

250

250,828

Federal

National

Mortgage

Association

Variable

Rate

Notes

(b)

:

(SOFR

+

0.35%),

0.40%

,

 04/07/22

......

555

555,000

(SOFR

+

0.39%),

0.44%

,

 04/15/22

......

615

615,000

Total

U.S.

Government

Sponsored

Agency

Obligations

—

28.5%

(Cost:

$31,088,978)

...............................

31,088,978

U.S.

Treasury

Obligations

—

42.2%

U.S.

Treasury

Bills

(a)

:

0.03%, 07/06/21

..................

6,377

6,376,558

0.03%, 07/08/21

..................

4,620

4,619,982

0.04%, 07/13/21

..................

7,305

7,304,954

0.04%, 07/22/21

..................

1,037

1,036,894

0.04%, 07/27/21

..................

1,785

1,784,961

0.04%, 08/10/21

..................

200

199,995

0.05%, 08/12/21

..................

420

419,931

0.04%, 08/24/21

..................

7,000

6,999,475

0.05%, 09/14/21

..................

280

279,988

0.05%, 10/12/21

..................

1,948

1,947,733

0.06%, 10/19/21

..................

230

229,975

0.05%, 11/02/21

..................

376

375,938

0.05%, 11/04/21

..................

789

788,128

0.05%, 11/12/21

..................

185

184,966

0.05%, 12/02/21

..................

145

144,969

0.05%, 12/09/21

..................

1,712

1,711,194

0.05%, 12/16/21

..................

2,120

2,119,304

0.05%, 12/23/21

..................

3,275

3,274,194

0.06%, 12/30/21

..................

1,840

1,838,977

0.05%, 01/27/22

..................

1,666

1,665,525

U.S.

Treasury

Notes:

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.22%),

0.27%, 07/31/21

(b)

....

1,000

1,000,000

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.30%),

0.35%, 10/31/21

(b)

....

335

335,066

2.50%, 02/15/22

..................

25

25,377

1.75%, 02/28/22

..................

25

25,275

0.38%, 03/31/22

..................

25

25,053

1.75%, 05/15/22

..................

125

126,829

1.75%, 06/15/22

..................

100

101,605

(US

Treasury

3

Month

Bill

Money

Market

Yield

+

0.05%),

0.10%, 01/31/23

(b)

....

1,000

1,000,104

Total

U.S.

Treasury

Obligations

—

42.2%

(Cost:

$45,942,950)

...............................

45,942,950

Total

Repurchase

Agreements

—

27.1%

(Cost:

$29,500,000)

...............................

29,500,000

Total

Investments

—

97.8%

(Cost:

$106,531,928

)

(c)

.............................

106,531,928

Other

Assets

Less

Liabilities

—

2.2%

....................

2,449,063

Net

Assets

—

100.0%

...............................

$

108,980,991

BlackRock

Government

Money

Market

Portfolio

Schedules

of

Investments

103

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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.

.....

0.05

%

06/30/21

07/01/21

$

5,000

$

5,000

$

5,000,007

U.S.

Government

Sponsored

Agency

Obligations,

4.34%

to

4.62%,

due

11/24/25

to

03/22/61

.........

$

9,184,000

$

5,100,000

$

–

$

–

BNP

Paribas

SA

......

0.05

06/30/21

07/01/21

5,000

5,000

5,000,007

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

8.00%,

due

11/04/21

to

05/15/50

.

156,121,770

5,100,021

$

–

$

–

JP

Morgan

Securities

LLC

0.05

06/30/21

07/01/21

6,000

6,000

6,000,008

U.S.

Treasury

Obligations,

0.00%

to

2.75%,

due

07/15/37

to

05/16/53

.........

6,980,000

6,120,010

0.20

(a)

06/30/21

08/05/21

2,500

2,500

2,500,501

U.S.

Government

Sponsored

Agency

Obligations,

4.00%

to

6.11%,

due

02/15/34

to

01/15/37

.........

54,783,000

2,625,000

$

–

$

–

$

8,500

$

8,745,010

$

–

$

–

Mizuho

Securities

USA

LLC

.............

0.06

06/30/21

07/01/21

7,000

7,000

7,000,011

U.S.

Government

Sponsored

Agency

Obligations,

2.00%

to

3.00%,

due

03/01/36

to

07/01/46

.........

6,000,000

7,350,000

$

–

$

–

TD

Securities

USA

LLC

..

0.05

06/30/21

07/01/21

4,000

4,000

4,000,006

U.S.

Treasury

Obligations,

0.13%

to

1.88%,

due

10/15/24

to

11/19/37

.........

5,519,000

4,080,030

$

–

$

–

$

29,500

$

30,375,061

$

–

$

–

(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

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Short-Term

Securities

.......................................

$

—

$

106,531,928

$

—

$

106,531,928

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

2.9%

Auto

Components

—

0.0%

Lear

Corp.

.......................

44

$

7,712

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(a)

...............

17

722

Chemicals

—

0.3%

Atotech

Ltd.

(a)

.....................

73

1,864

Diversey

Holdings

Ltd.

(a)

..............

1,686

30,196

Element

Solutions,

Inc.

...............

1,900

44,422

76,482

Communications

Equipment

—

0.0%

CommScope

Holding

Co.,

Inc.

(a)

.........

542

11,550

Electrical

Equipment

—

0.1%

Sensata

Technologies

Holding

plc

(a)

......

388

22,492

Energy

Equipment

&

Services

—

0.0%

Pioneer

Energy

Services

Corp.

(a)(b)

.......

84

1,243

Entertainment

—

0.1%

Live

Nation

Entertainment,

Inc.

(a)

........

224

19,620

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Gaming

and

Leisure

Properties,

Inc.

......

1,255

58,144

VICI

Properties,

Inc.

.................

2,725

84,531

142,675

Hotels,

Restaurants

&

Leisure

—

0.0%

Aramark

.........................

381

14,192

Life

Sciences

Tools

&

Services

—

0.3%

(a)

Avantor,

Inc.

......................

1,270

45,098

Syneos

Health,

Inc.

.................

366

32,753

77,851

Media

—

0.1%

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

....

8,034

21,210

Metals

&

Mining

—

0.2%

Constellium

SE,

Class

A

(a)

.............

2,564

48,588

Oil,

Gas

&

Consumable

Fuels

—

1.3%

Chesapeake

Energy

Corp.

............

2,156

111,939

ConocoPhillips

....................

300

18,270

Devon

Energy

Corp.

.................

726

21,192

Diamondback

Energy,

Inc.

.............

295

27,698

Energy

Transfer

LP

.................

1,851

19,676

Enterprise

Products

Partners

LP

.........

795

19,183

EQT

Corp.

(a)

......................

545

12,132

Extraction

Oil

&

Gas,

Inc.

(a)

............

369

20,262

Extraction

Oil

&

Gas,

Inc.,

(Acquired

03/05/21,

cost

$14,884)

(a)(c)

.................

425

23,239

Kinder

Morgan,

Inc.

.................

305

5,560

Plains

All

American

Pipeline

LP

.........

2,949

33,501

SM

Energy

Co.

....................

1,637

40,319

Williams

Cos.,

Inc.

(The)

..............

207

5,496

358,467

Security

Shares

Shares

Value

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.

(a)

.............

230

$

11,528

Total

Common

Stocks

—

2.9%

(Cost:

$585,563)

................................

814,332

Par

(000)

Par

(000)

Corporate

Bonds

—

84.6%

Aerospace

&

Defense

—

2.7%

Bombardier,

Inc.

(d)

:

7.50%,

12/01/24

.................

USD

15

15,675

7.50%,

03/15/25

.................

2

2,057

7.13%,

06/15/26

.................

52

54,444

7.88%,

04/15/27

.................

37

38,387

BWX

Technologies,

Inc.

(d)

:

5.38%,

07/15/26

.................

14

14,370

4.13%,

06/30/28

.................

8

8,150

4.13%,

04/15/29

.................

17

17,298

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(d)

...............

28

29,295

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(d)

.

14

14,875

SSL

Robotics

LLC,

9.75%,

12/31/23

(d)

....

7

7,724

TransDigm,

Inc.:

8.00%,

12/15/25

(d)

................

26

28,093

6.25%,

03/15/26

(d)

................

385

406,175

6.38%,

06/15/26

.................

7

7,252

7.50%,

03/15/27

.................

10

10,638

4.88%,

05/01/29

(d)

................

25

25,237

Triumph

Group,

Inc.,

8.88%,

06/01/24

(d)

...

64

71,200

750,870

Airlines

—

1.9%

American

Airlines,

Inc.

(d)

:

11.75%,

07/15/25

................

53

66,515

5.50%,

04/20/26

.................

44

46,585

5.75%,

04/20/29

.................

69

74,606

Delta

Air

Lines,

Inc.

(d)

:

7.00%,

05/01/25

.................

34

39,678

4.75%,

10/20/28

.................

54

60,035

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(d)

...............

21

22,546

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(d)

75

82,575

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(d)

3

3,811

United

Airlines

Pass-Through

Trust:

Series

2020-1,

Class

B,

4.88%,

01/15/26

5

5,146

Series

2020-1,

Class

A,

5.88%,

10/15/27

41

45,405

United

Airlines,

Inc.

(d)

:

4.38%,

04/15/26

.................

39

40,372

4.63%,

04/15/29

.................

32

33,120

520,394

Auto

Components

—

2.1%

Adient

US

LLC,

9.00%,

04/15/25

(d)

......

17

18,721

Allison

Transmission,

Inc.

(d)

:

5.88%,

06/01/29

.................

28

30,660

3.75%,

01/30/31

.................

23

22,606

Clarios

Global

LP

(d)

:

6.75%,

05/15/25

.................

20

21,300

6.25%,

05/15/26

.................

95

101,204

8.50%,

05/15/27

.................

167

182,063

Dealer

Tire

LLC,

8.00%,

02/01/28

(d)

......

32

34,480

Goodyear

Tire

&

Rubber

Co.

(The):

9.50%,

05/31/25

.................

17

18,977

5.00%,

07/15/29

(d)

................

11

11,517

5.25%,

07/15/31

(d)

................

33

34,485

5.63%,

04/30/33

.................

26

27,422

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Auto

Components

(continued)

Icahn

Enterprises

LP:

4.75%,

09/15/24

.................

USD

13

$

13,585

6.25%,

05/15/26

.................

5

5,305

5.25%,

05/15/27

.................

23

23,747

5.25%,

05/15/27

(d)

................

22

22,715

4.38%,

02/01/29

(d)

................

16

15,920

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(d)

..

5

4,969

Tenneco,

Inc.,

7.88%,

01/15/29

(d)

.......

5

5,647

595,323

Automobiles

—

0.2%

Ford

Motor

Co.:

4.35%,

12/08/26

.................

5

5,356

4.75%,

01/15/43

.................

9

9,563

5.29%,

12/08/46

.................

10

11,169

Tesla,

Inc.,

5.30%,

08/15/25

(d)

.........

20

20,673

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(d)

13

14,007

60,768

Banks

—

0.1%

Banco

Espirito

Santo

SA,

4.75%,

01/15/18

(a)(e)

EUR

100

16,601

Beverages

—

0.0%

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(d)

USD

10

10,025

Biotechnology

—

0.0%

Emergent

BioSolutions,

Inc.,

3.88%,

08/15/28

(d)

7

6,857

Building

Products

—

1.1%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(d)

....................

24

24,912

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(d)

....

11

10,938

Builders

FirstSource,

Inc.,

6.75%,

06/01/27

(d)

10

10,713

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(d)

....................

32

34,320

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(d)

...

21

21,761

Forterra

Finance

LLC,

6.50%,

07/15/25

(d)

..

28

30,170

Griffon

Corp.,

5.75%,

03/01/28

.........

8

8,500

JELD-WEN,

Inc.

(d)

:

6.25%,

05/15/25

.................

13

13,865

4.63%,

12/15/25

.................

5

5,094

4.88%,

12/15/27

.................

2

2,078

Masonite

International

Corp.

(d)

:

5.75%,

09/15/26

.................

9

9,315

5.38%,

02/01/28

.................

8

8,477

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(d)

44

46,640

Standard

Industries,

Inc.

(d)

:

4.38%,

07/15/30

.................

25

25,781

3.38%,

01/15/31

.................

12

11,487

Summit

Materials

LLC,

5.25%,

01/15/29

(d)

..

16

16,999

Victors

Merger

Corp.,

6.38%,

05/15/29

(d)

...

16

16,120

297,170

Capital

Markets

—

0.3%

(d)

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

9

9,250

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

................

22

22,880

Hightower

Holding

LLC,

6.75%,

04/15/29

..

9

9,180

MSCI,

Inc.:

3.63%,

09/01/30

.................

14

14,318

3.88%,

02/15/31

.................

11

11,415

3.63%,

11/01/31

.................

16

16,411

Owl

Rock

Technology

Finance

Corp.,

3.75%,

06/17/26

.....................

10

10,515

93,969

Chemicals

—

1.4%

Chemours

Co.

(The),

5.75%,

11/15/28

(d)

...

10

10,698

Element

Solutions,

Inc.,

3.88%,

09/01/28

(d)

.

113

115,294

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Gates

Global

LLC,

6.25%,

01/15/26

(d)

.....

USD

36

$

37,711

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(d)

....................

27

27,771

HB

Fuller

Co.,

4.25%,

10/15/28

........

8

8,268

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(d)

...

26

28,991

Ingevity

Corp.,

3.88%,

11/01/28

(d)

.......

9

8,932

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(d)

20

20,794

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(d)

.

4

4,220

PQ

Corp.,

5.75%,

12/15/25

(d)

..........

63

64,654

SCIH

Salt

Holdings,

Inc.

(d)

:

4.88%,

05/01/28

.................

26

25,997

6.63%,

05/01/29

.................

15

15,037

Scotts

Miracle-Gro

Co.

(The),

4.00%,

04/01/31

(d)

....................

22

21,931

390,298

Commercial

Services

&

Supplies

—

3.4%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(d)

23

24,236

Allied

Universal

Holdco

LLC

(d)

:

6.63%,

07/15/26

.................

155

164,336

9.75%,

07/15/27

.................

58

63,872

4.63%,

06/01/28

.................

200

200,157

APX

Group,

Inc.:

7.88%,

12/01/22

.................

13

13,049

8.50%,

11/01/24

.................

4

4,180

6.75%,

02/15/27

(d)

................

25

26,655

Aramark

Services,

Inc.

(d)

:

5.00%,

04/01/25

.................

4

4,100

6.38%,

05/01/25

.................

13

13,812

5.00%,

02/01/28

.................

5

5,236

Brink's

Co.

(The),

5.50%,

07/15/25

(d)

.....

4

4,247

Clean

Harbors,

Inc.

(d)

:

4.88%,

07/15/27

.................

2

2,095

5.13%,

07/15/29

.................

13

14,138

Covanta

Holding

Corp.,

5.00%,

09/01/30

..

13

13,650

Garda

World

Security

Corp.

(d)

:

4.63%,

02/15/27

.................

29

29,145

9.50%,

11/01/27

.................

20

22,150

GFL

Environmental,

Inc.

(d)

:

4.25%,

06/01/25

.................

8

8,332

3.75%,

08/01/25

.................

11

11,303

5.13%,

12/15/26

.................

22

23,274

4.00%,

08/01/28

.................

28

27,660

3.50%,

09/01/28

.................

15

14,963

4.75%,

06/15/29

.................

31

32,187

IAA,

Inc.,

5.50%,

06/15/27

(d)

..........

11

11,547

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(d)

....................

12

12,510

Madison

IAQ

LLC

(d)

:

4.13%,

06/30/28

.................

8

8,080

5.88%,

06/30/29

.................

29

29,507

Nielsen

Finance

LLC

(d)

:

5.63%,

10/01/28

.................

11

11,617

5.88%,

10/01/30

.................

26

28,299

4.75%,

07/15/31

.................

14

14,035

Prime

Security

Services

Borrower

LLC

(d)

:

5.75%,

04/15/26

.................

6

6,628

6.25%,

01/15/28

.................

29

30,849

Stericycle,

Inc.,

3.88%,

01/15/29

(d)

.......

13

12,974

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(d)

...

40

41,290

930,113

Communications

Equipment

—

0.8%

Avaya,

Inc.,

6.13%,

09/15/28

(d)

.........

70

74,921

CommScope

Technologies

LLC

(d)

:

6.00%,

06/15/25

.................

22

22,468

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

5.00%,

03/15/27

.................

USD

35

$

35,831

CommScope,

Inc.

(d)

:

6.00%,

03/01/26

.................

5

5,278

8.25%,

03/01/27

.................

4

4,275

7.13%,

07/01/28

.................

20

21,675

Nokia

OYJ,

6.63%,

05/15/39

..........

8

10,360

ViaSat,

Inc.

(d)

:

5.63%,

04/15/27

.................

5

5,219

6.50%,

07/15/28

.................

43

45,858

225,885

Construction

&

Engineering

—

0.5%

(d)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

28

28,490

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

39

39,653

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

9

9,078

MasTec,

Inc.,

4.50%,

08/15/28

.........

21

22,109

New

Enterprise

Stone

&

Lime

Co.,

Inc.:

6.25%,

03/15/26

.................

7

7,187

9.75%,

07/15/28

.................

7

7,840

Pike

Corp.,

5.50%,

09/01/28

..........

14

14,560

128,917

Consumer

Finance

—

0.4%

Global

Aircraft

Leasing

Co.

Ltd.,

0.00%,

(0.00%

Cash

or

7.25%

PIK),

09/15/24

(d)(f)

......

30

29,562

Navient

Corp.:

7.25%,

09/25/23

.................

8

8,830

6.13%,

03/25/24

.................

6

6,476

5.88%,

10/25/24

.................

2

2,157

6.75%,

06/15/26

.................

2

2,233

5.00%,

03/15/27

.................

2

2,069

OneMain

Finance

Corp.:

7.13%,

03/15/26

.................

14

16,306

3.50%,

01/15/27

.................

25

25,188

6.63%,

01/15/28

.................

18

20,634

113,455

Containers

&

Packaging

—

1.3%

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

4

4,900

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(d)

9

9,698

Graphic

Packaging

International

LLC,

4.75%,

07/15/27

(d)

....................

9

9,723

Intelligent

Packaging

Ltd.

Finco,

Inc.,

6.00%,

09/15/28

(d)

....................

11

11,440

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(d)

....................

11

11,154

LABL

Escrow

Issuer

LLC

(d)

:

6.75%,

07/15/26

.................

39

41,602

10.50%,

07/15/27

................

13

14,333

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(d)

...............

21

21,210

Sealed

Air

Corp.

(d)

:

4.00%,

12/01/27

.................

5

5,319

6.88%,

07/15/33

.................

9

11,384

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

2

2,075

Trivium

Packaging

Finance

BV,

8.50%,

08/15/27

(d)(g)

...................

200

217,440

360,278

Distributors

—

0.7%

(d)

American

Builders

&

Contractors

Supply

Co.,

Inc.:

4.00%,

01/15/28

.................

17

17,420

3.88%,

11/15/29

.................

12

11,925

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

9

9,217

Core

&

Main

LP,

6.13%,

08/15/25

.......

128

130,560

Wolverine

Escrow

LLC:

8.50%,

11/15/24

.................

17

16,490

Security

Par

(000)

Par

(000)

Value

Distributors

(continued)

9.00%,

11/15/26

.................

USD

6

$

5,850

191,462

Diversified

Consumer

Services

—

0.2%

Graham

Holdings

Co.,

5.75%,

06/01/26

(d)

..

3

3,120

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(d)

..

18

17,727

Service

Corp.

International:

5.13%,

06/01/29

.................

2

2,170

4.00%,

05/15/31

.................

29

29,600

52,617

Diversified

Financial

Services

—

1.2%

(d)

Fairstone

Financial,

Inc.,

7.88%,

07/15/24

..

16

16,680

MPH

Acquisition

Holdings

LLC,

5.75%,

11/01/28

.....................

37

37,182

Sabre

GLBL,

Inc.:

9.25%,

04/15/25

.................

42

49,931

7.38%,

09/01/25

.................

21

22,837

Shift4

Payments

LLC,

4.63%,

11/01/26

....

30

31,312

Verscend

Escrow

Corp.,

9.75%,

08/15/26

..

165

173,869

331,811

Diversified

Telecommunication

Services

—

5.7%

Altice

France

SA,

8.13%,

02/01/27

(d)

.....

248

270,196

CCO

Holdings

LLC:

5.00%,

02/01/28

(d)

................

8

8,390

5.38%,

06/01/29

(d)

................

22

24,048

4.75%,

03/01/30

(d)

................

11

11,633

4.50%,

08/15/30

(d)

................

76

79,132

4.25%,

02/01/31

(d)

................

44

44,825

4.50%,

05/01/32

.................

40

41,450

4.50%,

06/01/33

(d)

................

30

30,698

Cincinnati

Bell,

Inc.

(d)

:

7.00%,

07/15/24

.................

23

23,604

8.00%,

10/15/25

.................

8

8,410

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(d)

....................

39

41,954

Frontier

Communications

Holdings

LLC

(d)

:

5.88%,

10/15/27

.................

37

39,636

5.00%,

05/01/28

.................

70

72,368

6.75%,

05/01/29

.................

34

36,151

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(d)(g)

...................

5

5,164

Level

3

Financing,

Inc.

(d)

:

4.63%,

09/15/27

.................

4

4,152

4.25%,

07/01/28

.................

7

7,103

3.75%,

07/15/29

.................

18

17,505

Lumen

Technologies,

Inc.:

Series

Y,

7.50%,

04/01/24

..........

11

12,348

5.13%,

12/15/26

(d)

................

44

45,705

4.00%,

02/15/27

(d)

................

11

11,220

4.50%,

01/15/29

(d)

................

42

40,990

5.38%,

06/15/29

(d)

................

36

36,518

Series

P,

7.60%,

09/15/39

..........

9

10,237

Series

U,

7.65%,

03/15/42

..........

37

41,532

QualityTech

LP,

3.88%,

10/01/28

(d)

......

18

19,249

Sprint

Capital

Corp.:

6.88%,

11/15/28

.................

87

110,936

8.75%,

03/15/32

.................

85

129,200

Switch

Ltd.

(d)

:

3.75%,

09/15/28

.................

30

30,375

4.13%,

06/15/29

.................

19

19,499

Telecom

Italia

Capital

SA:

6.38%,

11/15/33

.................

44

52,470

6.00%,

09/30/34

.................

51

58,841

7.20%,

07/18/36

.................

6

7,740

Telesat

Canada,

4.88%,

06/01/27

(d)

......

19

18,335

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Zayo

Group

Holdings,

Inc.

(d)

:

4.00%,

03/01/27

.................

USD

80

$

79,450

6.13%,

03/01/28

.................

92

93,955

1,585,019

Electric

Utilities

—

0.8%

FirstEnergy

Corp.:

Series

B,

4.40%,

07/15/27

(g)

.........

12

13,050

2.65%,

03/01/30

.................

2

1,992

Series

B,

2.25%,

09/01/30

..........

2

1,918

Series

C,

5.35%,

07/15/47

(g)

.........

40

48,000

Series

C,

3.40%,

03/01/50

..........

16

15,640

FirstEnergy

Transmission

LLC

(d)

:

5.45%,

07/15/44

.................

33

41,176

4.55%,

04/01/49

.................

15

17,593

NRG

Energy,

Inc.,

3.63%,

02/15/31

(d)

.....

25

24,567

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(d)

....................

18

18,634

PG&E

Corp.,

5.25%,

07/01/30

.........

20

20,190

Vistra

Operations

Co.

LLC,

4.38%,

05/01/29

(d)

19

19,095

221,855

Electrical

Equipment

—

0.1%

(d)

Atkore,

Inc.,

4.25%,

06/01/31

..........

14

14,179

Sensata

Technologies

BV:

5.63%,

11/01/24

.................

9

10,001

4.00%,

04/15/29

.................

9

9,136

33,316

Electronic

Equipment,

Instruments

&

Components

—

0.2%

CDW

LLC,

3.25%,

02/15/29

..........

16

16,211

Sensata

Technologies,

Inc.,

4.38%,

02/15/30

(d)

40

42,154

58,365

Energy

Equipment

&

Services

—

0.9%

Archrock

Partners

LP

(d)

:

6.88%,

04/01/27

.................

18

19,103

6.25%,

04/01/28

.................

39

40,712

ChampionX

Corp.,

6.38%,

05/01/26

......

16

16,758

Pioneer

Energy

Services

Corp.

(b)(d)

:

(LIBOR

USD

3

Month

+

9.50%),

11.00%,

05/15/25

(h)

...................

33

32,950

5.00%,

(5.00%

Cash

or

5.00%

PIK),

11/15/25

(f)(i)

...................

24

26,614

TechnipFMC

plc,

6.50%,

02/01/26

(d)

......

29

31,313

Tervita

Corp.,

11.00%,

12/01/25

(d)

.......

9

10,078

Transocean,

Inc.,

11.50%,

01/30/27

(d)

.....

11

11,756

USA

Compression

Partners

LP:

6.88%,

04/01/26

.................

36

37,710

6.88%,

09/01/27

.................

33

35,253

262,247

Entertainment

—

1.2%

Cinemark

USA,

Inc.

(d)

:

5.88%,

03/15/26

.................

10

10,465

5.25%,

07/15/28

.................

10

10,250

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(d)

....................

5

5,256

Live

Nation

Entertainment,

Inc.:

2.50%,

03/15/23

(i)

................

20

27,926

4.88%,

11/01/24

(d)

................

3

3,048

2.00%,

02/15/25

(i)

................

13

14,508

6.50%,

05/15/27

(d)

................

89

98,772

4.75%,

10/15/27

(d)

................

7

7,254

3.75%,

01/15/28

(d)

................

15

15,066

Netflix,

Inc.:

5.88%,

11/15/28

.................

27

33,141

6.38%,

05/15/29

.................

19

24,268

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

5.38%,

11/15/29

(d)

................

USD

15

$

18,219

4.88%,

06/15/30

(d)

................

12

14,271

Playtika

Holding

Corp.,

4.25%,

03/15/29

(d)

..

36

35,975

WMG

Acquisition

Corp.,

3.88%,

07/15/30

(d)

.

14

14,139

332,558

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.6%

Brookfield

Property

REIT,

Inc.,

5.75%,

05/15/26

(d)

....................

16

16,820

CTR

Partnership

LP,

3.88%,

06/30/28

(d)

...

14

14,296

Diversified

Healthcare

Trust,

9.75%,

06/15/25

20

22,150

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(d)

..

16

15,836

GLP

Capital

LP,

4.00%,

01/15/31

.......

8

8,620

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(d)

...

16

16,120

Iron

Mountain,

Inc.

(d)

:

5.25%,

07/15/30

.................

28

29,640

5.63%,

07/15/32

.................

10

10,703

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

.................

14

15,161

4.63%,

06/15/25

(d)

................

14

14,957

4.50%,

09/01/26

.................

19

20,282

5.75%,

02/01/27

.................

27

30,041

4.50%,

01/15/28

.................

17

17,978

3.88%,

02/15/29

(d)

................

26

26,405

MPT

Operating

Partnership

LP:

4.63%,

08/01/29

.................

39

41,748

3.50%,

03/15/31

.................

71

71,709

RHP

Hotel

Properties

LP,

4.75%,

10/15/27

.

37

38,001

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(d)

..

11

11,110

SBA

Communications

Corp.,

3.88%,

02/15/27

36

36,969

Service

Properties

Trust:

4.50%,

06/15/23

.................

5

5,125

4.35%,

10/01/24

.................

4

4,028

7.50%,

09/15/25

.................

17

19,247

5.50%,

12/15/27

.................

11

11,740

Uniti

Group

LP

(d)

:

4.75%,

04/15/28

.................

29

28,927

6.50%,

02/15/29

.................

49

49,123

VICI

Properties

LP

(d)

:

4.25%,

12/01/26

.................

23

23,925

3.75%,

02/15/27

.................

25

25,428

4.63%,

12/01/29

.................

39

41,438

4.13%,

08/15/30

.................

44

45,180

XHR

LP,

4.88%,

06/01/29

(d)

...........

5

5,162

717,869

Food

&

Staples

Retailing

—

0.5%

(d)

Albertsons

Cos.,

Inc.:

3.25%,

03/15/26

.................

18

18,256

4.63%,

01/15/27

.................

25

26,149

5.88%,

02/15/28

.................

27

29,090

4.88%,

02/15/30

.................

5

5,332

Ingles

Markets,

Inc.,

4.00%,

06/15/31

....

2

1,998

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

8

8,609

US

Foods,

Inc.:

6.25%,

04/15/25

.................

12

12,720

4.75%,

02/15/29

.................

26

26,520

128,674

Food

Products

—

2.2%

Chobani

LLC

(d)

:

7.50%,

04/15/25

.................

49

50,980

4.63%,

11/15/28

.................

24

24,870

JBS

USA

LUX

SA

(d)

:

6.75%,

02/15/28

.................

19

20,781

6.50%,

04/15/29

.................

22

24,723

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

3.75%,

12/01/31

.................

USD

33

$

33,767

Kraft

Heinz

Foods

Co.:

4.25%,

03/01/31

.................

39

44,304

5.00%,

07/15/35

.................

10

12,266

6.88%,

01/26/39

.................

22

31,601

4.63%,

10/01/39

.................

7

8,153

6.50%,

02/09/40

.................

15

20,832

5.20%,

07/15/45

.................

26

32,278

4.38%,

06/01/46

.................

32

36,262

4.88%,

10/01/49

.................

79

95,902

5.50%,

06/01/50

.................

88

114,202

Lamb

Weston

Holdings,

Inc.,

4.88%,

05/15/28

(d)

8

8,850

Post

Holdings,

Inc.

(d)

:

5.63%,

01/15/28

.................

2

2,120

5.50%,

12/15/29

.................

5

5,356

4.63%,

04/15/30

.................

6

6,101

4.50%,

09/15/31

.................

20

19,967

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(d)

..

23

23,200

TreeHouse

Foods,

Inc.,

4.00%,

09/01/28

..

6

5,955

622,470

Gas

Utilities

—

0.1%

(d)

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

.....................

14

14,333

Superior

Plus

LP,

4.50%,

03/15/29

......

3

3,090

17,423

Health

Care

Equipment

&

Supplies

—

0.8%

(d)

Avantor

Funding,

Inc.,

4.63%,

07/15/28

...

78

82,350

Hologic,

Inc.,

3.25%,

02/15/29

.........

9

8,921

Ortho-Clinical

Diagnostics,

Inc.:

7.38%,

06/01/25

.................

31

33,286

7.25%,

02/01/28

.................

87

95,026

219,583

Health

Care

Providers

&

Services

—

5.5%

Acadia

Healthcare

Co.,

Inc.

(d)

:

5.50%,

07/01/28

.................

9

9,607

5.00%,

04/15/29

.................

14

14,601

AdaptHealth

LLC

(d)

:

6.13%,

08/01/28

.................

12

12,779

4.63%,

08/01/29

.................

9

9,112

AHP

Health

Partners,

Inc.

(d)

:

9.75%,

07/15/26

.................

30

32,274

5.75%,

07/15/29

.................

25

25,344

Akumin,

Inc.,

7.00%,

11/01/25

(d)

........

10

10,382

Centene

Corp.:

4.25%,

12/15/27

.................

30

31,612

2.45%,

07/15/28

.................

60

60,810

4.63%,

12/15/29

.................

63

69,286

3.00%,

10/15/30

.................

74

76,019

2.50%,

03/01/31

.................

98

96,652

Community

Health

Systems,

Inc.

(d)

:

6.63%,

02/15/25

.................

80

84,599

8.00%,

03/15/26

.................

103

110,983

5.63%,

03/15/27

.................

51

54,442

6.00%,

01/15/29

.................

45

48,150

6.88%,

04/15/29

.................

14

14,651

6.13%,

04/01/30

.................

22

22,330

DaVita,

Inc.,

4.63%,

06/01/30

(d)

........

11

11,310

Encompass

Health

Corp.:

4.50%,

02/01/28

.................

8

8,300

4.75%,

02/01/30

.................

29

30,812

4.63%,

04/01/31

.................

17

18,215

HCA,

Inc.:

5.38%,

09/01/26

.................

10

11,507

5.63%,

09/01/28

.................

35

41,475

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

5.88%,

02/01/29

.................

USD

20

$

24,150

3.50%,

09/01/30

.................

62

66,053

Legacy

LifePoint

Health

LLC

(d)

:

6.75%,

04/15/25

.................

16

17,050

4.38%,

02/15/27

.................

7

7,084

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(d)

...

20

19,500

MEDNAX,

Inc.,

6.25%,

01/15/27

(d)

.......

22

23,293

ModivCare,

Inc.,

5.88%,

11/15/25

(d)

......

7

7,490

Molina

Healthcare,

Inc.

(d)

:

4.38%,

06/15/28

.................

17

17,723

3.88%,

11/15/30

.................

25

26,031

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(d)

....................

37

40,056

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(d)

...............

9

9,686

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25

(d)

..

13

13,569

Surgery

Center

Holdings,

Inc.

(d)

:

6.75%,

07/01/25

.................

64

64,855

10.00%,

04/15/27

................

43

47,192

Tenet

Healthcare

Corp.

(d)

:

4.63%,

09/01/24

.................

13

13,343

7.50%,

04/01/25

.................

23

24,843

4.88%,

01/01/26

.................

64

66,381

5.13%,

11/01/27

.................

40

41,950

4.63%,

06/15/28

.................

7

7,204

6.13%,

10/01/28

.................

32

34,100

4.25%,

06/01/29

.................

25

25,313

Vizient,

Inc.,

6.25%,

05/15/27

(d)

........

21

22,208

1,524,326

Hotels,

Restaurants

&

Leisure

—

6.0%

1011778

BC

ULC

(d)

:

3.88%,

01/15/28

.................

27

27,337

4.38%,

01/15/28

.................

30

30,413

Affinity

Gaming,

6.88%,

12/15/27

(d)

......

10

10,612

Boyd

Gaming

Corp.:

8.63%,

06/01/25

(d)

................

22

24,252

4.75%,

12/01/27

.................

14

14,490

4.75%,

06/15/31

(d)

................

31

32,163

Boyne

USA,

Inc.,

4.75%,

05/15/29

(d)

.....

23

23,730

Caesars

Entertainment,

Inc.

(d)

:

6.25%,

07/01/25

.................

103

109,180

8.13%,

07/01/27

.................

77

85,639

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(d)

....................

43

45,311

Carnival

Corp.

(d)

:

11.50%,

04/01/23

................

51

57,395

10.50%,

02/01/26

................

14

16,299

5.75%,

03/01/27

.................

112

117,320

9.88%,

08/01/27

.................

17

19,848

Carrols

Restaurant

Group,

Inc.,

5.88%,

07/01/29

(d)

....................

8

7,890

CCM

Merger,

Inc.,

6.38%,

05/01/26

(d)

.....

15

15,750

Cedar

Fair

LP

(d)

:

5.50%,

05/01/25

.................

75

78,281

6.50%,

10/01/28

.................

5

5,388

Churchill

Downs,

Inc.

(d)

:

5.50%,

04/01/27

.................

6

6,252

4.75%,

01/15/28

.................

16

16,556

Full

House

Resorts,

Inc.,

8.25%,

02/15/28

(d)

.

6

6,540

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(d)

...

77

77,787

Hilton

Domestic

Operating

Co.,

Inc.:

5.38%,

05/01/25

(d)

................

12

12,630

5.75%,

05/01/28

(d)

................

6

6,492

4.88%,

01/15/30

.................

9

9,608

4.00%,

05/01/31

(d)

................

21

21,186

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

4.88%,

07/01/31

(d)

...............

USD

4

$

3,990

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

14

14,595

IRB

Holding

Corp.,

7.00%,

06/15/25

(d)

....

16

17,280

Life

Time,

Inc.

(d)

:

5.75%,

01/15/26

.................

28

29,015

8.00%,

04/15/26

.................

20

21,315

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(d)

9

8,977

Marriott

Ownership

Resorts,

Inc.:

6.50%,

09/15/26

.................

2

2,077

4.50%,

06/15/29

(d)

................

13

13,179

MGM

Resorts

International,

6.00%,

03/15/23

10

10,697

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(d)

....................

21

21,026

NCL

Corp.

Ltd.

(d)

:

10.25%,

02/01/26

................

10

11,625

5.88%,

03/15/26

.................

22

23,045

NCL

Finance

Ltd.,

6.13%,

03/15/28

(d)

.....

29

30,391

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(d)

....................

22

23,628

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(d)

11

10,986

Powdr

Corp.,

6.00%,

08/01/25

(d)

........

25

26,250

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(d)

.

15

15,210

Royal

Caribbean

Cruises

Ltd.

(d)

:

10.88%,

06/01/23

................

10

11,387

9.13%,

06/15/23

.................

15

16,463

11.50%,

06/01/25

................

20

23,050

5.50%,

04/01/28

.................

48

50,270

Scientific

Games

International,

Inc.

(d)

:

8.63%,

07/01/25

.................

18

19,710

5.00%,

10/15/25

.................

5

5,162

8.25%,

03/15/26

.................

40

42,899

7.00%,

05/15/28

.................

13

14,199

7.25%,

11/15/29

.................

14

15,792

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%,

08/01/25

(d)

....................

14

15,015

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(d)

75

80,828

Station

Casinos

LLC,

4.50%,

02/15/28

(d)

...

17

17,290

Travel

+

Leisure

Co.,

6.63%,

07/31/26

(d)

...

15

16,995

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(d)

.....

14

14,985

Viking

Cruises

Ltd.,

7.00%,

02/15/29

(d)

....

4

4,162

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(d)

....................

15

15,150

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(d)

....................

16

16,611

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(d)

..

28

30,075

Wynn

Resorts

Finance

LLC

(d)

:

7.75%,

04/15/25

.................

17

18,318

5.13%,

10/01/29

.................

60

63,375

Yum!

Brands,

Inc.:

4.75%,

01/15/30

(d)

................

2

2,165

5.35%,

11/01/43

.................

2

2,125

1,657,661

Household

Durables

—

1.0%

Ashton

Woods

USA

LLC,

6.63%,

01/15/28

(d)

7

7,455

Brookfield

Residential

Properties,

Inc.

(d)

:

5.00%,

06/15/29

.................

17

17,127

4.88%,

02/15/30

.................

20

19,806

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(d)

23

24,653

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(d)

....................

13

13,683

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(d)

....................

28

29,680

KB

Home,

4.00%,

06/15/31

...........

8

8,070

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

LGI

Homes,

Inc.,

4.00%,

07/15/29

(d)

......

USD

6

$

6,030

Mattamy

Group

Corp.

(d)

:

5.25%,

12/15/27

.................

14

14,630

4.63%,

03/01/30

.................

16

16,344

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

4

4,470

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(d)

6

6,358

Newell

Brands,

Inc.,

6.00%,

04/01/46

(g)

....

3

3,802

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(d)

11

11,630

Taylor

Morrison

Communities,

Inc.

(d)

:

5.88%,

06/15/27

.................

7

7,919

5.13%,

08/01/30

.................

5

5,419

Tempur

Sealy

International,

Inc.,

4.00%,

04/15/29

(d)

....................

21

21,261

TRI

Pointe

Homes,

Inc.,

5.70%,

06/15/28

..

5

5,513

WASH

Multifamily

Acquisition,

Inc.,

5.75%,

04/15/26

(d)

....................

16

16,706

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(d)

....................

25

25,817

266,373

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.:

4.13%,

10/15/30

.................

21

21,446

4.13%,

04/30/31

(d)

................

16

16,180

Energizer

Holdings,

Inc.

(d)

:

4.75%,

06/15/28

.................

2

2,050

4.38%,

03/31/29

.................

2

2,002

Kronos

Acquisition

Holdings,

Inc.,

5.00%,

12/31/26

(d)

....................

17

17,255

Spectrum

Brands,

Inc.

(d)

:

5.00%,

10/01/29

.................

13

13,780

5.50%,

07/15/30

.................

13

14,007

3.88%,

03/15/31

.................

9

8,844

95,564

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

(d)

Calpine

Corp.:

4.50%,

02/15/28

.................

14

14,280

5.13%,

03/15/28

.................

61

62,067

4.63%,

02/01/29

.................

2

1,966

5.00%,

02/01/31

.................

38

37,810

3.75%,

03/01/31

.................

2

1,905

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

.....................

13

13,634

131,662

Insurance

—

1.8%

(d)

Alliant

Holdings

Intermediate

LLC:

4.25%,

10/15/27

.................

89

90,334

6.75%,

10/15/27

.................

140

147,135

AmWINS

Group,

Inc.,

7.75%,

07/01/26

....

10

10,606

AssuredPartners,

Inc.,

5.63%,

01/15/29

...

22

22,000

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

14

14,280

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

..

25

26,625

HUB

International

Ltd.,

7.00%,

05/01/26

...

60

62,225

NFP

Corp.:

4.88%,

08/15/28

.................

22

22,355

6.88%,

08/15/28

.................

94

98,955

494,515

Interactive

Media

&

Services

—

0.2%

(d)

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

.....................

35

35,875

Twitter,

Inc.,

3.88%,

12/15/27

..........

27

28,688

64,563

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

—

0.2%

(d)

ANGI

Group

LLC,

3.88%,

08/15/28

......

USD

22

$

21,863

Go

Daddy

Operating

Co.

LLC:

5.25%,

12/01/27

.................

5

5,250

3.50%,

03/01/29

.................

11

10,928

Match

Group

Holdings

II

LLC:

4.63%,

06/01/28

.................

9

9,359

4.13%,

08/01/30

.................

8

8,140

55,540

IT

Services

—

1.8%

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(d)

12

12,414

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(d)

....

9

8,899

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(d)

.....

6

6,148

Banff

Merger

Sub,

Inc.,

9.75%,

09/01/26

(d)

..

106

111,565

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(d)

35

34,824

Booz

Allen

Hamilton,

Inc.

(d)

:

3.88%,

09/01/28

.................

19

19,380

4.00%,

07/01/29

.................

32

32,720

Endure

Digital,

Inc.,

6.00%,

02/15/29

(d)

....

16

15,840

Gartner,

Inc.

(d)

:

4.50%,

07/01/28

.................

25

26,403

3.63%,

06/15/29

.................

22

22,330

3.75%,

10/01/30

.................

10

10,231

Northwest

Fiber

LLC

(d)

:

6.00%,

02/15/28

.................

21

21,046

10.75%,

06/01/28

................

9

10,125

Square,

Inc.,

3.50%,

06/01/31

(d)

........

52

52,455

Tempo

Acquisition

LLC

(d)

:

5.75%,

06/01/25

.................

18

18,945

6.75%,

06/01/25

.................

71

72,198

Twilio,

Inc.,

3.88%,

03/15/31

..........

16

16,420

Unisys

Corp.,

6.88%,

11/01/27

(d)

........

9

9,836

501,779

Leisure

Products

—

0.2%

Mattel,

Inc.:

6.75%,

12/31/25

(d)

................

14

14,710

3.75%,

04/01/29

(d)

................

9

9,360

6.20%,

10/01/40

.................

10

12,325

5.45%,

11/01/41

.................

13

14,982

51,377

Life

Sciences

Tools

&

Services

—

0.2%

(d)

Charles

River

Laboratories

International,

Inc.:

4.25%,

05/01/28

.................

10

10,338

3.75%,

03/15/29

.................

3

3,041

4.00%,

03/15/31

.................

9

9,363

Syneos

Health,

Inc.,

3.63%,

01/15/29

....

38

37,620

60,362

Machinery

—

1.1%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(d)

.

15

15,806

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(d)

....................

9

9,214

Clark

Equipment

Co.,

5.88%,

06/01/25

(d)

...

25

26,391

Colfax

Corp.,

6.38%,

02/15/26

(d)

........

14

14,784

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

16

16,874

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(d)

..

11

11,289

Grinding

Media,

Inc.,

7.38%,

12/15/23

(d)

...

28

28,631

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(d)(f)

.........

31

33,635

Meritor,

Inc.,

4.50%,

12/15/28

(d)

........

6

6,082

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(d)

8

8,221

Navistar

International

Corp.,

6.63%,

11/01/25

(d)

4

4,133

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(d)

20

21,450

Terex

Corp.,

5.00%,

05/15/29

(d)

........

24

25,020

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(d)

...

53

54,921

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Titan

International,

Inc.,

7.00%,

04/30/28

(d)

.

USD

9

$

9,416

Wabash

National

Corp.,

5.50%,

10/01/25

(d)

.

23

23,460

309,327

Media

—

5.9%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(d)

....................

13

13,683

Altice

Financing

SA,

7.50%,

05/15/26

(d)

....

200

208,260

AMC

Networks,

Inc.:

4.75%,

08/01/25

.................

14

14,374

4.25%,

02/15/29

.................

10

10,087

Block

Communications,

Inc.,

4.88%,

03/01/28

(d)

12

12,240

Cable

One,

Inc.

(d)

:

1.13%,

03/15/28

(i)

................

17

17,289

4.00%,

11/15/30

.................

12

12,045

Clear

Channel

Outdoor

Holdings,

Inc.

(d)

:

7.75%,

04/15/28

.................

40

41,901

7.50%,

06/01/29

.................

56

57,979

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(d)

...............

143

146,607

CSC

Holdings

LLC:

5.25%,

06/01/24

.................

5

5,419

6.50%,

02/01/29

(d)

................

200

221,520

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(d)

36

23,310

DISH

DBS

Corp.:

5.88%,

07/15/22

.................

24

25,037

5.00%,

03/15/23

.................

23

24,072

5.88%,

11/15/24

.................

14

15,032

7.75%,

07/01/26

.................

32

36,240

5.13%,

06/01/29

(d)

................

64

63,196

DISH

Network

Corp.

(i)

:

2.38%,

03/15/24

.................

26

25,204

3.38%,

08/15/26

.................

38

38,779

GCI

LLC,

4.75%,

10/15/28

(d)

..........

14

14,329

iHeartCommunications,

Inc.,

8.38%,

05/01/27

3

3,214

Liberty

Broadband

Corp.

(d)(i)

:

1.25%,

09/30/50

.................

42

42,273

2.75%,

09/30/50

.................

70

73,494

Meredith

Corp.,

6.88%,

02/01/26

.......

2

2,080

Midcontinent

Communications,

5.38%,

08/15/27

(d)

....................

16

16,800

News

Corp.,

3.88%,

05/15/29

(d)

........

11

11,110

Outfront

Media

Capital

LLC

(d)

:

5.00%,

08/15/27

.................

16

16,566

4.25%,

01/15/29

.................

11

11,069

Radiate

Holdco

LLC

(d)

:

4.50%,

09/15/26

.................

48

49,680

6.50%,

09/15/28

.................

114

119,774

Scripps

Escrow

II,

Inc.

(d)

:

3.88%,

01/15/29

.................

2

1,984

5.38%,

01/15/31

.................

14

13,956

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(d)

....................

30

29,475

Sirius

XM

Radio,

Inc.

(d)

:

5.00%,

08/01/27

.................

3

3,143

4.00%,

07/15/28

.................

41

42,230

4.13%,

07/01/30

.................

33

33,293

TEGNA,

Inc.,

5.50%,

09/15/24

(d)

........

4

4,070

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(d)

72

77,850

Univision

Communications,

Inc.

(d)

:

5.13%,

02/15/25

.................

11

11,222

6.63%,

06/01/27

.................

11

11,919

Videotron

Ltd.,

3.63%,

06/15/29

(d)

.......

30

30,591

1,632,396

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

—

2.6%

Allegheny

Technologies,

Inc.,

7.88%,

08/15/23

(g)

....................

USD

6

$

6,577

Arconic

Corp.

(d)

:

6.00%,

05/15/25

.................

15

15,987

6.13%,

02/15/28

.................

21

22,527

Big

River

Steel

LLC,

6.63%,

01/31/29

(d)

...

102

112,328

Constellium

SE,

5.88%,

02/15/26

(d)

......

250

257,425

Freeport-McMoRan,

Inc.:

5.40%,

11/14/34

.................

5

6,039

5.45%,

03/15/43

.................

82

100,230

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(d)

....................

15

16,650

Kaiser

Aluminum

Corp.

(d)

:

4.63%,

03/01/28

.................

7

7,232

4.50%,

06/01/31

.................

11

11,281

New

Gold,

Inc.

(d)

:

6.38%,

05/15/25

.................

6

6,195

7.50%,

07/15/27

.................

39

42,315

Novelis

Corp.,

4.75%,

01/30/30

(d)

.......

79

82,950

TMS

International

Corp.,

6.25%,

04/15/29

(d)

.

9

9,450

United

States

Steel

Corp.:

6.25%,

03/15/26

.................

1

1,031

6.88%,

03/01/29

.................

23

24,610

722,827

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Apollo

Commercial

Real

Estate

Finance,

Inc.,

4.63%,

06/15/29

(d)

...............

14

13,805

Starwood

Property

Trust,

Inc.,

5.00%,

12/15/21

7

7,035

20,840

Multiline

Retail

—

0.3%

(d)

Macy's,

Inc.,

8.38%,

06/15/25

.........

50

55,060

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

...

33

35,228

90,288

Oil,

Gas

&

Consumable

Fuels

—

11.4%

Aethon

United

BR

LP,

8.25%,

02/15/26

(d)

...

38

41,143

Antero

Midstream

Partners

LP

(d)

:

7.88%,

05/15/26

.................

34

37,999

5.75%,

03/01/27

.................

10

10,400

5.38%,

06/15/29

.................

17

17,722

Antero

Resources

Corp.

(d)

:

7.63%,

02/01/29

.................

21

23,310

5.38%,

03/01/30

.................

15

15,309

Apache

Corp.:

4.88%,

11/15/27

.................

17

18,411

4.38%,

10/15/28

.................

4

4,258

4.25%,

01/15/30

.................

12

12,660

5.10%,

09/01/40

.................

22

23,045

5.25%,

02/01/42

.................

7

7,402

4.75%,

04/15/43

.................

29

30,151

4.25%,

01/15/44

.................

15

14,657

5.35%,

07/01/49

.................

6

6,315

Ascent

Resources

Utica

Holdings

LLC

(d)

:

9.00%,

11/01/27

.................

35

48,375

5.88%,

06/30/29

.................

31

31,000

Baytex

Energy

Corp.,

8.75%,

04/01/27

(d)

...

4

4,030

Buckeye

Partners

LP:

4.13%,

03/01/25

(d)

................

3

3,109

5.85%,

11/15/43

.................

14

13,895

5.60%,

10/15/44

.................

13

12,610

Callon

Petroleum

Co.:

6.25%,

04/15/23

.................

4

4,005

6.13%,

10/01/24

.................

10

9,858

9.00%,

04/01/25

(d)

................

54

58,860

8.00%,

08/01/28

(d)

................

45

45,506

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Centennial

Resource

Production

LLC:

6.88%,

04/01/27

(d)

................

USD

22

$

22,498

3.25%,

04/01/28

(i)

................

9

11,840

Cheniere

Energy

Partners

LP:

4.50%,

10/01/29

.................

44

47,300

4.00%,

03/01/31

(d)

................

52

54,340

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

(d)

..

147

155,085

Chesapeake

Energy

Corp.

(d)

:

5.50%,

02/01/26

.................

2

2,110

5.88%,

02/01/29

.................

5

5,412

CITGO

Petroleum

Corp.

(d)

:

7.00%,

06/15/25

.................

25

26,052

6.38%,

06/15/26

.................

20

20,850

CNX

Resources

Corp.,

6.00%,

01/15/29

(d)

..

16

17,300

Colgate

Energy

Partners

III

LLC

(d)

:

7.75%,

02/15/26

.................

12

13,155

5.88%,

07/01/29

.................

25

25,937

Comstock

Resources,

Inc.

(d)

:

7.50%,

05/15/25

.................

15

15,563

6.75%,

03/01/29

.................

45

47,935

5.88%,

01/15/30

.................

22

22,440

Continental

Resources,

Inc.:

4.50%,

04/15/23

.................

3

3,122

5.75%,

01/15/31

(d)

................

5

5,987

4.90%,

06/01/44

.................

8

9,060

Crestwood

Midstream

Partners

LP,

5.63%,

05/01/27

(d)

....................

9

9,236

CrownRock

LP,

5.63%,

10/15/25

(d)

......

64

66,240

DCP

Midstream

Operating

LP

(d)

:

6.45%,

11/03/36

.................

17

19,890

6.75%,

09/15/37

.................

29

34,872

DT

Midstream,

Inc.

(d)

:

4.13%,

06/15/29

.................

36

36,552

4.38%,

06/15/31

.................

44

44,959

Endeavor

Energy

Resources

LP

(d)

:

5.50%,

01/30/26

.................

64

66,480

5.75%,

01/30/28

.................

3

3,199

Energy

Transfer

LP,

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(h)(j)

...........

51

51,994

EnLink

Midstream

LLC:

5.63%,

01/15/28

(d)

................

14

14,789

5.38%,

06/01/29

.................

8

8,349

EnLink

Midstream

Partners

LP:

4.40%,

04/01/24

.................

17

17,850

4.85%,

07/15/26

.................

2

2,070

5.60%,

04/01/44

.................

20

18,100

5.05%,

04/01/45

.................

2

1,720

EQM

Midstream

Partners

LP:

6.00%,

07/01/25

(d)

................

17

18,488

4.13%,

12/01/26

.................

5

5,119

6.50%,

07/01/27

(d)

................

30

33,450

4.50%,

01/15/29

(d)

................

19

19,330

4.75%,

01/15/31

(d)

................

35

36,065

EQT

Corp.:

3.13%,

05/15/26

(d)

................

15

15,371

3.90%,

10/01/27

.................

23

24,639

5.00%,

01/15/29

.................

2

2,230

8.50%,

02/01/30

(g)

................

18

23,452

3.63%,

05/15/31

(d)

................

4

4,170

Genesis

Energy

LP:

5.63%,

06/15/24

.................

6

6,015

6.50%,

10/01/25

.................

4

4,040

8.00%,

01/15/27

.................

10

10,506

7.75%,

02/01/28

.................

12

12,402

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(d)

....................

USD

17

$

16,915

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(d)

.

11

11,946

Hess

Midstream

Operations

LP,

5.13%,

06/15/28

(d)

....................

7

7,341

Hilcorp

Energy

I

LP

(d)

:

5.75%,

02/01/29

.................

3

3,128

6.00%,

02/01/31

.................

6

6,360

Independence

Energy

Finance

LLC,

7.25%,

05/01/26

(d)

....................

34

35,706

Indigo

Natural

Resources

LLC,

5.38%,

02/01/29

(d)

....................

40

41,800

ITT

Holdings

LLC,

6.50%,

08/01/29

(d)

.....

27

27,506

Matador

Resources

Co.,

5.88%,

09/15/26

..

57

58,710

MEG

Energy

Corp.

(d)

:

7.13%,

02/01/27

.................

4

4,261

5.88%,

02/01/29

.................

7

7,298

Murphy

Oil

Corp.:

5.75%,

08/15/25

.................

13

13,341

6.37%,

12/01/42

(g)

................

3

2,971

New

Fortress

Energy,

Inc.

(d)

:

6.75%,

09/15/25

.................

88

90,090

6.50%,

09/30/26

.................

93

95,027

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(d)

31

32,550

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(d)

....

25

35,763

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(d)

41

44,177

NuStar

Logistics

LP:

5.75%,

10/01/25

.................

12

13,050

6.00%,

06/01/26

.................

13

14,105

6.38%,

10/01/30

.................

2

2,210

Occidental

Petroleum

Corp.:

2.70%,

02/15/23

.................

4

4,089

6.95%,

07/01/24

.................

6

6,759

2.90%,

08/15/24

.................

48

49,080

5.50%,

12/01/25

.................

8

8,840

5.55%,

03/15/26

.................

3

3,315

3.40%,

04/15/26

.................

6

6,135

8.88%,

07/15/30

.................

2

2,675

6.13%,

01/01/31

.................

19

22,354

4.30%,

08/15/39

.................

43

41,065

6.20%,

03/15/40

.................

58

65,582

4.50%,

07/15/44

.................

17

16,362

4.63%,

06/15/45

.................

42

40,950

6.60%,

03/15/46

.................

2

2,377

4.40%,

04/15/46

.................

37

35,538

4.10%,

02/15/47

.................

5

4,656

4.20%,

03/15/48

.................

33

30,855

4.40%,

08/15/49

.................

7

6,720

Ovintiv

Exploration,

Inc.,

5.38%,

01/01/26

..

2

2,254

Ovintiv,

Inc.:

7.38%,

11/01/31

.................

6

7,966

6.50%,

08/15/34

.................

6

7,921

Parkland

Corp.

(d)

:

5.88%,

07/15/27

.................

23

24,515

4.50%,

10/01/29

.................

9

9,146

PBF

Holding

Co.

LLC,

9.25%,

05/15/25

(d)

..

90

90,665

PDC

Energy,

Inc.:

1.13%,

09/15/21

(i)

................

20

19,825

6.13%,

09/15/24

.................

4

4,091

6.25%,

12/01/25

.................

4

4,140

Range

Resources

Corp.:

4.88%,

05/15/25

.................

5

5,175

9.25%,

02/01/26

.................

3

3,307

8.25%,

01/15/29

(d)

................

11

12,403

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

SM

Energy

Co.:

10.00%,

01/15/25

(d)

...............

USD

58

$

65,444

5.63%,

06/01/25

.................

2

1,980

6.75%,

09/15/26

.................

5

5,087

6.63%,

01/15/27

.................

4

4,110

6.50%,

07/15/28

.................

16

16,440

Southwestern

Energy

Co.:

7.50%,

04/01/26

.................

2

2,118

8.38%,

09/15/28

.................

9

10,170

Sunoco

LP:

6.00%,

04/15/27

.................

6

6,275

5.88%,

03/15/28

.................

2

2,125

Tallgrass

Energy

Partners

LP

(d)

:

7.50%,

10/01/25

.................

11

12,045

6.00%,

12/31/30

.................

13

13,515

Targa

Resources

Partners

LP:

6.50%,

07/15/27

.................

15

16,256

6.88%,

01/15/29

.................

7

7,886

5.50%,

03/01/30

.................

37

40,688

4.88%,

02/01/31

(d)

................

10

10,825

4.00%,

01/15/32

(d)

................

2

2,057

TerraForm

Power

Operating

LLC

(d)

:

4.25%,

01/31/23

.................

7

7,184

4.75%,

01/15/30

.................

9

9,217

Vine

Energy

Holdings

LLC,

6.75%,

04/15/29

(d)

48

50,520

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(d)

11

11,459

Western

Midstream

Operating

LP:

4.75%,

08/15/28

.................

3

3,240

5.45%,

04/01/44

.................

31

33,403

5.30%,

03/01/48

.................

26

27,690

5.50%,

08/15/48

.................

8

8,707

6.50%,

02/01/50

(g)

................

59

68,312

3,151,361

Personal

Products

—

0.1%

(d)

Coty,

Inc.,

5.00%,

04/15/26

...........

10

10,140

Edgewell

Personal

Care

Co.,

5.50%,

06/01/28

13

13,780

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

13

12,533

36,453

Pharmaceuticals

—

1.7%

Bausch

Health

Americas,

Inc.,

9.25%,

04/01/26

(d)

....................

13

14,140

Bausch

Health

Cos.,

Inc.

(d)

:

6.13%,

04/15/25

.................

5

5,125

9.00%,

12/15/25

.................

11

11,795

5.75%,

08/15/27

.................

20

21,228

7.00%,

01/15/28

.................

21

21,630

5.00%,

01/30/28

.................

21

19,924

4.88%,

06/01/28

.................

58

59,363

5.00%,

02/15/29

.................

38

35,435

6.25%,

02/15/29

.................

40

39,562

7.25%,

05/30/29

.................

30

30,657

Catalent

Pharma

Solutions,

Inc.,

3.13%,

02/15/29

(d)

....................

15

14,526

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(g)

6

7,022

Endo

DAC,

9.50%,

07/31/27

(d)

.........

34

34,680

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

(d)

....................

40

39,200

P&L

Development

LLC,

7.75%,

11/15/25

(d)

..

20

21,000

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(d)

83

84,853

460,140

Professional

Services

—

0.7%

(d)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

...

8

8,057

ASGN,

Inc.,

4.63%,

05/15/28

..........

6

6,285

CoreLogic,

Inc.,

4.50%,

05/01/28

.......

35

34,694

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Dun

&

Bradstreet

Corp.

(The):

6.88%,

08/15/26

.................

USD

18

$

19,080

10.25%,

02/15/27

................

19

20,980

Jaguar

Holding

Co.

II:

4.63%,

06/15/25

.................

3

3,150

5.00%,

06/15/28

.................

57

61,783

KBR,

Inc.,

4.75%,

09/30/28

...........

15

15,000

Science

Applications

International

Corp.,

4.88%,

04/01/28

................

12

12,585

181,614

Real

Estate

Management

&

Development

—

0.5%

(d)

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

................

22

23,726

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

23

24,293

Forestar

Group,

Inc.,

3.85%,

05/15/26

....

9

9,081

Howard

Hughes

Corp.

(The):

4.13%,

02/01/29

.................

18

18,000

4.38%,

02/01/31

.................

20

19,928

Realogy

Group

LLC:

7.63%,

06/15/25

.................

12

13,016

5.75%,

01/15/29

.................

25

26,135

134,179

Road

&

Rail

—

0.7%

(d)

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

9

9,371

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

..

26

27,138

Uber

Technologies,

Inc.:

7.50%,

05/15/25

.................

13

14,030

0.00%,

12/15/25

(i)(k)

...............

27

27,378

8.00%,

11/01/26

.................

50

53,875

7.50%,

09/15/27

.................

36

39,563

6.25%,

01/15/28

.................

30

32,286

203,641

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Entegris,

Inc.

(d)

:

4.38%,

04/15/28

.................

16

16,700

3.63%,

05/01/29

.................

8

8,100

Microchip

Technology,

Inc.,

4.25%,

09/01/25

35

36,745

ON

Semiconductor

Corp.,

3.88%,

09/01/28

(d)

22

22,663

Synaptics,

Inc.,

4.00%,

06/15/29

(d)

.......

17

17,085

101,293

Software

—

2.8%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(d)

...

30

31,463

Ascend

Learning

LLC:

6.88%,

08/01/25

(d)

................

56

56,896

Boxer

Parent

Co.,

Inc.

(d)

:

7.13%,

10/02/25

.................

21

22,470

9.13%,

03/01/26

.................

53

55,943

BY

Crown

Parent

LLC

(d)

:

7.38%,

10/15/24

.................

62

63,116

4.25%,

01/31/26

.................

45

47,137

Camelot

Finance

SA,

4.50%,

11/01/26

(d)

...

11

11,509

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(d)

27

28,148

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(d)

....................

62

63,007

Clarivate

Science

Holdings

Corp.

(d)

:

3.88%,

06/30/28

.................

30

30,273

4.88%,

06/30/29

.................

43

44,129

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

25

25,024

Elastic

NV,

4.13%,

07/15/29

(d)

.........

24

24,180

Fair

Isaac

Corp.,

4.00%,

06/15/28

(d)

......

5

5,168

MicroStrategy,

Inc.,

6.13%,

06/15/28

(d)

....

27

27,000

PTC,

Inc.

(d)

:

3.63%,

02/15/25

.................

4

4,120

Security

Par

(000)

Par

(000)

Value

Software

(continued)

4.00%,

02/15/28

.................

USD

6

$

6,198

Rocket

Software,

Inc.,

6.50%,

02/15/29

(d)

..

34

33,738

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(d)

102

108,089

Veritas

US,

Inc.,

7.50%,

09/01/25

(d)

......

78

81,217

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(d)

21

20,869

789,694

Specialty

Retail

—

2.0%

Ambience

Merger

Sub,

Inc.,

7.13%,

07/15/29

(d)

7

7,070

Asbury

Automotive

Group,

Inc.:

4.50%,

03/01/28

.................

9

9,247

4.75%,

03/01/30

.................

8

8,360

BCPE

Ulysses

Intermediate,

Inc.,

7.75%,

(7.75%

Cash

or

8.50%

PIK),

04/01/27

(d)(f)

.

12

12,300

Carvana

Co.,

5.50%,

04/15/27

(d)

........

23

23,753

Gap,

Inc.

(The),

8.88%,

05/15/27

(d)

......

15

17,358

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(d)

3

3,053

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(d)

..

20

20,075

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(d)

11

11,220

L

Brands,

Inc.:

6.63%,

10/01/30

(d)

................

13

15,048

6.88%,

11/01/35

.................

49

62,046

6.75%,

07/01/36

.................

5

6,262

LBM

Acquisition

LLC,

6.25%,

01/15/29

(d)

...

39

39,300

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(d)

....................

18

18,450

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(d)

.....

11

11,402

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

15

15,783

Penske

Automotive

Group,

Inc.:

3.50%,

09/01/25

.................

6

6,215

3.75%,

06/15/29

.................

6

6,037

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(d)

...............

22

23,039

SRS

Distribution,

Inc.

(d)

:

4.63%,

07/01/28

.................

35

35,788

6.13%,

07/01/29

.................

29

29,844

Staples,

Inc.

(d)

:

7.50%,

04/15/26

.................

55

56,965

10.75%,

04/15/27

................

21

21,350

Victoria's

Secret

&

Co.,

4.63%,

07/15/29

(d)

..

13

13,000

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(d)

..

49

52,442

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(d)(f)

...........

18

18,624

544,031

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Diebold

Nixdorf,

Inc.,

9.38%,

07/15/25

(d)

...

11

12,196

NCR

Corp.

(d)

:

5.00%,

10/01/28

.................

9

9,307

5.13%,

04/15/29

.................

12

12,375

6.13%,

09/01/29

.................

13

14,170

5.25%,

10/01/30

.................

9

9,337

Xerox

Corp.,

4.80%,

03/01/35

.........

18

18,068

75,453

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

(d)

Crocs,

Inc.,

4.25%,

03/15/29

..........

13

13,260

Hanesbrands,

Inc.,

5.38%,

05/15/25

.....

4

4,235

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.....

10

9,942

William

Carter

Co.

(The),

5.50%,

05/15/25

..

7

7,406

Wolverine

World

Wide,

Inc.,

6.38%,

05/15/25

7

7,447

42,290

Thrifts

&

Mortgage

Finance

—

0.6%

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(d)

...

39

42,986

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(d)

.

25

23,312

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

114

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Thrifts

&

Mortgage

Finance

(continued)

Ladder

Capital

Finance

Holdings

LLLP

(d)

:

4.25%,

02/01/27

.................

USD

28

$

27,960

4.75%,

06/15/29

.................

11

11,000

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

16

16,960

Nationstar

Mortgage

Holdings,

Inc.

(d)

:

6.00%,

01/15/27

.................

10

10,363

5.50%,

08/15/28

.................

21

21,171

5.13%,

12/15/30

.................

11

10,945

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(d)

....................

6

5,999

170,696

Trading

Companies

&

Distributors

—

0.7%

(d)

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

8

7,979

Brightstar

Escrow

Corp.,

9.75%,

10/15/25

..

6

6,457

Fortress

Transportation

&

Infrastructure

Investors

LLC:

6.50%,

10/01/25

.................

6

6,233

9.75%,

08/01/27

.................

5

5,781

5.50%,

05/01/28

.................

25

26,031

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

.....................

14

13,860

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

.....................

5

4,920

Herc

Holdings,

Inc.,

5.50%,

07/15/27

.....

22

23,193

Imola

Merger

Corp.,

4.75%,

05/15/29

.....

49

50,409

WESCO

Distribution,

Inc.:

7.13%,

06/15/25

.................

6

6,484

7.25%,

06/15/28

.................

43

47,896

199,243

Water

Utilities

—

0.0%

Solaris

Midstream

Holdings

LLC,

7.63%,

04/01/26

(d)

....................

9

9,540

Wireless

Telecommunication

Services

—

1.5%

Connect

Finco

SARL,

6.75%,

10/01/26

(d)

...

209

221,018

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

.....................

3

3,361

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(d)(f)(h)

.........

50

47,693

Sprint

Corp.,

7.63%,

03/01/26

.........

22

26,840

T-Mobile

USA,

Inc.:

2.63%,

02/15/29

.................

6

5,925

2.88%,

02/15/31

.................

41

40,692

3.50%,

04/15/31

(d)

................

30

31,036

3.50%,

04/15/31

.................

30

31,037

407,602

Total

Corporate

Bonds

—

84.6%

(Cost:

$22,429,115)

..............................

23,462,822

Floating

Rate

Loan

Interests

—

10.3%

Aerospace

&

Defense

—

0.5%

(h)

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

68

68,457

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(b)

25

25,500

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

.................

19

19,145

Spirit

Aerosystems,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

6.00%

,

 01/15/25

14

14,006

127,108

Security

Par

(000)

Par

(000)

Value

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

5.50%

,

 04/06/28

(h)

................

USD

6

$

5,991

Airlines

—

0.5%

(h)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/20/28

.................

50

52,564

SkyMiles

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/20/27

.....

27

28,504

United

AirLines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

53

53,513

134,581

Auto

Components

—

0.0%

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/30/26

(h)

5

5,034

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 01/01/38

(h)

....

7

6,891

Building

Products

—

0.1%

(h)

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 11/23/27

.

8

7,954

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

10

9,654

17,608

Capital

Markets

—

0.0%

Jefferies

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.13%

,

 06/03/26

(h)

10

10,370

Chemicals

—

0.3%

(h)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 03/18/28

..........

39

38,781

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

...........

38

38,833

Invictus

US

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

6.85%

,

 03/30/26

5

4,787

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 06/30/27

.................

6

5,878

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/15/24

...........

7

7,408

95,687

Commercial

Services

&

Supplies

—

0.7%

(h)

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

.................

156

153,260

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.19%

,

 09/06/24

.....

14

14,361

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 05/30/25

3

3,082

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 11/02/26

.

2

2,375

TruGreen

Ltd.

Partnership,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.50%),

9.25%

,

 11/02/28

(b)

................

13

13,260

186,338

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

115

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.1%

(h)

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

....

USD

6

$

6,412

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

.................

9

8,453

14,865

Containers

&

Packaging

—

0.2%

(h)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/01/27

.................

8

7,797

Kleopatra

Finco

SARL,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.75%),

5.25%

,

 02/12/26

(b)

................

8

8,020

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

04/03/24

(l)

.................

25

24,749

40,566

Diversified

Consumer

Services

—

0.1%

(h)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 01/29/27

...........

7

6,907

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/21/27

16

17,075

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 01/15/27

...........

11

11,076

35,058

Diversified

Financial

Services

—

1.1%

(h)

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

8

8,145

AqGen

Ascensus,

Inc.,

2nd

Lien

Term

Loan,

05/18/29

(b)(l)

.....................

11

10,890

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

....

5

5,316

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

(b)

................

18

18,405

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

34

34,044

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.................

66

65,883

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/17/27

.................

4

3,822

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(l)

..............

1

566

Lealand

Finance

Co.,

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 06/28/24

(b)

1

760

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

06/08/29

(l)

29

29,254

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

.................

6

5,973

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

.....

79

79,839

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

23

22,814

WP

CPP

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 04/30/25

.................

6

5,717

291,428

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

0.3%

(h)

Altice

Financing

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

2.93%

,

 07/15/25

.....

USD

3

$

2,880

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

4.15%

,

 08/14/26

....

5

5,104

Frontier

Communications

Holdings,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/01/28

.................

25

24,938

Northwest

Fiber

LLC,

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.75%),

3.82%

,

 04/30/27

.................

16

16,150

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/09/27

26

25,544

74,616

Entertainment

—

0.1%

(h)

MSG

National

Properties

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.00%

,

 11/12/25

(b)

................

33

33,905

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 05/30/25

.................

1

627

34,532

Health

Care

Providers

&

Services

—

0.5%

(h)

AHP

Health

Partners,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/30/25

.................

14

13,549

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.69%

,

 07/24/26

.................

14

13,622

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/10/25

60

51,040

Gentiva

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 07/02/25

.................

12

12,206

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 11/16/25

.................

10

9,777

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 06/30/25

.................

8

8,058

Quorum

Health

Corp.,

Term

Loan,

04/29/25

(l)

22

22,381

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 01/08/27

.................

18

17,864

148,497

Health

Care

Technology

—

0.5%

(h)

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.41%

,

 02/11/26

.................

11

10,996

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/02/28

.................

31

31,074

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 08/27/25

101

101,459

143,529

Hotels,

Restaurants

&

Leisure

—

0.3%

(h)

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.60%

,

 07/21/25

.................

17

16,653

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

12.00%),

13.00%

,

 10/04/23

(b)

...............

5

5,256

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

116

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

,

 10/04/23

USD

32

$

31,603

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(l)

..

14

13,877

Life

Time,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 12/16/24

.....

20

20,035

Raptor

Acquisition

Corp.,

Term

Loan

B,

11/01/26

(l)

......................

5

5,006

92,430

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Calpine

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/12/26

(h)

....

1

1,478

Industrial

Conglomerates

—

0.1%

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.25%

,

 09/01/25

(h)

................

26

21,269

Insurance

—

0.2%

(h)

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

11/05/27

(l)

......................

12

11,985

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 12/23/26

.....

4

3,805

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 12/31/25

...............

6

5,979

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 09/03/26

...............

23

22,490

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

...............

7

6,902

51,161

Interactive

Media

&

Services

—

0.1%

(h)

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

.................

11

10,945

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

.....

14

14,163

25,108

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

(h)

................

19

18,952

IT

Services

—

0.4%

(h)

CCC

Information

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 04/29/24

.................

4

3,509

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

.................

8

8,255

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

6

5,940

Flexential

Intermediate

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

7.38%

,

 08/01/25

.................

7

6,250

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

-

3.35%

,

 11/29/24

.................

3

3,229

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.35%

,

 12/01/25

.................

10

9,984

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/12/27

...........

15

15,072

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Sabre

GLBL,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/17/27

(b)

....

USD

8

$

8,000

Sophia

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.90%

,

 10/07/27

...........

34

33,790

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

6

5,554

99,583

Life

Sciences

Tools

&

Services

—

0.3%

(h)

ICON

Luxembourg

SARL,

Term

Loan

B:

 06/16/28

(l)

.....................

39

39,091

Parexel

International

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 09/27/24

29

29,216

68,307

Machinery

—

0.4%

(h)

MHI

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.10%

,

 09/21/26

.....

38

37,658

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.17%

,

 03/28/25

....

82

80,137

117,795

Media

—

1.4%

Ascend

Learning

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 07/12/24

(h)

...

8

8,093

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.69%

,

 08/21/26

(h)

................

67

64,944

Intelsat

Jackson

Holdings

SA,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 07/13/22

(h)

................

73

73,588

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(h)

................

15

15,583

Intelsat

Jackson

Holdings

SA,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.50%),

8.75%

,

 01/02/24

(h)

................

33

33,169

Intelsat

Jackson

Holdings

SA,

Term

Loan

B5,

8.63%

,

 01/02/24

(m)

................

164

167,058

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(h)

................

7

6,673

Radiate

Holdco

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 09/25/26

(h)

3

2,974

Xplornet

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.85%

,

 12/31/28

(h)

................

23

22,678

394,760

Oil,

Gas

&

Consumable

Fuels

—

0.5%

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

11/01/25

(h)(l)

.........

129

142,813

Pharmaceuticals

—

0.1%

Endo

Luxembourg

Finance

Co.

I

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 03/27/28

(h)

................

41

39,156

Professional

Services

—

0.0%

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/06/26

(h)

................

9

8,505

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

117

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Software

—

1.2%

(h)

Barracuda

Networks,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 10/30/28

.................

USD

15

$

15,342

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/02/25

11

11,252

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

5

4,984

Castle

US

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.90%

,

 01/29/27

19

18,552

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

.................

23

22,870

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.92%

,

 03/11/28

.................

10

9,940

Informatica

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.13%),

7.13%

,

 02/25/25

(b)

39

39,780

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/25/27

.....

3

2,783

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

05/03/28

(l)

......................

46

45,954

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

05/03/29

(b)(l)

.....................

29

28,637

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.35%

,

 02/23/29

5

5,072

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/18/28

(b)

................

13

12,935

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 04/26/24

.................

15

14,936

Proofpoint,

Inc.,

Term

Loan,

06/09/28

(l)

....

20

19,878

RealPage,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

27

26,905

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.33%

,

 08/01/25

.................

9

8,738

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.36%

,

 03/03/28

.................

26

26,358

UKG,

Inc.,

1st

Lien

Term

Loan:

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 05/04/26

...............

10

9,626

(LIBOR

USD

3

Month

+

3.25%),

4.00%, 05/04/26

...............

17

16,883

341,425

Specialty

Retail

—

0.2%

(h)

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

......

46

46,011

Staples,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

5.00%),

5.18%

,

 04/16/26

.....

12

11,648

57,659

Total

Floating

Rate

Loan

Interests

—

10.3%

(Cost:

$2,825,503)

..............................

2,853,100

Security

Shares

Shares

Value

Investment

Companies

—

0.0%

Cheniere

Energy

Partners

LP

..........

46

$

2,037

Western

Midstream

Partners

LP

.........

191

4,091

Total

Investment

Companies

—

0.0%

(Cost:

$4,952)

.................................

6,128

Beneficial

Interest

(000)

Other

Interests

—

0.0%

(n)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings

Capital

Trust

Escrow

Bonds

(a)(e)

................

USD

140

980

Total

Other

Interests

—

0.0%

(Cost:

$0)

....................................

980

Par

(000)

Pa

r

(

000)

Capital

Trusts

—

1.9%

Banks

—

1.3%

(h)(j)

Bank

of

America

Corp.:

Series

X,

(LIBOR

USD

3

Month

+

3.71%),

6.25%

......................

42

46,462

Series

AA,

(LIBOR

USD

3

Month

+

3.90%),

6.10%

......................

116

130,253

CIT

Group,

Inc.,

Series

A,

(LIBOR

USD

3

Month

+

3.97%),

5.80%

............

26

26,855

JPMorgan

Chase

&

Co.:

Series

Q,

(LIBOR

USD

3

Month

+

3.25%),

5.15%

......................

20

20,650

Series

R,

(LIBOR

USD

3

Month

+

3.30%),

6.00%

......................

4

4,253

Series

U,

(LIBOR

USD

3

Month

+

3.33%),

6.13%

......................

7

7,586

Series

FF,

(SOFR

+

3.38%),

5.00%

....

71

75,043

Series

HH,

(SOFR

+

3.13%),

4.60%

....

26

26,944

Wells

Fargo

&

Co.,

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

.............

35

36,236

374,282

Capital

Markets

—

0.5%

(h)(j)

Charles

Schwab

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.....

59

60,357

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

70

74,820

135,177

Consumer

Finance

—

0.1%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

(h)

(j)

............................

10

11,200

Total

Capital

Trusts

—

1.9%

(Cost:

$492,832)

................................

520,659

Total

Long-Term

Investments

—

99.7%

(Cost:

$26,337,965)

..............................

27,658,021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

118

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

1.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(o)(p)

.................

475,030

$

475,030

Security

Shares

Shares

Value

Total

Short-Term

Securities

—

1.7%

(Cost:

$475,030)

................................

$

475,030

Total

Investments

—

101.4%

(Cost:

$26,812,995

)

..............................

28,133,051

Liabilities

in

Excess

of

Other

Assets

—

(1.4)%

............

(401,613)

Net

Assets

—

100.0%

..............................

$

27,731,438

(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)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$23,239,

representing

0.08%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$14,884.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(f)

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.

(g)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(h)

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.

(i)

Convertible

security.

(j)

Perpetual

security

with

no

stated

maturity

date.

(k)

Zero-coupon

bond.

(l)

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.

(m)

Fixed

rate.

(n)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(o)

Annualized

7-day

yield

as

of

period

end.

(p)

Affiliate

of

the

Fund.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

171,880

$

303,150

$

—

$

—

$

—

$

475,030

475,030

$

40

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

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

High

Yield

Portfolio

Schedules

of

Investments

119

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

398,000

USD

485,426

Toronto

Dominion

Bank

07/06/21

$

(13,457)

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)

Lumen

Technologies,

Inc.

1.00

%

Quarterly

Barclays

Bank

plc

12/20/23

NR

USD

8

$

(125)

$

(303)

$

178

Lumen

Technologies,

Inc.

1.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

6

(306)

(633)

327

$

(431)

$

(936)

$

505

(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

...................................................................

$

—

$

(936)

$

505

$

—

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

$

—

$

505

$

—

$

—

$

—

$

—

$

505

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

13,457

—

—

13,457

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

936

—

—

—

—

936

$

—

$

936

$

—

$

13,457

$

—

$

—

$

14,393

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

120

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

3,903

$

—

$

—

$

—

$

3,903

Forward

foreign

currency

exchange

contracts

....

—

—

—

9,092

—

—

9,092

Swaps

..............................

—

(617)

—

—

—

—

(617)

$

—

$

(617)

$

3,903

$

9,092

$

—

$

—

$

12,378

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

....

—

—

—

(16,021)

—

—

(16,021)

Swaps

..............................

—

719

—

—

—

—

719

$

—

$

719

$

—

$

(16,021)

$

—

$

—

$

(15,302)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

short

.................................................................................

$

—

(a)

Forward

foreign

currency

exchange

contracts:

Average

amounts

sold

—

in

USD

........................................................................................

479,457

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

2,227

Average

notional

value

—

sell

protection

...................................................................................

14,000

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

$

—

$

13,457

Swaps

—

OTC

(a)

....................................................................................

505

936

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

505

$

14,393

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

—

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

505

$

14,393

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

Barclays

Bank

plc

................................

$

505

$

(505)

$

—

$

—

$

—

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

121

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(c)

Barclays

Bank

plc

................................

$

936

$

(505)

$

—

$

—

$

431

Toronto

Dominion

Bank

............................

13,457

—

—

—

13,457

$

14,393

$

(505)

$

—

$

—

$

13,888

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

122

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Auto

Components

......................................

$

7,712

$

—

$

—

$

7,712

Building

Products

.......................................

722

—

—

722

Chemicals

............................................

76,482

—

—

76,482

Communications

Equipment

................................

11,550

—

—

11,550

Electrical

Equipment

.....................................

22,492

—

—

22,492

Energy

Equipment

&

Services

..............................

—

—

1,243

1,243

Entertainment

.........................................

19,620

—

—

19,620

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

142,675

—

—

142,675

Hotels,

Restaurants

&

Leisure

..............................

14,192

—

—

14,192

Life

Sciences

Tools

&

Services

..............................

77,851

—

—

77,851

Media

...............................................

21,210

—

—

21,210

Metals

&

Mining

........................................

48,588

—

—

48,588

Oil,

Gas

&

Consumable

Fuels

...............................

335,228

23,239

—

358,467

Road

&

Rail

...........................................

11,528

—

—

11,528

Corporate

Bonds:

Aerospace

&

Defense

....................................

—

750,870

—

750,870

Airlines

..............................................

—

520,394

—

520,394

Auto

Components

......................................

—

595,323

—

595,323

Automobiles

..........................................

—

60,768

—

60,768

Banks

...............................................

—

16,601

—

16,601

Beverages

...........................................

—

10,025

—

10,025

Biotechnology

.........................................

—

6,857

—

6,857

Building

Products

.......................................

—

297,170

—

297,170

Capital

Markets

........................................

—

93,969

—

93,969

Chemicals

............................................

—

390,298

—

390,298

Commercial

Services

&

Supplies

.............................

—

930,113

—

930,113

Communications

Equipment

................................

—

225,885

—

225,885

Construction

&

Engineering

................................

—

128,917

—

128,917

Consumer

Finance

......................................

—

113,455

—

113,455

Containers

&

Packaging

..................................

—

360,278

—

360,278

Distributors

...........................................

—

191,462

—

191,462

Diversified

Consumer

Services

..............................

—

52,617

—

52,617

Diversified

Financial

Services

...............................

—

331,811

—

331,811

Diversified

Telecommunication

Services

........................

—

1,585,019

—

1,585,019

Electric

Utilities

........................................

—

221,855

—

221,855

Electrical

Equipment

.....................................

—

33,316

—

33,316

Electronic

Equipment,

Instruments

&

Components

.................

—

58,365

—

58,365

Energy

Equipment

&

Services

..............................

—

202,683

59,564

262,247

Entertainment

.........................................

—

332,558

—

332,558

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

717,869

—

717,869

Food

&

Staples

Retailing

..................................

—

128,674

—

128,674

Food

Products

.........................................

—

622,470

—

622,470

Gas

Utilities

...........................................

—

17,423

—

17,423

Health

Care

Equipment

&

Supplies

...........................

—

219,583

—

219,583

Health

Care

Providers

&

Services

............................

—

1,524,326

—

1,524,326

Hotels,

Restaurants

&

Leisure

..............................

—

1,657,661

—

1,657,661

Household

Durables

.....................................

—

266,373

—

266,373

Household

Products

.....................................

—

95,564

—

95,564

Independent

Power

and

Renewable

Electricity

Producers

............

—

131,662

—

131,662

Insurance

............................................

—

494,515

—

494,515

Interactive

Media

&

Services

...............................

—

64,563

—

64,563

Internet

&

Direct

Marketing

Retail

............................

—

55,540

—

55,540

IT

Services

...........................................

—

501,779

—

501,779

Leisure

Products

.......................................

—

51,377

—

51,377

BlackRock

High

Yield

Portfolio

Schedules

of

Investments

123

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Life

Sciences

Tools

&

Services

..............................

$

—

$

60,362

$

—

$

60,362

Machinery

............................................

—

309,327

—

309,327

Media

...............................................

—

1,632,396

—

1,632,396

Metals

&

Mining

........................................

—

722,827

—

722,827

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

20,840

—

20,840

Multiline

Retail

.........................................

—

90,288

—

90,288

Oil,

Gas

&

Consumable

Fuels

...............................

—

3,151,361

—

3,151,361

Personal

Products

......................................

—

36,453

—

36,453

Pharmaceuticals

.......................................

—

460,140

—

460,140

Professional

Services

....................................

—

181,614

—

181,614

Real

Estate

Management

&

Development

.......................

—

134,179

—

134,179

Road

&

Rail

...........................................

—

203,641

—

203,641

Semiconductors

&

Semiconductor

Equipment

....................

—

101,293

—

101,293

Software

.............................................

—

789,694

—

789,694

Specialty

Retail

........................................

—

544,031

—

544,031

Technology

Hardware,

Storage

&

Peripherals

....................

—

75,453

—

75,453

Textiles,

Apparel

&

Luxury

Goods

............................

—

42,290

—

42,290

Thrifts

&

Mortgage

Finance

................................

—

170,696

—

170,696

Trading

Companies

&

Distributors

............................

—

199,243

—

199,243

Water

Utilities

.........................................

—

9,540

—

9,540

Wireless

Telecommunication

Services

.........................

—

407,602

—

407,602

Floating

Rate

Loan

Interests:

Aerospace

&

Defense

....................................

—

101,608

25,500

127,108

Air

Freight

&

Logistics

....................................

—

5,991

—

5,991

Airlines

..............................................

—

134,581

—

134,581

Auto

Components

......................................

—

5,034

—

5,034

Automobiles

..........................................

—

6,891

—

6,891

Building

Products

.......................................

—

17,608

—

17,608

Capital

Markets

........................................

—

10,370

—

10,370

Chemicals

............................................

—

95,687

—

95,687

Commercial

Services

&

Supplies

.............................

—

173,078

13,260

186,338

Construction

Materials

....................................

—

14,865

—

14,865

Containers

&

Packaging

..................................

—

32,546

8,020

40,566

Diversified

Consumer

Services

..............................

—

35,058

—

35,058

Diversified

Financial

Services

...............................

—

261,373

30,055

291,428

Diversified

Telecommunication

Services

........................

—

74,616

—

74,616

Entertainment

.........................................

—

627

33,905

34,532

Health

Care

Providers

&

Services

............................

—

148,497

—

148,497

Health

Care

Technology

..................................

—

143,529

—

143,529

Hotels,

Restaurants

&

Leisure

..............................

—

87,174

5,256

92,430

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,478

—

1,478

Industrial

Conglomerates

..................................

—

21,269

—

21,269

Insurance

............................................

—

51,161

—

51,161

Interactive

Media

&

Services

...............................

—

25,108

—

25,108

Internet

&

Direct

Marketing

Retail

............................

—

18,952

—

18,952

IT

Services

...........................................

—

91,583

8,000

99,583

Life

Sciences

Tools

&

Services

..............................

—

68,307

—

68,307

Machinery

............................................

—

117,795

—

117,795

Media

...............................................

—

394,760

—

394,760

Oil,

Gas

&

Consumable

Fuels

...............................

—

142,813

—

142,813

Pharmaceuticals

.......................................

—

39,156

—

39,156

Professional

Services

....................................

—

8,505

—

8,505

Software

.............................................

—

260,073

81,352

341,425

Specialty

Retail

........................................

—

57,659

—

57,659

Investment

Companies

....................................

6,128

—

—

6,128

Other

Interests

..........................................

—

980

—

980

Capital

Trusts

...........................................

—

520,659

—

520,659

Short-Term

Securities

.......................................

475,030

—

—

475,030

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

1

—

1

$

1,271,008

$

26,595,889

$

266,155

$

28,133,052

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

...........................................

$

—

$

505

$

—

$

505

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

High

Yield

Portfolio

124

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Liabilities:

Foreign

currency

exchange

contracts

............................

$

—

$

(13,457)

$

—

$

(13,457)

$

—

$

(12,952)

$

—

$

(12,952)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

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.

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

125

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

1.8%

(a)(b)

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

A1LR,

(LIBOR

USD

3

Month

+

1.20%),

1.36%,

08/15/30

............

USD

500

$

500,083

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

1.22%,

04/20/31

......................

396

395,772

Total

Asset-Backed

Securities

—

1.8%

(Cost:

$895,875)

................................

895,855

Foreign

Government

Obligations

—

4.0%

China

—

4.0%

People's

Republic

of

China:

1.99%,

04/09/25

.................

CNY

6,920

1,033,904

2.68%,

05/21/30

.................

6,350

943,715

1,977,619

Total

Foreign

Government

Obligations

—

4.0%

(Cost:

$1,872,302)

..............................

1,977,619

Non-Agency

Mortgage-Backed

Securities

—

7.1%

Commercial

Mortgage-Backed

Securities

—

6.4%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

A,

(LIBOR

USD

1

Month

+

0.88%),

0.95%,

09/15/34

(a)(b)

.........

USD

121

121,000

BFLD

Trust,

Series

2020-EYP,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

1.22%,

10/15/35

(a)(b)

128

128,796

BX

Commercial

Mortgage

Trust

(b)

:

Series

2019-XL,

Class

A,

(LIBOR

USD

1

Month

+

0.92%),

0.99%,

10/15/36

(a)

..

91

90,645

Series

2019-XL,

Class

D,

(LIBOR

USD

1

Month

+

1.45%),

1.52%,

10/15/36

(a)

..

272

271,843

Series

2020-FOX,

Class

B,

(LIBOR

USD

1

Month

+

1.35%),

1.42%,

11/15/32

(a)

..

132

131,973

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

160

168,064

BX

Trust

(b)

:

Series

2019-OC11,

Class

A,

3.20%,

12/09/41

....................

275

296,247

Series

2021-MFM1,

Class

C,

(LIBOR

USD

1

Month

+

1.20%),

1.27%,

01/15/34

(a)

..

30

30,000

Series

2021-VIEW,

Class

A,

(LIBOR

USD

1

Month

+

1.28%),

1.43%,

06/15/23

(a)

..

50

50,000

CFK

Trust,

Series

2020-MF2,

Class

B,

2.79%,

03/15/39

(b)

.....................

140

143,185

Citigroup

Commercial

Mortgage

Trust,

Series

2016-P6,

Class

B,

4.38%,

12/10/49

(a)

...

50

55,137

Commercial

Mortgage

Trust:

Series

2017-COR2,

Class

AM,

3.80%,

09/10/50

....................

19

21,306

Series

2017-PANW,

Class

A,

3.24%,

10/10/29

(b)

...................

350

364,052

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(b)

.....................

100

103,237

CSAIL

Commercial

Mortgage

Trust:

Series

2018-CX11,

Class

A5,

4.03%,

04/15/51

(a)

...................

42

47,394

Series

2019-C16,

Class

A3,

3.33%,

06/15/52

....................

134

146,368

Series

2019-C17,

Class

C,

3.93%,

09/15/52

80

85,225

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

A,

(LIBOR

USD

1

Month

+

0.80%),

0.87%,

02/15/38

(a)(b)

.........

100

100,119

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Great

Wolf

Trust,

Series

2019-WOLF,

Class

A,

(LIBOR

USD

1

Month

+

1.03%),

1.11%,

12/15/36

(a)(b)

....................

USD

90

$

90,056

GS

Mortgage

Securities

Corp.

Trust,

Series

2020-TWN3,

Class

A,

(LIBOR

USD

1

Month

+

2.00%),

2.07%,

11/15/37

(a)(b)

........

170

170,792

Hudson

Yards

Mortgage

Trust,

Series

2019-

30HY,

Class

D,

3.56%,

07/10/39

(a)(b)

....

101

106,435

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-609M,

Class

A,

(LIBOR

USD

1

Month

+

1.37%),

1.44%,

10/15/33

(a)(b)

....................

100

100,249

KKR

Industrial

Portfolio

Trust,

Series

2020-AIP,

Class

A,

(LIBOR

USD

1

Month

+

1.04%),

1.11%,

03/15/37

(a)(b)

...............

33

32,815

Morgan

Stanley

Capital

I

Trust

(a)

:

Series

2018-H3,

Class

B,

4.62%,

07/15/51

34

38,949

Series

2018-SUN,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

0.97%,

07/15/35

(b)

..

130

130,079

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2021-FCMT,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

1.27%,

05/15/31

(a)(b)

...

140

140,351

3,164,317

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.7%

(a)

Benchmark

Mortgage

Trust,

Series

2020-B20,

Class

XA,

1.74%,

10/15/53

..........

1,018

110,346

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

XA,

1.72%,

06/15/52

..

1,539

153,858

UBS

Commercial

Mortgage

Trust,

Series

2019-

C17,

Class

XA,

1.63%,

10/15/52

......

987

94,615

358,819

Total

Non-Agency

Mortgage-Backed

Securities

—

7.1%

(Cost:

$3,484,303)

..............................

3,523,136

U.S.

Government

Sponsored

Agency

Securities

—

64.8%

Agency

Obligations

—

1.0%

Federal

Home

Loan

Bank,

4.00%, 04/10/28

.

400

474,004

Collateralized

Mortgage

Obligations

—

0.4%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes,

Series

K104,

Class

X1,

1.25%, 02/25/52

(a)

................

177

14,883

Federal

National

Mortgage

Association,

Series

2011-8,

Class

ZA,

4.00%, 02/25/41

.....

103

110,564

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2014-107,

Class

WX,

6.78%, 07/20/39

(a)

.............

72

83,657

209,104

Commercial

Mortgage-Backed

Securities

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)

:

Series

2019-SB60,

Class

A10F,

3.31%, 01/25/29

...............

190

201,280

Series

2019-SB61,

Class

A10F,

3.17%, 01/25/29

...............

133

140,514

341,794

Interest

Only

Collateralized

Mortgage

Obligations

—

0.3%

Federal

National

Mortgage

Association:

Series

2020-32,

4.00%, 05/25/50

......

135

19,616

Series

2020-32,

Class

PI,

4.00%, 05/25/50

152

22,083

Government

National

Mortgage

Association:

Series

2020-115,

Class

IM,

3.50%, 08/20/50

175

23,446

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

126

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Interest

Only

Collateralized

Mortgage

Obligations

(continued)

Series

2020-146,

Class

DI,

2.50%, 10/20/50

USD

176

$

22,166

Series

2020-162,

Class

TI,

2.50%, 10/20/50

361

45,631

Series

2020-175,

Class

DI,

2.50%, 11/20/50

97

12,272

Series

2020-185,

Class

MI,

2.50%, 12/20/50

195

25,922

171,136

Interest

Only

Commercial

Mortgage-Backed

Securities

—

1.3%

Federal

Home

Loan

Mortgage

Corp.,

Series

2015-K718,

Class

X2A,

0.10%, 02/25/48

(b)

14,890

2,061

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

(a)

:

Series

K094,

Class

X1,

1.02%, 06/25/29

.

183

11,502

Series

K105,

Class

X1,

1.64%, 03/25/53

.

651

74,590

Series

K107,

Class

X1,

1.71%, 01/25/30

.

161

19,316

Series

K109,

Class

X1,

1.70%, 04/25/30

.

123

14,677

Series

K113,

Class

X1,

1.49%, 06/25/30

.

200

21,635

Series

K115,

Class

X1,

1.43%, 06/25/30

.

256

26,745

Series

K116,

Class

X1,

1.53%, 07/25/30

.

100

11,003

Series

K119,

Class

X1,

1.03%, 09/25/30

.

150

11,171

Series

K120,

Class

X1,

1.13%, 10/25/30

.

916

75,596

Series

K122,

Class

X1,

0.97%, 11/25/30

.

219

15,650

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2020-M21,

Class

AX,

1.94%, 01/25/58

(a)

.........

225

39,729

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

:

Series

2002-83,

0.00%, 10/16/42

(c)

.....

213

—

Series

2003-17,

0.00%, 03/16/43

(c)

.....

197

—

Series

2003-109,

0.00%, 11/16/43

.....

390

15

Series

2016-22,

0.77%, 11/16/55

......

1,389

49,671

Series

2016-45,

0.89%, 02/16/58

......

765

38,103

Series

2016-92,

0.81%, 04/16/58

......

224

10,377

Series

2016-113,

(LIBOR

USD

1

Month

+

0.00%),

1.09%, 02/16/58

.........

787

49,745

Series

2016-151,

1.02%, 06/16/58

.....

676

38,593

Series

2017-30,

0.61%, 08/16/58

......

309

12,131

Series

2017-44,

0.67%, 04/17/51

......

315

12,694

Series

2017-53,

0.62%, 11/16/56

......

2,109

86,992

Series

2017-61,

0.73%, 05/16/59

......

251

13,160

Series

2017-64,

0.75%, 11/16/57

......

177

9,434

644,590

Mortgage-Backed

Securities

—

61.1%

Federal

Home

Loan

Mortgage

Corp.:

2.50%, 03/01/30

-

04/01/31

..........

117

123,105

3.00%, 09/01/27

-

12/01/46

..........

206

218,357

3.50%, 04/01/31

-

01/01/48

..........

265

288,292

4.00%, 08/01/40

-

12/01/45

..........

38

41,289

4.50%, 02/01/39

-

07/01/47

..........

138

153,419

5.00%, 11/01/41

.................

58

65,579

5.50%, 06/01/41

.................

63

73,209

8.00%, 03/01/30

-

06/01/31

..........

9

9,514

Federal

National

Mortgage

Association:

3.50%, 11/01/46

.................

117

126,474

4.00%, 01/01/41

.................

4

3,888

Government

National

Mortgage

Association:

2.00%, 07/15/51

(d)

................

1,189

1,210,922

2.50%, 07/15/51

(d)

................

992

1,026,151

3.00%, 02/15/45

.................

17

18,299

3.00%, 07/15/51

-

08/15/51

(d)

.........

1,993

2,078,679

3.50%, 01/15/42

-

10/20/46

..........

670

715,544

3.50%, 07/15/51

(d)

................

268

281,739

4.00%, 10/20/40

-

01/15/48

..........

420

454,899

4.00%, 07/15/51

(d)

................

34

35,903

4.50%, 12/20/39

-

08/20/50

..........

535

590,154

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

5.00%, 07/15/39

-

07/20/44

..........

USD

42

$

48,489

5.00%, 07/15/51

(d)

................

126

135,745

Uniform

Mortgage-Backed

Securities:

1.50%, 07/25/36

(d)

................

476

481,736

2.00%, 10/01/31

-

03/01/32

..........

72

74,255

2.00%, 07/25/36

-

09/25/51

(d)

.........

6,939

7,006,584

2.50%, 04/01/30

-

10/01/35

..........

455

478,885

2.50%, 07/25/36

-

08/25/51

(d)

.........

5,679

5,868,020

3.00%, 04/01/29

-

09/01/50

..........

2,439

2,573,429

3.00%, 07/25/51

(d)

................

241

251,210

3.50%, 08/01/30

-

08/01/50

..........

1,344

1,448,216

3.50%, 07/25/36

-

07/25/51

(d)

.........

387

408,103

4.00%, 09/01/33

-

02/01/51

..........

1,840

1,982,526

4.00%, 07/25/51

-

08/25/51

(d)

.........

901

959,682

4.50%, 06/01/26

-

07/01/48

..........

461

511,975

5.00%, 02/01/35

-

12/01/43

..........

136

154,623

5.00%, 07/25/51

(d)

................

4

4,384

5.50%, 11/01/21

-

09/01/39

..........

179

205,963

6.00%, 04/01/35

-

09/01/40

..........

134

157,630

6.50%, 05/01/40

.................

29

34,340

30,301,211

Total

U.S.

Government

Sponsored

Agency

Securities

—

64.8%

(Cost:

$32,114,405)

..............................

32,141,839

U.S.

Treasury

Obligations

—

47.4%

U.S.

Treasury

Bonds:

4.25%, 05/15/39

.................

160

218,956

4.50%, 08/15/39

.................

160

225,587

4.38%, 11/15/39

.................

160

222,581

3.13%, 02/15/43

.................

610

728,855

2.88%, 05/15/43

-

11/15/46

..........

1,200

1,386,317

3.63%, 08/15/43

.................

610

785,661

3.75%, 11/15/43

.................

610

800,720

3.00%, 02/15/48

.................

590

703,298

2.25%, 08/15/49

.................

727

753,127

1.63%, 11/15/50

.................

105

94,303

2.38%, 05/15/51

.................

30

32,030

U.S.

Treasury

Notes:

1.13%, 07/31/21

.................

2,650

2,652,371

1.75%, 07/31/21

-

07/31/24

..........

4,225

4,280,371

1.50%, 01/31/22

-

08/15/26

..........

4,050

4,120,297

2.13%, 12/31/22

-

05/15/25

..........

2,470

2,576,403

2.00%, 02/15/25

.................

1,470

1,543,500

2.25%, 08/15/27

.................

1,180

1,261,955

2.88%, 08/15/28

.................

350

389,252

3.13%, 11/15/28

.................

350

395,951

1.63%, 08/15/29

-

05/15/31

..........

335

341,062

Total

U.S.

Treasury

Obligations

—

47.4%

(Cost:

$22,603,182)

..............................

23,512,597

Total

Long-Term

Investments

—

125.1%

(Cost:

$60,970,067)

..............................

62,051,046

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

—

13.2%

Certificates

of

Deposit

—

2.2%

Yankee

—

2.2%

(e)

Credit

Suisse

AG,

New

York,

0.30%, 09/01/21

USD

1,100

$

1,100,323

Total

Certificates

of

Deposit

—

2.2%

(Cost:

$1,100,000)

..............................

1,100,323

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

127

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Money

Market

Funds

—

2.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(f)(g)

.................

1,270,570

$

1,270,570

Total

Money

Market

Funds

—

2.6%

(Cost:

$1,270,570)

..............................

1,270,570

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

—

8.4%

Federal

Home

Loan

Bank

Discount

Notes,

0.05%, 09/17/21

(h)

...............

USD

4,200

4,199,545

Total

U.S.

Government

Sponsored

Agency

Securities

—

8.4%

(Cost:

$4,199,563)

..............................

4,199,545

Total

Short-Term

Securities

—

13.2%

(Cost:

$6,570,133)

..............................

6,570,438

Total

Options

Purchased

—

0.3%

(Cost:

$87,653)

................................

153,323

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

138.6%

(Cost:

$67,627,853

)

..............................

68,774,807

Total

Options

Written

—

(0.6)%

(Premium

Received

—

$314,950)

....................

(294,858)

TBA

Sale

Commitments

—

(16.9)%

(d)

Mortgage-Backed

Securities

—

(16.9)%

Government

National

Mortgage

Association:

2.50%

,

 07/15/51

.................

2

(2,070)

3.00%

,

 07/15/51

.................

238

(248,324)

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.50%

,

 07/15/51

.................

USD

39

$

(40,940)

4.50%

,

 07/15/51

.................

409

(435,841)

Uniform

Mortgage-Backed

Securities:

2.50%

,

 07/25/36

-

07/25/51

..........

2,114

(2,186,345)

3.00%

,

 07/25/36

-

08/25/51

..........

793

(827,617)

3.50%

,

 07/25/36

.................

24

(25,629)

2.00%

,

 07/25/51

-

08/25/51

..........

3,087

(3,113,390)

4.00%

,

 07/25/51

-

08/25/51

..........

1,357

(1,445,091)

4.50%

,

 07/25/51

.................

47

(50,562)

Total

TBA

Sale

Commitments

—

(16.9)%

(Proceeds:

$8,380,403)

...........................

(8,375,809)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

121.1%

(Cost:

$58,932,500

)

..............................

60,104,140

Liabilities

in

Excess

of

Other

Assets

—

(21.1)%

...........

(10,490,622)

Net

Assets

—

100.0%

..............................

$

49,613,518

(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)

Represents

or

includes

a

TBA

transaction.

(e)

Issuer

is

a

U.S.

branch

of

a

foreign

domiciled

bank.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

Affiliate

of

the

Fund.

(h)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

—

$

1,270,570

$

—

$

—

$

—

$

1,270,570

1,270,570

$

117

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

128

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10

Year

Note

...................................................

9

09/21/21

$

1,192

$

2,104

U.S.

Treasury

Long

Bond

....................................................

9

09/21/21

1,445

43,927

U.S.

Treasury

2

Year

Note

....................................................

45

09/30/21

9,914

(9,135)

U.S.

Treasury

5

Year

Note

....................................................

11

09/30/21

1,357

(6,390)

30,506

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

...............................................

12

09/21/21

1,765

(16,803)

U.S.

Treasury

Ultra

Bond

....................................................

2

09/21/21

385

(14,222)

(31,025)

$

(519)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

53,386

USD

10,000

Goldman

Sachs

International

07/02/21

$

733

BRL

50,460

USD

10,000

UBS

AG

07/02/21

145

USD

10,000

BRL

49,660

Bank

of

America

NA

07/02/21

16

KZT

579,216

USD

1,320

Deutsche

Bank

AG

07/15/21

34

CLP

7,450,000

USD

10,000

Barclays

Bank

plc

07/21/21

139

MXN

205,120

USD

10,000

BNP

Paribas

SA

07/21/21

265

USD

11,915

EUR

10,000

Morgan

Stanley

&

Co.

International

plc

07/21/21

53

USD

10,000

ZAR

141,844

Goldman

Sachs

International

07/21/21

91

USD

10,000

BRL

49,489

Citibank

NA

08/03/21

85

MXN

259,328

USD

12,509

UBS

AG

08/24/21

413

USD

7,284

MXN

145,183

Barclays

Bank

plc

08/24/21

50

USD

5,765

MXN

114,145

State

Street

Bank

and

Trust

Co.

08/24/21

77

MXN

5,006,000

USD

243,140

Citibank

NA

09/15/21

5,567

USD

19,829

CAD

24,000

State

Street

Bank

and

Trust

Co.

09/15/21

469

USD

1,053,237

CNY

6,768,209

Citibank

NA

09/15/21

12,541

USD

251,000

MXN

5,006,000

Royal

Bank

of

Canada

09/15/21

2,293

22,971

USD

10,000

BRL

53,406

Natwest

Markets

plc

07/02/21

(737)

COP

37,302,500

USD

10,000

BNP

Paribas

SA

07/21/21

(70)

MXN

197,733

USD

10,000

Bank

of

America

NA

07/21/21

(104)

USD

10,000

CLP

7,384,000

Barclays

Bank

plc

07/21/21

(50)

USD

10,000

MXN

207,332

State

Street

Bank

and

Trust

Co.

07/21/21

(376)

BRL

49,818

USD

10,000

Bank

of

America

NA

08/03/21

(19)

USD

346,874

CNY

2,256,000

Morgan

Stanley

&

Co.

International

plc

09/15/21

(14)

(1,370)

$

21,601

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

September

2021

Futures

..........

48

09/10/21

USD

99.75

USD

12,000

$

14,700

90-day

Eurodollar

September

2021

Futures

..........

107

09/10/21

USD

99.38

USD

26,750

102,988

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

129

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

90-day

Eurodollar

December

2021

Futures

..........

142

12/10/21

USD

99.38

USD

35,500

$

30,175

$

147,863

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)

2.25%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

02/22/22

2.25

%

USD

1,150

$

5,460

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

90-day

Eurodollar

September

2021

Futures

...........

48

09/10/21

USD

99.00

USD

12,000

$

(14,700)

90-day

Eurodollar

September

2021

Futures

...........

48

09/10/21

USD

99.50

USD

12,000

(3,000)

90-day

Eurodollar

September

2021

Futures

...........

59

09/10/21

USD

99.13

USD

14,750

(27,656)

$

(45,356)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

1.68%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

10/20/21

1.68

%

USD

952

$

(24,377)

10-Year

Interest

Rate

Swap

(a)

1.72%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

10/20/21

1.72

USD

952

(27,024)

10-Year

Interest

Rate

Swap

(a)

1.70%

Semi-Annual

3

month

LIBOR

Quarterly

Citibank

NA

11/03/21

1.70

USD

476

(12,807)

10-Year

Interest

Rate

Swap

(a)

1.75%

Semi-Annual

3

month

LIBOR

Quarterly

Goldman

Sachs

International

11/03/21

1.75

USD

476

(14,549)

10-Year

Interest

Rate

Swap

(a)

1.56%

Semi-Annual

3

month

LIBOR

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/21/21

1.56

USD

277

(5,529)

10-Year

Interest

Rate

Swap

(a)

1.75%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

03/02/22

1.75

USD

200

(6,399)

10-Year

Interest

Rate

Swap

(a)

1.84%

Semi-Annual

3

month

LIBOR

Quarterly

Barclays

Bank

plc

04/20/22

1.84

USD

1,000

(37,580)

10-Year

Interest

Rate

Swap

(a)

1.99%

Semi-Annual

3

month

LIBOR

Quarterly

Deutsche

Bank

AG

10/28/22

1.99

USD

1,000

(46,540)

(174,805)

Put

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.68%

Semi-Annual

Deutsche

Bank

AG

10/20/21

1.68

USD

952

(7,827)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.72%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

10/20/21

1.72

USD

952

(6,857)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.70%

Semi-Annual

Citibank

NA

11/03/21

1.70

USD

476

(4,205)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Goldman

Sachs

International

11/03/21

1.75

USD

476

(3,574)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.56%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

12/21/21

1.56

USD

277

(4,654)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.75%

Semi-Annual

Deutsche

Bank

AG

03/02/22

1.75

USD

200

(2,927)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.84%

Semi-Annual

Barclays

Bank

plc

04/20/22

1.84

USD

1,000

(14,747)

10-Year

Interest

Rate

Swap

(a)

3

month

LIBOR

Quarterly

1.99%

Semi-Annual

Deutsche

Bank

AG

10/28/22

1.99

USD

1,000

(19,400)

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.04

USD

450

(5,895)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

130

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

5-Year

Interest

Rate

Swap

(a)

.

3

month

LIBOR

Quarterly

3.04%

Semi-Annual

Deutsche

Bank

AG

06/15/26

3.04

%

USD

352

$

(4,611)

(74,697)

$

(249,502)

(a)

Forward

settling

swaption.

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)

0.72%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/17/23

PLN

119

$

53

$

—

$

53

0.74%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/17/23

PLN

119

43

—

43

0.76%

Annual

6

month

WIBOR

Semi-Annual

N/A

06/18/23

PLN

82

22

—

22

0.83%

Semi-Annual

6

month

WIBOR

Semi-Annual

N/A

06/22/23

PLN

191

(18)

—

(18)

0.51%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

04/07/24

USD

64

(37)

—

(37)

3

month

LIBOR

Quarterly

0.89%

Semi-Annual

N/A

06/04/26

USD

800

(2,047)

—

(2,047)

1.03%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

06/04/26

USD

800

(3,403)

—

(3,403)

2.85%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

12/21/28

USD

200

(22,975)

—

(22,975)

1.61%

Semi-Annual

3

month

LIBOR

Quarterly

N/A

10/01/29

USD

400

(9,790)

—

(9,790)

2.17%

Semi-Annual

3

month

LIBOR

Quarterly

06/16/26

(a)

06/16/31

USD

352

(2,879)

—

(2,879)

2.18%

Semi-Annual

3

month

LIBOR

Quarterly

06/17/26

(a)

06/17/31

USD

450

(3,956)

(33)

(3,923)

$

(44,987)

$

(33)

$

(44,954)

(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)

1

month

USCPI

At

Termination

2.47%

At

Termination

04/26/31

USD

225

$

(2,183)

$

—

$

(2,183)

1

month

USCPI

At

Termination

2.64%

At

Termination

05/21/31

USD

187

2,123

—

2,123

1

month

USCPI

At

Termination

2.54%

At

Termination

06/18/31

USD

360

1,493

—

1,493

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.38%

At

Termination

12/15/40

GBP

53

(4,992)

—

(4,992)

$

(3,559)

$

—

$

(3,559)

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

7.21%

At

Termination

Citibank

NA

01/02/24

BRL

216

$

(365)

$

—

$

(365)

1

day

BZDIOVER

At

Termination

7.61%

At

Termination

Citibank

NA

01/02/24

BRL

121

(21)

—

(21)

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

131

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

7.70%

At

Termination

Citibank

NA

01/02/24

BRL

16

$

4

$

—

$

4

1

day

BZDIOVER

At

Termination

8.29%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/29

BRL

68

(264)

—

(264)

1

day

BZDIOVER

At

Termination

8.42%

At

Termination

Citibank

NA

01/02/29

BRL

49

(110)

—

(110)

$

(756)

$

—

$

(756)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.02

%

1

month

USCPI

.......................................

U.S.

Consumer

Price

Index

5.40

3

month

LIBOR

.......................................

London

Interbank

Offered

Rate

0.15

6

month

WIBOR

......................................

Warsaw

Interbank

Offered

Rate

0.15

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)

...........................................

$

—

$

(33)

$

3,734

$

(52,247)

$

—

OTC

Swaps

.....................................................

—

—

4

(760)

—

Options

Written

...................................................

N/A

N/A

74,516

(54,424)

(294,858)

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

132

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

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)

.....

$

—

$

—

$

—

$

—

$

46,031

$

—

$

46,031

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

22,971

—

—

22,971

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

...........

—

—

—

—

153,323

—

153,323

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

118

3,616

3,734

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

—

—

4

—

4

$

—

$

—

$

—

$

22,971

$

199,476

$

3,616

$

226,063

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

—

—

46,550

—

46,550

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

1,370

—

—

1,370

Options

written

(b)

Options

written

at

value

.....................

—

—

—

—

294,858

—

294,858

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

45,072

7,175

52,247

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

—

—

760

—

760

$

—

$

—

$

—

$

1,370

$

387,240

$

7,175

$

395,785

(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.

For

the

six

months

ended

June

30,

2021,

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

.......................

$

—

$

—

$

—

$

—

$

(25,603)

$

—

$

(25,603)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(70,003)

—

—

(70,003)

Options

purchased

(a)

....................

—

—

—

(15,725)

142,858

—

127,133

Options

written

........................

—

—

—

1,801

17,154

—

18,955

Swaps

..............................

—

—

—

—

(38,330)

(36,525)

(74,855)

$

—

$

—

$

—

$

(83,927)

$

96,079

$

(36,525)

$

(24,373)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

—

—

(20,007)

—

(20,007)

Forward

foreign

currency

exchange

contracts

....

—

—

—

38,232

—

—

38,232

Options

purchased

(b)

....................

—

—

—

—

60,613

—

60,613

Options

written

........................

—

—

—

—

20,092

—

20,092

Swaps

..............................

—

—

—

—

5,491

(248)

5,243

$

—

$

—

$

—

$

38,232

$

66,189

$

(248)

$

104,173

(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.

BlackRock

U.S.

Government

Bond

Portfolio

Schedules

of

Investments

133

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts:

Average

notional

value

of

contracts

—

long

..................................................................................

$

15,088,098

Average

notional

value

of

contracts

—

short

.................................................................................

6,595,657

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

....................................................................................

1,549,631

Average

amounts

sold

—

in

USD

........................................................................................

272,467

Options:

Average

value

of

option

contracts

purchased

................................................................................

246,065

Average

value

of

option

contracts

written

...................................................................................

132,250

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

1,150,000

Average

notional

value

of

swaption

contracts

written

...........................................................................

6,818,506

Interest

rate

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

1,638,660

Average

notional

value

—

receives

fixed

rate

................................................................................

690,546

Inflation

swaps:

Average

notional

value

—

pays

fixed

rate

...................................................................................

626,000

Average

notional

value

—

receives

fixed

rate

................................................................................

91,801

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

9,602

$

9,215

Forward

foreign

currency

exchange

contracts

.................................................................

22,971

1,370

Options

(a)(b)

........................................................................................

153,323

294,858

Swaps

—

Centrally

cleared

.............................................................................

—

3,094

Swaps

—

OTC

(c)

....................................................................................

4

760

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

185,900

$

309,297

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(157,465)

(57,665)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

28,435

$

251,632

(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)(c)

Bank

of

America

NA

..............................

$

16

$

(16)

$

—

$

—

$

—

Barclays

Bank

plc

................................

189

(189)

—

—

—

BNP

Paribas

SA

.................................

265

(70)

—

—

195

Citibank

NA

....................................

18,197

(17,508)

—

—

689

Deutsche

Bank

AG

...............................

5,494

(5,494)

—

—

—

Goldman

Sachs

International

........................

824

(824)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

53

(53)

—

—

—

Royal

Bank

of

Canada

.............................

2,293

—

—

—

2,293

State

Street

Bank

and

Trust

Co.

......................

546

(376)

—

—

170

UBS

AG

......................................

558

—

—

—

558

$

28,435

$

(24,530)

$

—

$

—

$

3,905

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

U.S.

Government

Bond

Portfolio

134

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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)(d)

Bank

of

America

NA

..............................

$

123

$

(16)

$

—

$

—

$

107

Barclays

Bank

plc

................................

58,272

(189)

—

—

58,083

BNP

Paribas

SA

.................................

70

(70)

—

—

—

Citibank

NA

....................................

17,508

(17,508)

—

—

—

Deutsche

Bank

AG

...............................

112,081

(5,494)

—

—

106,587

Goldman

Sachs

International

........................

18,123

(824)

—

—

17,299

JPMorgan

Chase

Bank

NA

..........................

264

—

—

—

264

Morgan

Stanley

&

Co.

International

plc

..................

44,078

(53)

—

—

44,025

Natwest

Markets

plc

..............................

737

—

—

—

737

State

Street

Bank

and

Trust

Co.

......................

376

(376)

—

—

—

$

251,632

$

(24,530)

$

—

$

—

$

227,102

(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

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

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

135

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

...................................

$

—

$

895,855

$

—

$

895,855

Foreign

Government

Obligations

..............................

—

1,977,619

—

1,977,619

Non-Agency

Mortgage-Backed

Securities

........................

—

3,523,136

—

3,523,136

U.S.

Government

Sponsored

Agency

Securities

....................

—

32,141,839

—

32,141,839

U.S.

Treasury

Obligations

...................................

—

23,512,597

—

23,512,597

Short-Term

Securities:

Certificates

of

Deposit

.....................................

—

1,100,323

—

1,100,323

Money

Market

Funds

......................................

1,270,570

—

—

1,270,570

U.S.

Government

Sponsored

Agency

Securities

....................

—

4,199,545

—

4,199,545

Options

Purchased:

Interest

rate

contracts

......................................

147,863

5,460

—

153,323

Liabilities:

Investments:

TBA

Sale

Commitments

....................................

—

(8,375,809)

—

(8,375,809)

$

1,418,433

$

58,980,565

$

—

$

60,398,998

Derivative

Financial

Instruments

(a)

Assets:

Foreign

currency

exchange

contracts

............................

$

—

$

22,971

$

—

$

22,971

Interest

rate

contracts

.......................................

46,031

122

—

46,153

Other

contracts

...........................................

—

3,616

—

3,616

Liabilities:

Foreign

currency

exchange

contracts

............................

—

(1,370)

—

(1,370)

Interest

rate

contracts

.......................................

(91,906)

(295,334)

—

(387,240)

Other

contracts

...........................................

—

(7,175)

—

(7,175)

$

(45,875)

$

(277,170)

$

—

$

(323,045)

(a)

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.

Statements

of

Assets

and

Liabilities

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

136

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)

.........................................

$

216,068,140‌

$

549,361,888‌

$

269,090,613‌

$

191,779,544‌

Investments,

at

value

—

affiliated

(d)

...........................................

3,672,349‌

53,342,482‌

10,541,720‌

14,831,748‌

Cash  

...............................................................

—‌

—‌

24‌

1,343,832‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................

—‌

520,000‌

—‌

60,000‌

Futures

contracts

......................................................

112,000‌

1,275,000‌

—‌

1,686,000‌

Centrally

cleared

swaps

..................................................

—‌

278,182‌

—‌

1,171,000‌

Foreign

currency,

at

value

(e)

................................................

—‌

1,009,165‌

—‌

—‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

2,061,410‌

25,899,538‌

—‌

1,138,098‌

Securities

lending

income

—

affiliated

........................................

5,358‌

8,064‌

1,628‌

1,581‌

TBA

sale

commitments

..................................................

—‌

28,367,519‌

—‌

—‌

Capital

shares

sold

.....................................................

—‌

—‌

326‌

1,806‌

Dividends

—

affiliated

...................................................

8‌

43,183‌

5‌

27‌

Dividends

—

unaffiliated

.................................................

76,377‌

121,887‌

18,693‌

134,102‌

Interest

—

unaffiliated

...................................................

—‌

1,076,265‌

—‌

252,918‌

Variation

margin

on

futures

contracts

.........................................

3,298‌

140,746‌

—‌

87,292‌

Swap

premiums

paid

.....................................................

—‌

107,439‌

—‌

7,646‌

Unrealized

appreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

82,149‌

—‌

116,776‌

OTC

swaps

..........................................................

—‌

7,475‌

—‌

22,220‌

Unfunded

floating

rate

loan

interests

.........................................

—‌

—‌

—‌

4‌

Prepaid

expenses

.......................................................

1,262‌

3,474‌

1,354‌

1,310‌

Other

assets

...........................................................

—‌

898‌

—‌

—‌

Total

assets

...........................................................

222,000,202‌

661,645,354‌

279,654,363‌

212,635,904‌

LIABILITIES

Investments

sold

short,

at

value

(f)

.............................................

—‌

—‌

—‌

1,069,673‌

Foreign

bank

overdraft

(g)

...................................................

—‌

—‌

—‌

47,688‌

Borrowed

bonds,

at

value

(h)

.................................................

—‌

4,702,429‌

—‌

—‌

Collateral

on

securities

loaned,

at

value

.........................................

1,653,311‌

3,977,998‌

9,993,630‌

3,845,853‌

Options

written,

at

value

(i)

..................................................

—‌

683,756‌

—‌

468,150‌

TBA

sale

commitments,

at

value

(j)

............................................

—‌

28,325,676‌

—‌

—‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

1,997,624‌

82,848,552‌

—‌

1,669,399‌

Swaps  

............................................................

—‌

—‌

—‌

5,531‌

Accounting

services

fees

.................................................

30,259‌

72,896‌

33,047‌

89,139‌

Capital

shares

redeemed

.................................................

58,345‌

149,372‌

3,719‌

97,395‌

Custodian

fees

........................................................

16,501‌

41,895‌

6,952‌

128,674‌

Deferred

foreign

capital

gain

tax

............................................

—‌

280‌

—‌

25,724‌

Interest

expense

......................................................

—‌

9,676‌

—‌

—‌

Investment

advisory

fees

.................................................

64,326‌

158,724‌

77,735‌

39,127‌

Directors'

and

Officer's

fees

...............................................

1,541‌

2,251‌

1,983‌

1,954‌

Other

affiliate

fees

.....................................................

800‌

2,260‌

753‌

797‌

Printing

and

postage

fees

................................................

16,224‌

14,429‌

13,943‌

13,134‌

Professional

fees

......................................................

34,780‌

39,193‌

29,278‌

42,735‌

Transfer

agent

fees

....................................................

78,752‌

205,679‌

95,113‌

75,798‌

Other

accrued

expenses

.................................................

843‌

15,933‌

859‌

19,607‌

Variation

margin

on

futures

contracts

.........................................

—‌

100,867‌

—‌

97,055‌

Variation

margin

on

centrally

cleared

swaps

....................................

—‌

11,779‌

—‌

28,020‌

Swap

premiums

received

..................................................

—‌

6,223‌

—‌

2,362‌

Unrealized

depreciation

on:

–‌

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................

—‌

23,830‌

—‌

508,863‌

OTC

swaps

..........................................................

—‌

66,410‌

—‌

26,830‌

Total

liabilities

..........................................................

3,953,306‌

121,460,108‌

10,257,012‌

8,303,508‌

NET

ASSETS

..........................................................

$

218,046,896‌

$

540,185,246‌

$

269,397,351‌

$

204,332,396‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

137

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

..........................................................

$

148,477,355‌

$

427,287,859‌

$

114,291,760‌

$

153,391,231‌

Accumulated

earnings

....................................................

69,569,541‌

112,897,387‌

155,105,591‌

50,941,165‌

NET

ASSETS

..........................................................

$

218,046,896‌

$

540,185,246‌

$

269,397,351‌

$

204,332,396‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

..........................................

$

174,885,690‌

$

486,447,554‌

$

145,368,280‌

$

154,514,352‌

(c)

  Securities

loaned,

at

value

................................................

$

1,621,215‌

$

3,906,677‌

$

9,785,429‌

$

3,951,686‌

(d)

  Investments,

at

cost

—

affiliated

............................................

$

3,672,349‌

$

53,187,318‌

$

10,541,720‌

$

14,696,069‌

(e)

  Foreign

currency,

at

cost

.................................................

$

—‌

$

979,859‌

$

—‌

$

—‌

(f)

  Proceeds

received

from

investments

sold

short

,

at

value

—

unaffiliated

..................

$

—‌

$

—‌

$

—‌

$

990,229‌

(g)

  Foreign

bank

overdraft,

at

cost

.............................................

$

—‌

$

—‌

$

—‌

$

15,788‌

(h)

  Proceeds

received

from

borrowed

bonds

......................................

$

—‌

$

5,016,726‌

$

—‌

$

—‌

(i)

  Premiums

received

.....................................................

$

—‌

$

730,992‌

$

—‌

$

683,124‌

(j)

  Proceeds

from

TBA

sale

commitments

........................................

$

—‌

$

28,367,519‌

$

—‌

$

—‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-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)

NET

ASSET

VALUE

Net

assets

.....................................................

$

218,046,896

$

540,185,246

$

269,397,351

$

204,332,396

Shares

outstanding

..............................................

7,196,175

29,452,091

4,215,851

10,672,404

Net

asset

value

.................................................

$

30.30

$

18.34

$

63.90

$

19.15

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

(unaudited)

(continued)

June

30,

2021

139

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)

..........................................................

$

77,031,928‌

$

27,658,021‌

$

67,504,237‌

Investments,

at

value

—

affiliated

(b)

...........................................................

—‌

475,030‌

1,270,570‌

Cash  

...............................................................................

3,437,073‌

22,216‌

1,999‌

Cash

pledged

for

centrally

cleared

swaps

.......................................................

—‌

—‌

87,000‌

Foreign

currency,

at

value

(c)

................................................................

—‌

1,285‌

179,707‌

Repurchase

agreements,

at

value

—

unaffiliated

(d)

.................................................

29,500,000‌

—‌

—‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

—‌

85,034‌

6,775,474‌

TBA

sale

commitments

..................................................................

—‌

—‌

8,380,403‌

Capital

shares

sold

.....................................................................

16,901‌

—‌

91‌

Dividends

—

affiliated

...................................................................

—‌

2‌

6‌

Dividends

—

unaffiliated

.................................................................

—‌

1,828‌

—‌

Interest

—

unaffiliated

...................................................................

6,916‌

390,926‌

253,188‌

From

the

Manager

.....................................................................

—‌

12,748‌

—‌

Variation

margin

on

futures

contracts

.........................................................

—‌

—‌

9,602‌

Unrealized

appreciation

on:

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................................

—‌

—‌

22,971‌

OTC

swaps

..........................................................................

—‌

505‌

4‌

Unfunded

floating

rate

loan

interests

.........................................................

—‌

1‌

—‌

Prepaid

expenses

.......................................................................

7,649‌

373‌

728‌

Other

assets

...........................................................................

—‌

351‌

2,509‌

Total

assets

...........................................................................

110,000,467‌

28,648,320‌

84,488,489‌

LIABILITIES

Options

written,

at

value

(e)

..................................................................

—‌

—‌

294,858‌

TBA

sale

commitments,

at

value

(f)

............................................................

—‌

—‌

8,375,809‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

835,851‌

660,028‌

25,933,932‌

Accounting

services

fees

.................................................................

12,654‌

65,071‌

36,654‌

Capital

shares

redeemed

.................................................................

44,521‌

8,187‌

32,490‌

Custodian

fees

........................................................................

4,936‌

10,316‌

10,214‌

Income

dividend

distributions

..............................................................

—‌

109,761‌

78,316‌

Investment

advisory

fees

.................................................................

—‌

—‌

5,628‌

Directors'

and

Officer's

fees

...............................................................

1,886‌

3,045‌

1,678‌

Other

affiliate

fees

.....................................................................

610‌

141‌

296‌

Printing

and

postage

fees

................................................................

9,707‌

12,802‌

15,173‌

Professional

fees

......................................................................

27,011‌

20,176‌

42,148‌

Registration

fees

......................................................................

2,933‌

—‌

229‌

Transfer

agent

fees

....................................................................

78,049‌

11,608‌

20,768‌

Other

accrued

expenses

.................................................................

1,318‌

1,354‌

12,339‌

Variation

margin

on

futures

contracts

.........................................................

—‌

—‌

9,215‌

Variation

margin

on

centrally

cleared

swaps

....................................................

—‌

—‌

3,094‌

Swap

premiums

received

..................................................................

—‌

936‌

—‌

Unrealized

depreciation

on:

–‌

–‌

–‌

Forward

foreign

currency

exchange

contracts

...................................................

—‌

13,457‌

1,370‌

OTC

swaps

..........................................................................

—‌

—‌

760‌

Total

liabilities

..........................................................................

1,019,476‌

916,882‌

34,874,971‌

NET

ASSETS

..........................................................................

$

108,980,991‌

$

27,731,438‌

$

49,613,518‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

140

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

..........................................................................

$

108,975,102‌

$

28,182,064‌

$

49,784,514‌

Accumulated

earnings

(loss)

................................................................

5,889‌

(450,626‌)

(170,996‌)

NET

ASSETS

..........................................................................

$

108,980,991‌

$

27,731,438‌

$

49,613,518‌

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

77,031,928‌

$

26,337,965‌

$

66,357,283‌

(b)

  Investments,

at

cost

—

affiliated

............................................................

$

—‌

$

475,030‌

$

1,270,570‌

(c)

  Foreign

currency,

at

cost

.................................................................

$

—‌

$

1,244‌

$

175,949‌

(d)

  Repurchase

agreements,

at

cost

...........................................................

$

29,500,000‌

$

—‌

$

—‌

(e)

  Premiums

received

....................................................................

$

—‌

$

—‌

$

314,950‌

(f)

  Proceeds

from

TBA

sale

commitments

........................................................

$

—‌

$

—‌

$

8,380,403‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

141

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

......................................................................

$

108,980,991

$

27,731,438

$

49,613,518

Shares

outstanding

...............................................................

108,975,108

4,922,234

4,400,258

Net

asset

value

..................................................................

$

1.00

$

5.63

$

11.28

Shares

authorized

................................................................

2

billion

100

million

100

million

Par

value

......................................................................

$

0.10

$

0.10

$

0.10

Statements

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

142

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

INVESTMENT

INCOME

–

–

–

–

Dividends

—

affiliated

...................................................

$

458‌

$

250,892‌

$

85‌

$

99,303‌

Dividends

—

unaffiliated

.................................................

1,301,613‌

2,198,312‌

601,733‌

1,366,407‌

Interest

—

unaffiliated

...................................................

—‌

1,880,737‌

—‌

695,177‌

Securities

lending

income

—

affiliated

—

net

...................................

17,240‌

27,900‌

14,260‌

18,767‌

Foreign

taxes

withheld

..................................................

(216‌)

(2,375‌)

(5,566‌)

(103,893‌)

Total

investment

income

...................................................

1,319,095‌

4,355,466‌

610,512‌

2,075,761‌

EXPENSES

Investment

advisory

....................................................

373,087‌

950,542‌

453,494‌

366,763‌

Transfer

agent

........................................................

142,146‌

374,808‌

177,344‌

152,730‌

Professional

.........................................................

22,946‌

38,364‌

28,246‌

55,777‌

Accounting

services

....................................................

20,052‌

70,842‌

29,302‌

77,052‌

Custodian

...........................................................

14,032‌

50,875‌

6,973‌

173,986‌

Directors

and

Officer

...................................................

4,633‌

5,454‌

5,115‌

5,049‌

Miscellaneous

........................................................

7,356‌

43,513‌

15,296‌

31,803‌

Total

expenses

excluding

dividend

expense

and

interest

expense

.......................

584,252‌

1,534,398‌

715,770‌

863,160‌

Dividend

expense

—

unaffiliated

.............................................

—‌

—‌

—‌

8,081‌

Interest

expense

........................................................

—‌

37,032‌

—‌

—‌

Total

expenses

.........................................................

584,252‌

1,571,430‌

715,770‌

871,241‌

Less:

–‌

–‌

–‌

–‌

Transfer

agent

fees

reimbursed

............................................

(98,441‌)

(267,459‌)

(124,732‌)

(150,149‌)

Fees

waived

and/or

reimbursed

by

the

Manager

.................................

(1,111‌)

(8,165‌)

(196‌)

(137,859‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

484,700‌

1,295,806‌

590,842‌

583,233‌

Net

investment

income

....................................................

834,395‌

3,059,660‌

19,670‌

1,492,528‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

29,758,326‌

$

43,756,318‌

$

32,411,331‌

$

11,470,138‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...............................................

$

(15‌)

$

50,848‌

$

(426‌)

$

379,262‌

Investments

—

unaffiliated

(b)

............................................

22,866,434‌

39,024,789‌

24,864,171‌

16,719,709‌

Borrowed

bonds

....................................................

—‌

(12,521‌)

—‌

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

(282,001‌)

—‌

(348,620‌)

Foreign

currency

transactions

...........................................

—‌

101,221‌

753‌

(10,048‌)

Futures

contracts

....................................................

885,790‌

2,227,502‌

—‌

(3,842,942‌)

Options

written

.....................................................

—‌

143,173‌

—‌

1,468,492‌

Short

sales

—

unaffiliated

..............................................

—‌

155‌

—‌

107,091‌

Swaps  

..........................................................

—‌

(351,160‌)

—‌

58,004‌

23,752,209‌

40,902,006‌

24,864,498‌

14,530,948‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...............................................

—‌

57,247‌

—‌

(278,351‌)

Investments

—

unaffiliated

(c)

............................................

6,131,915‌

2,708,489‌

7,546,942‌

(2,274,729‌)

Borrowed

bonds

....................................................

—‌

197,374‌

—‌

—‌

Forward

foreign

currency

exchange

contracts

.................................

—‌

146,202‌

—‌

(675,167‌)

Foreign

currency

translations

............................................

—‌

(21,180‌)

(109‌)

(23,928‌)

Futures

contracts

....................................................

(125,798‌)

(229,507‌)

—‌

(237,946‌)

Options

written

.....................................................

—‌

47,880‌

—‌

169,964‌

Short

sales

—

unaffiliated

..............................................

—‌

(2‌)

—‌

(120,659‌)

Swaps  

..........................................................

—‌

(52,191‌)

—‌

380,002‌

Unfunded

floating

rate

loan

interests

.......................................

—‌

—‌

—‌

4‌

6,006,117‌

2,854,312‌

7,546,833‌

(3,060,810‌)

Net

realized

and

unrealized

gain

.............................................

29,758,326‌

43,756,318‌

32,411,331‌

11,470,138‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

30,592,721‌

$

46,815,978‌

$

32,431,001‌

$

12,962,666‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

foreign

capital

gain

tax

of

............................................

$

—‌

$

(2,294‌)

$

—‌

$

(13,815‌)

(c)

  Net

of

reduction/increase

in

deferred

foreign

capital

gain

tax

of

.......................

$

—‌

$

(280‌)

$

—‌

$

4,075‌

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

June

30,

2021

143

Financial

Statements

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

BlackRock

U.S.

Government

Bond

Portfolio

INVESTMENT

INCOME

–

–

–

Dividends

—

affiliated

...................................................................

$

—‌

$

40‌

$

117‌

Dividends

—

unaffiliated

.................................................................

—‌

10,316‌

—‌

Interest

—

unaffiliated

...................................................................

46,762‌

761,364‌

383,555‌

Foreign

taxes

withheld

..................................................................

—‌

—‌

(117‌)

Total

investment

income

...................................................................

46,762‌

771,720‌

383,555‌

EXPENSES

Investment

advisory

....................................................................

197,461‌

50,770‌

92,328‌

Professional

.........................................................................

25,991‌

32,586‌

37,191‌

Accounting

services

....................................................................

18,522‌

65,152‌

31,153‌

Transfer

agent

........................................................................

14,047‌

21,261‌

38,923‌

Custodian

...........................................................................

5,464‌

8,750‌

11,055‌

Directors

and

Officer

...................................................................

4,932‌

—‌

—‌

Miscellaneous

........................................................................

9,572‌

10,223‌

13,822‌

Total

expenses

excluding

interest

expense

.......................................................

275,989‌

188,742‌

224,472‌

Interest

expense

........................................................................

—‌

—‌

664‌

Total

expenses

.........................................................................

275,989‌

188,742‌

225,136‌

Less:

–‌

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

.................................................

(217,668‌)

(100,125‌)

(61,034‌)

Transfer

agent

fees

reimbursed

............................................................

(11,568‌)

(18,780‌)

(36,442‌)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................

46,753‌

69,837‌

127,660‌

Net

investment

income

....................................................................

9‌

701,883‌

255,895‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

593‌

$

464,391‌

$

(940,544‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

$

593‌

$

545,282‌

$

121,118‌

Forward

foreign

currency

exchange

contracts

.................................................

—‌

9,092‌

(70,003‌)

Foreign

currency

transactions

...........................................................

—‌

(7,291‌)

11,257‌

Futures

contracts

....................................................................

—‌

3,903‌

(25,603‌)

Options

written

.....................................................................

—‌

—‌

18,955‌

Swaps  

..........................................................................

—‌

(617‌)

(74,855‌)

593‌

550,369‌

(19,131‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

—‌

(70,667‌)

(961,873‌)

Forward

foreign

currency

exchange

contracts

.................................................

—‌

(16,021‌)

38,232‌

Foreign

currency

translations

............................................................

—‌

(10‌)

(3,100‌)

Futures

contracts

....................................................................

—‌

—‌

(20,007‌)

Options

written

.....................................................................

—‌

—‌

20,092‌

Swaps  

..........................................................................

—‌

719‌

5,243‌

Unfunded

floating

rate

loan

interests

.......................................................

—‌

1‌

—‌

—‌

(85,978‌)

(921,413‌)

Net

realized

and

unrealized

gain

(loss)

.........................................................

593‌

464,391‌

(940,544‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........................

$

602‌

$

1,166,274‌

$

(684,649‌)

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

144

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

BlackRock

Balanced

Capital

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

834,395‌

$

2,117,613‌

$

3,059,660‌

$

7,492,780‌

Net

realized

gain

(loss)

....................................................

23,752,209‌

17,311,044‌

40,902,006‌

40,696,582‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

6,006,117‌

13,781,837‌

2,854,312‌

23,384,561‌

Net

increase

in

net

assets

resulting

from

operations

...................................

30,592,721‌

33,210,494‌

46,815,978‌

71,573,923‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

—‌

(17,311,283‌)

—‌

(44,587,034‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.........................

(8,711,883‌)

(8,640,098‌)

(30,401,617‌)

(3,838,260‌)

NET

ASSETS

Total

increase

in

net

assets

...................................................

21,880,838‌

7,259,113‌

16,414,361‌

23,148,629‌

Beginning

of

period

........................................................

196,166,058‌

188,906,945‌

523,770,885‌

500,622,256‌

End

of

period

............................................................

$

218,046,896‌

$

196,166,058‌

$

540,185,246‌

$

523,770,885‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

145

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

Portfolio

BlackRock

Global

Allocation

Portfolio

(a)

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

19,670‌

$

(12,799‌)

$

1,492,528‌

$

1,944,372‌

Net

realized

gain

(loss)

....................................................

24,864,498‌

22,973,719‌

14,530,948‌

10,080,358‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

7,546,833‌

51,261,389‌

(3,060,810‌)

23,254,464‌

Net

increase

in

net

assets

resulting

from

operations

...................................

32,431,001‌

74,222,309‌

12,962,666‌

35,279,194‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

—‌

(18,235,911‌)

—‌

(14,667,909‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.........................

(10,273,503‌)

(4,684,476‌)

(9,171,659‌)

(5,652,210‌)

NET

ASSETS

Total

increase

in

net

assets

...................................................

22,157,498‌

51,301,922‌

3,791,007‌

14,959,075‌

Beginning

of

period

........................................................

247,239,853‌

195,937,931‌

200,541,389‌

185,582,314‌

End

of

period

............................................................

$

269,397,351‌

$

247,239,853‌

$

204,332,396‌

$

200,541,389‌

(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)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

146

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

BlackRock

High

Yield

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

9‌

$

303,547‌

$

701,883‌

$

1,525,226‌

Net

realized

gain

(loss)

....................................................

593‌

1,978‌

550,369‌

79,442‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

—‌

—‌

(85,978‌)

448,858‌

Net

increase

in

net

assets

resulting

from

operations

...................................

602‌

305,525‌

1,166,274‌

2,053,526‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(9‌)

(303,547‌)

(705,832‌)

(1,531,302‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

65,477‌

(3,541,319‌)

(1,647,932‌)

(2,276,026‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

66,070‌

(3,539,341‌)

(1,187,490‌)

(1,753,802‌)

Beginning

of

period

........................................................

108,914,921‌

112,454,262‌

28,918,928‌

30,672,730‌

End

of

period

............................................................

$

108,980,991‌

$

108,914,921‌

$

27,731,438‌

$

28,918,928‌

(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

U.S.

Government

Bond

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..............................................................................

$

255,895‌

$

952,875‌

Net

realized

gain

(loss)

..................................................................................

(19,131‌)

1,715,179‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(921,413‌)

884,224‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................................................

(684,649‌)

3,552,278‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(387,057‌)

(1,114,751‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.......................................................

(3,089,993‌)

(2,995,397‌)

NET

ASSETS

Total

decrease

in

net

assets

................................................................................

(4,161,699‌)

(557,870‌)

Beginning

of

period

......................................................................................

53,775,217‌

54,333,087‌

End

of

period

..........................................................................................

$

49,613,518‌

$

53,775,217‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

148

See

notes

to

financial

statements.

BlackRock

Advantage

Large

Cap

Core

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

26.14‌

$

23.90‌

$

19.76‌

$

24.31‌

$

27.15‌

$

26.53‌

Net

investment

income

(loss)

(a)

..................

0.11‌

0.28‌

0.35‌

0.38‌

(b)

0.40‌

0.36‌

Net

realized

and

unrealized

gain

(loss)

............

4.05‌

4.43‌

5.38‌

(1.62‌)

5.58‌

2.47‌

Net

increase

(decrease)

from

investment

operations

.....

4.16‌

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

period

...................

$

30.30‌

$

26.14‌

$

23.90‌

$

19.76‌

$

24.31‌

$

27.15‌

Total

Return

(d)

15.91%

19.99%

29.09%

(5.11)%

—

—

Based

on

net

asset

value

.......................

15.91%

(e)

19.99%

29.09%

(5.11)%

22.24%

10.69%

Ratios

to

Average

Net

Assets

Total

expenses

..............................

0.57%

(f)

0.59%

0.60%

0.63%

0.63%

0.60%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.47%

(f)

0.49%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

........................

0.81%

(f)

1.18%

1.52%

1.51%

(b)

1.35%

1.36%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

218,047‌

$

196,166‌

$

188,907‌

$

161,413‌

$

187,538‌

$

167,987‌

Portfolio

turnover

rate

.........................

58%

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.

(e)

Aggregate

total

return.

(f)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

149

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

(g)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Balanced

Capital

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

16.79‌

$

15.86‌

$

13.97‌

$

15.81‌

$

16.87‌

$

16.74‌

Net

investment

income

(loss)

(a)

..................

0.10‌

0.25‌

0.33‌

0.32‌

0.31‌

0.29‌

Net

realized

and

unrealized

gain

(loss)

............

1.45‌

2.23‌

2.75‌

(0.73‌)

2.14‌

1.16‌

Net

increase

(decrease)

from

investment

operations

.....

1.55‌

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

period

...................

$

18.34‌

$

16.79‌

$

15.86‌

$

13.97‌

$

15.81‌

$

16.87‌

Total

Return

(c)

9.23%

15.75%

22.06%

(2.66)%

—

—

Based

on

net

asset

value

.......................

9.23%

(d)

15.75%

22.06%

(2.66)%

14.59%

8.65%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

..............................

0.60%

(f)

0.61%

0.63%

0.64%

0.66%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.49%

(f)

0.50%

0.52%

0.52%

0.53%

0.52%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.....................

0.48%

(f)

0.48%

0.49%

0.49%

0.49%

0.49%

Net

investment

income

........................

1.17%

(f)

1.56%

2.08%

1.98%

1.75%

1.72%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

540,185‌

$

523,771‌

$

500,622‌

$

453,030‌

$

511,193‌

$

490,442‌

Portfolio

turnover

rate

(g)

........................

175%

345%

320%

280%

332%

264%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

0.01%

0.01%

—%

0.02%

0.01%

0.01%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Portfolio

turnover

rate

(excluding

MDRs)

..............

117%

238%

228%

211%

248%

188%

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

150

See

notes

to

financial

statements.

BlackRock

Capital

Appreciation

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

56.30‌

$

43.39‌

$

36.63‌

$

40.56‌

$

33.61‌

$

34.32‌

Net

investment

income

(loss)

(a)

..................

0.00‌

(b)

(0.00‌)

(c)

0.06‌

0.15‌

(d)

0.12‌

(e)

0.07‌

(f)

Net

realized

and

unrealized

gain

(loss)

............

7.60‌

17.32‌

11.86‌

0.83‌

11.11‌

0.07‌

Net

increase

from

investment

operations

.............

7.60‌

17.32‌

11.92‌

0.98‌

11.23‌

0.14‌

Distributions

(g)

–

–

–

–

–

–

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

period

...................

$

63.90‌

$

56.30‌

$

43.39‌

$

36.63‌

$

40.56‌

$

33.61‌

Total

Return

(h)

13.50%

40.16%

32.79%

2.42%

—

—

Based

on

net

asset

value

.......................

13.50%

(

i

)

40.16%

32.79%

2.42%

33.62%

0.40%

Ratios

to

Average

Net

Assets

Total

expenses

..............................

0.57%

(j)

0.59%

0.58%

0.59%

(k)

0.60%

0.62%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.47%

(j)

0.49%

0.48%

0.49%

(k)

0.51%

0.53%

Net

investment

income

(loss)

....................

0.02%

(j)

(0.01)%

0.13%

0.33%

(d)(k)

0.29%

(e)

0.21%

(f)

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

269,397‌

$

247,240‌

$

195,938‌

$

162,866‌

$

170,830‌

$

139,019‌

Portfolio

turnover

rate

.........................

20%

38%

42%

45%

48%

86%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

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.

(e)

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.

(f)

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.

(g)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(h)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(i)

Aggregate

total

return.

(j)

Annualized.

(k)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

of

0.01%.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

151

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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Excluding

MDRs,

the

portfolio

turnover

rate

would

have

been

158%.

BlackRock

Global

Allocation

Portfolio

(a)

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

17.96‌

$

16.03‌

$

14.20‌

$

16.42‌

$

14.60‌

$

14.25‌

Net

investment

income

(loss)

(b)

..................

0.14‌

0.18‌

0.27‌

0.27‌

0.25‌

0.23‌

Net

realized

and

unrealized

gain

(loss)

............

1.05‌

3.15‌

2.28‌

(1.44‌)

1.80‌

0.37‌

Net

increase

(decrease)

from

investment

operations

.....

1.19‌

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

period

...................

$

19.15‌

$

17.96‌

$

16.03‌

$

14.20‌

$

16.42‌

$

14.60‌

Total

Return

(d)

6.63%

20.95%

18.05%

(7.27)%

—

—

Based

on

net

asset

value

.......................

6.63%

(e)

20.95%

18.05%

(7.27)%

14.05%

4.17%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............................

0.86%

(g)

0.83%

0.79%

0.78%

0.79%

0.83%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.58%

(g)

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%

(g)

0.57%

0.57%

0.57%

0.57%

0.57%

Net

investment

income

........................

1.48%

(g)

1.08%

1.72%

1.67%

1.56%

1.62%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

204,332‌

$

200,541‌

$

185,582‌

$

173,983‌

$

211,555‌

$

206,525‌

Portfolio

turnover

rate

.........................

60%

159%

(h)

207%

145%

129%

134%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

...................

0.02%

0.02%

—%

0.02%

0.01%

—%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

152

See

notes

to

financial

statements.

BlackRock

Government

Money

Market

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Net

investment

income

(loss)

...................

0.0000‌

(a)

0.0026‌

0.0177‌

0.0139‌

0.0044‌

0.0000‌

(a)

Net

realized

gain

(loss)

.......................

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

0.0000‌

(a)

Net

increase

from

investment

operations

.............

0.0000‌

0.0026‌

0.0177‌

0.0139‌

0.0044‌

0.0000‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...................

(0.0000‌)

(

c

)

(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

............................

(0.0000‌)

(0.0026‌)

(0.0177‌)

(0.0139‌)

(0.0044‌)

(0.0000‌)

Net

asset

value,

end

of

period

...................

$

1.0

0‌

$

1.0

0‌

$

1.

00‌

$

1.00‌

$

1.00‌

$

1.0

0‌

Total

Return

(d)

—

0.26%

1.78%

1.41%

—

—

Based

on

net

asset

value

.......................

0.00%

(e)(f)

0.26%

1.78%

1.41%

0.45%

0.00%

Ratios

to

Average

Net

Assets

Total

expenses

..............................

0.51%

(g)

0.62%

0.62%

0.64%

0.70%

0.54%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.09%

(g)

0.33%

0.50%

0.50%

0.50%

0.42%

Net

investment

income

........................

0.00%

(f)

(g)

0.28%

1.77%

1.41%

0.44%

0.00%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

108,981‌

$

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.

(e)

Aggregate

total

return.

(f)

Amount

is

less

than

0.005%.

(g)

Annualized.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

153

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

High

Yield

Portfolio

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

5.54‌

$

5.43‌

$

5.00‌

$

5.42‌

$

5.31‌

$

4.91‌

Net

investment

income

(loss)

(a)

..................

0.14‌

0.29‌

0.31‌

0.30‌

0.30‌

0.29‌

Net

realized

and

unrealized

gain

(loss)

............

0.09‌

0.11‌

0.43‌

(0.42‌)

0.12‌

0.40‌

Net

increase

(decrease)

from

investment

operations

.....

0.23‌

0.40‌

0.74‌

(0.12‌)

0.42‌

0.69‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

...................

(0.14‌)

(0.29‌)

(0.31‌)

(0.30‌)

(0.31‌)

(0.29‌)

From

return

of

capital

........................

—‌

—‌

—‌

(0.00‌)

(c)

—‌

—‌

Total

distributions

............................

(0.14‌)

(0.29‌)

(0.31‌)

(0.30‌)

(0.31‌)

(0.29‌)

Net

asset

value,

end

of

period

...................

$

5.63‌

$

5.54‌

$

5.43‌

$

5.00‌

$

5.42‌

$

5.31‌

Total

Return

(d)

4.19%

7.80%

15.04%

(2.31)%

—

—

Based

on

net

asset

value

.......................

4.19%

(e)

7.80%

15.04%

(2.31)%

(f)

7.95%

14.43%

Ratios

to

Average

Net

Assets

Total

expenses

..............................

1.35%

(g)

1.27%

1.15%

1.98%

1.34%

0.99%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.50%

(g)

0.50%

0.50%

0.50%

0.50%

0.50%

(h)

Net

investment

income

........................

5.02%

(g)

5.48%

5.76%

5.66%

5.53%

5.64%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

27,731‌

$

28,919‌

$

30,673‌

$

27,068‌

$

32,005‌

$

33,794‌

Portfolio

turnover

rate

.........................

31%

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)

Aggregate

total

return.

(f)

Includes

payment

received

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Annualized.

(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)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

154

(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)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

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

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

..............

$

11.51‌

$

11.01‌

$

10.58‌

$

10.80‌

$

10.86‌

$

10.90‌

Net

investment

income

(loss)

(a)

..................

0.06‌

0.20‌

0.27‌

0.25‌

0.21‌

0.17‌

Net

realized

and

unrealized

gain

(loss)

............

(0.20‌)

0.53‌

0.44‌

(0.17‌)

(0.02‌)

0.00‌

(b)

Net

increase

(decrease)

from

investment

operations

.....

(0.14‌)

0.73‌

0.71‌

0.08‌

0.19‌

0.17‌

Distributions

from

net

investment

income

(c)

...........

(0.09‌)

(0.23‌)

(0.28‌)

(0.30‌)

(0.25‌)

(0.21‌)

Net

asset

value,

end

of

period

...................

$

11.28‌

$

11.51‌

$

11.01‌

$

10.58‌

$

10.80‌

$

10.86‌

Total

Return

(d)

(1.26)%

6.64%

6.78%

0.77%

—

—

Based

on

net

asset

value

.......................

(1.26)%

(e)

6.64%

6.78%

0.77%

1.72%

1.54%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

..............................

0.89%

(g)

1.02%

1.47%

1.69%

1.15%

0.94%

Total

expenses

after

fees

waived

and/or

reimbursed

.....

0.50%

(g)

0.59%

1.02%

0.86%

0.63%

0.59%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.....................

0.50%

(g)

0.50%

0.50%

0.50%

0.50%

0.50%

Net

investment

income

........................

1.01%

(g)

1.71%

2.45%

2.39%

1.89%

1.50%

Supplemental

Data

Net

assets,

end

of

period

(000)

...................

$

49,614‌

$

53,775‌

$

54,333‌

$

53,941‌

$

54,580‌

$

60,506‌

Portfolio

turnover

rate

(h)

........................

351%

629%

658%

728%

1,058%

1,004%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

....................

—%

0.01%

0.01%

0.01%

0.01%

—%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

2020

2019

2018

2017

2016

Portfolio

turnover

rate

(excluding

MDRs)

..............

196%

386%

425%

434%

694%

631%

Notes

to

Financial

Statements

(unaudited)

155

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Series

Fund,

Inc.

(“Series

Fund”)

and

BlackRock

Series

Fund

II,

Inc.

(“Series

Fund

II”

and

together

with

Series

Fund,

the

“Companies”

and

each,

a

“Company”)

are

each

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

open-end

management

investment

companies.

Each

Company

is

organized

as

a

Maryland

corporation

and

is

comprised

of

the

separate

portfolios

indicated

below.

Series

Fund

is

comprised

of

5

separate

portfolios

and

Series

Fund

II

is

comprised

of

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

$5,168,044

,

which

is

2.5%

 of

Global

Allocation's

 consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

During

the

six

months

ended

June

30,

2021

there

were

no

transactions

in

the

Subsidiary.

 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. 

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income and

capital

gain

distributions,

if

any,

are recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value. Dividends

from

foreign

securities

where

the

ex-

dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

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.

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

156

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

June

30,

2021

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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)

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.

Doing

so

allows

the

investment

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

dates

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.

3.

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.  

Notes

to

Financial

Statements

(unaudited)

(continued)

157

Notes

to

Financial

Statements

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

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

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day's

price will

be

used,

unless

it

is

determined

that

the

prior

day's

price

no

longer

reflects

the

fair

value

of

the

option.

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.  

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

158

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.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

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

June

30,

2021,

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. 

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

159

Notes

to

Financial

Statements

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-

indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

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.

S

tripped

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

160

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end,

Global

Allocation

and

High

Yield

had

the

following

unfunded

floating

rate

loan

interests: 

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

The

Funds

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made.

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

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the

Schedules

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Funds

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund 

realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities. 

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering. 

Such

agreements

may

obligate a

Fund

to

make

future

cash

payments. 

As

of

June

30,

2021,

Global

Allocation

and

High

Yield

had

outstanding

commitments

of

$1,558,990

and

$17,030,

respectively.

These

commitments

are

not

included

in

the

net

assets

of

Global

Allocation

and

High

Yield

as

of

June

30,

2021

.

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

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Global

Allocation

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan

......

$

1,846‌

$

1,828‌

$

1,832‌

$

4‌

High

Yield

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan

......

285‌

282‌

283‌

1‌

Notes

to

Financial

Statements

(unaudited)

(continued)

161

Notes

to

Financial

Statements

hold

collateral

for

a

fund

and

its

counterparties.

Typically,

a

fund

and

counterparty

are

not

permitted

to

sell,

re-pledge

or

use

the

collateral

absent

a

default

by

the

counterparty

or the

fund,

respectively.

In

the

event

the

counterparty

defaults

and

the

fair

value

of

the

collateral

declines, a

fund

could

experience

losses,

delays

and

costs

in

liquidating

the

collateral.

Repurchase

agreements

are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”).

The

MRA

permits the

fund,

under

certain

circumstances

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

with

collateral

held

by

and/or

posted

to

the

counterparty.

As

a

result,

one

single

net

payment

is

created.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Based

on

the

terms

of

the

MRA, the

fund

receives

collateral

with

a

market

value

in

excess

of

the

repurchase

price

at

maturity.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty, the

fund

would

recognize

a

liability

with

respect

to

such

excess

collateral.

The

liability

reflects the

fund’s

obligation

under

bankruptcy

law

to

return

the

excess

to

the

counterparty.

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

six

months

ended

June

30,

2021,

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

an

MRA,

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

$9,676

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.

U.S.

Government

Bond

Average

Borrowings

.................................................................................................

$

1,654,899‌

Daily

Weighted

Average

Interest

Rate

.....................................................................................

0.08%

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.

.....

$

4,714,305‌

$

(4,712,105‌)

$

2,200‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

2,200‌

...........................................

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

162

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

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:

 The

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

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.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(unaudited)

(continued)

163

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.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

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

(b)

Advantage

Large

Cap

Core

Credit

Suisse

Securities

(USA)

LLC

.....................................

$

245,063‌

$

(245,063‌)

$

—‌

Deutsche

Bank

Securities,

Inc.

........................................

174,784‌

(174,784‌)

—‌

JP

Morgan

Securities

LLC

...........................................

495,126‌

(493,263‌)

1,863‌

Morgan

Stanley

&

Co.

LLC

...........................................

706,242‌

(706,242‌)

—‌

$

1,621,215‌

$

(1,619,352‌)

$

1,863‌

Balanced

Capital

Citigroup

Global

Markets,

Inc.

.........................................

12,464‌

(12,456‌)

8‌

Credit

Suisse

Securities

(USA)

LLC

.....................................

8,819‌

(8,819‌)

—‌

Deutsche

Bank

Securities,

Inc.

........................................

260,851‌

(260,851‌)

—‌

JP

Morgan

Securities

LLC

...........................................

1,693,062‌

(1,693,062‌)

—‌

Morgan

Stanley

&

Co.

LLC

...........................................

1,931,481‌

(1,931,481‌)

—‌

$

3,906,677‌

$

(3,906,669‌)

$

8‌

Capital

Appreciation

Citigroup

Global

Markets,

Inc.

.........................................

1,671,030‌

(1,671,030‌)

—‌

JP

Morgan

Securities

LLC

...........................................

8,046,233‌

(8,046,233‌)

—‌

Morgan

Stanley

&

Co.

LLC

...........................................

68,166‌

(68,166‌)

—‌

$

9,785,429‌

$

(9,785,429‌)

$

—‌

Global

Allocation

Barclays

Capital,

Inc.

...............................................

1,098,727‌

(1,072,887‌)

25,840‌

BofA

Securities,

Inc.

................................................

265,055‌

(259,136‌)

5,919‌

Citigroup

Global

Markets,

Inc.

.........................................

385,790‌

(369,855‌)

15,935‌

Goldman

Sachs

&

Co.

..............................................

183,359‌

(183,359‌)

—‌

JP

Morgan

Securities

LLC

...........................................

1,263,948‌

(1,223,650‌)

40,298‌

Morgan

Stanley

&

Co.

LLC

...........................................

453,300‌

(437,797‌)

15,503‌

State

Street

Bank

&

Trust

Co.

.........................................

262,543‌

(253,008‌)

9,535‌

TD

Prime

Services

LLC

.............................................

38,964‌

(37,678‌)

1,286‌

$

3,951,686‌

$

(3,837,370‌)

$

114,316‌

(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.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

June

30,

2021.

Additional

collateral

is

delivered

to

the

Funds

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

164

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:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statements

of

Assets

and

Liabilities.

Swaptions

–

The

Funds

may purchase

and

write

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Funds’

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option.

Interest

rate

caps

and

floors

—

Interest

rate

caps

and

floors

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

(interest

rate

risk

and/or

other

risk).

Caps

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

exceed

a

specified

rate,

or

“cap.”

Floors

are

agreements

whereby

one

party

agrees

to

make

payments

to

the

other,

in

return

for

a

premium,

to

the

extent

that

interest

rate

indexes

fall

below

a

specified

rate,

or

“floor.”

The

maximum

potential

amount

of

future

payments

that

a

Fund

would

be

required

to

make

under

an

interest

rate

cap

would

be

the

notional

amount

times

the

percentage

increase

in

interest

rates

determined

by

the

difference

between

the

interest

rate

index

current

value

and

the

value

at

the

time

the

cap

was

entered

into.

Foreign

currency

options

– The

Funds

may purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

Barrier

options

– The

Funds

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Funds

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

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

(unaudited)

(continued)

165

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

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

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

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

166

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.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

Each

Company,

on

behalf

of

its

respective

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds'

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

based

on

the

percentage

of

the 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

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.

With

respect

to

Global

Allocation,

the

Manager

entered

into

a

sub-advisory

agreement

with

BRS,

effective

May

27,

2021,

an

affiliate

of

the

Manager.

The

Manager

pays

BRS

for

services

it

provides

for

that

portion

of

Global

Allocation

for

which

BRS

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Global

Allocation

to

the

Manager.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

167

Notes

to

Financial

Statements

For

the

six

months ended

June

30,

2021,

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:

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

six

months

ended

June

30,

2021

,

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

June

30,

202

3

.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

.

For

the

six

months

ended

June

30,

2021

,

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

June

30,

2023.

 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

six

months

ended

June

30,

2021,

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:

Advantage

Large

Cap

Core

..................................................................................................

$

886‌

Balanced

Capital

.........................................................................................................

2,434‌

Capital

Appreciation

.......................................................................................................

1,065‌

Global

Allocation

.........................................................................................................

888‌

Government

Money

Market

..................................................................................................

555‌

High

Yield

..............................................................................................................

140‌

U.S.

Government

Bond

.....................................................................................................

298‌

Advantage

Large

Cap

Core

......................................................................................................

$

1,111‌

Balanced

Capital

.............................................................................................................

6,166‌

Capital

Appreciation

...........................................................................................................

196‌

Global

Allocation

.............................................................................................................

244‌

High

Yield

..................................................................................................................

94‌

U.S.

Government

Bond

.........................................................................................................

314‌

Balanced

Capital

.............................................................................................................

$

1,999‌

Global

Allocation

.............................................................................................................

10,837‌

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

168

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

June

30,

2023,

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

six

months

ended

June

30,

2021,

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:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

June

30,

2023.

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

six

months

ended

June

30,

2021,

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

six

months ended

June

30,

2021,

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

reimbursed

under

this

agreement

were

$217,174

and

$5,634,

respectively,

for

Government

Money

Market.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

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,

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.

Advantage

Large

Cap

Core

..................................................................................................

$

98,441‌

Balanced

Capital

.........................................................................................................

267,459‌

Capital

Appreciation

.......................................................................................................

124,732‌

Global

Allocation

.........................................................................................................

109,794‌

Government

Money

Market

..................................................................................................

4,250‌

High

Yield

..............................................................................................................

11,797‌

U.S.

Government

Bond

.....................................................................................................

23,743‌

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

Fees

waived

and/or

reimbursed

by

the

Manager

Global

Allocation

.........................................................................................................

$

126,778‌

Government

Money

Market

..................................................................................................

494‌

High

Yield

..............................................................................................................

100,031‌

U.S.

Government

Bond

.....................................................................................................

60,720‌

Transfer

agent

fees

reimbursed

Global

Allocation

.........................................................................................................

$

40,355‌

Government

Money

Market

..................................................................................................

1,684‌

High

Yield

..............................................................................................................

6,983‌

U.S.

Government

Bond

.....................................................................................................

12,699‌

Notes

to

Financial

Statements

(unaudited)

(continued)

169

Notes

to

Financial

Statements

Pursuant

to

the

current

securities

lending

agreement,

Advantage

Large

Cap

Core,

Balanced

Capital

and

Capital

Appreciation

retain

77%

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

81%

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.

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 six

months

ended

June

30,

2021, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

fro

m

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Boards. 

During

the

period

ended

June

30,

2021,

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

six

months

ended

June

30,

2021

,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the

six

months ended

June

30,

2021,

purchases

and

sales

of

investments,

including

paydowns,

mortgage

dollar

rolls and

excluding

short-term

investments,

were

as

follows:

RULE-ABOVE

Advantage

Large

Cap

Core

..................................................................................................

$

5,008‌

Balanced

Capital

.........................................................................................................

8,080‌

Capital

Appreciation

.......................................................................................................

3,615‌

Global

Allocation

.........................................................................................................

4,092‌

Purchases 

Sales 

Net

Realized

Gain

(Loss)

Balanced

Capital

...................................................................

$

7,851‌

$

11,670‌

$

798‌

Global

Allocation

...................................................................

212,691‌

—‌

—‌

U.S.

Government

Securities

Other

Securities

Purchases

Sales

Purchases

Sales

Advantage

Large

Cap

Core

...............................................

$

—‌

$

—‌

$

116,824,024‌

$

119,670,376‌

Balanced

Capital

......................................................

15,645,265‌

9,122,610‌

890,716,190‌

887,494,769‌

Capital

Appreciation

....................................................

—‌

—‌

50,124,462‌

60,029,532‌

Global

Allocation

......................................................

6,533,457‌

11,399,628‌

109,104,224‌

119,906,177‌

High

Yield

...........................................................

—‌

—‌

8,584,132‌

10,036,644‌

U.S.

Government

Bond

..................................................

10,036,140‌

9,996,577‌

188,302,126‌

183,581,577‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

170

For

the

six

months ended

June

30,

2021,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

as

follows:

RULE-ABOVE

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

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. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

June

30,

2021,

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.

As

of

December

31,

2020, the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows: 

As

of

June

30,

2021, 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: 

9.

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

2022

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

six

months ended

June

30,

2021,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Purchases

Sales

Balanced

Capital

......................................................................................

$

300,011,791‌

$

300,179,446‌

U.S.

Government

Bond

..................................................................................

85,524,424‌

85,611,600‌

Non-expiring

Capital

Loss

Carryforwards

High

Yield

............................................................................................................

$

2,161,636‌

U.S.

Government

Bond

...................................................................................................

1,164,950‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Advantage

Large

Cap

Core

..........................................

$

179,518,805‌

$

41,814,384‌

$

(1,570,934‌)

$

40,243,450‌

Balanced

Capital

.................................................

541,582,571‌

65,918,033‌

(4,140,979‌)

61,777,054‌

Capital

Appreciation

...............................................

155,942,033‌

124,627,796‌

(937,496‌)

123,690,300‌

Global

Allocation

..................................................

170,267,239‌

41,561,660‌

(5,931,531‌)

35,630,129‌

High

Yield

......................................................

26,852,352‌

1,485,537‌

(217,790‌)

1,267,747‌

U.S.

Government

Bond

.............................................

67,669,765‌

1,715,004‌

(613,463‌)

1,101,541‌

Notes

to

Financial

Statements

(unaudited)

(continued)

171

Notes

to

Financial

Statements

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,

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

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

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

each Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

Fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

172

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

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Advantage

Large

Cap

Core

Shares

sold

28,786‌

$

807,233‌

38,859‌

$

929,548‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

674,929‌

17,311,283‌

Shares

redeemed

(337,496‌)

(9,519,116‌)

(1,113,413‌)

(26,880,929‌)

        Net

decrease

(308,710‌)

$

(8,711,883‌)

(399,625‌)

$

(8,640,098‌)

Balanced

Capital

Shares

sold

79,677‌

$

1,410,797‌

75,896‌

$

1,210,797‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

2,673,232‌

44,587,034‌

Shares

redeemed

(1,831,615‌)

(31,812,414‌)

(3,104,207‌)

(49,636,091‌)

        Net

decrease

(1,751,938‌)

$

(30,401,617‌)

(355,079‌)

$

(3,838,260‌)

Capital

Appreciation

Shares

sold

19,465‌

$

1,141,225‌

43,811‌

$

2,036,965‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

328,864‌

18,235,911‌

Shares

redeemed

(195,120‌)

(11,414,728‌)

(496,857‌)

(24,957,352‌)

        Net

decrease

(175,655‌)

$

(10,273,503‌)

(124,182‌)

$

(4,684,476‌)

Global

Allocation

Shares

sold

56,886‌

$

1,061,280‌

166,377‌

$

2,884,411‌

Shares

issued

in

reinvestment

of

distributions

........................

—‌

—‌

827,991‌

14,667,909‌

Shares

redeemed

(548,294‌)

(10,232,939‌)

(1,404,651‌)

(23,204,530‌)

        Net

decrease

(491,408‌)

$

(9,171,659‌)

(410,283‌)

$

(5,652,210‌)

Government

Money

Market

Shares

sold

34,892,405‌

$

34,892,405‌

68,371,134‌

$

68,371,134‌

Shares

issued

in

reinvestment

of

distributions

........................

9‌

9‌

299,826‌

299,826‌

Shares

redeemed

(34,826,937‌)

(34,826,937‌)

(72,212,279‌)

(72,212,279‌)

        Net

increase

(decrease)

65,477‌

$

65,477‌

(3,541,319‌)

$

(3,541,319‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

173

Notes

to

Financial

Statements

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

High

Yield

Shares

sold

91,777‌

$

510,793‌

957,994‌

$

4,941,528‌

Shares

issued

in

reinvestment

of

distributions

........................

127,011‌

705,832‌

295,863‌

1,544,021‌

Shares

redeemed

(516,075‌)

(2,864,557‌)

(1,679,992‌)

(8,761,575‌)

        Net

decrease

(297,287‌)

$

(1,647,932‌)

(426,135‌)

$

(2,276,026‌)

U.S.

Government

Bond

Shares

sold

147,813‌

$

1,680,037‌

391,313‌

$

4,487,037‌

Shares

issued

in

reinvestment

of

distributions

........................

32,239‌

365,580‌

101,934‌

1,165,802‌

Shares

redeemed

(452,694‌)

(5,135,610‌)

(754,958‌)

(8,648,236‌)

        Net

decrease

(272,642‌)

$

(3,089,993‌)

(261,711‌)

$

(2,995,397‌)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

2021

BlackRock

Semi-Annual

Report

to

Shareholders

174

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Series

Funds,

Inc.

(the

“Corporation”)

met

on

April

7,

2021

(the

“April

Meeting”)

and

May

10-12,

2021

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation,

on

behalf

of

BlackRock

Advantage

Large

Cap

Core

Portfolio

(“Large

Cap

Core

Portfolio”),

BlackRock

Balanced

Capital

Portfolio

(“Balanced

Capital

Portfolio”),

BlackRock

Capital

Appreciation

Portfolio

(“Capital

Appreciation

Portfolio”),

BlackRock

Global

Allocation

Portfolio

(“Global

Allocation

Portfolio”)

and

BlackRock

Government

Money

Market

Portfolio

(“Government

Money

Market

Portfolio”

and

together

with

the

Large

Cap

Core

Portfolio,

the

Balanced

Capital

Portfolio,

the

Capital

Appreciation

Portfolio

and

the

Global

Allocation

Portfolio,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

of

the

sub-advisory

agreements

between

the

Manager

and

(a)

BlackRock

International

Limited

(“BIL”)

with

respect

to

Balanced

Capital

Portfolio

(the

“BIL

Sub-

Advisory

Agreement”);

and

(b)

BlackRock

(Singapore)

Limited

(“BSL”

and

together

with

BIL,

the

“Sub-Advisors”)

with

respect

to

Balanced

Capital

Portfolio

(the

“BSL

Sub-

Advisory

Agreement”

and

together

with

the

BIL

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process:

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Corporation,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Corporation’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

members

of

the

Board

gave

attention

to

all

of

the

information

that

was

furnished,

and

each

Board

Member

placed

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

175

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

varying

degrees

of

importance

on

the

various

pieces

of

information

that

were

provided

to

them.

The

Board

evaluated

the

information

available

to

it

on

a

fund

by

fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third-parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and,

with

respect

to

Large

Cap

Core

Portfolio,

Balanced

Capital

Portfolio,

Capital

Appreciation

Portfolio

and

Global

Allocation

Portfolio,

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”);

and,

with

respect

to

Government

Money

Market

Portfolio,

a

weighted

average

benchmark

of

similar

funds,

as

defined

by

BlackRock

(“Benchmark

Weighted

Average”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

each

of

Balanced

Capital

Portfolio

and

Global

Allocation

Portfolio

ranked

in

the

first

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Capital

Appreciation

Portfolio

ranked

in

the

second,

first

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Large

Cap

Core

Portfolio

ranked

in

the

second

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

reviewed

Government

Money

Market

Portfolio’s

performance

within

the

context

of

the

low

yield

environment.

In

addition

to

reviewing

the

Fund’s

performance

and

current

yield,

it

also

reviews

the

liquidity,

duration,

credit

quality

and

other

risk

factors

of

the

Fund’s

portfolio.

The

Board

noted

that

for

each

of

the

one-

and

three-year

periods

reported,

the

Fund

underperformed

its

Benchmark

Weighted

Average.

The

Board

noted

that

BlackRock

believes

that

the

Benchmark

Weighted

Average

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Benchmark

Weighted

Average

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds:

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

176

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly-traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

each

of

Large

Cap

Core

Portfolio’s,

Capital

Appreciation

Portfolio’s

and

Global

Allocation

Portfolio’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

Balanced

Capital

Portfolio’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

reviewed

the

expenses

within

the

context

of

the

low

yield

environment,

and

any

consequent

expense

waivers

and

reimbursements

necessary

to

maintain

minimum

levels

of

daily

net

investment

income,

as

applicable.

The

Board

noted

that

Government

Money

Market

Portfolio’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

third

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

Fund,

combined

with

the

assets

of

certain

other

funds,

increase

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

pertinent

Fund

or

such

other

funds

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

pertinent

Fund’s

average

daily

net

assets.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

each

Fund.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

177

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Corporation,

on

behalf

of

each

Fund,

(ii)

the

BIL

Sub-Advisory

Agreement

between

the

Manager

and

BIL

with

respect

to

Balanced

Capital

Portfolio,

and

(iii)

the

BSL

Sub-Advisory

Agreement

between

the

Manager

and

BSL

with

respect

to

Balanced

Capital

Portfolio,

each

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Disclosure

of

Investment

Sub-Advisory

Agreement

2021

BlackRock

Semi-Annual

Report

to

Shareholders

178

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Series

Funds,

Inc.

(the

“Corporation”)

met

on

May

11,

2021

(the

“Meeting”)

to

consider

the

initial

approval

of

the

proposed

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Corporation’s

investment

advisor,

and

BlackRock

(Singapore)

Limited

(the

“Sub-Advisor”)

with

respect

to

Global

Allocation

Portfolio

(the

“Fund”),

a

series

of

the

Corporation.

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

at

the

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Sub-Advisory

Agreement.

The

Board

Members

whom

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board

previously

met

on

May

11-13,

2020

(the

“May

2020

Meeting”)

to

consider

the

approval

of

the

continuation

of

the

Corporation’s

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation

and

the

Manager.

At

the

May

2020

Meeting,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

for

a

one-year

term

ending

June

30,

2021.

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Agreement

at

the

May

2020

Meeting

is

included

in

the

semi-annual

shareholder

report

for

the

Fund

for

the

period

ended

June

30,

2020.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

the

approval

of

the

proposed

Sub-Advisory

Agreement

were

substantially

the

same

as

the

factors

considered

at

the

May

2020

Meeting

with

respect

to

approval

of

the

Advisory

Agreement.

Following

discussion,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Fund,

for

a

two-year

term

beginning

on

the

effective

date

of

the

Sub-Advisory

Agreement.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

a

majority

of

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Sub-Advisory

Agreement

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Sub-Advisory

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

179

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Series

Fund

II,

Inc.

(the

“Company”)

met

on

May

4,

2021

(the

“May

Meeting”)

and

June

8-9,

2021

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Company,

on

behalf

of

BlackRock

High

Yield

Portfolio

(the

“High

Yield

Portfolio”)

and

BlackRock

U.S.

Government

Bond

Portfolio

(the

“U.S.

Government

Bond

Portfolio”

and

together

with

the

High

Yield

Portfolio,

the

“Funds”

and

each,

a

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

the

Manager

and

BlackRock

International

Limited

(the

“Sub-

Advisor”),

with

respect

to

each

Fund.

The

Manager

and

the

Sub-Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process:

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Company,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

each

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

each

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

each

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

At

the

May

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

June

Meeting.

At

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

each

Fund;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

each

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

180

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

each

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

each

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

each

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

each

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

each

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

each

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

each

Fund

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

May

meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

High

Yield

Portfolio

ranked

in

the

first

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

High

Yield

Portfolio,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

U.S.

Government

Bond

Portfolio

ranked

in

the

second,

first

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

U.S.

Government

Bond

Portfolio,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

each

Fund:

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

181

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

each

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

High

Yield

Portfolio’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile,

relative

to

the

High

Yield

Portfolio’s

Expense

Peers.

The

Board

also

noted

that

the

High

Yield

Portfolio

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

High

Yield

Portfolio,

combined

with

the

assets

of

certain

other

funds,

increase

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

High

Yield

Portfolio,

or

such

other

funds

were

to

decrease,

the

High

Yield

Portfolio

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

High

Yield

Portfolio’s

total

expenses

as

a

percentage

of

the

High

Yield

Portfolio’s

average

daily

net

assets.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

High

Yield

Portfolio.

The

Board

noted

that

the

U.S.

Government

Bond

Portfolio’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile,

relative

to

the

U.S.

Government

Bond

Portfolio’s

Expense

Peers.

The

Board

also

noted

that

the

U.S.

Government

Bond

Portfolio

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

U.S.

Government

Bond

Portfolio,

combined

with

the

assets

of

certain

other

funds,

increase

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

U.S.

Government

Bond

Portfolio,

or

such

other

funds

were

to

decrease,

the

U.S.

Government

Bond

Portfolio

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

U.S.

Government

Bond

Portfolio’s

total

expenses

as

a

percentage

of

the

U.S.

Government

Bond

Portfolio’s

average

daily

net

assets.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

U.S.

Government

Bond

Portfolio.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

each

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

each

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

each

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-

out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

each

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

each

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

each

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

each

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Company,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2022,

and

the

Sub-Advisory

Agreements

between

the

Manager

and

the

Sub-Advisors,

with

respect

to

each

Fund,

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

2021

BlackRock

Semi-Annual

Report

to

Shareholders

182

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

August

19, 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

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

schedules

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,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

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

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com/prospectus/insurance

;

and

(3)

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.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

183

Additional

Information

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

and

BlackRock

Global

Allocation

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

2021

BlackRock

Semi-Annual

Report

to

Shareholders

184

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

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

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

TRY

Turkish

Lira

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviations

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

BA

Canadian

Bankers

Acceptances

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

JIBAR

Johannesburg

Interbank

Average

Rate

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

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

WIBOR

Warsaw

Interbank

Offered

Rate

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.

Series8-6/21-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

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(a) 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 – Not Applicable to this semi-annual report

              (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: August 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: August 26, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Series Fund II, Inc.

Date: August 26, 2021