BlackRock
Balanced
Capital
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
0.72%,
05/25/37
(a)
.....
USD
45
$
10,463
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-D,
Class
A,
3.75%,
08/25/58
(a)
108
108,682
Series
2018-G,
Class
A,
4.38%,
06/25/57
(a)
100
99,803
Series
2018-G,
Class
B,
5.25%,
06/25/57
(a)
100
98,698
Series
2018-G,
Class
C,
5.25%,
06/25/57
.
99
98,357
Series
2019-A,
Class
A,
3.75%,
08/25/57
(a)
88
87,470
Series
2019-B,
Class
A,
3.75%,
01/25/59
(a)
168
168,235
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.48%),
0.94%,
05/25/35
(a)
.................
59
53,831
BCMSC
Trust
(a)
Series
2000-A,
Class
A3,
7.83%,
06/15/30
.
49
9,757
Series
2000-A,
Class
A4,
8.29%,
06/15/30
.
35
7,435
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(LIBOR
USD
1
Month
+
1.73%),
2.18%,
08/25/34
....
1
1,020
Series
2007-HE1,
Class
21A2,
(LIBOR
USD
1
Month
+
0.16%),
0.62%,
01/25/37
...
23
22,567
Series
2007-HE2,
Class
22A,
(LIBOR
USD
1
Month
+
0.14%),
0.60%,
03/25/37
....
13
12,543
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
0.60%,
03/25/37
....
26
25,031
Series
2007-HE3,
Class
1A3,
(LIBOR
USD
1
Month
+
0.25%),
0.71%,
04/25/37
....
48
60,167
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
0.62%,
10/25/36
(a)
...........
41
39,752
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
0.66%,
05/25/37
...
151
119,401
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
0.73%,
05/25/37
...
68
54,543
Conseco
Finance
Corp.
Series
1998-8,
Class
A1,
6.28%,
09/01/30
.
6
5,807
Series
1998-8,
Class
M1,
6.98%,
09/01/30
(a)
55
53,584
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
2.90%,
11/15/32
(a)
...
38
37,610
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
31
8,504
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
42
11,097
Series
2000-5,
Class
A6,
7.96%,
05/01/31
.
37
14,290
Countrywide
Asset-Backed
Certificates
Series
2006-S3,
Class
A4,
6.04%,
01/25/29
(c)
....................
3
4,015
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
0.68%,
12/25/25
(a)
...
—
(d)
396
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2001-MH29,
Class
B1,
8.10%,
09/25/31
(a)
......................
21
20,483
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2006-MH1,
Class
B1,
6.25%,
10/25/36
(b)(c)
.....................
100
98,447
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
.........
3
3,606
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
0.70%,
12/15/33
...
12
12,149
Series
2006-RES,
Class
5B1A,
(LIBOR
USD
1
Month
+
0.19%),
0.59%,
05/15/35
...
29
28,677
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
0.58%,
05/15/35
....
USD
5
$
5,032
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
0.55%,
11/15/36
....
11
9,789
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
1.06%,
01/25/36
(a)
.....
40
35,634
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.20%),
0.66%,
01/25/47
....
23
14,141
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
3.38%),
3.83%,
02/25/47
....
25
25,834
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
0.76%,
05/25/37
(a)
......................
34
27,133
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(c)
.........
121
15,931
Home
Loan
Mortgage
Loan
Trust,
Series
2005-
1,
Class
A3,
(LIBOR
USD
1
Month
+
0.72%),
1.12%,
04/15/36
(a)
.................
22
21,280
IXIS
Real
Estate
Capital
Trust,
Series
2007-
HE1,
Class
A4,
(LIBOR
USD
1
Month
+
0.23%),
0.69%,
05/25/37
(a)
...........
641
196,899
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
65
66,238
Series
2002-A,
Class
C,
0.00%,
06/15/33
.
5
4,305
Litigation
Fee
Residual
Funding
LLC,
Series
2015-1, 4.00%,
10/30/27
(e)
...........
9
9,024
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-5,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
0.76%,
06/25/36
....
22
13,564
Series
2006-7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.16%),
0.62%,
08/25/36
....
14
6,646
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.24%),
0.70%,
05/25/37
(a)
19
15,823
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
1.06%,
12/25/34
(a)
.....
78
69,982
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class
A4,
6.93%,
09/15/31
(a)
....
9
6,525
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
0.67%,
03/25/37
(a)
...
40
33,115
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(c)
....................
31
28,140
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(c)
....................
35
31,864
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(c)
....................
41
37,734
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
1.60%,
10/15/37
(a)(b)
....
15
14,427
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(c)
.........
29
26,527
SG
Mortgage
Securities
Trust,
Series
2006-
FRE2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.32%),
0.78%,
07/25/36
(a)
...........
16
4,226
BlackRock
Balanced
Capital
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Wachovia
Asset
Securitization
Issuance
II
LLC
Trust,
Series
2007-HE2A,
Class
A,
(LIBOR
USD
1
Month
+
0.13%),
0.59%,
07/25/37
(a)(b)
USD
30
$
29,761
Total
Asset-Backed
Securities
—
0.4%
(Cost:
$2,295,253)
...............................
2,125,994
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
1.9%
Axon
Enterprise,
Inc.
(f)
................
1,393
191,858
Boeing
Co.
(The)
(f)
...................
7,684
1,471,486
Curtiss-Wright
Corp.
..................
6,465
970,784
General
Dynamics
Corp.
...............
12,948
3,122,799
HEICO
Corp.
......................
2,124
326,119
HEICO
Corp.,
Class
A
.................
13,140
1,666,546
Lockheed
Martin
Corp.
................
3,934
1,736,468
Northrop
Grumman
Corp.
..............
436
194,988
9,681,048
Air
Freight
&
Logistics
—
0.4%
Expeditors
International
of
Washington,
Inc.
..
1,192
122,966
United
Parcel
Service,
Inc.,
Class
B
.......
8,669
1,859,154
1,982,120
Auto
Components
—
0.2%
BorgWarner,
Inc.
(g)
...................
24,692
960,519
Goodyear
Tire
&
Rubber
Co.
(The)
(f)
.......
4,587
65,548
1,026,067
Automobiles
—
1.4%
(f)
General
Motors
Co.
..................
19,679
860,760
Tesla,
Inc.
.........................
5,862
6,316,891
7,177,651
Banks
—
2.3%
Bank
of
America
Corp.
................
89,232
3,678,143
Citigroup,
Inc.
......................
27,074
1,445,752
First
Republic
Bank
..................
879
142,486
Huntington
Bancshares,
Inc.
............
5,522
80,732
JPMorgan
Chase
&
Co.
...............
22,910
3,123,091
Pinnacle
Financial
Partners,
Inc.
(g)
........
8,131
748,702
PNC
Financial
Services
Group,
Inc.
(The)
...
2,731
503,733
Regions
Financial
Corp.
(g)
..............
81,562
1,815,570
Truist
Financial
Corp.
.................
3,641
206,445
US
Bancorp
.......................
714
37,949
Wells
Fargo
&
Co.
...................
1,770
85,774
11,868,377
Beverages
—
0.7%
Brown-Forman
Corp.,
Class
B
(g)
..........
21,680
1,452,994
Coca-Cola
Europacific
Partners
plc
........
8,196
398,407
Keurig
Dr
Pepper,
Inc.
................
25,495
966,260
PepsiCo,
Inc.
......................
5,515
923,101
3,740,762
Biotechnology
—
0.7%
AbbVie,
Inc.
.......................
599
97,104
Amgen,
Inc.
.......................
10,719
2,592,068
Biogen,
Inc.
(f)
.......................
2,938
618,743
3,307,915
Building
Products
—
0.1%
Builders
FirstSource
,
Inc.
(f)
..............
2,116
136,567
Lennox
International,
Inc.
..............
299
77,100
Security
Shares
Shares
Value
Building
Products
(continued)
Owens
Corning
.....................
1,916
$
175,314
388,981
Capital
Markets
—
0.9%
Bank
of
New
York
Mellon
Corp.
(The)
......
698
34,642
FactSet
Research
Systems,
Inc.
..........
1,924
835,304
Goldman
Sachs
Group,
Inc.
(The)
........
1,301
429,460
Moody's
Corp.
......................
893
301,307
S&P
Global,
Inc.
....................
6,632
2,720,314
Stifel
Financial
Corp.
.................
5,439
369,308
4,690,335
Chemicals
—
0.8%
Corteva
,
Inc.
.......................
2,950
169,566
Ecolab,
Inc.
.......................
19,220
3,393,483
Linde
plc
.........................
1,315
420,051
Mosaic
Co.
(The)
....................
2,956
196,574
4,179,674
Communications
Equipment
—
0.2%
Ciena
Corp.
(f)
......................
3,068
186,013
Juniper
Networks,
Inc.
................
24,583
913,504
1,099,517
Construction
&
Engineering
—
0.0%
MasTec
,
Inc.
(f)
......................
352
30,659
Consumer
Finance
—
1.0%
Ally
Financial,
Inc.
...................
51,598
2,243,481
American
Express
Co.
................
9,662
1,806,794
Capital
One
Financial
Corp.
.............
5,110
670,892
Discover
Financial
Services
(g)
............
1,630
179,610
4,900,777
Diversified
Consumer
Services
—
0.3%
H&R
Block,
Inc.
.....................
26,864
699,539
Service
Corp.
International
.............
13,275
873,760
1,573,299
Diversified
Financial
Services
—
0.9%
Berkshire
Hathaway,
Inc.,
Class
B
(f)
........
3,636
1,283,181
Voya
Financial,
Inc.
..................
46,652
3,095,360
4,378,541
Diversified
Telecommunication
Services
—
0.1%
AT&T,
Inc.
.........................
14,966
353,647
Electric
Utilities
—
1.1%
Entergy
Corp.
(g)
.....................
22,894
2,672,874
NextEra
Energy,
Inc.
.................
12,743
1,079,460
OGE
Energy
Corp.
...................
39,253
1,600,737
5,353,071
Electrical
Equipment
—
0.4%
AMETEK,
Inc.
......................
3,001
399,673
Eaton
Corp.
plc
.....................
11,607
1,761,478
2,161,151
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Flex
Ltd.
(f)
.........................
10,531
195,350
Keysight
Technologies,
Inc.
(f)
............
8,096
1,278,925
TE
Connectivity
Ltd.
..................
1,153
151,020
1,625,295
Energy
Equipment
&
Services
—
0.4%
Halliburton
Co.
.....................
19,011
719,947
Schlumberger
NV
...................
30,794
1,272,100
1,992,047
BlackRock
Balanced
Capital
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Entertainment
—
0.2%
(f)
ROBLOX
Corp.,
Class
A
(g)
..............
3,514
$
162,487
Roku,
Inc.
.........................
1,773
222,104
Spotify
Technology
SA
................
3,098
467,860
Zynga,
Inc.,
Class
A
..................
7,250
66,990
919,441
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.3%
American
Homes
4
Rent,
Class
A
.........
20,584
823,977
American
Tower
Corp.
................
1,327
333,369
Crown
Castle
International
Corp.
.........
4,373
807,256
CubeSmart
........................
39,519
2,056,174
Equity
LifeStyle
Properties,
Inc.
..........
7,922
605,875
Extra
Space
Storage,
Inc.
..............
4,080
838,848
Life
Storage,
Inc.
....................
10,813
1,518,470
Mid-America
Apartment
Communities,
Inc.
...
2,485
520,483
Prologis,
Inc.
.......................
24,582
3,969,501
11,473,953
Food
&
Staples
Retailing
—
0.8%
Costco
Wholesale
Corp.
...............
5,149
2,965,052
Kroger
Co.
(The)
....................
1,722
98,791
Walmart,
Inc.
.......................
7,764
1,156,215
4,220,058
Food
Products
—
0.3%
Bunge
Ltd.
........................
5,016
555,823
Kellogg
Co.
(g)
......................
3,722
240,032
McCormick
&
Co.,
Inc.
(Non-Voting)
.......
8,253
823,649
1,619,504
Health
Care
Equipment
&
Supplies
—
1.1%
Abbott
Laboratories
..................
2,694
318,862
Align
Technology,
Inc.
(f)
................
1,734
756,024
Boston
Scientific
Corp.
(f)
...............
40,471
1,792,461
IDEXX
Laboratories,
Inc.
(f)
..............
4,236
2,317,346
Medtronic
plc
......................
3,718
412,512
5,597,205
Health
Care
Providers
&
Services
—
1.3%
Anthem,
Inc.
.......................
5,132
2,520,941
Cigna
Corp.
.......................
2,287
547,988
CVS
Health
Corp.
...................
7,064
714,948
McKesson
Corp.
....................
3,050
933,697
Molina
Healthcare,
Inc.
(f)
...............
1,726
575,776
UnitedHealth
Group,
Inc.
...............
2,329
1,187,720
6,481,070
Health
Care
Technology
—
0.3%
Cerner
Corp.
.......................
2,184
204,335
Teladoc
Health,
Inc.
(f)(g)
................
19,346
1,395,427
1,599,762
Hotels,
Restaurants
&
Leisure
—
0.6%
Airbnb,
Inc.,
Class
A
(f)
.................
229
39,333
Choice
Hotels
International,
Inc.
..........
651
92,286
Domino's
Pizza,
Inc.
..................
472
192,109
McDonald's
Corp.
...................
2,458
607,814
Travel
+
Leisure
Co.
..................
29,877
1,731,073
Yum!
Brands,
Inc.
...................
2,710
321,216
2,983,831
Household
Durables
—
0.3%
Garmin
Ltd.
........................
1,142
135,452
Lennar
Corp.,
Class
A
.................
1,223
99,271
Whirlpool
Corp.
(g)
....................
6,532
1,128,599
1,363,322
Security
Shares
Shares
Value
Household
Products
—
1.0%
Church
&
Dwight
Co.,
Inc.
..............
2,619
$
260,276
Colgate-Palmolive
Co.
................
50,831
3,854,515
Procter
&
Gamble
Co.
(The)
............
6,194
946,443
5,061,234
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Sunnova
Energy
International,
Inc.
(f)(g)
......
7,322
168,845
Industrial
Conglomerates
—
0.3%
Honeywell
International,
Inc.
............
4,440
863,935
Roper
Technologies,
Inc.
...............
1,278
603,510
1,467,445
Insurance
—
1.7%
Marsh
&
McLennan
Cos.,
Inc.
...........
16,921
2,883,677
MetLife,
Inc.
.......................
52,415
3,683,726
Reinsurance
Group
of
America,
Inc.
.......
4,703
514,790
Travelers
Cos.,
Inc.
(The)
..............
9,352
1,708,891
8,791,084
Interactive
Media
&
Services
—
3.1%
(f)
Alphabet,
Inc.,
Class
A
................
2,617
7,278,793
Alphabet,
Inc.,
Class
C
................
1,973
5,510,569
Meta
platforms,
Inc.,
Class
A
............
12,469
2,772,607
15,561,969
Internet
&
Direct
Marketing
Retail
—
2.2%
(f)
Amazon.com,
Inc.
...................
3,339
10,884,973
Etsy,
Inc.
.........................
2,925
363,519
MercadoLibre
,
Inc.
...................
49
58,285
11,306,777
IT
Services
—
2.6%
Accenture
plc,
Class
A
................
2,850
961,106
Automatic
Data
Processing,
Inc.
..........
3,844
874,664
EPAM
Systems,
Inc.
(f)
.................
380
112,712
Fidelity
National
Information
Services,
Inc.
...
21,977
2,206,930
Global
Payments,
Inc.
................
2,821
386,026
Mastercard
,
Inc.,
Class
A
...............
2,123
758,718
PayPal
Holdings,
Inc.
(f)
................
16,722
1,933,899
Square,
Inc.,
Class
A
(f)
................
934
126,650
Visa,
Inc.,
Class
A
(g)
..................
24,704
5,478,606
Western
Union
Co.
(The)
..............
12,703
238,054
13,077,365
Life
Sciences
Tools
&
Services
—
2.3%
Agilent
Technologies,
Inc.
..............
26,984
3,570,793
Bruker
Corp.
.......................
7,932
510,028
Danaher
Corp.
.....................
7,738
2,269,787
Mettler
-Toledo
International,
Inc.
(f)
.........
827
1,135,628
Syneos
Health,
Inc.
(f)(g)
................
24,533
1,985,946
Thermo
Fisher
Scientific,
Inc.
............
3,375
1,993,444
11,465,626
Machinery
—
1.1%
Caterpillar,
Inc.
.....................
3,412
760,262
Cummins,
Inc.
......................
1,990
408,169
Illinois
Tool
Works,
Inc.
................
16,612
3,478,552
Otis
Worldwide
Corp.
.................
8,703
669,696
5,316,679
Media
—
1.3%
Altice
USA,
Inc.,
Class
A
(f)
..............
35,420
442,042
Charter
Communications,
Inc.,
Class
A
(f)
....
1,134
618,620
Comcast
Corp.,
Class
A
...............
59,693
2,794,826
Fox
Corp.,
Class
A
...................
53,923
2,127,262
Fox
Corp.,
Class
B
...................
1,111
40,307
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(f)
598
27,335
Nexstar
Media
Group,
Inc.,
Class
A
........
1,158
218,260
BlackRock
Balanced
Capital
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Media
(continued)
Warner
Bros
Discovery,
Inc.,
Class
C
(f)
......
2,494
$
62,275
6,330,927
Metals
&
Mining
—
0.5%
Freeport-McMoRan,
Inc.
...............
12,742
633,787
Reliance
Steel
&
Aluminum
Co.
..........
8,360
1,532,806
Steel
Dynamics,
Inc.
..................
4,055
338,309
2,504,902
Multiline
Retail
—
0.6%
Nordstrom,
Inc.
(f)(g)
...................
1,857
50,343
Target
Corp.
.......................
12,992
2,757,162
2,807,505
Multi-Utilities
—
0.3%
DTE
Energy
Co.
....................
12,303
1,626,580
Oil,
Gas
&
Consumable
Fuels
—
2.2%
Devon
Energy
Corp.
..................
10,658
630,208
EOG
Resources,
Inc.
.................
24,187
2,883,816
Exxon
Mobil
Corp.
...................
53,341
4,405,433
Marathon
Oil
Corp.
...................
66,086
1,659,420
Ovintiv
,
Inc.
........................
5,674
306,793
Phillips
66
.........................
10,319
891,458
Targa
Resources
Corp.
................
635
47,923
Valero
Energy
Corp.
..................
2,775
281,774
11,106,825
Personal
Products
—
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
.....
1,724
469,480
Pharmaceuticals
—
2.8%
Bristol-Myers
Squibb
Co.
...............
3,332
243,336
Eli
Lilly
&
Co.
......................
1,203
344,503
Johnson
&
Johnson
..................
34,743
6,157,502
Merck
&
Co.,
Inc.
(g)
...................
25,604
2,100,808
Pfizer,
Inc.
........................
30,386
1,573,083
Zoetis,
Inc.
........................
18,430
3,475,714
13,894,946
Professional
Services
—
0.1%
Equifax,
Inc.
.......................
2,652
628,789
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(f)
............
4,155
380,266
Road
&
Rail
—
0.5%
CSX
Corp.
........................
5,553
207,960
Landstar
System,
Inc.
(g)
................
7,969
1,201,964
Old
Dominion
Freight
Line,
Inc.
..........
351
104,837
Ryder
System,
Inc.
...................
4,517
358,334
Schneider
National,
Inc.,
Class
B
(g)
........
21,789
555,619
2,428,714
Semiconductors
&
Semiconductor
Equipment
—
3.1%
Advanced
Micro
Devices,
Inc.
(f)
..........
22,370
2,445,936
Applied
Materials,
Inc.
................
1,702
224,324
Cirrus
Logic,
Inc.
(f)
...................
5,271
446,928
Intel
Corp.
........................
60,901
3,018,254
KLA
Corp.
.........................
478
174,977
Lam
Research
Corp.
.................
1,471
790,824
Lattice
Semiconductor
Corp.
(f)(g)
..........
1,453
88,560
MaxLinear
,
Inc.
(f)
....................
2,217
129,362
Monolithic
Power
Systems,
Inc.
..........
1,729
839,741
NVIDIA
Corp.
......................
14,375
3,922,362
NXP
Semiconductors
NV
..............
350
64,778
QUALCOMM,
Inc.
...................
12,927
1,975,504
Silicon
Laboratories,
Inc.
(f)
..............
10,144
1,523,629
Teradyne,
Inc.
......................
951
112,437
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Texas
Instruments,
Inc.
................
780
$
143,114
15,900,730
Software
—
6.2%
Adobe,
Inc.
(f)
.......................
5,617
2,559,218
Atlassian
Corp.
plc,
Class
A
(f)
............
171
50,245
C3.ai,
Inc.,
Class
A
(f)
..................
2,900
65,830
Cadence
Design
Systems,
Inc.
(f)
..........
5,374
883,808
HubSpot
,
Inc.
(f)
.....................
449
213,248
Intuit,
Inc.
.........................
3,326
1,599,274
Manhattan
Associates,
Inc.
(f)
............
855
118,597
Microsoft
Corp.
.....................
57,981
17,876,122
Palo
Alto
Networks,
Inc.
(f)
..............
52
32,370
Paycom
Software,
Inc.
(f)
...............
106
36,716
RingCentral,
Inc.,
Class
A
(f)
.............
943
110,529
salesforce.com,
Inc.
(f)
.................
7,582
1,609,810
ServiceNow
,
Inc.
(f)(g)
..................
5,785
3,221,609
Workday,
Inc.,
Class
A
(f)
...............
11,350
2,717,871
31,095,247
Specialty
Retail
—
0.7%
Advance
Auto
Parts,
Inc.
...............
884
182,953
American
Eagle
Outfitters,
Inc.
(g)
..........
18,567
311,925
Best
Buy
Co.,
Inc.
(g)
..................
5,494
499,405
Home
Depot,
Inc.
(The)
...............
8,006
2,396,436
Lowe's
Cos.,
Inc.
....................
1,365
275,989
3,666,708
Technology
Hardware,
Storage
&
Peripherals
—
4.8%
Apple,
Inc.
........................
106,355
18,570,646
Dell
Technologies,
Inc.,
Class
C
(f)
.........
49,936
2,506,288
Hewlett
Packard
Enterprise
Co.
..........
91,063
1,521,663
HP,
Inc.
(g)
.........................
40,241
1,460,748
Western
Digital
Corp.
(f)
................
6,021
298,943
24,358,288
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
NIKE,
Inc.,
Class
B
..................
2,079
279,750
Ralph
Lauren
Corp.
..................
4,151
470,890
750,640
Tobacco
—
0.1%
British
American
Tobacco
plc,
ADR
........
1
42
Philip
Morris
International,
Inc.
...........
3,341
313,854
313,896
Trading
Companies
&
Distributors
—
0.4%
SiteOne
Landscape
Supply,
Inc.
(f)
.........
11,622
1,879,161
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(f)
............
15,080
455,868
Total
Common
Stocks
—
59.6%
(Cost:
$270,909,316)
..............................
300,585,576
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.0%
(b)
BAE
Systems
Holdings,
Inc.,
3.85%,
12/15/25
USD
24
24,082
BAE
Systems
plc,
3.40%,
04/15/30
.......
200
197,073
221,155
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.
2.40%,
05/15/31
..................
36
32,861
3.90%,
02/01/35
..................
27
26,845
BlackRock
Balanced
Capital
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Air
Freight
&
Logistics
(continued)
United
Parcel
Service,
Inc.,
6.20%,
01/15/38
.
USD
15
$
19,554
79,260
Airlines
—
0.2%
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
AA,
3.30%,
01/15/30
(b)
.........
16
15,659
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
.
73
71,209
Series
2016-1,
Class
B,
5.25%,
01/15/24
.
43
41,492
Series
2017-1,
Class
B,
4.95%,
02/15/25
.
16
15,051
Series
2015-2,
Class
AA,
3.60%,
09/22/27
12
11,825
Series
2016-1,
Class
AA,
3.58%,
01/15/28
30
28,052
Series
2019-1,
Class
B,
3.85%,
02/15/28
.
61
53,969
Series
2016-2,
Class
AA,
3.20%,
06/15/28
28
26,118
Series
2016-3,
Class
AA,
3.00%,
10/15/28
42
39,445
Series
2017-1,
Class
AA,
3.65%,
02/15/29
20
19,076
Series
2019-1,
Class
AA,
3.15%,
02/15/32
62
58,625
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
125
125,107
United
Airlines
Pass-Through
Trust
Series
2014-1,
Class
B,
4.75%,
04/11/22
.
8
7,828
Series
2014-2,
Class
B,
4.63%,
09/03/22
.
4
4,421
Series
2016-2,
Class
B,
3.65%,
10/07/25
.
4
3,697
Series
2020-1,
Class
B,
4.88%,
01/15/26
.
35
34,109
Series
2020-1,
Class
A,
5.88%,
10/15/27
.
197
203,799
Series
2015-1,
Class
AA,
3.45%,
12/01/27
12
11,598
Series
2019-2,
Class
B,
3.50%,
05/01/28
.
37
33,215
Series
2016-1,
Class
AA,
3.10%,
07/07/28
4
3,693
Series
2016-2,
Class
AA,
2.88%,
10/07/28
24
22,419
Series
2018-1,
Class
AA,
3.50%,
03/01/30
8
8,059
Series
2019-2,
Class
AA,
2.70%,
05/01/32
39
35,971
874,437
Automobiles
—
0.1%
Daimler
Finance
North
America
LLC,
2.55%,
08/15/22
(b)
.....................
210
210,727
Ford
Motor
Co.,
3.25%,
02/12/32
........
11
9,824
General
Motors
Co.,
6.13%,
10/01/25
.....
49
52,603
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(b)
...
200
198,271
471,425
Banks
—
1.6%
Bank
of
America
Corp.
(LIBOR
USD
3
Month
+
0.79%),
3.00%,
12/20/23
(a)
....................
31
31,078
(SOFR
+
0.74%),
0.81%,
10/24/24
(a)
....
50
48,376
7.25%,
10/15/25
..................
75
84,153
(LIBOR
USD
3
Month
+
0.87%),
2.46%,
10/22/25
(a)
....................
537
527,656
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
....................
68
68,034
(SOFR
+
1.15%),
1.32%,
06/19/26
(a)
....
186
174,314
(SOFR
+
1.01%),
1.20%,
10/24/26
(a)
....
131
121,068
(SOFR
+
0.96%),
1.73%,
07/22/27
(a)
....
390
362,187
(LIBOR
USD
3
Month
+
1.58%),
3.82%,
01/20/28
(a)
....................
78
78,900
(SOFR
+
1.05%),
2.55%,
02/04/28
(a)
....
169
161,477
(LIBOR
USD
3
Month
+
1.51%),
3.71%,
04/24/28
(a)
....................
89
89,569
(LIBOR
USD
3
Month
+
1.37%),
3.59%,
07/21/28
(a)
....................
39
39,068
(SOFR
+
1.06%),
2.09%,
06/14/29
(a)
....
255
232,928
(LIBOR
USD
3
Month
+
1.31%),
4.27%,
07/23/29
(a)
....................
145
149,597
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
....................
107
108,727
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
....................
USD
97
$
93,860
(LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/30
(a)
....................
58
55,000
(SOFR
+
1.53%),
1.90%,
07/23/31
(a)
....
55
48,030
(SOFR
+
1.22%),
2.30%,
07/21/32
(a)
....
125
111,252
(SOFR
+
1.21%),
2.57%,
10/20/32
(a)
....
192
174,463
(SOFR
+
1.33%),
2.97%,
02/04/33
(a)
....
248
232,374
(SOFR
+
1.93%),
2.68%,
06/19/41
(a)
....
105
88,658
(SOFR
+
1.58%),
3.31%,
04/22/42
(a)
....
31
28,699
BNP
Paribas
SA,
(SOFR
+
1.23%),
2.59%,
01/20/28
(a)(b)
....................
200
188,221
Citigroup,
Inc.
4.40%,
06/10/25
..................
94
96,697
(SOFR
+
0.69%),
2.01%,
01/25/26
(a)
....
58
55,835
(SOFR
+
0.77%),
1.46%,
06/09/27
(a)
....
25
22,960
(SOFR
+
1.28%),
3.07%,
02/24/28
(a)
....
460
448,021
(LIBOR
USD
3
Month
+
1.39%),
3.67%,
07/24/28
(a)
....................
266
266,059
(LIBOR
USD
3
Month
+
1.19%),
4.08%,
04/23/29
(a)
....................
16
16,307
(SOFR
+
1.42%),
2.98%,
11/05/30
(a)
.....
243
230,488
(SOFR
+
1.18%),
2.52%,
11/03/32
(a)
.....
45
40,372
(SOFR
+
1.35%),
3.06%,
01/25/33
(a)
....
33
30,833
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
41
40,071
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
197,419
5.38%,
01/12/24
(h)
.................
200
206,208
HSBC
Holdings
plc
(a)
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
.....................
301
309,700
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.70%
(
i
)
......................
200
179,250
JPMorgan
Chase
&
Co.
(SOFR
+
0.60%),
0.65%,
09/16/24
(a)
....
100
97,237
(LIBOR
USD
3
Month
+
1.00%),
4.02%,
12/05/24
(a)
....................
274
278,386
(3
Month
CME
Term
SOFR
+
1.59%),
2.00%,
03/13/26
(a)
...............
227
218,843
2.95%,
10/01/26
..................
106
105,179
(LIBOR
USD
3
Month
+
1.25%),
3.96%,
01/29/27
(a)
....................
120
122,486
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
....................
127
128,625
(SOFR
+
1.17%),
2.95%,
02/24/28
(a)
....
266
259,583
(LIBOR
USD
3
Month
+
1.38%),
3.54%,
05/01/28
(a)
....................
431
432,128
(SOFR
+
1.89%),
2.18%,
06/01/28
(a)
....
6
5,629
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
....................
13
13,551
(SOFR
+
1.26%),
2.96%,
01/25/33
(a)
....
184
173,467
(LIBOR
USD
3
Month
+
1.58%),
4.26%,
02/22/48
(a)
....................
67
71,602
(LIBOR
USD
3
Month
+
1.38%),
3.96%,
11/15/48
(a)
....................
24
24,515
(LIBOR
USD
3
Month
+
1.22%),
3.90%,
01/23/49
(a)
....................
26
26,297
(SOFR
+
1.58%),
3.33%,
04/22/52
(a)
....
5
4,622
Mitsubishi
UFJ
Financial
Group,
Inc.,
1.41%,
07/17/25
......................
200
187,369
Santander
UK
Group
Holdings
plc,
(SOFR
+
0.79%),
1.09%,
03/15/25
(a)
...........
237
225,426
BlackRock
Balanced
Capital
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Sumitomo
Mitsui
Financial
Group,
Inc.,
3.78%,
03/09/26
......................
USD
116
$
117,312
Toronto-Dominion
Bank
(The),
3.20%,
03/10/32
50
49,207
Washington
Mutual
Escrow
Bonds
(e)(f)(j)
0.00%,
11/06/09
..................
100
—
0.00%,
09/29/17
..................
400
—
7,979,373
Beverages
—
0.1%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
.
331
355,003
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
..................
343
355,403
3.50%,
06/01/30
..................
51
51,731
762,137
Biotechnology
—
0.2%
AbbVie,
Inc.
2.60%,
11/21/24
..................
277
275,084
3.80%,
03/15/25
..................
74
75,375
4.55%,
03/15/35
..................
52
55,822
4.50%,
05/14/35
..................
161
172,801
4.40%,
11/06/42
..................
21
22,156
4.85%,
06/15/44
..................
7
7,760
4.88%,
11/14/48
..................
25
28,255
4.25%,
11/21/49
..................
88
91,319
Amgen,
Inc.
4.40%,
05/01/45
..................
132
138,611
4.20%,
02/22/52
..................
15
15,513
Biogen,
Inc.
2.25%,
05/01/30
..................
108
97,172
3.15%,
05/01/50
..................
58
47,496
Gilead
Sciences,
Inc.,
4.75%,
03/01/46
....
145
160,686
1,188,050
Building
Products
—
0.0%
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
10
9,735
Masonite
International
Corp.,
5.38%,
02/01/28
(b)
15
15,112
Owens
Corning,
3.88%,
06/01/30
........
12
12,118
36,965
Capital
Markets
—
1.3%
Blackstone
Private
Credit
Fund
(b)
3.25%,
03/15/27
..................
161
147,551
4.00%,
01/15/29
..................
129
119,431
Charles
Schwab
Corp.
(The),
3.20%,
03/02/27
24
24,148
Credit
Suisse
AG,
1.25%,
08/07/26
.......
308
280,864
Deutsche
Bank
AG
(SOFR
+
1.13%),
1.45%,
04/01/25
(a)
....
269
256,913
1.69%,
03/19/26
..................
300
281,381
(SOFR
+
1.32%),
2.55%,
01/07/28
(a)
....
150
138,381
FactSet
Research
Systems,
Inc.,
3.45%,
03/01/32
......................
60
57,958
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.51%),
0.66%,
09/10/24
(a)
....
21
20,311
3.50%,
04/01/25
..................
516
519,849
3.75%,
02/25/26
..................
37
37,583
3.50%,
11/16/26
..................
27
27,112
(SOFR
+
0.80%),
1.43%,
03/09/27
(a)
....
175
161,263
(SOFR
+
1.11%),
2.64%,
02/24/28
(a)
.....
96
91,788
(LIBOR
USD
3
Month
+
1.51%),
3.69%,
06/05/28
(a)
....................
206
206,236
(SOFR
+
1.28%),
2.62%,
04/22/32
(a)
....
66
59,985
(SOFR
+
1.25%),
2.38%,
07/21/32
(a)
....
128
113,370
(SOFR
+
1.26%),
2.65%,
10/21/32
(a)
....
263
237,769
(SOFR
+
1.41%),
3.10%,
02/24/33
(a)
....
481
453,384
Intercontinental
Exchange,
Inc.
3.75%,
09/21/28
..................
50
51,011
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
2.10%,
06/15/30
..................
USD
113
$
103,199
Lehman
Brothers
Holdings
Japan,
Inc.,
5.88%,
11/29/49
(e)(f)(j)
...................
130
—
Moody's
Corp.
3.25%,
01/15/28
..................
69
68,890
3.10%,
11/29/61
..................
47
39,304
Morgan
Stanley
3.13%,
01/23/23
..................
182
183,763
(SOFR
+
0.47%),
0.56%,
11/10/23
(a)
.....
250
247,093
(SOFR
+
1.15%),
2.72%,
07/22/25
(a)
....
57
56,428
3.13%,
07/27/26
..................
4
3,966
3.63%,
01/20/27
..................
281
283,416
(SOFR
+
0.88%),
1.59%,
05/04/27
(a)
....
96
89,192
(SOFR
+
0.86%),
1.51%,
07/20/27
(a)
....
81
74,456
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
(a)
....................
35
35,097
(LIBOR
USD
3
Month
+
1.14%),
3.77%,
01/24/29
(a)
....................
407
410,176
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
(a)
....................
357
373,274
(SOFR
+
1.14%),
2.70%,
01/22/31
(a)
....
355
333,120
(SOFR
+
1.02%),
1.93%,
04/28/32
(a)
....
24
20,744
(SOFR
+
1.18%),
2.24%,
07/21/32
(a)
....
108
95,702
(SOFR
+
1.20%),
2.51%,
10/20/32
(a)
....
56
50,475
(SOFR
+
1.29%),
2.94%,
01/21/33
(a)
....
94
88,147
(SOFR
+
1.49%),
3.22%,
04/22/42
(a)
....
9
8,279
Morgan
Stanley
Domestic
Holdings,
Inc.,
3.80%,
08/24/27
.................
62
63,015
Nomura
Holdings,
Inc.,
3.00%,
01/22/32
....
344
316,880
S&P
Global,
Inc.
(b)
4.75%,
08/01/28
..................
125
134,293
3.90%,
03/01/62
..................
3
3,086
6,368,283
Chemicals
—
0.1%
Dow
Chemical
Co.
(The),
2.10%,
11/15/30
..
39
35,087
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
..
148
153,927
Ecolab,
Inc.,
2.75%,
08/18/55
..........
67
55,403
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
......................
67
66,173
Sherwin-Williams
Co.
(The),
2.30%,
05/15/30
.
98
89,609
400,199
Commercial
Services
&
Supplies
—
0.1%
KAR
Auction
Services,
Inc.,
5.13%,
06/01/25
(b)
29
29,362
RELX
Capital,
Inc.
3.50%,
03/16/23
..................
115
115,985
4.00%,
03/18/29
..................
108
110,781
3.00%,
05/22/30
..................
143
136,627
Republic
Services,
Inc.
2.90%,
07/01/26
..................
42
41,682
3.95%,
05/15/28
..................
47
48,313
2.30%,
03/01/30
..................
20
18,429
Waste
Management,
Inc.
1.15%,
03/15/28
..................
23
20,555
2.00%,
06/01/29
..................
19
17,672
2.95%,
06/01/41
..................
24
21,697
561,103
Communications
Equipment
—
0.1%
Motorola
Solutions,
Inc.
4.60%,
05/23/29
..................
162
168,461
2.75%,
05/24/31
..................
130
117,622
5.50%,
09/01/44
..................
65
71,473
357,556
BlackRock
Balanced
Capital
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
0.2%
American
Express
Co.,
2.55%,
03/04/27
....
USD
149
$
144,876
Capital
One
Financial
Corp.
3.90%,
01/29/24
..................
43
43,671
(SOFR
+
1.79%),
3.27%,
03/01/30
(a)
....
185
178,628
General
Motors
Financial
Co.,
Inc.
3.55%,
07/08/22
..................
163
163,830
3.70%,
05/09/23
..................
16
16,160
1.70%,
08/18/23
..................
69
68,256
5.10%,
01/17/24
..................
34
35,151
3.50%,
11/07/24
..................
21
21,041
2.75%,
06/20/25
..................
166
161,229
2.40%,
10/15/28
..................
175
156,608
2.70%,
06/10/31
..................
11
9,686
Synchrony
Financial
4.50%,
07/23/25
..................
2
2,040
3.70%,
08/04/26
..................
22
21,871
1,023,047
Containers
&
Packaging
—
0.0%
Packaging
Corp.
of
America,
3.05%,
10/01/51
19
16,265
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.
4.35%,
03/01/29
..................
173
183,072
4.30%,
02/15/30
..................
147
155,317
2.55%,
12/01/33
..................
82
72,852
5.38%,
10/15/41
..................
34
38,886
5.15%,
03/15/42
..................
16
17,980
4.90%,
06/15/42
(c)
.................
20
21,579
4.50%,
03/09/48
..................
118
123,933
5.15%,
02/15/50
..................
131
149,289
3.50%,
09/15/53
..................
60
52,647
5.70%,
03/01/57
..................
47
57,535
3.80%,
12/01/57
..................
95
86,672
3.65%,
09/15/59
..................
157
137,678
Level
3
Financing,
Inc.,
4.63%,
09/15/27
(b)
...
6
5,648
Verizon
Communications,
Inc.
4.13%,
03/16/27
..................
96
99,786
2.10%,
03/22/28
..................
53
49,400
4.33%,
09/21/28
..................
115
121,311
4.02%,
12/03/29
..................
135
140,110
3.15%,
03/22/30
..................
53
52,124
1.50%,
09/18/30
..................
209
181,494
1.68%,
10/30/30
..................
86
74,986
1.75%,
01/20/31
..................
167
145,602
2.55%,
03/21/31
..................
27
25,084
2.36%,
03/15/32
(b)
.................
76
68,644
2.65%,
11/20/40
..................
347
295,178
2.85%,
09/03/41
..................
50
44,013
3.55%,
03/22/51
..................
61
57,322
3.00%,
11/20/60
..................
31
25,280
3.70%,
03/22/61
..................
105
97,259
2,580,681
Electric
Utilities
—
0.3%
American
Transmission
Systems,
Inc.,
2.65%,
01/15/32
(b)
.....................
76
70,239
Baltimore
Gas
&
Electric
Co.
2.25%,
06/15/31
..................
18
16,383
3.50%,
08/15/46
..................
50
48,315
3.75%,
08/15/47
..................
30
29,544
3.20%,
09/15/49
..................
51
45,977
Commonwealth
Edison
Co.,
Series
133,
3.85%,
03/15/52
......................
31
32,046
Edison
International,
3.13%,
11/15/22
.....
1
1,005
Exelon
Corp.
2.75%,
03/15/27
(b)
.................
19
18,513
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
5.10%,
06/15/45
..................
USD
10
$
11,113
4.70%,
04/15/50
..................
32
35,193
4.10%,
03/15/52
(b)
.................
7
7,110
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
................
14
14,126
NRG
Energy,
Inc.
(b)
2.45%,
12/02/27
..................
104
95,920
4.45%,
06/15/29
..................
66
66,027
Oncor
Electric
Delivery
Co.
LLC
3.70%,
11/15/28
..................
32
32,913
5.30%,
06/01/42
..................
6
7,219
3.80%,
06/01/49
..................
98
99,961
2.70%,
11/15/51
(b)
.................
3
2,567
PECO
Energy
Co.
3.90%,
03/01/48
..................
18
18,554
3.05%,
03/15/51
..................
61
54,953
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
..................
80
81,227
2.05%,
08/01/50
..................
31
22,979
Southern
California
Edison
Co.
Series
E,
3.70%,
08/01/25
...........
26
26,432
Series
20C,
1.20%,
02/01/26
.........
60
55,178
Series
A,
4.20%,
03/01/29
...........
33
34,138
2.25%,
06/01/30
..................
103
93,114
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
.....................
190
191,294
Vistra
Operations
Co.
LLC
(b)
3.70%,
01/30/27
..................
40
38,391
4.30%,
07/15/29
..................
128
123,550
1,373,981
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Corning,
Inc.,
4.38%,
11/15/57
..........
22
22,234
Tyco
Electronics
Group
SA,
3.45%,
08/01/24
.
15
15,147
37,381
Entertainment
—
0.1%
Electronic
Arts,
Inc.,
1.85%,
02/15/31
......
122
107,148
Magallanes,
Inc.,
3.43%,
03/15/24
(b)
......
126
126,691
Walt
Disney
Co.
(The),
4.70%,
03/23/50
....
127
147,286
381,125
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.4%
Alexandria
Real
Estate
Equities,
Inc.,
2.95%,
03/15/34
......................
24
22,579
American
Tower
Corp.
5.00%,
02/15/24
..................
15
15,515
2.95%,
01/15/25
..................
8
7,909
1.60%,
04/15/26
..................
26
24,098
3.95%,
03/15/29
..................
38
38,051
3.80%,
08/15/29
..................
47
46,771
2.10%,
06/15/30
..................
153
133,433
2.30%,
09/15/31
..................
62
54,140
Crown
Castle
International
Corp.
3.70%,
06/15/26
..................
50
50,317
1.05%,
07/15/26
..................
28
25,296
2.90%,
03/15/27
..................
8
7,734
3.10%,
11/15/29
..................
171
162,026
3.30%,
07/01/30
..................
61
58,336
2.25%,
01/15/31
..................
28
24,679
2.50%,
07/15/31
..................
88
78,500
5.20%,
02/15/49
..................
18
20,059
Duke
Realty
LP
1.75%,
07/01/30
..................
23
20,115
1.75%,
02/01/31
..................
117
101,478
Equinix
,
Inc.
1.00%,
09/15/25
..................
151
138,757
BlackRock
Balanced
Capital
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
3.20%,
11/18/29
..................
USD
200
$
191,399
2.50%,
05/15/31
..................
40
35,873
GLP
Capital
LP
3.35%,
09/01/24
..................
30
29,815
5.38%,
04/15/26
..................
30
31,348
5.75%,
06/01/28
..................
36
38,746
4.00%,
01/15/30
..................
45
43,677
4.00%,
01/15/31
..................
79
76,621
3.25%,
01/15/32
..................
242
219,566
Invitation
Homes
Operating
Partnership
LP,
2.30%,
11/15/28
.................
41
37,090
MGM
Growth
Properties
Operating
Partnership
LP
5.63%,
05/01/24
..................
62
63,828
4.50%,
09/01/26
..................
18
18,090
5.75%,
02/01/27
..................
30
31,687
National
Retail
Properties,
Inc.
3.50%,
04/15/51
..................
52
45,737
3.00%,
04/15/52
..................
39
31,273
Prologis
LP,
3.00%,
04/15/50
...........
19
16,897
Realty
Income
Corp.
3.00%,
01/15/27
..................
5
4,923
3.25%,
01/15/31
..................
40
39,280
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
26
25,020
2,010,663
Food
Products
—
0.0%
(b)
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
...
15
15,300
Post
Holdings,
Inc.
5.63%,
01/15/28
..................
29
28,465
5.50%,
12/15/29
..................
22
21,168
64,933
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.,
4.13%,
03/15/49
.....
24
25,272
ONE
Gas,
Inc.,
2.00%,
05/15/30
.........
20
17,893
43,165
Health
Care
Equipment
&
Supplies
—
0.0%
Boston
Scientific
Corp.,
2.65%,
06/01/30
...
47
44,101
Health
Care
Providers
&
Services
—
0.5%
Aetna,
Inc.
6.63%,
06/15/36
..................
22
27,707
4.50%,
05/15/42
..................
22
22,900
Anthem,
Inc.
4.10%,
03/01/28
..................
53
54,981
4.38%,
12/01/47
..................
25
26,771
4.55%,
03/01/48
..................
45
49,761
Cigna
Corp.
3.25%,
04/15/25
..................
50
50,266
3.40%,
03/01/27
..................
130
131,202
4.38%,
10/15/28
..................
200
210,384
CVS
Health
Corp.
3.75%,
04/01/30
..................
180
183,148
5.13%,
07/20/45
..................
140
158,034
5.05%,
03/25/48
..................
15
16,987
HCA,
Inc.
4.75%,
05/01/23
..................
91
93,272
5.00%,
03/15/24
..................
208
215,605
5.25%,
04/15/25
..................
324
341,111
3.63%,
03/15/32
(b)
.................
231
226,369
4.63%,
03/15/52
(b)
.................
176
177,368
Humana,
Inc.
4.50%,
04/01/25
..................
16
16,567
4.88%,
04/01/30
..................
57
61,424
Select
Medical
Corp.,
6.25%,
08/15/26
(b)
....
17
17,599
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Tenet
Healthcare
Corp.
(b)
4.88%,
01/01/26
..................
USD
57
$
57,499
6.25%,
02/01/27
..................
86
88,287
5.13%,
11/01/27
..................
10
10,047
4.38%,
01/15/30
..................
41
39,357
UnitedHealth
Group,
Inc.
3.50%,
08/15/39
..................
113
112,093
4.75%,
07/15/45
..................
30
34,810
4.20%,
01/15/47
..................
24
25,931
4.25%,
06/15/48
..................
18
19,688
4.45%,
12/15/48
..................
21
23,660
2,492,828
Hotels,
Restaurants
&
Leisure
—
0.1%
1011778
BC
ULC,
3.88%,
01/15/28
(b)
......
7
6,633
Caesars
Entertainment,
Inc.,
4.63%,
10/15/29
(b)
12
11,220
Cedar
Fair
LP
5.50%,
05/01/25
(b)
.................
18
18,484
5.38%,
04/15/27
..................
28
27,720
5.25%,
07/15/29
..................
28
27,581
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
..................
36
36,408
4.75%,
01/15/28
..................
18
17,460
Expedia
Group,
Inc.,
6.25%,
05/01/25
(b)
....
23
24,590
Marriott
International,
Inc.,
Series
FF,
4.63%,
06/15/30
......................
21
21,749
MGM
Resorts
International
5.75%,
06/15/25
..................
4
4,100
4.63%,
09/01/26
..................
3
2,955
5.50%,
04/15/27
..................
4
4,040
Wynn
Las
Vegas
LLC
(b)
5.50%,
03/01/25
..................
65
65,001
5.25%,
05/15/27
..................
31
29,993
Wynn
Resorts
Finance
LLC,
5.13%,
10/01/29
(b)
27
25,414
323,348
Household
Durables
—
0.0%
Brookfield
Residential
Properties,
Inc.,
6.25%,
09/15/27
(b)
.....................
35
34,267
Industrial
Conglomerates
—
0.1%
GE
Capital
Funding
LLC,
4.55%,
05/15/32
..
260
279,208
Roper
Technologies,
Inc.,
1.75%,
02/15/31
..
26
22,461
301,669
Insurance
—
0.1%
Ambac
Assurance
Corp.,
5.10%
(b)(i)
.......
5
5,463
Aon
Corp.
4.50%,
12/15/28
..................
122
127,805
3.75%,
05/02/29
..................
74
75,664
2.80%,
05/15/30
..................
52
49,533
Aon
plc,
4.25%,
12/12/42
.............
9
8,958
Berkshire
Hathaway
Finance
Corp.,
3.85%,
03/15/52
......................
28
28,632
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
..................
46
48,610
2.25%,
11/15/30
..................
171
156,095
Trinity
Acquisition
plc,
4.40%,
03/15/26
.....
20
20,661
Willis
North
America,
Inc.,
3.60%,
05/15/24
..
67
67,386
588,807
Internet
&
Direct
Marketing
Retail
—
0.1%
Amazon.com,
Inc.
1.65%,
05/12/28
..................
170
158,098
3.88%,
08/22/37
..................
23
24,344
4.05%,
08/22/47
..................
30
32,634
eBay,
Inc.,
1.40%,
05/10/26
...........
87
80,992
296,068
BlackRock
Balanced
Capital
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.2%
Fidelity
National
Information
Services,
Inc.
1.15%,
03/01/26
..................
USD
109
$
100,036
1.65%,
03/01/28
..................
58
51,896
3.10%,
03/01/41
..................
20
17,304
Fiserv,
Inc.
3.50%,
07/01/29
..................
216
212,607
2.65%,
06/01/30
..................
41
37,841
Global
Payments,
Inc.
4.80%,
04/01/26
..................
145
152,217
2.15%,
01/15/27
..................
93
87,288
3.20%,
08/15/29
..................
115
109,251
2.90%,
05/15/30
..................
139
128,289
International
Business
Machines
Corp.
5.88%,
11/29/32
..................
22
26,416
4.00%,
06/20/42
..................
2
2,047
PayPal
Holdings,
Inc.
1.65%,
06/01/25
..................
48
46,152
2.65%,
10/01/26
..................
14
13,776
985,120
Life
Sciences
Tools
&
Services
—
0.0%
Agilent
Technologies,
Inc.
3.05%,
09/22/26
..................
115
114,195
2.10%,
06/04/30
..................
97
87,062
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
(b)
................
3
2,933
Thermo
Fisher
Scientific,
Inc.,
2.80%,
10/15/41
27
24,182
228,372
Machinery
—
0.1%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
.
220
224,367
Deere
&
Co.,
3.75%,
04/15/50
..........
17
17,970
Otis
Worldwide
Corp.,
2.57%,
02/15/30
....
23
21,496
263,833
Media
—
0.3%
Charter
Communications
Operating
LLC
2.25%,
01/15/29
..................
10
8,999
6.48%,
10/23/45
..................
197
224,261
5.75%,
04/01/48
..................
172
182,859
6.83%,
10/23/55
..................
51
60,469
3.85%,
04/01/61
..................
57
45,826
4.40%,
12/01/61
..................
61
53,099
3.95%,
06/30/62
..................
116
93,805
Clear
Channel
Outdoor
Holdings,
Inc.,
5.13%,
08/15/27
(b)
.....................
37
36,600
Comcast
Corp.
2.65%,
02/01/30
..................
99
95,029
3.75%,
04/01/40
..................
39
39,258
3.40%,
07/15/46
..................
34
31,922
3.97%,
11/01/47
..................
174
176,768
4.00%,
11/01/49
..................
91
91,779
2.94%,
11/01/56
(b)
.................
26
21,464
Cox
Communications,
Inc.
(b)
3.15%,
08/15/24
..................
82
82,134
3.60%,
06/15/51
..................
72
64,066
iHeartCommunications
,
Inc.
6.38%,
05/01/26
..................
22
22,751
5.25%,
08/15/27
(b)
.................
21
20,764
4.75%,
01/15/28
(b)
.................
3
2,865
Interpublic
Group
of
Cos.,
Inc.
(The)
4.20%,
04/15/24
..................
15
15,272
2.40%,
03/01/31
..................
32
28,913
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
32
32,391
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
..................
37
36,170
4.63%,
03/15/30
..................
3
2,824
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Paramount
Global
4.38%,
03/15/43
..................
USD
27
$
25,697
5.85%,
09/01/43
..................
38
43,783
Sirius
XM
Radio,
Inc.,
5.50%,
07/01/29
(b)
....
35
35,525
TEGNA,
Inc.
4.63%,
03/15/28
..................
7
6,963
5.00%,
09/15/29
..................
8
8,020
1,590,276
Metals
&
Mining
—
0.1%
Anglo
American
Capital
plc,
5.63%,
04/01/30
(b)
200
220,540
Commercial
Metals
Co.,
4.38%,
03/15/32
...
36
33,435
Glencore
Funding
LLC
(b)
1.63%,
04/27/26
..................
112
103,429
2.50%,
09/01/30
..................
67
59,954
2.85%,
04/27/31
..................
71
64,836
2.63%,
09/23/31
..................
76
67,983
3.38%,
09/23/51
..................
46
38,677
Newmont
Corp.,
2.25%,
10/01/30
........
50
45,697
Steel
Dynamics,
Inc.,
2.80%,
12/15/24
.....
35
34,622
669,173
Oil,
Gas
&
Consumable
Fuels
—
0.7%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
...
15
15,513
BP
Capital
Markets
America,
Inc.
3.79%,
02/06/24
..................
55
55,954
3.19%,
04/06/25
..................
23
23,165
3.00%,
03/17/52
..................
50
43,072
3.38%,
02/08/61
..................
30
26,671
Cameron
LNG
LLC
(b)
3.30%,
01/15/35
..................
80
75,186
3.40%,
01/15/38
..................
100
93,137
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
....
8
7,154
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
..................
76
80,213
5.13%,
06/30/27
..................
275
293,130
Chevron
USA,
Inc.,
2.34%,
08/12/50
......
20
16,193
Devon
Energy
Corp.
8.25%,
08/01/23
..................
20
21,183
5.85%,
12/15/25
..................
15
16,234
5.88%,
06/15/28
..................
4
4,235
4.50%,
01/15/30
..................
18
18,575
4.75%,
05/15/42
..................
54
57,062
5.00%,
06/15/45
..................
35
38,105
Enterprise
Products
Operating
LLC
3.13%,
07/31/29
..................
93
91,323
2.80%,
01/31/30
..................
91
87,470
3.30%,
02/15/53
..................
19
16,210
EOG
Resources,
Inc.,
4.15%,
01/15/26
....
10
10,355
Kinder
Morgan
Energy
Partners
LP
7.50%,
11/15/40
..................
16
20,787
5.00%,
08/15/42
..................
20
20,473
4.70%,
11/01/42
..................
29
28,929
Marathon
Petroleum
Corp.,
5.85%,
12/15/45
.
25
27,807
MPLX
LP
4.88%,
12/01/24
..................
65
67,318
2.65%,
08/15/30
..................
51
46,732
NGPL
PipeCo
LLC
(b)
4.88%,
08/15/27
..................
41
42,556
3.25%,
07/15/31
..................
123
114,838
7.77%,
12/15/37
..................
31
38,906
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
182
186,647
Ovintiv
Exploration,
Inc.,
5.63%,
07/01/24
...
98
103,033
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
..................
314
328,644
5.63%,
03/01/25
..................
780
824,693
BlackRock
Balanced
Capital
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Suncor
Energy,
Inc.,
6.50%,
06/15/38
.....
USD
27
$
34,035
Sunoco
LP,
4.50%,
04/30/30
(b)
..........
23
21,190
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
.....................
103
102,359
TransCanada
PipeLines
Ltd.,
4.63%,
03/01/34
32
34,146
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%,
02/01/26
..................
178
204,051
4.00%,
03/15/28
..................
131
134,000
4.60%,
03/15/48
..................
6
6,401
3.95%,
05/15/50
..................
32
31,117
Williams
Cos.,
Inc.
(The),
Series
A,
7.50%,
01/15/31
......................
20
24,852
3,533,654
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC
1.75%,
09/30/25
(b)
.................
22
20,873
0.95%,
05/15/26
(b)
.................
10
9,124
7.75%,
11/15/29
..................
20
25,657
55,654
Pharmaceuticals
—
0.1%
Bausch
Health
Americas,
Inc.
(b)
9.25%,
04/01/26
..................
40
40,966
8.50%,
01/31/27
..................
47
46,872
Bausch
Health
Cos.,
Inc.
(b)
9.00%,
12/15/25
..................
40
41,443
5.75%,
08/15/27
..................
9
8,868
7.00%,
01/15/28
..................
21
18,801
7.25%,
05/30/29
..................
21
17,912
Merck
&
Co.,
Inc.
2.45%,
06/24/50
..................
30
24,940
2.75%,
12/10/51
..................
19
16,550
Takeda
Pharmaceutical
Co.
Ltd.
5.00%,
11/26/28
..................
200
216,874
2.05%,
03/31/30
..................
200
180,527
613,753
Road
&
Rail
—
0.2%
CSX
Corp.
2.40%,
02/15/30
..................
69
65,590
4.10%,
03/15/44
..................
18
18,547
4.30%,
03/01/48
..................
89
95,614
Norfolk
Southern
Corp.
2.90%,
06/15/26
..................
42
41,479
3.00%,
03/15/32
..................
114
111,092
4.80%,
08/15/43
..................
20
21,035
3.05%,
05/15/50
..................
113
100,655
Penske
Truck
Leasing
Co.
LP
(b)
4.25%,
01/17/23
..................
40
40,590
2.70%,
03/14/23
..................
50
50,223
2.70%,
11/01/24
..................
15
14,772
3.95%,
03/10/25
..................
14
14,151
1.20%,
11/15/25
..................
182
167,041
1.70%,
06/15/26
..................
16
14,846
Ryder
System,
Inc.,
4.63%,
06/01/25
......
195
201,858
Union
Pacific
Corp.
3.25%,
08/15/25
..................
21
21,097
2.75%,
03/01/26
..................
35
34,776
3.20%,
05/20/41
..................
29
27,366
2.95%,
03/10/52
..................
10
8,851
3.84%,
03/20/60
..................
82
82,285
2.97%,
09/16/62
..................
28
23,694
3.75%,
02/05/70
..................
20
19,473
1,175,035
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
—
0.4%
Analog
Devices,
Inc.,
2.80%,
10/01/41
.....
USD
41
$
36,787
Applied
Materials,
Inc.,
4.35%,
04/01/47
....
37
41,728
Broadcom
Corp.,
3.88%,
01/15/27
.......
129
129,862
Broadcom,
Inc.
4.75%,
04/15/29
..................
95
99,820
5.00%,
04/15/30
..................
136
144,567
4.15%,
11/15/30
..................
114
115,538
3.42%,
04/15/33
(b)
.................
115
107,332
3.47%,
04/15/34
(b)
.................
55
50,937
Intel
Corp.
4.10%,
05/19/46
..................
48
51,088
3.73%,
12/08/47
..................
84
83,896
3.20%,
08/12/61
..................
3
2,653
KLA
Corp.
4.10%,
03/15/29
..................
111
116,497
3.30%,
03/01/50
..................
135
127,159
Lam
Research
Corp.
3.75%,
03/15/26
..................
56
57,543
2.88%,
06/15/50
..................
124
109,684
NVIDIA
Corp.
3.20%,
09/16/26
..................
12
12,200
3.50%,
04/01/50
..................
50
50,530
NXP
BV
(b)
3.88%,
06/18/26
..................
25
25,083
4.30%,
06/18/29
..................
172
177,246
3.40%,
05/01/30
..................
70
67,953
2.50%,
05/11/31
..................
189
169,269
3.25%,
11/30/51
..................
39
32,669
QUALCOMM,
Inc.,
4.30%,
05/20/47
......
108
121,531
1,931,572
Software
—
0.3%
Autodesk,
Inc.
3.50%,
06/15/27
..................
81
81,418
2.40%,
12/15/31
..................
54
48,146
Citrix
Systems,
Inc.,
3.30%,
03/01/30
......
51
50,445
Microsoft
Corp.,
2.92%,
03/17/52
........
77
72,256
Oracle
Corp.
4.30%,
07/08/34
..................
67
66,119
3.90%,
05/15/35
..................
60
56,423
3.85%,
07/15/36
..................
105
96,648
6.13%,
07/08/39
..................
59
67,322
3.60%,
04/01/40
..................
108
93,688
3.65%,
03/25/41
..................
189
165,079
4.13%,
05/15/45
..................
100
89,802
4.00%,
07/15/46
..................
258
228,934
3.60%,
04/01/50
..................
60
49,762
salesforce.com,
Inc.,
3.05%,
07/15/61
.....
10
8,772
VMware,
Inc.
1.80%,
08/15/28
..................
34
30,155
4.70%,
05/15/30
..................
72
76,147
2.20%,
08/15/31
..................
53
46,663
1,327,779
Specialty
Retail
—
0.0%
Home
Depot,
Inc.
(The)
1.38%,
03/15/31
..................
31
26,680
4.50%,
12/06/48
..................
17
19,099
Lowe's
Cos.,
Inc.
3.65%,
04/05/29
..................
93
94,507
2.63%,
04/01/31
..................
15
14,060
2.80%,
09/15/41
..................
31
26,551
180,897
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
2.55%,
08/20/60
..................
64
52,449
BlackRock
Balanced
Capital
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
2.80%,
02/08/61
..................
USD
59
$
50,729
Dell
International
LLC
4.90%,
10/01/26
..................
69
72,374
8.35%,
07/15/46
..................
6
8,768
3.45%,
12/15/51
(b)
.................
49
39,807
HP,
Inc.,
2.65%,
06/17/31
.............
25
22,368
Seagate
HDD
Cayman,
4.09%,
06/01/29
...
32
31,042
Western
Digital
Corp.,
2.85%,
02/01/29
....
17
15,531
293,068
Thrifts
&
Mortgage
Finance
—
0.0%
BPCE
SA,
2.70%,
10/01/29
(b)
...........
274
260,196
Trading
Companies
&
Distributors
—
0.0%
Air
Lease
Corp.,
1.88%,
08/15/26
........
108
99,491
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
35
35,490
134,981
Wireless
Telecommunication
Services
—
0.2%
Rogers
Communications,
Inc.
(b)
3.80%,
03/15/32
..................
140
138,916
4.55%,
03/15/52
..................
125
124,270
T-Mobile
USA,
Inc.
3.75%,
04/15/27
..................
164
164,959
3.88%,
04/15/30
..................
370
371,420
2.70%,
03/15/32
(b)
.................
39
35,478
3.40%,
10/15/52
(b)
.................
20
17,009
852,052
Total
Corporate
Bonds
—
8.9%
(Cost:
$48,315,742)
...............................
45,007,687
Floating
Rate
Loan
Interests
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A,
(LIBOR
USD
3
Month
+
3.75%),
4.23%
,
02/21/23
(a)(e)
................
7
1,400
Total
Floating
Rate
Loan
Interests
—
0.0%
(Cost:
$7,000)
..................................
1,400
Foreign
Government
Obligations
Hungary
—
0.0%
Hungary
Government
Bond,
5.38%
,
03/25/24
.
140
146,720
Indonesia
—
0.1%
Republic
of
Indonesia,
2.85%
,
02/14/30
.....
200
196,413
Mexico
—
0.1%
United
Mexican
States
2.66%,
05/24/31
..................
491
447,301
4.40%,
02/12/52
..................
200
184,100
631,401
Panama
—
0.1%
Republic
of
Panama,
4.50%
,
04/01/56
......
200
196,412
Peru
—
0.0%
Republic
of
Peru
4.13%,
08/25/27
..................
77
80,022
3.55%,
03/10/51
..................
88
82,104
162,126
Philippines
—
0.0%
Republic
of
Philippines,
3.20%
,
07/06/46
....
200
179,772
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
4.38%,
10/27/27
..................
52
55,262
Security
Par
(000)
Par
(000)
Value
Uruguay
(continued)
5.10%,
06/18/50
..................
USD
58
$
68,858
124,120
Total
Foreign
Government
Obligations
—
0.3%
(Cost:
$1,774,900)
...............................
1,636,964
Municipal
Bonds
California
-
0.1%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
..................
55
84,336
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
..........
50
70,687
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
..........
70
88,816
State
of
California,
Series
2018,
GO,
4.60%, 04/01/38
..................
165
175,841
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
..................
58
64,996
484,676
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia,
Series
2010A,
RB,
6.64%, 04/01/57
..........
53
70,748
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
..................
210
223,084
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
...............
79
115,509
New
York
-
0.0%
New
York
City
Municipal
Water
Finance
Authority,
Series
2011CC,
RB,
5.88%, 06/15/44
..................
60
79,555
Port
Authority
of
New
York
&
New
Jersey,
Series
2014-181,
RB,
4.96%, 08/01/46
...
15
17,661
97,216
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
...............
35
57,801
Texas
-
0.0%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
.....
55
69,903
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
..................
60
76,016
145,919
Total
Municipal
Bonds
—
0.2%
(Cost:
$1,163,311)
...............................
1,194,953
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.3%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.81%,
06/25/35
(a)
...
42
36,491
Series
2005-72,
Class
A3,
(LIBOR
USD
1
Month
+
0.60%),
1.06%,
01/25/36
(a)
...
14
12,445
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
.....................
20
12,813
Series
2006-OA21,
Class
A1,
(LIBOR
USD
1
Month
+
0.19%),
0.64%,
03/20/47
(a)
...
570
482,719
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.46%),
0.92%,
11/25/36
(a)
..
23
22,218
BlackRock
Balanced
Capital
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
0.74%,
04/25/47
(a)
...
USD
25
$
22,067
Series
2007-OA3,
Class
2A2,
(LIBOR
USD
1
Month
+
0.36%),
0.82%,
04/25/47
(a)
...
4
49
Series
2007-OA8,
Class
2A1,
(LIBOR
USD
1
Month
+
0.36%),
0.82%,
06/25/47
(a)
...
16
12,685
Series
2007-OH2,
Class
A2A,
(LIBOR
USD
1
Month
+
0.48%),
0.94%,
08/25/47
(a)
..
7
7,034
American
Home
Mortgage
Assets
Trust,
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
1.08%,
10/25/46
(a)
...........
48
38,732
APS
Resecuritization
Trust
(a)(b)
Series
2016-1,
Class
1MZ,
3.49%,
07/31/57
135
53,988
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
3.31%,
09/27/46
....
37
37,028
Banc
of
America
Funding
Trust
(a)(b)
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
54
15,586
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
.....................
118
115,906
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
0.74%,
08/25/36
(a)
...........
18
17,456
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
........
277
156,901
CHL
Mortgage
Pass-Through
Trust
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
1.10%,
04/25/46
(a)
....................
54
20,163
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
77
39,544
Citicorp
Mortgage
Securities
Trust,
Series
2008-
2,
Class
1A1,
6.50%,
06/25/38
.........
26
22,175
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
......................
109
55,583
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
1.81%,
11/25/35
(a)
......................
19
3,391
CSMC
Mortgage-Backed
Trust,
Series
2007-5,
Class
1A11,
7.00%,
08/25/37
(a)
.........
24
16,580
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.17%),
0.63%,
08/25/47
(a)
....
89
98,354
Deutsche
Alt-A
Securities,
Inc.,
Series
2007-
RS1,
Class
A2,
(LIBOR
USD
1
Month
+
0.50%),
0.71%,
01/27/37
(a)(b)
..........
—
(d)
260
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
2.14%,
03/25/36
(a)
...........
6
6,224
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
..........
1
1,698
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-AR19,
Class
3A1,
2.97%,
09/25/37
(a)
.
30
22,764
JPMorgan
Alternative
Loan
Trust,
Series
2007-
A1,
Class
1A4,
(LIBOR
USD
1
Month
+
0.42%),
0.88%,
03/25/37
(a)
...........
36
37,057
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
..
43
43,514
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
0.88%,
06/25/37
(a)
5
4,186
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.02%,
04/25/36
(a)
......................
USD
8
$
5,727
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
0.84%,
06/25/36
(a)
.....
12
10,918
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
41
40,238
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(c)
47
44,641
1,517,135
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(b)
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
2.43%,
09/15/34
.............
100
98,656
Bayview
Commercial
Asset
Trust
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
0.91%,
01/25/36
....
17
16,098
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.68%),
1.13%,
01/25/36
....
13
11,791
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
1.00%,
04/25/36
....
8
7,178
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.25%),
0.71%,
10/25/36
....
10
9,230
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.30%),
0.76%,
10/25/36
....
10
9,246
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
0.71%,
03/25/37
.......................
5
4,508
156,707
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
One
Market
Plaza
Trust,
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
(a)(b)
........
1,000
30
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(b)(k)
....
38
11,119
Total
Non-Agency
Mortgage-Backed
Securities
—
0.3%
(Cost:
$1,676,393)
...............................
1,684,991
Beneficial
Interest
(000)
Other
Interests
(l)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(e)(f)(j)
.......
490
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Par
(000)
Pa
r
(
000)
Capital
Trusts
(a)(i)
Banks
—
0.1%
Bank
of
America
Corp.,
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
............
95
95,931
Citigroup,
Inc.
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
.......................
38
36,480
BlackRock
Balanced
Capital
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%),
3.88%
.......................
USD
221
$
208,293
340,704
Capital
Markets
—
0.1%
Bank
of
New
York
Mellon
Corp.
(The)
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%
.......................
15
14,250
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
.......................
97
95,545
Charles
Schwab
Corp.
(The)
Series
I,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%
.......................
40
38,300
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
.......................
120
107,774
State
Street
Corp.
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
4.42%
.......................
30
29,991
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
.......................
140
138,320
424,180
Total
Capital
Trusts
—
0.2%
(Cost:
$805,052)
.................................
764,884
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
13.2%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
...........
200
197,792
3.00%, 09/01/27
-
12/01/46
...........
319
319,675
3.50%, 04/01/31
-
01/01/48
...........
488
500,263
4.00%, 08/01/40
-
12/01/45
...........
74
76,658
4.50%, 02/01/39
-
04/01/49
...........
579
611,641
5.00%, 10/01/41
-
11/01/48
...........
111
119,750
5.50%, 06/01/41
..................
51
56,635
6.00%, 01/01/34
..................
35
37,058
Federal
National
Mortgage
Association,
4.00%, 01/01/41
..................
5
5,585
Government
National
Mortgage
Association
2.00%, 08/20/50
-
11/20/50
...........
779
744,516
2.00%, 04/15/52
(m)
.................
2,163
2,057,744
2.50%, 10/20/51
-
12/20/51
...........
1,358
1,318,530
2.50%, 04/15/52
(m)
.................
1,604
1,555,692
3.00%, 02/15/45
-
01/20/51
...........
701
695,845
3.00%, 04/15/52
(m)
.................
1,445
1,428,470
3.50%, 01/15/42
-
10/20/46
...........
1,217
1,241,586
3.50%, 04/15/52
(m)
.................
361
362,974
4.00%, 04/20/39
-
12/20/47
...........
248
258,367
4.00%, 04/15/52
(m)
.................
562
573,064
4.50%, 12/20/39
-
04/20/50
...........
345
366,466
4.50%, 04/15/52
(m)
.................
47
48,586
5.00%, 12/15/38
-
07/20/42
...........
69
75,481
7.50%, 03/15/32
..................
1
1,640
Uniform
Mortgage-Backed
Securities
1.50%, 04/25/37
-
04/25/52
(m)
..........
3,472
3,193,465
2.00%, 10/01/31
-
02/01/52
...........
4,125
3,847,315
2.00%, 04/25/37
-
04/25/52
(m)
..........
10,475
9,829,994
2.50%, 09/01/27
-
02/01/52
...........
3,714
3,590,330
2.50%, 04/25/37
-
04/25/52
(m)
..........
4,850
4,638,657
3.00%, 04/01/29
-
03/01/52
...........
2,387
2,380,158
3.00%, 04/25/37
-
04/25/52
(m)
..........
3,580
3,502,579
3.50%, 08/01/30
-
01/01/51
...........
3,174
3,203,149
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.50%, 04/25/37
-
04/25/52
(m)
..........
USD
1,171
$
1,174,128
4.00%, 10/01/33
-
01/01/51
...........
1,550
1,614,907
4.00%, 04/25/52
-
05/25/52
(m)
..........
11,552
11,785,325
4.50%, 02/01/25
-
04/01/50
...........
2,756
2,908,520
4.50%, 04/25/52
(m)
.................
1,079
1,118,114
5.00%, 09/01/35
-
05/01/49
...........
209
223,878
5.50%, 02/01/35
-
04/01/41
...........
344
377,325
6.00%, 12/01/27
-
06/01/41
...........
193
214,178
6.50%, 05/01/40
..................
54
59,091
Total
U.S.
Government
Sponsored
Agency
Securities
—
13.2%
(Cost:
$67,965,806)
...............................
66,315,131
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
..................
66
82,647
4.50%, 08/15/39
..................
82
105,841
4.38%, 11/15/39
..................
82
104,239
1.13%, 05/15/40
-
08/15/40
...........
694
545,454
1.38%, 11/15/40
..................
347
283,686
3.13%, 02/15/43
..................
332
357,315
2.88%, 05/15/43
-
11/15/46
...........
597
622,310
3.63%, 08/15/43
..................
332
385,172
3.75%, 11/15/43
..................
332
392,668
2.50%, 02/15/45
..................
593
577,573
2.75%, 11/15/47
..................
593
615,284
3.00%, 02/15/48
(n)
.................
885
964,200
2.25%, 08/15/49
(n)
.................
1,105
1,050,700
2.38%, 11/15/49
..................
177
173,142
1.63%, 11/15/50
..................
3
2,458
2.25%, 02/15/52
..................
561
538,034
U.S.
Treasury
Notes
1.75%, 04/30/22
-
11/15/29
...........
5,089
4,998,464
1.50%, 09/15/22
-
02/15/30
...........
3,207
3,133,736
2.13%, 12/31/22
-
05/15/25
...........
1,937
1,927,313
0.50%, 03/15/23
-
05/31/27
...........
464
447,306
0.13%, 03/31/23
-
05/31/23
...........
2,730
2,681,159
0.25%, 04/15/23
-
10/31/25
...........
2,016
1,911,457
2.75%, 05/31/23
..................
623
629,035
0.88%, 01/31/24
..................
159
154,950
1.38%, 01/31/25
-
11/15/31
...........
44
42,490
2.00%, 02/15/25
..................
782
771,003
0.38%, 04/30/25
-
12/31/25
...........
2,793
2,585,659
0.75%, 05/31/26
..................
370
344,129
1.63%, 11/30/26
-
05/15/31
...........
667
633,474
1.88%, 02/28/27
-
02/15/32
...........
440
425,052
2.25%, 08/15/27
..................
798
789,397
1.25%, 03/31/28
-
09/30/28
...........
1,047
975,907
2.88%, 08/15/28
..................
188
192,634
3.13%, 11/15/28
..................
363
377,960
2.63%, 02/15/29
..................
63
63,758
2.38%, 05/15/29
..................
63
62,818
1.13%, 02/15/31
..................
179
161,624
Total
U.S.
Treasury
Obligations
—
6.0%
(Cost:
$30,628,544)
...............................
30,110,048
Total
Long-Term
Investments
—
89.1%
(Cost:
$425,541,317)
..............................
449,427,628
BlackRock
Balanced
Capital
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Short-Term
Securities
(o)(p)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
....................
93,316,709
$
93,316,709
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.42%
(q)
........................
15,408,379
15,403,757
Total
Short-Term
Securities
—
21.6%
(Cost:
$108,718,281)
..............................
108,720,466
Total
Investments
Before
TBA
Sale
Commitments
—
110.7%
(Cost:
$534,259,598
)
..............................
558,148,094
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(m)
Mortgage-Backed
Securities
—
(2.8)%
Government
National
Mortgage
Association
2.50%
,
04/15/52
..................
USD
(104)
(100,868)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
4.00%
,
04/15/52
..................
USD
(68)
$
(69,339)
Uniform
Mortgage-Backed
Securities
1.50%
,
04/25/52
..................
(67)
(59,527)
3.00%
,
04/25/52
..................
(623)
(609,794)
3.50%
,
04/25/52
..................
(1,332)
(1,334,232)
4.00%
,
04/25/52
-
05/25/52
...........
(10,854)
(11,072,929)
4.50%
,
04/25/52
..................
(1,079)
(1,118,114)
Total
TBA
Sale
Commitments
—
(2.8)%
(Proceeds:
$(14,594,078))
..........................
(14,364,803)
Total
Investments
Net
of
TBA
Sale
Commitments
—
107.9%
(Cost:
$519,665,520
)
..............................
543,783,291
Liabilities
in
Excess
of
Other
Assets
—
(7.9)%
.............
(39,648,800)
Net
Assets
—
100.0%
...............................
$
504,134,491
(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)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(d)
Rounds
to
less
than
1,000.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Non-income
producing
security.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(k)
Zero-coupon
bond.
(l)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(m)
Represents
or
includes
a
TBA
transaction.
(n)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
futures
contracts.
(o)
Affiliate
of
the
Fund.
(p)
Annualized
7-day
yield
as
of
period
end.
(q)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
46,127,397
$
47,189,312
$
—
$
—
$
—
$
93,316,709
93,316,709
$
648
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
8,980,617
6,429,881
—
(8,927)
2,18
6
15,403,757
15,408,379
8,528
(b)
—
BlackRock
Allocation
Target
Shares-
BATS
Series
A
(c)
....
31,424,619
—
(30,479,991)
(1,059,012)
114,384
—
—
66,395
—
$
(1,067,939)
$
116,570
$
108,720,466
$
75,571
$
—
—
—
(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.
BlackRock
Balanced
Capital
Portfolio
16
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
17
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
......................................................
92
06/17/22
$
20,841
$
1,285,271
U.S.
Treasury
10
Year
Note
...................................................
56
06/21/22
6,875
(46,930)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
1
06/21/22
136
54
U.S.
Treasury
Long
Bond
....................................................
57
06/21/22
8,564
(225,849)
U.S.
Treasury
Ultra
Bond
....................................................
48
06/21/22
8,510
(265,506)
U.S.
Treasury
2
Year
Note
....................................................
50
06/30/22
10,589
(99,990)
U.S.
Treasury
5
Year
Note
....................................................
118
06/30/22
13,517
(266,311)
380,739
Short
Contracts
U.S.
Treasury
10
Year
Note
...................................................
62
06/21/22
7,611
289,611
U.S.
Treasury
Ultra
Bond
....................................................
44
06/21/22
7,800
310,364
599,975
$
980,714
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
68,000
USD
74,732
Bank
of
America
NA
04/01/22
$
492
MXN
2,358,938
USD
114,000
Citibank
NA
04/01/22
4,600
ZAR
891,310
USD
58,000
Bank
of
America
NA
04/01/22
2,996
BRL
496,442
USD
95,930
Goldman
Sachs
International
04/04/22
8,342
USD
56,000
JPY
6,541,506
Citibank
NA
04/18/22
2,252
ZAR
424,588
USD
28,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
04/19/22
1,001
CNY
3,146,297
USD
492,648
Morgan
Stanley
&
Co.
International
plc
05/24/22
904
MXN
482,326
USD
22,651
Credit
Agricole
Corporate
&
Investment
Bank
SA
05/24/22
1,378
RUB
4,556,670
USD
41,424
Goldman
Sachs
International
05/24/22
19,556
RUB
2,278,330
USD
19,186
HSBC
Bank
plc
05/24/22
11,304
USD
493,895
CNY
3,146,297
BNP
Paribas
SA
05/24/22
343
RUB
817,217
USD
7,339
Citibank
NA
05/25/22
3,581
RUB
1,468,188
USD
12,511
JPMorgan
Chase
Bank
NA
05/25/22
7,108
RUB
384,345
USD
3,510
Morgan
Stanley
&
Co.
International
plc
05/25/22
1,626
TRY
629,774
USD
38,000
Morgan
Stanley
&
Co.
International
plc
06/08/22
2,832
CAD
73,000
USD
58,341
Bank
of
America
NA
06/15/22
41
EUR
290,000
GBP
242,310
Deutsche
Bank
AG
06/15/22
3,503
EUR
290,000
GBP
240,738
Goldman
Sachs
International
06/15/22
5,567
EUR
200,000
USD
219,133
Barclays
Bank
plc
06/15/22
2,744
EUR
210,000
USD
229,378
Deutsche
Bank
AG
06/15/22
3,592
EUR
170,000
USD
185,490
HSBC
Bank
plc
06/15/22
3,105
USD
149,262
EUR
134,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
605
87,472
EUR
24,766
USD
27,868
Deutsche
Bank
AG
04/01/22
(470)
EUR
72,516
USD
81,574
HSBC
Bank
plc
04/01/22
(1,354)
EUR
4,718
USD
5,310
JPMorgan
Chase
Bank
NA
04/01/22
(90)
USD
185,578
EUR
170,000
Morgan
Stanley
&
Co.
International
plc
04/01/22
(2,484)
USD
23,258
MXN
481,188
Barclays
Bank
plc
04/01/22
(934)
USD
59,112
MXN
1,223,826
Citibank
NA
04/01/22
(2,418)
USD
5,814
MXN
120,240
Deutsche
Bank
AG
04/01/22
(232)
USD
5,816
MXN
120,346
Goldman
Sachs
International
04/01/22
(234)
USD
20,000
MXN
419,966
UBS
AG
04/01/22
(1,114)
USD
58,000
ZAR
873,468
Citibank
NA
04/01/22
(1,776)
USD
56,000
BRL
285,096
Citibank
NA
04/04/22
(3,880)
USD
39,930
BRL
201,546
Goldman
Sachs
International
04/04/22
(2,402)
BlackRock
Balanced
Capital
Portfolio
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
i
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
IDR
1,875,804,633
USD
130,828
Citibank
NA
04/18/22
$
(121)
JPY
6,617,256
USD
56,000
Bank
of
America
NA
04/18/22
(1,630)
USD
51,554
IDR
743,917,395
Bank
of
America
NA
04/18/22
(283)
USD
78,489
IDR
1,131,887,238
Deutsche
Bank
AG
04/18/22
(381)
USD
28,000
ZAR
424,172
Citibank
NA
04/19/22
(973)
USD
23,301
MXN
482,326
BNP
Paribas
SA
05/24/22
(728)
USD
88,517
RUB
6,835,000
HSBC
Bank
plc
05/24/22
(2,954)
USD
28,447
RUB
2,669,751
Citibank
NA
05/25/22
(7,228)
USD
38,000
TRY
608,000
Citibank
NA
06/08/22
(1,420)
CHF
295,148
EUR
290,000
Barclays
Bank
plc
06/15/22
(1,303)
EUR
190,000
CHF
194,882
Barclays
Bank
plc
06/15/22
(786)
EUR
100,000
CHF
102,731
JPMorgan
Chase
Bank
NA
06/15/22
(589)
EUR
140,000
USD
155,656
Goldman
Sachs
International
06/15/22
(342)
EUR
6,745
USD
7,511
JPMorgan
Chase
Bank
NA
06/15/22
(29)
EUR
127,255
USD
141,686
Westpac
Banking
Corp.
06/15/22
(511)
GBP
242,286
EUR
290,000
Deutsche
Bank
AG
06/15/22
(3,533)
GBP
124,763
EUR
150,000
HSBC
Bank
plc
06/15/22
(2,559)
GBP
116,424
EUR
140,000
JPMorgan
Chase
Bank
NA
06/15/22
(2,417)
USD
57,259
CAD
73,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
(1,123)
USD
154,961
EUR
140,000
Bank
of
America
NA
06/15/22
(353)
USD
109,438
EUR
100,000
Barclays
Bank
plc
06/15/22
(1,501)
USD
110,177
EUR
100,000
BNP
Paribas
SA
06/15/22
(761)
USD
109,830
EUR
100,000
Goldman
Sachs
International
06/15/22
(1,108)
USD
99,348
EUR
90,000
HSBC
Bank
plc
06/15/22
(497)
USD
207,697
EUR
190,000
Morgan
Stanley
&
Co.
International
plc
06/15/22
(3,086)
(53,604)
$
33,868
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)
CDX.NA.IG.38.V1
.....
1.00
%
Quarterly
06/20/27
BBB
—
$
183,641
$
166,170
$
17,471
(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.
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
MXN
Mexican
Peso
RUB
New
Russian
Ruble
TRY
Turkish
Lira
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
ADR
American
Depositary
Receipts
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
RB
Revenue
Bonds
S&P
Standard
&
Poor's
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
BlackRock
Balanced
Capital
Portfolio
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Fair
Value
Hierarchy
as
of
Period
End
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
the
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
BlackRock
Global
Valuation
Methodologies
Committee's
(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
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
2,116,970
$
9,024
$
2,125,994
Common
Stocks
.........................................
300,585,576
—
—
300,585,576
Corporate
Bonds
Aerospace
&
Defense
....................................
—
221,155
—
221,155
Air
Freight
&
Logistics
....................................
—
79,260
—
79,260
Airlines
..............................................
—
874,437
—
874,437
Automobiles
..........................................
—
471,425
—
471,425
Banks
...............................................
—
7,979,373
—
7,979,373
Beverages
...........................................
—
762,137
—
762,137
Biotechnology
.........................................
—
1,188,050
—
1,188,050
Building
Products
.......................................
—
36,965
—
36,965
Capital
Markets
........................................
—
6,368,283
—
6,368,283
Chemicals
............................................
—
400,199
—
400,199
Commercial
Services
&
Supplies
.............................
—
561,103
—
561,103
Communications
Equipment
................................
—
357,556
—
357,556
Consumer
Finance
......................................
—
1,023,047
—
1,023,047
Containers
&
Packaging
..................................
—
16,265
—
16,265
Diversified
Telecommunication
Services
........................
—
2,580,681
—
2,580,681
Electric
Utilities
........................................
—
1,373,981
—
1,373,981
Electronic
Equipment,
Instruments
&
Components
.................
—
37,381
—
37,381
Entertainment
.........................................
—
381,125
—
381,125
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
2,010,663
—
2,010,663
Food
Products
.........................................
—
64,933
—
64,933
Gas
Utilities
...........................................
—
43,165
—
43,165
Health
Care
Equipment
&
Supplies
...........................
—
44,101
—
44,101
Health
Care
Providers
&
Services
............................
—
2,492,828
—
2,492,828
Hotels,
Restaurants
&
Leisure
..............................
—
323,348
—
323,348
BlackRock
Balanced
Capital
Portfolio
20
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Household
Durables
.....................................
$
—
$
34,267
$
—
$
34,267
Industrial
Conglomerates
..................................
—
301,669
—
301,669
Insurance
............................................
—
588,807
—
588,807
Internet
&
Direct
Marketing
Retail
............................
—
296,068
—
296,068
IT
Services
...........................................
—
985,120
—
985,120
Life
Sciences
Tools
&
Services
..............................
—
228,372
—
228,372
Machinery
............................................
—
263,833
—
263,833
Media
...............................................
—
1,590,276
—
1,590,276
Metals
&
Mining
........................................
—
669,173
—
669,173
Oil,
Gas
&
Consumable
Fuels
...............................
—
3,533,654
—
3,533,654
Paper
&
Forest
Products
..................................
—
55,654
—
55,654
Pharmaceuticals
.......................................
—
613,753
—
613,753
Road
&
Rail
...........................................
—
1,175,035
—
1,175,035
Semiconductors
&
Semiconductor
Equipment
....................
—
1,931,572
—
1,931,572
Software
.............................................
—
1,327,779
—
1,327,779
Specialty
Retail
........................................
—
180,897
—
180,897
Technology
Hardware,
Storage
&
Peripherals
....................
—
293,068
—
293,068
Thrifts
&
Mortgage
Finance
................................
—
260,196
—
260,196
Trading
Companies
&
Distributors
............................
—
134,981
—
134,981
Wireless
Telecommunication
Services
.........................
—
852,052
—
852,052
Floating
Rate
Loan
Interests
.................................
—
—
1,400
1,400
Foreign
Government
Obligations
..............................
—
1,636,964
—
1,636,964
Municipal
Bonds
.........................................
—
1,194,953
—
1,194,953
Non-Agency
Mortgage-Backed
Securities
........................
—
1,684,991
—
1,684,991
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
764,884
—
764,884
U.S.
Government
Sponsored
Agency
Securities
....................
—
66,315,131
—
66,315,131
U.S.
Treasury
Obligations
...................................
—
30,110,048
—
30,110,048
Short-Term
Securities
.......................................
93,316,709
—
—
93,316,709
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(14,364,803)
—
(14,364,803)
$
393,902,285
$
134,466,825
$
10,424
$
528,379,534
Investments
Valued
at
NAV
(a)
.....................................
15,403,757
$
—
$
543,783,291
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
17,471
$
—
$
17,471
Equity
contracts
...........................................
1,285,271
—
—
1,285,271
Foreign
currency
exchange
contracts
............................
—
87,472
—
87,472
Interest
rate
contracts
.......................................
600,029
—
—
600,029
Liabilities
Foreign
currency
exchange
contracts
............................
—
(53,604)
—
(53,604)
Interest
rate
contracts
.......................................
(904,586)
—
—
(904,586)
$
980,714
$
51,339
$
—
$
1,032,053
(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
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.